DARE

Strategic Transition and Commercial Milestones

• The company has transitioned from a pure science-driven development company to a firm with active commercial execution, following the June 2026 launch of its first direct-to-market product, FloraSync LF5.
• The company follows a dual-path business strategy: commercializing proprietary formulations via 503B outsourcing compounding for fast market entry, while pursuing FDA approval for select products to build durable, long-term commercial franchises.
• All operations are focused exclusively on closing unmet need gaps in women's health, an underserved investment-grade category the company has prioritized for over 10 years.

Launched and Near-Term Commercial Products

• FloraSync LF5: An over-the-counter non-hormonal probiotic vaginal capsule backed by product-specific peer-reviewed clinical research (an unusual differentiator in the over-the-counter vaginal care category). It is priced for accessibility and positioned to become a recurring routine care product, with revenue recording beginning in July 2026.
• Dare to Play Sildenafil Cream: A proprietary topical treatment for female sexual arousal disorder, a condition with no currently FDA-approved treatments, with a total estimated market opportunity of $2 billion. Dispensing as a prescription 503 compounded product is targeted to begin in Q3 2026, with pre-prescription activity already showing a healthy geographic and channel split between in-office providers and telehealth. The company continues to pursue full FDA 505(b)(1) approval for the product.
• Dare to Reclaim Estradiol Progesterone Intravaginal Ring: A menopausal hormone therapy product planned for commercial launch via 503 compounding in 2027, addressing unmet need for a convenient, clinically validated non-oral hormone therapy option.

Commercial Platform Strategy

• The central DARE Health Hub serves as a single destination for patient education, product discovery, telehealth connectivity, fulfillment, and ongoing customer engagement, giving the company direct visibility into the full customer journey to support repeat purchases and cross-selling of future portfolio products.
• Commercial go-to-market combines engagement with trusted OB-GYN and women's health provider communities, digital direct-to-consumer marketing, and partnerships with third-party women's health telehealth platforms (such as the recently announced collaboration with MyMetapauseRx) to expand national reach.
• Early commercial performance is measured by three core metrics: consumer adoption (focused on repeat purchase), provider adoption (focused on consistent prescribing/recommendation), and commercial efficiency (to prioritize high-conversion channels for future investment).

Clinical Pipeline Progress

• Oviprene: The company's investigational hormone-free monthly intravaginal contraceptive is advancing through a Phase 3 pivotal trial. Positive interim safety data led the Independent Data Safety Monitoring Board to recommend the trial continue without modification. The FDA approved a protocol amendment removing the original requirement for 250 trial completers, while still recommending a minimum of 250 completers to fully characterize safety. Top-line data is expected in 2027, following completion of 2,500+ menstrual cycles of exposure.
• DARE-HPV: A Phase 2 study for persistent high-risk HPV infection has been initiated, supported by $2 million in total non-dilutive funding from ARPA-H and NIAID. Top-line results are expected in 2027.
• Early-stage pipeline programs span contraception, pelvic pain, and preterm birth, with most advanced via non-dilutive funding from public and philanthropic partners to maintain disciplined capital allocation.

• FloraSync LF5 product revenue will begin being recorded in Q3 2026, with Dare to Play Sildenafil Cream revenue also expected to begin recording in Q3 2026.
• Dare to Reclaim Estradiol Progesterone Intravaginal Ring product revenue is targeted to begin in 2027.
• Oviprene Phase 3 trial enrollment will complete in 2026, with sufficient safety exposure accumulated by 2027 to support top-line data readout in 2027, followed by a premarket approval submission to the FDA.
• DARE-HPV Phase 2 top-line results are expected in 2027.
• The 2026 corporate priority is disciplined commercial execution and validation of the commercial model, to lay the foundation for stronger, more efficient growth in 2027 and beyond.
• No changes to prior long-term strategic guidance were announced.

Data Bioscience recorded total revenue of $0.2 million in Q2 2026, which consisted 100% of research and development services revenue and royalty revenue. No product revenue was recorded in the quarter, as sales of the company's first commercial product, FloraSync LF5, launched in July 2026 after quarter-end. Selling, general, and administrative expenses were $2.6 million, an increase from $2.4 million in Q2 2025, driven by a non-cash write-down of deferred offering costs and investments in commercial readiness and personnel. Research and development expenses decreased to $0.2 million from $1.4 million in Q2 2025, as non-dilutive program funding offset direct program costs and reduced overall spending across the pipeline. The company reported a net loss of $3 million for the quarter, an improvement from a $4 million net loss in the year-ago period. As of June 30, 2026, the company held $12.6 million in cash and cash equivalents, with a working capital deficit of approximately $0.2 million.

• All forward-looking statements regarding clinical trial timelines, commercial results, regulatory outcomes, and revenue recognition are inherently uncertain, and actual results may differ materially from expectations due to known and unknown risks, as detailed in the company's SEC filings (including the Q2 2026 Form 10-K and 2025 10-K).
• The FDA continues to strongly recommend a minimum of 250 completers for the Oviprene Phase 3 trial to adequately characterize safety, and the company may need to enroll additional participants or face delays or rejection of a future premarket approval submission even with the amended protocol.
• The company ended the quarter with a $0.2 million working capital deficit, creating potential liquidity risk if commercial adoption is slower than expected or additional funding is not secured to advance pipeline programs.
• Commercial success of all products depends on provider adoption, consumer acceptance, and effective channel execution, which cannot be guaranteed in the early launch phase.

Q: With three upcoming commercial products (FloraSync, Dare to Play, Dare to Reclaim) having different end-user profiles and promotion needs, how does management plan to unify their commercial go-to-market, and will they be grouped under a core DARE brand or marketed as standalone products? / A: All three products share a core unifying differentiator: they are all backed by rigorous clinical science, which aligns with the DARE brand identity. DARA is the only biotech focused exclusively on women's health therapeutics, so leveraging the central DARE brand (reflected in all product names) builds on existing credibility with providers and extends that trust to consumers. The shared DARE Health Hub platform supports efficient cross-product marketing and capital allocation to highest-performing channels across the portfolio.

Q: Will the DARE brand resonate more with clinicians or consumers, long-term? / A: Management intends for the DARE brand to resonate with both groups. The company already has strong established credibility with women's health clinicians, which it leverages to reach patients via trusted provider recommendations and clinician influencers online. It is actively building direct brand recognition with consumers via digital education and the DARE Health Hub platform.

Q: How does management see Dare to Reclaim competing in the large existing menopausal hormone therapy market, which has existing compounded and oral options, especially after recent regulatory changes removing HRT warnings? / A: Clinicians are actively seeking the type of solution Dare to Reclaim provides: a single, convenient non-oral intravaginal ring with clinically demonstrated, guideline-aligned estradiol and progesterone levels. Current clinical practice often requires cobbling together separate products, and there are ongoing supply shortages for common HRT patches. The product's alignment with clinical guidelines and unmet need positions it well to capture share from existing suboptimal solutions.