Dare Bioscience (DARE)
Market Price (3/28/2026): $1.59 | Market Cap: $22.7 MilSector: Health Care | Industry: Biotechnology
Dare Bioscience (DARE)
Market Price (3/28/2026): $1.59Market Cap: $22.7 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -100% | Weak multi-year price returns2Y Excs Rtn is -95%, 3Y Excs Rtn is -149% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -14 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1316% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 10429% | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 145% | |
| Megatrend and thematic driversMegatrends include Women's Health Innovation. Themes include Reproductive Health Therapies, Sexual Health Solutions, and Gynecological Disorder Treatments. | Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -960%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1012% | |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -65% | ||
| Key risksDARE key risks include [1] acute financial distress and high bankruptcy risk raising substantial doubt about its ability to continue as a going concern, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -100% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 10429% |
| Megatrend and thematic driversMegatrends include Women's Health Innovation. Themes include Reproductive Health Therapies, Sexual Health Solutions, and Gynecological Disorder Treatments. |
| Weak multi-year price returns2Y Excs Rtn is -95%, 3Y Excs Rtn is -149% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -14 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1316% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 145% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -960%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1012% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -65% |
| Key risksDARE key risks include [1] acute financial distress and high bankruptcy risk raising substantial doubt about its ability to continue as a going concern, Show more. |
Qualitative Assessment
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Dare Bioscience (DARE) stock has lost about 15% since 11/30/2025 because of the following key factors:
1. Persistent Net Losses and Weak Financial Outlook: Dare Bioscience continues to report net losses, and analysts project a significant decrease in earnings per share (EPS) for the upcoming year, from ($0.49) to ($1.90) per share. This negative forecast, despite the company beating Q3 2025 EPS estimates reported on November 13, 2025, signals ongoing operational challenges and an unclear path to near-term profitability. The company's overall financial health is rated as "WEAK."
2. Potential Dilution from Capital Raising Activities: The completion of a Regulation A offering on March 17, 2026, involved the issuance of 43,050 investor units, each comprising one share of Series A Convertible Preferred Stock and two warrants to purchase common stock at $5.00 per unit. This offering occurred while the stock was trading near its 52-week low of approximately $1.42, introducing concerns about potential future dilution for existing common shareholders. The company also raised $20.8 million in net equity proceeds in 2025, indicating a continued reliance on equity financing.
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1. Persistent Net Losses and Weak Financial Outlook: Dare Bioscience continues to report net losses, and analysts project a significant decrease in earnings per share (EPS) for the upcoming year, from ($0.49) to ($1.90) per share. This negative forecast, despite the company beating Q3 2025 EPS estimates reported on November 13, 2025, signals ongoing operational challenges and an unclear path to near-term profitability. The company's overall financial health is rated as "WEAK."
2. Potential Dilution from Capital Raising Activities: The completion of a Regulation A offering on March 17, 2026, involved the issuance of 43,050 investor units, each comprising one share of Series A Convertible Preferred Stock and two warrants to purchase common stock at $5.00 per unit. This offering occurred while the stock was trading near its 52-week low of approximately $1.42, introducing concerns about potential future dilution for existing common shareholders. The company also raised $20.8 million in net equity proceeds in 2025, indicating a continued reliance on equity financing.
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Stock Movement Drivers
Fundamental Drivers
The -15.8% change in DARE stock from 11/30/2025 to 3/27/2026 was primarily driven by a -1903.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 3272026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.84 | 1.55 | -15.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | -0 | 1 | -1903.2% |
| P/S Multiple | -410.8 | 21.5 | -105.2% |
| Shares Outstanding (Mil) | 13 | 14 | -10.7% |
| Cumulative Contribution | -15.8% |
Market Drivers
11/30/2025 to 3/27/2026| Return | Correlation | |
|---|---|---|
| DARE | -15.8% | |
| Market (SPY) | -5.3% | -10.5% |
| Sector (XLV) | -8.7% | 7.3% |
Fundamental Drivers
The -23.3% change in DARE stock from 8/31/2025 to 3/27/2026 was primarily driven by a -5920.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 3272026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.02 | 1.55 | -23.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | -0 | 1 | -5920.0% |
| P/S Multiple | -1,012.4 | 21.5 | -102.1% |
| Shares Outstanding (Mil) | 9 | 14 | -37.9% |
| Cumulative Contribution | -23.3% |
Market Drivers
8/31/2025 to 3/27/2026| Return | Correlation | |
|---|---|---|
| DARE | -23.3% | |
| Market (SPY) | 0.6% | 10.6% |
| Sector (XLV) | 5.2% | 17.5% |
Fundamental Drivers
The -50.6% change in DARE stock from 2/28/2025 to 3/27/2026 was primarily driven by a -45.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282025 | 3272026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.14 | 1.55 | -50.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 1 | -45.2% |
| P/S Multiple | 14.2 | 21.5 | 50.9% |
| Shares Outstanding (Mil) | 9 | 14 | -40.3% |
| Cumulative Contribution | -50.6% |
Market Drivers
2/28/2025 to 3/27/2026| Return | Correlation | |
|---|---|---|
| DARE | -50.6% | |
| Market (SPY) | 9.8% | 5.3% |
| Sector (XLV) | -2.1% | 13.6% |
Fundamental Drivers
The -87.6% change in DARE stock from 2/28/2023 to 3/27/2026 was primarily driven by a -89.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282023 | 3272026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.48 | 1.55 | -87.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10 | 1 | -89.7% |
| P/S Multiple | 8.8 | 21.5 | 143.7% |
| Shares Outstanding (Mil) | 7 | 14 | -50.5% |
| Cumulative Contribution | -87.6% |
Market Drivers
2/28/2023 to 3/27/2026| Return | Correlation | |
|---|---|---|
| DARE | -87.6% | |
| Market (SPY) | 69.4% | 8.4% |
| Sector (XLV) | 18.4% | 13.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DARE Return | 49% | -58% | -63% | -16% | -38% | -22% | -91% |
| Peers Return | -25% | -35% | -17% | -8% | -3% | -1% | -64% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| DARE Win Rate | 42% | 8% | 17% | 42% | 50% | 0% | |
| Peers Win Rate | 42% | 40% | 42% | 42% | 48% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| DARE Max Drawdown | -10% | -59% | -65% | -27% | -48% | -33% | |
| Peers Max Drawdown | -35% | -50% | -42% | -20% | -40% | -9% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: OGN, FEMY, HOLX, COO, TXMD. See DARE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
| Event | DARE | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -90.3% | -25.4% |
| % Gain to Breakeven | 934.5% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -53.5% | -33.9% |
| % Gain to Breakeven | 114.8% | 51.3% |
| Time to Breakeven | 302 days | 148 days |
| 2018 Correction | ||
| % Loss | -98.1% | -19.8% |
| % Gain to Breakeven | 5169.8% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to OGN, FEMY, HOLX, COO, TXMD
In The Past
Dare Bioscience's stock fell -90.3% during the 2022 Inflation Shock from a high on 1/20/2021. A -90.3% loss requires a 934.5% gain to breakeven.
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About Dare Bioscience (DARE)
Daré Bioscience, Inc., a clinical-stage biopharmaceutical company, engages in the identifying, developing, and marketing products for women's health in the United States. It develops therapies in the areas of contraception, fertility, and sexual and vaginal health. The company's product includes XACIATO, a single-dose vaginal gel prescription product for the treatment of bacterial vaginosis in female patients 12 years of age and older. Its products in advanced clinical development include Ovaprene, a hormone-free monthly vaginal contraceptive; and Sildenafil Cream, a cream formulation of sildenafil for topical administration to the vulva and vagina for treatment of female sexual arousal disorder. The company's Phase 1-ready products are 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; and DARE-FRT1, an intravaginal ring containing bio-identical progesterone for the prevention of preterm birth and broader luteal phase support as part of an in vitro fertilization treatment plan, as well as DARE-PTB1, an intravaginal ring containing bio-identical progesterone for the prevention of preterm birth. Its products in pre-clinical stage include DARE-LARC1, a combination product designed to provide reversible contraception; ADARE-204 and ADARE-214, an injectable formulations of etonogestrel to provide contraception over 6-month and 12-month periods; and DARE-RH1, a non-hormonal contraception for men and women. The company entered into license agreement with Organon & Co. and Organon International GmbH to commercialize XACIATO. Daré Bioscience, Inc. is headquartered in San Diego, California.
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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.
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- 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.
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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)
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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.
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Key Business Risks for Daré Bioscience (DARE)
- 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.
- 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.
- 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.
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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.
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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:
- 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.
- 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.
- 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.
- 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.
- 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.
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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.
Latest Trefis Analyses
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 3.97 |
| Mkt Cap | 0.8 |
| Rev LTM | 2,065 |
| Op Inc LTM | 356 |
| FCF LTM | 193 |
| FCF 3Y Avg | 170 |
| CFO LTM | 351 |
| CFO 3Y Avg | 370 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 34.6% |
| Rev Chg 3Y Avg | 14.9% |
| Rev Chg Q | 18.8% |
| QoQ Delta Rev Chg LTM | 5.3% |
| Op Mgn LTM | -20.0% |
| Op Mgn 3Y Avg | -45.4% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 16.1% |
| CFO/Rev 3Y Avg | 15.8% |
| FCF/Rev LTM | 9.0% |
| FCF/Rev 3Y Avg | 8.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.8 |
| P/S | 6.4 |
| P/EBIT | 0.3 |
| P/E | 19.7 |
| P/CFO | 6.9 |
| Total Yield | 2.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.9% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -12.2% |
| 3M Rtn | -17.0% |
| 6M Rtn | 7.9% |
| 12M Rtn | -32.1% |
| 3Y Rtn | -49.6% |
| 1M Excs Rtn | -2.6% |
| 3M Excs Rtn | -8.3% |
| 6M Excs Rtn | 13.2% |
| 12M Excs Rtn | -43.0% |
| 3Y Excs Rtn | -110.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Business of identifying, developing and commercializing pharmaceutical products that target unmet | 3 | ||||
| Total | 3 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Business of identifying, developing and commercializing pharmaceutical products that target unmet | -31 | ||||
| Total | -31 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Business of identifying, developing and commercializing pharmaceutical products that target unmet | -30 | ||||
| Total | -30 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 44 | 56 | 8 | 7 | |
| Total | 44 | 56 | 8 | 7 |
Price Behavior
Price Behavior
| Market Price | $1.55 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 04/10/2014 | |
| Distance from 52W High | -52.5% | |
| 50 Days | 200 Days | |
| DMA Price | $1.66 | $2.05 |
| DMA Trend | down | down |
| Distance from DMA | -6.5% | -24.3% |
| 3M | 1YR | |
| Volatility | 45.4% | 56.6% |
| Downside Capture | 0.60 | 0.54 |
| Upside Capture | -74.03 | -1.88 |
| Correlation (SPY) | 0.7% | 5.3% |
DARE Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.81 | 0.14 | -0.54 | 0.68 | 0.18 | 0.44 |
| Up Beta | 1.15 | 0.90 | -0.32 | 0.13 | 0.04 | 0.38 |
| Down Beta | 1.45 | 0.40 | -2.05 | 0.81 | 0.16 | 0.27 |
| Up Capture | -27% | -83% | -8% | 43% | -1% | 2% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 8 | 16 | 27 | 57 | 112 | 331 |
| Down Capture | 142% | 56% | 45% | 111% | 78% | 101% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 10 | 22 | 30 | 58 | 118 | 373 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DARE | |
|---|---|---|---|---|
| DARE | -46.3% | 56.6% | -0.90 | - |
| Sector ETF (XLV) | 0.3% | 17.6% | -0.13 | 14.3% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 5.4% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | 14.4% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | 7.1% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | 6.4% |
| Bitcoin (BTCUSD) | -21.0% | 44.0% | -0.41 | 16.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DARE | |
|---|---|---|---|---|
| DARE | -42.0% | 71.4% | -0.45 | - |
| Sector ETF (XLV) | 6.0% | 14.5% | 0.23 | 14.6% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 15.2% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | 4.0% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | 3.1% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | 12.2% |
| Bitcoin (BTCUSD) | 4.7% | 56.6% | 0.30 | 12.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DARE | |
|---|---|---|---|---|
| DARE | -40.7% | 115.5% | 0.02 | - |
| Sector ETF (XLV) | 9.7% | 16.5% | 0.48 | 11.8% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 12.9% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | 2.2% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 2.9% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 8.4% |
| Bitcoin (BTCUSD) | 66.9% | 66.8% | 1.06 | 6.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/26/2026 | 2.6% | ||
| 11/13/2025 | -1.6% | -13.8% | 19.6% |
| 8/14/2025 | 6.3% | 1.4% | -1.9% |
| 3/31/2025 | 0.3% | -0.2% | 2.1% |
| 11/14/2024 | -10.0% | -9.4% | -10.8% |
| 8/12/2024 | 20.0% | -0.6% | -6.9% |
| 3/28/2024 | -10.7% | -7.3% | -44.3% |
| 11/9/2023 | -6.9% | -3.2% | -18.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 4 | 3 |
| # Negative | 6 | 8 | 9 |
| Median Positive | 2.6% | 2.4% | 2.1% |
| Median Negative | -4.7% | -4.5% | -12.0% |
| Max Positive | 20.0% | 11.6% | 19.6% |
| Max Negative | -10.7% | -13.8% | -44.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/26/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/30/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 3/26/2026 | Prior: Q3 2025 Earnings Reported 11/13/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Product Revenue | |||||||
| Q2 2026 Consumer Health Revenue | |||||||
| 2027 Product Revenue | |||||||
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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