DARE (Dare Bioscience Inc.) stock: $0.64, $12.6M market cap, $12.6M cash, $0.0M EV, $12.4M fully diluted market cap. Data from Fully Diluted's biotech stocks database.
What they do
Our Pipeline: Clinical Stage and Pre-Clinical Stage Programs Our product candidates are in various stages of development, from pre-clinical through a pivotal Phase 3 clinical study, and will require review and approval from the FDA, or a comparable foreign regulatory authority, prior to being marketed and sold.
Source: 10-K FY2025 via SEC EDGAR
Balance sheet
| Cash | $12.6M |
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| Debt | $0.0M |
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| Net cash | $12.6M |
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| Enterprise value | $0.0M |
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| Basic shares | 15.2M shares |
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| Fully diluted shares | 19.3M shares |
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| Fully diluted market cap | $12.4M |
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| Cash per share | $0.83 |
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| Quarterly burn | $6.8M |
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| Cash runway | 1.9 quarters |
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Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.
Share structure
Cap table as of 2026-06-30.
Price history
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Pipeline assets
XACIATO
Approved · Active Modality: Vaginal gel (hydrogel drug-delivery platform TRI-726)
Aliases clindamycin phosphate vaginal gel 2%
Partnerships Organon: exclusive worldwide license (up to $180.0M milestones + tiered double-digit royalties; royalty stream sold to XOMA until specified return, then shared equally; upside-sharing milestone payments from XOMA)
Indications- Bacterial vaginosis (Approved)
Status note First FDA-approved product from the portfolio; Organon launched in US (Jan 2024). Company sold XACIATO royalty/milestone rights to XOMA (Apr 2024).
Ovaprene
Phase 3 · Active Modality: Non-hormonal intravaginal contraceptive ring
Partnerships Foundation: $10.7M grant (Nov 2024, through Jun 2027) supporting expansion of Phase 3 sites + development of novel non-hormonal contraceptive for LMIC settings; ADVA-Tec (exclusive Ovaprene rights; up to $14.6M dev/reg + $20M commercial milestones, 1-10% royalties)
Indications- Contraception (non-hormonal, incl. LMIC settings) (Phase 3)
Status note Ongoing Phase 3 clinical trial (site expansion grant-funded). Bayer's Ovaprene license agreement terminated Dec 2, 2025 (Bayer initiated).
Casea S
Phase 1 · Active Modality: Biodegradable contraceptive implant
Partnerships Theramex: co-development and licensing agreement (Feb 2025); royalty-free exclusive fully-paid US patent license; Company funds Phase 2 if Phase 1 positive; Phase 3 costs shared
Indications- Contraception (biodegradable implant) (Phase 1)
Status note First-in-category biodegradable contraceptive implant acquired by Theramex; ongoing grant-funded Phase 1 study.
DARE-HPV (lopinavir/ritonavir combination)
Stage not disclosed · Active Modality: Soft gel vaginal insert
Partnerships Douglas Pharmaceuticals Limited: exclusive US development/commercialization license (Aug 2023); University of Manchester: direct license fallback. VentureWell/ARPA-H: up to $10.0M subaward.
Indications- Cervical intraepithelial neoplasia and other HPV-related pathologies (Stage not disclosed)
Status note Lopinavir and ritonavir combination soft gel vaginal insert (exclusive license from Douglas Pharmaceuticals, Aug 2023). ARPA-H subaward (Oct 2024) provides up to $10.0M in milestone-based payments over ~24 months toward commencement of a Phase 2 study in high-risk HPV clearance; NIAID grants support non-clinical activities.
DARE-GML (glycerol monolaurate)
Stage not disclosed · Active Modality: Intravaginal drug delivery
Partnerships Hennepin Life Sciences: exclusive global rights (up to $6.25M dev/reg + $45.0M commercial milestones, tiered royalties)
Indications- Bacterial, fungal and viral vaginal infections (Stage not disclosed)
Status note Novel antimicrobial glycerol monolaurate delivered intravaginally; stage not stated in the 10-Q excerpts.
DARE-LARC1
Preclinical · Active Modality: Drug-delivery platform (DARE-IDDS intelligent drug delivery system)
Partnerships Foundation: up to $49.0M grant (through Dec 2027) for technology development/preclinical through IND-enabling
Indications- Contraception (long-acting reversible) (Preclinical)
Status note Long-acting reversible contraception a woman can turn on/off; grant funds preclinical/IND-enabling work toward IND submission.
DARE-VVA1
Stage not disclosed · Active Modality: Vaginal formulation
Aliases tamoxifen vaginal formulation
Target Estrogen receptor
Partnerships Pear Tree acquisition: former stockholders eligible for up to $15.5M dev/reg + $47.0M commercial milestones + tiered royalties
Indications- Vulvar/vaginal atrophy (Stage not disclosed)
Status note Proprietary vaginal tamoxifen formulation; stage not stated in the 10-Q excerpts.
DARE-HRT1
Stage not disclosed · Active Modality: Intravaginal formulation
Partnerships Catalent JNP: exclusive license (up to $13.5M dev/reg + $30.3M commercial milestones per product, mid single-digit to low double-digit royalties)
Indications- Menopausal symptoms (hormone therapy) (Stage not disclosed)
Status note Commenced via Catalent JNP license; stage not stated in the 10-Q excerpts.
DARE-FRT1
Stage not disclosed · Active Modality: Intravaginal formulation
Partnerships Catalent JNP: exclusive license (up to $13.5M dev/reg + $30.3M commercial milestones per product, mid single-digit to low double-digit royalties)
Indications- Fertility (Stage not disclosed)
Status note Commenced via Catalent JNP license; stage not stated in the 10-Q excerpts.
DARE-PTB1
Stage not disclosed · Active Modality: Intravaginal formulation
Partnerships Catalent JNP: exclusive license; NICHD: ~$2.0M grant supporting the 'Phase II' project segment through Nov 2026
Indications- Preterm birth (Stage not disclosed)
Status note NICHD grant supports development (referred to as the 'Phase II' segment of the grant project); clinical stage not stated in the 10-Q excerpts.
DARE-204
Stage not disclosed · Active Modality: Injectable formulation
Partnerships Adare Pharmaceuticals USA: exclusive development and option agreement (Mar 2018) for 6- and 12-month injectable etonogestrel formulations; option to negotiate a license not yet exercised
Indications- Contraception (6-month protection) (Stage not disclosed)
Status note Injectable etonogestrel formulation for contraceptive protection over a 6-month period; option to license not yet exercised.
DARE-214
Stage not disclosed · Active Modality: Injectable formulation
Partnerships Adare Pharmaceuticals USA: exclusive development and option agreement (Mar 2018) for 6- and 12-month injectable etonogestrel formulations; option to negotiate a license not yet exercised
Indications- Contraception (12-month protection) (Stage not disclosed)
Status note Injectable etonogestrel formulation for contraceptive protection over a 12-month period; option to license not yet exercised.
Sildenafil cream (topical)
Stage not disclosed · Active Modality: Topical cream
Aliases Sildenafil Cream 3.6%
Target PDE5
Partnerships SST (Strategic Science & Technologies): exclusive royalty-bearing global license (up to $18.0M dev/reg + $100.0M commercial milestones, single-digit to mid double-digit royalties); XOMA synthetic royalty of 2.0% of future net sales (1.25% if return threshold met)
Indications- Female sexual arousal/interest-arousal disorder (Stage not disclosed)
Status note Topical sildenafil formulation; $1.0M paid to SST Feb 2025. Phase not stated in the 10-Q excerpts.
Per-asset detail extracted from the 10-Q filed 2026-08-13. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.
Specialist fund holders
Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.
None of the tracked specialist funds reported a position in the latest 13F snapshot.