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Daré Bioscience, Inc.

DARE

Daré Bioscience, Inc. • NASDAQ
$1.83 ▲ 1.10% (+0.02)
Market Cap $17.42 M
52w High $9.19
52w Low $1.61
Dividend Yield 0%
P/E -1
Volume 37.18K
Outstanding Shares 9.52M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.262K ▲ $3.062M ▼ $-3.563M ▲ -157.505K% ▼ $-0.279 ▲ $-2.737M ▲
Q2-2025 $-21.172K ▼ $3.807M ▲ $-4.016M ▲ 18.971K% ▲ $-0.45 ▲ $-3.368M ▲
Q1-2025 $25.427K ▲ $2.309M ▲ $-4.378M ▲ -17.219K% ▼ $-0.5 ▲ $-4.423M ▲
Q4-2024 $-63.647K ▼ $-8.898M ▼ $-5.506M ▼ 8.651K% ▲ $-0.65 ▼ $-5.382M ▼
Q3-2024 $41.691K $4.698M $-4.703M -11.279K% $-0.55 $-4.672M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $23.075M ▲ $30.749M ▲ $27.891M ▲ $2.858M ▲
Q2-2025 $5.035M ▼ $12.98M ▼ $25.713M ▼ $-12.733M ▼
Q1-2025 $10.33M ▼ $18.619M ▼ $28.183M ▲ $-9.564M ▼
Q4-2024 $15.698M ▲ $22.101M ▲ $28.113M ▲ $-6.012M ▼
Q3-2024 $11.233M $18.059M $19.543M $-1.484M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.563M ▲ $-442.135K ▲ $-174.702K ▼ $18.65M ▲ $18.04M ▲ $-616.84K ▲
Q2-2025 $-4.016M ▲ $-5.417M ▲ $153.396K ▲ $-43.794K ▼ $-5.295M ▲ $-5.264M ▲
Q1-2025 $-4.378M ▲ $-5.471M ▼ $-157.331K ▲ $246.577K ▲ $-5.368M ▼ $-5.628M ▼
Q4-2024 $-5.506M ▼ $5.227M ▲ $-562.849K ▼ $-132.012K ▼ $4.466M ▲ $4.664M ▲
Q3-2024 $-4.703M $-5.924M $282.325K $436.444K $-5.182M $-5.642M

Revenue by Products

Product Q2-2024Q3-2024Q1-2025Q2-2025
License And Collaboration Revenue
License And Collaboration Revenue
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Daré is still very much in the development stage financially. Revenue has been close to zero for several years, which means the business is not yet supported by product sales or royalties in a noticeable way. Operating and net results have been consistently negative, reflecting ongoing spending on research, clinical trials, and overhead. The losses appear to be narrowing somewhat over time, but the company is still loss‑making and depends on external funding rather than internally generated profits.

Balance Sheet

Balance Sheet The balance sheet is small and quite light. Most assets are cash or cash‑like items, with very little in physical assets, which is typical for a biotech focused on intellectual property and R&D. The company shows no debt, which removes pressure from lenders but also highlights its dependence on equity and partnerships for funding. Shareholders’ equity has slipped into negative territory recently, a signal that accumulated losses now exceed the book value of assets. The repeated reverse stock splits suggest ongoing pressure on the share price and highlight the fragile nature of the capital structure.

Cash Flow

Cash Flow Cash flows reflect a company still in build‑out mode. Historically, cash has flowed out of the business through operating activities as Daré funds trials, regulatory work, and overhead. Capital spending is minimal, so free cash flow largely mirrors operating cash flow. The recent small positive reading in operating cash flow likely reflects timing effects, licensing, or grants rather than a sustainable shift to cash generation from products. Overall, the business remains cash‑consumptive and reliant on new funding and partnership payments to extend its runway.

Competitive Edge

Competitive Edge Daré has carved out a focused niche in women’s health, especially in contraception, sexual health, and vaginal health, where unmet medical needs are significant. Its advantage comes less from size and more from specialization, intellectual property, and partnerships with larger players such as Organon and Bayer. Having one approved product and several late‑stage candidates gives it some visibility and validation. However, the company competes in a space where much larger pharmaceutical companies can enter or respond quickly, and success depends heavily on regulatory approvals, clinical results, and partner execution. Its small scale and limited resources remain a vulnerability.

Innovation and R&D

Innovation and R&D Innovation is the clear core of Daré’s story. The pipeline includes a potential first‑in‑class, hormone‑free monthly contraceptive, a topical treatment for female sexual arousal disorder, a single‑dose product for bacterial vaginosis, and advanced delivery systems for hormone therapy and long‑acting contraception. The approach of repurposing known drugs with new delivery methods can lower scientific risk while still offering differentiation. External grants and collaborations signal outside confidence in its science. At the same time, every program faces the usual biotech uncertainties: trial outcomes, safety and efficacy questions, regulatory hurdles, and the challenge of turning clinical success into commercial uptake.

Summary

Financially, Daré looks like a classic clinical‑stage biotech: minimal revenue, ongoing losses, a thin balance sheet, and dependence on external capital. Operationally, it is concentrated on a clearly defined niche in women’s health, supported by patents, licensing deals, and strategic partnerships. The company’s value is tied far more to the success and commercialization of its pipeline than to current financial performance. Key uncertainties revolve around clinical trial results, regulatory decisions, the timing and scale of partner‑driven launches, and the company’s ability to secure enough funding to bridge the gap from development to meaningful commercial revenue.

NEWS

November 13, 2025 · 4:01 PM UTC

Daré Bioscience Reports Third Quarter 2025 Financial Results and Provides Corporate Update

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November 6, 2025 · 8:00 AM UTC

Daré Bioscience to Host Third Quarter 2025 Financial Results and Company Update Conference Call and Webcast on November 13, 2025

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September 24, 2025 · 8:00 AM UTC

Daré Bioscience to Receive up to $499,000 to Support Preeclampsia Research

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