The company's financial stability appears increasingly fragile, with the debt-to-equity ratio surging to 9.78 in 2026Q1 from 0.93 in 2025Q4, reflecting a heightened reliance on debt to bridge R&D funding gaps.
Dare Bioscience, Inc. (DARE) balance sheet — 15-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 16.69M | 27.06M | 18.45M | 17.54M | 43.04M | 55.3M | 6.98M | 6.44M | 7.24M | 8.35M | 36.79M | 77.3M | 52.84M | 6.45M | 17.06M | 15.68M |
| Cash & Short-Term Investments | 12.62M | 24.71M | 15.7M | 10.48M | 34.67M | 51.67M | 4.67M | 4.78M | 6.81M | 7.56M | 34.95M | 75.91M | 51.17M | 5.49M | 16.71M | 15.35M |
| Cash Only | 12.62M | 24.71M | 15.7M | 10.48M | 34.67M | 51.67M | 4.67M | 4.78M | 6.81M | 7.56M | 34.95M | 75.91M | 51.17M | 5.49M | 16.71M | 15.35M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 56.43K | 573.06K | 229.98K | 949.21K | 1.7M | 1.15M | 460.17K | 555.21K | 31.04K | 284.21K | 0 | 1.39M | 1.66M | 959K | 357K | 332K |
| Days Sales Outstanding | 112.66 | 203.04 | 8.58K | 123.39 | 62.17 | - | - | - | - | - | - | - | 7.58K | 58.34K | 208.49 | 397.31 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -402.69M | 311.57K | -1.84M | -1.39M | -1.66M | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 4.01M | 387.09K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 193.5K | 1.84M | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 5.68M | 5.41M | 3.65M | 3.74M | 787.63K | 511.16K | 566.8K | 998.86K | 587.36K | 5.91M | 898K | 923K | 557K | 380K | 597K | 1.01M |
| Property, Plant & Equipment | 3.13M | 4.4M | 2.54M | 1.98M | 522.83K | 242.71K | 277.48K | 551.81K | 9.4K | 0 | 668K | 576K | 342K | 245K | 442K | 611K |
| Fixed Asset Turnover | 0.34x | 0.23x | 0.00x | 1.42x | 19.13x | - | - | - | - | - | 1.15x | - | 0.23x | 0.02x | 1.41x | 0.50x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.19M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 300K | 0 | 0 | 335K | 0 | 0 | 0 | 0 | 0 | 0 | 230K | 347K | 0 | 0 | 0 | 117K |
| Other Non-Current Assets | 2.25M | 1.01M | 1.11M | 1.43M | 264.8K | 268.45K | 289.32K | 447.05K | 577.97K | 723.19K | 0 | 0 | 215K | 135K | 155K | 285K |
| Total Assets | 22.37M | 32.47M | 22.1M | 21.28M | 43.83M | 55.81M | 7.55M | 7.44M | 7.83M | 14.26M | 37.69M | 78.22M | 53.39M | 6.83M | 17.66M | 16.69M |
| Asset Turnover | 0.05x | 0.03x | 0.00x | 0.13x | 0.23x | - | - | - | - | - | 0.02x | - | 0.00x | 0.00x | 0.04x | 0.02x |
| Asset Growth % | 239.02% | 46.94% | 3.85% | -51.44% | -21.47% | 639.1% | 1.45% | -4.91% | -45.11% | -62.16% | -51.82% | 46.51% | 682.09% | -61.34% | 5.82% | - |
| Total Current Liabilities | 16.92M | 23.69M | 21.61M | 20.48M | 31.62M | 16.05M | 7.66M | 5.61M | 1.09M | 966.65K | 16.94M | 16.34M | 8.06M | 6.09M | 6.52M | 3.51M |
| Accounts Payable | 762.91K | 1.2M | 1.46M | 3.39M | 2.03M | 2.1M | 1.02M | 1.08M | 459.7K | 308.22K | 1.45M | 2.23M | 1.25M | 914K | 900K | 1.06M |
| Days Payables Outstanding | 177.7 | 179.08 | 37.15 | 57.11 | 24.56 | 7.68K | 4.47K | 35.5K | 268.47 | - | 1.32K | 4.23K | - | - | - | 1.07K |
| Short-Term Debt | 12.17K | 0 | 0 | 0 | 0 | 0 | 367.29K | 0 | 0 | 0 | 8.38M | 7.65M | 3.12M | 3.13M | 2.87M | 127K |
| Deferred Revenue (Current) | 52.36M | 19.65M | 16.56M | 13.74M | 18.3M | 10.54M | 1.56M | 2.02M | 0 | 0 | 2.5M | 0 | 3.65M | 0 | 2.74M | 0 |
| Other Current Liabilities | 15.4M | 21.97K | 805.61K | 2.08M | 1.72M | 1.53M | 2.16M | 715.2K | 0 | 0 | 3.53M | 4.59M | 2.7M | 1.42M | 2.29M | 1.63M |
| Current Ratio | 0.99x | 1.14x | 0.85x | 0.86x | 1.36x | 3.44x | 0.91x | 1.15x | 6.64x | 8.64x | 2.17x | 4.73x | 6.55x | 1.06x | 2.62x | 4.46x |
| Quick Ratio | 0.99x | 1.14x | 0.85x | 0.86x | 1.36x | 3.44x | 0.91x | 1.15x | 375.72x | 8.31x | 2.28x | 4.82x | 6.76x | 1.06x | 2.62x | 4.46x |
| Cash Conversion Cycle | -65.04 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 6.01M | 5.95M | 6.5M | 5.85M | 1.09M | 1M | 1.04M | 1.39M | 9.71K | 392 | 7.64M | 13.14M | 7K | 3.53M | 91.18M | 822K |
| Long-Term Debt | 5.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.44M | 12.67M | 0 | 3.12M | 6.26M | 0 |
| Capital Lease Obligations | 1.71M | 559.37K | 754.38K | 935.74K | 90.35K | 0 | 41.84K | 389.56K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 5.39M | 4.75M | 3.91M | 0 | 0 | 0 | 1M | 0 | 392 | 1.21M | 473K | 7K | 403K | 84.92M | 822K |
| Total Liabilities | 22.93M | 29.63M | 28.11M | 26.33M | 32.71M | 17.05M | 8.7M | 7M | 1.1M | 967.04K | 24.58M | 29.48M | 8.07M | 9.62M | 97.7M | 4.34M |
| Total Debt | 6.76M | 2.66M | 1.3M | 1.4M | 488.74K | 270.55K | 756.84K | 800.45K | 0 | 0 | 12.82M | 20.32M | 3.12M | 6.26M | 9.13M | 127K |
| Net Debt | -5.85M | -22.06M | -14.4M | -9.07M | -34.18M | -51.4M | -3.91M | -3.98M | -6.81M | -7.56M | -22.13M | -55.58M | -48.05M | 770K | -7.58M | -15.22M |
| Debt / Equity | -12.08x | 0.93x | - | - | 0.04x | 0.01x | - | 1.82x | - | - | 0.98x | 0.42x | 0.07x | - | - | 0.01x |
| Debt / EBITDA | -0.75x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.65x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -53.95x | -15.29x | - | - | - | - | - | - | - | -34.65x | -16.57x | -15.28x | -20.55x | -10.53x | -37.98x | -727.54x |
| Total Equity | -560.1K | 2.84M | -6.01M | -5.05M | 11.11M | 38.75M | -1.15M | 440.83K | 6.73M | 13.29M | 13.11M | 48.74M | 45.33M | -2.79M | -80.04M | 12.35M |
| Equity Growth % | 643.08% | 147.28% | -19.11% | -145.42% | -71.33% | 3464.87% | -361.27% | -93.45% | -49.4% | 1.39% | -73.1% | 7.54% | 1725.72% | 96.52% | -747.88% | - |
| Book Value per Share | -0.04 | 0.03 | -0.71 | -0.69 | 1.58 | 7.60 | -0.46 | 0.34 | 7.52 | 49.35 | 10.01 | 19.17 | 31.15 | -1.47 | -1086.51 | 168.87 |
| Total Shareholders' Equity | -560.1K | 2.84M | -6.01M | -5.05M | 11.11M | 38.75M | -1.15M | 440.83K | 6.73M | 13.29M | 13.11M | 48.74M | 45.33M | -2.79M | -80.04M | 12.35M |
| Common Stock | 1.52K | 1.45K | 870 | 10K | 8.48K | 8.39K | 4.16K | 1.97K | 1.14K | 605 | 3K | 3K | 2K | 1K | 0 | 1K |
| Retained Earnings | -194.67M | -188.69M | -175.29M | -171.24M | -141.07M | -110.13M | -71.43M | -44.02M | -28.97M | -12.23M | -200.68M | -161.38M | -121.78M | -98.44M | -81.3M | -59.2M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -374.86K | -421.62K | -428.81K | -360.9K | -351.31K | -154.97K | -91.39K | -102.63K | -96.73K | -18.08K | -1.39M | -1.15M | -1.49M | -1.53M | -1.52M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying DARE stock.
As of 2025, Dare Bioscience, Inc. (DARE) had total assets of $32.5M including $27.1M in current assets.
Dare Bioscience, Inc. (DARE) carries total debt of $2.7M, offset by $24.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Dare Bioscience, Inc. (DARE) has total shareholders' equity (book value) of $2.8M ($0.03 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Dare Bioscience, Inc. (DARE) reported a current ratio of 1.14x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Liquidity and binary outcomes
Metrics are mathematically derived from official filings.
Capital Erosion Amidst Operational Burn
As reported in financial statements, Daré's equity position has deteriorated significantly, shifting from a positive $2.8M in 2025Q4 to a mere $734.5K by 2026Q1, reflecting the persistent pressure of clinical-stage R&D costs on the company's limited capital base and overall financial stability.
The rapid contraction of equity suggests that the company is struggling to maintain a buffer against its ongoing operating losses. Investors should monitor whether the current trajectory of capital depletion necessitates further dilutive equity raises to sustain the pipeline.
Leverage Fluctuations Reflect Financing Necessity
Based on reported figures, the company's debt-to-equity ratio spiked to 9.78 in 2026Q1, a sharp increase from 0.93 in 2025Q4, indicating that management is increasingly relying on debt instruments to bridge the gap between R&D expenditures and the realization of commercial royalty revenue streams.
This high leverage ratio appears to be a function of necessity rather than strategic capital structure management. The volatility in debt levels suggests that the firm's access to non-dilutive capital is inconsistent, potentially increasing the risk of refinancing challenges in the near term.
Tightening Runway Limits Operational Flexibility
According to recent SEC filings, the company's cash position declined to $18.5M in 2026Q1 from $24.7M in 2025Q4, while the current ratio hovered near 1.03, signaling a narrowing liquidity buffer that leaves little room for error in executing its clinical trial milestones.
The proximity of the current ratio to unity suggests that the company's ability to meet short-term obligations is highly sensitive to the timing of milestone payments. This tight liquidity profile may force management to prioritize immediate cash preservation over long-term R&D initiatives.
Deferred Revenue Masks Underlying Fragility
As evidenced by the $18.2M in deferred revenue reported in 2026Q1, a significant portion of the balance sheet is tied to future performance obligations, which may mislead investors regarding the company's current ability to generate organic, non-contingent cash flow from its commercialized product portfolio.
This reliance on deferred revenue suggests that the company's reported assets are heavily dependent on the successful fulfillment of contractual milestones rather than steady-state sales. Investors should be cautious, as these obligations represent potential liabilities if clinical or commercial targets are not met.