DARE on Nasdaq
Dare Bioscience, Inc.
American pharmaceutical preparations company based in San Diego1
In its 2026 annual report the company says: “We are a purpose-driven health biotech company solely focused on closing the gap in women's health between promising science and real-world solutions. We regularly hear from healthcare providers, researchers, and women themselves about the urgent need for expanded access to evidenced-based and convenient options.”4 Its shares trade on Nasdaq under the symbol DARE.1
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Last updated Oct 21, 2026.
Overview
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- TickerDARE on Nasdaq1
- IndustryPharmaceutical Preparations1
- HeadquartersSan Diego, California1
- Incorporated inDE2
- Business address3655 Nobel Drive, Suite 260, San Diego, Ca 921222
- Filer categoryNon-accelerated filer, Smaller reporting company2
- Legal formCorporation
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The terms “we,” “us,” “our,” “Daré” or the “Company” refer collectively to Daré Bioscience, Inc. and its wholly-owned subsidiaries, unless otherwise stated or the context otherwise requires. All information in this report is based on our fiscal year. Unless otherwise stated, references to particular years, quarters, months or periods refer to our fiscal years ending December 31 and the associated quarters, months and periods of those fiscal years.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-1315.5%Operating margin5
-1300.7%Net margin5
10429.4%Revenue growth, 20255
-471.4%Return on equity5
-$10.3MFree cash flow5
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
License And Collaboration Revenues brought in 92% of the revenue Dare Bioscience, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2020 | 2024 | 2025 |
|---|---|---|---|
| License And Collaboration Revenues | $12.0M | ||
| License | $9.8K | $1.0M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue2¢$295.8K
- Research and development38¢$5.5M
- Selling, general and admin60¢$8.8M
Out of $1.0M in revenue.5 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Total revenue | $1.0M | $9.8K |
| Cost of revenues | $295.8K | $0 |
| Selling, general and administrative | $8.8M | $9.2M |
| Research and development | $5.5M | $14.3M |
| Total operating expenses | $14.3M | $23.5M |
| Loss from operations | -$13.6M | -$23.5M |
| Sale of royalty and milestone rights, net of transaction costs (Note 13) | $0 | $20.4M |
| Other income (expense) | $153.1K | -$981.5K |
| Net loss | -$13.4M | -$4.1M |
| Net loss to common stockholders | -$13.4M | -$4.1M |
| Foreign currency translation adjustments | $7.2K | -$67.9K |
| Comprehensive loss | -$13.4M | -$4.1M |
| Loss per common share - basic (in usd per share) | -$1.20 | -$0.48 |
| Loss per common share - diluted (in usd per share) | -$1.20 | -$0.48 |
| Basic (in shares) | 11.2M shares | 8.5M shares |
| Diluted (in shares) | 11.2M shares | 8.5M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $24.7M | $15.7M | |
| Prepaid expenses and other current assets | $2.4M | $2.7M | |
| Total current assets | $27.1M | $18.4M | |
| Property and equipment, net | $1.6M | $1.3M | |
| Operating lease right-of-use assets | $1.1M | $1.2M | |
| Finance lease right-of-use assets | $1.7M | $0 | |
| Other non-current assets | $1.0M | $1.1M | |
| Total assets | $32.5M | $22.1M | |
| Accounts payable | $1.2M | $1.5M | |
| Accrued expenses | $725.2K | $3.0M | |
| Deferred grant funding | $19.7M | $16.6M | |
| Current portion of liability related to sale of future royalties | $11.7K | $4.1K | |
| Current portion of lease liabilities (operating) | $602.6K | $548.6K | |
| Current portion of lease liabilities (finance) | $1.5M | $0 | |
| Total current liabilities | $23.7M | $21.6M | |
| Deferred revenue, non-current | $0 | $1.0M | |
| Liability related to the sale of future royalties, net | $5.4M | $4.7M | |
| Lease liabilities long term (operating) | $559.4K | $754.4K | |
| Total liabilities | $29.6M | $28.1M | |
| Preferred stock, $0.01 par value, 5,000,000 shares authorized; None issued and outstanding | $0 | $0 | |
| Common stock, $0.0001 par value, 240,000,000 shares authorized, 14,499,502 and 8,700,386 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $1.4K | $870 | |
| Additional paid-in capital | $192.0M | $169.7M | |
| Accumulated other comprehensive loss | -$421.6K | -$428.8K | |
| Accumulated deficit | -$188.7M | -$175.3M | |
| Total stockholders' equity (deficit) | $2.8M | -$6.0M | -$5.0M |
| Total liabilities and stockholders' equity (deficit) | $32.5M | $22.1M | |
| Preferred stock, par value (in usd per share) | $0.01 | $0.01 | |
| Preferred stock, shares authorized (in shares) | 5.0M shares | 5.0M shares | |
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | |
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | |
| Common stock, par value (in usd per share) | $0.00 | $0.00 | |
| Common stock, shares authorized (in shares) | 240.0M shares | 240.0M shares | |
| Common stock, shares issued (in shares) | 14.5M shares | 8.7M shares | |
| Common stock, shares outstanding (in shares) | 14.5M shares | 8.7M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $24.7M | $15.7M | |
| Prepaid expenses and other current assets | $2.4M | $2.7M | |
| Total current assets | $27.1M | $18.4M | |
| Property and equipment, net | $1.6M | $1.3M | |
| Operating lease right-of-use assets | $1.1M | $1.2M | |
| Finance lease right-of-use assets | $1.7M | $0 | |
| Other non-current assets | $1.0M | $1.1M | |
| Total assets | $32.5M | $22.1M | |
| Accounts payable | $1.2M | $1.5M | |
| Accrued expenses | $725.2K | $3.0M | |
| Deferred grant funding | $19.7M | $16.6M | |
| Current portion of liability related to sale of future royalties | $11.7K | $4.1K | |
| Current portion of lease liabilities (operating) | $602.6K | $548.6K | |
| Current portion of lease liabilities (finance) | $1.5M | $0 | |
| Total current liabilities | $23.7M | $21.6M | |
| Deferred revenue, non-current | $0 | $1.0M | |
| Liability related to the sale of future royalties, net | $5.4M | $4.7M | |
| Lease liabilities long term (operating) | $559.4K | $754.4K | |
| Total liabilities | $29.6M | $28.1M | |
| Preferred stock, $0.01 par value, 5,000,000 shares authorized; None issued and outstanding | $0 | $0 | |
| Common stock, $0.0001 par value, 240,000,000 shares authorized, 14,499,502 and 8,700,386 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $1.4K | $870 | |
| Additional paid-in capital | $192.0M | $169.7M | |
| Accumulated other comprehensive loss | -$421.6K | -$428.8K | |
| Accumulated deficit | -$188.7M | -$175.3M | |
| Total stockholders' equity (deficit) | $2.8M | -$6.0M | -$5.0M |
| Total liabilities and stockholders' equity (deficit) | $32.5M | $22.1M | |
| Preferred stock, par value (in usd per share) | $0.01 | $0.01 | |
| Preferred stock, shares authorized (in shares) | 5.0M shares | 5.0M shares | |
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | |
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | |
| Common stock, par value (in usd per share) | $0.00 | $0.00 | |
| Common stock, shares authorized (in shares) | 240.0M shares | 240.0M shares | |
| Common stock, shares issued (in shares) | 14.5M shares | 8.7M shares | |
| Common stock, shares outstanding (in shares) | 14.5M shares | 8.7M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$13.4M | -$4.1M |
| Depreciation and amortization | $1.6M | $42.3K |
| Right-of-use asset - operating lease | $516.9K | $471.0K |
| Stock-based compensation expense | $1.5M | $2.2M |
| Loss on disposal of property and equipment | $0 | $600.0K |
| Non-cash royalty revenue related to sale of future royalties | -$6.3K | $202 |
| Non-cash interest expense | $82.5K | $317.3K |
| Accounts receivable | -$12.1K | $0 |
| Other receivables | -$331.0K | $719.2K |
| Prepaid expenses | $668.5K | $3.6M |
| Deposits | $0 | $402.4K |
| Other current assets | -$65.4K | $0 |
| Other non-current assets | -$78.7K | $45.6K |
| Operating lease liability | -$548.6K | -$459.8K |
| Accounts payable | -$255.1K | -$1.9M |
| Accrued expenses | -$2.3M | $171.5K |
| Interest payable | $572.6K | $520.8K |
| Deferred grant funding | $3.1M | $2.8M |
| Deferred revenue | -$1.0M | $0 |
| Net cash (used in) provided by operating activities | -$9.9M | $5.5M |
| Purchases of property and equipment | -$385.3K | -$573.0K |
| Net cash used in investing activities | -$385.3K | -$573.0K |
| Net proceeds from issuance of common stock | $20.9M | $453.6K |
| Payments of deferred offering costs | -$321.7K | -$79.3K |
| Repayment of liability on sale of future royalties | $0 | -$2.2K |
| Issuance of note payable | $486.7K | $561.7K |
| Payments on note payable | -$553.8K | -$579.2K |
| Principal payments on finance lease | -$1.3M | $0 |
| Net cash provided by financing activities | $19.3M | $354.5K |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | $7.2K | -$67.9K |
| Net change in cash, cash equivalents and restricted cash | $9.0M | $5.2M |
| Remeasurement of operating lease right-of-use assets and lease liabilities due to lease modification | $407.5K | $358.3K |
| Finance right-of-use assets obtained in exchange for new finance lease liabilities | $2.8M | $0 |
| Remeasurement of finance lease right-of-use assets and lease liabilities due to lease modification | $82.7K | $0 |
| Prepaid rent reclassified to finance lease right-of-use asset | $458.9K | $0 |
| Deferred issuance costs applied from prepayments made in the prior year | $179.9K | $0 |
| Issuance cost on equity paid in common stock | $0 | $500.2K |
| Additions to property and equipment and reduction of deposits | $0 | $749.0K |
No quarter-by-quarter statement was filed.
Corporate structure
Dare Bioscience, Inc. sits at the top of its group. 5 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Dare Bioscience, Inc.
- Lind Global Fund III LP Filed SCHEDULE 13G on Dare Bioscience, Inc., latest Aug 28, 2026
- L1 Capital Global Opportunities Master Fund, Ltd. Filed SCHEDULE 13G on Dare Bioscience, Inc., latest Aug 24, 2026
- LAW CUSTODIAL INC. Filed SCHEDULE 13G/A on Dare Bioscience, Inc., latest Dec 23, 2025 (2 filings since Oct 6, 2025)
- VANGUARD GROUP INC Filed SC 13G/A on Dare Bioscience, Inc., latest Feb 9, 2022
- VANGUARD INDEX FUNDS Filed SC 13G/A on Dare Bioscience, Inc., latest Feb 9, 2022
- Dare Bioscience, Inc. San Diego, California
- Daré Bioscience Australia Pty Ltd Subsidiary · Australia
- Daré Bioscience Operations, Inc. Subsidiary · Delaware, United States
- Daré MBI Inc. Subsidiary · Delaware, United States
- Pear Tree Pharmaceuticals, Inc. Subsidiary · Delaware, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Dare Bioscience, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $1.9M5 Dec 31, 2025 | $1.5M5 Dec 31, 2024 | +25.5% |
| Accumulated depreciation | $338.0K5 Dec 31, 2025 | $175.9K5 Dec 31, 2024 | +92.2% |
| Property and equipment, net | $1.6M5 Dec 31, 2025 | $1.3M5 Dec 31, 2024 | +16.7% |
| Finance-lease assets | $1.7M5 Dec 31, 2025 | $05 Dec 31, 2024 | |
| Operating-lease assets (leased space) | $1.1M5 Dec 31, 2025 | $1.2M5 Dec 31, 2024 | −9.1% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $24.7M5 Dec 31, 2025 | $15.7M5 Dec 31, 2024 | +57.4% |
Properties, in its own words
We lease real property to support our business. We believe that the real property we lease is in good operating condition, meets our current needs and that we will be able to renew our lease when needed on acceptable terms or find alternative facilities. See Note 11 "Leased Properties" to the accompanying consolidated financial statements for more information about our real property leases.
Item 2 of the 10-K filed Mar 26, 2026.4
Leadership
Who has led Dare Bioscience, Inc., and when. Pick a name to see everywhere that person has worked.
President
Chief financial officer
Chief operating officer
201520202025
- Chief executive officerSabrina Martucci Johnson Jul 25, 2017 to Jan 31, 201913
- Chief executive officerChristopherd T. Guiffre Mar 25, 2015 to Jan 9, 201714
- Chief executive officerOliver Fetzer Apr 10, 2014 to Oct 31, 201415
- PresidentOliver Fetzer Apr 10, 2014 to Oct 31, 201415
- Chief financial officerLisa Walters-Hoffert Jul 21, 2017 to Jan 26, 202316
- Chief financial officerGregg Beloff May 29, 2015 to Jan 9, 201717
- Chief operating officerChristopherd T. Guiffre Oct 31, 2014 to Feb 9, 201518
Board members and other officers (29)
- Chief Accounting OfficerMardee Haring-Layton Jan 29, 2024 to now19
- Chief Strategy OfficerJohn A. Fair Mar 9, 2020 to Mar 14, 202420
- Chef Executive OfficerSabrina Martucci Johnson Mar 9, 2020 to now21
- SVP, Chief Scientific OfficerScott Eliasof Oct 27, 2016 to Jan 19, 201722
- SVP, Chief Medical OfficerAdrian Senderowicz Dec 3, 2015 to Jan 9, 201723
- Sr. VP, Chief Business OfficerChristopherd T. Guiffre Apr 10, 2014 to Jun 26, 201424
- Sr. VP, Chief Medical OfficerEdward Graeme Garmey Apr 10, 2014 to Feb 9, 201525
- Sr VP Finance & AdministratKaren Lynn Roberts Apr 10, 2014 to Feb 9, 201526
- Board memberSophia Nnenna Ononye-Onyia Apr 20, 2021 to Jun 21, 202327
- Board memberCheryl R. Blanchard Nov 21, 2019 to Jun 21, 202328
- Board memberJessica D. Grossman Apr 11, 2018 to now29
- Board memberGregory W. Matz Sep 17, 2018 to now30
- Board memberRobin Joan Steele Jul 21, 2017 to now31
- Board memberRoger Hawley Jul 21, 2017 to Jun 14, 201932
- Board memberSabrina Martucci Johnson Jul 25, 2017 to now13
- Board memberChristopherd T. Guiffre Mar 25, 2015 to Jan 9, 201714
- Board memberStuart A. Arbuckle Jun 30, 2015 to Jan 5, 201733
- Board memberDavid R. Walt Sep 25, 2015 to Jan 5, 201734
- Board memberAlan L. Crane Apr 10, 2014 to Jun 24, 201635
- Board memberOliver Fetzer Apr 10, 2014 to Oct 31, 201415
- Board memberPaul A. Friedman Apr 10, 2014 to Apr 5, 201736
- Board memberRam Sasisekharan Apr 10, 2014 to Jul 2, 201537
- Board memberRobert I. Tepper Apr 10, 2014 to Jul 6, 201538
- Board memberSteven Edward Hall Apr 10, 2014 to Jun 24, 201639
- Board memberWilliam H. Rastetter Apr 10, 2014 to now40
- Board memberWilliam McKee Apr 10, 2014 to Jan 5, 201741
- Board memberSusan L. Kelley Oct 7, 2014 to now42
- Board memberDavid Ross Parkinson Oct 31, 2014 to Jan 5, 201743
- General counselAlejandra Carvajal Jun 30, 2015 to Jan 9, 201744
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- Daré Bioscience Australia Pty Ltd Australia3
- Daré Bioscience Operations, Inc. Delaware3
- Daré MBI Inc. Delaware3
- Pear Tree Pharmaceuticals, Inc. Delaware3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
Timeline
- Oct 2, 20268-K Listing notice or transfer45
- Oct 1, 20268-K Regulation FD disclosure46
- Sep 11, 20268-K Bylaws or fiscal year changed47
- Sep 9, 20268-K Regulation FD disclosure48
- Aug 17, 20268-K Entered a material agreement; Unregistered sale of shares; Other events49
- Aug 13, 20268-K Results of operations50
- Jul 24, 20268-K Regulation FD disclosure51
- Jul 17, 20268-K Listing notice or transfer52
- Jul 13, 20268-K Regulation FD disclosure53
- Jun 22, 20268-K Regulation FD disclosure54
- Jun 12, 20268-K Executive or director change; Shareholder vote55
- May 18, 20268-K Unregistered sale of shares56
- Jul 25, 2017New chief executive Sabrina Martucci Johnson becomes CEO13
- Mar 25, 2015New chief executive Christopherd T. Guiffre becomes CEO14
- Apr 10, 2014New chief executive Oliver Fetzer becomes CEO15
Calendar
Coming up
- Nov 12, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.28) a share, on Nov 13, 2025.57
When it reported results
- Aug 13, 2026Reported quarterly or annual results50
- May 14, 2026Reported quarterly or annual results58
- Mar 26, 2026Reported quarterly or annual results59
- Nov 13, 2025Reported quarterly or annual results60
- Aug 14, 2025Reported quarterly or annual results61
- May 13, 2025Reported quarterly or annual results62
- Mar 31, 2025Reported quarterly or annual results63
- Nov 14, 2024Reported quarterly or annual results64
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
247 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 102 major events, 50 insider forms, 6 large holders, 3 private raises, 66 other. The latest 20:
- Oct 6, 2026DEF 14A EDGAR
- Oct 2, 20268-K EDGAR
- Oct 1, 20268-K EDGAR
- Sep 23, 2026PRE 14A EDGAR
- Sep 11, 20268-K EDGAR
- Sep 9, 20268-K EDGAR
- Sep 4, 2026424B3 EDGAR
- Sep 3, 2026EFFECT EDGAR
- Aug 28, 2026SCHEDULE 13G EDGAR
- Aug 26, 2026S-1 EDGAR
- Aug 24, 2026SCHEDULE 13G EDGAR
- Aug 20, 2026D EDGAR
- Aug 19, 2026253G2 EDGAR
- Aug 17, 20268-K EDGAR
- Aug 17, 2026424B5 EDGAR
- Aug 13, 20268-K EDGAR
- Aug 13, 202610-Q EDGAR
- Jul 24, 20268-K EDGAR
- Jul 17, 2026253G2 EDGAR
- Jul 17, 20268-K EDGAR
The 247 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Lind Global Fund III LPSCHEDULE 13G, 1 filing Aug 28, 202665
- L1 Capital Global Opportunities Master Fund, Ltd.SCHEDULE 13G, 1 filing Aug 24, 202666
- LAW CUSTODIAL INC.SCHEDULE 13G/A, 2 filings Oct 6, 2025 to Dec 23, 202567
- VANGUARD GROUP INCSC 13G/A, 1 filing Feb 9, 202268
- VANGUARD INDEX FUNDSSC 13G/A, 1 filing Feb 9, 202269
Funding
Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.
- Private raises (Form D) $14.1M
- PPP loans $367.3K
Figures by year
| Year | Private raises (Form D) | PPP loans | Total |
|---|---|---|---|
| 2026 | $12.4M | – | $12.4M |
| 2023 | $1.7M | – | $1.7M |
| 2020 | – | $367.3K | $367.3K |
Private raises
Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.
- Aug 17, 2026Raised $12.4 million in a private offering of securities70 Form D: 12 investors so far Form D
- Oct 21, 2024Filed a private offering of equity71 Form D: $15 million offered in all Form D
- Dec 21, 2023Raised $1.7 million in a private offering of securities72 Form D: $4.2 million offered in all Form D
PPP loans
Paycheck Protection Program loans of $150,000 and up, approved April 2020 to July 2021, from the SBA73. Matched to this company by name and state.
- Apr 15, 2020$367.3K PPP loan (first draw) from Silicon Valley Bridge Bank NA73To DARE BIOSCIENCE, INC., San Diego CA; $370.1K forgiven Jan 28, 2021
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 28. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Dare Bioscience, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARDare Bioscience, Inc.1
- CIK0001401914
- Employer ID (EIN)20-41398234
- Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 311
- Industry code (SIC)2834 Pharmaceutical Preparations1
- SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
- Business address3655 Nobel Drive, Suite 260, San Diego, CA 921221
- Phone858-926-76551
- Shares outstanding15,289,502 as of Aug 12, 202612
- Public float$21.3M as of Jun 30, 20254
- AuditorHASKELL & WHITE LLP, Irvine, California PCAOB ID 200; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceMay 29, 20071
- Filings776 in all: 8-K (220), 4 (197), 3 (40), 10-Q (38), DEFA14A (26), CORRESP (23), 424B5 (22), UPLOAD (17)1
All 51 form types
SC 13G/A (15), EFFECT (14), 10-K (12), D (12), DEF 14A (12), S-8 (11), SC 13G (11), SC 13D/A (10), 424B3 (8), SC 13D (8), CT ORDER (7), S-3 (7), S-1 (6), S-1/A (6), ARS (5), PRE 14A (5), 253G2 (4), 10-K/A (3), 8-K/A (3), SCHEDULE 13G (3), 4/A (2), 424B4 (2), FWP (2), POS AM (2), PRER14A (2), QUALIF (2), REGDEX (2), SEC STAFF LETTER (2), 1-A (1), 1-A POS (1), 1-A/A (1), 10-Q/A (1), 253G1 (1), 3/A (1), 8-A12B (1), CERTNAS (1), D/A (1), DEFM14A (1), DFAN14A (1), DRS (1), PREM14A (1), S-3/A (1), SCHEDULE 13G/A (1)
- Latest filingsAnnual report (10-K) Mar 26, 2026
Quarterly report (10-Q) Aug 13, 2026
Proxy statement (DEF 14A) Oct 6, 2026
Latest 8-K (8-K) Oct 2, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, Par Value $0.0001 Per Share | DARE |
From the cover page of the 10-K filed Mar 26, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks Dare Bioscience, Inc. names in Item 1A of its 10-K filed Mar 26, 2026: 30 risks under these headings, as written.4
- Risks Related to Our Financial Position and Capital Needs
- We will need to raise substantial additional capital to continue our operations and execute our business strategy, and we may not be able to raise adequate capital on a timely basis, on favorable terms, or at all.
- Raising additional capital may cause substantial dilution to our stockholders, restrict our operations or require us to relinquish rights in our technologies or product candidates and their future revenue streams.
- We have a limited operating history, a history of significant losses from operations, and expect significant losses from operations, net losses and negative cash flows from operations to continue for the foreseeable future, which, together with our limited financial resources, make it difficult to assess our prospects.
- The Revenue Sharing Threshold may never be achieved and, as a result, we may not realize any future income based on sales of XACIATO.
- To the extent we enter into licensing agreements for third-party commercialization of products we develop, as is the case with XACIATO, we expect our revenue streams related to those products will be based primarily on net sales, which will be largely outside of our control.
- If our commercial collaborator terminates its exclusive license agreement with us, our need for additional capital may significantly increase.
- We have relied heavily on sales of our common stock to fund our operations, and our ability to obtain additional capital through stock sales or other securities offerings may be more costly or dilutive to our stockholders than in the past, or may not be available to us at all. Our ability to raise additional capital may be limited by a low trading volume, stock price and market capitalization, as well as by laws, regulations and market conditions.
- Due in part to our limited financial resources, we may fail to select or capitalize on the most scientifically, clinically or commercially promising or profitable indications or therapeutic areas for our product candidates, we may be unable to pursue and complete the clinical trials we would like to pursue and complete, and we may be unable to commence or complete clinical trials and pursue regulatory approvals in accordance with our current timeline expectations.
- Women’s health has historically been an underfunded sector. In recent years, a number of public companies focused in women’s health failed to achieve expected commercial success and struggled to access sufficient capital. We are solely focused in women’s health and may be unfavorably impacted by weak investor sentiment and a lack of interest in the category. Our ability to access capital and to advance our candidates could be adversely impacted.
- Uncertainty in U.S. federal government funding and contracting policies may adversely affect our business.
- Our cash could be adversely impacted if a financial institution with which we have deposit or other accounts fails.
The other 19 risks
- Risks Related to Product Research & Development and Regulatory Approval
- To date, XACIATO is the only FDA-approved product to emerge from our portfolio. The FDA’s approval of XACIATO does not provide any assurance or predict that we will be successful in developing or achieving regulatory approval to market any other product candidate. If we are unable to successfully conduct and complete development of and obtain regulatory approvals for our investigational products, which may never occur, our business may fail and you could lose all or part of your investment.
- Clinical development is a lengthy and expensive process with an inherently uncertain outcome. Failure to successfully develop and obtain regulatory approval to market and sell our product candidates, and in particular, Ovaprene and Sildenafil Cream, would likely adversely affect our business.
- Delays in the commencement or completion of clinical testing of our product candidates may occur due to any of a number of factors and could result in significantly increased costs and longer timelines and could impact our ability to ever become profitable.
- Delays in the manufacture of our clinical supplies as well as other supply chain disruptions could postpone the initiation of or interrupt clinical studies, extend the timeframe and cost of development of our product candidates, delay potential regulatory approvals and impact the commercialization of any approved products.
- The factors contributing to female sexual dysfunction disorders, including FSAD, are complex and there is limited clinical trial precedent from which to draw experience, making the design and execution of a clinical trial that demonstrates effectiveness of Sildenafil Cream in treating FSAD more inherently challenging and uncertain compared with investigational products for many other conditions.
- Interim, topline and preliminary data from our clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data, and others, including regulatory authorities, may not agree with our interpretation of study data.
- Our business depends on obtaining regulatory approval to market our product candidates in a timely manner, in particular, FDA approval. The regulatory approval processes of the FDA and comparable foreign authorities are expensive, lengthy, time-consuming, and inherently unpredictable. If we are not able to obtain regulatory approvals for our product candidates, our ability to generate product revenue will be materially impaired.
- A change in the regulatory approval pathway we anticipate for a product candidate could significantly increase development cost and timeline and heighten the risk of failure.
- Some of our product candidates may be considered combination products by the FDA and other regulatory authorities, which could increase the complexity, cost and timeline for their development and regulatory approval.
- The FDA’s shift toward “radical transparency,” including plans to release future complete response letters promptly after they are issued to drug product sponsors and increase oversight and enforcement for violations of direct-to-consumer drug advertising, could adversely impact our business and commercial prospects.
- Our clinical-stage product candidates have only been tested in a small number of women over short periods of use and no data exists regarding a potential increase in fetal abnormalities in pregnant women.
- Pre-clinical product candidates may be undervalued by investors and may be difficult to fund.
- Several of our product candidates are in pre-clinical stages of development and may never advance to clinical development.
- The grants and other non-dilutive funding awards supporting several of our development programs do not guarantee that the pre-clinical or clinical development work being funded will be successful or that we will be able or will choose to fund the additional development work that will be required in the future to advance the product candidates toward regulatory approval.
- Risks Related to Our Dependence on Third Parties
- Our existing product development and commercialization collaboration is important to our business, and future collaborations may also be important to us. If we are unable to maintain our existing collaboration, if it is not successful, or if we are unable to establish additional strategic collaborations, our business and prospects may be materially harmed.
- We do not have, and we do not have plans to establish, our own manufacturing capabilities and instead rely on third-party suppliers and manufacturers for our clinical study supplies, including multiple single source suppliers and manufacturers. If these third parties do not perform as we expect, fail to maintain their regulatory approvals or become subject to negative circumstances, it could delay, prevent or impair our product development or commercialization efforts, or those of our collaborators, and harm our business.
- In some cases, we may be contractually required to obtain clinical or commercial product supplies from specific third parties or there may be a limited number of third-party suppliers of raw materials and other components of our product candidates or future products, which may heighten our dependence on those third parties, increase the risk of manufacturing disruptions, and result in higher development costs or costs of goods sold.
- We rely on, and intend to continue to rely on, third parties to conduct our clinical and nonclinical studies and execute other significant aspects of our product development programs. Failure of these third parties to successfully carry out their contractual duties, comply with our clinical protocols or regulatory requirements and applicable law, or meet expected deadlines may cause significant delays in our development timelines and/or failure of our programs.
- Our ability to develop and commercialize our product candidates depends upon maintaining rights granted to us under license agreements with third parties. The loss or impairment of our rights under our in-license agreements relating to XACIATO or our product candidates could have a material adverse effect on our business prospects, operations and viability.
Legal proceedings
From time to time, we may become involved in various claims and legal proceedings. Regardless of outcome, litigation and other legal proceedings can have an adverse impact on us because of defense and settlement costs, diversions of management resources and other factors. As of the date of filing this report, there is no material pending legal proceeding to which we are a party or to which any of our property is subject.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 20SEC EDGARJohn A. Fair, Chief Strategy Officer
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- 28SEC EDGARCheryl R. Blanchard, Board member
- 29SEC EDGARJessica D. Grossman, Board member
- 30SEC EDGARGregory W. Matz, Board member
- 31SEC EDGARRobin Joan Steele, Board member
- 32SEC EDGARRoger Hawley, Board member
- 33SEC EDGARStuart A. Arbuckle, Board member
- 34SEC EDGARDavid R. Walt, Board member
- 35SEC EDGARAlan L. Crane, Board member
- 36SEC EDGARPaul A. Friedman, Board member
- 37SEC EDGARRam Sasisekharan, Board member
- 38SEC EDGARRobert I. Tepper, Board member
- 39SEC EDGARSteven Edward Hall, Board member
- 40SEC EDGARWilliam H. Rastetter, Board member
- 41SEC EDGARWilliam McKee, Board member
- 42SEC EDGARSusan L. Kelley, Board member
- 43SEC EDGARDavid Ross Parkinson, Board member
- 44SEC EDGARAlejandra Carvajal, General counsel
- 45SEC EDGARListing notice or transfer
- 46SEC EDGARRegulation FD disclosure
- 47SEC EDGARBylaws or fiscal year changed
- 48SEC EDGARRegulation FD disclosure
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- 50SEC EDGARResults of operations
- 51SEC EDGARRegulation FD disclosure
- 52SEC EDGARListing notice or transfer
- 53SEC EDGARRegulation FD disclosure
- 54SEC EDGARRegulation FD disclosure
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- 56SEC EDGARUnregistered sale of shares
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