Daré Bioscience (DARE) Q2 2026 earnings summary

Executive summary

• Transitioned from a development-focused to a commercial-stage company, launching Flora Sync LF5 as the first directly commercialized product and preparing DARE to PLAY Sildenafil Cream for prescription dispensing in Q3 2026.

• Expanded business model to include FDA approval, Section 503B compounding, and consumer health products.

• Building a commercial ecosystem integrating digital marketing, telehealth, and provider engagement to support scalable, multi-product growth in women's health.

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

Financial highlights

• Ended Q2 2026 with $12.6 million in cash and cash equivalents and a working capital deficit of $0.2 million.

• Q2 2026 revenue was $0.2 million, up from negative $21,000 in Q2 2025, driven by R&D services revenue from Gates Foundation agreements.

• Revenue for the six months ended June 30, 2026 was $340,001, up from $4,255 in the prior year period.

• SG&A expenses rose to $2.6 million from $2.4 million year-over-year, reflecting non-cash write-downs and commercial investments.

• R&D expense decreased to $0.2 million from $1.4 million, driven by non-dilutive funding and lower program spending.

• Net loss for Q2 2026 was $3.0 million, compared to $4.0 million in Q2 2025; net loss for the six months ended June 30, 2026 was $5,982,662, improved from $8,394,790.

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 is expected to fund operations into Q4 2026; additional capital will be required for non-grant-supported programs.

• Focus remains on Ovaprene Phase 3, Section 503B compounding and consumer health launches, and grant-supported pipeline advancement.