{"url_path":"/sec/dare/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-14","source_url":"https://www.sec.gov/Archives/edgar/data/1401914/0001401914-26-000026-index.html","accession_number":"0001401914-26-000026","cik":"0001401914","ticker":"DARE","issuer_name":"Dare Bioscience, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1401914/0001401914-26-000026-index.html","primary_entity_key":"0001401914","primary_entity_name":"Dare Bioscience, Inc."},"word_count":1920,"has_tables":true,"body_markdown":"dare-20260331\nFALSE2026Q10001401914--12-31P2Yxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesdare:segmentxbrli:puredare:pricedare:dayutr:sqftdare:payment00014019142026-01-012026-03-3100014019142026-05-1300014019142026-03-3100014019142025-12-310001401914us-gaap:SeriesAPreferredStockMember2026-03-310001401914us-gaap:SeriesAPreferredStockMember2025-12-3100014019142025-01-012025-03-310001401914dare:SeriesANonVotingConvertiblePreferredStockMember2025-12-310001401914us-gaap:CommonStockMember2025-12-310001401914us-gaap:AdditionalPaidInCapitalMember2025-12-310001401914us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001401914us-gaap:RetainedEarningsMember2025-12-310001401914us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001401914dare:SeriesANonVotingConvertiblePreferredStockMember2026-01-012026-03-310001401914us-gaap:CommonStockMember2026-01-012026-03-310001401914us-gaap:RetainedEarningsMember2026-01-012026-03-310001401914us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-310001401914dare:SeriesANonVotingConvertiblePreferredStockMember2026-03-310001401914us-gaap:CommonStockMember2026-03-310001401914us-gaap:AdditionalPaidInCapitalMember2026-03-310001401914us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310001401914us-gaap:RetainedEarningsMember2026-03-310001401914dare:SeriesANonVotingConvertiblePreferredStockMember2024-12-310001401914us-gaap:CommonStockMember2024-12-310001401914us-gaap:AdditionalPaidInCapitalMember2024-12-310001401914us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001401914us-gaap:RetainedEarningsMember2024-12-3100014019142024-12-310001401914us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001401914us-gaap:CommonStockMember2025-01-012025-03-310001401914us-gaap:RetainedEarningsMember2025-01-012025-03-310001401914us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001401914dare:SeriesANonVotingConvertiblePreferredStockMember2025-03-310001401914us-gaap:CommonStockMember2025-03-310001401914us-gaap:AdditionalPaidInCapitalMember2025-03-310001401914us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001401914us-gaap:RetainedEarningsMember2025-03-3100014019142025-03-310001401914srt:MinimumMember2026-03-310001401914srt:MaximumMember2026-03-310001401914dare:PreeclampsiaAgreementMember2026-01-012026-03-310001401914dare:ContraceptiveLandscapeReviewAgreementMember2026-01-012026-03-310001401914dare:ResearchAndDevelopmentServicesMember2026-01-012026-03-310001401914srt:MinimumMember2026-01-012026-03-310001401914srt:MaximumMember2026-01-012026-03-310001401914dare:OtherReceivablesCurrentMember2026-03-310001401914us-gaap:OtherNoncurrentAssetsMember2026-03-310001401914us-gaap:FairValueInputsLevel1Member2026-03-310001401914us-gaap:FairValueInputsLevel2Member2026-03-310001401914us-gaap:FairValueInputsLevel3Member2026-03-310001401914us-gaap:FairValueInputsLevel1Member2025-12-310001401914us-gaap:FairValueInputsLevel2Member2025-12-310001401914us-gaap:FairValueInputsLevel3Member2025-12-310001401914dare:OrganonMember2026-01-012026-03-310001401914dare:OrganonMember2026-03-310001401914dare:OrganonMember2022-01-012022-12-310001401914dare:OrganonMember2023-01-012023-12-310001401914dare:RoyaltyRevenueMemberus-gaap:CollaborativeArrangementMemberdare:BayerHealthcareLLCMember2026-01-012026-03-310001401914dare:DouglasLicenseAgreementMemberdare:UponAchievingCertainDevelopmentMilestonesMember2023-08-310001401914dare:DouglasLicenseAgreementMemberdare:UponAchievingCertainCommercialMilestonesMember2023-08-310001401914dare:HennepinLicenseAgreementMemberdare:ClinicalAndRegulatoryMilestonesMember2022-08-012022-08-310001401914dare:HennepinLicenseAgreementMemberdare:SalesMilestonesMember2022-08-012022-08-310001401914dare:UponAchievementOfSpecifiedDevelopmentAndRegulatoryMilestonesMemberdare:MicrochipsBiotechInc.Member2019-11-012019-11-300001401914dare:UponAchievementOfSpecifiedDevelopmentAndRegulatoryMilestonesMemberdare:MicrochipsBiotechInc.Member2019-11-300001401914dare:MicrochipsBiotechInc.Member2021-01-012021-12-310001401914dare:FormerStockholdersOfMBIMemberdare:MicrochipsBiotechInc.Member2021-01-012021-12-310001401914dare:MicrochipsBiotechInc.Member2026-01-012026-03-310001401914us-gaap:LicensingAgreementsMemberus-gaap:RelatedPartyMembersrt:MaximumMemberdare:UponAchievingCertainDevelopmentMilestonesMember2021-01-012021-12-310001401914us-gaap:LicensingAgreementsMemberus-gaap:RelatedPartyMembersrt:MaximumMemberdare:UponAchievingCertainDevelopmentMilestonesMember2023-10-012023-12-310001401914us-gaap:LicensingAgreementsMemberus-gaap:RelatedPartyMemberdare:LicensedProductOrProcessForVaginalOrUrologicalUseMember2026-01-012026-03-310001401914dare:UponAchievementOfSpecifiedDevelopmentAndRegulatoryMilestonesMemberus-gaap:RelatedPartyMember2026-01-012026-03-310001401914us-gaap:LicensingAgreementsMemberus-gaap:RelatedPartyMember2026-01-012026-03-310001401914dare:AssignmentAgreementMemberus-gaap:RelatedPartyMemberdare:UponAchievingCertainClinicalAndRegulatoryDevelopmentMilestonesMember2026-01-012026-03-310001401914us-gaap:LicensingAgreementsMemberus-gaap:RelatedPartyMemberdare:UponAchievingCertainCommercialMilestonesMember2026-01-012026-03-310001401914dare:MergerAgreementMember2018-05-012018-05-310001401914dare:PearTreePharmaceuticalsIncMemberdare:SalesMilestonesMember2018-05-012018-05-310001401914dare:JuniperPharmaceuticalsInc.Member2018-04-012018-04-300001401914dare:JuniperPharmaceuticalsInc.Memberdare:ClinicalAndRegulatoryMilestonesMember2018-04-012018-04-300001401914dare:CatalentAndMilanaPharmMemberus-gaap:LicensingAgreementsMember2026-01-012026-03-310001401914dare:JuniperPharmaceuticalsInc.Memberdare:SalesMilestonesMember2018-04-012018-04-300001401914dare:LicenseAndCollaborationAgreementMember2018-02-012018-02-280001401914dare:LicenseAndCollaborationAgreementMemberdare:UponAchievingCertainCommercialMilestonesMember2018-02-012018-02-280001401914dare:LicenseAndCollaborationAgreementMemberdare:UponAchievingCertainCommercialMilestonesMember2026-01-012026-03-310001401914dare:ADVATecAgreementMemberdare:UponAchievementOfSpecifiedDevelopmentAndRegulatoryMilestonesMember2017-03-012017-03-310001401914us-gaap:LicensingAgreementsMemberdare:ADVATecAgreementMemberdare:UponReachingCertainWorldwideNetSalesMilestonesMember2017-03-012017-03-310001401914dare:UponAchievementOfSpecifiedDevelopmentAndRegulatoryMilestonesMemberus-gaap:LicensingAgreementsMemberus-gaap:RelatedPartyMemberdare:UponAchievingCertainCommercialMilestonesMember2017-03-012017-03-310001401914srt:MinimumMemberdare:ADVATecAgreementMember2017-03-012017-03-310001401914srt:MaximumMemberdare:ADVATecAgreementMember2017-03-012017-03-310001401914dare:LincolnParkCapitalFundLLCMembersrt:MaximumMemberdare:PurchaseAndRegistrationRightsAgreementMemberus-gaap:CommonStockMember2024-10-210001401914dare:LincolnParkCapitalFundLLCMemberdare:PurchaseAndRegistrationRightsAgreementMember2024-10-212024-10-210001401914dare:LincolnParkCapitalFundLLCMemberdare:PurchaseAndRegistrationRightsAgreementMemberus-gaap:CommonStockMember2024-10-210001401914dare:LincolnParkCapitalFundLLCMemberdare:PurchaseAndRegistrationRightsAgreementMember2024-10-210001401914dare:LincolnParkCapitalFundLLCMembersrt:MinimumMemberdare:PurchaseAndRegistrationRightsAgreementMember2024-10-210001401914dare:LincolnParkCapitalFundLLCMembersrt:MaximumMemberdare:PurchaseAndRegistrationRightsAgreementMember2024-10-210001401914dare:LincolnParkCapitalFundLLCMemberdare:PurchaseAndRegistrationRightsAgreementMemberus-gaap:CommonStockMember2024-10-212024-10-210001401914dare:LincolnParkCapitalFundLLCMemberdare:PurchaseAndRegistrationRightsAgreementMemberus-gaap:CommonStockMember2023-12-012023-12-310001401914dare:PurchaseAndRegistrationRightsAgreementMember2026-01-012026-03-310001401914dare:PurchaseAndRegistrationRightsAgreementMember2025-01-012025-03-310001401914dare:March2023AtTheMarketSalesAgreementMember2023-03-012023-03-310001401914us-gaap:WarrantMember2026-03-310001401914us-gaap:WarrantMember2026-03-310001401914dare:December2023WarrantsMember2026-03-310001401914dare:December2023WarrantsMember2025-12-310001401914dare:September2023WarrantsMember2026-03-310001401914dare:September2023WarrantsMember2025-12-310001401914dare:October2016WarrantsMember2026-03-310001401914dare:October2016WarrantsMember2025-12-310001401914dare:RegulationAOfferingInvestorWarrantsMember2026-03-310001401914dare:RegulationAOfferingInvestorWarrantsMember2025-12-310001401914us-gaap:WarrantMember2025-12-310001401914us-gaap:SeriesAPreferredStockMember2026-01-230001401914us-gaap:SeriesAPreferredStockMember2026-01-232026-01-230001401914srt:MinimumMemberus-gaap:SeriesAPreferredStockMember2026-01-232026-01-230001401914dare:RegulationAOfferingMember2026-01-272026-01-270001401914us-gaap:SeriesAPreferredStockMemberdare:RegulationAOfferingMember2026-01-270001401914dare:InvestorWarrantsMemberdare:RegulationAOfferingMember2026-01-270001401914dare:RegulationAOfferingMember2026-01-260001401914dare:RegulationAOfferingMember2026-01-270001401914dare:DigitalOfferingLLCMemberdare:RegulationAOfferingMember2026-01-050001401914dare:DigitalOfferingLLCMemberdare:RegulationAOfferingMember2026-01-052026-01-050001401914dare:DigitalOfferingLLCMembersrt:MaximumMemberdare:RegulationAOfferingMember2026-01-050001401914dare:InvestorWarrantsMemberdare:RegulationAOfferingMember2026-01-050001401914dare:InvestorWarrantsMembersrt:MinimumMemberdare:RegulationAOfferingMember2026-01-052026-01-050001401914dare:InvestorWarrantsMembersrt:MaximumMemberdare:RegulationAOfferingMember2026-01-052026-01-050001401914dare:AgentUnitWarrantsMemberdare:RegulationAOfferingMember2026-01-050001401914us-gaap:SeriesAPreferredStockMemberdare:RegulationAOfferingMember2026-01-050001401914dare:AgentCommonWarrantMemberdare:RegulationAOfferingMember2026-01-050001401914dare:RegulationAOfferingMember2026-01-012026-03-310001401914dare:RegulationAOfferingMember2026-03-310001401914us-gaap:SeriesAPreferredStockMemberdare:RegulationAOfferingMember2026-01-012026-03-310001401914dare:AgentUnitWarrantsMemberdare:RegulationAOfferingMember2026-01-012026-03-310001401914dare:WarrantsMember2025-12-310001401914dare:WarrantsMember2025-01-012025-12-310001401914dare:WarrantsMember2026-01-012026-03-310001401914dare:WarrantsMember2026-03-310001401914dare:TwoThousandAndFourteenEmployeeStockPurchasePlanMember2025-01-012025-03-310001401914dare:TwoThousandAndFourteenEmployeeStockPurchasePlanMember2026-01-012026-03-310001401914dare:TwoThousandTwentyTwoStockIncentivePlanMember2025-04-300001401914dare:AmendedAndRestatedTwoThousandFourteenStockIncentivePlanMemberus-gaap:EmployeeStockOptionMember2026-03-310001401914dare:TwoThousandTwentyTwoStockIncentivePlanMemberus-gaap:EmployeeStockOptionMember2026-03-310001401914dare:UnderlyingAwardsGrantedTwoThousandTwentyTwoStockIncentivePlanMemberus-gaap:EmployeeStockOptionMember2026-03-310001401914dare:UnderlyingAwardsGrantedUnderTheAmendedTwoThousandFourteenPlanMemberus-gaap:EmployeeStockOptionMember2026-03-310001401914dare:AmendedAndRestatedTwoThousandFourteenStockIncentivePlanMemberdare:TwoThousandTwentyTwoStockIncentivePlanMember2022-06-232022-06-230001401914dare:AmendedAndRestatedTwoThousandFourteenStockIncentivePlanMemberus-gaap:EmployeeStockOptionMember2025-12-310001401914dare:AmendedAndRestatedTwoThousandFourteenStockIncentivePlanMemberus-gaap:EmployeeStockOptionMember2026-01-012026-03-310001401914dare:AmendedAndRestatedTwoThousandFourteenStockIncentivePlanMemberus-gaap:EmployeeStockOptionMember2025-01-012025-03-310001401914us-gaap:ResearchAndDevelopmentExpenseMember2026-01-012026-03-310001401914us-gaap:ResearchAndDevelopmentExpenseMember2025-01-012025-03-310001401914us-gaap:GeneralAndAdministrativeExpenseMember2026-01-012026-03-310001401914us-gaap:GeneralAndAdministrativeExpenseMember2025-01-012025-03-310001401914us-gaap:LicenseMember2024-07-242024-07-240001401914us-gaap:LicenseMember2024-07-240001401914dare:CleanRoomSpaceMember2024-07-240001401914dare:CleanRoomSpaceMember2024-07-242024-07-240001401914dare:CleanRoomSpaceMembersrt:MaximumMember2025-12-310001401914dare:CleanRoomSpaceMember2026-01-012026-03-3100014019142018-07-010001401914dare:MBIMember2024-03-012024-03-310001401914dare:MBIMember2023-11-010001401914dare:MBIMember2025-12-182025-12-310001401914dare:UnitedInEndeavorLLCMember2023-12-012023-12-310001401914dare:UnitedInEndeavorLLCMember2023-12-310001401914dare:UnitedInEndeavorLLCMembersrt:MinimumMember2023-12-310001401914dare:UnitedInEndeavorLLCMembersrt:MaximumMember2023-12-310001401914dare:UnitedInEndeavorLLCMember2023-12-312023-12-310001401914dare:UnitedInEndeavorLLCMember2026-03-310001401914dare:UnitedInEndeavorLLCMemberus-gaap:WarrantMember2023-12-310001401914us-gaap:WarrantMemberdare:UnitedInEndeavorLLCMembersrt:MaximumMember2023-12-012023-12-310001401914us-gaap:WarrantMemberdare:UnitedInEndeavorLLCMembersrt:MaximumMember2023-12-310001401914us-gaap:WarrantMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberdare:UnitedInEndeavorLLCMember2023-12-310001401914us-gaap:RoyaltyMember2026-01-012026-03-310001401914us-gaap:RoyaltyMember2026-03-310001401914dare:XOMAUSLLCMemberdare:RoyaltyPurchaseAgreementMember2024-04-012024-04-300001401914dare:XOMAUSLLCMemberdare:RoyaltyPurchaseAgreementMember2024-04-300001401914dare:XACIATOMemberdare:RoyaltyPurchaseAgreementMemberdare:XOMAUSLLCMember2024-04-300001401914dare:BayerHealthcareLLCMemberdare:RoyaltyPurchaseAgreementMember2024-04-300001401914dare:BayerHealthcareLLCMemberdare:RoyaltyPurchaseAgreementMember2024-04-012024-04-300001401914dare:OvapreneMemberdare:RoyaltyPurchaseAgreementMemberdare:XOMAUSLLCMember2024-04-300001401914dare:SildenafilCream2.0Memberdare:RoyaltyPurchaseAgreementMemberdare:XOMAUSLLCMember2024-04-300001401914dare:SildenafilCream3.6Memberdare:RoyaltyPurchaseAgreementMemberdare:XOMAUSLLCMember2024-04-300001401914dare:SildenafilCream3.6Memberdare:RoyaltyPurchaseAgreementMemberdare:XOMAUSLLCMembersrt:MaximumMember2024-04-012024-04-300001401914dare:SildenafilCream3.6Memberdare:RoyaltyPurchaseAgreementMemberdare:XOMAUSLLCMembersrt:MinimumMember2024-04-012024-04-300001401914dare:SyntheticMemberdare:RoyaltyPurchaseAgreementMember2024-04-012024-06-300001401914dare:XACIATOMemberdare:RoyaltyPurchaseAgreementMember2024-04-012024-06-300001401914dare:NationalCollegiateInventorsAndInnovatorsAllianceInc.DbaVentureWellMemberdare:FederalSubawardMember2024-10-012024-10-310001401914dare:NationalCollegiateInventorsAndInnovatorsAllianceInc.DbaVentureWellMemberdare:FederalSubawardMember2026-01-012026-03-310001401914dare:NationalCollegiateInventorsAndInnovatorsAllianceInc.DbaVentureWellMemberdare:FederalSubawardMember2025-01-012025-03-310001401914dare:NationalCollegiateInventorsAndInnovatorsAllianceInc.DbaVentureWellMemberdare:FederalSubawardMember2026-03-310001401914dare:NationalCollegiateInventorsAndInnovatorsAllianceInc.DbaVentureWellMemberdare:FederalSubawardMember2025-12-310001401914dare:DAREHPVMember2024-12-012024-12-310001401914dare:DAREHPVMember2026-01-012026-03-310001401914dare:DAREHPVMember2025-01-012025-03-310001401914dare:DAREHPVMember2026-03-310001401914dare:DAREHPVMember2025-12-310001401914dare:GrantDAREPTB1Memberdare:PhaseIISegmentMember2023-12-012023-12-310001401914dare:GrantDAREPTB1Memberdare:PhaseIISegmentMember2026-01-012026-03-310001401914dare:GrantDAREPTB1Memberdare:PhaseIISegmentMember2025-01-012025-03-310001401914srt:MinimumMember2024-01-310001401914srt:MaximumMember2024-01-310001401914dare:FoundationMemberdare:ContraceptiveProductGrantAgreementMember2024-11-300001401914dare:FoundationMemberdare:ContraceptiveProductGrantAgreementMember2024-11-012024-11-300001401914dare:FoundationMemberdare:ContraceptiveProductGrantAgreementMember2025-11-012025-11-300001401914dare:ContraceptiveProductGrantAgreementMember2026-01-012026-03-310001401914dare:ContraceptiveProductGrantAgreementMember2025-01-012025-03-310001401914dare:ContraceptiveProductGrantAgreementMember2026-03-310001401914dare:ContraceptiveProductGrantAgreementMember2025-12-310001401914dare:DARELARC1Member2021-06-300001401914dare:DARELARC1Member2026-01-012026-03-310001401914dare:DARELARC1Member2025-01-012025-03-310001401914dare:DARELARC1Member2026-03-310001401914dare:DARELARC1Member2025-12-310001401914dare:StockOptionsMember2026-01-012026-03-310001401914dare:StockOptionsMember2025-01-012025-03-310001401914us-gaap:CommonStockMember2026-01-012026-03-310001401914us-gaap:CommonStockMember2025-01-012025-03-310001401914us-gaap:PreferredStockMember2026-01-012026-03-310001401914us-gaap:PreferredStockMember2025-01-012025-03-310001401914dare:SellingAgentUnitWarrantsMember2026-01-012026-03-310001401914dare:SellingAgentUnitWarrantsMember2025-01-012025-03-310001401914us-gaap:RoyaltyMemberdare:ReportableSegmentMember2026-01-012026-03-310001401914us-gaap:RoyaltyMemberdare:ReportableSegmentMember2025-01-012025-03-310001401914dare:ReportableSegmentMember2026-01-012026-03-310001401914dare:ReportableSegmentMember2025-01-012025-03-310001401914dare:OvapreneMemberdare:ReportableSegmentMember2026-01-012026-03-310001401914dare:OvapreneMemberdare:ReportableSegmentMember2025-01-012025-03-310001401914dare:SildenafilCream3.6Memberdare:ReportableSegmentMember2026-01-012026-03-310001401914dare:SildenafilCream3.6Memberdare:ReportableSegmentMember2025-01-012025-03-310001401914dare:OtherAdvancedClinicalStageProgramsMemberdare:ReportableSegmentMember2026-01-012026-03-310001401914dare:OtherAdvancedClinicalStageProgramsMemberdare:ReportableSegmentMember2025-01-012025-03-310001401914dare:Phase1AndPhase1ReadyClinicalStageProgramsMemberdare:ReportableSegmentMember2026-01-012026-03-310001401914dare:Phase1AndPhase1ReadyClinicalStageProgramsMemberdare:ReportableSegmentMember2025-01-012025-03-310001401914dare:PreclinicalStageProgramsMemberdare:ReportableSegmentMember2026-01-012026-03-310001401914dare:PreclinicalStageProgramsMemberdare:ReportableSegmentMember2025-01-012025-03-310001401914dare:PersonnelRelatedIncludingStockBasedCompensationMemberdare:ReportableSegmentMember2026-01-012026-03-310001401914dare:PersonnelRelatedIncludingStockBasedCompensationMemberdare:ReportableSegmentMember2025-01-012025-03-310001401914dare:OtherIndirectCostsMemberdare:ReportableSegmentMember2026-01-012026-03-310001401914dare:OtherIndirectCostsMemberdare:ReportableSegmentMember2025-01-012025-03-310001401914dare:RegulationAOfferingMemberus-gaap:SubsequentEventMember2026-04-012026-05-140001401914dare:RegulationAOfferingMemberus-gaap:SubsequentEventMember2026-05-140001401914dare:AgentUnitWarrantsMemberdare:RegulationAOfferingMemberus-gaap:SubsequentEventMember2026-04-012026-05-140001401914us-gaap:SeriesAPreferredStockMember2026-01-012026-03-310001401914us-gaap:SubsequentEventMember2026-04-010001401914us-gaap:SeriesAPreferredStockMemberus-gaap:SubsequentEventMember2026-05-130001401914dare:DAREHPVMemberdare:NationalCollegiateInventorsAndInnovatorsAllianceInc.DbaVentureWellMemberus-gaap:SubsequentEventMember2026-05-082026-05-08\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, DC 20549\n\nFORM 10-Q\n\n(Mark One)\n\nxQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from                      to                     \n\nCommission File Number: 001-36395\n\nDARÉ BIOSCIENCE, INC.\n\n(Exact Name of Registrant as Specified in its Charter)\n\nDelaware\n\n(State or Other Jurisdiction\n\nof Incorporation)\n\n20-4139823\n\n(IRS Employer\n\nIdentification No.)\n\n3655 Nobel Drive, Suite 260\n\nSan Diego, CA\n\n(Address of Principal Executive Offices)\n\n(858) 926-7655\n\n(Registrant’s telephone number, including area code)\n\n92122\n\n(Zip Code)\n\n(Former name, former address and former fiscal year, if changed since last report)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nCommon StockDARE\nNasdaq Capital Market\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge Accelerated Filer o Accelerated filero\n\nNon-accelerated filer x Smaller reporting companyx\n\nEmerging growth company \n o   \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act.    o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ☐    No  x\n\nAs of May 13, 2026, 14,979,502 shares of the Registrant’s Common Stock, par value $0.0001, were issued and outstanding.\n\n1\n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q, in particular “Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations,” of Part I. Financial Information, and the information incorporated by reference herein contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this report, including statements regarding our strategy, future operations, future financial position, projected revenue, funding and expenses, prospects, plans and objectives of management, are forward-looking statements. Forward-looking statements, in some cases, can be identified by terms such as \"aim,\" \"goal,\" \"prepare,\" “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “design,” “intend,” “expect,” “could,” \"can,\" “plan,” “potential,” “predict,” “seek,” \"pursue,\" “should,” “would,” \"contemplate,\" “accelerate,” \"project,” “target,” “tend to,” or the negative version of these words and similar expressions.\n\nForward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including those factors described in Part II, Item 1A, \"Risk Factors\", in this report, and elsewhere in this report. Given these uncertainties, you should not place undue reliance on any forward-looking statement. The following factors are among those that may cause such differences:\n\n•Inability to raise additional capital, under favorable terms or at all, to fund our operating needs and continue as a going concern;\n\n•Failure to maintain the listing of our common stock on the Nasdaq Capital Market or another nationally recognized exchange;\n\n•Inability to generate significant revenue from sales of DARE to PLAY and other potential compounded drugs under Section 503B of the Federal Food, Drug, and Cosmetic Act, or FDCA;\n\n•Inability to maintain and enter into arrangements with outsourcing facilities on commercially reasonable terms required to compound and distribute the compounded drugs that we seek to make available under Section 503B of the FDCA;\n\n•The removal of sildenafil citrate or any other bulk drug substance needed to compound the compounded drugs that we seek to make available under Section 503B of the FDCA from the FDA’s list of bulk drug substances that can be compounded under Section 503B of the FDCA;\n\n•The performance of third parties on which we will rely to bring to market, or assist us in bringing to market, compounded drugs;\n\n•A change in regulatory requirements related to compounded drugs under Section 503B of the FDCA;\n\n•Difficulties or delays in commencement or completion, or the termination or suspension, of our current or planned clinical or preclinical studies;\n\n•Clinical trial outcomes and results of preclinical development;\n\n•Failure to complete development of our product candidates or submit and obtain United States Food and Drug Administration, or FDA, or foreign regulatory authority approval for our product candidates on projected timelines or budgets, or at all;\n\n•Challenges and delays in obtaining timely supplies of our product candidates, including their components as well as the finished product, in the quantities needed in accordance with current good manufacturing practices, our specifications and other applicable requirements;\n\n•The performance of third parties on which we rely to conduct nonclinical studies and clinical trials of our product candidates;\n\n•Our failure, or a failure of a strategic collaborator, to successfully commercialize our product candidates, if approved, or our failure to otherwise monetize our portfolio programs and assets;\n\n•The number and scope of product development programs we pursue;\n\n•Termination by Organon of our out-license agreement for commercialization of XACIATO® (clindamycin phosphate) vaginal gel 2%, or XACIATO;\n\n•The timing and amount of future upside-sharing milestone payments from XOMA under our traditional and synthetic royalty purchase agreements, if any;\n\n•The performance of third parties on which we rely to commercialize, or assist us in commercializing, XACIATO and any future product;\n\n•Difficulties with maintaining existing collaborations relating to the development and/or commercialization of our product candidates, or establishing new ones on a timely basis or on acceptable terms, or at all;\n\n•The terms and conditions of any future strategic collaborations relating to our product candidates;\n\n•The degree of market acceptance that XACIATO and any future product achieves;\n\n•Coverage and reimbursement levels for XACIATO and any future product by government health care programs, private health insurance companies and other third-party payors;\n\n•Our loss of, or inability to attract, key personnel;\n\n•A change in the FDA's prior determination that the Center for Devices and Radiological Health would lead the review of a premarket approval application for potential marketing approval of Ovaprene;\n\n•A change in regulatory requirements for our product candidates, including the development pathway pursuant to Section 505(b)(2) of the FDCA, or the FDA's 505(b)(2) pathway;\n\n•Unfavorable differences between preliminary, interim or topline clinical study data reported by us and final study results;\n\n•Communication from the FDA or another regulatory authority, including a complete response letter, that such agency does not accept or agree with our assumptions, estimates, calculations, conclusions or analyses of clinical or nonclinical study data regarding a product candidate, or that such agency interprets or weighs the importance of study data differently than we have in a manner that negatively impacts the candidate's prospects for regulatory approval in a timely manner, or at all;\n\n•Failure to select product candidates that capitalize on the most scientifically, clinically or commercially promising or profitable indications or therapeutic areas within women's health including due to our limited financial resources;\n\n•Loss or impairment of our in-licensed rights to develop and commercialize XACIATO, our product candidates, and DARE to PLAY or potential other Section 503B compounded drugs;\n\n•The timing and amount of our payment and other obligations under our in-license and acquisition agreements for XACIATO, our product candidates, and DARE to PLAY or potential other Section 503B compounded drugs;\n\n•Developments by our competitors that make XACIATO, or any potential product we develop, less competitive or obsolete;\n\n•Unfavorable or unanticipated macroeconomic factors, geopolitical events or conflicts, public health emergencies, or natural disasters;\n\n•Weak interest in women's health relative to other healthcare sectors from the investment community or from pharmaceutical companies and other potential development and commercialization collaborators;\n\n•Cyber-attacks, security breaches or similar events compromising our technology systems and data, our financial resources and other assets, or the technology systems and data of third parties on which we rely;\n\n•Difficulty in introducing branded products in a market made up of generic products;\n\n•Inability to adequately protect or enforce our, or our licensor’s, intellectual property rights;\n\n•Lack of patent protection for the active ingredients in XACIATO and certain of our product candidates that expose them to competition from other formulations using the same active ingredients;\n\n•Higher risk of failure associated with product candidates in preclinical stages of development that may lead investors to assign them little to no value and make these assets difficult to fund;\n\n•Dependence on grants and other financial awards from governmental entities and private foundations to advance the development of several of our product candidates;\n\n•Disputes or other developments concerning our intellectual property rights;\n\n•Actual and anticipated fluctuations in our quarterly or annual operating results or results that differ from investors' expectations for such results;\n\n•Price and volume fluctuations in the stock market, and in our stock in particular, which could cause investors to experience losses and subject us to securities class-action litigation;\n\n•Development of safety, efficacy or quality concerns related to our product or product candidates (or third-party products or product candidates that share similar characteristics or drug substances), whether or not scientifically justified, leading to delays in or discontinuation of product development, product recalls or withdrawals, diminished sales, and/or other significant negative consequences;\n\n•Product liability claims or governmental investigations;\n\n•Changes in government laws and regulations in the United States and other jurisdictions, including laws and regulations governing the research, development, approval, clearance, manufacturing, supply, distribution, pricing and/or marketing of our products, product candidates and related intellectual property, health care information and data privacy and security laws, transparency laws and fraud and abuse laws, and the enforcement thereof affecting our business; and\n\n•Increased costs as a result of operating as a public company, and substantial time devoted by our management to compliance initiatives and corporate governance practices.\n\nIn addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.\n\nAll forward-looking statements in this report are current only as of the date of this report. We do not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any statement is made or to reflect the occurrence of unanticipated events, except as required by law.\n\nTABLE OF CONTENTS\n\nPage\n\n[PART I. FINANCIAL INFORMATION](#i847748e6c30343fa8d5c5f4765b51bcd_13)"}