Daré Bioscience, Inc. reported its third‑quarter 2025 financial results, posting a net loss of $3.56 million on revenue of $2,262. The company’s earnings per share of $‑0.28 beat the consensus estimate of $‑0.33 by $0.05, a 15% improvement that reflects disciplined cost management amid a sharp decline in revenue from the $41,691 million reported in Q3 2024.
Revenue fell 99.5% year‑over‑year, a dramatic drop driven by the company’s transition from a research‑focused model to a commercialization strategy. The loss of $41,691 million in Q3 2024 was largely attributable to the sale of a large research contract that is no longer part of the company’s operating model. In Q3 2025, the company generated only $2,262 in revenue, a figure that falls well below the consensus estimate of $0.01 million, underscoring the early stage of its product pipeline.
Management highlighted the company’s “dual‑path strategy” in its earnings call. President and CEO Sabrina Martucci Johnson said the quarter “reflects the continued acceleration of our dual‑path strategy as we focus on closing the gap in women’s health between promising science and real‑world solutions.” She emphasized that the company is moving from a purely R&D model toward generating near‑term commercial revenue while advancing long‑term innovation.
Chief Accounting Officer MarDee Haring‑Layton noted that the company ended the quarter with approximately $23 million in cash and working capital of $3.8 million. The balance sheet was strengthened by $18.7 million in net proceeds from common‑stock sales and $7.3 million in grant payments, providing liquidity to support the upcoming product launches.
Guidance for the next quarter signals a shift toward revenue generation. Daré expects initial revenue recognition in Q4 2025 with the launch of DARE to PLAY™ Sildenafil Cream in December. Commercialization of DARE to RESTORE™ Vaginal Probiotics is targeted for Q1 2026, and DARE to RECLAIM™ Monthly Hormone Therapy is slated for early 2027. The company’s forward‑looking statements indicate confidence in its product pipeline, but the disclosed “going‑concern” risk highlights ongoing liquidity challenges.
Investors reacted cautiously, weighing the company’s progress in product development against its liquidity concerns. The earnings miss in revenue and the going‑concern disclosure tempered enthusiasm for the company’s near‑term prospects, even as management’s optimism about the dual‑path strategy and the upcoming product launches provided a longer‑term narrative of potential growth.
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