DARE Daré Bioscience, Inc.
Price Chart
Executive Summary
Daré Bioscience reported Q1 2026 EPS of -$0.20, a 60% beat vs the -$0.50 consensus, but this is a mechanical artifact of a 66% increase in weighted-average shares outstanding (14.5M vs 8.8M a year ago) rather than operational improvement. Revenue was $152K (vs $27K consensus), entirely from Gates Foundation R&D services agreements, not product sales. The company's key catalysts are all future-dated: Flora Sync LF5 commercial launch expected June 2026 (first product revenue), DARE to PLAY dispensing targeted for summer 2026, and Ovaprene Phase 3 enrollment completion expected in 2026 with primary endpoint analysis in 2027. Cash burn was $6.2M in the quarter, leaving $18.5M cash with only $540K working capital — the company will likely need to raise capital before reaching product revenue profitability.
Actionable Insight
The EPS beat is noise from share dilution — ignore it. The real story is the upcoming product revenue catalysts: Flora Sync LF5 launch in June 2026 and DARE to PLAY dispensing in summer 2026. Monitor for: (1) actual revenue figures in Q2/Q3 2026 filings, (2) any capital raise announcement given tight working capital ($540K), and (3) Ovaprene Phase 3 enrollment completion. The stock is a binary catalyst play on product commercialization success, not a fundamental earnings story.
Key Facts
- Q1 2026 EPS -$0.20 vs consensus -$0.50 (60% beat), but driven by share count increase from 8.8M to 14.5M
- Revenue $152K vs $27K consensus, entirely from Gates Foundation R&D services — no product revenue yet
- Cash and cash equivalents $18.5M at March 31, 2026, down from $24.7M at December 31, 2025 ($6.2M quarterly burn)
- Working capital only $540K — tight liquidity position
- Flora Sync LF5 commercial launch expected June 2026 — first product revenue milestone
- DARE to PLAY dispensing targeted for summer 2026 (Q3) via 503B outsourcing facility Bravado Pharmaceuticals
- Ovaprene Phase 3 trial: second positive DSMB review; enrollment expected to complete in 2026, primary endpoint analysis in 2027
- DARE-HPV advancing to Phase 2 in May 2026 with $10M ARPA-H funding ($9M received)
- Net loss -$3.0M vs -$4.4M a year ago — improvement from lower R&D spend ($0.7M vs $2.3M) due to $3.5M contra-R&D grant funding
- Stock price $2.70 at filing; market cap $41M
Financial Impact
EPS beat of 60% on a -$0.20 actual vs -$0.50 consensus is a mechanical artifact of share dilution, not operational improvement. Revenue of $152K is immaterial for a $41M market cap company. Cash burn of $6.2M/quarter implies ~3 quarters of runway at current spend.
Risk Factors
- Cash runway limited to ~3 quarters at current burn rate — likely needs equity financing before reaching product revenue profitability
- Product revenue from Flora Sync LF5 and DARE to PLAY is unproven and may fall short of expectations
- Ovaprene Phase 3 trial may not meet primary endpoint despite positive DSMB reviews
- Dependence on 503B outsourcing facility Bravado for DARE to PLAY dispensing — state licensing delays could push timeline
- Stock has high volatility (recent T+20 moves of +111%, +44%, -44%) — binary outcome risk
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3295307 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 12, 2026
today
|
8-K
| $2.03 awaiting T+1 | awaiting T+1 | — | $2.02 (−0.25%) |
|
Jun 1, 2026
11d ago
|
DEFA14A
| $2.14 $2.05 | ▼ −4.21% | ▼ −3.48% | $2.02 (−5.61%) |
|
Jun 1, 2026
11d ago
|
DEFA14A
| $2.19 $2.14 | ▼ −2.28% | ▼ −2.43% | $2.02 (−7.76%) |
|
May 14, 2026
29d ago
|
Press Release
| $2.17 $2.11 | ▼ −2.77% | ▼ −2.70% | $2.02 (−6.91%) |
|
Apr 28, 2026
6w ago
|
DEFA14A
| $2.10 $2.28 | ▲ +8.57% | ▲ +7.55% | $2.02 (−3.81%) |
|
Apr 22, 2026
7w ago
|
8-K
| $2.27 $2.12 | ▼ −6.61% | ▼ −6.21% | $2.02 (−11.01%) |
|
Apr 20, 2026
7w ago
|
8-K
| $2.36 $2.27 | ▲ +3.81% | ▲ +4.83% | $2.02 (+14.41%) |
|
Apr 17, 2026
8w ago
|
8-K
| $2.87 $2.36 | ▼ −17.77% | ▼ −17.12% | $2.02 (−29.62%) |
|
Apr 13, 2026
8w ago
|
8-K
| $1.75 $1.79 | ▼ −2.29% | ▼ −1.51% | $2.02 (−15.43%) |
|
Mar 26, 2026
11w ago
|
Press Release
| $1.55 $1.83 | ▲ +18.06% | ▲ +18.42% | $2.02 (+30.32%) |
US Market Status
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