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1. Company Snapshot

1.a. 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.

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1.b. Last Insights on DARE

Daré Bioscience's recent performance was negatively impacted by the lack of recent earnings release or significant updates on its pipeline. The company's participation in the J.P. Morgan Healthcare Conference on women's health in January highlighted the importance of innovation in the sector, but this was not enough to drive significant momentum. The absence of recent updates on its flagship product, DARE-HPV, which received NIH funding in February, may be contributing to the company's current stock performance. Share buyback activity would be a positive development for the company's shareholders, but no such news was found.

1.c. Company Highlights

2. Daré Bioscience's Q3 2025 Earnings: A Strategic Inflection Point

Daré Bioscience reported a loss per share of -$0.28, beating estimates of -$0.33. The company's cash and cash equivalents stood at $23 million, with working capital of $3.8 million. During the quarter, Daré received $18.7 million in net proceeds from sales of its common stock and $7.3 million in grant payments. Revenue growth is expected to surge by 5863.9% next year, indicating a significant ramp-up in business activity.

Publication Date: Nov -24

📋 Highlights
  • Cash Position and Funding:: Ended Q3 with $23M cash/cash equivalents and $3.8M working capital; raised $18.7M via stock sales and $7.3M in grants.
  • Product Pipeline:: Targeting late-2025 launch of DARE to PLAY Sildenafil Cream (503B) and early-2027 for DARE to RECLAIM (menopause hormone ring) in $4.5B compounded market.
  • Regulatory Shifts:: FDA guidance reversal on hormone therapy removes black box warnings, enabling safer non-oral estradiol/progesterone delivery via vaginal ring.
  • Grant-Driven R&D:: Advanced DARE-HPV (HPV therapy) and Ovaprene (contraceptive) using $7.3M in nondilutive funding, avoiding stock dilution.

Financial Performance and Cash Position

The company's financial results reflect its continued investment in its dual-path strategy, focusing on both near-term commercial initiatives and longer-term pipeline development. With a decent cash runway, Daré is prioritizing R&D programs, particularly those with grant funding, such as DARE-HPV. As Sabrina Johnson noted, "Our goal is to bring innovative women's health solutions to market as efficiently and quickly as possible."

Pipeline Advancements and Commercial Initiatives

Daré is making progress on several fronts, including the development of DARE to RECLAIM, a hormone menopause therapy vaginal ring expected to be available in early 2027. The company is also advancing programs like DARE-HPV and DARE-LARC1, supported by nondilutive funding awards. Commercial initiatives include the introduction of DARE to RESTORE and DARE to PLAY Sildenafil Cream, which is expected to be available through a 503B outsourcing facility by the end of the year.

Valuation and Growth Prospects

With a P/S Ratio of -280.0 and an EV/EBITDA of 0.25, the market is pricing in significant growth expectations. The company's ROE stands at 274.47%, indicating a high return on equity. As Daré continues to execute its multipronged value creation strategy, it is well-positioned to bring multiple products to market efficiently and generate meaningful returns for stakeholders.

Investment Implications

Daré's unique positioning in the biopharma landscape, with relatively low-risk assets and differentiated science, makes it an attractive investment opportunity. With a clear path to near-term revenue and a disciplined investment strategy, the company is poised to unlock value efficiently. However, investors should be mindful of the company's cash burn rate and the potential for future dilution.

3. NewsRoom

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Daré Bioscience, Inc. (DARE) Discusses DARE to PLAY Sildenafil Cream as a Treatment Option for Female Genital Arousal Concerns Transcript

Nov -22

Source: seekingalpha.com

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Dare Bioscience (NASDAQ:DARE) Stock Passes Below 200-Day Moving Average – What’s Next?

Nov -22

Source: defenseworld.net

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Daré Bioscience, Inc. (DARE) Q3 2025 Earnings Call Transcript

Nov -14

Source: seekingalpha.com

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Dare Bioscience, Inc. (DARE) Reports Q3 Loss, Lags Revenue Estimates

Nov -13

Source: zacks.com

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Daré Bioscience Reports Third Quarter 2025 Financial Results and Provides Corporate Update

Nov -13

Source: globenewswire.com

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Daré Bioscience to Host Third Quarter 2025 Financial Results and Company Update Conference Call and Webcast on November 13, 2025

Nov -06

Source: globenewswire.com

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Daré Bioscience to Receive up to $499,000 to Support Preeclampsia Research

Sep -24

Source: globenewswire.com

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Daré Bioscience, Inc. (DARE) Q2 2025 Earnings Call Transcript

Aug -14

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.50%)

6. Segments

Women's Health

Expected Growth: 8.5%

Daré Bioscience's Women's Health segment growth of 8.5% is driven by increasing demand for innovative therapies, expanding access to healthcare, and a growing focus on women's health awareness. Additionally, the company's pipeline of novel products, including therapies for vaginal health and contraception, contributes to this growth.

7. Detailed Products

Dare-BV1

A vaginal ring designed to prevent bacterial vaginosis (BV), a common vaginal infection.

Ovaprene

A non-hormonal, monthly contraceptive ring designed to prevent pregnancy.

Sildenafil Cream, 3.6%

A topical cream for the treatment of female sexual arousal disorder (FSAD).

Dare-RP001

A proprietary, non-hormonal, vaginal gel designed to treat vaginal dryness and pain during sex.

Dare-FP001

A proprietary, non-hormonal, vaginal ring designed to treat female fertility.

8. Daré Bioscience, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Daré Bioscience, Inc. operates in the women's health industry, which has a moderate threat of substitutes. While there are alternative products and services available, Daré's focus on innovative and proprietary products reduces the threat of substitutes.

Bargaining Power Of Customers

Daré Bioscience, Inc.'s customers are primarily healthcare providers and patients. The company's products are specialized, and customers have limited bargaining power, reducing the threat of customer bargaining power.

Bargaining Power Of Suppliers

Daré Bioscience, Inc. relies on a limited number of suppliers for raw materials and services. While the company has some bargaining power, suppliers also have some leverage, resulting in a moderate threat of supplier bargaining power.

Threat Of New Entrants

The women's health industry is highly competitive, and new entrants can easily enter the market. Daré Bioscience, Inc. faces a high threat of new entrants, which can lead to increased competition and reduced market share.

Intensity Of Rivalry

The women's health industry is highly competitive, with many established players and new entrants vying for market share. Daré Bioscience, Inc. faces intense rivalry, which can lead to reduced prices, increased marketing expenses, and decreased profitability.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight -658.77%
Debt Cost 3.95%
Equity Weight 758.77%
Equity Cost 10.49%
WACC 53.64%
Leverage -86.82%

11. Quality Control: Daré Bioscience, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Daré Bioscience

A-Score: 4.8/10

Value: 10.0

Growth: 6.9

Quality: 8.6

Yield: 0.0

Momentum: 1.0

Volatility: 2.3

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Quantum-Si

A-Score: 4.3/10

Value: 7.0

Growth: 4.8

Quality: 4.5

Yield: 0.0

Momentum: 9.0

Volatility: 0.3

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Avid Bioservices

A-Score: 3.6/10

Value: 4.2

Growth: 4.4

Quality: 1.4

Yield: 0.0

Momentum: 7.5

Volatility: 4.0

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Voyager Therapeutics

A-Score: 3.4/10

Value: 7.8

Growth: 4.8

Quality: 5.0

Yield: 0.0

Momentum: 1.0

Volatility: 2.0

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4D Molecular Therapeutics

A-Score: 2.9/10

Value: 7.0

Growth: 1.3

Quality: 3.6

Yield: 0.0

Momentum: 4.5

Volatility: 1.0

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Keros Therapeutics

A-Score: 2.6/10

Value: 5.8

Growth: 0.3

Quality: 6.8

Yield: 0.0

Momentum: 0.0

Volatility: 2.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.8$

Current Price

1.8$

Potential

-0.00%

Expected Cash-Flows