Dare Bioscience, Inc.

Listed Company

DARECIK 0001401914NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.03M

Net Income

$-13.40M

Total Assets

$32.47M

Equity

$2.84M

Shares Out

14.56M

Op. Cash Flow

$-9.89M

Business

Dare Bioscience, Inc. develops and commercializes differentiated, evidence‑based therapeutic and device solutions focused exclusively on women’s health. Its product portfolio includes approved XACIATO and investigational candidates such as Ovaprene monthly hormone‑free contraception, topical Sildenafil Cream for female sexual arousal disorder, intravaginal rings (e.g., DARE‑HRT1), a tamoxifen vaginal capsule (DARE‑VVA1), antiviral vaginal inserts (DARE‑HPV) and other contraceptive implants and hydrogels. The company conducts R&D and clinical development, in‑licenses programs, and pursues strategic collaborations and out‑licensing. It targets U.S. and international markets via clinical trial networks, commercialization partners (e.g., Organon, Bayer) and 503B compounding and third‑party distribution channels.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	1	9,784	3	10	0
Cost of revenues	295,799	0	—	—	—
Selling, general and administrative	9	9	—	—	—
Research and development	6	14	22	30	31
Total operating expenses	14	23	34	41	39
Loss from operations	−14	−23	−31	−31	−39
Sale of royalty and milestone rights, net of transaction costs (Note 13)	0	20	0	—	—
Other income (expense)	153,060	−981,490	778,489	437,750	2,520
Net loss	−13	−4	−30	−31	−39
Net loss to common stockholders	−13	−4	−30	−31	−39
Foreign currency translation adjustments	7,186	−67,913	−9,585	−196,338	−63,585
Comprehensive loss	−13	−4	−30	−31	−39
Loss per common share - basic (in usd per share)	−1.2	−0.48	−4.15	−0.37	−0.63
Loss per common share - diluted (in usd per share)	−1.2	−0.48	−4.15	−0.37	−0.63
Basic (in shares)	11	8	7	85	61
Diluted (in shares)	11	8	7	85	61

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	25	16	10	35	52
Prepaid expenses and other current assets	2	3	6	7	2
Total current assets	27	18	18	43	55
Property and equipment, net	2	1	655,975	64,908	26,041
Operating lease right-of-use assets	1	1	1	457,925	—
Finance lease right-of-use assets	2	0	—	—	—
Other non-current assets	1	1	599,594	254,295	485,120
Total assets	32	22	21	44	56
Accounts payable	1	1	3	2	2
Accrued expenses	725,184	3	3	11	3
Deferred grant funding	20	17	14	18	11
Current portion of liability related to sale of future royalties	11,711	4,054	—	—	—
Current portion of lease liabilities (operating)	602,552	548,638	468,726	398,391	270,546
Current portion of lease liabilities (finance)	1	0	—	—	—
Total current liabilities	24	22	20	32	16
Deferred revenue, non-current	0	1	1	1	1
Liability related to the sale of future royalties, net	5	5	4	0	—
Lease liabilities long term (operating)	559,365	754,383	935,743	90,346	0
Total liabilities	30	28	26	33	17
Commitments and contingencies (Note 14)	—	—	—	—	—
Preferred stock, $0.01 par value, 5,000,000 shares authorized; None issued and outstanding	0	0	0	0	0
Common stock, $0.0001 par value, 240,000,000 shares authorized, 14,499,502 and 8,700,386 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	1,450	870	833	8,482	8,394
Additional paid-in capital	192	170	167	153	149
Accumulated other comprehensive loss	−421,623	−428,809	−360,896	−351,311	−154,973
Accumulated deficit	−189	−175	−171	−141	−110
Total stockholders' equity (deficit)	3	−6	−5	11	39
Total liabilities and stockholders' equity (deficit)	32	22	21	44	56

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	2	42,325	—	—	—
Right-of-use asset - operating lease	516,895	471,003	−861,706	—	—
Stock-based compensation expense	1	2	3	2	2
Loss on disposal of property and equipment	0	600,000	0	—	—
Non-cash royalty revenue related to sale of future royalties	−6,298	202	0	23,415	−96,132
Non-cash interest expense	82,502	317,318	—	—	—
Accounts receivable	−12,053	0	—	—	—
Other receivables	−331,026	719,229	753,948	−557,842	−685,149
Prepaid expenses	668,486	4	547,714	−4	−622,336
Deposits	0	402,414	−1	0	—
Other current assets	−65,405	0	—	—	—
Other non-current assets	−78,723	45,562	−10,300	3,650	20,873
Operating lease liability	−548,638	−459,763	915,732	—	—
Accounts payable	−255,146	−2	1	−75,132	1
Accrued expenses	−2	171,473	−8	8	−45,871
Interest payable	572,561	520,816	0	—	—
Deferred grant funding	3	3	−5	8	9
Deferred revenue	−1	0	—	—	—
Net cash (used in) provided by operating activities	−10	5	−39	−18	−29
Purchases of property and equipment	−385,278	−573,046	−629,430	−63,069	−14,524
Net cash used in investing activities	−385,278	−573,046	−629,430	−63,069	−14,524
Net proceeds from issuance of common stock	21	453,579	—	—	—
Payments of deferred offering costs	−321,686	−79,308	—	—	—
Repayment of liability on sale of future royalties	0	−2,189	0	—	—
Issuance of note payable	486,721	561,663	601,174	0	0
Payments on note payable	−553,829	−579,223	−333,985	0	—
Principal payments on finance lease	−1	0	—	—	—
Net cash provided by financing activities	19	354,522	16	1	76
Effect of exchange rate changes on cash and cash equivalents and restricted cash	7,186	−67,913	−9,585	−196,338	−63,585
Net change in cash, cash equivalents and restricted cash	9	5	−24	−17	47
Remeasurement of operating lease right-of-use assets and lease liabilities due to lease modification	407,534	358,315	1	585,942	308,533
Finance right-of-use assets obtained in exchange for new finance lease liabilities	3	0	—	—	—
Remeasurement of finance lease right-of-use assets and lease liabilities due to lease modification	82,736	0	—	—	—
Prepaid rent reclassified to finance lease right-of-use asset	458,850	0	—	—	—
Deferred issuance costs applied from prepayments made in the prior year	179,877	0	—	—	—
Issuance cost on equity paid in common stock	0	500,227	0	—	—
Additions to property and equipment and reduction of deposits	0	749,036	—	—	—

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