What are the investment strengths of Dare Bioscience Inc (DARE)?

Extended runway (23M cash + 18.7M recent raise) provides 3+ years to achieve commercial milestones without immediate dilution pressure EV of only 5.2M vs 8.1M annual R&D implies market assigns near-zero value to pipeline - asymmetric upside if any program succeeds

What are the investment risks for Dare Bioscience Inc (DARE)?

Pre-revenue biotech with negative 57K revenue, -17.5M operating loss TTM, and 94% gross profit decline YoY - no commercial traction P/B of 8.9x on only 2.9M equity with 1.03x debt/equity - valuation assumes success not reflected in financials

Dare Bioscience Inc

DARE

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Dare Bioscience Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-10

Snapshot

Cash runway critical: 23.1M cash vs -6.8M FCF TTM = ~3.4 years at current burn, but 18.7M recent equity raise extends runway[Cash and Equivalents]
Negative revenue (-57K TTM) signals pre-commercial stage; 8.1M R&D spend (47% of opex) indicates active pipeline development[Total Revenue TTM]
Debt/equity 1.03x with only 2.9M equity cushion - balance sheet fragile if dilution continues[Debt to Equity]

Watch Triggers

Total Revenue TTM: Turns positive or exceeds 1M — First commercial revenue validates pipeline - transforms thesis from speculative to operational
Cash and Equivalents: Falls below 15M without revenue progress — Would signal imminent dilution or strategic pivot needed
Research and Development TTM: Declines >30% from 8.1M — R&D cuts would indicate pipeline deprioritization or funding constraints

Bull Case

Extended runway (23M cash + 18.7M recent raise) provides 3+ years to achieve commercial milestones without immediate dilution pressure

Cash and EquivalentsNet Common Stock IssuanceFree Cash Flow TTM

EV of only 5.2M vs 8.1M annual R&D implies market assigns near-zero value to pipeline - asymmetric upside if any program succeeds

Enterprise ValueResearch and Development TTM

Bear Case

Pre-revenue biotech with negative 57K revenue, -17.5M operating loss TTM, and 94% gross profit decline YoY - no commercial traction

Total Revenue TTMOperating Income TTMGross Profit 1yr Growth

P/B of 8.9x on only 2.9M equity with 1.03x debt/equity - valuation assumes success not reflected in financials

PB RatioCommon Stockholders EquityDebt to Equity

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

30%

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Forward Thesis

Binary outcome: commercial milestone or continued dilution within 18 months

1-3ylow

Pre-revenue biotech with active R&D pipeline
Recent 18.7M capital raise signals near-term catalyst
Cash burn of 6.8M/year requires revenue or more raises

R&D 8.1M TTM vs 17.5M total opexNet stock issuance 18.7M in periodFCF -6.8M TTM

Valuation Context

Caveats

Public Strategies Rankings

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DARE Fundamentals

Manufacturing → Chemical Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$28.83M		—
Enterprise Value	$8.68M		—
P/E Ratio	0.00		—
Total Revenue - TTM	$-57,130		—
Earnings Per Share (diluted) - TTM	$-1.83		—
Operating Margin - TTM	30,578%	+31813.1%	—
Net Margin - TTM	30,569%	+30760.4%	—
Free Cash Flow - TTM	$-6.85M		—
Return on Common Equity - TTM	0.00		—
Beta 5Y (Monthly)	unknown		—

DARE Dividend History

No dividends

DARE Stock Splits

2 stock splits

07/01/2412:1 split

07/20/1710:1 split

DARE SEC Filings

Filing Date	Report Date	Report Type	Filing Link
11/13/25	09/30/25	10-Q	0001401914-25-000050
08/14/25	06/30/25	10-Q	0001401914-25-000044
05/13/25	03/31/25	10-Q	0001401914-25-000022
03/31/25	12/31/24	Unknown	0001401914-25-000012
11/14/24	09/30/24	10-Q	0001401914-24-000041
08/12/24	06/30/24	10-Q	0001401914-24-000038
05/14/24	03/31/24	10-Q	0001401914-24-000033
03/28/24	12/31/23	10-K	0001401914-24-000016
11/09/23	09/30/23	10-Q	0001401914-23-000048
08/10/23	06/30/23	10-Q	0001401914-23-000045
05/11/23	03/31/23	10-Q	0001401914-23-000023
03/30/23	12/31/22	10-K	0001401914-23-000013
11/10/22	09/30/22	10-Q	0001401914-22-000087
08/09/22	06/30/22	10-Q	0001401914-22-000075
05/12/22	03/31/22	10-Q	0001401914-22-000051
03/31/22	12/31/21	10-K	0001401914-22-000032
11/10/21	09/30/21	10-Q	0001401914-21-000137
08/12/21	06/30/21	10-Q	0001401914-21-000118
05/13/21	03/31/21	10-Q	0001401914-21-000080
03/30/21	12/31/20	10-K	0001401914-21-000041
11/12/20	09/30/20	10-Q	0001401914-20-000118
08/12/20	06/30/20	10-Q	0001401914-20-000105
05/14/20	03/31/20	10-Q	0001401914-20-000068
03/27/20	12/31/19	10-K	0001401914-20-000042
11/12/19	09/30/19	10-Q	0001401914-19-000090
08/14/19	06/30/19	10-Q	0001401914-19-000081
05/14/19	03/31/19	10-Q	0001401914-19-000048
04/01/19	12/31/18	10-K	0001401914-19-000015
11/13/18	09/30/18	10-Q	0001564590-18-029135
08/13/18	06/30/18	10-Q	0001564590-18-021487
05/14/18	03/31/18	10-Q	0001564590-18-013316
03/28/18	12/31/17	10-K	0001564590-18-006989
11/13/17	09/30/17	10-Q	0001564590-17-023408
08/14/17	06/30/17	10-Q	0001564590-17-017650
05/12/17	03/31/17	10-Q	0001193125-17-168585
03/31/17	12/31/16	10-K	0001564590-17-005798
11/03/16	09/30/16	10-Q	0001564590-16-027350
08/04/16	06/30/16	10-Q	0001564590-16-022672
05/02/16	03/31/16	10-Q	0001564590-16-017298
03/10/16	12/31/15	10-K	0001564590-16-014403
11/16/15	09/30/15	10-Q	0001564590-15-010798
08/06/15	06/30/15	10-Q	0001564590-15-006440
05/06/15	03/31/15	10-Q	0001564590-15-003416
03/19/15	12/31/14	10-K	0001564590-15-001834
11/13/14	09/30/14	10-Q	0001193125-14-411131
08/12/14	06/30/14	10-Q	0001193125-14-306610
05/27/14	03/31/14	10-Q	0001193125-14-212644
04/14/14	12/31/13	424B4	0001193125-14-140851
11/13/14	09/30/13	10-Q	0001193125-14-411131
08/12/14	06/30/13	10-Q	0001193125-14-306610
05/27/14	03/31/13	10-Q	0001193125-14-212644