Daré Bioscience, Inc. (DARE) Stock

Daré Bioscience, Inc. (DARE) is a Healthcare stock trading at $1.95 (as of 2026-07-17), with a market capitalization of $29.74M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Daré Bioscience, Inc. is a clinical-stage biopharmaceutical company focused on women’s health in the United States, including contraception, fertility, and sexual and vaginal health. Its product line includes XACIATO for bacterial vaginosis, and it has additional therapies in development such as Ovaprene and a topical sildenafil cream for female sexual arousal disorder.

Understand Daré Bioscience, Inc.: how it makes money

Daré Bioscience develops and markets women’s health biopharmaceuticals in the United States, including XACIATO for bacterial vaginosis, and it can also earn revenue through royalties, license fees, and research and development services.

For a clinical-stage biopharmaceutical like Daré, the profit model depends on translating clinical progress and product commercialization into paid adoption economics (product revenue and/or royalties and license fees), while development and operating costs can drive large losses before that revenue arrives.

Revenue by segment (latest quarter)
Royalty Rev	$0.0B
License Fees	$0.0B
R&D Svcs + Royalties	$0.0B

Business quality (Weak): The company has identifiable women’s health product programs (XACIATO and late-stage Ovaprene), but the latest quarter shows zero reported revenue and very large negative gross and operating margins, so near-term economics appear dominated by loss-making spending until revenue-generating outcomes materialize.

Bull case

Late-stage execution signals: Ovaprene is in Phase 3, with 20 study sites recruiting and 18 currently enrolling, plus 340 study subjects contributing to safety data.
Market access actions underway: The company reports Dare to Play Pre-Fulfillment Prescribing Coverage States of 50 and additional patients accessed via Texas Medicaid Preferred Drug List totaling 4,100,000.
Product differentiation in women’s health categories: Daré’s portfolio focuses on contraception, fertility, and sexual and vaginal health, including XACIATO (bacterial vaginosis) and Ovaprene (hormone-free monthly vaginal contraceptive).

Bear case

No reported revenue in the latest quarter: For the period ended 2026-03-31, revenue is reported as 0.0B, limiting visibility into commercial traction from financial results.
Loss-making economics: Gross margin is -58.9% and operating margin is -1967.1% for the latest quarter, indicating significant operating losses.
Potential tolerability and performance concerns to monitor: The company reports a Discontinuation Rate Due to Vaginal Odor of 12% for the Ovaprene program, which could affect adoption if not mitigated.

Valuation — source: SEC EDGAR (first-party)
Price	$1.95
Market Cap	$29.74M
Price / Sales	60.11
FCF Yield	-117.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$1.03M
Net Margin	-1300.7%
Revenue Growth (YoY)	10429.4%
EPS Growth (YoY)	150.0%
FCF Growth (YoY)	-313.0%

Financial Health — source: SEC EDGAR
Altman Z-Score	-8.78 (distress)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.0

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($1.01M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Sabrina Martucci Johnson
Employees	21
Country	US
IPO Date	2014-04-10

Related Companies (Business model: Biotech (Clinical / Commercial-Stage); 8 closest by market cap; US-domiciled)

Data as of 2026-07-17.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.