Dare Bioscience Inc Financials
This page shows Dare Bioscience Inc (DARE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Dare Bioscience Inc has an operating margin of -1315.5%, meaning the company retains $-1316 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -239692.2% the prior year.
Dare Bioscience Inc's revenue surged 10429.4% year-over-year to $1.0M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Dare Bioscience Inc has elevated debt relative to equity (D/E of 10.42), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Dare Bioscience Inc's current ratio of 1.14 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 18/100, which could limit financial flexibility.
While Dare Bioscience Inc generated -$9.9M in operating cash flow, capex of $385K consumed most of it, leaving -$10.3M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Dare Bioscience Inc generates a -471.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
Dare Bioscience Inc passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Dare Bioscience Inc generates $0.74 in operating cash flow (-$9.9M OCF vs -$13.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Dare Bioscience Inc earns $-16.5 in operating income for every $1 of interest expense (-$13.6M vs $823K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Dare Bioscience Inc generated $1.0M in revenue in fiscal year 2025. This represents an increase of 10429.4% from the prior year.
Dare Bioscience Inc's EBITDA was -$11.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 49.1% from the prior year.
Dare Bioscience Inc reported -$13.4M in net income in fiscal year 2025. This represents a decrease of 230.6% from the prior year.
Dare Bioscience Inc earned $-1.20 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 150.0% from the prior year.
Cash & Balance Sheet
Dare Bioscience Inc generated -$10.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 313.0% from the prior year.
Dare Bioscience Inc held $24.7M in cash against $0 in long-term debt as of fiscal year 2025.
Dare Bioscience Inc had 15M shares outstanding in fiscal year 2025. This represents an increase of 67.3% from the prior year.
Margins & Returns
Dare Bioscience Inc's gross margin was 71.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.
Dare Bioscience Inc's operating margin was -1315.5% in fiscal year 2025, reflecting core business profitability. This is up 238376.7 percentage points from the prior year.
Dare Bioscience Inc's net profit margin was -1300.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 40130.2 percentage points from the prior year.
Dare Bioscience Inc's ROE was -471.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Dare Bioscience Inc invested $5.5M in research and development in fiscal year 2025. This represents a decrease of 61.1% from the prior year.
Dare Bioscience Inc invested $385K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 32.8% from the prior year.
DARE Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2K | N/A | $25K | N/A | $42K+85.8% | $22K+141.2% | $9K | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $1.2M-17.7% | $1.4M-37.8% | $2.3M | N/A | $2.7M-45.6% | $4.9M+47.1% | $3.4M | N/A |
| SG&A Expenses | $2.5M+5.1% | $2.4M+3.0% | $2.3M | N/A | $2.0M-16.6% | $2.4M-8.3% | $2.7M | N/A |
| Operating Income | -$3.7M+4.1% | -$3.8M+16.4% | -$4.6M | N/A | -$4.7M+36.4% | -$7.4M-22.2% | -$6.0M | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$3.6M+11.3% | -$4.0M+8.3% | -$4.4M | N/A | -$4.7M-136.4% | $12.9M+291.1% | -$6.8M | N/A |
| EPS (Diluted) | $-0.28+37.8% | $-0.45+10.0% | $-0.50 | N/A | $-0.55-136.2% | $1.52 | $-0.81 | N/A |
DARE Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $30.7M+136.9% | $13.0M-30.3% | $18.6M-15.8% | $22.1M+22.4% | $18.1M-23.5% | $23.6M+81.4% | $13.0M-38.9% | $21.3M |
| Current Assets | $25.0M+278.7% | $6.6M-44.2% | $11.8M-35.9% | $18.4M+23.4% | $14.9M-28.2% | $20.8M+108.7% | $10.0M-43.1% | $17.5M |
| Cash & Equivalents | $23.1M+358.3% | $5.0M-51.3% | $10.3M-34.2% | $15.7M+39.8% | $11.2M-31.6% | $16.4M+352.1% | $3.6M-65.3% | $10.5M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $27.9M+8.5% | $25.7M-8.8% | $28.2M+0.2% | $28.1M+43.9% | $19.5M-6.6% | $20.9M-12.8% | $24.0M-8.8% | $26.3M |
| Current Liabilities | $21.2M+10.4% | $19.2M-9.3% | $21.2M-2.0% | $21.6M+64.3% | $13.2M-9.8% | $14.6M-17.7% | $17.7M-13.5% | $20.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $2.9M+122.4% | -$12.7M-33.1% | -$9.6M-59.1% | -$6.0M-305.0% | -$1.5M-155.6% | $2.7M+124.3% | -$11.0M-117.9% | -$5.0M |
| Retained Earnings | -$187.2M-1.9% | -$183.7M-2.2% | -$179.7M-2.5% | -$175.3M-3.2% | -$169.8M-2.8% | -$165.1M+7.3% | -$178.0M-3.9% | -$171.2M |
DARE Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$442K+91.8% | -$5.4M+1.0% | -$5.5M-204.7% | $5.2M+188.2% | -$5.9M-145.9% | $12.9M+289.4% | -$6.8M+16.7% | -$8.2M |
| Capital Expenditures | $175K+213.9% | -$153K-197.5% | $157K-72.0% | $563K+299.4% | -$282K-199.0% | $285K+3809.3% | $7K-98.8% | $607K |
| Free Cash Flow | -$617K+88.9% | -$5.6M+1.0% | -$5.6M-220.7% | $4.7M+175.1% | -$6.2M-149.2% | $12.6M+285.0% | -$6.8M+22.4% | -$8.8M |
| Investing Cash Flow | -$175K-213.9% | $153K+197.5% | -$157K+72.0% | -$563K-299.4% | $282K+199.0% | -$285K-3809.3% | -$7K+98.8% | -$607K |
| Financing Cash Flow | $18.7M+42686.3% | -$44K-117.8% | $247K+286.8% | -$132K-130.2% | $436K+278.3% | $115K+722.2% | $14K-99.7% | $5.3M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
DARE Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -162340.8% | N/A | -18016.8% | N/A | -11228.7%+21570.4pp | -32799.1%+31944.7pp | -64743.8% | N/A |
| Net Margin | -157505.1% | N/A | -17219.1% | N/A | -11279.4%-68818.7pp | 57539.3%+130161.9pp | -72622.6% | N/A |
| Return on Equity | -124.7% | N/A | N/A | N/A | N/A | 483.3% | N/A | N/A |
| Return on Assets | -11.6%+19.4pp | -30.9%-7.4pp | -23.5% | N/A | -26.0%-80.7pp | 54.7%+106.6pp | -51.9% | N/A |
| Current Ratio | 1.18+0.8 | 0.34-0.2 | 0.56-0.3 | 0.85-0.3 | 1.14-0.3 | 1.43+0.9 | 0.56-0.3 | 0.86 |
| Debt-to-Equity | 9.76+11.8 | -2.02+0.9 | -2.95+1.7 | -4.68+8.5 | -13.16-21.0 | 7.84+10.0 | -2.18+3.0 | -5.22 |
| FCF Margin | -27269.5% | N/A | -22133.5% | N/A | -14886.7%-71128.1pp | 56241.5%+129561.8pp | -73320.3% | N/A |
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Frequently Asked Questions
What is Dare Bioscience Inc's annual revenue?
Dare Bioscience Inc (DARE) reported $1.0M in total revenue for fiscal year 2025. This represents a 10429.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Dare Bioscience Inc's revenue growing?
Dare Bioscience Inc (DARE) revenue grew by 10429.4% year-over-year, from $10K to $1.0M in fiscal year 2025.
Is Dare Bioscience Inc profitable?
No, Dare Bioscience Inc (DARE) reported a net income of -$13.4M in fiscal year 2025, with a net profit margin of -1300.7%.
What is Dare Bioscience Inc's EBITDA?
Dare Bioscience Inc (DARE) had EBITDA of -$11.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Dare Bioscience Inc's gross margin?
Dare Bioscience Inc (DARE) had a gross margin of 71.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Dare Bioscience Inc's operating margin?
Dare Bioscience Inc (DARE) had an operating margin of -1315.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Dare Bioscience Inc's net profit margin?
Dare Bioscience Inc (DARE) had a net profit margin of -1300.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Dare Bioscience Inc's return on equity (ROE)?
Dare Bioscience Inc (DARE) has a return on equity of -471.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Dare Bioscience Inc's free cash flow?
Dare Bioscience Inc (DARE) generated -$10.3M in free cash flow during fiscal year 2025. This represents a -313.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Dare Bioscience Inc's operating cash flow?
Dare Bioscience Inc (DARE) generated -$9.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Dare Bioscience Inc's total assets?
Dare Bioscience Inc (DARE) had $32.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Dare Bioscience Inc's capital expenditures?
Dare Bioscience Inc (DARE) invested $385K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Dare Bioscience Inc spend on research and development?
Dare Bioscience Inc (DARE) invested $5.5M in research and development during fiscal year 2025.
What is Dare Bioscience Inc's current ratio?
Dare Bioscience Inc (DARE) had a current ratio of 1.14 as of fiscal year 2025, which is considered adequate.
What is Dare Bioscience Inc's debt-to-equity ratio?
Dare Bioscience Inc (DARE) had a debt-to-equity ratio of 10.42 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Dare Bioscience Inc's return on assets (ROA)?
Dare Bioscience Inc (DARE) had a return on assets of -41.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Dare Bioscience Inc's cash runway?
Based on fiscal year 2025 data, Dare Bioscience Inc (DARE) had $24.7M in cash against an annual operating cash burn of $9.9M. This gives an estimated cash runway of approximately 30 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Dare Bioscience Inc's Piotroski F-Score?
Dare Bioscience Inc (DARE) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Dare Bioscience Inc's earnings high quality?
Dare Bioscience Inc (DARE) has an earnings quality ratio of 0.74x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Dare Bioscience Inc cover its interest payments?
Dare Bioscience Inc (DARE) has an interest coverage ratio of -16.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Dare Bioscience Inc?
Dare Bioscience Inc (DARE) scores 20 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.