Daré Bioscience receives $6 million installment for contraceptive device

SAN DIEGO - Daré Bioscience, Inc. (NASDAQ:DARE), a biotechnology company with a market capitalization of $21.15 million, has received a $6 million non-dilutive funding installment to support the development of its contraceptive drug delivery system, the company announced Friday. According to InvestingPro data, the company maintains a favorable position with more cash than debt on its balance sheet.

The payment is part of a multi-year grant agreement that has now provided approximately $37.8 million of up to $49 million in committed funding for DARE-LARC1, a preclinical-stage long-acting reversible contraceptive device. With the stock trading near its 52-week low of $2.35, InvestingPro analysis indicates the company’s valuation implies a strong free cash flow yield, though analysts anticipate continued losses this year.

DARE-LARC1 utilizes the company’s intelligent drug delivery system (DARE-IDDS) platform to administer levonorgestrel, an active ingredient found in several FDA-approved birth control methods, over an extended period without daily user intervention.

The funding will support nonclinical development, IND-enabling studies, and preparation for submission of an Investigational New Drug application with the FDA.

"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, according to the press release. InvestingPro research reveals the company’s overall financial health score is rated as ’FAIR’, with particularly strong scores in cash flow management. Discover 10+ additional exclusive ProTips and comprehensive analysis in the Pro Research Report.

The DARE-IDDS platform, originally developed at MIT by Dr. Robert Langer and Dr. Michael Cima, features programmable micro-reservoirs, extended duration capability, and wireless control. The technology has potential applications beyond contraception, including in obesity, diabetes, and neurological conditions.

Daré remains eligible for additional non-dilutive funding installments of up to approximately $11.2 million, contingent on achieving technical and other milestones specified in the grant agreement.

The company stated it is actively exploring strategic collaborations to expand investigation of the DARE-IDDS platform into additional therapeutic categories. With current assets of $3.57 million and a beta of 1.14, indicating moderate market volatility, investors can access detailed financial metrics and expert analysis through the comprehensive Pro Research Report available on InvestingPro.

In other recent news, Dare Bioscience reported its financial results for the first quarter of 2025, highlighting a comprehensive loss of $4.4 million. The company has embarked on a strategic shift towards cost reduction and product innovation, with plans to launch four new products, including a Sildenafil Cream and vaginal probiotics. Dare Bioscience aims to start generating revenue by the fourth quarter of 2025. Additionally, the company announced a partnership with Rosy Wellness to promote its upcoming Sildenafil Cream, expected to be available by the end of 2025. Analysts at H.C. Wainwright have maintained a Buy rating on Dare Bioscience, reflecting confidence in the company’s strategic direction and the potential market impact of the Sildenafil Cream. In corporate governance developments, shareholders approved the election of board nominees and an amendment to the company’s stock incentive plan, increasing available shares by 600,000. The appointment of Haskell & White LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, was also ratified. These developments highlight Dare Bioscience’s ongoing efforts to innovate and expand its market presence in women’s health.

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