Dare Bioscience, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
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~$2.4
Valuation models combined (2)
Base case. Range ~$1.4–$2.7. Weighted average of 2 models (growth cash-flow model, forward price-to-sales vs peers), the growth cash-flow model counting double.
No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.
Dare Bioscience, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Dare Bioscience has little or no product revenue yet; it used $12m of cash in the twelve months to June 2026. The diluted share count is up 62.5% on a year earlier, which dilutes existing holders. It passes 1 of our 2 financial-health checks. Our price-to-sales vs peers value is $0.23 a share.
Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Dare Bioscience, Inc.'s trailing-twelve-month revenue grew 4366.5% year on year, with a free-cash-flow margin of -860.6%. Where it stands out: revenue growth of 4366.5% ranks 6 of 172 biotechnology companies we cover. Where it lags: change in growth rate of -6062.9pp ranks 171 of 172 biotechnology companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 0.3% while net income grew 40.9%: a 41pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Dare Bioscience, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.96 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$2.7 ~$1.5–$3.8 | Primary model, counts double |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: book value or earnings not available |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$1.4 ~$1.4–$5.3 | Included, half weight |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$2.4 ~$1.4–$2.7 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Dare Bioscience, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2016 | 2021 | 2022 | 2023 | 2024 | 2025 | Now |
|---|---|---|---|---|---|---|---|
| Share price | $84.96 | $24.00 | $9.96 | $3.71 | $3.12 | $1.93 | $0.66 |
| Market value | $6m | $122m | $70m | $27m | $27m | $22m | $9m |
| + Net debt (− = net cash) | $652886 | −$52m | −$35m | −$10m | −$16m | −$25m | −$13m |
| Enterprise value | $7m | $71m | $36m | $17m | $11m | −$3m | −$3m |
| Multiples | |||||||
| Price / sales | 7.7x | — | 7.0x | 9.6x | n/m | 20.9x | 6.8x |
| Price / earnings | — | — | — | — | — | — | — |
| Price / free cash flow | — | — | — | — | 5.4x | — | — |
| EV / EBITDA | — | — | — | — | — | — | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 12, 2026, after the close. Analysts expect revenue of $2m and EPS of −$0.16 (range −$0.27 to $0.10) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.79 | +34% | $2m | +117% |
| Next | −$0.51 | +35% | $7m | +201% |
The consensus EPS forecast for the current fiscal year is −16.8% on 90 days ago. In the last 30 days, 1 analyst raised Dare Bioscience, Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$0.95 | −$0.51 |
| 60 days ago | −$0.77 | −$0.41 |
| 30 days ago | −$0.77 | −$0.41 |
| 7 days ago | −$0.77 | −$0.41 |
| Now | −$0.79 | −$0.51 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.30 | −$0.20 | +32.6% |
| Mar 2026 | −$0.30 | −$0.20 | +34.4% |
| Dec 2025 | −$0.42 | −$0.10 | +76.0% |
| Sept 2025 | −$0.40 | −$0.28 | +30.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| DARE | +49% | −59% | −63% | −16% | −38% | −66% |
| Industry peers (median) | −36% | −56% | −17% | −29% | −5% | −26% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| DARE | 42% | 8% | 17% | 42% | 50% | 27% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| DARE | −60% | −61% | −79% | −63% | −52% | −80% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 100% from April 21, 2016 to October 26, 2026. Getting back needed a 75366% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 13, 2026 | −35.4% | +0.5% | −43.8% | −48.9% |
| May 14, 2026 | −23.6% | −0.4% | −15.1% | −30.3% |
| March 26, 2026 | +10.7% | −3.5% | +24.3% | +60.0% |
| November 13, 2025 | −6.1% | −1.7% | −17.7% | +15.2% |
| August 14, 2025 | +4.3% | −0.2% | −0.5% | −3.8% |
| May 13, 2025 | +0.3% | +0.8% | +0.3% | +8.3% |
| March 31, 2025 | +0.7% | +1.0% | +0.2% | +2.4% |
| November 14, 2024 | −16.3% | −1.9% | −15.8% | −17.1% |
| August 12, 2024 | +23.9% | +1.7% | +2.7% | −3.8% |
| May 14, 2024 | +14.3% | +1.7% | +34.6% | +38.1% |
| March 28, 2024 | −9.8% | −0.2% | −10.6% | −48.6% |
| November 9, 2023 | −6.8% | +0.8% | −5.4% | −6.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $1M |
| FY23 Q4 | $2.8M |
| FY24 Q1 | $2.8M |
| FY24 Q2 | $2.8M |
| FY24 Q3 | $1.9M |
| FY24 Q4 | $9.8K |
| FY25 Q1 | $25.9K |
| FY25 Q2 | -$17.7K |
| FY25 Q3 | -$57.1K |
| FY25 Q4 | $1M |
| FY26 Q1 | $1.2M |
| FY26 Q2 | $1.4M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY24 Q1 | -71.8% |
| FY24 Q3 | 88.1% |
| FY24 Q4 | -99.7% |
| FY25 Q1 | -99.1% |
| FY25 Q4 | 10429.4% |
| FY26 Q1 | 4366.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -4199.9% |
| FY23 Q4 | -1101.9% |
| FY24 Q1 | -1014.5% |
| FY24 Q2 | -949.1% |
| FY24 Q3 | -1235.0% |
| FY24 Q4 | -239692.2% |
| FY25 Q1 | -84951.7% |
| FY25 Q2 | 104392.2% |
| FY25 Q3 | 30578.1% |
| FY25 Q4 | -1315.5% |
| FY26 Q1 | -1034.4% |
| FY26 Q2 | -813.4% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -3659.9% |
| FY23 Q4 | -1406.3% |
| FY24 Q1 | -1071.6% |
| FY24 Q2 | -386.8% |
| FY24 Q3 | -458.7% |
| FY24 Q4 | 50087.0% |
| FY25 Q1 | 23516.5% |
| FY25 Q2 | 66609.9% |
| FY25 Q3 | 11842.6% |
| FY25 Q4 | -997.0% |
| FY26 Q1 | -878.3% |
| FY26 Q2 | -860.6% |
| Fiscal year | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2016 Dec 2016 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||
| Revenue | 1 | 0 | 0 | 1 | 0 | 10 | 3 | 0 | 1 | 1 |
| Gross profit | — | — | — | — | — | — | — | 0 | 1 | — |
| EBITDA | — | — | — | −0 | −39 | −31 | −31 | −23 | −12 | −9 |
| Operating income | — | — | — | −1 | −39 | −31 | −31 | −23 | −14 | −11 |
| Net income | −22 | −17 | −23 | −1 | −39 | −31 | −30 | −4 | −13 | −11 |
| Diluted EPS | −$4366.80 | −$3006.00 | −$192.00 | −$9.72 | −$0.63 | −$0.37 | −$4.15 | −$0.48 | −$1.20 | −$0.78 |
| Growth (year on year) | ||||||||||
| Revenue | — | −99.0% | +>999% | +857.5% | −100.0% | — | −71.9% | −99.7% | +>999% | — |
| Margins | ||||||||||
| Gross margin | — | — | — | — | — | — | — | 100.0% | 71.3% | — |
| EBITDA margin | — | — | — | −48.2% | — | −313.6% | <−999% | <−999% | <−999% | −657.3% |
| Operating margin | — | — | — | −82.3% | — | −313.9% | <−999% | <−999% | <−999% | −813.4% |
| Net margin | <−999% | <−999% | <−999% | −87.8% | — | −309.5% | <−999% | <−999% | <−999% | −804.4% |
| Free-cash-flow margin | <−999% | <−999% | <−999% | −118.4% | — | −181.5% | <−999% | >999% | −997.0% | −860.6% |
| Cash flow | ||||||||||
| Cash from operations | −21 | −17 | −19 | −0 | −29 | −18 | −39 | 5 | −10 | −11 |
| Capital spending | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 0 | 0 |
| Free cash flow | −21 | −17 | −19 | −1 | −29 | −18 | −39 | 5 | −10 | −12 |
| Stock-based pay | 1 | 1 | 1 | 0 | 2 | 2 | 3 | 2 | 1 | 2 |
| Free cash flow after stock pay | −22 | −17 | −20 | −1 | −30 | −20 | −42 | 3 | −12 | −13 |
| Balance sheet | ||||||||||
| Cash | 17 | 5 | 51 | 0 | 52 | 35 | 10 | 16 | 25 | 13 |
| Total debt | 0 | 9 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −17 | 3 | −51 | 1 | −52 | −35 | −10 | −16 | −25 | −13 |
| Diluted shares | — | — | — | — | 5m | 7m | 7m | 8m | 11m | 14m |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 42 | −64 | 25 | −21 | 2 | 1,024 | 152 | 188 |
| Gross profit | — | — | 25 | −21 | — | — | −90 | −132 |
| EBITDA | −4,672 | −5,382 | −4,405 | −3,374 | −3,202 | −937 | −2,444 | −2,396 |
| Operating income | −4,681 | −5,388 | −4,581 | −3,828 | −3,672 | −1,471 | −2,999 | −2,968 |
| Net income | −4,703 | −5,506 | −4,378 | −4,016 | −3,563 | −1,442 | −3,000 | −2,983 |
| Diluted EPS | −$0.55 | −$0.65 | −$0.50 | −$0.45 | −$0.28 | −$0.02 | −$0.21 | −$0.20 |
| Growth (year on year) | ||||||||
| Revenue | −95.8% | −103.5% | +173.3% | −194.4% | −94.6% | — | +499.6% | — |
| Net income | — | — | — | −131.1% | — | — | — | — |
| Diluted EPS | — | — | — | −129.6% | — | — | — | — |
| Margins | ||||||||
| Gross margin | — | — | 100.0% | 100.0% | — | — | −58.9% | −70.6% |
| EBITDA margin | <−999% | >999% | <−999% | >999% | <−999% | −91.5% | <−999% | <−999% |
| Operating margin | <−999% | >999% | <−999% | >999% | <−999% | −143.7% | <−999% | <−999% |
| Net margin | <−999% | >999% | <−999% | >999% | <−999% | −140.8% | <−999% | <−999% |
| Free-cash-flow margin | <−999% | <−999% | <−999% | >999% | <−999% | 120.9% | <−999% | <−999% |
| Cash flow | ||||||||
| Cash from operations | −5,924 | 5,306 | −5,471 | −5,417 | −442 | 1,444 | −5,521 | −6,775 |
| Capital spending | −282 | 563 | 157 | −153 | 175 | 207 | 0 | 81 |
| Free cash flow | −5,642 | 4,743 | −5,628 | −5,264 | −617 | 1,238 | −5,521 | −6,856 |
| Stock-based pay | 524 | 489 | 377 | 359 | 403 | 357 | 455 | 287 |
| Free cash flow after stock pay | −6,165 | 4,254 | −6,005 | −5,623 | −1,020 | 880 | −5,976 | −7,142 |
| Last 12 months unless stated | DARE | RNAC | ABSI | LGVN | OVID | STTK | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $1m | $1m | $2m | $1m | $2m | $1m | $56m |
| Revenue growth, last 12 months | >999% | 44.0% | −62.3% | −42.7% | −76.2% | −66.6% | 12.6% |
| Revenue growth, 3-year average | — | −68.8% | −43.3% | 10.4% | 99.8% | 5.2% | 13.7% |
| Revenue growth, latest quarter | 499.6% | −100.0% | −46.4% | −9.2% | −88.3% | −66.6% | 10.2% |
| Operating margin | −813.4% | <−999% | <−999% | <−999% | <−999% | <−999% | −189.4% |
| Operating margin, 3-year average | >999% | <−999% | <−999% | <−999% | <−999% | <−999% | −363.5% |
| Net margin | −804.4% | <−999% | <−999% | <−999% | <−999% | <−999% | −169.8% |
| Cash from operations / revenue | −826.8% | <−999% | <−999% | <−999% | <−999% | <−999% | −168.0% |
| Free-cash-flow margin | −860.6% | <−999% | <−999% | <−999% | <−999% | <−999% | −162.4% |
| Free-cash-flow margin, 3-year average | >999% | <−999% | <−999% | <−999% | <−999% | <−999% | −310.0% |
| Stock pay / revenue | 110.0% | 625.6% | >999% | 132.8% | 302.0% | 853.2% | 20.0% |
| Change in share count | 62.5% | 143.3% | 26.0% | — | 0.5% | 15.3% | 8.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 4366.5% | 12.6% | 6 of 172 |
| Change in growth rate Growth | -6062.9pp | -0.1pp | 171 of 172 |
| Operating margin Profitability | -813.4% | -189.4% | 134 of 175 |
| Net margin Profitability | -804.4% | -157.3% | 138 of 180 |
| Free-cash-flow margin Cash generation | -860.6% | -145.4% | 140 of 176 |
| Stock pay as % of revenue Cash generation | 110.0% | 19.2% | 137 of 179 |
| Change in share count Balance sheet | 62.5% | 7.9% | 146 of 156 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| License and Collaboration Revenues | $12M | — |
| Licenses | $1M | ▲ 10429.4% |
These categories overlap or exclude eliminations, so shares aren't shown.
From Dare Bioscience, Inc.'s 10-K filed March 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Vanguard Capital Management LLC | $1.4M | 641K | 49.2% | ▲ 38.6% |
| Geode Capital Management, LLC | $295,642 | 140K | 10.8% | ▼ 21.2% |
| Us Bancorp | $255,141 | 121K | 9.3% | ▲ 32.3% |
| Vanguard Fiduciary Trust Co | $192,578 | 91K | 7.0% | ▲ 38.4% |
| Blackrock, Inc. | $135,564 | 64K | 4.9% | ▲ 278.6% |
| State Street Corp | $100,046 | 47K | 3.6% | ▲ 101.6% |
| Jane Street Group, LLC | $76,154 | 36K | 2.8% | New |
| Northern Trust Corp | $72,181 | 34K | 2.6% | ▲ 121.7% |
| HRT Financial LP | $47,000 | 22K | 1.7% | New |
| Virtu Financial LLC | $33,000 | 16K | 1.2% | New |
| LPL Financial LLC | $31,416 | 15K | 1.1% | ▲ 1.7% |
| Raymond James Financial Inc | $31,363 | 15K | 1.1% | ▼ 3.1% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Dare Bioscience, Inc.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 12, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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