DARE Dare Bioscience, Inc.

Overview and Growth

In fiscal 2025, Dare Bioscience, Inc. recorded $1.03M of revenue, net loss of $13.40M, and an operating cash outflow of $9.89M. At $1.03M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. On a per-share basis, diluted EPS was -$1.20, which connects the reported earnings outcome with the company’s diluted share count. A diluted share base of 11.18M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. The diluted share count was 31.6% higher than fiscal 2024, when diluted shares averaged 8.50M, adding context to the EPS comparison. The company employed $32.47M of total assets, the balance-sheet base supporting its current operating and cash-flow results. Asset turnover was 0.03x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

After reported cost of revenue, the company retained $734.39K as gross profit before recognizing operating expenses and other items. Gross margin was 71.3%, so that share of each revenue unit remained after the cost of revenue reported for the period. The company recorded an operating loss of $13.55M after the reported operating expense base. The company ended the period with a net loss of $13.40M, extending the operating result through all remaining items. Negative EBITDA totaled $11.92M, confirming that the earnings deficit remained before depreciation and amortization. Before income taxes, the company recorded a loss of $13.54M, bridging the operating result to the final net loss. The company recognized $0.00 of income tax for the period, completing the transition from pretax income to net income. The net loss equaled 471.4% of period-end equity, showing the deficit relative to book capital. The net loss equaled 41.3% of period-end assets, showing the deficit relative to the asset base. Compared with a $4.05M net loss in fiscal 2024, the current loss increased to $13.40M.

Liquidity and Capital Structure

At period end, the $32.47M asset base was financed through $29.63M of liabilities and $2.84M of equity. At period end, current assets of $27.06M compared with current liabilities of $23.69M, defining the company’s short-term resource position. At 1.14x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Reported cash and equivalents were $24.71M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 104.3% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The equity-to-assets relationship was 8.8%, placing book capital against the total resource base. Relative to total assets, liabilities measured 91.2%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 76.1%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $22.10M in fiscal 2024, the current asset base moved 46.9% and finished higher. Cash and equivalents were 57.4% higher than fiscal 2024 cash of $15.70M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities used $9.89M of cash, resulting in an operating cash outflow for the year. Capital spending of $385.28K added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Negative free cash flow was $10.27M, leaving a cash deficit after capital spending and reducing financial flexibility. Relative to revenue, the post-investment cash deficit represented 997.0%. Relative to total assets, the post-investment cash deficit measured 31.6%. Operating cash flow moved from a $5.47M inflow in fiscal 2024 to a $9.89M outflow.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.