Daré Bioscience (DARE) Q2 2026 earnings summary

Executive summary

• Transitioned to a commercial-stage company, launching Flora Sync LF5 in June 2026 and preparing DARE to PLAY Sildenafil Cream for Q3 2026 dispensing, with a diversified pipeline including Ovaprene, DARE-HRT1, DARE-VVA1, and DARE-HPV.

• Commercial strategy leverages dual-path FDA and 503B compounding, with digital infrastructure and telehealth partnerships supporting scalable growth.

• Focused on building a multi-product commercial ecosystem and expanding provider relationships for future launches.

• Clinical pipeline advanced with positive interim Phase 3 Ovaprene results and DARE-HPV Phase 2 study initiation.

Financial highlights

• Revenue for Q2 2026 was $0.2 million, up from negative $21,000 in Q2 2025, and $340,001 for the first half of 2026, driven by R&D services and royalty revenue.

• Net loss improved to $3 million for Q2 2026, and $5,982,662 for the first half of 2026, both better than prior year periods.

• Cash and cash equivalents were $12.6 million as of June 30, 2026, with a working capital deficit of $0.2 million.

• SG&A expenses rose to $2.6 million, mainly due to non-cash write-downs and commercial readiness investments; R&D expense decreased to $0.2 million due to grant offsets.

• Deferred grant funding liability at June 30, 2026 was $15.0 million, mainly for DARE-LARC1, Ovaprene, and DARE-HPV.

Outlook and guidance

• Revenue from Flora Sync LF5 began in July 2026; DARE to PLAY Sildenafil Cream revenue expected in Q3 2026.

• DARE to RECLAIM estradiol progesterone IVR revenue targeted for 2027, aiming for a diversified multi-product revenue profile.

• Existing cash expected to fund operations into Q4 2026; additional capital needed for non-grant-supported programs.

• Focus for 2026 is disciplined execution and commercial validation, with stronger growth anticipated in 2027 and beyond.

• Revenue from DARE to PLAY and Flora Sync LF5 not expected to be material for 2026.