Dare Bioscience Inc

Dare Bioscience Inc operates with a negative equity position of -$10.999 million and a cash balance of $3.631 million, indicating a liquidity risk despite having no dilution pressure in the near term. The company's liquidity position is further strained by a current ratio of 0.56, suggesting that it may struggle to meet short-term obligations without external financing. The enterprise value to revenue ratio of 4,529.59 is significantly higher than typical for the pharmaceutical industry, reflecting the company's pre-revenue or early-stage commercialization status.

Profitability metrics are highly negative, with a net loss of -$6.755 million and an operating loss of -$6.022 million in the latest period. Return on equity is 0.6142, which is not a meaningful metric given the negative equity base. Return on assets is -0.5191, indicating that the company is not generating returns from its asset base. These figures are consistent with the typical performance of early-stage biopharmaceutical companies that are investing heavily in R&D and commercialization.

The company's revenue is concentrated in a single therapeutic area, with no disclosed geographic diversification. This lack of diversification increases exposure to regulatory, clinical, and market risks in the insomnia treatment segment. The absence of segmental or geographic revenue breakdowns in the financial data suggests a high concentration risk.

Growth trajectory is constrained by the company's current financial position. The latest financial data shows a negative operating cash flow of -$6.813 million and a free cash flow of -$6.752 million, indicating that the company is not generating cash from operations. The capital expenditure of -$7,300 suggests minimal investment in physical assets, which is typical for a biopharmaceutical company with a focus on R&D. Analysts have assigned a mean price target of $10.25, which is significantly higher than the current market price of $2.86, but the absence of strong-buy ratings suggests limited near-term upside.

The company faces significant risk from its negative equity and high debt-to-equity ratio of -0.37, which is not a conventional measure due to the negative equity. The risk assessment indicates a medium liquidity risk and a low dilution risk, but the key flag of negative net cash after subtracting total debt highlights the need for additional financing. The absence of dilution pressure is due to the current alignment of basic and diluted shares, but the company may need to issue additional shares to fund operations in the future.

Recent events include the continued development of its insomnia treatment pipeline, with no major clinical or regulatory milestones disclosed in the latest financial data. The company's focus on insomnia treatments is aligned with its business strategy, but the lack of diversification into other therapeutic areas increases its vulnerability to market shifts.

Analysts project 694.6% upside to a mean price target of $10.25, signaling strong institutional confidence in future value.

Revenue surged 10,433.6% year-over-year to $1.03 million in FY2026, demonstrating significant top-line growth momentum.

Cash conversion ratio of 1.01 exceeds the pharmaceutical cohort median of 0.95, indicating efficient cash flow management.

Dilution risk is assessed as low, suggesting limited immediate threat to shareholder equity from share issuance.

Net margin of -726.38% places the company in the bottom quartile of the pharmaceutical cohort, indicating severe profitability issues.

Leverage band is classified as high with a debt-to-equity ratio of 10.42, signaling significant financial risk.

Liquidity risk is rated as medium, suggesting potential challenges in meeting short-term financial obligations.

Revenue $1.0M; Operating income +72,7% YoY.

• ▍Revenue $1.0M
• ▍Operating income +72,7% YoY
• ▍Net income +73,8% YoY
• ▍Free cash flow +81,6% YoY
• ▍Net margin -140.8%

Revenue $2.3k, −94,6% YoY; Operating income +21,6% YoY.

• ▍Revenue $2.3k, −94,6% YoY
• ▍Operating income +21,6% YoY
• ▍Net income +24,2% YoY
• ▍Free cash flow +36,4% YoY
• ▍Net margin -157644.7%

Operating income −129,4% YoY; Net income −131,1% YoY.

• ▍Operating income −129,4% YoY
• ▍Net income −131,1% YoY
• ▍Free cash flow −123,4% YoY

Revenue $25.4k, +173,4% YoY; Operating income +23,9% YoY.

• ▍Revenue $25.4k, +173,4% YoY
• ▍Operating income +23,9% YoY
• ▍Net income +35,2% YoY
• ▍Free cash flow +37,4% YoY
• ▍Net margin -17217.1%

Revenue $0.00; Operating income -$5.4M.

• ▍Revenue $0.00
• ▍Operating income -$5.4M

Revenue $41.7k; Operating income -$4.7M.

• ▍Revenue $41.7k
• ▍Operating income -$4.7M
• ▍Net margin -11279.7%

Revenue $22.4k; Operating income $13.0M.

• ▍Revenue $22.4k
• ▍Operating income $13.0M
• ▍Net margin 57534.1%

Revenue $9.3k; Operating income -$6.0M.

• ▍Revenue $9.3k
• ▍Operating income -$6.0M
• ▍Net margin -72638.3%

Revenue $1.0M, +10 433,6% YoY; Operating income −341,1% YoY.

• ▍Revenue $1.0M, +10 433,6% YoY
• ▍Operating income −341,1% YoY
• ▍Net income −230,6% YoY
• ▍Free cash flow −165,0% YoY
• ▍Net margin -1300.7%

Revenue $9.8k, −99,7% YoY; Operating income +90,1% YoY.

• ▍Revenue $9.8k, −99,7% YoY
• ▍Operating income +90,1% YoY
• ▍Net income +86,6% YoY
• ▍Free cash flow +85,1% YoY
• ▍Net margin -41447.9%

Revenue $2.8M, −71,9% YoY; Operating income +1,4% YoY.

• ▍Revenue $2.8M, −71,9% YoY
• ▍Operating income +1,4% YoY
• ▍Net income +2,5% YoY
• ▍Free cash flow +0,8% YoY
• ▍Net margin -1074.2%

Revenue $10.0M; Operating income +18,9% YoY.

• ▍Revenue $10.0M
• ▍Operating income +18,9% YoY
• ▍Net income +20,0% YoY
• ▍Free cash flow +19,9% YoY
• ▍Net margin -309.5%