Why Dare Bioscience (DARE) Stock Trading Higher On Wednesday?

In a regulatory 8-K filing, on June 30, Dare Bioscience Inc DARE entered into an agreement with the Bill & Melinda Gates Foundation for a new grant of up to $48.95 million for DARE-LARC1, its investigational user-controlled, long-acting reversible contraceptive.
The Grant will support technology development and preclinical activities to advance DARE-LARC1 toward clinical testing in humans from June 30 to November 1, 2026.
The company will receive an initial payment of $11.45 million in July 2021.
Additional payments are contingent upon the DARE-LARC1 program's achievement of specified milestones.
Price Action: DARE shares are up 23.4% at $1.87 during the market session on the last check Wednesday.