Daré Bioscience (DARE) investor relations material

Executive summary

• Accelerated execution of a dual-path strategy, commercializing proprietary formulations via 503B compounding and advancing select products as branded consumer health solutions, with a focus on women's health and expanded business model since March 2025.

• Near-term commercial launches include DARE to PLAY Sildenafil Cream (Q4 2025/December), DARE to RESTORE vaginal probiotics (Q1 2026), and DARE to RECLAIM hormone therapy ring (early 2027), validating the compounding strategy.

• Pipeline includes advanced candidates such as Ovaprene (Phase 3), DARE-HRT1, DARE-VVA1, DARE-HPV, and DARE-NHC, with multiple grant-funded programs progressing.

• Positive interim DSMB review for Ovaprene Phase 3 supports continued enrollment and aligns with expectations for pregnancy rates.

Financial highlights

• Cash and cash equivalents at September 30, 2025 were $23.1 million, with working capital of $3.8 million.

• Net loss for the nine months ended September 30, 2025 was $12.0 million; Q3 2025 net loss was $3.56 million, an improvement year-over-year.

• G&A expenses increased to $2.5 million (Q3 2025) due to higher professional services and commercial readiness costs; R&D expenses decreased 56% year-over-year to $1.2 million.

• Revenue for the nine months ended September 30, 2025 was $6,517, down 91% from the prior year, reflecting non-cash royalty revenue.

• Operating expenses for the nine months ended September 30, 2025 were $12.1 million, down 33% year-over-year, primarily due to increased grant offsets and lower R&D costs.

Outlook and guidance

• Initial prescription fulfillment of DARE to PLAY Sildenafil Cream expected in December 2025, with nationwide availability targeted for early 2026; commercial revenue expected to begin in Q4 2025 but not expected to be material in 2025.

• DARE to RESTORE vaginal probiotics expected to launch in Q1 2026; DARE to RECLAIM hormone therapy ring targeted for early 2027.

• Ovaprene Phase 3 enrollment ongoing, with completion anticipated in 2026.

• Additional capital will be required to advance non-grant-funded programs and support long-term plans.