Dare Bioscience, Inc. Segments Disclosure
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Revenue: | |||||||||||
License fee and other revenues | $ | 1,030,193 | $ | 9,784 | |||||||
Total revenue | 1,030,193 | 9,784 | |||||||||
Cost of revenues | 295,799 | — | |||||||||
Segment operating expenses: | |||||||||||
Research and development: | |||||||||||
Direct program costs: | |||||||||||
Ovaprene (1) | 5,016,187 | 8,518,495 | |||||||||
Sildenafil Cream, 3.6% (2) | 1,143,221 | 2,361,052 | |||||||||
Other advanced clinical stage programs | 2,805,127 | 1,421,888 | |||||||||
Phase 1 and Phase 1-ready clinical stage programs (1) | 1,548,800 | 761,721 | |||||||||
Preclinical stage programs (1) | 6,365,438 | 4,233,762 | |||||||||
Other development programs | — | 27,542 | |||||||||
Contra-R&D expenses (3) | (13,919,881) | (7,685,533) | |||||||||
Total research and development direct program costs | 2,958,892 | 9,638,927 | |||||||||
Indirect costs: | |||||||||||
Personnel-related (including stock compensation) | 4,691,957 | 5,611,057 | |||||||||
Other indirect costs | 281,787 | 254,772 | |||||||||
Contra R&D expenses | (2,409,284) | (1,199,548) | |||||||||
Total research and development indirect costs | 2,564,460 | 4,666,281 | |||||||||
Selling, general and administrative | 8,763,376 | 9,156,061 | |||||||||
Total segment operating expenses | 14,286,728 | 23,461,269 | |||||||||
Loss from operations | (13,552,334) | (23,451,485) | |||||||||
Sale of royalty and milestone rights, net | — | 20,379,376 | |||||||||
Interest expense | 822,709 | 857,364 | |||||||||
Interest income | (679,740) | (539,743) | |||||||||
Other income (expense), net | (296,029) | 663,869 | |||||||||
Net loss | $ | (13,399,274) | $ | (4,053,599) | |||||||
(1)The applicable program(s) receive grant funding and/or the Tax Incentive. The amount of R&D expense for the period indicated is shown on a gross basis (i.e., without deducting the amount of contra R&D expense for the applicable program(s). See footnote (3) below. (2)For 2025, the dollar amount also includes expenses for DARE to PLAY. (3)These contra R&D expenses were recognized as follows for the years ended December 31, 2025 and 2024: (a) Ovaprene, $2.5 million, and $0.2 million, respectively; (b) Other advanced clinical stage programs, $2.9 million and $0, respectively, (c) Phase 1 and Phase 1-ready clinical stage programs, $0.4 million and $1.3 million, respectively; and (d) Preclinical stage programs, $8.1 million and $6.2 million, respectively. | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 26, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.