DAREHIGH SIGNALFINANCIAL10-K

DARE experienced a substantial revenue decline while simultaneously strengthening its cash position, suggesting a significant business model shift or strategic restructuring.

The combination of sharply reduced revenue alongside increased cash reserves and improved operating losses indicates DARE may be pivoting its business strategy or has secured new funding. The substantial increase in outstanding shares (from 8.85M to 14.56M) suggests equity financing occurred, which explains the stronger cash position despite revenue headwinds.

Comparing 2026-03-26 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

DARE's financial profile shows a company in transition, with revenue declining substantially while cash and equivalents grew meaningfully to $24.7M from $15.7M. Operating losses improved notably despite the revenue decline, driven by significant reductions in R&D expenses and interest costs. The 65% increase in share count confirms equity dilution, but the strengthened balance sheet suggests management has secured funding to weather the current revenue challenges and advance their women's health pipeline.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
-85.6%
$2.2M→$323K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Revenue
P&L
-71.9%
$10.0M→$2.8M

Revenue declined 71.9% — significant demand weakness or market share loss warrants investigation.

R&D Expense
P&L
-61.1%
$14.2M→$5.5M

R&D spending cut 61.1% — could signal cost discipline or concerning reduction in innovation investment.

Cash & Equivalents
Balance Sheet
+57.4%
$15.7M→$24.7M

Cash position surged 57.4% — strong cash generation or capital raise providing significant financial cushion.

Total Assets
Balance Sheet
+46.9%
$22.1M→$32.5M

Asset base grew 46.9% — expansion through organic growth, acquisitions, or capital deployment.

Current Assets
Balance Sheet
+46.7%
$18.4M→$27.1M

Current assets grew 46.7% — improving short-term liquidity or inventory/receivables build.

Operating Income
P&L
+42.2%
-$23.5M→-$13.6M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Capital Expenditure
Cash Flow
-32.8%
$573K→$385K

Capex reduced 32.8% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

LANGUAGE CHANGES
NEW — 2026-03-26
PRIOR — 2025-03-31
ADDED
As of March 25, 2026, there were 14,559,502 shares of the registrant s common stock, par value $0.0001 per share, outstanding.
Overview We are a purpose-driven health biotech company solely focused on closing the gap in women's health between promising science and real-world solutions.
Every innovation we advance is based in advanced science and backed by rigorous, peer-reviewed research.
From contraception to menopause, pelvic pain to fertility, vaginal health to infectious disease, we re working to close critical gaps in care using science that serves her needs.
For decades, women have been told to wait it out or live with it, while innovations that could improve their quality of life languish in the regulatory or funding pipeline.
With growing awareness around menopause, sexual health, and vaginal health, the conversation is shifting.
However, access to real, evidence-based solutions continues to lag.
As a female-led health biotech company, we are accelerating the development of credible, science-based solutions that meet the 3 high standards of clinical rigor randomized, controlled trials; validated endpoints; peer-reviewed publications; and current Good Manufacturing Practice (cGMP) requirements.
We regularly hear from healthcare providers, researchers, and women themselves about the urgent need for expanded access to evidenced-based and convenient options.
Our goal is to fulfill that need by bringing innovative products to market as soon as practicable, whether as FDA-approved therapies or through alternative regulatory pathways that enable earlier availability, such as Section 503B compounding.
REMOVED
As of March 28, 2025, there were 8,850,386 shares of the registrant s common stock, par value $0.0001 per share, outstanding.
Overview We are a biopharmaceutical company driven by a mission to challenge the status quo, making women's health a priority.
We exist to accelerate innovation in women s health and we believe that innovation does not have to start from scratch.
With growing awareness around menopause, sexual health, and vaginal health, the conversation is shifting, but access to real, evidence-based solutions still lags behind.
We continuously hear from healthcare providers, researchers, and women themselves about the urgent need for access to evidence-based treatment options.
Our goal is to fulfill that need by bringing to market as soon as practicable innovative evidence-based treatment solutions that address decades of unmet needs in women s health and enhance outcomes and convenience, primarily in the areas of contraception, sexual health, pelvic pain, fertility, infectious disease, vaginal health and menopause - areas in women's health that we believe represent compelling and meaningful market opportunities.
The solutions we aim to bring to market will primarily be available only with a physician s prescription either as an FDA-approved product or as a compounded drug under Section 503B of the FDCA.
We may also bring to market consumer health products that can be obtained without a physician s prescription.
marketing of XACIATO in the fourth quarter of 2023 and, in January 2024, Organon announced that XACIATO was available nationwide.
The most advanced product candidates we are developing are: Ovaprene , an investigational, hormone-free, monthly intravaginal contraceptive currently being evaluated in a pivotal Phase 3 clinical study, whose U.S.
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
PFEHIGHPfizer achieved a dramatic 87.3% reduction in total debt from $31.4B to $4.0B, r...
2026-02-26
GILDHIGHGILD dramatically increased R&D spending by 81.5% to $9.1B while introducing new...
2026-02-24
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →