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Daré Bioscience Inc (DARE)
NASDAQ:DARE
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Daré Bioscience (DARE) AI Stock Analysis

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DARE

Daré Bioscience

(NASDAQ:DARE)

Rating:46Neutral
Price Target:
$2.00
▼(-6.98% Downside)
Daré Bioscience's overall stock score is primarily impacted by its financial instability, with persistent unprofitability and negative equity posing significant risks. While the earnings call provided an optimistic outlook with strategic initiatives and upcoming product launches, the technical analysis and valuation metrics reflect a bearish sentiment and unattractive valuation. The company's future growth potential hinges on successful execution of its dual-path strategy and product commercialization.
Positive Factors
Clinical Results
Positive interim results for Ovaprene show a pregnancy rate comparable to or better than existing methods, with no serious safety events reported.
Financing
The capital raise of $17.6M and a $6M grant supports the launch of topical sildenafil and the P3 Ovaprene study, resolving financing concerns.
Product Launch
The commercial launch of topical sildenafil via the 503(B) pathway is a key catalyst, allowing earlier market access and early revenue generation.
Negative Factors
Capital Requirements
Additional capital will be needed, potentially causing significant dilution to fund Daré's programs, including the P3 program for topical sildenafil.
Study Enrollment
Enrollment in the Ovaprene study has been negatively affected by NIH cuts, pausing recruitment at NIH CCTN sites.

Daré Bioscience (DARE) vs. SPDR S&P 500 ETF (SPY)

Daré Bioscience Business Overview & Revenue Model

Company DescriptionDaré 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.
How the Company Makes MoneyDaré Bioscience generates revenue primarily through a combination of product development partnerships, grants, and potential future product sales. The company collaborates with various pharmaceutical companies and research institutions to develop its product candidates, which may involve upfront payments, milestone payments, and royalties on future sales. Additionally, Daré may receive funding from government grants or other sources aimed at supporting research and development in women's health. As the company advances its product candidates through clinical trials and regulatory approval processes, it aims to monetize these assets through commercialization agreements or partnerships, thereby creating significant revenue opportunities.

Daré Bioscience Earnings Call Summary

Earnings Call Date:Aug 14, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Nov 06, 2025
Earnings Call Sentiment Positive
The earnings call highlighted significant progress in Daré's dual-path strategy and upcoming product launches, which are expected to drive revenue and expand their market presence. However, technical difficulties during the call and a working capital deficit were noted. Overall, the sentiment is optimistic with a focus on future growth.
Q2-2025 Updates
Positive Updates
Launch of DARE to PLAY Sildenafil Cream
Daré Bioscience is on track to support the commercial availability of DARE to PLAY Sildenafil cream through a 503B outsourcing facility in Q4 2025, marking a major milestone in women's sexual health.
Ovaprene Phase III Trial Progress
The independent Data and Safety Monitoring Board recommended the continuation of the Ovaprene Phase III study, with interim data showing no new safety or tolerability concerns. The potential for a $20 million payment from Bayer highlights significant commercial interest.
Financial Strengthening
After the quarter ended, Daré Bioscience received approximately $17.6 million in net proceeds from sales of common stock and a $6 million grant payment, significantly strengthening the balance sheet.
Dual Commercialization Pathway for DARE-HRT1
Daré is pursuing both FDA approval and a 503B compounding opportunity for DARE-HRT1, targeting availability in late 2026, aiming to tap into the $4.5 billion compounded hormone therapy market.
Expansion into Consumer Health
Daré is preparing to launch nonprescription vaginal probiotics, expanding its commercial platform and ensuring access to science-backed products for women's intimate health.
Negative Updates
Technical Difficulties During Call
The earnings call experienced technical difficulties, preventing the Q&A session.
Working Capital Deficit
Despite recent fundraising, Daré ended the quarter with a working capital deficit of approximately $12.6 million.
Company Guidance
During the second quarter of 2025, Daré Bioscience provided guidance on its dual-path business strategy, which focuses on commercializing proprietary formulations through a 503B compounding channel while pursuing FDA approval. The company plans to launch its DARE to PLAY Sildenafil cream in Q4 2025, aiming to generate near-term revenue and address significant unmet needs in women's sexual health. In the same quarter, Daré reported $5 million in cash and cash equivalents, with a working capital deficit of $12.6 million. Post-quarter, they bolstered their balance sheet with $17.6 million from stock sales and a $6 million grant. R&D expenses decreased by 71% compared to Q2 2024, primarily due to nondilutive funding awards, contributing to a more efficient advancement of their clinical pipeline. Additionally, the company is pursuing consumer health expansion with nonprescription vaginal probiotics and continues to advance grant-funded programs like DARE-HPV and DARE-LARC1, showcasing a focused commitment to innovation in women's health.

Daré Bioscience Financial Statement Overview

Summary
Daré Bioscience faces significant financial challenges, with persistent unprofitability, negative equity, and high liabilities indicating financial distress. Despite a recent positive trend in cash flow and revenue growth, the company's long-term sustainability remains questionable without a turnaround in profitability and a more stable balance sheet.
Income Statement
22
Negative
Daré Bioscience has struggled with profitability, as evidenced by consistently negative net income over the years. While there was a notable increase in revenue in 2024, the gross profit margin remains 100% due to revenue equaling gross profit, but this is overshadowed by significant negative EBIT and EBITDA margins, indicating high operational costs. The revenue growth from 2023 to 2024 is positive, which is a good sign, but the company remains unprofitable overall.
Balance Sheet
15
Very Negative
The balance sheet reveals a worrying situation with negative stockholders' equity, indicating financial instability. Additionally, the debt-to-equity ratio is not applicable due to negative equity, and the company is highly leveraged with total liabilities exceeding total assets. The negative equity ratio suggests insolvency risk, which is a significant concern for stakeholders.
Cash Flow
35
Negative
While Daré Bioscience has managed to generate a positive operating cash flow in 2024, indicating some operational efficiency, the free cash flow remains inconsistent over the years. The positive free cash flow to net income ratio in 2024 is a positive indicator, but the historical volatility in cash flows points to potential financial management challenges.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue25.91K9.78K2.81M10.00M0.000.00
Gross Profit-14.22M-503.54K2.77M9.95M-26.41K-43.23K
EBITDA-21.82M-23.41M-30.90M-31.36M-39.04M-27.36M
Net Income-1.68M-4.05M-30.16M-30.95M-38.33M-27.40M
Balance Sheet
Total Assets18.62M22.10M21.28M43.83M55.81M7.55M
Cash, Cash Equivalents and Short-Term Investments10.33M15.70M10.48M34.67M51.67M4.67M
Total Debt3.57M1.30M1.40M488.74K270.55K756.84K
Total Liabilities28.18M28.11M26.33M32.71M17.05M8.70M
Stockholders Equity-9.56M-6.01M-5.05M11.11M38.75M-1.15M
Cash Flow
Free Cash Flow-13.43M4.82M-39.49M-18.15M-28.78M-25.25M
Operating Cash Flow-12.99M5.39M-38.86M-18.09M-28.76M-25.23M
Investing Cash Flow-445.15K-573.05K-629.43K-63.07K-14.52K-17.63K
Financing Cash Flow572.72K433.83K15.64M1.34M75.85M25.13M

Daré Bioscience Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price2.15
Price Trends
50DMA
2.33
Negative
100DMA
2.64
Negative
200DMA
2.88
Negative
Market Momentum
MACD
-0.09
Negative
RSI
47.21
Neutral
STOCH
31.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DARE, the sentiment is Neutral. The current price of 2.15 is above the 20-day moving average (MA) of 2.06, below the 50-day MA of 2.33, and below the 200-day MA of 2.88, indicating a neutral trend. The MACD of -0.09 indicates Negative momentum. The RSI at 47.21 is Neutral, neither overbought nor oversold. The STOCH value of 31.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
58
Neutral
$59.44M-1738.36%-35.29%45.18%
51
Neutral
$7.92B-0.43-41.69%2.21%22.29%-1.85%
50
Neutral
$38.93M-85.45%61.15%54.71%
46
Neutral
$28.71M597.53%88.13%92.45%
41
Neutral
$34.65M-312.77%61.18%
40
Underperform
$7.91M-67.73%-2.06%64.86%
30
Underperform
$27.06M-2880.11%31.09%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
DARE
Daré Bioscience
2.15
-1.27
-37.13%
VYNE
VYNE Therapeutics
0.30
-1.60
-84.21%
CLNN
Clene
6.03
0.10
1.69%
GBIO
Generation Bio
5.99
-15.81
-72.52%
PYPD
PolyPid
3.45
-0.12
-3.36%
NRSN
Neurosense Therapeutics Ltd.
1.18
0.24
25.53%

Daré Bioscience Corporate Events

Business Operations and Strategy
Daré Bioscience Engages Market with New Presentation
Neutral
Sep 2, 2025

Daré Bioscience, Inc. announced that it will use a corporate presentation dated September 2, 2025, in various meetings with securities market participants. The presentation will be available on the company’s website in the ‘Investors’ section, indicating a strategic move to engage with stakeholders and potentially enhance its market presence.

Delistings and Listing ChangesRegulatory Filings and Compliance
Daré Bioscience Meets Nasdaq Equity Requirement
Neutral
Jul 25, 2025

On July 24, 2025, Daré Bioscience received confirmation from Nasdaq that it met the stockholders’ equity requirement, ensuring compliance with the Nasdaq Capital Market’s listing rules. However, the company will be under a Mandatory Panel Monitor for one year, and any non-compliance within this period could lead to a delist determination without the opportunity for a compliance plan or additional time to regain compliance.

Product-Related AnnouncementsBusiness Operations and Strategy
Daré Bioscience Announces Positive Phase 3 Trial Results
Positive
Jul 14, 2025

On July 14, 2025, Daré Bioscience announced positive interim results from its Phase 3 clinical trial of Ovaprene®, a hormone-free monthly intravaginal contraceptive. The trial’s data safety monitoring board recommended continuing the study without modification, as no new safety concerns were identified. Approximately 9% of participants experienced pregnancy, aligning with expectations, while 17% discontinued due to vaginal odor. Participants expressed a high likelihood of using Ovaprene if available, highlighting its potential to meet the demand for hormone-free contraceptive options. Bayer has the option to commercialize Ovaprene in the U.S., potentially providing significant financial benefits to Daré.

Executive/Board ChangesShareholder Meetings
Daré Bioscience Stockholder Meeting Approves Key Proposals
Neutral
Jul 9, 2025

On July 9, 2025, Daré Bioscience reconvened its stockholder meeting initially held on June 12, 2025, which was adjourned due to a lack of quorum. During the meeting, four proposals were voted on, including the election of Class II directors, the ratification of Haskell & White LLP as the independent accounting firm for 2025, approval of executive compensation, and the 2022 Plan Amendment, all of which were passed by the stockholders.

Delistings and Listing ChangesRegulatory Filings and Compliance
Daré Bioscience Gains Nasdaq Compliance Extension Approval
Neutral
Jun 25, 2025

On June 24, 2025, Daré Bioscience received approval from the Nasdaq Hearings Panel for its modified plan to regain compliance with Nasdaq Listing Rules, with a conditional continued listing period until August 12, 2025. The company must demonstrate compliance with either the Stockholders’ Equity Rule or the Minimum MVLS Rule by July 31, 2025, or face potential delisting, which could impact its stock market presence and capital-raising capabilities.

Business Operations and Strategy
Daré Bioscience Announces Corporate Presentation for Investors
Neutral
Jun 9, 2025

On June 9, 2025, Daré Bioscience, Inc. announced its intention to use a corporate presentation in meetings with securities market participants and others. The presentation will be accessible on the company’s website in the ‘Investors’ section. This move is part of Daré’s strategy to engage with stakeholders and provide transparency about its operations and future plans.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

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.Date of analysis: Aug 19, 2025