Revenue remains highly inconsistent, fluctuating from a peak of $1.8M in 2023Q4 to a negative $63.6K in 2024Q4, while structural margin instability is evidenced by gross margins swinging from -360.3% in 2024Q1 to 100% in 2025Q3.
Dare Bioscience, Inc. (DARE) annual income statement — 15-year revenue, gross profit & net income 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 |
|---|
| Sales/Revenue | 1.37M | 1.03M | 9.78K | 2.81M | 10M | 0 | 0 | 0 | 0 | 0 | 766K | 0 | 80K | 6K | 625K | 305K |
| Revenue Growth % | 7816.73% | 10429.36% | -99.65% | -71.92% | - | - | - | - | - | -100% | - | -100% | 1233.33% | -99.04% | 104.92% | - |
| Cost of Goods Sold | 2.59M | 2.45M | 14.31M | 21.64M | 30.14M | 100K | 83.33K | 11.14K | 625K | 0 | 400K | 192K | 0 | 0 | 0 | 363K |
| COGS % of Revenue | - | 237.55% | 146210.22% | 770.62% | 301.42% | - | - | - | - | - | 52.22% | - | - | - | - | 119.02% |
| Gross Profit | -1.22M | -1.42M | -14.3M | -18.83M | -20.14M | -100K | -83.33K | -11.14K | -2.44K | 0 | 366K | -192K | 80K | 6K | 625K | -58K |
| Gross Margin % | -89.45% | -137.55% | -146110.22% | -670.62% | -201.42% | - | - | - | - | - | 47.78% | - | 100% | 100% | 100% | -19.02% |
| Gross Profit Growth % | - | 90.09% | 24.08% | 6.51% | -20042.22% | -20% | -648.25% | -356.43% | - | -100% | 290.63% | -340% | 1233.33% | -99.04% | 1177.59% | - |
| Operating Expenses | 9.89M | 12.14M | 9.16M | 12.11M | 11.24M | 38.97M | 27.32M | 14.33M | 11.7M | 3.69M | 37.92M | 37.17M | 20.36M | 15.87M | 22.2M | 18.82M |
| OpEx % of Revenue | - | 1177.97% | 93581.98% | 431.27% | 112.43% | - | - | - | - | - | 4950.39% | - | 25448.75% | 264433.33% | 3552% | 6170.49% |
| Selling, General & Admin | 8.92M | 8.76M | 9.16M | 11.91M | 11.24M | 8.35M | 6.55M | 5.79M | 5.28M | 2.71M | 10.36M | 11.22M | 8.59M | 6.17M | 6.39M | 5.33M |
| SG&A % of Revenue | - | 850.65% | 93581.98% | 424.15% | 112.43% | - | - | - | - | - | 1351.83% | - | 10733.75% | 102766.67% | 1022.88% | 1749.18% |
| Research & Development | 2.19M | 5.52B | 14.21M | 21.54M | 30.04M | 30.62M | 20.77M | 8.55M | 6.41M | 984.75K | 27.57M | 25.95M | 11.77M | 9.7M | 15.81M | 13.48M |
| R&D % of Revenue | - | 536147.3% | 145188.14% | 767.06% | 300.42% | - | - | - | - | - | 3598.56% | - | 14715% | 161666.67% | 2529.12% | 4421.31% |
| Other Operating Expenses | -1.05M | -5.52B | -14.21M | -21.34M | -30.04M | 1 | 0 | 0 | 143.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -11.11M | -13.55M | -23.45M | -30.94M | -31.39M | -39.07M | -27.4M | -14.34M | -16.88M | -11.18M | -37.15M | -37.17M | -20.28M | -15.86M | -21.57M | -18.88M |
| Operating Margin % | -813.38% | -1315.51% | -239692.2% | -1101.89% | -313.85% | - | - | - | - | - | -4850.39% | - | -25348.75% | -264333.33% | -3452% | -6189.51% |
| Operating Income Growth % | - | 42.21% | 24.2% | 1.42% | 19.67% | -42.57% | -91.02% | 15.03% | -51% | 69.91% | 0.05% | -83.3% | -27.86% | 26.49% | -14.29% | - |
| EBITDA | -8.97M | -11.4M | -23.41M | -30.9M | -31.36M | -39.04M | -27.36M | -14.33M | -16.88M | -8.45M | -36.89M | -36.98M | -20.15M | -15.66M | -21.23M | -18.52M |
| EBITDA Margin % | -656.49% | -1106.68% | -239259.61% | -1100.53% | -313.61% | - | - | - | - | - | -4816.32% | - | -25191.25% | -261050% | -3396.64% | -6070.49% |
| EBITDA Growth % | 49.75% | 51.3% | 24.25% | 1.47% | 19.67% | -42.7% | -90.87% | 15.08% | -99.75% | 77.09% | 0.24% | -83.5% | -28.67% | 26.22% | -14.66% | - |
| D&A (Non-Cash Add-back) | 2.14M | 2.15M | 42.33K | 38.36K | 24.2K | 26.41K | 43.23K | 11.14K | 2.44K | 2.73M | 261K | 192K | 126K | 197K | 346K | 363K |
| EBIT | -10.76M | -12.58M | -4.05M | -30.74M | -30.95M | -38.7M | -27.4M | -14.26M | -11.7M | -11.18M | -37.07M | -37.16M | -22.26M | -15.66M | -21.53M | -18.92M |
| Net Interest Income | -7.71K | -142.97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.15M | -2.42M | -1.07M | -1.49M | -565K | -25K |
| Interest Income | 191.69K | 679.74K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 86K | 10K | 9K | 2K | 2K | 1K |
| Interest Expense | 199.39K | 822.71K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 322.63K | 2.24M | 2.43M | 1.08M | 1.49M | 567K | 26K |
| Other Income/Expense | 123.15K | 153.06K | 19.4M | 778.49K | 437.75K | 372.41K | 1.51K | 81.05K | 143.5M | -323K | -2.15M | -2.42M | -3.06M | -1.28M | -526K | -64K |
| Pretax Income | -10.99M | -13.4M | -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 | -18.94M |
| Pretax Margin % | -804.37% | -1300.66% | -41430.9% | -1074.17% | -309.48% | - | - | - | - | - | -5131.2% | - | -29177.5% | -285716.67% | -3536.16% | -6210.49% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.23M | 0 | 86K | 10K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -61.13% | 0% | -0.22% | -0.03% | 0% | 0% | 0% | 0% |
| Net Income | -10.99M | -13.4M | -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 |
| Net Margin % | -804.37% | -1300.66% | -41430.9% | -1074.17% | -309.48% | - | - | - | - | - | -5131.2% | - | -29177.5% | -285716.67% | -3536.16% | -6414.1% |
| Net Income Growth % | 40.94% | -230.55% | 86.56% | 2.54% | 20.02% | -41.22% | -92.1% | 14.79% | -45.52% | 70.73% | 0.73% | -69.63% | -36.16% | 22.43% | -12.97% | - |
| Net Income (Continuing) | -10.99M | -13.4M | -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 | -18.94M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.74 | -1.20 | -0.48 | -4.15 | -4.39 | -7.52 | -10.93 | -10.99 | -30.16 | -3.56 | -30.02 | -15.57 | -192.00 | -108.19 | -280.83 | -267.41 |
| EPS Growth % | 63.28% | -150% | 88.43% | 5.47% | 41.62% | 31.2% | 0.55% | 63.56% | -747.19% | 88.14% | -92.81% | 91.89% | -77.47% | 61.47% | -5.02% | - |
| EPS (Basic) | - | -1.20 | -0.48 | -4.15 | -4.39 | -7.52 | -10.93 | -10.99 | -30.16 | -3.56 | -30.02 | -15.57 | -192.00 | -108.19 | -280.83 | -267.41 |
| Diluted Shares Outstanding | 14.89M | 111.79M | 8.5M | 7.28M | 7.05M | 5.1M | 2.51M | 1.3M | 894.37K | 269.36K | 1.31M | 2.54M | 1.46M | 1.9M | 73.67K | 73.16K |
| Basic Shares Outstanding | 14.89M | 111.79M | 8.5M | 7.28M | 7.05M | 5.1M | 2.51M | 1.3M | 894.37K | 269.36K | 1.31M | 2.54M | 1.46M | 1.9M | 73.67K | 73.16K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying DARE stock.
For fiscal year 2025, Dare Bioscience, Inc. (DARE) reported total revenue of $1.0M. This represents a 237.8% increase compared to $0.3M in 2011.
Dare Bioscience, Inc. (DARE) reported a net loss of $13.4M for the fiscal year ending 2025.
Dare Bioscience, Inc. (DARE) reported an operating income of $-13.6M, resulting in an operating profit margin of -1315.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Dare Bioscience, Inc. (DARE) generated $-1.4M in gross profit for the year, representing a gross profit margin of -137.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Binary clinical trial outcomes
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Commercial Progress
As reported in financial statements, Daré's revenue trajectory remains highly erratic, characterized by lumpy milestone payments rather than consistent commercial sales, with quarterly revenue figures fluctuating from a negative $63.6K in 2024Q4 to a peak of $1.8M in 2023Q4, highlighting the lack of a stable baseline.
The extreme variance in top-line performance suggests that the company is currently reliant on sporadic collaboration events rather than recurring product demand. Investors should monitor whether the XACIATO commercialization efforts can eventually smooth these fluctuations into a predictable royalty-based revenue stream.
Structural Margin Instability Remains Prevalent
Based on reported figures, the company's gross margin profile is deeply inconsistent, swinging from a negative 360.3% in 2024Q1 to a positive 100% in 2025Q3, which underscores the significant impact of inventory write-downs and non-recurring costs inherent in the current early-stage commercialization phase.
The erratic margin performance indicates that the company has not yet achieved the scale necessary to absorb fixed production or amortization costs. Until royalty income from partners consistently exceeds these baseline expenses, the gross margin will likely remain a poor indicator of long-term operational efficiency.
Fixed Overhead Outpaces Revenue Generation
According to recent SEC filings, Daré maintains a rigid cost structure where SG&A expenses have consistently hovered between $1.6M and $3.0M per quarter, significantly outpacing the company's ability to generate meaningful revenue, thereby exacerbating the ongoing depletion of cash reserves through high operating burn.
The persistence of these fixed costs, regardless of revenue fluctuations, suggests a lean but structurally heavy organization that requires substantial capital to maintain its R&D pipeline. This expense discipline appears focused on clinical survival rather than immediate profitability, leaving little room for error in trial execution.
Non-Operating Items Distort Earnings Reality
As evidenced by the 2024Q2 net income spike to $12.9M, the company's bottom line is frequently distorted by non-operating items and accounting adjustments, which obscures the underlying operational performance and makes traditional EPS metrics largely irrelevant for assessing the firm's true economic health or long-term viability.
The presence of such significant non-operating gains suggests that investors should focus on cash burn and operational milestones rather than reported net income. These accounting anomalies warrant further investigation to ensure that future earnings quality is not similarly compromised by one-time financial engineering or non-cash adjustments.
Liquidity Constraints Threaten Operational Continuity
Based on the provided financial snapshot, the company's cash position of $24.7M against a persistent quarterly operating loss suggests a precarious liquidity runway, which may force management to seek dilutive financing if royalty income fails to scale rapidly enough to offset the ongoing clinical trial expenses.
Short-sellers would likely focus on the disconnect between the company's ambitious pipeline and its limited ability to self-fund operations. The reliance on external capital markets appears to be a structural vulnerability that could lead to significant shareholder dilution if clinical milestones are delayed.