Here are 1-2 brief analogies to describe Dare Bioscience (DARE) to someone unfamiliar with it:

• A clinical-stage Organon, dedicated entirely to developing innovative therapies for women's health.

• Think of them as a specialized drug discovery and development arm, like a miniature, women-focused Eli Lilly or Pfizer, but exclusively targeting female-specific medical needs.

• XACIATO: A single-dose vaginal gel prescription product for the treatment of bacterial vaginosis.
• Ovaprene: A hormone-free monthly vaginal contraceptive currently in advanced clinical development.
• Sildenafil Cream: A cream formulation of sildenafil for topical administration to treat female sexual arousal disorder.
• DARE-HRT1: A combination of bio-identical estradiol and progesterone intravaginal ring for the treatment of vasomotor symptoms in hormone therapy.
• DARE-VVA1: A vaginally delivered formulation of tamoxifen to treat vulvar and vaginal atrophy in patients with hormone-receptor positive breast cancer.
• DARE-FRT1: An intravaginal ring containing bio-identical progesterone for the prevention of preterm birth and luteal phase support as part of an in vitro fertilization treatment plan.
• DARE-LARC1: A combination product designed to provide reversible contraception.
• ADARE-204: An injectable formulation of etonogestrel designed to provide contraception over a 6-month period.
• ADARE-214: An injectable formulation of etonogestrel designed to provide contraception over a 12-month period.
• DARE-RH1: A non-hormonal contraception candidate being developed for both men and women.

Dare Bioscience (DARE) primarily operates as a clinical-stage biopharmaceutical company focused on developing products. For its only currently commercialized product, XACIATO, it has entered into a license agreement for commercialization.

Its major customer for the commercialization of XACIATO is:

• Organon & Co. (OGN)

Sabrina Martucci Johnson, President and Chief Executive Officer, Principal Financial Officer

Sabrina Martucci Johnson co-founded Private Daré in 2015 and has served as its leader since its inception. Prior to founding Daré Bioscience, she was President of WomanCare Global Trading, a global provider of women's health products. She also held the positions of CFO/CAO for the California Institute for Biomedical Research and CFO/COO for Cypress Bioscience, Inc., a publicly-traded pharmaceutical company. At Cypress Bioscience, she was involved in a transaction that resulted in a deal valued over $250 million, providing a 160% premium for shareholders. Her extensive career includes experience in finance, global marketing, product development, and research, with a track record in equity raises, business development, mergers and acquisitions, and product launches. She began her career as a research scientist at Baxter Healthcare.

MarDee Haring-Layton, Chief Accounting Officer

MarDee Haring-Layton joined Daré Bioscience in January 2018 and has served as Vice President of Accounting & Finance since October 2018. She brings over 20 years of experience in financial reporting and accounting operations, encompassing both public and private companies, along with experience from a "Big 4" public accounting firm. Before her time at Daré, Ms. Haring-Layton was the Chief Financial Officer of e.Digital Corporation, a publicly traded intellectual property licensing and development company, from 2010 to 2017.

David Friend, Ph.D., Chief Scientific Officer

David Friend, Ph.D., was appointed Chief Scientific Officer of Daré Bioscience in June 2018. Prior to joining Daré, Dr. Friend served as chief scientific officer at Evofem Biosciences. He also held the role of director of product development at CONRAD, an organization focused on contraceptive research and drug development. His earlier experience includes serving as vice president of research at Vyteris, a company that develops transdermal delivery systems, and various positions at other pharmaceutical companies. Dr. Friend's expertise spans product development from pre-IND through Phase III and NDA submissions, with a deep understanding of CMC, intellectual property, and product formulation science, including vaginal drug delivery.

Key Business Risks for Daré Bioscience (DARE)

1. Clinical Development and Regulatory Approval Risk: As a clinical-stage biopharmaceutical company, Daré Bioscience's success hinges on its ability to successfully advance its pipeline products through various stages of clinical trials and secure regulatory approvals. The inherent uncertainties in initiating and completing clinical trials, the availability and timing of data, and the outcomes of these trials pose significant risks to the company's future prospects. For example, the Ovaprene Phase 3 study has faced uncertainty due to paused recruitment, impacting its timelines. Failure to complete development or obtain FDA or foreign regulatory approval for its product candidates would severely impact the business.
2. Financial and Funding Risk: Daré Bioscience faces substantial financial risks, characterized by reported comprehensive losses and a working capital deficit. The company is highly reliant on strategic partnerships and non-dilutive funding to finance its extensive product development and commercialization efforts. Furthermore, Daré Bioscience has encountered challenges maintaining its Nasdaq listing due to not meeting minimum market value requirements, underscoring its financial vulnerabilities. The inability to raise additional capital or generate sufficient revenues to fund operations is a significant risk factor.
3. Commercialization and Market Acceptance Risk: Even if Daré Bioscience's product candidates achieve regulatory approval, there is no guarantee of commercial success or market acceptance. Challenges include achieving sufficient market penetration, facing intense competition, managing pricing pressures, and securing adequate reimbursement policies. For its approved product, XACIATO, the company relies on a license agreement with Organon for commercialization, making its revenue dependent on the partner's efforts. For future products, effective commercialization will require either building out its own capabilities or securing additional successful partnerships.

Dare Bioscience (DARE) operates in several women's health markets with significant addressable opportunities. The addressable market sizes for their main products and services are outlined below:

XACIATO (Bacterial Vaginosis Treatment)

• The global bacterial vaginosis treatment market was valued at approximately USD 1.3 billion in 2024 and is projected to reach USD 1.8 billion by 2030. Other estimates place the global market size at USD 1.23 billion in 2024, expected to reach USD 2.37 billion by 2032.
• In 2024, North America accounted for 40% of the bacterial vaginosis treatment market share. The U.S. held a significant share of the overall bacterial vaginosis market in 2023.

Ovaprene and other Contraception Products (Hormone-Free Contraception, LARC, Injectable, Non-Hormonal Contraception)

• The global non-hormonal contraceptives market was valued at USD 19.9 billion in 2024 and is expected to grow to USD 39.1 billion by 2034.
• The U.S. non-hormonal contraceptives market alone was valued at USD 5.8 billion in 2024.
• Another estimate for the global non-hormonal contraception market size was USD 32.66 billion in 2024, projected to reach USD 57.57 billion by 2033.
• The broader global contraceptive market was estimated at USD 31.18 billion in 2024 and is projected to reach USD 44.04 billion by 2030.
• The U.S. contraceptive market was valued at USD 8.4 billion in 2025 and is expected to reach USD 12.4 billion by 2033.

Sildenafil Cream (Female Sexual Arousal Disorder)

• The global female sexual dysfunction (FSD) treatment market was valued at USD 542.97 million in 2024 and is projected to grow to USD 1,631.09 million by 2033.
• Another report states the global female sexual dysfunction treatment market size was valued at USD 537.19 million in 2025 and is projected to reach USD 1,655.08 million by 2034.
• North America dominates the global FSD treatment market. The U.S. female sexual dysfunction treatment market size is projected to reach an estimated value of USD 782.3 million by 2032.

DARE-HRT1 (Vasomotor Symptoms in Hormone Therapy) and DARE-VVA1 (Vulvar and Vaginal Atrophy)

• The global vulvar and vaginal atrophy (VVA) therapy market is projected to reach US$3.8 billion in 2025 and is expected to grow to US$5.4 billion by 2032.
• Another estimate values the global VVA therapy market at USD 2.9 billion in 2025, likely to exceed USD 8.01 billion by 2035.
• North America is the leading region in the vulvar and vaginal atrophy therapy market, holding 40% of the global market share in 2025.
• The U.S. vaginal atrophy treatment market size was valued at USD 1.05 billion in 2025 and is projected to grow to USD 1.54 billion by 2034.
• The United States leads the atrophic vaginitis market.

DARE-FRT1 and DARE-PTB1 (Preterm Birth Prevention and Luteal Phase Support for IVF)

• The global preterm birth prevention and management market was valued at USD 1.8 billion in 2024 and is expected to reach USD 3.8 billion by 2034.
• The U.S. preterm birth prevention and management market accounted for USD 671.6 million in 2024.
• The global preterm labor treatment market size was valued at USD 1.20 billion in 2024 and is expected to reach USD 2.63 billion by 2033.
• The global in vitro fertilization (IVF) services market, which includes luteal phase support, was estimated at USD 28.55 billion in 2024 and is expected to reach USD 66.30 billion in 2034.

Expected Drivers of Future Revenue Growth for Dare Bioscience (DARE)

Over the next 2-3 years, Daré Bioscience (NASDAQ: DARE) is anticipated to drive revenue growth through the continued commercialization and strategic launches of several key products in its women's health portfolio:

1. XACIATO Commercialization and Royalties: Daré Bioscience expects continued revenue generation from its global license agreement with Organon for XACIATO (clindamycin phosphate vaginal gel, 2%), a prescription product for bacterial vaginosis. Daré Bioscience is eligible for ongoing milestone payments and tiered double-digit royalties based on net sales following the product's commercial launch and initial sales.
2. Launch and Expansion of Sildenafil Cream (DARE to PLAY™): The company launched DARE to PLAY™ Sildenafil Cream, a topical formulation for female sexual arousal disorder, in the fourth quarter of 2025 via a 503B compounding pathway. Initial prescription fulfillment began in December 2025, with expanded availability across additional U.S. states expected throughout late 2025 and early 2026, contributing to near-term revenue.
3. Commercialization of DARE-HRT1: Daré Bioscience aims to make DARE-HRT1, a monthly intravaginal hormone therapy for vasomotor symptoms associated with menopause, available via prescription as a Section 503B compounded drug in 2026. This strategic entry is expected to tap into the estimated $4.5 billion compounded hormone therapy market.
4. Advancement and Potential Commercialization of Ovaprene: Ovaprene, a hormone-free monthly intravaginal contraceptive, is currently in a pivotal Phase 3 clinical trial with positive interim safety data supporting continued enrollment. Daré Bioscience regained full commercialization rights for Ovaprene in February 2026, enabling the company to pursue direct commercialization or new partnership opportunities. A potential partnership with Bayer could also yield up to $310 million in milestone payments and tiered double-digit royalties, contingent on further clinical and regulatory progress.
5. Introduction of DARE to RESTORE™ and DARE to RECLAIM™: Within the next 2-3 years, Daré Bioscience plans to launch DARE to RESTORE™ Vaginal Probiotics in the consumer health market, following the availability of DARE to PLAY Sildenafil Cream. Additionally, DARE to RECLAIM™ Monthly Hormone Therapy is targeted for release in early 2027 through the 503B compounding pathway. These new product introductions are expected to further diversify the company's revenue streams.

Share Issuance

• Daré Bioscience initiated a Regulation A offering in January 2026, with an initial closing that issued 5,090 units, each consisting of Series A Convertible Preferred Stock and warrants priced at $5.00 per unit. A second closing in March 2026 saw the issuance of an additional 17,500 Investor Units.
• In October 2024, Daré Bioscience entered into a common stock purchase agreement with Lincoln Park Capital Fund, LLC, which provides the company with the right to sell up to $15 million of its common stock to Lincoln Park over a 24-month period.
• The company completed a registered direct offering in August 2023, which generated approximately $7.0 million in gross proceeds from the sale of 10,000,000 shares of common stock and accompanying warrants at $0.70 per unit.

Inbound Investments

• Daré Bioscience received multiple non-dilutive grant installments from the Gates Foundation, totaling approximately $41.8 million by October 2025, from a committed grant of up to approximately $49 million, to support the development of DARE-LARC1.
• The company received approximately $9 million in payments ($5.4 million in 2024 and $3.6 million in November 2025/January 2026) under a Gates Foundation grant agreement of up to $10.7 million for the development of a novel non-hormonal intravaginal contraceptive.
• In December 2023, Daré Bioscience secured a royalty-backed financing agreement providing $5 million at closing, with an option to draw an additional $7 million by December 31, 2026, linked to future royalties and milestones from its XACIATO™ license agreement with Organon.