Dare Bioscience, Inc. (DARE) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 16, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the DARE SEC filings page.
Dare Bioscience, Inc. (DARE) reported $1.0M in revenue for fiscal year 2025, up 10429.4% from the prior fiscal year. This page shows its 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).
Daré remains a development-stage business: modest product revenue sits beside heavy research spending, recurring losses, and financing-dependent balance-sheet support.
The 2024 accounting picture briefly diverged from cash reality: despite a net loss of$4.1M , operating cash flow was positive at$5.5M . In 2025, R&D was 5.4x revenue while operating cash flow was-$9.9M , indicating that reported commercial activity has not yet become a self-funding operating base.
Gross margin reached
Equity moved from negative in FY2024 to positive in FY2025, but liabilities were
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Dare Bioscience, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Dare Bioscience, Inc. held $24.7M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $9.9M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Dare Bioscience, Inc. scores 56/100 among other emerging companies.
Dare Bioscience, Inc. had 15M shares outstanding at the end of fiscal year 2025, against 9M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Dare Bioscience, Inc. scores 92/100 among other emerging companies.
Dare Bioscience, Inc. spent $5.5M on research and development in fiscal year 2025, which was 37.9% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Dare Bioscience, Inc. scores 69/100 among other emerging companies.
Dare Bioscience, Inc. reported revenue of $1.0M in fiscal year 2025, against $10K in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Dare Bioscience, Inc. scores 9/100 among other emerging companies.
Dare Bioscience, Inc.'s operations used $9.9M of cash in fiscal year 2025, against $5.5M generated in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Dare Bioscience, Inc. scores 82/100 among other emerging companies.
Dare Bioscience, Inc.'s cash, cash equivalents and investments came to $24.7M at the end of fiscal year 2025, against $29.6M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Dare Bioscience, Inc. scores 55/100 among other emerging companies.
Dare Bioscience, Inc. scores -9.06, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($14.6M) relative to total liabilities ($29.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Dare Bioscience, Inc. passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Dare Bioscience, Inc. reported a net loss of $13.4M while operations used $9.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Dare Bioscience, Inc. generated $188K in revenue in Q2 2026. Against the prior quarter it is up 23.0%.
Dare Bioscience, Inc.'s EBITDA was -$2.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 29.0% from the same quarter a year earlier. Against the prior quarter it is up 2.0%.
Dare Bioscience, Inc. reported -$3.0M in net income in Q2 2026. This represents an increase of 25.7% from the same quarter a year earlier. Against the prior quarter it is up 0.6%.
Dare Bioscience, Inc. earned -$0.20 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 4.8%.
Cash & Balance Sheet
Dare Bioscience, Inc. recorded an outflow of $6.9M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 23.1% from the same quarter a year earlier. Against the prior quarter it is down 24.2%.
Dare Bioscience, Inc. held $12.6M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Dare Bioscience, Inc.'s gross margin was -70.6% in Q2 2026, indicating the percentage of revenue retained after direct costs. Against the prior quarter it is down 11.6 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q2 2026.
Capital Allocation
Dare Bioscience, Inc. invested $242K in research and development in Q2 2026. This represents a decrease of 83.1% from the same quarter a year earlier. Against the prior quarter it is down 63.4%.
Dare Bioscience, Inc. invested $81K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 47.5% from the same quarter a year earlier.
Not reported for Q2 2026.
DARE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $188K | $152K+499.6% | N/A | $2K-94.6% | N/A | $25K+173.3% | N/A | $42K-95.8% |
| Cost of Revenue | $320K | $242K | N/A | N/A | $0 | $0 | N/A | N/A |
| Gross Profit | -$132K | -$90K-453.4% | N/A | N/A | N/A | $25K | N/A | N/A |
| R&D Expenses | $242K-83.1% | $660K-71.3% | N/A | $1.2M-56.2% | $1.4M-71.0% | $2.3M-31.5% | N/A | $2.7M-59.8% |
| SG&A Expenses | $2.6M+9.1% | $2.2M-2.6% | N/A | $2.5M+22.4% | $2.4M-2.9% | $2.3M-13.5% | N/A | $2.0M-24.3% |
| Operating Income | -$3.0M+22.5% | -$3.0M+34.5% | N/A | -$3.7M+21.6% | -$3.8M+48.0% | -$4.6M+23.9% | N/A | -$4.7M+44.2% |
| EBITDA | -$2.4M+29.0% | -$2.4M+44.5% | N/A | -$3.2M+31.5% | -$3.4M+54.1% | -$4.4M+26.7% | N/A | -$4.7M+44.3% |
| Net Income | -$3.0M+25.7% | -$3.0M+31.5% | N/A | -$3.6M+24.2% | -$4.0M-131.1% | -$4.4M+35.2% | N/A | -$4.7M+43.3% |
| EPS (Basic) | -$0.20+55.6% | -$0.21+58.0% | -$0.02+96.9% | -$0.28+49.1% | -$0.45-129.4% | -$0.50+38.3% | -$0.65+7.1% | -$0.55+49.5% |
| EPS (Diluted) | -$0.20 | -$0.21 | -$0.02+96.9% | -$0.28+49.1% | -$0.45-129.6% | -$0.50 | -$0.65 | -$0.55+49.5% |
| Diluted Shares (Avg) | 15M | 15M | N/A | 13M+49.5% | 9M+4.7% | 9M | N/A | 9M+12.5% |
Not reported in any period shown, so not listed: Interest Expense, Income Tax.
DARE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $22.4M+72.3% | $27.8M+49.5% | $32.5M+46.9% | $30.7M+70.3% | $13.0M-45.0% | $18.6M+43.1% | $22.1M+3.8% | $18.1M-27.9% |
| Current Assets | $16.7M+152.7% | $21.7M+83.2% | $27.1M+46.7% | $25.0M+67.3% | $6.6M-68.3% | $11.8M+18.4% | $18.4M+5.2% | $14.9M-33.4% |
| Cash & Equivalents | $12.6M+150.6% | $18.5M+79.3% | $24.7M+57.4% | $23.1M+105.4% | $5.0M-69.3% | $10.3M+184.5% | $15.7M+49.8% | $11.2M-19.2% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $22.9M-10.8% | $27.1M-3.9% | $29.6M+5.4% | $27.9M+42.7% | $25.7M+22.8% | $28.2M+17.4% | $28.1M+6.8% | $19.5M-28.5% |
| Current Liabilities | $16.9M-12.0% | $21.1M-0.3% | $23.7M+9.6% | $21.2M+61.3% | $19.2M+31.7% | $21.2M+19.5% | $21.6M+5.5% | $13.2M-50.1% |
| Non-Current Liabilities | $6.0M-7.5% | $6.0M-14.6% | $5.9M-8.5% | $6.7M+4.5% | $6.5M+2.3% | $7.0M+11.3% | $6.5M+11.1% | $6.4M+538.8% |
| Total Equity | -$560K+95.6% | $734K+107.7% | $2.8M+147.3% | $2.9M+292.5% | -$12.7M-576.6% | -$9.6M+13.1% | -$6.0M-19.1% | -$1.5M+35.1% |
| Retained Earnings | -$194.7M-6.0% | -$191.7M-6.7% | -$188.7M-7.6% | -$187.2M-10.3% | -$183.7M-11.3% | -$179.7M-0.9% | -$175.3M-2.4% | -$169.8M-2.2% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
DARE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.8M-25.1% | -$5.5M-0.9% | $1.4M-72.8% | -$442K+92.5% | -$5.4M-142.0% | -$5.5M+19.7% | $5.3M+164.9% | -$5.9M+25.7% |
| Depreciation & Amortization | $572K+26.0% | $555K+215.8% | $534K+8291.9% | $470K+4727.4% | $454K+2842.1% | $176K+1529.6% | $6K-36.2% | $10K+5.2% |
| Stock-Based Compensation | $287K-20.2% | $455K+20.6% | N/A | N/A | $359K | $377K-39.9% | N/A | N/A |
| Capital Expenditures | $81K-47.5% | $0-100.0% | $207K-63.3% | $175K-38.1% | -$153K-46.2% | $157K+2056.4% | $563K-7.3% | -$282K+1177.5% |
| Free Cash Flow | -$6.9M-23.1% | -$5.5M+1.9% | $1.2M-73.9% | -$617K+90.1% | -$5.6M-144.1% | -$5.6M+17.5% | $4.7M+154.0% | -$6.2M+22.4% |
| Investing Cash Flow | -$81K-152.5% | $0+100.0% | -$207K+63.3% | -$175K-161.9% | $153K+153.8% | -$157K-2056.4% | -$563K+7.3% | $282K+1377.5% |
| Financing Cash Flow | $951K+2272.0% | -$715K-390.2% | $424K+300.7% | $18.7M+4173.2% | -$44K-138.0% | $247K+1657.2% | -$211K-104.0% | $436K-94.9% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
DARE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -70.6% | -59.0%-159.0pp | N/A | N/A | N/A | 100.0% | N/A | N/A |
| Operating Margin | -1582.5% | -1967.1% | N/A | -162340.8% | N/A | -18016.8% | N/A | -11228.7% |
| Net Margin | -1590.4% | -1967.7% | N/A | -157505.1% | N/A | -17219.1% | N/A | -11279.4% |
| Return on Equity | N/A | -408.5% | N/A | -124.7% | N/A | N/A | N/A | N/A |
| Return on Assets | -13.3%+17.6pp | -10.8%+12.7pp | N/A | -11.6%+14.5pp | -30.9%-85.6pp | -23.5%+28.4pp | N/A | -26.0%+7.1pp |
| Current Ratio | 0.99+0.6x | 1.03+0.5x | 1.14+0.3x | 1.180.0x | 0.34-1.1x | 0.560.0x | 0.850.0x | 1.14+0.3x |
| Debt-to-Equity | N/A | 36.89 | 10.42 | 9.76 | N/A | N/A | N/A | N/A |
| Asset Turnover | 0.01 | 0.010.0x | N/A | 0.000.0x | N/A | 0.000.0x | N/A | 0.000.0x |
| FCF Margin | -3655.4% | -3621.2% | N/A | -27269.5% | N/A | -22133.5% | N/A | -14886.7% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Dare Bioscience, Inc. DARE | FY2025 | $1.0M | -$13.4M | N/A | $14.6M | 61/100 |
| Tenax Therapeutics, Inc. TENX | FY2025 | $0 | -$52.6M | N/A | $57.4M | — |
| Kezar Life Sciences, Inc. KZR | FY2025 | $0 | -$56.0M | N/A | $53.9M | — |
| NeuroSense Therapeutics Ltd. NRSN | FY2025 | N/A | N/A | N/A | $5.8M | — |
| Allarity Therapeutics, Inc. ALLR | FY2025 | $320K | -$11.2M | N/A | $13.9M | — |
| Cadrenal Therapeutics, Inc. CVKD | FY2025 | N/A | -$13.2M | N/A | $3.6M | — |
Where Dare Bioscience, Inc. Ranks
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.
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 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) recorded an outflow of $10.3M in free cash flow during fiscal year 2025. This represents a -309.6% 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) recorded an outflow of $9.9M in operating cash flow during fiscal year 2025, representing cash used by 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 P/E ratio?
Dare Bioscience, Inc. (DARE) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $14.6M as of Oct 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Dare Bioscience, Inc.'s price-to-sales ratio?
Dare Bioscience, Inc. (DARE) trades at 14.1x sales, its market capitalization divided by revenue of $1.0M revenue, FY2025. The market capitalization is $14.6M as of Oct 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Dare Bioscience, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Dare Bioscience, Inc. (DARE) held $24.7M in cash, cash equivalents and investments, and reported an operating cash outflow of $9.9M over that year. Dividing the one by the other, the reported balance equals about 30 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Dare Bioscience, Inc.'s Altman Z-Score?
Dare Bioscience, Inc. (DARE) has an Altman Z-Score of -9.06, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Dare Bioscience, Inc.'s Piotroski F-Score?
Dare Bioscience, Inc. (DARE) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $13.4M while operations used $9.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.
How financially healthy is Dare Bioscience, Inc.?
Dare Bioscience, Inc. (DARE) scores 61 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.