Dare Bioscience, Inc.
DAREHealthcare|Biotechnology|US
$0.64
+0.01 (+2.40%)
DCF Value
$0.18
Cash / Share
$0.85
Financials
Financial Snapshot
Market Cap
$9.6M
Enterprise Value
$3.7M
Revenue (TTM)
$1.4M
Net Income (TTM)
-$11.0M
Cash & Investments
$12.6M
Net Cash
$5.9M
Free Cash Flow (TTM)
-$11.8M
Operating CF (TTM)
-$11.3M
Debt/Equity
-12.08
Cash Runway & Burn Rate
Cash on Hand
$12.6M
Quarterly Burn
$2.8M
Monthly Burn
$941.1K
Est. Runway
~4.5 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $35.0M | $7.6M | $6.8M | $4.8M | $4.7M | $51.7M | $34.7M | $10.5M | $15.7M | $24.7M | $12.6M | |
| Operating Cash Flow | -$33.5M | -$2.5M | -$10.3M | -$13.3M | -$25.2M | -$28.8M | -$18.1M | -$38.9M | $5.4M | -$9.9M | -$11.3M | |
| Free Cash Flow | -$34.1M | -$2.5M | -$10.3M | -$13.3M | -$25.3M | -$28.8M | -$18.2M | -$39.5M | $4.8M | -$10.3M | -$11.8M | |
| Capital Expenditure | -$535.0K | $0.00 | -$11.8K | $0.00 | -$17.6K | -$14.5K | -$63.1K | -$629.4K | -$573.0K | -$385.3K | -$461.9K | |
| Financing Cash Flow | -$7.0M | $155.0K | $10.1M | $5.2M | $25.1M | $75.8M | $1.3M | $15.6M | $433.8K | $19.3M | $19.3M |
R&D Spending
R&D (TTM)
$2.2M
R&D Intensity
160.4%
R&D Growth vs Prior
-100.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $766.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $10.0M | $2.8M | $9.8K | $1.0M | $1.4M | |
| R&D Expense | $27.6M | $984.7K | $6.4M | $8.5M | $20.8M | $30.6M | $30.0M | $21.5M | $14.2M | $5.52B | $2.2M | |
| R&D % of Revenue | 3598.6% | — | — | — | — | — | 300.4% | 767.1% | 145188.1% | 536147.3% | 160.4% | |
| SG&A | $10.4M | $2.7M | $5.3M | $5.8M | $6.5M | $8.4M | $11.2M | $11.9M | $9.2M | $8.8M | $8.9M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $766.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $10.0M | $2.8M | $9.8K | $1.0M | $1.4M | |
| Cost of Revenue | $400.0K | $0.00 | $625.0K | $11.1K | $83.3K | $100.0K | $30.1M | $21.6M | $14.3M | $2.4M | $2.6M | |
| Gross Profit | $366.0K | $0.00 | -$2.4K | -$11.1K | -$83.3K | -$100.0K | -$20.1M | -$18.8M | -$14.3M | -$1.4M | -$1.2M | |
| R&D | $27.6M | $984.7K | $6.4M | $8.5M | $20.8M | $30.6M | $30.0M | $21.5M | $14.2M | $5.52B | $2.2M | |
| SG&A | $10.4M | $2.7M | $5.3M | $5.8M | $6.5M | $8.4M | $11.2M | $11.9M | $9.2M | $8.8M | $8.9M | |
| Operating Income | -$37.2M | -$11.2M | -$16.9M | -$14.3M | -$27.4M | -$39.1M | -$31.4M | -$30.9M | -$23.5M | -$13.6M | -$11.1M | |
| Interest Expense | $2.2M | $322.6K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $822.7K | $199.4K | |
| Pretax Income | -$39.3M | -$11.5M | -$16.7M | -$14.3M | -$27.4M | -$38.7M | -$30.9M | -$30.2M | -$4.1M | -$13.4M | -$11.0M | |
| Net Income | -$39.3M | -$11.5M | -$16.7M | -$14.3M | -$27.4M | -$38.7M | -$30.9M | -$30.2M | -$4.1M | -$13.4M | -$11.0M | |
| EPS (Diluted) | -30.02 | -3.56 | -30.16 | -10.99 | -10.93 | -7.52 | -4.39 | -4.15 | -0.48 | -1.20 | -0.79 | |
| EBITDA | -$36.8M | -$8.5M | -$11.7M | -$14.3M | -$27.4M | -$38.7M | -$30.9M | -$30.7M | -$4.0M | -$10.4M | -$8.6M | |
| Shares Out. (M) | 1.31 | 0.27 | 0.89 | 1.30 | 2.51 | 5.10 | 7.05 | 7.27 | 8.50 | 111.79 | 14.89 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $35.0M | $7.6M | $6.8M | $4.8M | $4.7M | $51.7M | $34.7M | $10.5M | $15.7M | $24.7M | $12.6M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $36.8M | $8.3M | $7.2M | $6.4M | $7.0M | $55.3M | $43.0M | $17.5M | $18.4M | $27.1M | $16.7M | |
| Total Assets | $37.7M | $14.3M | $7.8M | $7.4M | $7.6M | $55.8M | $43.8M | $21.3M | $22.1M | $32.5M | $22.4M | |
| Total Current Liabilities | $16.9M | $966.7K | $1.1M | $5.6M | $7.7M | $16.1M | $31.6M | $20.5M | $21.6M | $23.7M | $16.9M | |
| Long-Term Debt | $4.4M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $5.7M | |
| Total Liabilities | $24.6M | $967.0K | $1.1M | $7.0M | $8.7M | $17.1M | $32.7M | $26.3M | $28.1M | $29.6M | $22.9M | |
| Stockholders' Equity | $13.1M | $13.3M | $6.7M | $440.8K | -$1.2M | $38.8M | $11.1M | -$5.0M | -$6.0M | $2.8M | -$560.1K | |
| Retained Earnings | -$200.7M | -$12.2M | -$29.0M | -$44.0M | -$71.4M | -$110.1M | -$141.1M | -$171.2M | -$175.3M | -$188.7M | -$194.7M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$33.5M | -$2.5M | -$10.3M | -$13.3M | -$25.2M | -$28.8M | -$18.1M | -$38.9M | $5.4M | -$9.9M | -$11.3M | |
| Capital Expenditure | -$535.0K | $0.00 | -$11.8K | $0.00 | -$17.6K | -$14.5K | -$63.1K | -$629.4K | -$573.0K | -$385.3K | -$461.9K | |
| Free Cash Flow | -$34.1M | -$2.5M | -$10.3M | -$13.3M | -$25.3M | -$28.8M | -$18.2M | -$39.5M | $4.8M | -$10.3M | -$11.8M | |
| Investing Cash Flow | -$418.0K | $9.9M | -$518.8K | $6.1M | -$17.6K | -$14.5K | -$63.1K | -$629.4K | -$573.0K | -$385.3K | -$461.9K | |
| Financing Cash Flow | -$7.0M | $155.0K | $10.1M | $5.2M | $25.1M | $75.8M | $1.3M | $15.6M | $433.8K | $19.3M | $19.3M | |
| Issuance of Stock | $918.0K | $0.00 | $10.1M | $5.2M | $24.8M | $75.3M | $1.2M | $9.3M | $453.6K | $20.9M | $20.6M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$7.9M | $155.0K | $0.00 | $0.00 | $367.3K | $0.00 | $0.00 | $267.2K | -$17.6K | -$388.8K | -$289.9K | |
| Stock Based Comp. | $2.8M | $15.8K | $139.3K | $462.2K | $742.0K | $1.6M | $2.2M | $2.5M | $2.2M | $1.5M | $1.5M | |
| Net Change in Cash | -$41.0M | $7.5M | -$754.0K | -$2.0M | -$110.6K | $47.0M | -$17.0M | -$23.9M | $5.2M | $9.0M | $7.6M |
Dilution Tracker
Shares outstanding grew 4357.2% over 5 years — significant dilution
Shares Outstanding
15M
5-Year Share Growth
+4357.2%
Stock Issuance (TTM)
$20.6M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 1.31 | 0.27 | 0.89 | 1.30 | 2.51 | 5.10 | 7.05 | 7.27 | 8.50 | 111.79 | 14.89 | |
| Change vs Prior % | — | -79.4% | 232.0% | 45.1% | 93.2% | 103.2% | 38.3% | 3.2% | 16.8% | 1215.6% | -86.7% | |
| Stock Issuance | $918.0K | $0.00 | $10.1M | $5.2M | $24.8M | $75.3M | $1.2M | $9.3M | $453.6K | $20.9M | $20.6M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.8M | $15.8K | $139.3K | $462.2K | $742.0K | $1.6M | $2.2M | $2.5M | $2.2M | $1.5M | $1.5M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 47.8% | — | — | — | — | — | -201.4% | -670.6% | -146110.2% | -137.5% | -89.5% | |
| Operating Margin % | -4850.4% | — | — | — | — | — | -313.9% | -1101.9% | -239692.2% | -1315.5% | -813.4% | |
| Net Margin % | -5131.2% | — | — | — | — | — | -309.5% | -1074.2% | -41430.9% | -1300.7% | -804.4% | |
| EBITDA Margin % | -4805.1% | — | — | — | — | — | -309.2% | -1093.4% | -40998.3% | -1012.0% | -630.7% | |
| FCF Margin % | -4447.9% | — | — | — | — | — | -181.5% | -1406.3% | 49276.4% | -997.0% | -860.6% | |
| ROE % | -299.8% | -86.5% | -248.8% | -3235.7% | 2379.1% | -99.8% | -278.5% | 597.5% | 67.4% | -471.4% | -748.1% | |
| ROA % | -104.3% | -80.7% | -213.9% | -191.6% | -362.9% | -69.3% | -70.6% | -141.7% | -18.3% | -41.3% | -49.1% | |
| ROIC % | -127.5% | -84.1% | -250.6% | -640.0% | -4528.5% | -97.6% | -249.1% | -2435.2% | -2253.3% | -124.5% | -179.1% | |
| R&D / Revenue % | 3598.6% | — | — | — | — | — | 300.4% | 767.1% | 145188.1% | 536147.3% | 160.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -71.9% | -99.7% | 10429.4% | |
| Gross Profit | 290.6% | -100.0% | 0.0% | -356.4% | -648.3% | -20.0% | -20042.2% | 6.5% | 24.1% | 90.1% | |
| Operating Income | 0.0% | 69.9% | -51.0% | 15.0% | -91.0% | -42.6% | 19.7% | 1.4% | 24.2% | 42.2% | |
| Net Income | 0.7% | 70.7% | -45.5% | 14.8% | -92.1% | -41.2% | 20.0% | 2.5% | 86.6% | -230.6% | |
| EPS (Diluted) | -92.8% | 88.1% | -747.2% | 63.6% | 0.5% | 31.2% | 41.6% | 5.5% | 88.4% | -150.0% | |
| Operating Cash Flow | -5.1% | 92.4% | -304.2% | -29.7% | -89.5% | -14.0% | 37.1% | -114.8% | 113.9% | -283.3% | |
| Free Cash Flow | -5.8% | 92.5% | -304.7% | -29.5% | -89.6% | -14.0% | 36.9% | -117.5% | 112.2% | -313.0% | |
| R&D Expense | 6.2% | -96.4% | 551.3% | 33.2% | 143.0% | 47.4% | -1.9% | -28.3% | -34.0% | 38782.6% | |
| SG&A Expense | -7.7% | -73.9% | 95.2% | 9.6% | 13.2% | 27.5% | 34.6% | 5.9% | -23.1% | -4.3% | |
| Total Assets | -51.8% | -62.2% | -45.1% | -4.9% | 1.5% | 639.1% | -21.5% | -51.4% | 3.8% | 46.9% | |
| Book Value / Share | -47.8% | 392.9% | -84.8% | -95.5% | -235.2% | 1756.0% | -79.3% | -144.0% | -2.0% | 103.6% | |
| Debt | -36.9% | -100.0% | 0.0% | 0.0% | -5.4% | -64.3% | 80.6% | 187.4% | -7.2% | 103.8% | |
| Diluted Shares | -48.5% | -79.4% | 232.0% | 45.1% | 93.2% | 103.2% | 38.3% | 3.2% | 16.8% | 1215.6% |
Valuation
P/E (TTM)At Loss
P/S7.01
10Y Low / Med / High7.02 / 145.27 / 2709.59
P/B-16.99
10Y Low / Med / High0.53 / 6.32 / 75.90
EV/EBITDAAt Loss
EV/Revenue2.72
10Y Low / Med / High3.60 / 116.38 / 1238.30
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.18
Cash / Share
$0.85
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -2.83 | -7.29 | -0.28 | -0.90 | -1.47 | -3.19 | -2.27 | -0.89 | -6.50 | -1.61 | -0.81 | |
| P/S Ratio | 145.27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 7.02 | 9.61 | 2709.59 | 209.43 | 7.01 | |
| P/B Ratio | 8.49 | 0.53 | 1.13 | 28.97 | -35.02 | 3.16 | 6.32 | -5.35 | -4.41 | 75.90 | -16.99 | |
| EV/EBITDA | -2.42 | 0.07 | -0.07 | -0.62 | -1.33 | -1.83 | -1.16 | -0.58 | -3.02 | -18.58 | -0.43 | |
| EV/Revenue | 116.38 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.60 | 6.38 | 1238.30 | 188.02 | 2.72 |
Analyst Estimates & Quality
Altman Z-Score
-13.47
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $2.8M | $7.4M | $18.9M |
| Net Income | -$76.8M | -$57.0M | -$4.1M |
| EPS | $-0.74 | $-0.51 | $-0.18 |
| # Analysts (EPS) | 3 | 2 | 3 |
Revenue Segments
By Product
| Segment | 2020 | 2022 | 2024 | 2025 |
|---|---|---|---|---|
| Grant | $2.5M | — | — | — |
| License And Collaboration Revenues | — | $10.0M | $11.0M | $12.0M |
| Royalty Revenue | — | — | $18.0K | — |