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Dare Bioscience (DARE) Financials

Dare Bioscience logo
$1.96 +0.02 (+1.03%)
Closing price 07/17/2026 04:00 PM Eastern
Extended Trading
$1.94 -0.01 (-0.77%)
As of 07/17/2026 07:35 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Dare Bioscience

Annual Income Statements for Dare Bioscience

This table shows Dare Bioscience's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -40 -0.67 -12 -17 -15 -27 -39 -31 -30 -2.09 -14
Consolidated Net Income / (Loss)		 -40 -0.67 -12 -17 -14 -27 -39 -31 -30 -4.05 -13
Net Income / (Loss) Continuing Operations		 -40 -0.67 -12 -17 -14 -27 -39 -31 -30 -2.09 -14
Total Pre-Tax Income 		-40 -0.67 -12 -17 -14 -27 -39 -31 -30 -2.09 -14
Total Operating Income		 -37 -0.63 -11 -17 -14 -27 -39 -31 -31 -23 -14
Total Gross Profit		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10 2.81 0.01 0.73
Total Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10 2.81 0.01 1.03
Operating Revenue		 - - - - - - 0.00 - 2.81 0.01 1.03
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.30
Operating Cost of Revenue		 - - - - - - - - - 0.00 0.30
Total Operating Expenses		 37 0.63 11 17 14 27 39 41 34 23 14
Selling, General & Admin Expense		 11 0.16 2.70 4.66 5.27 6.55 8.35 11 12 9.16 8.76
Research & Development Expense		 26 0.07 0.98 6.41 8.55 21 31 30 22 14 5.52
Total Other Income / (Expense), net		 -2.42 -0.04 -0.32 0.14 0.08 0.00 0.37 0.44 0.78 21 -0.15
Interest & Investment Income		 0.01 - - - - - - - 0.00 20 0.00
Other Income / (Expense), net		 - - -0.32 0.14 0.08 0.00 0.00 0.44 0.78 0.98 -0.15
Basic Earnings per Share		 ($1.56) ($0.81) $3.56 ($1.57) ($0.97) ($0.91) ($0.63) ($0.37) ($4.15) ($0.48) ($1.20)
Weighted Average Basic Shares Outstanding		 25.43M 835K 3.23M 10.73M 15.58M 30.09M 61.15M 84.57M 7.28M 8.50M 11.18M
Diluted Earnings per Share		 ($1.56) ($0.81) $3.56 ($1.57) ($0.97) ($0.91) ($0.63) ($0.37) ($4.15) ($0.48) ($1.20)
Weighted Average Diluted Shares Outstanding		 25.43M 835K 3.23M 10.73M 15.58M 30.09M 61.15M 84.57M 7.28M 8.50M 11.18M
Weighted Average Basic & Diluted Shares Outstanding		 25.43M 27.71M 3.23M 10.73M 15.58M 30.09M 83.94M 86.18M 100.58M 8.85M 14.56M

Quarterly Income Statements for Dare Bioscience

This table shows Dare Bioscience's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -8.31 -5.01 -6.76 13 -4.70 -3.54 -4.38 -4.02 -3.56 -1.75 -3.00
Consolidated Net Income / (Loss)		 -8.30 -5.06 -6.76 13 -4.70 -5.51 -4.38 -4.02 -3.56 -1.44 -3.00
Net Income / (Loss) Continuing Operations		 -8.30 -5.06 -6.76 13 -4.70 -3.54 -4.38 -4.02 -3.56 -1.75 -3.00
Total Pre-Tax Income 		-8.30 -5.06 -6.76 13 -4.70 -3.54 -4.38 -4.02 -3.56 -1.75 -3.00
Total Operating Income		 -8.40 -5.17 -6.02 -7.36 -4.68 -5.39 -4.58 -3.83 -3.67 -1.47 -3.00
Total Gross Profit		 1.00 1.81 0.01 0.02 0.04 -0.06 0.00 -0.02 0.00 0.73 -0.09
Total Revenue		 1.00 1.81 0.01 0.02 0.04 -0.06 0.00 -0.02 0.00 1.02 0.15
Operating Revenue		 - - 0.01 0.02 0.04 -0.06 - -0.02 0.00 1.02 0.15
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 0.30 0.24
Operating Cost of Revenue		 - - - - - - 0.00 - - - 0.24
Total Operating Expenses		 9.40 6.98 6.03 7.38 4.72 5.32 4.61 3.81 3.67 2.20 2.91
Selling, General & Admin Expense		 2.70 3.15 2.67 2.45 2.04 2.00 2.31 2.38 2.50 1.58 2.25
Research & Development Expense		 6.67 3.80 3.35 4.93 2.68 3.34 2.30 1.43 1.18 0.62 0.66
Total Other Income / (Expense), net		 0.10 0.11 -0.73 20 -0.02 1.84 0.20 -0.19 0.11 -0.28 -0.00
Other Income / (Expense), net		 0.10 0.11 -0.73 -0.11 -0.02 1.84 0.20 -0.19 0.11 -0.28 -0.00
Basic Earnings per Share		 ($1.09) ($0.69) ($0.81) $1.53 ($0.55) ($0.42) ($0.50) ($0.45) ($0.28) ($0.16) ($0.21)
Weighted Average Basic Shares Outstanding		 7.59M 7.28M 8.38M 8.41M 8.53M 8.50M 8.76M 8.87M 12.76M 11.18M 14.52M
Diluted Earnings per Share		 ($1.09) ($0.69) ($0.81) $1.52 ($0.55) ($0.42) ($0.50) ($0.45) ($0.28) ($0.16) ($0.21)
Weighted Average Diluted Shares Outstanding		 7.59M 7.28M 8.38M 8.48M 8.53M 8.50M 8.76M 8.87M 12.76M 11.18M 14.52M
Weighted Average Basic & Diluted Shares Outstanding		 98.56M 100.58M 101.09M 8.55M 8.70M 8.85M 8.85M 13.48M 14.29M 14.56M 14.98M

Annual Cash Flow Statements for Dare Bioscience

This table details how cash moves in and out of Dare Bioscience's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 25 -0.17 7.52 -0.75 -2.03 -0.11 47 -17 -24 5.19 9.01
Net Cash From Operating Activities		 -32 -0.37 -2.54 -10 -13 -25 -29 -18 -39 5.47 -9.89
Net Cash From Continuing Operating Activities		 -32 -0.37 -2.53 -10 -13 -25 -29 -18 -39 5.47 -9.89
Net Income / (Loss) Continuing Operations		 -40 -0.67 -12 -17 -14 -27 -39 -31 -30 -4.05 -13
Consolidated Net Income / (Loss)		 -40 -0.67 -12 -17 -14 -27 -39 -31 -30 -4.05 -13
Depreciation Expense		 0.19 - 0.00 0.00 0.01 0.04 0.03 0.02 0.04 0.04 1.63
Non-Cash Adjustments To Reconcile Net Income		 2.67 0.01 7.83 5.84 0.23 0.58 1.13 2.14 1.69 3.59 2.09
Changes in Operating Assets and Liabilities, net		 4.08 0.29 1.14 0.62 0.71 1.54 8.77 11 -10 5.89 -0.21
Net Cash From Investing Activities		 -0.48 0.00 9.92 -0.52 6.14 -0.02 -0.01 -0.06 -0.63 -0.57 -0.39
Net Cash From Continuing Investing Activities		 -0.48 0.00 9.92 -0.52 6.14 -0.02 -0.01 -0.06 -0.63 -0.57 -0.39
Purchase of Property, Plant & Equipment		 -0.28 - 0.00 -0.01 0.00 -0.02 -0.01 -0.06 -0.63 -0.57 -0.39
Net Cash From Financing Activities		 57 0.20 0.16 10 5.15 25 76 1.34 16 0.35 19
Net Cash From Continuing Financing Activities		 57 0.20 0.16 10 5.15 25 76 1.34 16 0.35 19
Repayment of Debt		 -3.68 - - - - - - 0.00 -0.33 -0.66 -0.88
Issuance of Debt		 58 0.20 0.16 - 0.00 0.37 - 0.00 0.60 0.56 0.67
Issuance of Common Equity		 2.63 - 0.00 10 5.15 25 76 1.22 11 0.45 21
Other Financing Activities, net		 - - - - 0.00 0.00 0.03 0.12 4.72 -0.00 -1.26
Effect of Exchange Rate Changes		 - - -0.02 - - 0.01 -0.06 -0.20 -0.01 -0.07 0.01

Quarterly Cash Flow Statements for Dare Bioscience

This table details how cash moves in and out of Dare Bioscience's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 0.57 -3.42 -6.85 13 -5.18 4.47 -5.37 -5.29 18 1.64 -6.19
Net Cash From Operating Activities		 -7.97 -8.18 -6.81 13 -5.92 5.31 -5.47 -5.42 -0.44 1.44 -5.52
Net Cash From Continuing Operating Activities		 -7.97 -8.18 -6.81 13 -5.92 5.31 -5.47 -5.42 -0.44 1.44 -5.52
Net Income / (Loss) Continuing Operations		 -8.30 -5.06 -6.76 13 -4.70 -5.51 -4.38 -4.02 -3.56 -1.44 -3.00
Consolidated Net Income / (Loss)		 -8.30 -5.06 -6.76 13 -4.70 -5.51 -4.38 -4.02 -3.56 -1.44 -3.00
Depreciation Expense		 0.01 0.01 0.01 0.02 0.01 0.01 0.18 0.46 0.48 0.53 0.55
Non-Cash Adjustments To Reconcile Net Income		 0.92 -0.49 1.43 0.74 0.33 1.09 0.36 0.62 0.60 0.38 0.45
Changes in Operating Assets and Liabilities, net		 -0.61 -2.64 -1.50 -0.78 -1.56 9.73 -1.62 -2.48 1.92 2.10 -3.53
Net Cash From Investing Activities		 -0.02 -0.61 -0.01 -0.29 0.28 -0.56 -0.16 0.15 -0.17 -0.21 0.00
Net Cash From Continuing Investing Activities		 -0.02 -0.61 -0.01 -0.29 0.28 -0.56 -0.16 0.15 -0.17 -0.21 0.00
Purchase of Property, Plant & Equipment		 -0.02 -0.61 -0.01 -0.29 0.28 -0.56 -0.16 0.15 -0.17 -0.21 0.00
Net Cash From Financing Activities		 8.58 5.31 0.01 0.12 0.44 -0.21 0.25 -0.04 19 0.42 -0.72
Net Cash From Continuing Financing Activities		 8.58 5.31 0.01 0.12 0.44 -0.21 0.25 -0.04 19 0.60 -0.72
Repayment of Debt		 -0.13 -0.20 -0.20 -0.07 -0.12 -0.27 -0.19 -0.06 -0.12 -0.50 -0.21
Issuance of Preferred Equity		 - - - - - - 0.00 - - - 0.30
Issuance of Common Equity		 8.11 0.79 0.22 0.18 - 0.06 0.44 0.48 19 1.27 0.09
Other Financing Activities, net		 - 4.72 -0.00 -0.00 -0.00 -0.00 -0.00 -0.46 -0.46 -0.35 -0.90
Effect of Exchange Rate Changes		 -0.02 0.06 -0.04 0.01 0.02 -0.07 0.01 0.01 0.01 -0.03 0.04

Annual Balance Sheets for Dare Bioscience

This table presents Dare Bioscience's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 78 0.04 14 7.83 7.44 7.55 56 44 21 22 32
Total Current Assets		 77 0.04 8.35 7.24 6.44 6.98 55 43 18 18 27
Cash & Equivalents		 76 0.04 7.56 6.81 4.78 4.67 52 35 10 16 25
Prepaid Expenses		 - - 0.31 0.40 1.11 1.85 2.48 6.67 6.12 2.75 1.78
Other Current Assets		 - - 0.19 - - - - - - - 0.57
Plant, Property, & Equipment, net		 0.58 0.00 0.00 0.01 0.06 0.04 0.03 0.06 0.66 1.34 1.56
Total Noncurrent Assets		 0.35 0.00 5.91 0.58 0.94 0.53 0.49 0.72 3.08 2.32 3.85
Noncurrent Note & Lease Receivables		 - - - - - - - - - 0.00 1.74
Other Noncurrent Operating Assets		 0.35 0.00 0.72 0.58 0.94 0.53 - 0.72 3.08 2.32 2.11
Total Liabilities & Shareholders' Equity		 78 0.04 14 7.83 7.44 7.55 56 44 21 22 32
Total Liabilities		 29 0.76 0.97 1.10 7.00 8.70 17 33 26 28 30
Total Current Liabilities		 16 0.74 0.97 1.09 5.61 7.66 16 32 20 22 24
Accounts Payable		 2.23 - 0.31 0.46 1.08 1.02 2.10 2.03 3.39 1.46 1.20
Accrued Expenses		 6.46 - 0.66 0.63 2.10 3.36 3.14 11 2.89 3.04 0.73
Current Deferred Revenue		 - - - - 2.02 1.56 11 18 14 17 20
Other Current Liabilities		 - - - 0.00 0.41 0.35 0.27 0.40 0.47 0.55 2.11
Total Noncurrent Liabilities		 13 0.00 0.00 0.01 1.39 1.04 1.00 1.09 5.85 6.50 5.95
Other Noncurrent Operating Liabilities		 0.47 - - 0.01 1.39 0.04 0.00 0.09 4.85 4.75 5.95
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 49 -0.71 13 6.73 0.44 -1.15 39 11 -5.05 -6.01 2.84
Total Preferred & Common Equity		 49 -0.71 13 6.73 0.44 -1.15 39 11 -5.05 -6.01 2.84
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 49 -0.71 13 6.73 0.44 -1.15 39 11 -5.05 -6.01 2.84
Common Stock		 210 0.02 26 36 45 70 149 153 167 170 192
Retained Earnings		 -161 -0.73 -12 -29 -44 -71 -110 -141 -171 -175 -189
Accumulated Other Comprehensive Income / (Loss)		 - - -0.02 -0.10 -0.10 -0.09 -0.15 -0.35 -0.36 -0.43 -0.42

Quarterly Balance Sheets for Dare Bioscience

This table presents Dare Bioscience's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 25 13 24 18 19 13 31 28
Total Current Assets		 22 9.98 21 15 12 6.60 25 22
Cash & Equivalents		 14 3.63 16 11 10 5.04 23 19
Prepaid Expenses		 6.58 4.81 3.51 3.19 1.39 1.38 1.51 2.45
Other Current Assets		 0.83 0.15 - - - - 0.05 0.69
Plant, Property, & Equipment, net		 0.06 0.05 0.32 0.71 1.48 1.65 1.66 1.45
Total Noncurrent Assets		 2.56 2.98 2.45 2.41 5.31 4.73 4.09 4.72
Noncurrent Note & Lease Receivables		 - - - - 3.15 2.70 2.24 1.31
Other Noncurrent Operating Assets		 2.56 2.98 2.45 2.41 2.16 2.03 1.84 3.41
Total Liabilities & Shareholders' Equity		 25 13 24 18 19 13 31 28
Total Liabilities		 27 24 21 20 28 26 28 27
Total Current Liabilities		 26 18 15 13 21 19 21 21
Accounts Payable		 4.99 4.04 1.91 1.05 1.88 1.76 1.84 1.23
Accrued Expenses		 5.29 1.37 1.25 1.85 1.77 2.52 2.32 0.53
Current Deferred Revenue		 16 12 11 9.75 15 12 15 18
Other Current Liabilities		 0.19 0.48 0.49 0.51 2.32 2.42 2.48 1.21
Total Noncurrent Liabilities		 1.00 6.29 6.34 6.39 6.99 6.49 6.67 5.97
Other Noncurrent Operating Liabilities		 0.00 5.29 5.34 5.39 5.99 5.49 5.67 5.97
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -2.29 -11 2.67 -1.48 -9.56 -13 2.86 0.73
Total Preferred & Common Equity		 -2.29 -11 2.67 -1.48 -9.56 -13 2.86 0.73
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -2.29 -11 2.67 -1.48 -9.56 -13 2.86 0.73
Common Stock		 164 167 168 169 171 171 191 193
Retained Earnings		 -166 -178 -165 -170 -180 -184 -187 -192
Accumulated Other Comprehensive Income / (Loss)		 -0.42 -0.40 -0.39 -0.36 -0.42 -0.40 -0.40 -0.38

Annual Metrics And Ratios for Dare Bioscience

This table displays calculated financial ratios and metrics derived from Dare Bioscience's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 27,346,780.00 27,435,680.00 6,047,161.00 11,422,161.00 16,683,411.00 37,990,001.00 76,601,624.00 84,825,481.00 98,562,344.00 8,700,389.00 14,289,229.00
DEI Adjusted Shares Outstanding		 227,890.00 228,631.00 503,930.00 951,847.00 1,390,284.00 3,165,833.00 6,383,469.00 7,068,790.00 8,213,529.00 8,700,389.00 14,289,229.00
DEI Earnings Per Adjusted Shares Outstanding		 -173.74 -2.94 -22.83 -17.59 -10.83 -8.66 -6.06 -4.38 -3.67 -0.24 -0.96
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -71.92% -99.65% 10,429.36%
EBITDA Growth		 -86.48% 98.26% -1,724.18% -45.49% 14.84% -91.95% -42.70% 20.79% 2.59% 25.55% 46.18%
EBIT Growth		 -87.97% 98.30% -1,724.18% -45.52% 14.79% -92.10% -42.57% 20.78% 2.54% 25.50% 39.01%
NOPAT Growth		 -83.30% 98.30% -1,673.02% -51.00% 15.03% -91.02% -42.57% 19.67% 1.42% 24.20% 42.21%
Net Income Growth		 -69.63% 98.30% -1,610.03% -45.52% 14.79% -92.10% -41.22% 20.02% 2.54% 86.56% -230.55%
EPS Growth		 2.50% 98.30% 539.51% -144.10% 38.22% 6.19% 30.77% 41.27% 2.54% 88.43% -150.00%
Operating Cash Flow Growth		 -67.44% 98.83% -582.28% -304.25% -29.67% -89.52% -13.99% 37.11% -114.82% 114.09% -280.61%
Free Cash Flow Firm Growth		 77.22% 66.75% -86.19% 55.71% 3.73% -229.80% 3.51% 35.77% -151.26% 63.01% 21.94%
Invested Capital Growth		 -151.05% 100.00% 0.00% -101.38% -5,374.12% -2.64% -200.97% -75.74% 34.10% -34.99% -4.36%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 180.79% -99.48% 1,903.24%
EBITDA Q/Q Growth		 -5.69% 98.08% -156.07% 27.09% -7.09% -20.09% -2.90% -26.08% 26.54% 6.31% 26.21%
EBIT Q/Q Growth		 -7.90% 98.10% -156.07% 27.08% -7.13% -20.04% -2.90% -26.08% 26.52% 6.31% 21.52%
NOPAT Q/Q Growth		 -7.90% 98.10% -138.15% 26.80% -6.71% -20.07% -2.90% -27.08% 26.33% -0.93% 22.42%
Net Income Q/Q Growth		 -8.92% 98.08% -153.82% 27.08% -7.13% -20.04% -2.93% -26.08% 26.52% -12.45% 23.27%
EPS Q/Q Growth		 -17.29% 98.08% -17.02% 21.89% -14.12% -1.11% -18.87% -27.59% 26.52% -14.29% 12.41%
Operating Cash Flow Q/Q Growth		 -8.88% 99.07% -108.55% -20.53% -8.99% -27.13% -2.58% 18.18% -6.24% 168.32% -61.97%
Free Cash Flow Firm Q/Q Growth		 -4.26% 65.29% -17,274.11% -162.00% 33.84% -70.35% -0.52% 30.18% -8.91% 44.33% -80.93%
Invested Capital Q/Q Growth		 -54.53% 100.00% -58.75% -271.97% -594.14% 17.64% 2.03% -67.72% 4.08% -64.79% -8.22%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 100.00% 100.00% 100.00% 71.29%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -309.24% -1,072.80% -229,228.03% -1,171.71%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -313.85% -1,101.89% -239,692.20% -1,315.51%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -309.48% -1,074.17% -229,660.62% -1,330.37%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -309.48% -1,074.17% -41,430.90% -1,300.66%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 193.89% 97.77%
Interest Burden Percent		 106.52% 106.68% 100.00% 100.00% 100.00% 100.00% 99.05% 100.00% 100.00% 9.30% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -84.18% -2.80% -182.85% -167.23% -398.02% 7,708.67% -205.82% -124.12% -994.69% 73.30% 845.53%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% -473.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -62.12% -92.65% -103.59% -50.23%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -62.12% -92.65% -18.69% -49.10%
Return on Common Equity (ROCE)		 -84.18% -2.80% -182.85% -167.23% -398.02% 7,708.67% -205.82% -124.12% -994.69% 73.30% 845.53%
Return on Equity Simple (ROE_SIMPLE)		 -81.23% 94.66% -86.54% -248.84% -3,235.71% 2,379.09% -99.85% -278.50% 597.53% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -26 -0.44 -7.83 -12 -10 -19 -27 -22 -22 -16 -9.49
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -219.70% -771.32% -167,784.54% -920.86%
Net Nonoperating Expense Percent (NNEP)		 -26.20% -0.84% -107.36% -68.51% -72.89% -203.39% -40.92% -20.68% -37.67% 97.27% -19.73%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - 429.07% 312.23% -333.73%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 28.71%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 112.43% 431.27% 93,581.98% 850.65%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 300.42% 767.06% 146,210.22% 536.15%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 413.85% 1,201.89% 239,792.20% 1,386.80%
Earnings before Interest and Taxes (EBIT)		 -37 -0.63 -12 -17 -14 -27 -39 -31 -30 -22 -14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -36 -0.63 -12 -17 -14 -27 -39 -31 -30 -22 -12
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.57 0.00 0.98 1.21 31.03 0.00 3.95 6.34 0.00 0.00 9.70
Price to Tangible Book Value (P/TBV)		 1.57 0.00 1.61 1.21 31.03 0.00 3.95 6.34 0.00 0.00 9.70
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7.04 10.85 2,774.45 26.77
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.96 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.57 7.12 1,247.08 2.78
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.23 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.42 -0.98 0.00 0.00 0.00 -1.19 0.00 0.00 0.00 -0.13 0.00
Long-Term Debt to Equity		 0.26 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.13 0.00
Financial Leverage		 -1.10 -1.14 -0.54 -0.72 -1.62 11.37 -1.47 -1.74 -7.44 2.30 12.51
Leverage Ratio		 1.40 1.63 1.14 1.10 2.13 -21.09 1.68 2.00 10.74 -3.92 -17.22
Compound Leverage Factor		 1.49 1.74 1.14 1.10 2.13 -21.09 1.67 2.00 10.74 -0.37 -17.22
Debt to Total Capital		 29.43% -5,315.91% 0.00% 0.00% 0.00% 634.32% 0.00% 0.00% 0.00% -14.35% 0.00%
Short-Term Debt to Total Capital		 11.08% -5,315.91% 0.00% 0.00% 0.00% 634.32% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 18.35% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -14.35% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 70.57% 5,415.91% 100.00% 100.00% 100.00% -534.32% 100.00% 100.00% 100.00% 114.35% 100.00%
Debt to EBITDA		 -0.56 -1.11 0.00 0.00 0.00 -0.05 0.00 0.00 0.00 -0.03 0.00
Net Debt to EBITDA		 1.53 -1.04 0.00 0.00 0.00 0.12 0.00 0.00 0.00 0.67 0.00
Long-Term Debt to EBITDA		 -0.35 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 0.00
Debt to NOPAT		 -0.78 -1.58 0.00 0.00 0.00 -0.07 0.00 0.00 0.00 -0.05 0.00
Net Debt to NOPAT		 2.14 -1.48 0.00 0.00 0.00 0.17 0.00 0.00 0.00 0.91 0.00
Long-Term Debt to NOPAT		 -0.49 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.05 0.00
Altman Z-Score		 -1.96 -72.82 4.88 -6.87 -13.30 -21.82 1.16 -5.00 -15.28 -14.05 -8.81
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.73 0.06 8.64 6.64 1.15 0.91 3.44 1.36 0.86 0.85 1.14
Quick Ratio		 4.73 0.06 8.11 6.27 0.95 0.67 3.29 1.15 0.56 0.73 1.04
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -22 -7.28 -14 -6.01 -5.78 -19 -18 -12 -30 -11 -8.57
Operating Cash Flow to CapEx		 -12,564.96% 0.00% 0.00% -86,755.87% 0.00% -143,176.87% -198,044.87% -28,680.38% -6,173.31% 955.17% -2,565.91%
Free Cash Flow to Firm to Interest Expense		 -9.01 -173.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 -13.12 -8.84 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -13.23 -8.84 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.20 0.09 0.00 0.04
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7.02 2.12 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 219.90 7.79 0.01 0.71
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.22
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 51.98 172.39 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,639.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 51.98 172.39 0.00 -1,639.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -6.84 0.00 5.73 -0.08 -4.34 -4.45 -13 -24 -16 -21 -22
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.54 -0.14 0.00 -0.05
Increase / (Decrease) in Invested Capital		 -4.12 6.84 5.73 -5.81 -4.26 -0.11 -8.95 -10 8.03 -5.43 -0.91
Enterprise Value (EV)		 21 20 5.53 1.31 8.90 48 102 36 20 12 2.87
Market Capitalization		 77 19 13 8.12 14 51 153 70 30 27 28
Book Value per Share		 $1.78 ($0.03) $2.20 $0.59 $0.03 ($0.03) $0.51 $0.13 ($0.05) ($0.69) $0.20
Tangible Book Value per Share		 $1.78 ($0.03) $1.34 $0.59 $0.03 ($0.03) $0.51 $0.13 ($0.05) ($0.69) $0.20
Total Capital		 69 -0.01 13 6.73 0.44 0.22 39 11 -5.05 -5.26 2.84
Total Debt		 20 0.70 0.00 0.00 0.00 1.37 0.00 0.00 0.00 0.75 0.00
Total Long-Term Debt		 13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.75 0.00
Net Debt		 -56 0.65 -7.56 -6.81 -4.78 -3.30 -52 -35 -10 -15 -25
Capital Expenditures (CapEx)		 0.25 0.00 0.00 0.01 0.00 0.02 0.01 0.06 0.63 0.57 0.39
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -7.29 -0.05 -0.18 -0.66 -3.95 -3.98 -12 -23 -13 -19 -21
Debt-free Net Working Capital (DFNWC)		 69 -0.00 7.38 6.15 0.83 0.69 39 11 -2.94 -3.17 3.38
Net Working Capital (NWC)		 61 -0.70 7.38 6.15 0.83 -0.68 39 11 -2.94 -3.17 3.38
Net Nonoperating Expense (NNE)		 14 0.23 3.68 4.92 4.22 8.22 11 8.98 8.50 -12 3.91
Net Nonoperating Obligations (NNO)		 -56 0.71 -7.56 -6.81 -4.78 -3.30 -52 -35 -10 -15 -25
Total Depreciation and Amortization (D&A)		 0.93 0.00 0.00 0.00 0.01 0.04 0.03 0.02 0.04 0.04 1.63
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -232.55% -477.69% -192,798.22% -2,070.79%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 114.15% -104.59% -32,350.82% 327.92%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 114.15% -104.59% -32,350.82% 327.92%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($187.20) ($170.40) ($42.72) $18.84 ($11.64) ($10.92) ($7.56) ($4.44) ($4.20) ($0.48) ($1.20)
Adjusted Weighted Average Basic Shares Outstanding		 228.03K 241.85K 269.36K 951.85K 2.06M 3.94M 5.10M 7.05M 7.28M 8.50M 11.18M
Adjusted Diluted Earnings per Share		 ($187.20) ($170.40) ($42.72) $18.84 ($11.64) ($10.92) ($7.56) ($4.44) ($4.20) ($0.48) ($1.20)
Adjusted Weighted Average Diluted Shares Outstanding		 228.03K 241.85K 269.36K 951.85K 2.06M 3.94M 5.10M 7.05M 7.28M 8.50M 11.18M
Adjusted Basic & Diluted Earnings per Share		 ($187.20) ($170.40) ($42.72) $18.84 ($11.64) ($10.92) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 211.93K 230.92K 951.85K 894.37K 1.30M 2.51M 7.00M 7.18M 8.38M 8.85M 14.56M
Normalized Net Operating Profit after Tax (NOPAT)		 -26 -0.44 -2.58 -8.19 -10 -19 -27 -22 -22 -16 -9.49
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -219.70% -771.32% -167,784.54% -920.86%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -309.48% -1,074.17% -21,367.73% -1,330.37%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -15.28 -14.98 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 -10.70 -10.49 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -15.39 -14.98 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -10.80 -10.49 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Dare Bioscience

This table displays calculated financial ratios and metrics derived from Dare Bioscience's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 87,785,166.00 98,562,344.00 100,581,900.00 101,092,900.00 8,546,361.00 8,700,389.00 8,850,386.00 8,850,386.00 13,479,502.00 14,289,229.00 14,559,502.00
DEI Adjusted Shares Outstanding		 7,315,431.00 8,213,529.00 8,381,825.00 8,424,408.00 8,546,361.00 8,700,389.00 8,850,386.00 8,850,386.00 13,479,502.00 14,289,229.00 14,559,502.00
DEI Earnings Per Adjusted Shares Outstanding		 -1.14 -0.61 -0.81 1.53 -0.55 -0.41 -0.49 -0.45 -0.26 -0.12 -0.21
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% -95.83% -103.52% -100.00% -194.36% -94.57% 1,708.36% 0.00%
EBITDA Growth		 -18.14% 68.32% 16.05% 15.09% 43.39% 29.93% 37.68% 52.07% 37.00% 65.69% 41.82%
EBIT Growth		 -18.22% 68.28% 16.00% 14.76% 43.34% 29.94% 35.19% 46.22% 24.24% 50.67% 31.48%
NOPAT Growth		 -17.62% 68.14% 28.16% -16.96% 44.25% -4.19% 23.93% 63.59% 21.56% 72.69% 34.54%
Net Income Growth		 -18.22% 68.28% 16.00% 247.34% 43.34% -8.87% 35.19% -131.11% 24.24% 73.82% 31.48%
EPS Growth		 -18.22% 68.28% 16.00% 247.34% 49.54% 39.13% 38.27% -129.61% 49.09% 61.90% 58.00%
Operating Cash Flow Growth		 -192.72% -38.70% 57.73% 295.93% 25.71% 164.87% 19.70% -141.98% 92.54% -72.78% -0.92%
Free Cash Flow Firm Growth		 19.28% -864.09% -487.99% -202.18% -80.29% 114.25% 137.48% 111.98% 172.95% -107.05% -309.45%
Invested Capital Growth		 -15.22% 34.10% 6.56% 14.36% 21.42% -34.99% -35.35% -27.92% -58.89% -4.36% 10.18%
Revenue Q/Q Growth		 0.00% 80.79% -99.49% 141.22% 85.81% -252.66% 100.00% -183.27% 110.68% 45,155.35% -85.11%
EBITDA Q/Q Growth		 5.29% 39.11% -33.61% -10.20% 36.86% 24.63% -18.82% 15.24% 17.00% 58.96% -101.51%
EBIT Q/Q Growth		 5.29% 39.06% -33.57% -10.56% 37.04% 24.65% -23.56% 8.26% 11.30% 50.94% -71.63%
NOPAT Q/Q Growth		 6.60% 38.41% -16.46% -74.57% 55.47% -15.10% 14.98% 16.44% 4.07% 59.93% -103.83%
Net Income Q/Q Growth		 5.29% 39.06% -33.57% 291.12% -136.42% -17.10% 20.49% 8.26% 11.30% 59.53% -108.08%
EPS Q/Q Growth		 5.29% 39.06% -33.57% 291.12% -136.18% 23.64% -19.05% 10.00% 37.78% 42.86% -31.25%
Operating Cash Flow Q/Q Growth		 -21.07% -2.57% 16.70% 289.41% -145.91% 189.57% -203.10% 0.97% 91.84% 426.66% -482.25%
Free Cash Flow Firm Q/Q Growth		 -139.54% -211.59% 55.01% -84.34% 30.23% 124.62% 18.34% -41.10% 325.04% -102.38% -3,416.28%
Invested Capital Q/Q Growth		 -0.84% 4.08% 5.76% 6.06% 7.47% -64.79% 5.51% 11.22% -14.94% -8.22% 18.67%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 0.00% 0.00% 0.00% 100.00% 71.10% -58.95%
EBITDA Margin		 -828.98% -279.20% -72,499.67% -33,122.68% -11,256.05% 0.00% 0.00% 0.00% -130,707.74% -118.54% -1,603.91%
Operating Margin		 -839.64% -286.05% -64,743.85% -32,799.12% -11,228.68% 0.00% 0.00% 0.00% -162,340.76% -143.72% -1,967.07%
EBIT Margin		 -829.91% -279.75% -72,622.62% -33,286.03% -11,279.42% 0.00% 0.00% 0.00% -157,505.13% -170.74% -1,967.72%
Profit (Net Income) Margin		 -829.91% -279.75% -72,622.62% 57,539.25% -11,279.42% 0.00% 0.00% 0.00% -157,505.13% -140.84% -1,967.72%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 155.40% 100.00% 100.00% 100.00% 82.49% 100.00%
Interest Burden Percent		 100.00% 100.00% 100.00% -172.86% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -341.28% -994.69% 958.03% 30,070.81% 191.07% 73.30% 16.31% 369.79% -2,543.13% 845.53% 272.30%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -22.00% -24.13% -9,432.66% -4,037.91% -984.40% 0.00% 0.00% 0.00% 0.00% -6.45% -100.20%
Return on Assets (ROA)		 -22.00% -24.13% -9,432.66% 6,980.06% -984.40% 0.00% 0.00% 0.00% 0.00% -5.32% -100.20%
Return on Common Equity (ROCE)		 -341.28% -994.69% 958.03% 30,070.81% 191.07% 73.30% 16.31% 369.79% -2,543.13% 845.53% 272.32%
Return on Equity Simple (ROE_SIMPLE)		 1,793.43% 0.00% 262.51% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -5.88 -3.62 -4.22 -7.36 -3.28 -3.77 -3.21 -2.68 -2.57 -1.03 -2.10
NOPAT Margin		 -587.75% -200.24% -45,320.70% -32,799.12% -7,860.08% 0.00% 0.00% 0.00% -113,638.53% -100.61% -1,376.95%
Net Nonoperating Expense Percent (NNEP)		 -8.92% -6.37% -20.94% 136.30% -11.35% -13.65% -16.89% -12.58% -5.79% -2.08% -6.26%
Return On Investment Capital (ROIC_SIMPLE)		 - 71.72% 38.33% -275.48% 220.75% 71.74% 33.86% 21.36% -89.61% -36.23% -285.82%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 28.90% 158.95%
SG&A Expenses to Revenue		 269.68% 174.50% 28,709.75% 10,910.64% 4,896.18% 0.00% 0.00% 0.00% 110,488.15% 154.06% 1,474.90%
R&D to Revenue		 667.46% 210.16% 36,051.60% 21,988.47% 6,432.50% 0.00% 0.00% 0.00% 51,952.61% 60.77% 433.22%
Operating Expenses to Revenue		 939.64% 386.05% 64,843.85% 32,899.12% 11,328.68% 0.00% 0.00% 0.00% 162,440.76% 214.83% 1,908.12%
Earnings before Interest and Taxes (EBIT)		 -8.30 -5.06 -6.76 -7.47 -4.70 -3.54 -4.38 -4.02 -3.56 -1.75 -3.00
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -8.29 -5.05 -6.74 -7.43 -4.69 -3.54 -4.20 -3.56 -2.96 -1.21 -2.45
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 12.72 0.00 0.00 0.00 0.00 9.90 9.70 36.11
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 12.72 0.00 0.00 0.00 0.00 9.90 9.70 36.11
Price to Revenue (P/Rev)		 40.54 10.85 17.50 11.97 14.72 2,774.45 53,065.59 0.00 0.00 26.77 22.41
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 89.30 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.12% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 26.64 7.12 16.21 6.18 8.75 1,247.08 31,824.80 0.00 0.00 2.78 6.75
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 2.23 2.25 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 -0.13 -0.01 -0.01 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 -0.13 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -2.26 -7.44 4.02 621.01 6.66 2.30 0.67 2.11 -24.97 12.51 3.26
Leverage Ratio		 3.14 10.74 -7.20 -977.46 -11.43 -3.92 -1.54 -3.64 35.54 -17.22 -5.26
Compound Leverage Factor		 3.14 10.74 -7.20 1,689.66 -11.43 -3.92 -1.54 -3.64 35.54 -17.22 -5.26
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% -14.35% -0.97% -1.50% 0.37% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -0.97% -1.50% 0.37% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% -14.35% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.09%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 114.35% 100.97% 101.50% 99.63% 100.00% 99.91%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 -0.03 0.00 -0.01 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.67 0.51 0.27 1.41 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 -0.03 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 -0.05 0.00 -0.01 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.91 0.47 0.37 1.89 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 -0.05 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 -9.64 -11.39 -20.13 -9.42 -12.95 -11.22 -14.34 -21.51 -8.15 -7.60 -9.35
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -0.01%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.85 0.86 0.56 1.43 1.14 0.85 0.56 0.34 1.18 1.14 1.03
Quick Ratio		 0.57 0.56 0.28 1.19 0.89 0.73 0.49 0.27 1.11 1.04 0.88
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -3.74 -12 -5.24 -9.66 -6.74 1.66 1.96 1.16 4.92 -0.12 -4.12
Operating Cash Flow to CapEx		 -36,082.32% -1,346.70% -93,379.41% 4,524.37% 0.00% 942.69% -3,477.09% 0.00% -253.08% 698.92% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.03 0.09 0.13 0.12 0.09 0.00 0.00 0.00 0.00 0.04 0.05
Accounts Receivable Turnover		 0.58 2.12 1.49 3.85 2.28 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 15.21 7.79 52.22 15.43 4.92 0.01 0.00 0.00 0.00 0.71 0.81
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.22 0.35
Days Sales Outstanding (DSO)		 624.48 172.39 245.16 94.77 159.93 0.00 564,502.79 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,639.00 1,056.16
Cash Conversion Cycle (CCC)		 624.48 172.39 245.16 94.77 159.93 0.00 564,502.79 0.00 0.00 -1,639.00 -1,056.16
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -16 -16 -15 -14 -13 -21 -20 -18 -20 -22 -18
Invested Capital Turnover		 -0.07 -0.14 -0.19 -0.19 -0.13 0.00 0.00 0.00 0.00 -0.05 -0.06
Increase / (Decrease) in Invested Capital		 -2.14 8.03 1.03 2.31 3.47 -5.43 -5.17 -3.84 -7.49 -0.91 2.02
Enterprise Value (EV)		 27 20 46 18 16 12 15 16 5.24 2.87 7.98
Market Capitalization		 41 30 49 34 28 27 26 21 28 28 26
Book Value per Share		 ($0.03) ($0.05) ($0.11) $0.03 ($0.17) ($0.69) ($1.10) ($1.44) $0.21 $0.20 $0.05
Tangible Book Value per Share		 ($0.03) ($0.05) ($0.11) $0.03 ($0.17) ($0.69) ($1.10) ($1.44) $0.21 $0.20 $0.05
Total Capital		 -2.29 -5.05 -11 2.67 -1.48 -5.26 -9.47 -13 2.87 2.84 0.73
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.75 0.09 0.19 0.01 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.75 0.00 0.00 0.00 0.00 0.00
Net Debt		 -14 -10 -3.63 -16 -11 -15 -10 -4.85 -23 -25 -19
Capital Expenditures (CapEx)		 0.02 0.61 0.01 0.29 -0.28 0.56 0.16 -0.15 0.17 0.21 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -18 -13 -11 -10 -9.44 -19 -20 -17 -19 -21 -18
Debt-free Net Working Capital (DFNWC)		 -3.91 -2.94 -7.74 6.24 1.79 -3.17 -9.27 -12 3.80 3.38 0.54
Net Working Capital (NWC)		 -3.91 -2.94 -7.74 6.24 1.79 -3.17 -9.37 -13 3.79 3.38 0.54
Net Nonoperating Expense (NNE)		 2.42 1.44 2.54 -20 1.43 1.73 1.17 1.34 0.99 0.41 0.90
Net Nonoperating Obligations (NNO)		 -14 -10 -3.63 -16 -11 -15 -10 -4.85 -23 -25 -19
Total Depreciation and Amortization (D&A)		 0.01 0.01 0.01 0.04 0.01 0.01 0.18 0.45 0.61 0.53 0.55
Debt-free, Cash-free Net Working Capital to Revenue		 -1,780.17% -477.69% -403.70% -358.34% -501.89% -192,798.22% -4,067,133.82% 0.00% 0.00% -2,070.79% -1,520.29%
Debt-free Net Working Capital to Revenue		 -390.73% -104.59% -274.83% 219.73% 95.18% -32,350.82% -1,923,987.14% 0.00% 0.00% 327.92% 45.67%
Net Working Capital to Revenue		 -390.73% -104.59% -274.83% 219.73% 95.18% -32,350.82% -1,943,054.98% 0.00% 0.00% 327.92% 45.67%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($1.08) ($8.28) ($0.84) $1.53 ($0.55) ($0.42) ($0.50) ($0.45) ($0.28) ($0.16) ($0.21)
Adjusted Weighted Average Basic Shares Outstanding		 7.59M 606.28K 8.38M 8.41M 8.53M 8.50M 8.76M 8.87M 12.76M 11.18M 14.52M
Adjusted Diluted Earnings per Share		 ($1.08) ($8.28) ($0.84) $1.52 ($0.55) ($0.42) ($0.50) ($0.45) ($0.28) ($0.16) ($0.21)
Adjusted Weighted Average Diluted Shares Outstanding		 7.59M 606.28K 8.38M 8.48M 8.53M 8.50M 8.76M 8.87M 12.76M 11.18M 14.52M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($8.28) $0.00 $0.00 $0.00 ($0.42) $0.00 $0.00 $0.00 ($0.16) $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 8.21M 8.38M 8.42M 8.55M 8.70M 8.85M 8.85M 13.48M 14.29M 14.56M 14.98M
Normalized Net Operating Profit after Tax (NOPAT)		 -5.88 -3.62 -4.22 -5.15 -3.28 -3.77 -3.21 -2.68 -2.57 -1.03 -2.10
Normalized NOPAT Margin		 -587.75% -200.24% -45,320.70% -22,959.38% -7,860.08% 0.00% 0.00% 0.00% -113,638.53% -100.61% -1,376.95%
Pre Tax Income Margin		 -829.91% -279.75% -72,622.62% 57,539.25% -11,279.42% 0.00% 0.00% 0.00% -157,505.13% -170.74% -1,967.72%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Dare Bioscience (NASDAQ: DARE) remains a highly cash-dependent biotech, and the latest quarter shows both some balance sheet stabilization and ongoing operating losses. In Q1 2026, the company reported just $152,455 in revenue, a net loss of $3.0 million, and negative operating cash flow of $5.5 million. Cash and equivalents ended the quarter at $18.5 million, down from $23.1 million in Q3 2025, but still well above the levels seen earlier in 2025.

Over the last four years, the clearest trend is recurring losses paired with frequent equity dilution and intermittent cash raises. Dare has repeatedly relied on financing activity to support operations, while revenue has remained inconsistent and generally small relative to expenses. The business also shows a sharp mismatch between revenue generation and spending, with SG&A and R&D costs typically far exceeding sales.

Here are the most important takeaways for retail investors:

  • Cash and equivalents improved dramatically year over year from $3.6 million in Q1 2024 to $18.5 million in Q1 2026, giving the company a stronger near-term liquidity position.
  • The company’s balance sheet in Q1 2026 shows positive total equity of $734,451, a meaningful improvement from the deeply negative equity reported in much of 2024 and early 2025.
  • Q4 2025 showed a rare quarter of positive operating cash flow, with $1.4 million from operations, suggesting that working-capital movements can occasionally help cash generation.
  • Revenue has been volatile and very small, ranging from near-zero in some quarters to about $1.0 million in Q4 2025, which makes it hard to build a consistent top-line trend.
  • Deferred revenue remains a large part of current liabilities, indicating the company still has obligations tied to future service or product delivery.
  • The company continues to carry significant accumulated deficits, with retained earnings at negative $191.7 million in Q1 2026.
  • Q1 2026 revenue of $152,455 was far below operating costs, leading to a gross loss of $89,870 and an operating loss of $3.0 million.
  • Operating cash flow turned sharply negative again in Q1 2026 at $(5.5 million), reversing the temporary improvement seen in Q4 2025.
  • Dilution has been a persistent issue: weighted average shares rose materially over time, reflecting repeated common stock issuance to fund operations.
  • The company’s cash balance fell by about $6.2 million in Q1 2026, underscoring ongoing burn and dependence on external financing.

Longer term, the picture is still one of a development-stage biotech trying to fund research while controlling burn. In 2024 and 2025, Dare posted large quarterly losses, often between $3 million and $8 million, with one outlier quarter in Q2 2024 that included substantial interest income. Aside from that outlier, the core business has not yet shown durable profitability or consistent positive operating cash flow.

Bottom line: Dare Bioscience has improved its liquidity and moved back into positive equity, but the company is still far from self-sustaining. Investors should focus on whether it can grow revenue, reduce cash burn, and limit dilution, because those remain the key risks in the stock.

07/19/26 02:18 AM ETAI Generated. May Contain Errors.

Dare Bioscience Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Dare Bioscience's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

In the past 10 years, Dare Bioscience's net income has ranged from -$39.59 million in 2015 to -$672.69 thousand in 2016, and is currently -$13.40 million as of their latest financial filing in 2025. Check out Dare Bioscience's forecast to explore projected trends and price targets.

Dare Bioscience's total operating income in 2025 was -$13.55 million, based on the following breakdown:
  • Total Gross Profit: $734.39 thousand
  • Total Operating Expenses: $14.29 million

Over the last 10 years, Dare Bioscience's total revenue changed from $0.00 in 2015 to $1.03 million in 2025, a change of 103,019,300.0%.

Dare Bioscience's total liabilities were at $29.63 million at the end of 2025, a 5.4% increase from 2024, and a 0.5% increase since 2015.

In the past 10 years, Dare Bioscience's cash and equivalents has ranged from $44.61 thousand in 2016 to $75.91 million in 2015, and is currently $24.71 million as of their latest financial filing in 2025.

Over the last 10 years, Dare Bioscience's book value per share changed from 1.78 in 2015 to 0.20 in 2025, a change of -88.8%.


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Financial statements for NASDAQ:DARE last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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