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Daré Bioscience Inc (DARE)
NASDAQ:DARE
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Daré Bioscience
(NASDAQ:DARE)
34Underperform
Positive Factors
Funding and Grants
The recent grant from the Gates foundation injected ~$11M into the Ovaprene program, allowing DARE to expand enrollment sites.
Product Development
Ovaprene is considered an exciting opportunity as it could be a blockbuster contraceptive device given the lack of convenient non-hormonal products on the market.
Strategic Partnerships
Bayer may exercise its commercial option for Ovaprene after Phase 3 readout, potentially bringing in an additional $20M.
Negative Factors
Financial Constraints
Risks include financial because the company has capital needs greater than the company's current cash balance, and it is likely going to need to raise additional capital.
Regulatory and Development Challenges
Sildenafil cream is intriguing but still needs FDA alignment, and there is uncertainty around the regulatory pathway.
Revenue Performance
3Q24 revenue came in below the estimate of $3.1M and the Street consensus of $1M.
Daré Bioscience (DARE) vs. S&P 500 (SPY)
Market Cap
$25.84M
Dividend YieldN/A
Average Volume (3M)28.51K
Price to Earnings (P/E)―
Beta (1Y)1.88
Revenue Growth88.13%
EPS Growth92.45%
CountryUS
Employees26
SectorHealthcare
Sector Strength77
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.44
Shares Outstanding8,700,389
10 Day Avg. Volume16,688
30 Day Avg. Volume28,508
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)13.32
Price to Cash Flow (P/CF)-1.10
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$12.00Price Target Upside305.41% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering0
Daré Bioscience Business Overview & Revenue Model
Company DescriptionDaré Bioscience, Inc. operates as a healthcare company, which engages in the development and commercialization of pharmaceutical products in women's reproductive health. Its products include Ovaprene and Topical Sildenafil. The company was founded by Sabrina Martucci Johnson, Lisa Walters-Hoffert, and Roger L. Hawley in 2015 and is headquartered in San Diego, CA.
How the Company Makes MoneyDaré Bioscience generates revenue through the development and commercialization of its proprietary healthcare products targeting women's reproductive health. The company partners with other pharmaceutical firms and healthcare organizations to bring its products to market. Revenue is primarily derived from licensing agreements, milestone payments, and royalties on product sales. Additionally, Daré Bioscience may engage in strategic collaborations to advance its research and development pipeline, further enhancing its revenue potential.
Daré Bioscience Financial Statement Overview
Summary
Daré Bioscience faces significant financial challenges with consistent losses, negative equity, and heavy reliance on external financing. The company struggles with declining revenues and insufficient cash flow, indicating financial distress.Income Statement
Daré Bioscience shows a challenging financial position with consistent net losses. The gross profit margin is relatively positive at 98.63%, but the net profit margin is negative due to high operating expenses, resulting in a loss of -1074.48%. Revenue growth is negative at -71.92% from the previous year, indicating declining sales performance. EBIT and EBITDA margins are also negative, reflecting the company's struggles to manage operational costs effectively.20
Very Negative
Balance Sheet
The balance sheet reveals a concerning financial structure with negative stockholders' equity of -$5.05 million, indicating liabilities exceed assets. The debt-to-equity ratio cannot be calculated due to negative equity, implying high financial risk. The equity ratio is also negative, further highlighting financial instability. Return on equity is negative due to losses, suggesting poor profitability and potential financial distress.15
Very Negative
Cash Flow
Cash flow analysis shows negative free cash flow growth, reflecting cash burn issues. Operating cash flow to net income ratio is negative, indicating insufficient cash generation to cover net losses. The company relies heavily on financing activities for cash flow, evident from significant financing cash inflow. Overall, cash flow management appears weak, with an inability to sustain operations without external financing.25
Negative
| Breakdown | |||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 1.87M | 2.81M | 10.00M | 0.00 | 0.00 | 0.00 | Gross Profit |
| 1.84M | 2.77M | 9.95M | -26.41K | -43.23K | -11.14K | EBIT |
| -17.19M | -30.84M | -31.39M | -39.07M | -27.40M | -14.34M | EBITDA |
| -17.06M | -30.90M | -31.36M | -39.04M | -27.36M | -14.33M | Net Income Common Stockholders |
| 3.15M | -30.16M | -30.95M | -38.33M | -27.40M | -14.26M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 6.81M | 10.48M | 34.67M | 51.67M | 4.67M | 4.78M | Total Assets |
| 7.83M | 21.28M | 43.83M | 55.81M | 7.55M | 7.44M | Total Debt |
| 0.00 | 1.40M | 488.74K | 270.55K | 756.84K | 800.45K | Net Debt |
| -6.81M | -9.07M | -34.18M | -51.40M | -3.91M | -3.98M | Total Liabilities |
| 1.10M | 26.33M | 32.71M | 17.05M | 8.70M | 7.00M | Stockholders Equity |
| 6.73M | -5.05M | 11.11M | 38.75M | -1.15M | 440.83K |
| Cash Flow | Free Cash Flow | ||||
| -21.26M | -39.49M | -18.15M | -28.78M | -25.25M | -13.32M | Operating Cash Flow |
| -20.92M | -38.86M | -18.09M | -28.76M | -25.23M | -13.32M | Investing Cash Flow |
| -332.30K | -629.43K | -63.07K | -14.52K | -17.63K | 6.14M | Financing Cash Flow |
| 5.77M | 15.64M | 1.34M | 75.85M | 25.13M | 5.15M |
Daré Bioscience Technical Analysis
Negative
2.96
Price Trends
3.13
Negative
3.30
Negative
3.75
Negative
Market Momentum
-0.06
Positive
43.68
Neutral
30.98
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DARE, the sentiment is Negative. The current price of 2.96 is below the 20-day moving average (MA) of 3.03, below the 50-day MA of 3.13, and below the 200-day MA of 3.75, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 43.68 is Neutral, neither overbought nor oversold. The STOCH value of 30.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DARE.
Daré Bioscience Risk Analysis
Daré Bioscience disclosed 82 risk factors in its most recent earnings report. Daré Bioscience reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Daré Bioscience Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
49 Neutral | $6.94B | 0.41 | -53.49% | 2.46% | 21.23% | -0.63% | |
44 Neutral | $25.04M | ― | -271.97% | ― | 338.75% | 50.14% | |
40 Underperform | $782.56K | ― | 12.00% | ― | 26.09% | 82.19% | |
35 Underperform | $3.25M | ― | 366.81% | ― | -30.19% | 97.74% | |
34 Underperform | $25.84M | ― | 597.53% | ― | 88.13% | 92.45% | |
33 Underperform | $8.57M | ― | -14.39% | ― | ― | ― | |
32 Underperform | $23.09M | ― | -227.76% | ― | ― | 30.96% |
* Healthcare Sector Average
Performance Comparison
DARE
Daré Bioscience
2.96
-4.91
-62.39%
CVM
Cel-Sci
0.29
-1.69
-85.35%
TXMD
TherapeuticsMD
0.82
-1.53
-65.11%
TTOO
T2 Biosystems
0.11
-3.00
-96.46%
EVFM
Evofem Biosciences
0.01
-0.01
-50.00%
XAIR
Beyond Air
0.28
-1.26
-81.82%
Daré Bioscience Earnings Call Summary
Earnings Call Date: Nov 14, 2024 | % Change Since: -16.85% | Next Earnings Date: Mar 27, 2025
Earnings Call Sentiment Positive
The earnings call highlighted significant achievements, including substantial nondilutive funding, progress in product pipeline and clinical trials, and steady market progress for XACIATO. However, challenges remain with decreased R&D spending, operational hurdles for Sildefanil Cream, and overall financial losses.Highlights
Significant Nondilutive Funding Acquired
Daré Bioscience secured over $20 million in nondilutive funding in the last 30 days, including a $10 million award from ARPA-H and a $10.7 million grant from the Bill & Melinda Gates Foundation.
Broad Portfolio and Pipeline Progress
Daré has conducted 8 successful clinical trials and held 25 FDA interactions across 6 product candidates in 2023 and 2024, demonstrating a robust pipeline focused on women's health.
XACIATO Sales and Market Progress
Steady month-over-month increases in XACIATO prescriptions, with Organon's women's health sales team securing preferred drug list status for Texas Medicaid, providing access to an additional 4.1 million patients.
Ovaprene Phase III Study Advancement
Enrollment in the Ovaprene pivotal Phase III clinical study is ongoing, supported by a central advertising campaign, with additional clinical sites to be added to accelerate the study.
DARE-HPV Program Development
Received a $10 million award to advance DARE-HPV, an investigational treatment for HPV-related cervical diseases, with plans for a Phase II clinical study.
Lowlights
Decreased R&D Spending
R&D expenses were approximately $2.7 million in Q3 2024, a 60% decrease compared to Q3 2023, reflecting a reduction in clinical and regulatory activities.
Comprehensive Loss
Reported a comprehensive loss of approximately $4.7 million for the third quarter.
Operational and Financial Challenges for Sildefanil Cream
Continued alignment with the FDA on Phase III trial endpoints for Sildefanil Cream, with an estimated $15 million needed for each of the two planned Phase III trials.
Company Guidance
During the Q3 2024 earnings call for Daré Bioscience, various guidance metrics were provided. The company has secured over $20 million in nondilutive funding within 30 days, including a $10 million award from ARPA-H for their DARE-HPV program and a $10.7 million grant from the Bill & Melinda Gates Foundation to expedite the Ovaprene pivotal study. The call highlighted Daré's broad portfolio, which includes eight successful clinical trials and 25 FDA interactions across six product candidates between 2023 and 2024. Financially, Daré reported a comprehensive loss of $4.7 million for Q3, with $11.2 million in cash and cash equivalents and an 8.7 million share count as of November 13, 2024. General and administrative expenses were $2 million, and R&D expenses were $2.7 million, both reflecting a decrease compared to the previous year. Additionally, an equity line with Lincoln Park could provide up to $15 million, further supporting Daré's financial strategy and pipeline advancements.Daré Bioscience Corporate Events
Business Operations and Strategy
Daré Bioscience Announces New Corporate Presentation
Neutral
Jan 13, 2025
Daré Bioscience, Inc. has announced it will use a corporate presentation dated January 13, 2025, for meetings with securities market participants and others. The presentation will be accessible on the company’s website, reflecting its efforts to engage transparently with investors and stakeholders, potentially impacting its market positioning and investor relations strategy.
Product-Related AnnouncementsBusiness Operations and Strategy
Daré Bioscience Advances Sildenafil Cream to Phase 3 Study
Positive
Dec 16, 2024
Daré Bioscience announced plans for a Phase 3 clinical study of Sildenafil Cream, an investigational treatment for female sexual arousal disorder (FSAD) in premenopausal women. The study, reflecting FDA feedback, aims to address a significant unmet need in women’s sexual health by potentially becoming the first FDA-approved pharmacological treatment for FSAD, thus creating a new market category within female sexual dysfunction.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.