Daré Bioscience (DARE) AI Stock Analysis

• Market Cap: $29.01M
• Dividend Yield: N/A
• Average Volume (3M): 170.74K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.20
• 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: 0.84
• Enterprise Value/Revenue: 3.72K
• Enterprise Value/Gross Profit: -1.41
• Enterprise Value/Ebitda: -1.53
• 1Y Price Target: $10.00
• Price Target Upside: 392.61% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: $2.00 ▼(-1.48% Downside)

The score is held down primarily by weak financial performance (minimal and declining revenue, ongoing losses, and TTM cash burn). Offsetting factors include a more positive recent strategic outlook from the earnings call (planned product launches and cash position) and a positive corporate event increasing control over Ovaprene, while technicals and valuation provide only limited near-term support.

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

Daré Bioscience faces significant financial challenges, including 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

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

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

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.

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: Positive
• Last Price: 2.03
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DARE, the sentiment is Positive. The current price of 2.03 is below the 20-day moving average (MA) of 2.07, above the 50-day MA of 1.94, and below the 200-day MA of 2.37, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 51.35 is Neutral, neither overbought nor oversold. The STOCH value of 43.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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%
DARE	50 Neutral	$29.01M	-4.42	―	―	―	―
PASG	49 Neutral	$47.30M	-0.99	-87.18%	―	―	38.42%
BOLD	45 Neutral	$28.21M	-0.45	-44.88%	―	―	-0.50%
HIND	44 Neutral	$17.05M	-0.02	-565.18%	―	-48.74%	89.18%
NRSN	44 Neutral	$31.78M	-1.69	―	―	―	31.09%

Daré Bioscience Corporate Events

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.