Daré Bioscience, Inc. (DARE) 10-Year Financial Performance & Capital Metrics

DARE • • Industrial / General

HealthcareBiotechnologyPlatform & Technology CompaniesAntibody Discovery Platforms

AboutDaré Bioscience, Inc., a clinical-stage biopharmaceutical company, engages in the identifying, developing, and marketing products for women's health in the United States. It develops therapies in the areas of contraception, fertility, and sexual and vaginal health. The company's product includes XACIATO, a single-dose vaginal gel prescription product for the treatment of bacterial vaginosis in female patients 12 years of age and older. Its products in advanced clinical development include Ovaprene, a hormone-free monthly vaginal contraceptive; and Sildenafil Cream, a cream formulation of sildenafil for topical administration to the vulva and vagina for treatment of female sexual arousal disorder. The company's Phase 1-ready products are DARE-HRT1, a combination of bio-identical estradiol and progesterone intravaginal ring for the treatment of vasomotor symptoms in hormone therapy; DARE-VVA1, a vaginally delivered formulation of tamoxifen to treat vulvar and vaginal atrophy in patients with hormone-receptor positive breast cancer; and DARE-FRT1, an intravaginal ring containing bio-identical progesterone for the prevention of preterm birth and broader luteal phase support as part of an in vitro fertilization treatment plan, as well as DARE-PTB1, an intravaginal ring containing bio-identical progesterone for the prevention of preterm birth. Its products in pre-clinical stage include DARE-LARC1, a combination product designed to provide reversible contraception; ADARE-204 and ADARE-214, an injectable formulations of etonogestrel to provide contraception over 6-month and 12-month periods; and DARE-RH1, a non-hormonal contraception for men and women. The company entered into license agreement with Organon & Co. and Organon International GmbH to commercialize XACIATO. Daré Bioscience, Inc. is headquartered in San Diego, California.Show more

Revenue $10K -99.7%
EBITDA -$23M +24.2%
Net Income -$4M +86.6%
EPS (Diluted) -0.48 +88.4%
Gross Margin -146110.22% -21687.4%
EBITDA Margin -239259.61% -21640.5%
Operating Margin -239692.2% -21652.8%
Net Margin -41430.9% -3757.0%
ROE -
ROIC -
Debt/Equity -
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 49276.4% free cash flow margin

✗Weaknesses

✗Shares diluted 16.8% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-18.95%

5Y-

3Y-

TTM-103.04%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-384.47%

EPS CAGR

10Y-

5Y-

3Y-

TTM-254.58%

ROCE

10Y Avg-833.25%

5Y Avg-1520.82%

3Y Avg-1407.2%

Latest-3624.94%

Peer Comparison

Antibody Discovery Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NAGENiagen Bioscience Inc	503.58M	6.31	57.36	19.18%	16.38%	28.91%	2.37%	0.06
BTXBlackRock Technology and Private Equity Term Trust	808.8M	6.93	40.76	-81.13%	87.75%	1.87%	34.27%
HALOHalozyme Therapeutics, Inc.	8.45B	71.82	20.94	22.44%	47.91%	118.17%	5.55%	4.14
RPRXRoyalty Pharma plc	16.97B	39.72	20.80	-3.86%	32.55%	7.95%	16.32%	0.74
REGNRegeneron Pharmaceuticals, Inc.	76.63B	741.92	19.35	8.27%	32.13%	14.79%	4.78%	0.09
GMABGenmab A/S	20.85B	33.85	2.79	30.67%	46.8%	114.25%	36.37%	0.03
DNAGinkgo Bioworks Holdings, Inc.	464.86M	9.58	-0.91	-9.71%	-188%	-60.66%		0.65
PRMEPrime Medicine, Inc.	720.24M	3.99	-2.42		-33.02%	-121.95%		0.27

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	0	766K	0	0	0	0	0	10M	2.81M	9.78K
Revenue Growth %	-1%	-	-1%	-	-	-	-	-	-0.72%	-1%
Cost of Goods Sold+	192K	400K	0	625K	11.14K	83.33K	100K	30.14M	21.64M	14.31M
COGS % of Revenue	-	0.52%	-	-	-	-	-	3.01%	7.71%	1462.1%
Gross Profit+	-192K	366K	0	-2.44K	-11.14K	-83.33K	-100K	-20.14M	-18.83M	-14.3M
Gross Margin %	-	0.48%	-	-	-	-	-	-2.01%	-6.71%	-1461.1%
Gross Profit Growth %	-3.4%	2.91%	-1%	-	-3.56%	-6.48%	-0.2%	-200.42%	0.07%	0.24%
Operating Expenses+	37.17M	37.92M	3.69M	11.7M	14.33M	27.32M	38.97M	11.24M	12.11M	9.16M
OpEx % of Revenue	-	49.5%	-	-	-	-	-	1.12%	4.31%	935.82%
Selling, General & Admin	11.22M	10.36M	2.71M	5.28M	5.79M	6.55M	8.35M	11.24M	11.91M	9.16M
SG&A % of Revenue	-	13.52%	-	-	-	-	-	1.12%	4.24%	935.82%
Research & Development	25.95M	27.57M	984.75K	6.41M	8.55M	20.77M	30.62M	30.04M	21.54M	14.21M
R&D % of Revenue	-	35.99%	-	-	-	-	-	3%	7.67%	1451.88%
Other Operating Expenses	0	0	0	143.5K	0	0	1	-30.04M	-21.34M	-14.21M
Operating Income+	-37.17M	-37.15M	-11.18M	-16.88M	-14.34M	-27.4M	-39.07M	-31.39M	-30.94M	-23.45M
Operating Margin %	-	-48.5%	-	-	-	-	-	-3.14%	-11.02%	-2396.92%
Operating Income Growth %	-0.83%	0%	0.7%	-0.51%	0.15%	-0.91%	-0.43%	0.2%	0.01%	0.24%
EBITDA+	-36.98M	-36.89M	-8.45M	-16.88M	-14.33M	-27.36M	-39.04M	-31.36M	-30.9M	-23.41M
EBITDA Margin %	-	-48.16%	-	-	-	-	-	-3.14%	-11.01%	-2392.6%
EBITDA Growth %	-0.83%	0%	0.77%	-1%	0.15%	-0.91%	-0.43%	0.2%	0.01%	0.24%
D&A (Non-Cash Add-back)	192K	261K	2.73M	2.44K	11.14K	43.23K	26.41K	24.2K	38.36K	42.33K
EBIT	-37.16M	-37.07M	-11.18M	-11.7M	-14.26M	-27.4M	-39.07M	-31.39M	-30.74M	-23.45M
Net Interest Income+	-2.42M	-2.15M	0	0	0	0	0	0	0	0
Interest Income	10K	86K	0	0	0	0	0	0	0	0
Interest Expense	2.43M	2.24M	322.63K	0	0	0	0	0	0	0
Other Income/Expense	-2.42M	-2.15M	-323K	143.5M	81.05K	1.51K	372.41K	437.75K	778.49K	19.4M
Pretax Income+	-39.59M	-39.3M	-11.5M	-16.74M	-14.26M	-27.4M	-38.7M	-30.95M	-30.16M	-4.05M
Pretax Margin %	-	-51.31%	-	-	-	-	-	-3.09%	-10.74%	-414.31%
Income Tax+	10K	86K	0	10.23M	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%
Net Income+	-39.59M	-39.3M	-11.5M	-16.74M	-14.26M	-27.4M	-38.7M	-30.95M	-30.16M	-4.05M
Net Margin %	-	-51.31%	-	-	-	-	-	-3.09%	-10.74%	-414.31%
Net Income Growth %	-0.7%	0.01%	0.71%	-0.46%	0.15%	-0.92%	-0.41%	0.2%	0.03%	0.87%
Net Income (Continuing)	-39.59M	-39.3M	-11.5M	-16.74M	-14.26M	-27.4M	-38.7M	-30.95M	-30.16M	-4.05M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-15.57	-30.02	-3.56	-30.16	-10.99	-10.93	-7.52	-4.39	-4.15	-0.48
EPS Growth %	0.92%	-0.93%	0.88%	-7.47%	0.64%	0.01%	0.31%	0.42%	0.05%	0.88%
EPS (Basic)	-15.57	-14.20	-3.56	-30.16	-10.99	-10.93	-7.52	-4.39	-4.15	-0.48
Diluted Shares Outstanding	2.54M	1.31M	269.36K	894.37K	1.3M	2.51M	5.1M	7.05M	7.28M	8.5M
Basic Shares Outstanding	2.54M	2.77M	269.36K	894.37K	1.3M	2.51M	5.1M	7.05M	7.28M	8.5M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	77.3M	36.79M	8.35M	7.24M	6.44M	6.98M	55.3M	43.04M	17.54M	18.45M
Cash & Short-Term Investments	75.91M	34.95M	7.56M	6.81M	4.78M	4.67M	51.67M	34.67M	10.48M	15.7M
Cash Only	75.91M	34.95M	7.56M	6.81M	4.78M	4.67M	51.67M	34.67M	10.48M	15.7M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.39M	0	284.21K	31.04K	555.21K	460.17K	1.15M	1.7M	949.21K	229.98K
Days Sales Outstanding	-	-	-	-	-	-	-	62.17	123.39	8.58K
Inventory	-1.39M	-1.84M	311.57K	-402.69M	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	1.84M	193.5K	0	0	0	0	0	0	0
Total Non-Current Assets+	923K	898K	5.91M	587.36K	998.86K	566.8K	511.16K	787.63K	3.74M	3.65M
Property, Plant & Equipment	576K	668K	0	9.4K	551.81K	277.48K	242.71K	522.83K	1.98M	2.54M
Fixed Asset Turnover	-	1.15x	-	-	-	-	-	19.13x	1.42x	0.00x
Goodwill	0	0	5.19M	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	347K	230K	0	0	0	0	0	0	335K	0
Other Non-Current Assets	0	0	723.19K	577.97K	447.05K	289.32K	268.45K	264.8K	1.43M	1.11M
Total Assets+	78.22M	37.69M	14.26M	7.83M	7.44M	7.55M	55.81M	43.83M	21.28M	22.1M
Asset Turnover	-	0.02x	-	-	-	-	-	0.23x	0.13x	0.00x
Asset Growth %	0.47%	-0.52%	-0.62%	-0.45%	-0.05%	0.01%	6.39%	-0.21%	-0.51%	0.04%
Total Current Liabilities+	16.34M	16.94M	966.65K	1.09M	5.61M	7.66M	16.05M	31.62M	20.48M	21.61M
Accounts Payable	2.23M	1.45M	308.22K	459.7K	1.08M	1.02M	2.1M	2.03M	3.39M	1.46M
Days Payables Outstanding	4.23K	1.32K	-	268.47	35.5K	4.47K	7.68K	24.56	57.11	37.15
Short-Term Debt	7.65M	8.38M	0	0	0	367.29K	0	0	0	0
Deferred Revenue (Current)	0	1000K	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	4.59M	3.53M	0	0	715.2K	2.16M	1.53M	1.72M	2.08M	805.61K
Current Ratio	4.73x	2.17x	8.64x	6.64x	1.15x	0.91x	3.44x	1.36x	0.86x	0.85x
Quick Ratio	4.82x	2.28x	8.31x	375.72x	1.15x	0.91x	3.44x	1.36x	0.86x	0.85x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	13.14M	7.64M	392	9.71K	1.39M	1.04M	1M	1.09M	5.85M	6.5M
Long-Term Debt	12.67M	4.44M	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	389.56K	41.84K	0	90.35K	935.74K	754.38K
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	473K	1.21M	392	0	1M	0	0	0	3.91M	4.75M
Total Liabilities	29.48M	24.58M	967.04K	1.1M	7M	8.7M	17.05M	32.71M	26.33M	28.11M
Total Debt+	20.32M	12.82M	0	0	800.45K	756.84K	270.55K	488.74K	1.4M	1.3M
Net Debt	-55.58M	-22.13M	-7.56M	-6.81M	-3.98M	-3.91M	-51.4M	-34.18M	-9.07M	-14.4M
Debt / Equity	0.42x	0.98x	-	-	1.82x	-	0.01x	0.04x	-	-
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-15.28x	-16.61x	-34.65x	-	-	-	-	-	-	-
Total Equity+	48.74M	13.11M	13.29M	6.73M	440.83K	-1.15M	38.75M	11.11M	-5.05M	-6.01M
Equity Growth %	0.08%	-0.73%	0.01%	-0.49%	-0.93%	-3.61%	34.65%	-0.71%	-1.45%	-0.19%
Book Value per Share	19.17	10.01	49.35	7.52	0.34	-0.46	7.60	1.58	-0.69	-0.71
Total Shareholders' Equity	48.74M	13.11M	13.29M	6.73M	440.83K	-1.15M	38.75M	11.11M	-5.05M	-6.01M
Common Stock	3K	3K	605	1.14K	1.97K	4.16K	8.39K	8.48K	10K	870
Retained Earnings	-161.38M	-200.68M	-12.23M	-28.97M	-44.02M	-71.43M	-110.13M	-141.07M	-171.24M	-175.29M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.15M	-1.39M	-18.08K	-96.73K	-102.63K	-91.39K	-154.97K	-351.31K	-360.9K	-428.81K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-31.91M	-33.54M	-2.54M	-10.27M	-13.32M	-25.23M	-28.76M	-18.09M	-38.86M	5.39M
Operating CF Margin %	-	-43.78%	-	-	-	-	-	-1.81%	-13.84%	551.33%
Operating CF Growth %	-0.67%	-0.05%	0.92%	-3.04%	-0.3%	-0.9%	-0.14%	0.37%	-1.15%	1.14%
Net Income	-39.59M	-39.3M	-11.5M	-16.74M	-14.26M	-27.4M	-38.7M	-30.95M	-30.16M	-4.05M
Depreciation & Amortization	192K	261K	0	2.44K	11.14K	43.23K	26.41K	24.2K	38.36K	42.33K
Stock-Based Compensation	2.38M	2.75M	15.83K	139.35K	462.24K	0	1.6M	2.16M	2.53M	2.2M
Deferred Taxes	733K	-503K	0	0	0	0	0	0	0	0
Other Non-Cash Items	-41K	5.57M	7.81M	5.69M	-231.22K	579.86K	-421.73K	-23.06K	-837.42K	1.39M
Working Capital Changes	4.42M	-2.32M	1.14M	634.08K	706.19K	1.54M	8.73M	10.7M	-10.43M	5.81M
Change in Receivables	342K	-446K	662.06K	253.17K	-201.42K	95.04K	-685.15K	-557.84K	753.95K	719.23K
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	795K	-603K	753.1K	151.49K	608.65K	-61.85K	1.08M	-75.13K	1.36M	-1.93M
Cash from Investing+	-484K	-418K	9.92M	-518.84K	6.14M	-17.63K	-14.52K	-63.07K	-629.43K	-573.05K
Capital Expenditures	-277K	-535K	0	-11.84K	0	-17.63K	-14.52K	-63.07K	-629.43K	-573.05K
CapEx % of Revenue	-	0.7%	-	-	-	-	-	0.01%	0.22%	58.57%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-207K	117K	9.92M	-507K	0	0	0	0	0	0
Cash from Financing+	57.13M	-7M	155K	10.11M	5.15M	25.13M	75.85M	1.34M	15.64M	433.83K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-359K	918K	0	2	0	0	532.67K	124.6K	6.02M	-2.19K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-32.19M	-34.07M	-2.54M	-10.28M	-13.32M	-25.25M	-28.78M	-18.15M	-39.49M	4.82M
FCF Margin %	-	-44.48%	-	-	-	-	-	-1.82%	-14.06%	492.76%
FCF Growth %	-0.67%	-0.06%	0.93%	-3.05%	-0.3%	-0.9%	-0.14%	0.37%	-1.18%	1.12%
FCF per Share	-12.66	-26.02	-9.43	-11.49	-10.26	-10.07	-5.65	-2.58	-5.43	0.57
FCF Conversion (FCF/Net Income)	0.81x	0.85x	0.22x	0.61x	0.93x	0.92x	0.74x	0.58x	1.29x	-1.33x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	837	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-84.18%	-127.09%	-87.13%	-167.23%	-398.02%	-	-205.82%	-124.12%	-994.69%	-
Return on Invested Capital (ROIC)	-	-	-	-447.9%	-	-	-	-	-	-
Gross Margin	-	47.78%	-	-	-	-	-	-201.42%	-670.62%	-146110.22%
Net Margin	-	-5131.2%	-	-	-	-	-	-309.48%	-1074.17%	-41430.9%
Debt / Equity	0.42x	0.98x	-	-	1.82x	-	0.01x	0.04x	-	-
Interest Coverage	-15.28x	-16.61x	-34.65x	-	-	-	-	-	-	-
FCF Conversion	0.81x	0.85x	0.22x	0.61x	0.93x	0.92x	0.74x	0.58x	1.29x	-1.33x
Revenue Growth	-100%	-	-100%	-	-	-	-	-	-71.92%	-99.65%

Revenue by Segment

	2020	2022	2024
License And Collaboration Revenues	-	10M	11M
License And Collaboration Revenues Growth	-	-	10.00%
Royalty Revenue	-	-	18K
Royalty Revenue Growth	-	-	-
Grant	2.5M	-	-
Grant Growth	-	-	-

Frequently Asked Questions

Growth & Financials

Daré Bioscience, Inc. (DARE) reported $-0.1M in revenue for fiscal year 2024. This represents a 119% decrease from $0.3M in 2011.

Daré Bioscience, Inc. (DARE) saw revenue decline by 99.7% over the past year.

Daré Bioscience, Inc. (DARE) reported a net loss of $17.5M for fiscal year 2024.

Dividend & Returns

Daré Bioscience, Inc. (DARE) had negative free cash flow of $6.8M in fiscal year 2024, likely due to heavy capital investments.

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Daré Bioscience, Inc. (DARE) 10-Year Financial Performance & Capital Metrics

DARE • • Industrial / General

HealthcareBiotechnologyPlatform & Technology CompaniesAntibody Discovery Platforms

Revenue $10K -99.7%
EBITDA -$23M +24.2%
Net Income -$4M +86.6%
EPS (Diluted) -0.48 +88.4%
Gross Margin -146110.22% -21687.4%
EBITDA Margin -239259.61% -21640.5%
Operating Margin -239692.2% -21652.8%
Net Margin -41430.9% -3757.0%
ROE -
ROIC -
Debt/Equity -
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 49276.4% free cash flow margin

✗Weaknesses

✗Shares diluted 16.8% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-18.95%

5Y-

3Y-

TTM-103.04%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-384.47%

EPS CAGR

10Y-

5Y-

3Y-

TTM-254.58%

ROCE

10Y Avg-833.25%

5Y Avg-1520.82%

3Y Avg-1407.2%

Latest-3624.94%

Peer Comparison

Antibody Discovery Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NAGENiagen Bioscience Inc	503.58M	6.31	57.36	19.18%	16.38%	28.91%	2.37%	0.06
BTXBlackRock Technology and Private Equity Term Trust	808.8M	6.93	40.76	-81.13%	87.75%	1.87%	34.27%
HALOHalozyme Therapeutics, Inc.	8.45B	71.82	20.94	22.44%	47.91%	118.17%	5.55%	4.14
RPRXRoyalty Pharma plc	16.97B	39.72	20.80	-3.86%	32.55%	7.95%	16.32%	0.74
REGNRegeneron Pharmaceuticals, Inc.	76.63B	741.92	19.35	8.27%	32.13%	14.79%	4.78%	0.09
GMABGenmab A/S	20.85B	33.85	2.79	30.67%	46.8%	114.25%	36.37%	0.03
DNAGinkgo Bioworks Holdings, Inc.	464.86M	9.58	-0.91	-9.71%	-188%	-60.66%		0.65
PRMEPrime Medicine, Inc.	720.24M	3.99	-2.42		-33.02%	-121.95%		0.27

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	0	766K	0	0	0	0	0	10M	2.81M	9.78K
Revenue Growth %	-1%	-	-1%	-	-	-	-	-	-0.72%	-1%
Cost of Goods Sold+	192K	400K	0	625K	11.14K	83.33K	100K	30.14M	21.64M	14.31M
COGS % of Revenue	-	0.52%	-	-	-	-	-	3.01%	7.71%	1462.1%
Gross Profit+	-192K	366K	0	-2.44K	-11.14K	-83.33K	-100K	-20.14M	-18.83M	-14.3M
Gross Margin %	-	0.48%	-	-	-	-	-	-2.01%	-6.71%	-1461.1%
Gross Profit Growth %	-3.4%	2.91%	-1%	-	-3.56%	-6.48%	-0.2%	-200.42%	0.07%	0.24%
Operating Expenses+	37.17M	37.92M	3.69M	11.7M	14.33M	27.32M	38.97M	11.24M	12.11M	9.16M
OpEx % of Revenue	-	49.5%	-	-	-	-	-	1.12%	4.31%	935.82%
Selling, General & Admin	11.22M	10.36M	2.71M	5.28M	5.79M	6.55M	8.35M	11.24M	11.91M	9.16M
SG&A % of Revenue	-	13.52%	-	-	-	-	-	1.12%	4.24%	935.82%
Research & Development	25.95M	27.57M	984.75K	6.41M	8.55M	20.77M	30.62M	30.04M	21.54M	14.21M
R&D % of Revenue	-	35.99%	-	-	-	-	-	3%	7.67%	1451.88%
Other Operating Expenses	0	0	0	143.5K	0	0	1	-30.04M	-21.34M	-14.21M
Operating Income+	-37.17M	-37.15M	-11.18M	-16.88M	-14.34M	-27.4M	-39.07M	-31.39M	-30.94M	-23.45M
Operating Margin %	-	-48.5%	-	-	-	-	-	-3.14%	-11.02%	-2396.92%
Operating Income Growth %	-0.83%	0%	0.7%	-0.51%	0.15%	-0.91%	-0.43%	0.2%	0.01%	0.24%
EBITDA+	-36.98M	-36.89M	-8.45M	-16.88M	-14.33M	-27.36M	-39.04M	-31.36M	-30.9M	-23.41M
EBITDA Margin %	-	-48.16%	-	-	-	-	-	-3.14%	-11.01%	-2392.6%
EBITDA Growth %	-0.83%	0%	0.77%	-1%	0.15%	-0.91%	-0.43%	0.2%	0.01%	0.24%
D&A (Non-Cash Add-back)	192K	261K	2.73M	2.44K	11.14K	43.23K	26.41K	24.2K	38.36K	42.33K
EBIT	-37.16M	-37.07M	-11.18M	-11.7M	-14.26M	-27.4M	-39.07M	-31.39M	-30.74M	-23.45M
Net Interest Income+	-2.42M	-2.15M	0	0	0	0	0	0	0	0
Interest Income	10K	86K	0	0	0	0	0	0	0	0
Interest Expense	2.43M	2.24M	322.63K	0	0	0	0	0	0	0
Other Income/Expense	-2.42M	-2.15M	-323K	143.5M	81.05K	1.51K	372.41K	437.75K	778.49K	19.4M
Pretax Income+	-39.59M	-39.3M	-11.5M	-16.74M	-14.26M	-27.4M	-38.7M	-30.95M	-30.16M	-4.05M
Pretax Margin %	-	-51.31%	-	-	-	-	-	-3.09%	-10.74%	-414.31%
Income Tax+	10K	86K	0	10.23M	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%
Net Income+	-39.59M	-39.3M	-11.5M	-16.74M	-14.26M	-27.4M	-38.7M	-30.95M	-30.16M	-4.05M
Net Margin %	-	-51.31%	-	-	-	-	-	-3.09%	-10.74%	-414.31%
Net Income Growth %	-0.7%	0.01%	0.71%	-0.46%	0.15%	-0.92%	-0.41%	0.2%	0.03%	0.87%
Net Income (Continuing)	-39.59M	-39.3M	-11.5M	-16.74M	-14.26M	-27.4M	-38.7M	-30.95M	-30.16M	-4.05M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-15.57	-30.02	-3.56	-30.16	-10.99	-10.93	-7.52	-4.39	-4.15	-0.48
EPS Growth %	0.92%	-0.93%	0.88%	-7.47%	0.64%	0.01%	0.31%	0.42%	0.05%	0.88%
EPS (Basic)	-15.57	-14.20	-3.56	-30.16	-10.99	-10.93	-7.52	-4.39	-4.15	-0.48
Diluted Shares Outstanding	2.54M	1.31M	269.36K	894.37K	1.3M	2.51M	5.1M	7.05M	7.28M	8.5M
Basic Shares Outstanding	2.54M	2.77M	269.36K	894.37K	1.3M	2.51M	5.1M	7.05M	7.28M	8.5M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	77.3M	36.79M	8.35M	7.24M	6.44M	6.98M	55.3M	43.04M	17.54M	18.45M
Cash & Short-Term Investments	75.91M	34.95M	7.56M	6.81M	4.78M	4.67M	51.67M	34.67M	10.48M	15.7M
Cash Only	75.91M	34.95M	7.56M	6.81M	4.78M	4.67M	51.67M	34.67M	10.48M	15.7M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.39M	0	284.21K	31.04K	555.21K	460.17K	1.15M	1.7M	949.21K	229.98K
Days Sales Outstanding	-	-	-	-	-	-	-	62.17	123.39	8.58K
Inventory	-1.39M	-1.84M	311.57K	-402.69M	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	1.84M	193.5K	0	0	0	0	0	0	0
Total Non-Current Assets+	923K	898K	5.91M	587.36K	998.86K	566.8K	511.16K	787.63K	3.74M	3.65M
Property, Plant & Equipment	576K	668K	0	9.4K	551.81K	277.48K	242.71K	522.83K	1.98M	2.54M
Fixed Asset Turnover	-	1.15x	-	-	-	-	-	19.13x	1.42x	0.00x
Goodwill	0	0	5.19M	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	347K	230K	0	0	0	0	0	0	335K	0
Other Non-Current Assets	0	0	723.19K	577.97K	447.05K	289.32K	268.45K	264.8K	1.43M	1.11M
Total Assets+	78.22M	37.69M	14.26M	7.83M	7.44M	7.55M	55.81M	43.83M	21.28M	22.1M
Asset Turnover	-	0.02x	-	-	-	-	-	0.23x	0.13x	0.00x
Asset Growth %	0.47%	-0.52%	-0.62%	-0.45%	-0.05%	0.01%	6.39%	-0.21%	-0.51%	0.04%
Total Current Liabilities+	16.34M	16.94M	966.65K	1.09M	5.61M	7.66M	16.05M	31.62M	20.48M	21.61M
Accounts Payable	2.23M	1.45M	308.22K	459.7K	1.08M	1.02M	2.1M	2.03M	3.39M	1.46M
Days Payables Outstanding	4.23K	1.32K	-	268.47	35.5K	4.47K	7.68K	24.56	57.11	37.15
Short-Term Debt	7.65M	8.38M	0	0	0	367.29K	0	0	0	0
Deferred Revenue (Current)	0	1000K	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	4.59M	3.53M	0	0	715.2K	2.16M	1.53M	1.72M	2.08M	805.61K
Current Ratio	4.73x	2.17x	8.64x	6.64x	1.15x	0.91x	3.44x	1.36x	0.86x	0.85x
Quick Ratio	4.82x	2.28x	8.31x	375.72x	1.15x	0.91x	3.44x	1.36x	0.86x	0.85x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	13.14M	7.64M	392	9.71K	1.39M	1.04M	1M	1.09M	5.85M	6.5M
Long-Term Debt	12.67M	4.44M	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	389.56K	41.84K	0	90.35K	935.74K	754.38K
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	473K	1.21M	392	0	1M	0	0	0	3.91M	4.75M
Total Liabilities	29.48M	24.58M	967.04K	1.1M	7M	8.7M	17.05M	32.71M	26.33M	28.11M
Total Debt+	20.32M	12.82M	0	0	800.45K	756.84K	270.55K	488.74K	1.4M	1.3M
Net Debt	-55.58M	-22.13M	-7.56M	-6.81M	-3.98M	-3.91M	-51.4M	-34.18M	-9.07M	-14.4M
Debt / Equity	0.42x	0.98x	-	-	1.82x	-	0.01x	0.04x	-	-
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-15.28x	-16.61x	-34.65x	-	-	-	-	-	-	-
Total Equity+	48.74M	13.11M	13.29M	6.73M	440.83K	-1.15M	38.75M	11.11M	-5.05M	-6.01M
Equity Growth %	0.08%	-0.73%	0.01%	-0.49%	-0.93%	-3.61%	34.65%	-0.71%	-1.45%	-0.19%
Book Value per Share	19.17	10.01	49.35	7.52	0.34	-0.46	7.60	1.58	-0.69	-0.71
Total Shareholders' Equity	48.74M	13.11M	13.29M	6.73M	440.83K	-1.15M	38.75M	11.11M	-5.05M	-6.01M
Common Stock	3K	3K	605	1.14K	1.97K	4.16K	8.39K	8.48K	10K	870
Retained Earnings	-161.38M	-200.68M	-12.23M	-28.97M	-44.02M	-71.43M	-110.13M	-141.07M	-171.24M	-175.29M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.15M	-1.39M	-18.08K	-96.73K	-102.63K	-91.39K	-154.97K	-351.31K	-360.9K	-428.81K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-31.91M	-33.54M	-2.54M	-10.27M	-13.32M	-25.23M	-28.76M	-18.09M	-38.86M	5.39M
Operating CF Margin %	-	-43.78%	-	-	-	-	-	-1.81%	-13.84%	551.33%
Operating CF Growth %	-0.67%	-0.05%	0.92%	-3.04%	-0.3%	-0.9%	-0.14%	0.37%	-1.15%	1.14%
Net Income	-39.59M	-39.3M	-11.5M	-16.74M	-14.26M	-27.4M	-38.7M	-30.95M	-30.16M	-4.05M
Depreciation & Amortization	192K	261K	0	2.44K	11.14K	43.23K	26.41K	24.2K	38.36K	42.33K
Stock-Based Compensation	2.38M	2.75M	15.83K	139.35K	462.24K	0	1.6M	2.16M	2.53M	2.2M
Deferred Taxes	733K	-503K	0	0	0	0	0	0	0	0
Other Non-Cash Items	-41K	5.57M	7.81M	5.69M	-231.22K	579.86K	-421.73K	-23.06K	-837.42K	1.39M
Working Capital Changes	4.42M	-2.32M	1.14M	634.08K	706.19K	1.54M	8.73M	10.7M	-10.43M	5.81M
Change in Receivables	342K	-446K	662.06K	253.17K	-201.42K	95.04K	-685.15K	-557.84K	753.95K	719.23K
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	795K	-603K	753.1K	151.49K	608.65K	-61.85K	1.08M	-75.13K	1.36M	-1.93M
Cash from Investing+	-484K	-418K	9.92M	-518.84K	6.14M	-17.63K	-14.52K	-63.07K	-629.43K	-573.05K
Capital Expenditures	-277K	-535K	0	-11.84K	0	-17.63K	-14.52K	-63.07K	-629.43K	-573.05K
CapEx % of Revenue	-	0.7%	-	-	-	-	-	0.01%	0.22%	58.57%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-207K	117K	9.92M	-507K	0	0	0	0	0	0
Cash from Financing+	57.13M	-7M	155K	10.11M	5.15M	25.13M	75.85M	1.34M	15.64M	433.83K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-359K	918K	0	2	0	0	532.67K	124.6K	6.02M	-2.19K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-32.19M	-34.07M	-2.54M	-10.28M	-13.32M	-25.25M	-28.78M	-18.15M	-39.49M	4.82M
FCF Margin %	-	-44.48%	-	-	-	-	-	-1.82%	-14.06%	492.76%
FCF Growth %	-0.67%	-0.06%	0.93%	-3.05%	-0.3%	-0.9%	-0.14%	0.37%	-1.18%	1.12%
FCF per Share	-12.66	-26.02	-9.43	-11.49	-10.26	-10.07	-5.65	-2.58	-5.43	0.57
FCF Conversion (FCF/Net Income)	0.81x	0.85x	0.22x	0.61x	0.93x	0.92x	0.74x	0.58x	1.29x	-1.33x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	837	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-84.18%	-127.09%	-87.13%	-167.23%	-398.02%	-	-205.82%	-124.12%	-994.69%	-
Return on Invested Capital (ROIC)	-	-	-	-447.9%	-	-	-	-	-	-
Gross Margin	-	47.78%	-	-	-	-	-	-201.42%	-670.62%	-146110.22%
Net Margin	-	-5131.2%	-	-	-	-	-	-309.48%	-1074.17%	-41430.9%
Debt / Equity	0.42x	0.98x	-	-	1.82x	-	0.01x	0.04x	-	-
Interest Coverage	-15.28x	-16.61x	-34.65x	-	-	-	-	-	-	-
FCF Conversion	0.81x	0.85x	0.22x	0.61x	0.93x	0.92x	0.74x	0.58x	1.29x	-1.33x
Revenue Growth	-100%	-	-100%	-	-	-	-	-	-71.92%	-99.65%

Revenue by Segment

	2020	2022	2024
License And Collaboration Revenues	-	10M	11M
License And Collaboration Revenues Growth	-	-	10.00%
Royalty Revenue	-	-	18K
Royalty Revenue Growth	-	-	-
Grant	2.5M	-	-
Grant Growth	-	-	-

Frequently Asked Questions

Growth & Financials

Daré Bioscience, Inc. (DARE) reported $-0.1M in revenue for fiscal year 2024. This represents a 119% decrease from $0.3M in 2011.

Daré Bioscience, Inc. (DARE) saw revenue decline by 99.7% over the past year.

Daré Bioscience, Inc. (DARE) reported a net loss of $17.5M for fiscal year 2024.

Dividend & Returns

Daré Bioscience, Inc. (DARE) had negative free cash flow of $6.8M in fiscal year 2024, likely due to heavy capital investments.