MeritValue

Dare Bioscience, Inc.

DAREdata completeness 88%14 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Dare Bioscience, Inc. earns about -283% on equity, and has bought back 82% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$01$10M1$2.81M2$9,7843$1.03M3
Net income−$38.7M4−$30.9M5−$30.2M6−$4.05M7−$13.4M7
Operating cash flow−$28.8M8−$18.1M9−$38.9M10$5.47M11−$9.89M11
Capital expenditure$14,52412$63,06913$629,43014$573,04615$385,27815
Free cash flow (derived)−$28.8M8−$18.2M9−$39.5M10$4.9M11−$10.3M11
Total debt—————
Cash & equivalents$51.7M16$34.7M17$10.5M18$15.7M19$24.7M19
Diluted shares61.2M84.6M7.3M8.5M11.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$2.54
your share of equity
Profit it earned you last year
−$11.99
Free cash flow it threw off
−$9.19
Debt you’d be carrying
—

10 shares is a claim on $2.54 of net worth that earned you −$11.99 and generated −$9.19 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-283% avg · 5y
FY21 -100%FY22 -279%FY23 —FY24 —FY25 -471%

It earned an average -283% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−82% shares · 5y

Share count is down 82% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001401914-23-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001401914-25-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001401914-26-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001401914-23-000013 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001401914-24-000016 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001401914-25-000012 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001401914-26-000004 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001401914-23-000013 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001401914-24-000016 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001401914-25-000012 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001401914-26-000004 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001401914-23-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001401914-24-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001401914-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001401914-26-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001401914-23-000013 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001401914-24-000016 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001401914-25-000012 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001401914-26-000004 (CashAndCashEquivalentsAtCarryingValue)