DARE (Dare Bioscience Inc.) stock: $0.82, $16.2M market cap, $18.0M cash, -$1.8M EV, $14.7M fully diluted market cap. Data from Fully Diluted's biotech stocks database.
Pipeline assets
XACIATO
Approved · Active Modality: Vaginal gel (hydrogel drug-delivery platform TRI-726)
Aliases clindamycin phosphate vaginal gel 2%
Partnerships Organon: exclusive worldwide license (up to $180.0M milestones + tiered double-digit royalties; royalty stream sold to XOMA until specified return, then shared equally; upside-sharing milestone payments from XOMA)
Indications- Bacterial vaginosis (Approved)
Status note First FDA-approved product from the portfolio; Organon launched in US (Jan 2024). Company sold XACIATO royalty/milestone rights to XOMA (Apr 2024).
Ovaprene
Phase 3 · Active Modality: Non-hormonal intravaginal contraceptive ring
Partnerships Foundation: $10.7M grant (Nov 2024, through Jun 2027) supporting expansion of Phase 3 sites + development of novel non-hormonal contraceptive for LMIC settings; ADVA-Tec (exclusive Ovaprene rights; up to $14.6M dev/reg + $20M commercial milestones, 1-10% royalties)
Indications- Contraception (non-hormonal, incl. LMIC settings) (Phase 3)
Status note Ongoing Phase 3 clinical trial (site expansion grant-funded). Bayer's Ovaprene license agreement terminated Dec 2, 2025 (Bayer initiated).
Casea S
Phase 1 · Active Modality: Biodegradable contraceptive implant
Partnerships Theramex: co-development and licensing agreement (Feb 2025); royalty-free exclusive fully-paid US patent license; Company funds Phase 2 if Phase 1 positive; Phase 3 costs shared
Indications- Contraception (biodegradable implant) (Phase 1)
Status note First-in-category biodegradable contraceptive implant acquired by Theramex; ongoing grant-funded Phase 1 study.
DARE-HPV (lopinavir/ritonavir combination)
Stage not disclosed · Active Modality: Soft gel vaginal insert
Partnerships Douglas Pharmaceuticals Limited: exclusive US development/commercialization license (Aug 2023); University of Manchester: direct license fallback. VentureWell/ARPA-H: up to $10.0M subaward.
Indications- Cervical intraepithelial neoplasia and other HPV-related pathologies (Stage not disclosed)
Status note Lopinavir and ritonavir combination soft gel vaginal insert (exclusive license from Douglas Pharmaceuticals, Aug 2023). ARPA-H subaward (Oct 2024) provides up to $10.0M in milestone-based payments over ~24 months toward commencement of a Phase 2 study in high-risk HPV clearance; NIAID grants support non-clinical activities.
DARE-GML (glycerol monolaurate)
Stage not disclosed · Active Modality: Intravaginal drug delivery
Partnerships Hennepin Life Sciences: exclusive global rights (up to $6.25M dev/reg + $45.0M commercial milestones, tiered royalties)
Indications- Bacterial, fungal and viral vaginal infections (Stage not disclosed)
Status note Novel antimicrobial glycerol monolaurate delivered intravaginally; stage not stated in the 10-Q excerpts.
DARE-LARC1
Preclinical · Active Modality: Drug-delivery platform (DARE-IDDS intelligent drug delivery system)
Partnerships Foundation: up to $49.0M grant (through Dec 2027) for technology development/preclinical through IND-enabling
Indications- Contraception (long-acting reversible) (Preclinical)
Status note Long-acting reversible contraception a woman can turn on/off; grant funds preclinical/IND-enabling work toward IND submission.
DARE-VVA1
Stage not disclosed · Active Modality: Vaginal formulation
Aliases tamoxifen vaginal formulation
Target Estrogen receptor
Partnerships Pear Tree acquisition: former stockholders eligible for up to $15.5M dev/reg + $47.0M commercial milestones + tiered royalties
Indications- Vulvar/vaginal atrophy (Stage not disclosed)
Status note Proprietary vaginal tamoxifen formulation; stage not stated in the 10-Q excerpts.
DARE-HRT1
Stage not disclosed · Active Modality: Intravaginal formulation
Partnerships Catalent JNP: exclusive license (up to $13.5M dev/reg + $30.3M commercial milestones per product, mid single-digit to low double-digit royalties)
Indications- Menopausal symptoms (hormone therapy) (Stage not disclosed)
Status note Commenced via Catalent JNP license; stage not stated in the 10-Q excerpts.
DARE-FRT1
Stage not disclosed · Active Modality: Intravaginal formulation
Partnerships Catalent JNP: exclusive license (up to $13.5M dev/reg + $30.3M commercial milestones per product, mid single-digit to low double-digit royalties)
Indications- Fertility (Stage not disclosed)
Status note Commenced via Catalent JNP license; stage not stated in the 10-Q excerpts.
DARE-PTB1
Stage not disclosed · Active Modality: Intravaginal formulation
Partnerships Catalent JNP: exclusive license; NICHD: ~$2.0M grant supporting the 'Phase II' project segment through Nov 2026
Indications- Preterm birth (Stage not disclosed)
Status note NICHD grant supports development (referred to as the 'Phase II' segment of the grant project); clinical stage not stated in the 10-Q excerpts.
DARE-204
Stage not disclosed · Active Modality: Injectable formulation
Partnerships Adare Pharmaceuticals USA: exclusive development and option agreement (Mar 2018) for 6- and 12-month injectable etonogestrel formulations; option to negotiate a license not yet exercised
Indications- Contraception (6-month protection) (Stage not disclosed)
Status note Injectable etonogestrel formulation for contraceptive protection over a 6-month period; option to license not yet exercised.
DARE-214
Stage not disclosed · Active Modality: Injectable formulation
Partnerships Adare Pharmaceuticals USA: exclusive development and option agreement (Mar 2018) for 6- and 12-month injectable etonogestrel formulations; option to negotiate a license not yet exercised
Indications- Contraception (12-month protection) (Stage not disclosed)
Status note Injectable etonogestrel formulation for contraceptive protection over a 12-month period; option to license not yet exercised.
Sildenafil cream (topical)
Stage not disclosed · Active Modality: Topical cream
Aliases Sildenafil Cream 3.6%
Target PDE5
Partnerships SST (Strategic Science & Technologies): exclusive royalty-bearing global license (up to $18.0M dev/reg + $100.0M commercial milestones, single-digit to mid double-digit royalties); XOMA synthetic royalty of 2.0% of future net sales (1.25% if return threshold met)
Indications- Female sexual arousal/interest-arousal disorder (Stage not disclosed)
Status note Topical sildenafil formulation; $1.0M paid to SST Feb 2025. Phase not stated in the 10-Q excerpts.
Per-asset detail extracted from the 10-Q filed 2026-08-13. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.