Liquidity remains a primary concern as evidenced by the 2026Q1 operating cash flow burn of $5.5M, which significantly depletes the company's cash reserves and highlights the difficulty in achieving a self-sustaining free cash flow profile.
| 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 |
|---|
| Cash from Operations | -9.94M | -9.89B | 5.39M | -38.86M | -18.09M | -28.76M | -25.23M | -13.32M | -10.27M | -2.54M | -33.54M | -31.91M | -19.06M | -16.61M | -21M | -16.88M |
| Operating CF Margin % | - | -959613.39% | 55133.35% | -1383.84% | -180.88% | - | - | - | - | - | -4378.07% | - | -23826.25% | -276900% | -3360.8% | -5534.43% |
| Operating CF Growth % | -122.73% | -183366.91% | 113.88% | -114.81% | 37.11% | -13.98% | -89.52% | -29.67% | -304.25% | 92.43% | -5.08% | -67.44% | -14.73% | 20.9% | -24.44% | - |
| Net Income | -12.02M | -13.4B | -4.05M | -30.16M | -30.95M | -38.7M | -27.4M | -14.26M | -16.74M | -11.5M | -39.3M | -39.59M | -23.34M | -17.14M | -22.1M | -19.56M |
| Depreciation & Amortization | 2.3M | 1.63B | 42.33K | 38.36K | 24.2K | 26.41K | 43.23K | 11.14K | 2.44K | 0 | 261K | 192K | 126K | 197K | 346K | 363K |
| Stock-Based Compensation | 814.08K | 1.5B | 2.2M | 2.53M | 2.16M | 1.6M | 742.03K | 462.24K | 139.35K | 15.83K | 2.75M | 2.38M | 885K | 622K | 529K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -503K | 733K | 2.46M | 7K | 2K | 0 |
| Other Non-Cash Items | 1.1M | 382.57M | 1.39M | -837.42K | -23.06K | -421.73K | -162.17K | -231.22K | 5.69M | 7.81M | 5.57M | -41K | -59K | 385K | -46K | 1.14M |
| Working Capital Changes | -2.13M | -210.74K | 5.81M | -10.43M | 10.7M | 8.73M | 1.54M | 706.19K | 634.08K | 1.14M | -2.32M | 4.42M | 864K | -682K | 265K | 1.18M |
| Change in Receivables | -582.52K | -343.08K | 719.23K | 753.95K | -557.84K | -685.15K | 95.04K | -201.42K | 253.17K | 662.06K | -446K | 342K | -713K | -229K | -61K | 168K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -268.39K | -255.15K | -1.93M | 1.36M | -75.13K | 1.08M | -61.85K | 608.65K | 151.49K | 753.1K | -603K | 795K | 341K | 14K | -163K | 149K |
| Cash from Investing | -227.95K | -385.28M | -573.05K | -629.43K | -63.07K | -14.52K | -17.63K | 6.14M | -518.84K | 9.92M | -418K | -484K | -185K | -7K | -180K | -219K |
| Capital Expenditures | -227.95K | -385.28M | -573.05K | -629.43K | -63.07K | -14.52K | -17.63K | 0 | -11.84K | 0 | -535K | -277K | -225K | -7K | -180K | -219K |
| CapEx % of Revenue | 19.7% | 37398.62% | 5856.97% | 22.42% | 0.63% | - | - | - | - | - | 69.84% | - | 281.25% | 116.67% | 28.8% | 71.8% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.14M | -507K | 9.92M | 0 | 23K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -507K | 9.92M | 117K | -207K | 40K | 0 | 0 | 0 |
| Cash from Financing | 18.32M | 19.28B | 433.83K | 15.64M | 1.34M | 75.85M | 25.13M | 5.15M | 10.11M | 155K | -7M | 57.13M | 64.93M | 5.4M | 22.55M | 22.2M |
| Debt Issued (Net) | -1.28M | -388.79K | -17.56K | 267.19K | 0 | 0 | 367.29K | 0 | 0 | 155K | -7.92M | 17.68M | 4.93M | 5.74M | 9.62M | -177K |
| Equity Issued (Net) | 20.89M | 20.93M | 453.58K | 9.35M | 1.22M | 75.31M | 24.76M | 5.15M | 10.11M | 0 | 0 | 39.81M | 60M | 35K | 12.93M | 34K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.29M | 19.26B | -2.19K | 6.02M | 124.6K | 532.67K | 0 | 0 | 2 | 0 | 918K | -359K | 0 | -373K | -4K | 22.35M |
| Net Change in Cash | 8.19M | 9.01B | 5.19M | -23.86M | -17M | 47M | -110.64K | -2.03M | -753.96K | 7.52M | -40.96M | 24.73M | 45.69M | -11.22M | 1.36M | 0 |
| Free Cash Flow | -10.16M | -10.27B | 4.82M | -39.49M | -18.15M | -28.78M | -25.25M | -13.32M | -10.28M | -2.54M | -34.07M | -32.19M | -19.29M | -16.62M | -21.18M | -17.1M |
| FCF Margin % | -878.3% | -997012.02% | 49276.38% | -1406.26% | -181.52% | - | - | - | - | - | -4447.91% | - | -24107.5% | -277016.67% | -3389.6% | -5606.23% |
| FCF Growth % | -269.02% | -213141.27% | 112.21% | -117.54% | 36.93% | -13.96% | -89.65% | -29.52% | -304.71% | 92.54% | -5.84% | -66.92% | -16.03% | 21.54% | -23.9% | - |
| FCF per Share | -0.70 | -91.88 | 0.57 | -5.43 | -2.58 | -5.65 | -10.07 | -10.26 | -11.49 | -9.43 | -26.02 | -12.66 | -13.25 | -8.74 | -287.58 | -233.73 |
| FCF Conversion (FCF/Net Income) | 0.85x | 737.79x | -1.33x | 1.29x | 0.58x | 0.74x | 0.92x | 0.93x | 0.61x | 0.22x | 0.85x | 0.81x | 0.82x | 0.97x | 0.95x | 0.86x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 837 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and binary outcomes
According to the provided financial data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 1.84 in 2026Q1 to -1.00 in 2025Q4, suggesting that accounting accruals and non-cash adjustments frequently decouple the bottom line from actual cash movement.
The extreme variance in the OCF/NI ratio indicates that net income is an unreliable proxy for the company's underlying cash generation capacity. Investors should interpret these fluctuations as evidence of a business model heavily reliant on non-recurring milestone payments rather than stable, cash-generative operations.
As reported in financial statements, Daré's free cash flow trajectory is characterized by extreme volatility, ranging from a positive $12.6M in 2024Q2 to a negative $8.8M in 2023Q4, which highlights the company's ongoing struggle to achieve a consistent, self-sustaining cash flow profile during its commercialization phase.
The lack of a stable FCF trend suggests that the company remains in a high-burn state where cash flow is dictated by the timing of clinical milestones and partnership payments. This inconsistency makes it difficult to project a clear path to operational self-sufficiency without further external capital infusions.
Based on reported figures, working capital changes have been a primary driver of cash flow variability, with a significant $10.0M inflow in 2024Q4 contrasting sharply with a $3.7M outflow in 2026Q1, indicating that timing differences in payables and receivables are masking underlying operational cash burn.
These large swings in working capital suggest that the company's cash position is highly sensitive to the timing of partner-related settlements. Analysts should monitor these fluctuations closely, as they appear to provide temporary liquidity relief that does not reflect a fundamental improvement in core business cash generation.
As evidenced by the consistent presence of stock-based compensation and depreciation charges in the cash flow statement, the company's reported operating cash flow is bolstered by non-cash expenses that obscure the true economic cost of maintaining the firm's R&D-heavy, asset-light operational structure.
The persistent add-back of stock-based compensation warrants further investigation, as it suggests that the company is utilizing equity to preserve cash, effectively shifting the burden of compensation from the cash flow statement to shareholder dilution. This practice may be masking the true extent of the company's operational cash requirements.
Quick answers to the most common questions about buying DARE stock.
Daré Bioscience, Inc. (DARE) generated $-9885.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Daré Bioscience, Inc. (DARE) reported negative free cash flow of $10.27B in 2025, indicating capital requirements exceeded cash from operations.
Daré Bioscience, Inc. (DARE) spent $385.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.