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DATE

Thursday, March 26, 2026 at 4:30 p.m. ET

CALL PARTICIPANTS

• President & Chief Executive Officer — Sabrina Martucci Johnson
• Chief Accounting Officer & Secretary — MarDee Haring-Layton

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TAKEAWAYS

• Cash & Cash Equivalents -- $24.7 million at year-end, providing near-term operating runway.
• Working Capital -- $3.4 million at December 31, 2025, reflecting post-liquidity positioning.
• Capital Raised -- $20.8 million in net equity proceeds from ATM and equity line in 2025.
• Non-dilutive Grant Funding -- $13.6 million from the Gates Foundation, $4.5 million from ARPA-H, and $1.3 million from NIH, supporting capital efficiency.
• SG&A Expenses -- $8.8 million, down from $9.2 million due to lower stock-based compensation, reduced personnel, and corporate overhead, partially offset by DARE to PLAY launch and higher professional services expenses.
• R&D Expenses -- $5.5 million, down from $14.3 million, with grant funding directly offsetting reported R&D line by $13.9 million (versus $7.7 million), indicating actual investment levels near prior year.
• DARE to PLAY Prescriptions -- Prescribing live in all 50 states as of February 2026; dispensing expected to begin in coming months once 503B facility licenses finalize.
• Commercial Revenue Outlook -- Product revenue from DARE to PLAY and Flora Sync LF5 expected in Q2 2026; DARE to RECLAIM revenue targeted for 2027.
• Ovaprene Clinical Progress -- Phase III pivotal trial enrollment is ongoing with completion anticipated within the year and a 2027 study readout targeted.
• DARE-HPV Program -- IND application cleared by FDA in February 2026; Phase II study initiation planned for later this year funded by ARPA-H.
• DARE to RECLAIM Commercial Timing -- First-in-class monthly bioidentical intravaginal ring for hormone therapy targeting 503B launch in 2027 and IND preparatory work ongoing.
• Dual Pathway Model -- Management highlights a strategy of advancing products simultaneously as compounded offerings under 503B and under standard regulatory (NDA/IND) pathways to accelerate market entry and data generation.

SUMMARY

Daré Bioscience (DARE +3.43%) emphasized the inflection point created by simultaneous commercial launches, pipeline advancement, and non-dilutive capital deployment. Management clarified that prescription volume for DARE to PLAY is accumulating ahead of dispensing and that upcoming revenue generation is designed to leverage digital and telehealth channels as national licensing completes. The company underscored imminent product launches, clinical catalysts, and grant-funded program acceleration as its key value propositions.

• MarDee Haring-Layton said, "We are building toward a multiproduct revenue profile that diversifies and grows across 2026 and 2027."
• The call disclosed ongoing discussions with FDA to finalize clinical endpoints for sildenafil cream, referencing prior interactions and alignment on outcomes critical to regulatory success.
• Management noted that R&D investment is understated relative to reported expense due to contra R&D accounting, which directly offsets grants against cost lines.
• Flora Sync LF5, a vaginal probiotic, is expected to be commercially available in the second quarter of 2026 in the US consumer health market, via both digital channels and healthcare provider recommendations.
• DARE-HPV's IND clearance and ARPA-H funding position the program to address an untapped therapeutic space for women with persistent high-risk HPV, marking a significant clinical milestone with planned Phase II entry this year.
• The company stated its dual-path launch model "may ultimately strengthen our NDA submission" by generating real-world data from 503B compounded product use.
• Channel strategy for DARE to PLAY involves a mix of digital consumer education, targeted provider engagement, and eventual layered platform distribution partnerships once national dispensing starts.

INDUSTRY GLOSSARY

• 503B Compounding: Manufacturing of drug products by FDA-registered outsourcing facilities under Section 503B, enabling broader compounded drug distribution than standard (503A) pharmacy compounding.
• Contra R&D Expense: Accounting treatment where non-dilutive grant funding is recorded as a direct offset to research and development expense lines, reducing reported R&D expense and affecting apparent spend levels.
• 505(b)(2) NDA Pathway: An FDA regulatory submission process permitting reliance on existing public data for a previously approved drug and supporting a streamlined approval for a new formulation or indication.
• ARPA-H: Advanced Research Projects Agency for Health, a US government agency funding high-impact biomedical and health research projects.
• IND: Investigational New Drug application, a formal FDA process to begin human clinical trials for a new pharmaceutical product.
• PMA Pathway: FDA's premarket approval process required for certain high-risk medical devices, involving thorough evaluation of safety and efficacy.

Full Conference Call Transcript

Today, we will review our financial results, provide updates on our clinical pipeline and discuss the continued execution of our expanded business strategy. That strategy includes a dual path approach, commercializing proprietary formulations through 503B compounding while pursuing FDA approval and advancing select solutions as branded consumer health products that do not require a prescription. In all cases, our goal is to bring innovative women's health solutions to market as efficiently and quickly as possible. I would like to remind you that today's discussion will include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Any statements made during this call that are not statements of historical facts should be considered forward-looking statements. Actual results or events could differ materially from those anticipated or implied by these statements to known and unknown risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements are qualified in their entirety by the cautionary statements in the company's SEC filings, including our Form 10-K for the year ended December 31, 2025, which was filed today. Please note that the content of this call includes time-sensitive information that is current only as of today, March 26, 2026.

Dare undertakes no obligation to update any forward-looking statements to reflect new information or developments after this call, except as required by law. I would also like to point out that when we use the term 503B compounding during this discussion, we are referring to compounding drug products by outsourcing facilities registered under Section 503B of the Federal Food, Drug and Cosmetic Act using both drug substances on the FDA's interim Category 1 list. I will now turn it over to Sabrina.

Sabrina Johnson: Thank you, MarDee. Good afternoon, everyone, and thank you for joining us. 10 years ago, we made a decision to focus exclusively on women's health, not as a sideline, not as a franchise within a broader portfolio as our entire reason for existing. Every dollar raised, every clinical trial run, every regulatory submission prepared, every partnership negotiated, all of it for one purpose. Building the company with the most comprehensive pipeline comprised exclusively of differentiated products for health issues and conditions that uniquely impact women. From contraception to menopause, sexual health to fertility, vaginal health to infectious disease, we're working to close critical gaps in care with science that meets her needs.

What distinguishes Dare is not just the breadth of the pipeline, but the strategy behind it. A disciplined approach to capital allocation, the payers non-dilutive grant funding with focused development, moving multiple programs towards the clinic simultaneously. That's not a single product bet, that's a portfolio of strategy, built from the ground up for one of the most chronically underfunded areas in all of medicine despite affecting half the world's population. We're not a company that's just getting into women's health, we are a women's health company, and 2026 is the year investors get to see what 10 years of that commitment actually looks like.

I want to take the next few minutes to share why we believe the investors who pay attention to the story right now will be glad they did. And the best place to start that story because it's already happening in the market, is DARE to PLAY. Pre-fulfillment prescribing for DARE to PLAY sildenafil cream went live in February 2026 across all 50 states, and we're just getting started. DARE to PLAY is a first of its kind topical arousal cream for women.

To our knowledge, there is no other sildenafil topical cream manufactured under GMP requirements with clinical data demonstrated increased general blood flow in just 10 to 15 minutes and improvements in arousal, orgasm and desire measured by clinically validated and FDA reviewed endpoints. Men have had Viagra in their medicine cabinet for over 25 years. Women have had nothing clinically studied and developed specifically for them until now. An estimated 20 million women in the United States alone report challenges related to genital arousal. There's not a single FDA-approved therapy that directly addresses this need, not one.

And while there's not yet an FDA-approved therapy, DARE to PLAY was designed to fill that void, and we're making DARE to PLAY available as a Section 503B compounded product. In December of 2025, prescription intake commenced through the DARE Health Hub, powered by Medvantx Pharmacy, our fulfillment partner, initially in just a handful of states. That rapidly expanded -- as of February 11, 2026, DARE to PLAY is available for pre-fulfillment prescriptions in all 50 states. Telehealth access launched at the same time so that women in most states can now receive a DARE to PLAY prescription, if it's appropriate for them without ever leaving their home. Prescribers are writing, women are engaging with telehealth.

And we expect dispensing to begin in the coming months as the 503B outsourcing facility completes certain state licensing and other fulfillment preparations. Women are finding their way to the DARE Health Hub, working through the telehealth process and providers are already submitting prescriptions. The market is getting ready before we've even opened the commercial faucet. And you may be wondering why women would want to obtain a prescription for a product that isn't even being dispensed yet when a pharmacy could compound a custom sildenafil cream for them right now. And that's the question we love because the answer is decisive.

Every custom Rx pharmacy compounded prescription sildenafil cream on the market may have been formulated to fill a prescription for women, but not one of them was ever actually studied in women to evaluate whether or how it works in female physiology. They assumed it. DARE to PLAY is the only formulation that's backed by published clinical studies. DARE to PLAY is the only product backed by clinical data in women specifically formulated and demonstrated to increase general blood flow within just 10 minutes of application, studied for female response and manufactured in accordance with FDA's current good manufacturing practice regulations, or GMP, and related product quality standards.

That means consistent potency and quality guidelines that custom Rx prescription pharmacy section 503A compounders simply cannot guarantee. Health care providers and women tell us the same 3 things about DARE to PLAY that uniquely resonate with them. It works fast. It was genuinely built by biotech and studied for them. And following GMP potency and quality guidelines, they like that. So they know exactly what they're getting every single time. And these are not baseless statements. There was the clinical data show and what compliance with GMP requirements validates. Our 503B commercial model is digitally native by design. We drive consumer awareness through targeted digital marketing.

Women can access DARE to PLAY through telehealth without an in-person office visit, a discrete and convenient option. Medvantx handles fulfillment and dispensing through the DARE Health Hub with the quality infrastructure they already have in place. The daretoplaybio.com website is the conversion engine. The conferences we attend to build health care provider credibility and patient community simultaneously.

And as we prove out what it costs us to acquire a patient digitally and how long they stay on the product, and once dispensing commences in all 50 states, we can add channels and scale spend accordingly, layering in platform distribution partnerships from a position of leverage, not dependency and that's the playbook for a capital-efficient, strategically sequenced launch that we believe will maximize value for shareholders. As our commercial footprint grows, we expect additional strategic partnerships with telehealth platforms, platform distributors and clinical networks. So please stay tuned. And here else is what makes our approach uniquely powerful.

While DARE to PLAY is available for pre-fulfillment today through the 503B compounding pathway, generating real prescribing data, building clinician relationships and creating patient demand, we continue to simultaneously work to advance our sildenafil cream towards the 505(b)(2) NDA pathway for FDA approval at the same time, and that's the power of building our products around well-characterized chemical entities, compounds that have established safety databases. It means we can start building a market for certain of our product candidates and we build that market while we are simultaneously building the regulatory file and the real-world data we generate through our 503B strategy may ultimately strengthen our NDA submission.

To our knowledge, there is no company of our size in women's health that has this kind of strategic flexibility. It's a direct result of how deliberately we designed our pipeline. DARE to PLAY is the most immediate new revenue story. So I wanted to start there because it's happening. But now let me step back and make a broader statement about what we've built because I believe most investors have not yet grasped the full scope of it. To our knowledge, Dare Bioscience has the most robust development stage pipeline of any company in the world developing products exclusively for conditions that solely affect women. We have not been able to identify another company with a comparable portfolio.

So let me walk you through the most advanced programs in that portfolio. In addition to 503B compounding, we're working to bring to market in the United States, a line of consumer health products, branded as the DARE to RESTORE family. DARE to RESTORE products are probiotics designed to support vaginal microbiome balance. Our first DARE to RESTORE product, Flora Sync LF5, a vaginal probiotic suppository developed by Probiotical, one of the world's leading probiotic research companies is expected to become commercially available in the United States in the second quarter of 2026, this year. The formulation is based on scientific research into the vaginal microbiome composition and health. It's been studied in a 100-person human clinical trial.

Findings have been published in a peer-reviewed journal. Probiotical is the exclusive manufacturing using their proprietary LF5 strain. We believe that level of clinical evidence really distinguishes Flora Sync LF5 from the majority of vaginal probiotic depositories on the market today, and we expect it to be an important differentiator. We intend to distribute DARE to RESTORE products through the DARE Health Hub. These vaginal probiotic products are intended to be complementary to our 503B prescription offerings. Health care providers may recommend DARE to RESTORE products alongside DARE to PLAY or other Dare products as part of a comprehensive approach to women's vaginal and sexual health.

We also expect to continue exploring opportunities to expand the DARE to RESTORE commercial offering through additional collaborations, including with Probiotical. DARE to RECLAIM is our proprietary monthly intravaginal ring designed to deliver bioidentical estradiol and progesterone, targeting the estimated $2.5 billion to $4.5 billion compounded hormone therapy market. Women are demanding alternatives to synthetic hormones and bioidentical hormone therapy is a category on the rise. And DARE to RECLAIM is designed to be the first monthly intravaginal delivery solution in this space that includes both bioidentical estradiol and bioidentical progesterone together in 1 product.

We're targeting to have DARE to RECLAIM available for 503B prescription fulfillment in 2027, while simultaneously pursuing activities to support an IND filing for a pivotal Phase III clinical study again, utilizing the dual path strategy of executing on both fronts at once. Imagine being the first monthly bioidentical hormone therapy, intravaginal ring, including both estradiol and progesterone together in that estimated $2.5 billion to $4.5 billion market. That's what DARE to RECLAIM is positioned to be and investors can invest in that potential today. And now Ovaprene. Ovaprene is our monthly intravaginal hormone-free contraceptive candidate.

And it's among the programs that I believe carries some of the most extraordinary long-term value in our portfolio because the contraceptive market is large and it is shifting, a growing number of women, particularly younger women are actively seeking alternatives to hormonal contraception. They're demanding effective, convenient, non-implanted, nonhormonal options. That demand is real and it's growing. And the current market has nothing to offer beyond in-the-moment solutions like condoms or vaginal gels. And Ovaprene is in a Phase III pivotal trial right now. As you may recall, the Data Safety Monitoring Board reviewed interim data in July of 2025, and they recommended that the study continue and that we continue enrollment without modification.

We are now happy to let you know that we currently anticipate enrollment to complete this year and completing enrollment in 2026 puts the 2027 data readout in reach. And with it comes the potential PMA pathway for what could be the first non-implanted nonhormonal monthly contraceptive option on the market. This asset alone in a world actively demanding nonhormonal contraception has partnership and licensing potential that we believe the market has dramatically undervalued. And speaking of undervalued, I want to turn to DARE-HPV, which is perhaps our most underappreciated program given its potential. Roughly 6 million women in the United States alone acquire a high-risk HPV infection every year.

And today, every single one of them is being managed with watchful waiting or surgery. There is no drug therapy and that represents a completely untreated patient population with a clear clinical need and no existing direct competition in the pharmacologic space. High-risk HPV types are the underlying cause of virtually all cervical cancer cases in the United States, 99% of them. For decades, women with persistent high-risk HPV infection have been told to watch and wait, to monitor and hope that the virus clears on its own. And if it doesn't, the only recourse has been surgery. Once precancerous changes appear, there's not a single FDA-approved pharmacologic treatment for high-risk HPV infection, not one.

And we're developing one with ARPA-H funding. With FDA clearance of our IND application just this February of 2026, we are now preparing to advance DARE-HPV into a Phase II clinical study later this year. DARE-HPV has the potential to be the first pharmaceutical therapeutic and one of the largest unaddressed infectious disease markets affecting women globally. Significant unaddressed market, grant funded development, advancing into Phase II. That's exactly the kind of asset that should get re-rated when investors discover it, and we believe very few have.

And in addition to the portfolio programs that I just highlighted, other potential first-in-category contraceptive candidates currently supported entirely with grant funding, DARE-LARC1, Casea S and activities will aid in the identification and development of a novel nonhormonal intravaginal contraceptive candidate suitable for and acceptable to women in low- and middle-income country settings, who need or would prefer to use such a product to avoid unplanned pregnancy. Those programs continue to advance with that 100% grant funding. And we also recently announced an extension of an NIH award for DARE-PTB1, which is our bioidentical progesterone intravaginal ring candidate aiming to reduce the risk of preterm birth in at-risk women.

Our pipeline is deliberately built to address the most persistent gaps from preterm birth to HPV, associated disease to sexual health and beyond and where we can use strategic non-dilutive funding like the foundation and NIH grants I mentioned and ARPA-H grants to advance that work, we will. Every dollar of grant funding we secure is a dollar that moves us closer to putting better option in women's hands without diluting our shareholders. And I want to speak directly to every investor on this call, institutional retail and everyone who listens to the replay.

We spent 10 years building this, and we did it the right way with clinical rigor, disciplined capital management and with an unwavering commitment to women who have been underserved by the health care system for far too long. And right now, in early 2026, we're at the moment where all of that investment converges into action. Products are coming live, demand is building, data is forthcoming. We're poised for partnership and revenue is on the near-term horizon. Women represent half the global population yet women's health received just 6% of private health care investments. And conditions that solely affect women, the very conditions we're developing treatments for attract less than 1%. That's not because it's a niche.

That's a market failure, and it is exactly the gap that Dare was built to address. And the investors who will look back and say they saw this coming are the ones paying attention right now. Before the prescriptions become revenue, before the Ovaprene data reads out, before DARE to RECLAIM enters the estimated $2.5 billion to $4.5 billion hormone therapy market and before DARE-HPV data readout, the story is being written today. And this is the catalyst stack that we're targeting to deliver this year. DARE to PLAY dispensing scaling nationally in the coming months, with revenue expected to begin in the second quarter of this year.

Additional commercial and telehealth partnerships for DARE to PLAY to be announced as our channel infrastructure matures. DARE to RESTORE, Flora Sync LF5 advancing towards commercial availability in the U.S. consumer health market in the second quarter of 2026. DARE to RECLAIM targeting 503B commercial availability in 2027 with IND preparatory activities ongoing pursuant to our dual path strategy. Ovaprene Phase III enrollment expected to complete this year. And as I mentioned, completing enrollment in 2026 puts the 2027 data readout within reach. and DARE-HPV preparing to advance into Phase II this year with our ARPA-H funding.

So this is not a single event binary bet, it's a portfolio with multiple catalysts, multiple pathways to value and multiple ways to win. And here's what I want you to understand about our competitive position. We believe we're positioned for advantages that compound over time with every prescription written for DARE to PLAY, we build the real-world data set that strengthens our NDA submission. Every Ovaprene patient enrolled moves us closer to data that will attract partners. Every clinician who prescribes one of our products becomes an advocate for the next.

We're not starting over with each product, we're building a platform on years of clinical data, data that is difficult to replicate, establish relationships with telehealth providers, specialty pharmacies and clinical KOLs and women's sexual health and vaginal health and beyond. Groundwork laid for the 505(b)(2) regulatory pathway that we believe provides an opportunity to protect and expand our market positions after the 503B market matures and brands DARE to PLAY, DARE to RESTORE, DARE to RECLAIM built around clear resonant identity with women. We're operating at a moment when the culture and commercial conversation about women's health has never been louder. The femtech and the services sectors are attracting serious capital.

Women are demanding that health care take their needs seriously. Payers and providers are beginning to respond and political and media attention on women's health, including contraception, sexual health and menopause is at historic highs. And Dare Bioscience is not trying to ride that wave, we were building for it for a decade before it arrived. Our pipeline is not reactive to a trend, it foresaw the trend and exactly what the trend is calling for. The tide's rising in women's health, and we have been building our pipeline at low tide, to investors who want to end before the water rises are looking at our company right now.

And with that context, I'll turn it back over to MarDee for the financial review.

MarDee Haring-Layton: Thanks, Sabrina. Good afternoon, everyone. I will now walk through our financial results for the full year ended December 31, 2025, and provide context on our balance sheet and forward financial positioning. We ended the year with approximately $24.7 million in cash and cash equivalents and working capital of approximately $3.4 million. During 2025, we received approximately $20.8 million in net proceeds from sales of common stock under our ATM facility and equity line agreement. Additionally, we received non-dilutive capital that contributed to strengthening our balance sheet in 2025, including approximately $13.6 million received from the Gates Foundation, $4.5 million received under an ARPA-H award and $1.3 million received from NIH grant reimbursements.

Together, these sources allowed us to advance multiple programs simultaneously while managing shareholder dilution responsibly. Selling, general and administrative, or SG&A, expenses for the full year were $8.8 million compared to $9.2 million in 2024. The year-over-year change was primarily driven by decreases in stock-based compensation expense, personnel costs and general corporate overhead expenses. Such decreases were partially offset by increased commercial readiness expenses primarily for DARE to PLAY and increased professional services expenses. Research and development, or R&D, expenses were $5.5 million for the full year compared to $14.3 million in 2024. I want to highlight an important feature of our R&D expense reporting.

We recognize non-dilutive funding awards as contra R&D expense, meaning grant funding directly offsets our reported R&D costs on our income statement. In practical terms, this means we are investing more in R&D than our reported R&D expense line suggests. Contra R&D expense, reflecting grant dollars received was $13.9 million in 2025 compared to $7.7 million in 2024. In other words, while reported R&D expenses declined year-over-year are actual total R&D investment when you add back contra R&D amount was much closer between 2025 and 2024 than the R&D expense line alone reflects.

We believe this is an important dynamic for investors to understand when evaluating our capital efficiency with the use of grant funding and the true scale of our R&D investment. We expect to begin recording product revenue from DARE to PLAY in Q2 2026 as dispensing commences nationally. Flora Sync LF5 consumer health revenue is also expected to begin in Q2 2026. We are targeting to begin recording revenue from DARE to RECLAIM in 2027. We are building toward a multiproduct revenue profile that diversifies and grows across 2026 and 2027.

We encourage investors to review the more detailed discussion of our financial statements, financial condition, liquidity, capital resources and risk factors in our Form 10-K for the year ended December 31, 2025, filed today. Operator, please open the line for questions.

Operator: [Operator Instructions] Our first question comes from the line of Catherine Novack with JonesTrading.

Leona Nease: This is Leona on for Catherine. When was your last interaction with FDA on sildenafil cream and what are the next steps for clinical development in the 505(b)(2) regulatory path? And I'll ask a follow-up after.

Sabrina Johnson: Thanks for the question. So just a reminder of everyone. So we did have interactions with the FDA last year. And really, at this point, what we are looking at with that program is making sure that we're 100% aligned on the endpoints, the primary endpoint for the trial and not so much the arousal part. Our arousal questions are really clear and straightforward. But what else in terms of any kind of interpersonal challenges should constitute part of that co-primary assessment and how specifically that's going to be analyzed for part of the statistical -- like as it pertains to the statistical analysis plan and success.

So we want to make sure that we're very clearly aligned on that and our interactions with the FDA, particularly the last set of interactions in 2025, were really to make sure that we were sharing and providing and discussing together the various assessments that were included not only in the Phase IIb study, but also the work we had done prior to that in the content validity study, which really is a study that helps you ascertain what questions or content valid and fit as patient-reported outcomes to make sure that we're all thinking together at a full picture of what makes sense for this particular indication, which is really focused on improvement of genital sensations of arousal, very analogous couldn't be more analogous to a erectile dysfunction because the clinical definitions are the same.

And so we're working closely with the FDA to make sure that there are endpoint frameworks that are reflective of the similarity between the conditions and the unmet needs. That dialogue is ongoing.

Leona Nease: Okay. And then do you need to conduct any additional safety studies? Or will the submission rely on existing data for like systemic sildenafil in women?

Sabrina Johnson: Yes. The data we've collected from a safety perspective and what would be planned in the Phase III would certainly be sufficient.

I mean one of the things that has been, I would say, fantastic about being able to formulate a product like this into a topical formulation that achieves the blood flow objectives that we want is that it's really been designed to target those tissue and get that very rapid increase in temperature that we've seen quantitatively in the published study within that first 10 to 15 minutes of application without really significant systemic uptick, and in fact, we're 2 orders of magnitude lower than what you would see with a comparable sort of oral dose as seen in the male studies.

And that's really been the objective is to make sure that we keep that systemic exposure very low, so we don't get those off-target effects of headache and flushing. That would not be supportive of the objective of the product in terms of enhancing arousal, but we just get that localized effect. And so we really did not see any difference in the Phase IIb study and the safety data are all published between the placebo group and the active group in terms of adverse event profile.

Operator: Our next question comes from the line of Kemp Dolliver with Brookline Capital Markets.

Brian Kemp Dolliver: What are you seeing with the order patterns so far for DARE to PLAY?

Sabrina Johnson: Yes. Great question and one we anticipated and they're excited to get to talk about. And what's been exciting about it, I would say, is that we're in this pre-fulfillment phase for the product, while our 503B collaborator continues certain activities. So prescriptions are coming in, but they're not being dispensed yet. And what has been exciting about it is that we're seeing a mix of prescriptions coming in from brick-and-mortar providers, right?

People that we have been engaging with the conferences who have gotten to know the product and are excited to write it for their patients when they see their patients even though it's not dispensing yet, but they want to make sure they get that prescription in for their patient, and they want to make sure that they are letting their patient know, right, that there's a solution like this that is going to be available for them that actually has clinical data, has published peer reviewed findings as well as women engaging with telehealth.

So we're really seeing that both of those channels are active and relevant and so that's been really helpful for us to understand and particularly early in this awareness and education campaign. It's been very nice to be able to have these kind of data to help us see that both channels are important because this is a product that resonates with the health care provider. It has the data, it has the peer-reviewed publications that they looked like -- they look to and we don't have to solely rely on a consumer channel and to see the breadth of both.

So more to follow on that as these convert to orders as they start dispensing and we will, in the coming months, be able to and start to provide more clarity, as I alluded to, in terms of that channel strategy, that approach, acquisition costs. But right now, the focus has been on that very digital-focused campaign to make sure that consumers are aware of what's available. But also, we've really been attending the conferences and doing the provider to provider education that is very relevant for a product like this that has published clinical data in their most trusted journals for products like this.

Brian Kemp Dolliver: And how are you thinking about promoting DARE to RESTORE which really looks -- as you say in the press release, it's a consumer/OTC product?

Sabrina Johnson: Great. Another great question. And you really hit something important, which is it does not require a prescription, right? These are products that consumers -- these types of products are something that a consumer is a little more familiar with. I will say it's also in a category of products that a number of consumers do also engage with their health care provider to understand what their health care provider recommends. And so we're going to be able to leverage here some of the same channels that we're leveraging for DARE to PLAY. It will certainly appear on the DARE Health Hub which is where someone who's getting a DARE to PLAY prescription will be going.

So it will appear right there as something that can also be purchased at the same time. We will also be similarly engaging in a very digital native sort of strategy in terms of creating very focused and targeted strategy in the digital channel to create awareness and drive conversion through the DARE Health Hub and through the website. But also, we will be participating in medical conferences and showcasing this product at those conferences because it is very distinct in the fact that there are peer-reviewed published data on both the strain itself and on the final finish formulation. And we think that's something that health care providers will be very interested in.

And there is a whole category of health care providers that are starting to recognize that for some women, they may be interested in obtaining products while they're in that office visit, right, with that health care provider and so those are other channels that we're also looking at, very analogous to the derm space that's very mature, right, in that regard in terms of the kind of products that are sometimes also available in your clinician's office. And so for those clinicians where this becomes a very trusted solution for them, we see those channel opportunities as well.

Operator: Our next question comes from the line of Douglas Tsao with H.C. Wainwright.

Douglas Tsao: Sabrina, I guess, on DARE to PLAY, it sounds like you're doing a lot of work in terms of physician education. I know you've also done some work with different online sort of platforms as well. I guess, how do you envision or what you could see as the bigger driver of volume ultimately. Will it be some of the different sort of telehealth and sort of subscription model platforms? Or do you see it being more driven by prescribers?

Sabrina Johnson: Yes. It's a fantastic question, and it's something that we have been looking at very closely and monitoring very closely. And as I noted in the comments, one of the things that we want to make sure that we understand very clearly as we look at these various platforms is making sure that we understand in the channels that we have available to us today as well as what those conversations look like, right, with those other telehealth providers and platforms, what the patient acquisition cost -- customer acquisition cost is in those various scenarios paired with their reach, right, kind of their reach in there and the number of touch points that they have.

And what we want to make sure that once dispensing commences in all 50 states, right, that we have all of those -- it's available in all of the states, and we have been collecting all of these data that we're making sure that we're layering in these partnerships with a financial structure that makes sense to extend the reach and the touch points for the product. But in a smart, right? In a smart structure that takes into consideration the various acquisition costs in the channels that we have been in already as well as the reach in those channels. And so it's really coupling all those factors together, right? How many patients, right?

How many touch points, how many users do they already have on a particular platform, right? What is that relationship going to look like with them to access those people. Where do the cultures align and this product fit nicely there. I feel like there's a new telehealth platform stood up every day, practically for women's health right now because it's become a very hot area. And we want to make sure that there is financial stability, there's solid alignment culturally and with the product fit. And then again, there's a financial structured model that makes a lot of sense from a cost of acquisition perspective and reach for this product.

And so those are the things that we've been evaluating. And we do -- we want to make sure that the product is available in all of the channels that make a lot of sense both in terms of reach and demand and to make sure it's available where women are going for their care. So those are the factors that we're looking at.

Douglas Tsao: And I guess, as a follow-up question. And I hear your point earlier in terms of -- you're the only product that's actually been tested. And I guess it's hard and it's like thinking about like sort of the GLP-1 class, right, where they have a lot of compounded products out there as well.

How do you necessarily -- but I think with your product, they're arguably more formulation differences that are arguably more important, right, to distinguish your product from other products that are out there, how are you able to -- or how are you thinking about being able to convey that message very broadly to sort of make sure that patients don't try some of the alternative formulations and sort of give up on sort of the topical sildenafil and ultimately, sort of market share coalesces around your product?

Sabrina Johnson: Yes, absolutely fantastic question. So -- and you kind of hit the nail on the head in two. So one, on the one hand, the GLP-1 experience that people have had have given people perhaps an impression that you can go anywhere, right, and get the same product. But of course, there are already initiatives underway in that category to educate around that and make sure it's aware. But you also touched on something super important with regard to this formulation, which has been very compelling to people.

And it's very easy, both for health care providers, and we found it's very easy messaging with the consumer, to explain that when you're putting something on your skin, the formulation matters, right? We -- women have used a lot of different topical products. We use face creams every day, we use whatever, right? And being able to explain that what is key here is that this is a very important medicine that needs to get into the skin and that you can't just mix something together and do that.

And what it really resonates more than that statement is the fact that we have clinical data demonstrating increase in blood flow, which is basically a surrogate for, right, the arousal sensations that the blood flow is going to cause within 10 minutes. And when a clinician or a consumer looks at any compounded sildenafil cream product that is not DARE to PLAY with our DermaFlux technology inside of it to drive that sildenafil into the tissue. They all talk about, put it on at least 30 minutes before or longer because they don't have the data. That time factor resonates more than anything.

And so with a health care provider, we're able to get into that more complex conversation with them around the clinical work that's been done and the formulation technology and why that matters. That resonates very clearly with them, and they understand it. And with the consumer, it's really about time to effect and that there are -- this has been engineered by biotech specifically for them.

Douglas Tsao: So I guess as a follow-up, though. So in terms of clinicians, I guess that sort of requires sort of traditional sort of sales promotion/detailing? And with consumers, I guess it is some generally kind of mixed through DTC advertising? And are you able to sort of defray some of that cost because DTC can be expensive with some of the different sort of eHealth or partner sort of -- partnerships that you have in place to help with those costs?

Sabrina Johnson: Yes, absolutely. And the other way to think about this, again, the world has really changed significantly in terms of -- and I'm going to refer to the influencer space. And I don't mean influencers who have, I don't know, no knowledge of clinical science or medical science, but I'm talking about health care providers who have very significant followings because they have been educators and are sharing knowledge in an area that women are very desperate and hungry to get information around. So these are the kind of channels.

Like when we're talking about enhancing our digital -- our focus around education, these are a lot of the channels that we -- that you'll be seeing more and more, right, as this product starts dispensing, that are getting utilized because these are trusted clinicians, trusted voices that are looking for brands, products solutions that they can get behind. And I think the other thing to really highlight, and we have seen this at every conference that we've been to, DARE to PLAY is one product, but Dare Bioscience is a brand in and of itself, right? We've run so many clinical trials, so many health care providers have worked with us on one of our studies, right?

They are proudly telling their friends, their peers about the products. So we're also very much leveraging, I would call it, provider-to-provider education and provider-to-provider promotion, marketing, for lack of a better word because we have credibility as a builder of solutions for the women that they serve, and many of them have worked with us and that's not something that a compounder, for instance, is going to be able to do. And it really resonates.

Operator: That concludes the question-and-answer session. I would like to turn the call back over to Sabrina Martucci Johnson for closing remarks.

Sabrina Johnson: Well, thank you. And I definitely want to close to something that I feel deeply and it ties into some of the questions that we just went through, right? So women's health has been dismissed. It's been de-prioritized, it's been underfunded for generations. And the conditions that we address at Dare Bioscience from arousal, vaginal health, menopause, contraception, HPV, these are conditions that affect millions of women worldwide, right? They're not rare. They're common experiences that have been met far too often with inadequate options, clinical dismissal, lack of data or simply nothing at all. And Dare Bioscience is founded on the belief that women deserve better, and that belief has guided every decision we have made.

I started Dare because I believe women's health was both a moral imperative but also a compelling strategic opportunity. And 10 years in, I believe that more than ever, DARE to PLAY is entering the market. And as we just discussed, women are getting prescriptions and clinicians are engaging and telehealth is live and is a great access path and the pipeline behind DARE to PLAY, it's deep, it's differentiated, and we're finding ways to advance it. So we built this company to really change how women experience health care and that change is beginning in earnest now.

And so to our investors, thank you for your confidence and for being owners, we believe the assets we hold, the catalysts that I outlined that are coming up and this window of time that we are in represent a compelling opportunity, and we intend to execute on it. So it's 10 years of building, but the commercial inflection is here and the pipeline is deep and the market is ready. And Dare Bioscience in 2026 is a story that is just beginning to be told. I think the investors who had conviction in the first chapter will be the ones you remember this call.

So I thank you all for participating today and look forward to more updates in 2026.

Operator: Ladies and gentlemen, that concludes today's call. Thank you all for joining, and you may now disconnect.