DARE

MKT CAP:$20M

Daré Bioscience, Inc.

Market Cap

$20M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$2.12+$0.17 (+8.72%)

Apr 23, 2026

Company Details

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 s...

CEO

Sabrina Martucci Johnson

IPO Date

Apr 10, 2014

Website

www.darebioscience.com

Key Metrics TTM

Revenue

$1M

+10428.3% YoY

Net Income

-$13M

EPS (Diluted)

-$1.33

Free Cash Flow

-$10M

Revenue / Share

$0.07

Gross Margin

-276.2%

Operating Margin

-1315.5%

Net Margin

-1300.7%

FCF Margin

-997.0%

P/S

19.7x

P/E

—

Earnings Reports

Q1 2026

May 12, 2026

PENDING

Q4 2025

Mar 26, 2026

$1M+1708.4%EPS -$0.10

Q3 2025

Nov 13, 2025

$2.3K-94.6%EPS -$0.28

Q2 2025

Aug 14, 2025

-$21.2K-194.4%EPS -$0.45

Q1 2025

May 13, 2025

$25.4K+173.3%EPS -$0.50

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	-$25.0K	-$8M
Q2 22	$10M	$10M	$384.3K
Q3 22	$0	-$25.0K	-$7M
Q4 22	$0	-$4.7K	-$16M
Q1 23	$0	-$25.0K	-$8M
Q2 23	$0	-$25.0K	-$9M
Q3 23	$1M	$975.0K	-$8M
Q4 23	$2M	-$20M	-$5M
Q1 24	$9.3K	-$3M	-$6M
Q2 24	$22.4K	$22.4K	-$7M
Q3 24	$41.7K	$16.7K	-$5M
Q4 24	-$63.6K	-$14M	-$5M
Q1 25	$25.4K	-$2M	-$5M
Q2 25	-$21.2K	-$21.2K	-$4M
Q3 25	$2.3K	-$610.6K	-$4M
Q4 25	$1M	$58.8K	-$1M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	11.8x	—
Q3 22	8.5x	—
Q4 22	9.4x	—
Q1 23	8.6x	—
Q2 23	—	—
Q3 23	41.1x	—
Q4 23	12.7x	—
Q1 24	17.7x	—
Q2 24	11.2x	—
Q3 24	14.5x	—
Q4 24	2817.2x	—
Q1 25	947.8x	—
Q2 25	—	—
Q3 25	—	—
Q4 25	24.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$12M	-$12M
Q2 22	-$8M	-$8M
Q3 22	$9M	$9M
Q4 22	-$6M	-$6M
Q1 23	-$16M	-$16M
Q2 23	-$7M	-$7M
Q3 23	-$8M	-$8M
Q4 23	-$8M	-$9M
Q1 24	-$7M	-$7M
Q2 24	$13M	$13M
Q3 24	-$6M	-$6M
Q4 24	$5M	$5M
Q1 25	-$5M	-$6M
Q2 25	-$5M	-$5M
Q3 25	-$442.1K	-$616.8K
Q4 25	$1M	$1M

Capital Expenditures

Quarter	CapEx
Q1 22	$4.6K
Q2 22	$816
Q3 22	$55.0K
Q4 22	$2.7K
Q1 23	$0
Q2 23	$0
Q3 23	$22.1K
Q4 23	$607.3K
Q1 24	$7.3K
Q2 24	$285.2K
Q3 24	$282.3K
Q4 24	$562.8K
Q1 25	$157.3K
Q2 25	$153.4K
Q3 25	$174.7K
Q4 25	$206.6K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+9.2%
Q2 22	—	+4.9%
Q3 22	—	-43.7%
Q4 22	—	+69.8%
Q1 23	—	-0.2%
Q2 23	-100.0%	-6.5%
Q3 23	—	+31.6%
Q4 23	—	-56.9%
Q1 24	—	-28.0%
Q2 24	—	-17.9%
Q3 24	-95.8%	-49.7%
Q4 24	-103.5%	-23.7%
Q1 25	+173.3%	-23.6%
Q2 25	-194.4%	-48.4%
Q3 25	-94.6%	-22.2%
Q4 25	+1708.4%	-53.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$532.4K	—
Q2 22	$537.5K	5.4%
Q3 22	$556.4K	—
Q4 22	$0	—
Q1 23	$624.6K	—
Q2 23	$650.2K	—
Q3 23	$636.1K	63.6%
Q4 23	$619.8K	34.3%
Q1 24	$627.7K	6748.0%
Q2 24	$562.7K	2507.9%
Q3 24	$523.6K	1255.9%
Q4 24	$489.3K	—
Q1 25	$377.4K	1484.1%
Q2 25	$359.0K	—
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$6M	$2M	$169.0K	—
Q2 22	$7M	$3M	$150.0K	—
Q3 22	$4M	$3M	$116.0K	—
Q4 22	$13M	—	—	$3M
Q1 23	$5M	$3M	$139.0K	—
Q2 23	$6M	$3M	$145.0K	—
Q3 23	$7M	$3M	$125.0K	—
Q4 23	$4M	$3M	$191.0K	—
Q1 24	$3M	$2M	$200.0K	—
Q2 24	$5M	$2M	—	—
Q3 24	$3M	$2M	$194.0K	—
Q4 24	$3M	$2M	$215.0K	—
Q1 25	$2M	$2M	$366.0K	—
Q2 25	$1M	$2M	—	—
Q3 25	$693.3K	—	—	$2M
Q4 25	$87.6K	—	—	$1M

Revenue Segments

Quarter	License And Collaboration Revenues
Q2 22	$10M
Q3 22	$10M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$52M	$0	$52M
Q1 22	$39M	$0	$39M
Q2 22	$32M	$0	$32M
Q3 22	$40M	$0	$40M
Q4 22	$35M	$0	$35M
Q1 23	$20M	$0	$20M
Q2 23	$13M	$0	$13M
Q3 23	$14M	$0	$14M
Q4 23	$10M	$0	$10M
Q1 24	$4M	$0	$4M
Q2 24	$16M	$0	$16M
Q3 24	$11M	$0	$11M
Q4 24	$16M	$0	$16M
Q1 25	$10M	$0	$10M
Q2 25	$5M	$0	$5M
Q3 25	$23M	$0	$23M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	7M	+61.3%	+88.6%
Q2 22	7M	+1.7%	+69.3%
Q3 22	7M	-0.6%	+65.6%
Q4 22	7M	-3.8%	+56.9%
Q1 23	7M	+4.8%	+1.9%
Q2 23	7M	+1.0%	+1.2%
Q3 23	8M	+5.4%	+7.3%
Q4 23	7M	-3.8%	+7.3%
Q1 24	8M	+14.8%	+17.5%
Q2 24	8M	+1.2%	+17.7%
Q3 24	9M	+0.7%	+12.5%
Q4 24	8M	-0.4%	+16.5%
Q1 25	9M	+3.1%	+4.6%
Q2 25	9M	+1.3%	+4.7%
Q3 25	13M	+43.8%	+49.5%
Q4 25	14M	+13.7%	+70.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	28
Q2 22	$357.1K	28
Q3 22	$0	28
Q4 22	$0	30
Q1 23	$0	30
Q2 23	$0	30
Q3 23	$33.3K	30
Q4 23	$69.5K	26
Q1 24	$358	26
Q2 24	$863	26
Q3 24	$1.6K	26
Q4 24	-$2.8K	23
Q1 25	$1.1K	23
Q2 25	-$921	23
Q3 25	$98	23
Q4 25	$4.1K	250

Revenue / Employee