Dare Bioscience, Inc. Q2 FY2025 earnings call

• Daré is at an inflection point with a dual-path strategy, focusing on closing the gap in women's health, generating near-term commercial revenue, and advancing long-term innovation.
• DARE to PLAY Sildenafil cream is on track for a Q4 2025 launch via a 503B outsourcing facility, with a direct-to-patient awareness campaign launched in partnership with Rosy Wellness and a provider-oriented webinar held.
• Ovaprene Phase III trial interim data showed no new safety concerns, with the study continuing as planned, targeting a nonhormonal user-controlled contraceptive option.
• DARE-HRT1 is pursuing both FDA approval and 503B compounding opportunities, targeting availability via a 503B outsourcing facility in late 2026.
• Preparing to launch two nonprescription vaginal probiotics for vaginal microbiome health, complementing prescription offerings.

At the end of the quarter, Daré had approximately $5 million in cash and cash equivalents and a working capital deficit of approximately $12.6 million. G&A expenses were $2.4 million compared to $2.5 million in Q2 2024. R&D expenses were $1.4 million, a 71% decrease versus Q2 2024. The decrease in R&D was due to factors like increases in contra R&D expenses from nondilutive funding awards and decreases in manufacturing costs for Ovaprene and development costs for Sildenafil cream, partially offset by increases in costs for other clinical and preclinical R&D programs.

• DARE to PLAY Sildenafil cream is expected to launch in the fourth quarter of 2025 via a 503B outsourcing facility.
• Anticipate completion of Ovaprene Phase III study and final analysis of endpoints, including the Pearl Index for pregnancy rate.
• DARE-HRT1 is targeted to be available via a 503B outsourcing facility in late 2026.
• Vaginal probiotics will be introduced following the launch of DARE to PLAY.

• Technical difficulties occurred during the call. - Actual results or events could differ materially from forward-looking statements due to known and unknown risks and uncertainties. - Potential $20 million payment and royalty payments for Ovaprene are subject to a third party's minority interest under a royalty purchase agreement.

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