The EPS beat is a mechanical artifact of share-count dilution and grant contra-R&D accounting, not operational improvement. The key catalyst to watch is DARE to PLAY dispensing and initial revenue in Q3 2026 — if revenue materializes and cash burn stabilizes, the stock could re-rate. Conversely, continued cash depletion without meaningful product revenue increases delisting/bankruptcy risk given the negative equity position.
Price Chart
Executive Summary
Dare Bioscience reported Q2 2026 results with a net loss of -$0.20 per share, beating consensus estimates of -$0.33 by 39.4%. The company launched its first direct-to-consumer product, Flora Sync LF5, in July 2026 and expects DARE to PLAY Sildenafil Cream dispensing and revenue to begin in Q3 2026. However, cash burn continues with cash dropping from $24.7M to $12.6M since year-end, and the company now has negative working capital and stockholders' deficit, raising going-concern risk despite the pipeline progress.
Key Financial Metrics
Key Facts
- Q2 2026 net loss of -$0.20 per share vs consensus -$0.33 (39.4% beat)
- Total revenue of $0.2M for Q2 2026, up from -$0.02M in Q2 2025
- Cash and cash equivalents fell to $12.6M as of June 30, 2026, from $24.7M at Dec 31, 2025
- Working capital deficit of -$0.2M and stockholders' deficit of -$0.6M
- Flora Sync LF5 launched in July 2026 — first directly commercialized product generating revenue
- DARE to PLAY Sildenafil Cream dispensing and initial revenue expected in Q3 2026
- Ovaprene Phase 3 study continues with positive DSMB interim review; enrollment completion expected in 2026
- DARE-HPV Phase 2 study initiated with ARPA-H funding; topline results expected in 2027
- Received $1.0M NIAID funding tranche for DARE-HPV, bringing total to $2.0M
Financial Impact
Cash burn of ~$12.1M in H1 2026; net loss of ~$3.0M in Q2 2026; first product revenue from Flora Sync LF5 began in July 2026 but amounts undisclosed
Risk Factors
- Cash runway limited — $12.6M cash with negative working capital and stockholders' deficit
- Going-concern risk if product revenue from DARE to PLAY and Flora Sync LF5 fails to materialize at scale
- Nasdaq continued listing risk given negative equity and potential minimum bid price non-compliance
- Dependence on 503B compounding pathway for DARE to PLAY — FDA could restrict compounding or outsourcing facility registration
- Ovaprene Phase 3 primary endpoint analysis not expected until 2027 — binary clinical risk
- DARE-HPV Phase 2 topline not expected until 2027 — no near-term pipeline catalyst
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-037737 |
| Document: form8-k.htm | 0001493152-26-037737 |
| Document: 0001493152-26-037737-index-headers.html | 0001493152-26-037737 |
| Document: 0001493152-26-037737-index.html | 0001493152-26-037737 |
| Document: 0001493152-26-037737.txt | 0001493152-26-037737 |
| 8-K Data (Synthetic) | 0001493152-26-037737 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 19d ago | DEF 14A | $0.7900 $0.7720 | ▲ +2.28% | ▲ +1.86% | $0.6524 (+17.42%) |
Oct 1, 2026 25d ago | 8-K | $0.8510 $0.8428 | ▼ −0.96% | ▼ −1.70% | $0.6524 (−23.34%) |
Sep 9, 2026 6w ago | 8-K | $0.7166 $0.7051 | ▼ −1.60% | ▼ −1.01% | $0.6524 (−8.96%) |
Sep 4, 2026 7w ago | EFFECT | $0.7210 $0.7130 | ▲ +1.11% | ▲ +0.56% | $0.6524 (+9.51%) |
Aug 17, 2026 10w ago | 8-K | $0.8102 $0.7682 | ▲ +5.18% | ▲ +4.51% | $0.6524 (+19.48%) |
Aug 17, 2026 10w ago | 424B5 | $0.8102 $0.7682 | ▲ +5.18% | ▲ +4.51% | $0.6524 (+19.48%) |
Aug 13, 2026 10w ago | 8-K | $0.9300 $0.8102 | ▼ −12.88% | ▼ −12.41% | $0.6524 (−29.85%) |
Aug 6, 2026 11w ago | Press Release | $1.33 $1.40 | ▲ +5.26% | ▲ +4.65% | $0.6524 (−50.95%) |
Jul 24, 2026 13w ago | 8-K | $1.28 $1.32 | ▲ +3.13% | ▲ +3.10% | $0.6524 (−49.03%) |
Jul 13, 2026 15w ago | 8-K | $2.09 $2.07 | ▼ −0.96% | ▼ −1.31% | $0.6524 (−68.78%) |
US Market Status
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