Q4 2025 Dare Bioscience Inc Earnings Call
Speaker #4: financial results, provide updates on our
Speaker #4: clinical pipeline, and discuss the
Speaker #4: continued execution of our expanded
Speaker #4: business strategy. That strategy
Speaker #4: includes a dual-path approach:
Speaker #4: commercializing proprietary
Speaker #4: formulations through 503(b) compounding
Speaker #1: And the current market has nothing to offer beyond in-the-moment solutions like condoms or vaginal gels. And Oviprene is in a Phase 3 pivotal trial right now.
Speaker #4: while pursuing FDA approval
Speaker #4: and advancing select solutions as
Speaker #4: branded consumer health products that do not
Speaker #4: require a prescription.
Speaker #4: In all cases, our goal is to bring
Speaker #1: As you may recall, the Data Safety Monitoring Board reviewed interim data in July of 2025 and they recommended that the study continue. And that we continue enrollment without modification.
Speaker #4: innovative women's health solutions to
Speaker #4: market as efficiently and quickly as
Speaker #4: Possible. I would like to remind you,
Speaker #4: that today's discussion will include
Speaker #4: forward-looking statements within the meaning of federal
Speaker #1: We are now happy to let you know that we currently anticipate enrollment to complete this year. And completing enrollment in 2026 puts a 2027 data readout in reach.
Speaker #4: pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of
Speaker #4: 1995. Any statements made during this call that are not statements of historical fact should be considered forward-looking statements. Actual results or events could differ materially from those anticipated or implied by these statements, due to known and unknown risks and uncertainties.
Speaker #1: And with it comes the potential PMA pathway for what could be the first non-implanted, non-hormonal, monthly contraceptive option on the market. This, as a stand-alone in a world actively demanding non-hormonal contraception, has partnership and licensing potential that we believe the market has dramatically undervalued.
Speaker #4: You should not place undue reliance on
Speaker #4: forward-looking statements. Forward-looking statements
Speaker #4: are qualified in their entirety by the
Speaker #4: cautionary statements in the company's SEC
Speaker #4: filings, including our Form 10-K for
Speaker #4: the year ended December 31st,
Speaker #4: 2025, which was filed
Speaker #1: And speaking of undervalued, I want to turn to Dare HPV, which is perhaps our most underappreciated program given its potential. Roughly 6 million women in the United States alone acquire a high-risk HPV infection every year.
Speaker #4: today. Please note that the content of this call
Speaker #4: includes time-sensitive information
Speaker #4: that is current only as of
Speaker #4: today March 26th,
Speaker #4: 2026. Dare undertakes no obligation to
Speaker #4: update any forward-looking statements to
Speaker #4: reflect new information or developments
Speaker #4: After this call, except as required by
Speaker #1: And today, every single one of them is being managed with watchful waiting or surgery. There is no drug therapy. And that represents a completely untreated patient population, with a clear clinical need and no existing direct competition in the pharmacologic space.
Speaker #4: Law. I would also like to point out that when
Speaker #4: we use the term 503(b)
Speaker #4: compounding during this discussion, we are
Speaker #4: referring to compounding drug products by
Speaker #4: outsourcing facilities, registered under
Speaker #4: Section 503(b) of the Federal
Speaker #4: Food, Drug, and Cosmetic Act, using
Speaker #4: bulk drug substances, on the
Speaker #4: FDA's interim Category 1 list. I will now turn it over to Sabrina.
Speaker #1: High-risk HPV types are the underlying cause of virtually all cervical cancer cases in the United States—99% of them. For decades, women with persistent high-risk HPV infection have been told to watch and wait.
Speaker #5: Thank you, MarDee. Good afternoon, everyone, and thank you.
Speaker #5: for joining us.
Speaker #5: Ten years ago, we made a decision to
Speaker #5: focus exclusively
Speaker #5: on women's health. Not
Speaker #5: as a sideline, not as a
Speaker #1: To monitor and hope that the virus clears on its own, and if it doesn't, the only recourse has been surgery once pre-cancerous changes appear.
Speaker #5: franchise within a broader
Speaker #5: portfolio, as our entire reason
Speaker #5: Every dollar raised, every clinical
Speaker #5: trial run, every regulatory Thank
Speaker #1: There's not a single FDA-approved pharmacologic treatment for high-risk HPV infection, not one. And we're developing one. With ARPA-H funding. With FDA clearance of our IND application just this February of 2026, we are now preparing to advance Dare HPV into a phase two clinical study later this year.
Speaker #5: submission prepared, every
Speaker #5: partnership negotiated, all of
Speaker #5: it for one
Speaker #5: purpose: building the company with the
Speaker #5: most comprehensive pipeline
Speaker #5: comprised exclusively of
Speaker #5: differentiated products for health
Speaker #5: issues and conditions that
Speaker #5: women. From contraception to
Speaker #5: menopause, sexual health to
Speaker #1: Dare HPV has the potential to be the first pharmaceutical therapeutic, and one of the largest unaddressed infectious disease markets affecting women globally. Significant unaddressed market.
Speaker #5: fertility, vaginal health to infectious
Speaker #5: disease, we're working to close
Speaker #5: critical gaps in care
Speaker #5: with science that meets her
Speaker #5: needs. What distinguishes
Speaker #5: Dare is not just the breadth of the
Speaker #1: Grant-funded development—advancing into phase two. That's exactly the kind of asset that should get re-rated when investors discover it, and we believe very few have.
Speaker #5: pipeline, but the strategy behind it for health issues and conditions
Speaker #5: it. A disciplined approach
Speaker #5: to capital allocation, the
Speaker #5: payer's non-dilutive grant funding with
Speaker #5: focused development, moving
Speaker #1: And in addition to the portfolio programs that I just highlighted, other potential first-in-category contraceptive candidates are currently supported entirely with grant funding. Dare Lark One, Casia S, and related activities will aid in the identification and development of a novel non-hormonal intravaginal contraceptive candidate suitable for—and acceptable to—women in low- and middle-income country settings, who need or would prefer to use such a product to avoid unplanned pregnancy. Those programs continue to advance with that 100% grant funding.
Speaker #5: multiple programs towards the clinic
Speaker #5: simultaneously. That's not
Speaker #5: a single product bet. That's
Speaker #5: a portfolio strategy,
Speaker #5: Built from the ground up, for one of the distinguishes, Dare is not just the breadth of
Speaker #5: most chronically underfunded areas
Speaker #5: in all of medicine, despite
Speaker #5: affecting half the world's
Speaker #5: population. We're not a company
Speaker #5: that's just getting into women's
Speaker #5: Health. We are a women's health
Speaker #5: company. And
Speaker #5: 2026 is the year investors get to see
Speaker #5: What 10 years of that commitment
Speaker #5: actually looks
Speaker #5: like. I want to take the next few minutes to
Speaker #1: And we also recently announced an extension of an NIH award for DARE PTB1, which is our bioidentical progesterone intravaginal ring candidate aiming to reduce the risk of preterm birth in at-risk women.
Speaker #5: Share why we believe the investors who pay.
Speaker #5: attention to the story right
Speaker #5: now will be glad they did. And
Speaker #5: the best place to start that story
Speaker #5: because it's already happening in the
Speaker #5: market is Dare to
Speaker #5: Play. Pre-fulfillment
Speaker #5: prescribing for Dare to Play
Speaker #5: Sildenafil cream went live in February.
Speaker #5: 2026 across all
Speaker #5: 50 states, and we're just getting
Speaker #5: started. Dare to Play is a
Speaker #5: first-of-its-kind topical arousal cream
Speaker #5: for women. To our
Speaker #5: knowledge, there is no other
Speaker #5: sildenafil tropical cream
Speaker #5: manufactured under
Speaker #5: GMP requirements with clinical
Speaker #5: data, demonstrating increased
Speaker #5: General blood flow in just 10 to
Speaker #5: 15 minutes, and improvements in
Speaker #5: arousal or orgasm and
Speaker #5: desired measured by clinically
Speaker #5: validated and FDA-reviewed
Speaker #5: endpoints. Men have
Speaker #5: had Viagra in their medicine cabinet for
Speaker #5: over 25
Speaker #5: For years, women have had nothing clinically.
Speaker #5: studied and developed specifically for
Speaker #5: them. Until
Speaker #5: now. An estimated 20
Speaker #5: million women in the United States alone
Speaker #5: report challenges related to genital
Speaker #5: arousal. There's not a
Speaker #5: single FDA-approved therapy that directly
Speaker #5: addresses this need, not
Speaker #5: one. And while there's not yet
Speaker #5: an FDA-approved therapy, Dare to
Speaker #5: Play was designed to fill that
Speaker #5: Void. And we're making Dare to Play.
Speaker #5: available as a Section
Speaker #5: 503(b) compounded
Speaker #5: product. In December of
Speaker #5: 2025, prescription intake commenced through
Speaker #5: the Dare Health Hub, powered
Speaker #5: by Medvantix Pharmacy, our fulfillment
Speaker #5: partner, initially in just a handful,
Speaker #5: of states. That rapidly
Speaker #5: expanded, as of February
Speaker #5: 11th, 2026, Dare
Speaker #5: to Play is available for
Speaker #5: pre-fulfillment prescriptions in all 50
Speaker #5: states. Telehealth
Speaker #5: access launched at the same
Speaker #5: time, so that women in most
Speaker #5: States can now receive a Dare to Play.
Speaker #5: prescription if it's appropriate for
Speaker #5: them, without ever leaving their
Speaker #5: home. Prescribers are
Speaker #5: writing, "Women are engaging
Speaker #5: with telehealth." And we expect dispensing to begin in the coming months as the 503(b) outsourcing facility completes certain.
Our pipeline is deliberately built to address the most persistent gaps from pre-term birth to HPV Associated disease to sexual health and Beyond and where we can use strategic non-diluted, funding like the foundation and NIH, grants I mentioned and ARP H, grants to advance that work. We will
Every dollar of grant funding we secure is a dollar that moves us closer to putting better options in women's hands without diluting our shareholders.
And I want to speak directly to every investor on this call institutional retail, and everyone who listens to the replay.
We spent 10 years building this, and we did it the right way—with clinical rigor, disciplined capital management, and with an unwavering commitment to women, who have been underserved by the healthcare system for far too long.
And right now, in early 2026.
We're at the moment where all of that investment converges into action.
Products are coming live, demand is building, data is forthcoming. We're poised for partnership and revenues on the near-term horizon.
Women represent half the global population, yet women's health receives just 6% of private healthcare investment, and conditions that solely affect women—the very conditions we're developing treatments for—attract less than 1%.
That's not because it's niche. That's the market failure and it is exactly the Gap that Dario was built to address.
And the investors who will look back and say they saw this coming are the ones paying attention right now—before the prescriptions become revenue, before the EVER.PRINT data reads out, before Data Reclaim enters the estimated $2.5 to $4.5 billion hormone therapy market, and before DARE HPV data readout. The stories are being written today. And this is the catalyst stack that we're targeting to deliver this year.
Dare to play dispensing scaling, nationally in the coming months with Revenue expected to begin in the second quarter of this year.
Additional commercial and TAH health partnerships for Dare to Play to be announced as our channel infrastructure matures.
Dare to restore Flora sink LF5 advancing towards commercial availability in the US consumer health market in the second quarter of 2026.
Overran Phase 3, enrollment expected to complete this year. And as I mentioned, completing enrollment in 2026 puts a 2027 data readout within reach.
And dare HPV preparing to advance into phase 2 this year with our arpa H funding. So, this is not a single event, binary bet. It's a portfolio with multiple catalysts multiple Pathways to value and multiple ways to win.
And here's what I want you to understand about our competitive position.
We believe we're positioned for advantages that compound over time. With every prescription written for Dare to Play, we build the real-world data sets that strengthen our NDA submission.
Every over, patient, and enrolled participant moves us closer to data that will attract partners and every clinician who prescribes one of our products.
Becomes an advocate for the next.
We're not starting over with each product. We're building a platform on years of clinical data. That is difficult to replicate—established relationships with telehealth providers, specialty pharmacies, and clinical KOLs in women’s sexual health, vaginal health, and beyond.
Groundwork laid for the 505(b)(2) regulatory pathway that we believe provides an opportunity to protect and expand our market positions after the 503B market matures.
And brands dare to play, dare to restore, dare to reclaim—built around a clear, resonant identity with women.
We're operating at a moment when the culture and commercial conversation about women's health has never been louder.
The fantastic and the services sectors are attracting serious capital.
Women are demanding that healthcare take their needs seriously.
Payers and providers are beginning to respond, and there is political and media attention on women's health, including contraception, sexual health, and menopause. Is that historicized?
And Daré Bioscience is not trying to ride that wave.
We were building for it for a decade before it arrived.
Our pipeline is not reactive to a trend. It foresaw the trend and is exactly what the trend is calling for—the tides rising in women's health.
And we had been building our pipeline at low tide. So investors who want in before the water rises are looking at our company right now.
And with that context, I'll turn it back over to MarDee for the financial review.
Thanks Sabrina. Good afternoon everyone. I will now walk through our financial results for the full year. Ended December 31st, 2025 and provide context on our balance sheet and forward Financial positioning.
We ended the year with approximately 24.7 million in cash and cash, equivalents and working capital of approximately 3.4 million during 2025. We received approximately 20.8 million in net. Proceeds, from sales of common stock, under our ATM facility and equity line agreement. Additionally, we received non-dilutive Capital, that contributed to strengthening our balance sheet in 2025 including approximately 13.6 million received from The Gates Foundation. 4.5 million received under an arpa-h award and 1.3 million received from NIH Grant reimbursement together. These sources allowed us to advance multiple programs simultaneously while managing shareholder dilution responsibly
Selling General administrative or sgna expenses. For the full year were 8.8 million compared to 9.2 million and 2024
The year-over-year change was primarily driven by decreases in stock-based. Compensation expense Personnel costs and General, Corporate overhead expenses such decreases were partially offset by increased commercial Readiness expenses primarily for dare to play and increased Professional Services expenses.
Research and development, or R&D, expenses were $5.5 million for the full year compared to $14.3 million in 2024.
I want to highlight an important feature of our R&D expense reporting. We recognize non-dilutive funding awards as contra R&D expense, meaning grant funding directly offsets our reported R&D costs on our income statement. In practical terms, this means we are investing more in R&D than our reported R&D expense line suggests.
Contra R&D expense reflecting. Grant dollars received was $13.9 million in 2025, compared to $7.7 million in 2024. In other words, while reported R&D expenses declined year-over-year, our actual total R&D investment, when you add back contra R&D amounts, was much closer between 2025 and 2024 than the R&D expense line alone reflects.
Understand, when evaluating our capital efficiency with the use of grant funding and the true scale of our R&D investment.
We expect to begin recording product revenue from Dare to Play in Q2 2026, as dispensing commences nationally.
Floor sink, LS5. Consumer health revenue is also expected to begin in Q2 2026.
We are targeting to begin recording revenue from Dare to Reclaim in 2027. We are building toward a multi-product revenue profile that diversifies and grows in 2026 and 2027.
We encourage investors to review. The more detailed discussion of our financial statements Financial conditions, liquidity capital resources and risk factors in our form. 10K for the year, end of December 31st, 2025 filed today.
Operator: Please open the line for questions.
Thank you, Margie. We will now begin the question-and-answer session. If you have dialed in and would like to ask a question, please press star 1 on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star 1 again.
If you are called upon to ask your question and are listening via speaker phone in your device.
Please pick up your handset to ensure that your phone is not on mute when asking your question. Again, press star 1 to join the queue.
Our first question comes from the line of Katherine Novak with drones trading. Your line is open.
Hi, this is Leona on for Catherine. Thank you for taking our questions. Um,
When was your last interaction with FDA on full Dil cream? And what are the next steps for clinical development in the 505 B2 regulatory path? And I'll ask a follow-up after
Thanks, thanks for the question. Um, so this is a reminder of everyone. So we did have interactions with the FDA um last year. And really at this point um what we are looking at with that program is making sure that we're 100% aligned on the
End points the primary endpoint for the trial and, and not so much the arousal part. Our arousal questions are really clear and straightforward but what else in terms of any kind of interpersonal, um, challenges should constitute part of that co-primary assessment and how specifically that's going to be analyzed for part of the statistical like as it pertains to the statistical analysis plan and success. Um, so you know we want to make sure that we're very clearly um, aligned on that and our interactions with the FDA, particularly the, the last set of interactions in 2025. We're really to make sure that we were sharing.
And providing And discussing together the various assessments that were included. Um, not only in the phase 2B study but also the work we had done prior to that in the content validity study which really is a study that helps you ascertain what questions or content, valid and fit as patient reported outcomes. Um to make sure that we're all thinking together about a full picture of what makes sense. Um, for this particular indication, which is really focused on Improvement of genital sensations of arousal. Very analogous, couldn't be more analogous to erectile dysfunction because the clinical definitions are the same. And so, we're working closely with the FDA to make sure that there are endpoint Frameworks that are, um, reflective of the similarity between the conditions and the unmet needs.
Okay, got it. So that dialogue is ongoing. Yeah, thank you. Okay. And then, do you need to conduct any additional safety studies, or will the submission rely on existing data for, like, systemic film in women?
Yeah, the data we've collected from a safety perspective and what would be planned in the phase 3 would? Certainly be sufficient. I mean, 1 of the things that has been. Um, I would say
Fantastic about being able to formulate a product like this into a topical formulation that achieves, the blood flow, uh, objectives that we want is that it's really been designed to Target those tissue and get that very rapid, um, increase in temperature that we've seen quantitatively in the published study, you know, within that first 10 to 15 minutes of application. Um, without
did not see any difference in the phase, 2B study and the safety data are all published between the placebo group and the active group, um, in terms of uh adverse event profile,
Okay, thank you so much. Yeah, thank you.
Have our next question. Comes from the line of Camp deliver with Brookline Capital markets. Your line is open.
Thank you. Um,
what are you seeing with the order patterns so far for dare to play?
Yeah, great question, and one, you know, we anticipated, uh, and they're excited to get to talk about. And, you know, what's been exciting about it, I would say, is that we're in this pre-filled phase, uh, for the product, um, while our 503B, uh, collaborator continues certain activities. The prescriptions are coming in, but they're not being dispensed yet.
And what has been exciting about it is that we're seeing a mix of prescriptions coming in from brick and mortar providers, right people that we have been engaging with at conferences who have gotten to know, um, the product and are excited to write it for their patients when they see their patients. Um, even though it's not um dispensing yet but they want to make sure they get that prescription and for their patient and they want to make sure that they are letting their patient know, right? That there's a solution
Solution like this um that that is going to be available for them. That actually has clinical data has published peer-reviewed findings um as well as women engaging with tella health. So we're really seeing that both of those channels.
Are active and, um, relevant. And so that's been really helpful for us to understand. And, and particularly early in this awareness and education campaign. Uh, it's been very nice to be able to have these kind of data to help us see that both channels are important. Uh, because this is a product that resonates with the healthcare provider. It has the data, it has the peer-reviewed Publications um that they looked like they looked to and we don't have to solely rely on um, you know, a consumer Channel and to see the breadth of both. So more to follow on that as as these convert to orders as they start dispensing and and we will, you know, in the coming months be able to and start to provide more clarity as I alluded to, in terms of
You know that channel strategy that approach acquisition costs but you know, right now, the the focus has been on that very digital digital Focus campaign to make sure that consumers are aware of what's available. But also we've really been attending um, the conferences and doing the provider to provider education.
That is very relevant for a product like this that has, you know, published clinical data in their most trusted journals for products like this.
And how are you—how are you thinking about promoting Dare to Restore? Which really looks like, as you say in the press release, is a consumer OTC product.
Great, another great question and and you really hit something important, which is it does not require a prescription, right? These are these are products that consumers these types of products or something, that a consumer is a little more familiar with
I will say it's also in a category of products that a number of consumers do also engage with their health care provider to understand what their health care provider recommends. And so we're going to be able to leverage here at some of the same channels that we're leveraging for dare to play. It'll certainly appear on the Dare Health Hub. Which is where someone who's getting a dare to play prescription will be going. So it'll appear right there as something that can also be purchased um, at the same time.
We will also be similarly engaging in a very digital digital native sort of strategy in terms of creating very focused and targeted. Um strategy in the digital channels to create awareness and drive conversion um through the Dare Health Hub and through the website. Um but also we will be participating
That for some women, you know they may be interested in obtaining products while they're in that office visit right with that healthcare provider. And and so those are other channels that we're also looking at very analogous to, you know, the the the Derm space is very uh mature, right in that regard in terms of the kind of products that are sometimes also available in your clinician's office and so for those clinicians where this becomes, you know, a very trusted solution for them. We see those Channel opportunities as well.
Have our next question comes from the line of Douglas child with HC Wayne Wright. Your line is open,
Hi, good afternoon. Thanks for taking the questions. Sabrina, I just—I dare to play—you know, it sounds like you're doing a lot of work in terms of decision education. I know you've also done some work with different online, sort of, platforms as well.
I guess, how do you envision or where do you see success as the bigger driver of volume ultimately? Will it be some of the different sort of telehealth and subscription model platforms, or do you see it being more driven by, you know, prescribers?
Yeah, it's it's a fantastic um question and it's something that we have been looking at very closely and monitoring very closely and as I noted in the the comments 1 of the things that we want to make sure that we understand very clearly, as we look at these various platforms is making sure that we understand in the channels that we have available to us today as well as what those conversations look like, right with those other telea, health providers and platforms.
What the patient acquisition cost customer acquisition cost is in those various scenarios.
Paired with their reach right kind of their reach and their and, and the the number of touch points, um, that they have. And what we want to make sure that, you know, once dispensing commences in all 50 states, right? That we have all of those, um, you know, it's available in all of the states. And we've been collecting all of these data that we're making sure that we're layering in these Partnerships.
With a financial structure that makes sense to extend the reach and the touch points for the product. But in a
Smart right in a smart structure that takes into consideration. The various acquisition costs in the channels that that we have been in already um as well as the reach in those channels. And so it's really coupling all those factors together, right? How many patients, right? How many touch points? How many users do they already have on a particular platform? Right? What is that relationship going to look like with them to access those people where do the cultures aligned and this product fit nicely? Um there I feel like there's a new tella Health platform stance. Stood up every day uh practically for Women's Health right now because it's become a very hot um, hot area and you know we we want to make sure that there's Financial stability. There's solid um, alignment culturally and with the product fit and that again there's a financial structured model that makes a lot of sense from a
Cost of acquisition perspective and reach for this product and so those are the things that we've been Avail evaluating and we do, you know, we we want to make sure that the product is available in all of the channels that make a lot of sense.
Both in terms of reach and demand, and to make sure, you know, it's available where women are going for their care.
So, those are the factors that that we're looking at.
And I guess is a, is a follow-up question. And I hear your point earlier, in terms of, you're the only product that's actually been tested.
Um, I mean, I guess it—it's hard, and, you know, it's like thinking about, like, you know, so the GLP-1 class, right? We're going to have a lot of compounded products out there as well. Um, you know,
How do you, necessarily? But I think, you know, with your product, there are, arguably, more formulation differences that are arguably more important, right? To distinguish, um, you know, your product from other products that are out there.
To sort of make sure that, you know, patients, don't try some of the alternative formulations and sort of give up on the on, on, you know, sort of a topical benefits coalesces around your product. Thank you. Yeah, absolutely. Fantastic question. So, and and you kind of hit the nail on the head in 2 years. So 1, you know, the the the on the 1 hand, the jlp1 experience that people have had have um, given people. Perhaps an impression that
You know, you can go anywhere, right, and get the same product, but of course, there are already initiatives underway in that category to educate around that and make sure it's aware. But you also touched on something super important with regard to this formulation, which has been very compelling to people. And it's very—
Easy. Both for healthcare providers and we found it's very easy messaging with the consumer to explain that when you're putting something on your skin.
The formulation matters, right? We, as women, have used a lot of different, you know, topical products—we use face creams every day, we use whatever, right? And being able to explain that, what is key here is that this is a very important medicine that needs to get into the skin, and that you can't just mix something together and do that. And what really resonates more than that statement—
um, is the fact that we have clinical data demonstrating increase in blood flow, which is basically a surrogate for a right that the, the arousal Sensations, that the blood flow is going to cause, cause within 10 minutes,
And when a clinician or a consumer looks at any compounded, so then it'll cream product that is not dare to play with our dermaflex technology inside of it to drive that sedan fill into the into the tissue.
They all talk about, put it on at least 30 minutes before or longer because they don't have the data that the time factor resonates more than anything. And so, with a healthcare provider, we're able to get into that more complex conversation with them around the clinical work that's been done and the formulation technology, and why that matters—that resonates very clearly with them, and they understand it. And with the consumer, it's really about
Time to affect and that there are.
This has been engineered by biotech specifically for them.
So I guess as a follow-up though, so in terms of
you know, clinicians I guess that sort of requires, sort of traditional, sort of, um, you know, sales promotion, slash detailing and with consumers, I guess it is some
Generally kind of mixed through of of DTC advertising. And are you able to, sort of defra, some of that cost because DTC can be expensive with some of the different sort of
E health or or partner you know sort of uh uh uh you know Partnerships that you have in place to help with that those costs. Yeah absolutely and the other way to think about this again the world is really changed um significantly significantly in in terms of and I'm going to refer to the influencer space and I don't mean influencers who have
I don't know, no knowledge of clinical science or medical science, but I'm talking about healthcare providers.
Who have very significant followings because they have been educators and are sharing knowledge in an area that women are very desperate and hungry to get information around.
so,
These are the kind of channels like when we're talking about enhancing our digital, you know, our Focus around education. These are a lot of the channels that that we that you'll be seeing more and more, right? As as this product starts to dispensing, um, that are getting utilized because these are
Trusted clinicians, trusted voices that are looking for Brands products solutions that they can get behind. And I think the other thing to really highlight, and we have seen this at every conference that we've been to
Dare to play is 1 product, but Dari bioscience is a brand in of itself.
Right. We've run so many clinical trials. So many healthcare providers have worked with us on one of our studies, right? They are proudly telling their friends, um, their peers about the products. So we're also very much leveraging— I would call it provider to provider.
Um, education and provider-to-provider.
Um,
Because we have credibility as a builder of solutions for the women that they serve, and you know, many of them have worked with us.
And that's not, you know, that's not something that—
You know, a compounder, for instance, is going to be able to do—
and it really resonates.
Okay, great. Thank you very much.
Yeah, absolutely.
That concludes the question and answer session. I would like to turn the call back over to Sabrina Maruchi Johnson for closing remarks.
Well, thank you, and I definitely want to close with something that I feel deeply.
Uh, and it ties into some of the questions that we just went through, right? So, women's health has been dismissed. It's been deprioritized. It's been underfunded for generations, and the conditions that we addressed at Dare Bioscience—
Arousal, vaginal health, menopause, contraception, HPV.
These are conditions that affect millions of women worldwide.
Right. They're not rare. They're common experiences that have been met far too often with inadequate options.
Clinical dismissal lack of data or simply nothing at all.
And Dare Bioscience was founded on the belief that women deserve better. And that belief has guided every decision we have made.
I started Dare because I believe women's health was both a moral imperative, but also a compelling strategic opportunity, and ten years in, I believe that more than ever.
Dare to Play is entering the market. And as we just discussed, women are getting prescriptions and clinicians are engaging. And telehealth is live, and is a great access path.
And the pipeline behind Dare—to play, it's deep, it's differentiated, and we're finding ways to advance it. So, we built this company to really change how women experience healthcare, and that change is beginning in earnest. Now,
And so, to our investors, thank you for your confidence and for being owners.
We believe the assets we hold, the catalysts that I outlined that are coming up, and this window of time that we are in represent a compelling opportunity, and we intend to execute on it.
So it's 10 years of building, but the commercial inflection is here, and the pipeline is deep. And the market is ready and Dario bioscience in 2026, is a story that is just beginning to be told
I think the investors who had conviction in the first chapter will be the ones who remember this call. So, I thank you all for participating today and look forward to more updates in 2026.
Ladies and gentlemen, that concludes today's call. Thank you all for joining in. You may now disconnect