Daré Bioscience (DARE) AI Stock Analysis

• Market Cap: $25.29M
• Dividend Yield: N/A
• Average Volume (3M): 170.74K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.22
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 21
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.28
• Shares Outstanding: 14,289,229
• 10 Day Avg. Volume: 281,723
• 30 Day Avg. Volume: 170,743
• PEG Ratio: 0.07
• Price to Book (P/B): -4.41
• Price to Sales (P/S): 2709.59
• P/FCF Ratio: 5.50
• Enterprise Value/Market Cap: -0.16
• Enterprise Value/Revenue: -636.23
• Enterprise Value/Gross Profit: 0.24
• Enterprise Value/Ebitda: 0.26
• 1Y Price Target: $10.00
• Price Target Upside: 464.97% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $2.00 ▲(12.99% Upside)

The score is held down primarily by weak financial performance (minimal/declining revenue, ongoing losses, and TTM cash burn) and only modest technical strength (below key moving averages). These are partially offset by a relatively positive earnings call focused on upcoming product launches and a grant-supported pipeline, plus supportive financing and strategic control developments from recent corporate events.

Positive Factors

Full control over Ovaprene

Regaining Ovaprene rights from Bayer materially increases Daré’s strategic optionality: it allows the company to steer the Phase 3 program, target partnerships or commercialization routes, and capture greater long-term value if the contraceptive succeeds, reducing partner dependency risk.

Cash position bolstered by financing and grants

A $23M cash balance plus recent equity and grant inflows meaningfully extend runway. Durable non-dilutive grant funding and successful equity raises improve execution flexibility for clinical programs and planned launches over the next 2–6 months, lowering near-term funding strain.

Clear, diversified product launch roadmap

A staged commercialization strategy across sexual health, probiotics, and hormone therapy creates multiple, staggered value catalysts. Diversified product timing reduces binary risk and, if launches succeed, supports progressive revenue development and brand establishment in women's health markets.

Negative Factors

Minimal and declining commercial revenue

Almost no recurring commercial revenue undermines self-sustaining operations and increases reliance on funding events. Over the medium term, durable growth requires successful launches and penetration; current revenue base provides little cushion against trial or commercialization setbacks.

Return to cash burn and inconsistent cash generation

Inconsistent cash generation—with prior periods of positive flow but a return to sizable TTM burn—signals execution and timing risks. Persistent negative operating and free cash flow raises medium-term funding needs and could force dilution or spending cuts if clinical milestones slip.

Increased development & commercialization burden post-Bayer

While control is strategically valuable, absorbing full responsibility for a Phase 3 program and eventual commercialization raises operational, clinical and financial demands on a small, 21-employee company. That structural burden heightens execution and funding risk over the next several quarters.

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 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 Money

Daré Bioscience generates revenue primarily through a combination of product sales, licensing agreements, and collaborations with larger pharmaceutical companies. The company's revenue model includes potential milestones and royalties from its strategic partnerships, as well as funding from government grants and other research institutions aimed at supporting women's health initiatives. Successful clinical trial outcomes can lead to partnerships with larger entities, which may provide significant upfront payments and ongoing royalties from the commercialization of products developed through these collaborations.

Daré Bioscience Financial Statement Overview

Summary

Fundamentals remain weak: TTM revenue is minimal and down sharply, with persistent large net losses and a return to negative operating/free cash flow in TTM. Offsetting positives include improved balance-sheet position (equity turning positive in TTM) and a prior period (2024) showing positive operating and free cash flow, but overall results still reflect high funding and execution risk.

Income Statement

TTM (Trailing-Twelve-Months) revenue is minimal ($6.5K) and down sharply versus the prior period (about -86%), underscoring a limited commercial base. Losses remain very large in TTM (net loss about -$17.5M) and profitability is consistently negative across the history provided (2022–2024 also showed sizable losses). The main positive is that net loss was notably smaller in 2024 than in 2022–2023, but the TTM deterioration and lack of meaningful revenue keep the income statement quality weak.

Balance Sheet

The balance sheet shows a meaningful improvement in equity: stockholders’ equity moved from negative in 2023–2024 to positive in TTM (~$2.9M), reducing balance-sheet stress versus prior years. Leverage is moderate in TTM (debt of ~$2.9M versus equity of ~$2.9M, roughly 1.0x), but the company’s history of negative equity and volatility (including negative equity in multiple years) remains a key risk. Total assets are sizable (~$30.7M TTM), providing some cushion, though ongoing losses could pressure this over time.

Cash Flow

Cash generation is inconsistent. TTM operating cash flow is negative (~-$6.1M) and free cash flow is also negative (~-$6.8M), with free cash flow worsening versus the prior period (about -42% growth). A key positive is that 2024 showed positive operating cash flow (~$5.4M) and positive free cash flow (~$4.8M), indicating the company can have periods of improved cash discipline; however, the return to cash burn in TTM and the very large cash outflow in 2023 highlight volatility and funding risk.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	6.52K	9.78K	2.81M	10.00M	0.00	0.00
Gross Profit	-17.19M	-14.30M	-18.83M	-20.14M	-100.00K	-83.33K
EBITDA	-15.91M	-23.41M	-30.70M	-31.36M	-39.04M	-27.36M
Net Income	-17.46M	-4.05M	-30.16M	-30.95M	-38.70M	-27.40M
Balance Sheet
Total Assets	30.75M	22.10M	21.28M	43.83M	55.81M	7.55M
Cash, Cash Equivalents and Short-Term Investments	23.08M	15.70M	10.48M	34.67M	51.67M	4.67M
Total Debt	2.93M	1.30M	1.40M	488.74K	270.55K	756.84K
Total Liabilities	27.89M	28.11M	26.33M	32.71M	17.05M	8.70M
Stockholders Equity	2.86M	-6.01M	-5.05M	11.11M	38.75M	-1.15M
Cash Flow
Free Cash Flow	-6.85M	4.82M	-39.49M	-18.15M	-28.78M	-25.25M
Operating Cash Flow	-6.10M	5.39M	-38.86M	-18.09M	-28.76M	-25.23M
Investing Cash Flow	-741.49K	-573.05K	-629.43K	-63.07K	-14.52K	-17.63K
Financing Cash Flow	18.72M	433.83K	15.64M	1.34M	75.85M	25.13M

Daré Bioscience Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.77
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 1.77 is below the 20-day moving average (MA) of 1.92, below the 50-day MA of 1.96, and below the 200-day MA of 2.30, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 37.65 is Neutral, neither overbought nor oversold. The STOCH value of 15.42 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DARE.

Daré Bioscience Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PASG	49 Neutral	$32.98M	-0.63	-87.18%	―	―	38.42%
DARE	47 Neutral	$25.29M	-3.81	―	―	―	―
HIND	46 Neutral	$14.51M	-0.01	-565.18%	―	-48.74%	89.18%
BOLD	45 Neutral	$23.50M	-0.39	-44.88%	―	―	-0.50%
NRSN	44 Neutral	$26.67M	-1.49	―	―	―	31.09%

Daré Bioscience Corporate Events

Daré Bioscience Launches Regulation A Preferred Unit Offering

On January 23, 2026, Daré Bioscience filed a Certificate of Designation in Delaware creating a new Series A Convertible Preferred Stock, setting its liquidation preference at $5.00 per share, ranking it senior to common stock, eliminating dividend rights, and granting investors conversion features at an initial price of $2.50 per common share, subject to company call and forced-conversion provisions triggered by change of control, stock price performance, or a qualifying public offering, all structured to comply with Nasdaq rules on control and large issuances. On January 27, 2026, the company completed the initial closing of a Regulation A offering of up to 4,854,000 Investor Units—each comprising one Series A Preferred share and two common stock warrants at a $5.00 unit price—issuing 5,090 units plus related agent warrants in a best-efforts transaction led by Digital Offering, a move that initiates a rolling-capital raise without exchange listing for the new securities and potentially provides incremental funding capacity while limiting immediate dilution and change-of-control risks under Nasdaq thresholds.

The most recent analyst rating on (DARE) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Daré Bioscience stock, see the DARE Stock Forecast page.

Daré Bioscience Issues Updated Investor Corporate Presentation

On January 6, 2026, Daré Bioscience, Inc. made an updated corporate presentation available in the investors section of its website, simultaneously furnishing the same materials to regulators as a reference exhibit. The company emphasized that the information in the presentation and related filing was provided for informational purposes only, would not be treated as filed for liability purposes under U.S. securities laws, and would not be automatically incorporated into its other securities filings, limiting potential legal exposure and formal reliance by investors on the materials.

The most recent analyst rating on (DARE) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Daré Bioscience stock, see the DARE Stock Forecast page.

Daré Bioscience Gains Full Control Over Ovaprene

On November 26, 2025, Daré Bioscience announced that Bayer HealthCare LLC will terminate their license agreement effective February 24, 2026, returning all rights to the investigational contraceptive Ovaprene to Daré. This move, due to Bayer’s strategic prioritization, allows Daré to fully control Ovaprene’s development and commercialization, strengthening its strategic position in the women’s health market. The ongoing Phase 3 clinical trial of Ovaprene continues with positive interim results and is supported by grant funding, with enrollment expected to complete in 2026. The return of rights enhances Daré’s strategic options, potentially attracting broad interest from pharmaceutical and consumer health sectors.

The most recent analyst rating on (DARE) stock is a Sell with a $1.50 price target. To see the full list of analyst forecasts on Daré Bioscience stock, see the DARE Stock Forecast page.