Daré Bioscience, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsDare Bioscience is a women's health biotech transitioning from R&D to multi-product commercialization via 503B compounding and direct-to-consumer channels.
What they do
Dare Bioscience develops and commercializes women's health products, spanning contraception, menopause, sexual health, and vaginal health. It launched DARE to PLAY Sildenafil Cream (topical sildenafil for female sexual arousal) via 503B compounding in December 2025 and Flora Sync LF5 vaginal probiotic suppositories in June 2026. The company also advances a clinical pipeline including Ovaprene and DARE-HPV.
Revenue drivers
- DARE to PLAY Sildenafil Cream — First 503B compounded product; pre-orders accepted since December 2025, but revenue not yet recorded as of Q2 2026; initial revenue expected in Q3 2026 and not expected to be material in 2026.
- Flora Sync LF5 (DARE to RESTORE) — Direct-to-consumer vaginal probiotic suppository launched June 2026, sold exclusively via DARE Health Hub; began generating revenue in July 2026, per the Q2 earnings release.
- XACIATO (licensed product) — An FDA-approved product licensed to Organon; provides royalty/licensing revenue, but no specific figures were provided in the excerpts.
Recent performance
For Q2 2026 (ended June 30, 2026), revenue was $187,546, up from $152,455 in Q1 2026 and $2,262 in Q3 2025. The company had cash and equivalents of $12.6M at June 30, 2026, with total assets of $22.4M and total liabilities of $22.9M, leaving shareholder equity at -$560,100. Full-year 2025 revenue was $1.0M with a net loss of $13.4M, compared to 2024 revenue of $9,784 and a net loss of $4.0M. Operating cash flow for 2025 was -$9.9M.
Strategy
Management is executing a dual-path approach: pursuing FDA approval for select formulations while also commercializing via 503B compounding for earlier market access. It is building a commercial ecosystem (DARE Health Hub, telehealth via MyMenopauseRx, digital marketing) to support multiple products and reduce reliance on dilutive capital. The company targets consumer health products without prescriptions, like Flora Sync LF5, and plans to launch DARE to RECLAIM (estradiol progesterone intravaginal ring) via 503B in 2027. It aims to pair near-term commercial revenue with long-term R&D investment in pipeline candidates like Ovaprene and DARE-HPV.
Risks
- No meaningful revenue yet — Revenue is minimal (under $200K in Q2 2026) and DARE to PLAY revenue is not expected to be material in 2026.
- Negative equity and cash burn — Shareholder equity was -$560,100 at June 30, 2026, with $12.6M cash and ongoing net losses.
- Dependence on third-party manufacturer — DARE to PLAY relies on a third-party 503B facility for manufacturing and state licenses; any failure could delay dispensing.
- Inexperience in commercialization — The company has no history of commercial sales and limited infrastructure, increasing execution risk for new launches.
Outlook
Management expects DARE to PLAY Sildenafil Cream to begin national dispensing and record initial revenue in Q3 2026, though amounts will be immaterial. Flora Sync LF5 revenue began in July 2026. DARE to RECLAIM is targeted for 2027 availability via 503B. Clinical pipeline milestones include positive interim Ovaprene Phase 3 results and initiation of the DARE-HPV Phase 2 study.