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SAN DIEGO - Daré Bioscience, Inc. (NASDAQ:DARE), a small-cap biotech company with a market capitalization of $28.73 million, has received a $4 million non-dilutive funding installment to support development of its intelligent drug delivery system for contraception, the company announced Monday. According to InvestingPro data, analysts have set price targets ranging from $8 to $12, suggesting significant upside potential from the current trading price of $2.18.
The payment brings the total funding received to approximately $41.8 million of the up to $49 million committed for the development of DARE-LARC1, a preclinical-stage long-acting reversible contraceptive that utilizes programmable drug delivery technology. InvestingPro analysis indicates the company is quickly burning through cash, with a current ratio of 0.34, making such non-dilutive funding crucial for development activities.
DARE-LARC1 is designed to administer levonorgestrel, an active ingredient in several FDA-approved birth control methods, over an extended period without requiring daily user intervention.
The technology was originally developed at the Massachusetts Institute of Technology by Dr. Robert Langer and Dr. Michael Cima. According to the company, the device features wireless control capability, precision dosing via programmable micro-reservoirs, and extended duration potential from a single implant.
"This funding milestone will help advance what we believe is one of the most promising smart drug delivery technologies in development today," said Sabrina Martucci Johnson, President and CEO of Daré Bioscience.
While initially focused on contraception, the company states the platform could potentially be adapted for use with medications for obesity, diabetes, and other chronic conditions requiring long-term dosing.
Daré remains eligible for approximately $7.1 million in additional non-dilutive funding for the program, contingent on achieving technical milestones specified in the grant agreement. The company is also exploring strategic collaborations to expand investigation of the platform into additional therapeutic categories.
The information is based on a press release statement from the company.
In other recent news, Dare Bioscience reported significant financial developments and product updates during its Q2 2025 earnings call. The company addressed its working capital deficit of $12.6 million by raising $17.6 million through stock sales and securing a $6 million grant, extending its cash runway into the second half of 2026. Maxim Group responded to these financial maneuvers by upgrading Dare Bioscience from Hold to Buy, setting a price target of $8.00 due to the company’s enhanced funding position. Meanwhile, Brookline Capital Markets adjusted its price target for Dare Bioscience to $11.00 from $14.00, maintaining a Buy rating despite noting that the company’s second-quarter update was less informative than anticipated. The company continues to focus on launching several products via the 503B pathway, including Sildenafil Cream, DARE-HRT1, and two vaginal probiotics. However, details about 503B partners and related strategies were not disclosed as expected. These recent developments underscore Dare Bioscience’s ongoing efforts to strengthen its financial standing and advance its product pipeline.
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