Daré Bioscience Inc (DARE)
NASDAQ:DARE
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Daré Bioscience
(NASDAQ:DARE)
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Rating:45Neutral
Price Target:
$2.00
▲(17.65% Upside)
Action:Reiterated
Date:05/19/26
The score is held down primarily by weak financial performance (large ongoing losses, negative cash flow, and thin/volatile equity increasing financing and dilution risk). Earnings call updates add some support via multiple near-term commercial and clinical catalysts, but liquidity constraints remain significant. Technicals and valuation are mixed and do not meaningfully improve the risk profile.
Positive Factors
Near-term commercial revenue catalysts
Imminent product launches create a durable shift from milestone-dependent funding to operating revenue. First product receipts and national dispensing activity, if sustained, validate commercial capability, extend runway materially and reduce reliance on dilutive financings over the next several quarters.
Negative Factors
Thin equity and elevated leverage
A small equity base and elevated leverage create persistent financing vulnerability. Volatile equity history raises dilution risk and undermines strategic optionality, forcing the company to prioritize near-term cash generation or capital raises that can constrain long-term R&D and commercialization investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Near-term commercial revenue catalysts
Imminent product launches create a durable shift from milestone-dependent funding to operating revenue. First product receipts and national dispensing activity, if sustained, validate commercial capability, extend runway materially and reduce reliance on dilutive financings over the next several quarters.
Read all positive factors
Daré Bioscience (DARE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$36.10M
Dividend YieldN/A
Average Volume (3M)170.74K
Price to Earnings (P/E)―
Beta (1Y)1.25
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees21
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.04
Shares Outstanding14,979,502
10 Day Avg. Volume281,723
30 Day Avg. Volume170,743
Financial Highlights & Ratios
PEG Ratio-0.11
Price to Book (P/B)75.90
Price to Sales (P/S)209.43
P/FCF Ratio-0.02
Enterprise Value/Market Cap0.31
Enterprise Value/Revenue9.70
Enterprise Value/Gross Profit174.23
Enterprise Value/Ebitda-1.13
Forecast
1Y Price Target
$10.00Price Target Upside488.24% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.95
Revenue Forecast (FY)$1.99M
Daré Bioscience Business Overview & Revenue Model
Company Description
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 a...
How the Company Makes Money
Daré Bioscience generates revenue primarily through product-related commercialization arrangements and collaboration-related income rather than broad, direct product sales. Its revenue model has historically included (1) licensing and partnering: ...
Daré Bioscience Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
Overall the call presents a constructive and catalytic picture: multiple near-term commercial milestones (Flora Sync LF5 launch in June, DARE to PLAY dispensing targeted this summer, first product revenue for the company) and positive clinical progress (Ovaprene DSMB review, DARE-HPV IND and Phase II start) are strong positives. These are balanced against material execution and financing risks — limited cash/working capital, need to raise capital absent revenue, state-by-state fulfillment delays and tolerability-related discontinuations in the Ovaprene trial. On net, the multiple commercial and clinical catalysts combined with significant nondilutive grant funding and clear go-to-market plans slightly outweigh the operational and liquidity headwinds.Positive Updates
First Direct Product Revenue Imminent
Flora Sync LF5 commercial launch expected June 2026 with first recorded product revenue in Q2 2026; DARE to PLAY pre-fulfillment prescribing live across 50 states since Feb 2026 and DARE to PLAY product revenue expected in Q3 2026.
Negative Updates
Cash Position and Runway Constraints
Cash and cash equivalents of approximately $18.5M and working capital of approximately $0.5M as of March 31, 2026; management states they do not currently have 12 months of capital on hand and will need to raise additional capital absent projected revenue inflows.
Read all updates
Q1-2026 Updates
Positive
Negative
First Direct Product Revenue Imminent
Flora Sync LF5 commercial launch expected June 2026 with first recorded product revenue in Q2 2026; DARE to PLAY pre-fulfillment prescribing live across 50 states since Feb 2026 and DARE to PLAY product revenue expected in Q3 2026.
Read all positive updates
Company Guidance
Management's guidance emphasized near-term commercial milestones and runway metrics: Dare ended Q1 2026 with ~$18.5M cash and ~ $0.5M working capital, benefiting from nondilutive awards (Gates ~$13.6M in 2025; ARPA‑H $4.5M in 2025 plus $2.0M in Feb 2026; NIH ~$1.3M in 2025) that reduce reported R&D (Q1 R&D $0.7M vs $2.3M a year ago, with contra‑R&D grant offsets of ~$3.5M vs ~$3.1M), while SG&A was ~$2.2M (vs ~$2.3M). Commercial timing targets: Flora Sync LF5 seeding in May and first product revenue in June 2026, DARE to PLAY dispensing nationally this summer with revenue recognition expected in Q3 2026, and DARE to RECLAIM targeting 503B dispensing/revenue in 2027. Clinical and pipeline metrics include Ovaprene’s second positive DSMB review (interim pregnancy rate ~9%, ~12% discontinuation for odor, down 5% from July 2025) based on ~340 subjects and ~1,800 cycles (study goal ≥2,500 cycles and 250 subjects completing 13 cycles; 2,500 cycles expected in 2026 with primary endpoint analysis accessible in 2027), and DARE‑HPV IND cleared Feb 2026 with Phase II advancing in May 2026 (addressing an estimated ~6M US annual high‑risk HPV cases).Daré Bioscience Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
22
Negative
Cash Flow
20
Very Negative
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.16M | 1.03M | 9.78K | 2.81M | 10.00M | 0.00 |
| Gross Profit | 64.45K | -1.42M | -14.30M | -18.83M | -20.14M | -100.00K |
| EBITDA | -9.94M | -11.40M | -23.41M | -30.70M | -31.36M | -39.04M |
| Net Income | -12.02M | -13.40M | -4.05M | -30.16M | -30.95M | -38.70M |
Balance Sheet | ||||||
| Total Assets | 27.83M | 32.47M | 22.10M | 21.28M | 43.83M | 55.81M |
| Cash, Cash Equivalents and Short-Term Investments | 18.52M | 24.71M | 15.70M | 10.48M | 34.67M | 51.67M |
| Total Debt | 7.18M | 2.66M | 1.30M | 1.40M | 488.74K | 270.55K |
| Total Liabilities | 27.09M | 29.63M | 28.11M | 26.33M | 32.71M | 17.05M |
| Stockholders Equity | 734.45K | 2.84M | -6.01M | -5.05M | 11.11M | 38.75M |
Cash Flow | ||||||
| Free Cash Flow | -10.16M | -10.27B | 4.82M | -39.49M | -18.15M | -28.78M |
| Operating Cash Flow | -9.94M | -9.89B | 5.39M | -38.86M | -18.09M | -28.76M |
| Investing Cash Flow | -227.95K | -385.28M | -573.05K | -629.43K | -63.07K | -14.52K |
| Financing Cash Flow | 18.32M | 19.28B | 433.83K | 15.64M | 1.34M | 75.85M |
Daré Bioscience Technical Analysis
Neutral
1.70
Price Trends
2.11
Positive
1.95
Positive
1.99
Positive
Market Momentum
0.04
Positive
49.41
Neutral
37.07
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 1.7 is below the 20-day moving average (MA) of 2.54, below the 50-day MA of 2.11, and below the 200-day MA of 1.99, indicating a neutral trend. The MACD of 0.04 indicates Positive momentum. The RSI at 49.41 is Neutral, neither overbought nor oversold. The STOCH value of 37.07 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 87 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $15.65M | -3.30 | -302.13% | ― | -81.26% | 98.53% | |
45 Neutral | $36.10M | -2.20 | 763.44% | ― | ― | ― | |
44 Neutral | $27.33M | ― | 9999.00% | ― | ― | ― | |
44 Neutral | $32.57M | -0.45 | -53.60% | ― | ― | 15.42% | |
42 Neutral | $16.55M | -0.83 | -135.04% | ― | ― | 42.29% |
* Healthcare Sector Average
DARE
Daré Bioscience
2.37
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-18.28%
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Daré Bioscience Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Daré Bioscience Completes Regulation A Investor Unit Offering
Positive
May 18, 2026
Daré Bioscience, Inc. completed the closings of its previously announced Regulation A offering of Investor Units on May 14, 2026. Each unit consisted of one share of Series A Convertible Preferred Stock and two Investor Warrants, offered at $...
Business Operations and StrategyPrivate Placements and Financing
Daré Bioscience Completes Regulation A Investor Unit Offering
Positive
May 7, 2026
Daré Bioscience, Inc. completed multiple closings of its previously announced Regulation A offering of Investor Units on May 1, 4, 5 and 6, 2026. The company issued a total of 195,010 Investor Units, each comprising one share of Series A Conv...
Business Operations and StrategyRegulatory Filings and Compliance
Daré Bioscience Posts Updated Corporate Investor Presentation Online
Neutral
Apr 22, 2026
On April 22, 2026, Daré Bioscience, Inc. made an updated corporate presentation available in the investors section of its website, also furnishing the deck as an exhibit to a regulatory filing. The company emphasized that the materials are be...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Daré Bioscience Completes Regulation A Preferred Stock Offering
Positive
Apr 20, 2026
On April 17, 2026, Daré Bioscience, Inc. closed a previously announced Regulation A offering of Investor Units, each comprising one share of Series A Convertible Preferred Stock and two Investor Warrants, at an offering price of $5.00 per uni...
Executive/Board Changes
Daré Bioscience Rebalances Classified Board Structure and Terms
Neutral
Apr 17, 2026
On April 16, 2026, Daré Bioscience rebalanced its classified board by reclassifying director Gregory W. Matz from Class II, with a term previously expiring at the 2028 annual meeting, to Class III, with a term now expiring at the 2026 annual ...
Business Operations and StrategyPrivate Placements and Financing
Daré Bioscience Completes Regulation A Preferred Stock Offering
Positive
Apr 13, 2026
On April 10, 2026, Daré Bioscience completed a closing of its previously announced Regulation A offering of Investor Units, each consisting of one share of Series A Convertible Preferred Stock and two warrants to purchase common stock, priced...
Private Placements and Financing
Daré Bioscience Completes Regulation A Preferred Stock Offering
Positive
Mar 17, 2026
On March 16, 2026, Daré Bioscience, Inc. closed a previously announced Regulation A offering of investor units priced at $5.00 each, with each unit consisting of one share of Series A Convertible Preferred Stock and two warrants to purchase c...
Private Placements and FinancingRegulatory Filings and Compliance
Daré Bioscience Completes Second Closing of Regulation A Offering
Positive
Mar 9, 2026
On March 6, 2026, Daré Bioscience completed the second closing of its previously announced Regulation A offering of Investor Units, each priced at $5.00 and consisting of one share of Series A Convertible Preferred Stock and two Investor Warr...
Business Operations and StrategyRegulatory Filings and Compliance
Daré Bioscience Updates Investor Presentation Under Regulation FD
Neutral
Mar 2, 2026
On March 2, 2026, Daré Bioscience, Inc. made an updated corporate presentation available to investors through the investors section of its website, providing refreshed information on the company for the market. The presentation was simultaneo...
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.