Daré Bioscience (DARE) Q1 2026 earnings summary

Executive summary

• Focused on women's health with a comprehensive pipeline, including contraception, HPV, hormone therapy, and vaginal health, supported by non-dilutive grant funding.

• Dual-path strategy: commercializing proprietary formulations via 503B compounding and FDA approval, with branded consumer health products.

• Transitioning to a revenue-generating stage, with Flora Sync LF5 and DARE to PLAY launches expected in June and summer 2026, and DARE to RECLAIM targeting 2027.

• XACIATO, the first FDA-approved product, is commercialized via Organon, with all royalty and milestone rights sold to XOMA.

• Building a multi-product revenue profile and expanding commercial infrastructure, including telehealth and provider partnerships.

Financial highlights

• Q1 2026 revenue was $152,455, up 500% year-over-year, mainly from Gates Foundation R&D services agreements.

• Net loss for Q1 2026 was $2.99 million, improved from $4.38 million in Q1 2025.

• Cash and cash equivalents at March 31, 2026, were $18.5 million; working capital was $0.5 million.

• SG&A expenses were $2.2 million, down year-over-year, and R&D expenses were $0.7 million, significantly reduced by $3.5 million in contra R&D expense from grant funding.

• Deferred grant funding liability was $18.2 million, reflecting significant non-dilutive funding.

Outlook and guidance

• Flora Sync LF5 commercial launch and first product revenue expected in June 2026; DARE to PLAY dispensing to begin nationally in summer 2026.

• DARE to RECLAIM revenue targeted for 2027, with 503B prescription fulfillment and NDA activities ongoing.

• Ovaprene Phase 3 enrollment expected to complete in 2026, with primary endpoint analysis in 2027.

• DARE-HPV Phase 2 study to begin in May 2026, supported by ARPA-H funding.

• Revenue from DARE to PLAY and Flora Sync LF5 expected to begin in Q3 and June 2026, respectively, but not expected to be material in 2026.