Mar. 15 at 2:04 PM
$DARE Daré received
$22M in gross proceeds at closing. After XOMA achieves a pre-specified total return, Daré will receive milestone payments equal to 50% of all remaining cash flows sold to XOMA under the agreement.
As of Q3 2025, XOMA had received about
$0.5M from the asset. I don’t expect XACIATO to materially impact Daré in the near term, but if the commercial ramp accelerates in 2026, it could become meaningful for Daré by 2027.
The market opportunity is substantial. Bacterial vaginosis (BV) affects roughly 21 million women, and the symptoms are often mistaken for a yeast infection, suggesting significant underdiagnosis and treatment potential.
XOMA reports earnings on March 18, which should provide a clearer picture of the current growth trajectory.