Dare Bioscience (NASDAQ:DARE) is moving from a primarily development-stage company into commercial-stage operations, President and Chief Executive Officer Sabrina Martucci Johnson told investors during a Virtual Investor Closing Bell event moderated by Jenene Thomas, CEO of JTCIR.
Johnson said the company is focused solely on women’s health, with a portfolio spanning contraception, sexual health, vaginal health, fertility, pregnancy management, menopause and infectious disease. She emphasized that Daré’s strategy is to develop evidence-based products for areas where women have limited or no approved treatment options.
Commercial Launches Begin
Johnson highlighted Flora Sync LF5, a non-prescription, non-hormonal vaginal capsule that became commercially available at the end of June, with the company announcing availability on July 1. She described the product as designed to restore vaginal microbiome balance and support comfort.
According to Johnson, the product is based on a proprietary formulation of a lactobacillus strain and is backed by more than 30 years of probiotic research. She cited clinical data showing that 96% of women achieved microbiome balance within a three-day regimen and 90% maintained that balance out to two weeks. The product is available through Daré’s website and DARE Health Hub.
The second near-term commercial product is DARE to PLAY Sildenafil Cream, which Johnson said is targeted for prescription dispensing later this summer. The product uses the same active ingredient as VIAGRA, formulated as an on-demand topical cream for women. Johnson said there are no FDA-approved products for increasing genital arousal and sexual arousal in women.
DARE to PLAY is being made available as a 503B compounded product while the company continues work toward a new drug application pathway. Johnson said this approach allows patients to access the product sooner, enables revenue generation and may help the company gather data that could support future regulatory work.
Digital Platform and Provider Network
Johnson said Daré is using a “digital native” commercial model through the DARE Health Hub, which supports both prescription and non-prescription products. The platform allows women to register, access products and, when needed, use telehealth services. Clinicians can also use the platform to enter prescriptions.
She said the company is leveraging relationships built through clinical development with gynecologists, obstetricians, investigators and opinion leaders. Johnson said that early prescription intake for DARE to PLAY has helped Daré understand prescribing patterns and assess which commercial activities are moving demand.
“We’re really leveraging those long-term relationships that we’ve had and our reputation with the healthcare provider community,” Johnson said.
Pipeline Includes Contraception, HPV and Menopause Programs
Daré’s development pipeline includes Ovaprene, a hormone-free, once-monthly vaginal contraceptive currently in Phase 3. Johnson said two interim safety data monitoring board reviews have been positive and that preliminary data continue to support the product’s projected effectiveness range. The company is targeting completion of enrollment this year, with top-line data expected in 2027.
The company is also advancing DARE-HPV, a potential pharmacologic treatment for persistent high-risk human papillomavirus infection. Johnson said approximately 6 million women acquire high-risk HPV strains each year and that there are currently no FDA-approved pharmaceutical treatments before surgical intervention for precancerous lesions. The Phase 2 trial began earlier this year and is funded through a contract with ARPA-H.
In menopause, Johnson discussed DARE to RECLAIM, a vaginal ring intended to deliver estradiol and progesterone together. She said the company is preparing for Phase 3-enabling activities and is also targeting availability in 2027 as a 503B compounded product. Daré is also preparing a Phase 2 program for a non-hormonal vaginal capsule for genitourinary symptoms of menopause.
Non-Dilutive Funding Central to Strategy
Johnson said Daré has secured significant non-dilutive funding to support its pipeline, including more than $60 million from the Gates Foundation, $10 million from ARPA-H and more than $5 million from the National Institutes of Health.
She said the company will continue pursuing grant and contract opportunities, noting that non-dilutive funding is often available in areas with therapeutic gaps. Johnson also said Daré’s strategy often involves known pharmaceutical ingredients used in novel ways, which she described as a way to reduce certain early-stage development risks.
Investor Questions Focus on Traction and Valuation
During the Q&A session, Johnson said investors should watch commercial traction for Flora Sync LF5 and DARE to PLAY, as well as clinical execution in the Ovaprene and DARE-HPV programs. She also pointed to DARE to RECLAIM as an important menopause-related opportunity.
Asked about Daré’s stock price, Johnson acknowledged that the company is a microcap and that such stocks can move on sentiment and headlines. She said management’s focus is on execution, including commercial revenue, pipeline progress and non-dilutive funding.
“I am a fundamental believer that ultimately, you execute, and it does all come together,” Johnson said.
About Dare Bioscience (NASDAQ:DARE)
Dare Bioscience, Inc is a clinical-stage biopharmaceutical company focused on developing innovative therapies for women’s reproductive health. The company’s flagship development candidate is Ovaprene, a monthly, self-administered, non-hormonal contraceptive vaginal ring designed to offer an alternative to traditional hormone-based birth control methods. Through its proprietary intravaginal drug delivery platform, Dare seeks to address unmet medical needs in gynecology and contraception with products that prioritize efficacy, safety and ease of use.
In addition to its lead contraceptive program, Dare is advancing a pipeline of early-stage assets aimed at treating gynecologic conditions through local, non-systemic drug delivery.
