DARE on Nasdaq
Dare Bioscience, Inc.
American pharmaceutical preparations company based in San Diego.
Price unavailable
Last updated Oct 18, 2026.
Overview
Compare with vTv Therapeutics Inc., 60 DEGREES PHARMACEUTICALS, INC. or Galena Biopharma, or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-1315.5%Operating margin3
-1300.7%Net margin3
10429.4%Revenue growth, 20253
-471.4%Return on equity3
-$10.3MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
License And Collaboration Revenues brought in 92% of the revenue Dare Bioscience, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2020 | 2024 | 2025 |
|---|---|---|---|
| License And Collaboration Revenues | $12.0M | ||
| License | $9.8K | $1.0M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue2¢$295.8K
- Research and development38¢$5.5M
- Selling, general and admin60¢$8.8M
Out of $1.0M in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Total revenue | $1.0M | $9.8K |
| Cost of revenues | $295.8K | $0 |
| Selling, general and administrative | $8.8M | $9.2M |
| Research and development | $5.5M | $14.3M |
| Total operating expenses | $14.3M | $23.5M |
| Loss from operations | -$13.6M | -$23.5M |
| Sale of royalty and milestone rights, net of transaction costs (Note 13) | $0 | $20.4M |
| Other income (expense) | $153.1K | -$981.5K |
| Net loss | -$13.4M | -$4.1M |
| Net loss to common stockholders | -$13.4M | -$4.1M |
| Foreign currency translation adjustments | $7.2K | -$67.9K |
| Comprehensive loss | -$13.4M | -$4.1M |
| Loss per common share - basic (in usd per share) | -$1.20 | -$0.48 |
| Loss per common share - diluted (in usd per share) | -$1.20 | -$0.48 |
| Basic (in shares) | 11.2M shares | 8.5M shares |
| Diluted (in shares) | 11.2M shares | 8.5M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $24.7M | $15.7M | |
| Prepaid expenses and other current assets | $2.4M | $2.7M | |
| Total current assets | $27.1M | $18.4M | |
| Property and equipment, net | $1.6M | $1.3M | |
| Operating lease right-of-use assets | $1.1M | $1.2M | |
| Finance lease right-of-use assets | $1.7M | $0 | |
| Other non-current assets | $1.0M | $1.1M | |
| Total assets | $32.5M | $22.1M | |
| Accounts payable | $1.2M | $1.5M | |
| Accrued expenses | $725.2K | $3.0M | |
| Deferred grant funding | $19.7M | $16.6M | |
| Current portion of liability related to sale of future royalties | $11.7K | $4.1K | |
| Current portion of lease liabilities (operating) | $602.6K | $548.6K | |
| Current portion of lease liabilities (finance) | $1.5M | $0 | |
| Total current liabilities | $23.7M | $21.6M | |
| Deferred revenue, non-current | $0 | $1.0M | |
| Liability related to the sale of future royalties, net | $5.4M | $4.7M | |
| Lease liabilities long term (operating) | $559.4K | $754.4K | |
| Total liabilities | $29.6M | $28.1M | |
| Preferred stock, $0.01 par value, 5,000,000 shares authorized; None issued and outstanding | $0 | $0 | |
| Common stock, $0.0001 par value, 240,000,000 shares authorized, 14,499,502 and 8,700,386 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $1.4K | $870 | |
| Additional paid-in capital | $192.0M | $169.7M | |
| Accumulated other comprehensive loss | -$421.6K | -$428.8K | |
| Accumulated deficit | -$188.7M | -$175.3M | |
| Total stockholders' equity (deficit) | $2.8M | -$6.0M | -$5.0M |
| Total liabilities and stockholders' equity (deficit) | $32.5M | $22.1M | |
| Preferred stock, par value (in usd per share) | $0.01 | $0.01 | |
| Preferred stock, shares authorized (in shares) | 5.0M shares | 5.0M shares | |
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | |
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | |
| Common stock, par value (in usd per share) | $0.00 | $0.00 | |
| Common stock, shares authorized (in shares) | 240.0M shares | 240.0M shares | |
| Common stock, shares issued (in shares) | 14.5M shares | 8.7M shares | |
| Common stock, shares outstanding (in shares) | 14.5M shares | 8.7M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $24.7M | $15.7M | |
| Prepaid expenses and other current assets | $2.4M | $2.7M | |
| Total current assets | $27.1M | $18.4M | |
| Property and equipment, net | $1.6M | $1.3M | |
| Operating lease right-of-use assets | $1.1M | $1.2M | |
| Finance lease right-of-use assets | $1.7M | $0 | |
| Other non-current assets | $1.0M | $1.1M | |
| Total assets | $32.5M | $22.1M | |
| Accounts payable | $1.2M | $1.5M | |
| Accrued expenses | $725.2K | $3.0M | |
| Deferred grant funding | $19.7M | $16.6M | |
| Current portion of liability related to sale of future royalties | $11.7K | $4.1K | |
| Current portion of lease liabilities (operating) | $602.6K | $548.6K | |
| Current portion of lease liabilities (finance) | $1.5M | $0 | |
| Total current liabilities | $23.7M | $21.6M | |
| Deferred revenue, non-current | $0 | $1.0M | |
| Liability related to the sale of future royalties, net | $5.4M | $4.7M | |
| Lease liabilities long term (operating) | $559.4K | $754.4K | |
| Total liabilities | $29.6M | $28.1M | |
| Preferred stock, $0.01 par value, 5,000,000 shares authorized; None issued and outstanding | $0 | $0 | |
| Common stock, $0.0001 par value, 240,000,000 shares authorized, 14,499,502 and 8,700,386 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $1.4K | $870 | |
| Additional paid-in capital | $192.0M | $169.7M | |
| Accumulated other comprehensive loss | -$421.6K | -$428.8K | |
| Accumulated deficit | -$188.7M | -$175.3M | |
| Total stockholders' equity (deficit) | $2.8M | -$6.0M | -$5.0M |
| Total liabilities and stockholders' equity (deficit) | $32.5M | $22.1M | |
| Preferred stock, par value (in usd per share) | $0.01 | $0.01 | |
| Preferred stock, shares authorized (in shares) | 5.0M shares | 5.0M shares | |
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | |
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | |
| Common stock, par value (in usd per share) | $0.00 | $0.00 | |
| Common stock, shares authorized (in shares) | 240.0M shares | 240.0M shares | |
| Common stock, shares issued (in shares) | 14.5M shares | 8.7M shares | |
| Common stock, shares outstanding (in shares) | 14.5M shares | 8.7M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$13.4M | -$4.1M |
| Depreciation and amortization | $1.6M | $42.3K |
| Right-of-use asset - operating lease | $516.9K | $471.0K |
| Stock-based compensation expense | $1.5M | $2.2M |
| Loss on disposal of property and equipment | $0 | $600.0K |
| Non-cash royalty revenue related to sale of future royalties | -$6.3K | $202 |
| Non-cash interest expense | $82.5K | $317.3K |
| Accounts receivable | -$12.1K | $0 |
| Other receivables | -$331.0K | $719.2K |
| Prepaid expenses | $668.5K | $3.6M |
| Deposits | $0 | $402.4K |
| Other current assets | -$65.4K | $0 |
| Other non-current assets | -$78.7K | $45.6K |
| Operating lease liability | -$548.6K | -$459.8K |
| Accounts payable | -$255.1K | -$1.9M |
| Accrued expenses | -$2.3M | $171.5K |
| Interest payable | $572.6K | $520.8K |
| Deferred grant funding | $3.1M | $2.8M |
| Deferred revenue | -$1.0M | $0 |
| Net cash (used in) provided by operating activities | -$9.9M | $5.5M |
| Purchases of property and equipment | -$385.3K | -$573.0K |
| Net cash used in investing activities | -$385.3K | -$573.0K |
| Net proceeds from issuance of common stock | $20.9M | $453.6K |
| Payments of deferred offering costs | -$321.7K | -$79.3K |
| Repayment of liability on sale of future royalties | $0 | -$2.2K |
| Issuance of note payable | $486.7K | $561.7K |
| Payments on note payable | -$553.8K | -$579.2K |
| Principal payments on finance lease | -$1.3M | $0 |
| Net cash provided by financing activities | $19.3M | $354.5K |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | $7.2K | -$67.9K |
| Net change in cash, cash equivalents and restricted cash | $9.0M | $5.2M |
| Remeasurement of operating lease right-of-use assets and lease liabilities due to lease modification | $407.5K | $358.3K |
| Finance right-of-use assets obtained in exchange for new finance lease liabilities | $2.8M | $0 |
| Remeasurement of finance lease right-of-use assets and lease liabilities due to lease modification | $82.7K | $0 |
| Prepaid rent reclassified to finance lease right-of-use asset | $458.9K | $0 |
| Deferred issuance costs applied from prepayments made in the prior year | $179.9K | $0 |
| Issuance cost on equity paid in common stock | $0 | $500.2K |
| Additions to property and equipment and reduction of deposits | $0 | $749.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led Dare Bioscience, Inc., and when. Pick a name to see everywhere that person has worked.
President
Chief financial officer
Chief operating officer
201520202025
- Chief executive officerSabrina Martucci Johnson Jul 25, 2017 to Jan 31, 201911
- Chief executive officerChristopherd T. Guiffre Mar 25, 2015 to Jan 9, 201712
- Chief executive officerOliver Fetzer Apr 10, 2014 to Oct 31, 201413
- PresidentOliver Fetzer Apr 10, 2014 to Oct 31, 201413
- Chief financial officerLisa Walters-Hoffert Jul 21, 2017 to Jan 26, 202314
- Chief financial officerGregg Beloff May 29, 2015 to Jan 9, 201715
- Chief operating officerChristopherd T. Guiffre Oct 31, 2014 to Feb 9, 201516
Board members and other officers (29)
- Chief Accounting OfficerMardee Haring-Layton Jan 29, 2024 to now17
- Chief Strategy OfficerJohn A. Fair Mar 9, 2020 to Mar 14, 202418
- Chef Executive OfficerSabrina Martucci Johnson Mar 9, 2020 to now19
- SVP, Chief Scientific OfficerScott Eliasof Oct 27, 2016 to Jan 19, 201720
- SVP, Chief Medical OfficerAdrian Senderowicz Dec 3, 2015 to Jan 9, 201721
- Sr. VP, Chief Business OfficerChristopherd T. Guiffre Apr 10, 2014 to Jun 26, 201422
- Sr. VP, Chief Medical OfficerEdward Graeme Garmey Apr 10, 2014 to Feb 9, 201523
- Sr VP Finance & AdministratKaren Lynn Roberts Apr 10, 2014 to Feb 9, 201524
- Board memberSophia Nnenna Ononye-Onyia Apr 20, 2021 to Jun 21, 202325
- Board memberCheryl R. Blanchard Nov 21, 2019 to Jun 21, 202326
- Board memberJessica D. Grossman Apr 11, 2018 to now27
- Board memberGregory W. Matz Sep 17, 2018 to now28
- Board memberRobin Joan Steele Jul 21, 2017 to now29
- Board memberRoger Hawley Jul 21, 2017 to Jun 14, 201930
- Board memberSabrina Martucci Johnson Jul 25, 2017 to now11
- Board memberChristopherd T. Guiffre Mar 25, 2015 to Jan 9, 201712
- Board memberStuart A. Arbuckle Jun 30, 2015 to Jan 5, 201731
- Board memberDavid R. Walt Sep 25, 2015 to Jan 5, 201732
- Board memberAlan L. Crane Apr 10, 2014 to Jun 24, 201633
- Board memberOliver Fetzer Apr 10, 2014 to Oct 31, 201413
- Board memberPaul A. Friedman Apr 10, 2014 to Apr 5, 201734
- Board memberRam Sasisekharan Apr 10, 2014 to Jul 2, 201535
- Board memberRobert I. Tepper Apr 10, 2014 to Jul 6, 201536
- Board memberSteven Edward Hall Apr 10, 2014 to Jun 24, 201637
- Board memberWilliam H. Rastetter Apr 10, 2014 to now38
- Board memberWilliam McKee Apr 10, 2014 to Jan 5, 201739
- Board memberSusan L. Kelley Oct 7, 2014 to now40
- Board memberDavid Ross Parkinson Oct 31, 2014 to Jan 5, 201741
- General counselAlejandra Carvajal Jun 30, 2015 to Jan 9, 201742
Former names
Timeline
Filings
247 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 102 major events, 50 insider forms, 6 large holders, 3 private raises, 66 other. The latest 20:
- Oct 6, 2026DEF 14A EDGAR
- Oct 2, 20268-K EDGAR
- Oct 1, 20268-K EDGAR
- Sep 23, 2026PRE 14A EDGAR
- Sep 11, 20268-K EDGAR
- Sep 9, 20268-K EDGAR
- Sep 4, 2026424B3 EDGAR
- Sep 3, 2026EFFECT EDGAR
- Aug 28, 2026SCHEDULE 13G EDGAR
- Aug 26, 2026S-1 EDGAR
- Aug 24, 2026SCHEDULE 13G EDGAR
- Aug 20, 2026D EDGAR
- Aug 19, 2026253G2 EDGAR
- Aug 17, 20268-K EDGAR
- Aug 17, 2026424B5 EDGAR
- Aug 13, 20268-K EDGAR
- Aug 13, 202610-Q EDGAR
- Jul 24, 20268-K EDGAR
- Jul 17, 2026253G2 EDGAR
- Jul 17, 20268-K EDGAR
The 247 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 6 such filings since October 2021:
- Aug 28, 2026SCHEDULE 13G
- Aug 24, 2026SCHEDULE 13G
- Dec 23, 2025SCHEDULE 13G/A
- Oct 6, 2025SCHEDULE 13G
- Feb 9, 2022SC 13G/A
- Feb 9, 2022SC 13G/A
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Money raised
Private offerings the company reported to the SEC on Form D.
- Aug 17, 2026Raised $12.4 million in a private offering of securities Form D: 12 investors so far Form D
- Oct 21, 2024Filed a private offering of equity Form D: $15 million offered in all Form D
- Dec 21, 2023Raised $1.7 million in a private offering of securities Form D: $4.2 million offered in all Form D
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 28. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 18SEC EDGARJohn A. Fair, Chief Strategy Officer
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- 26SEC EDGARCheryl R. Blanchard, Board member
- 27SEC EDGARJessica D. Grossman, Board member
- 28SEC EDGARGregory W. Matz, Board member
- 29SEC EDGARRobin Joan Steele, Board member
- 30SEC EDGARRoger Hawley, Board member
- 31SEC EDGARStuart A. Arbuckle, Board member
- 32SEC EDGARDavid R. Walt, Board member
- 33SEC EDGARAlan L. Crane, Board member
- 34SEC EDGARPaul A. Friedman, Board member
- 35SEC EDGARRam Sasisekharan, Board member
- 36SEC EDGARRobert I. Tepper, Board member
- 37SEC EDGARSteven Edward Hall, Board member
- 38SEC EDGARWilliam H. Rastetter, Board member
- 39SEC EDGARWilliam McKee, Board member
- 40SEC EDGARSusan L. Kelley, Board member
- 41SEC EDGARDavid Ross Parkinson, Board member
- 42SEC EDGARAlejandra Carvajal, General counsel