Slide 1: Daré Bioscience
e 7 io r ~~ . September 2, 2025 Bare . 2 . en, ts be a _ = aD # ¥ € bioscience NASDAQ: DARE www.darebiosciencelé
Slide 2: Forward-Looking Statements; Disclaimers
1 D Forward-Looking Statements; Disclaimers This presentation is for informational purposes only and is not an offer to sell or a solicitation of an offer to buy any securities of Daré Bioscience, Inc. (“Daré” or the “Company”). This presentation discusses potential future drug and medical device pr
Slide 3: Daré at a Glance
ll @ Daré at a Glance Sole focus on women’s health — from contraception to menopause, sexual health, vaginal health, and fertility Strategic collaborations with Organon and Bayer Evidence-based solutions via fastest eligible pathways to market — 503B compounding, FDA approvals, and non- prescription
Slide 4: Why Invest in Women
Why Invest in Women
Slide 5: Near-Term Commercial Path
l D Near-Term Commercial Path ASSET / TARGET AVAILABILITY Sildenafil Designed for her Cream (Rx*) sexual experience Post DARE to PLAY Vaginal Designed to probiotic maintaina suppositories healthy vaginal (non-Rx) microbiome Late 2026 Monthly . Designed to Retulor ee s support her progesterone ough (
Slide 6: DARE to PLAY Sildenafil Cream
1 @ DARE to PLAY™ Sildenafil Cream * DARE to PLAY™ Sildenafil Cream is a proprietary topical formulation of the active ingredient in an erectile dysfunction drug (Viagra®)* + Anestimated 20 million women experience symptoms of low or no sexual arousal; ~10 million are considered distressed and activ
Slide 7: Key Data: DARE to PLAY Sildenafil Cream
I @ Key Data: DARE to PLAY™ Sildenafil Cream PK study demonstrated minimal systemic exposure: (1-2% C,,,,, Of oral sildenafil). ! Phase 2b study demonstrated statistically significant arousal improvement in the target Phase 3 population (post-hoc analysis).2 Sildenafil Cream was well tolerated by ex
Slide 8: Ovaprene
D Ovaprene® Investigational Hormone-free Monthly Intravaginal Contraceptive + Phase 3 pivotal study is enrolling; positive interim data and Data Safety Monitoring Board (DSMB) recommendation reported in Q3 2025.! * There are currently no FDA-approved monthly, hormone-free contraceptives. + Bayer rec
Slide 9: Menopause Franchise
! @ Menopause Franchise The global market for menopausal products is expected to reach >$24 billion by 2030.' DARE-VVAT* | : DARE-HRT1* Hormone-free tamoxifen inserts for painful intercourse associated with Monthly estradiol + progesterone intravaginal ring menopause We are pursuing a dual path appr
Slide 10: DARE-HPV
l ) DARE-HPV Investigational antiviral vaginal insert for human papillomavirus (HPV)-related cervical diseases + Aproprietary fixed-dose formulation of lopinavir and ritonavir’ in a soft gel vaginal insert. * Ina pilot study of vaginally-administered lopinavir and ritonavir in 23 women in Kenya with
Slide 11: FDA Approved Product: XACIATO
l ) FDA Approved Product: XACIATO™ (Clindamycin Phosphate) Vaginal Gel 2% + Available nationwide via commercial collaboration with Organon; royalties and potential milestones payable by Organon of up to $180 million.* i. 7%, + §27 million raised in royalty financings; Daré is eligible for upside-sha
Slide 12: Pipeline Overview
d Pipeline Overview Diverse, strategically balanced portfolio of late-, mid-, and early-stage assets targeting non- oncologic conditions across women’s health Large addressable U.S. and global markets Designed for her ds Designed for her sexual experience contraception needs DARE TO THRIVE, Designed
Slide 13: Strategic Collaborations & Non-Dilutive Funding
I @ Strategic Collaborations & Non-Dilutive Funding Organon - XACIATO™ commercialization Bayer - Ovaprene™ commercialization NIH, ARPA-H, Foundation grants and other awards across several portfolio programs >875 million awarded since 2018
Slide 14: Recent and Upcoming Catalysts
I @ Recent and Upcoming Catalysts Positive Ovaprene interim Phase 3 DSMB review Vaginal Probiotics launch (post DARE Q3 2025 to PLAY launch) Late 2026 Q42025 Target 503B launch of Estradiol + Progesterone DARE to PLAY Sildenafil Intravaginal Ring launch Cream; revenue expected (503B) 14
Slide 15: Why Daré, Why Now
Why Daré, Why Now DARE to PLAY Sildenafil Cream 503B commercial launch targeted in Q4 2025 Three additional revenue catalysts on the horizon Capital-efficient, partnership-driven model a5
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Slide 17: Cutting through the noise
D Cutting through the noise We see gaps - where research exists, but solutions are not reaching women. + We believe innovation does not have to start from scratch. Our core strategy is to start with the unmet needs, then identify and acquire the rights to differentiated evidence-based solutions in t
Slide 18: The Status Quo
INNOVATIO when they talk about what they need. aD The Status Q + Research into women’s * Since 2022, 64% of women sexual health has been onboarding with the largely overlooked for women’s health app Rosy decades. have reported low sexual + The last published large arousal. cross-sectional surveys on
Slide 19: What is Innovation in Women's Health?
What is INNOVATION... in -WOMEN?’S HEALTH? treatable health conditions ® Bb BG Chlamydia Enlarged Chronic Bac! Infection Prostate Pain i rina elvic Pain infection a tS
Slide 20: Innovation is leveraging learnings from existing therapeutics
INNOVATION is: Leveraging the learnings from existing therapeutics to We deploy established active pharmaceutical ingredients (APIs) in potential first-in-category candidates. 7 = Erectile dysfunction Topical treatment for female sexual Sildenafil (oral) => arousal disorder (FSAD) Breast cancer Horm
Slide 21: We seek to challenge the status quo
» We seek to challenge the status quo” Ve yy *This presentation references investigational products that have not been approved by the FDA or any comparable foreign regulatory agency for use outside of clinical trials. DARETO PLAY: The First Sildenafil for Female Arousal Despite significant advances
Slide 22: When fighting stigma becomes a multi-billion dollar industry
When fighting stigma becomes a multi-billion dollar industry Before Viagra® (sildenafil citrate tablets), erectile dysfunction (ED) was dismissed and stigmatized and often considered to be a normal part of aging. Viagra sales peaked at $2.05 billion in 2012! and ED is now widely recognized as a SEXU
Slide 23: Fighting the Stigma Around FSAD
Fighting the Stigma Around FSAD FSAD is characterized primarily by inability to attain or maintain sufficient genital arousal during sexual activity and is clinically analogous to erectile dysfunction in men. 1 6% of women in the U.S. ages 21to 60 are distressed from experiencing no or low on sexual
Slide 24: Sildenafil Cream Targeting availability in 4th quarter 2025
I @ Sildenafil Cream Targeting availability of our proprietary formulation in the 4* quarter 2025 + We believe women should not have to wait for needed medical treatment solutions. We are taking action to accelerate availability of this proprietary formulation for healthcare providers and women by m
Slide 25: Potential First-in-Category Treatment for FSAD
‘ Ae x Daré’s Potential First-in-Category Treatment for Female Sexual Arousal Disorder (FSAD) FSAD is characterized primarily by inability to attain or maintain 3 3 sufficient genital arousal during sexual activity.’ 58 2 a FSAD should be distinguished from other sexual disorders 8 characterized in
Slide 26: Oral Sildenafil provided a compelling proof of concept for FSAD
1 2. Oral Sildenafil provided a compelling proof of concept for FSAD Statistically significant increases in Vaginal Pulse Amplitude (VPA)! Pfizer VPA Clinical Lab Study - Oral Viagra Mean and Maximum VPAt P<0.05 ‘Vaginal Pulse Amplitude (i) Se) oma (Ene) + Twelve healthy premenopausal women were stu
Slide 27: Path Forward for Sildenafil Cream for Treatment of FSAD
! D Path Forward for Sildenafil Cream for Treatment of FSAD Exploratory Phase 2b Clinical Study ! + The Phase 2b Clinical Study was designed to evaluate Sildenafil Cream vs. placebo over 12 weeks. + To Daré’s knowledge, this was the first study specifically evaluating a potential therapy for treatme
Slide 28: Overview of Phase 2b Study evaluating Sildenafil Cream in FSAD
D Overview of Phase 2b Study evaluating Sildenafil Cream in FSAD Phase 2b, Exploratory, Randomized, Placebo-Controlled, Trial of Sildenafil Cream 3.6% for the Treatment of Female Sexual Arousal Disorder in Healthy Premenopausal Women (#NCT04948151) - N=200 Randomized, 101 Sildenafil Cream vs 99 Plac
Slide 29: Sildenafil Cream Phase 2b in FSAD - Exploratory Post-Hoc Analyses
D Sildenafil Cream Phase 2b in FSAD - Exploratory Post-Hoc Analyses* Post-Hoc Analysis Results from Proposed Phase 3 population: * Post-hoc analyses were conducted on enrollment FSAD with or without concomitant decreased desire female sexual dysfunction diagnosis category so - - that efficacy could
Slide 30: Sildenafil Cream Phase 2b in FSAD - Summary of Safety Results
l @ Sildenafil Cream Phase 2b in FSAD - Summary of Safety Results Sildenafil Cream was well tolerated by exposed users and their sexual partners. + During the 12-week double-blind dosing period, there were 78 TEAEs reported by 29 of the 99 Sildenafil Cream-assigned participants and 65 TEAEs reported
Slide 31: Sildenafil Cream Pharmacokinetic and Pharmacodynamic Studies
Sildenafil Cream, 3.6% Pharmacokinetic and Pharmacodynamic Studies Phase 1 and Phase 2a Study Results Phase 1 Study of SST-6007 (Sildenafil Cream, 3.6%)! Normal healthy postmenopausal women (n=20) were dosed with escalating doses of Sildenafil Cream, 3.6%, using a cross-over study design Sildenafil
Slide 32: Notable Publications for Daré's Sildenafil Cream, 3.6%
ll D Notable Publications for Daré’s Sildenafil Cream, 3.6% Publication Author(s) Sexual Medicine, Volume 12, Issue 5, October 2024 Johnson, et al. Title Impact of age, race, and medication use on efficacy endpoints in a randomized controlled trial of topical sildenafil cream for the treatment of fe
Slide 33: Huge Gaps Remain in the Contraceptive Landscape
I D Huge Gaps Remain in the Contraceptive Landscape We believe that raceptive optio at meets their needs. 6% of Americans currently ‘0 use a GLP-1(~20 million) 12 S115 U.S. women use 1 8 milli on hormonal contraception 27 ill s 12U.S. women are potential mi 10 n candidates for Ovaprene® No method ti
Slide 34: Potential First-in-Category Contraceptive
Daré’s Potential First-in-Category Contraceptive ff Product Designed to be an easy-to-use monthly option with effectiveness approaching hormonal methods. There are currently no FDA-approved monthly, hormone-free contraceptives. s } : : i Commercialization /& ee eons! A a ieirieed INIHY) Collaborator
Slide 35: Ovaprene - Pre-Pivotal Study
! @ Ovaprene® - Pre-Pivotal Study Ovaprene® Pre-Pivotal Study Results 80 * The Ovaprene® Pre-Pivotal Postcoital Test (PCT) study met its primary endpoint. g * In100% of women and cycles, Ovaprene prevented the |B 70 requisite number of sperm from reaching the cervix. 2 «0 + Asuccessful cycle was def
Slide 36: Ovaprene - U.S. Regulatory Strategy
I D Ovaprene® - U.S. Regulatory Strategy! Based on our communications to date with the FDA, if successful, we believe only this single ongoing registration study will be sufficient to support a premarket approval application submission* with the FDA. *Premarket approval (PMA) strategy; the Center fo
Slide 37: Ovaprene - Commercial License Agreement with Bayer
I @ Ovaprene® - Commercial License Agreement with Bayer pen i A January 2020 - Bayer, which markets the $1 Baer billion Mirena contraceptive franchise, and Daré E announced the execution of alicense agreement , . . a ae Mirena’ is the under which Bayer may commercialize Ovaprene 4, prescribed invest
Slide 38: Menopause is Having a Moment
Menopause is Having a Moment * The menopause market is a large and growing market, with more than 1 billion people worldwide expected to be in menopause by 2025'. Approximately 51% of menopausal women experience moderate to severe vasomotor symptoms (VMS) or hot flashes.2 + The global market for men
Slide 39: Perceptions Around Hormone Therapy
ng Perceptions Around Hormone Therapy (HT Compounded "Bioidentical HT" , Non-HT Supplements for 25 million ; + The term "bioidentical HT" began Menopause Symptoms women on HT A generation of doctors and as a marketing term for custom- == women are taught that HT is compounded hormones. * Often conta
Slide 40: What Causes Menopause
at Causes Menopause Key Hormonal Changes During Menopause (for illustrative purposes only) aus als \ atl egc WO}! enya - jInicheas: ~ - ee NN os Estrogen \ ovar : esa ( e eS si!) : ay Ih \ irreguial V4 Th H \ WM q p an 3 f 5) Poses VV A Sduction of estrogen and progester hp ° } l e 1 pe - = E Ns J J
Slide 41: Daré Menopause Programs
) Daré Menopause Programs Hormone Therapy Product Candidate DARE-HRT1 Monthly Vaginal Ring for the Vasomotor Symptoms of Menopause Phase 1/ 2 study completed; IND related activities to support a single Phase 3 study underway.” © Bioidentical estradiol & progesterone in one product Highly acceptable,
Slide 42: HPV unmet need
>6 million women While vaccinations and screenings are diagnosed each year are important tools, safe and with high-risk HPV effective HPV treatments | infections that could lead remain an unmet need to cervical cancer.’ ost common »y Sex yo Today, HPV ne infections >) are not HPV infections and cerv
Slide 43: DARE-HPV investigational antiviral vaginal insert
tigational ntiviral vagine sertforhun pa avirt (APV)-related cervical diseas © There are currently no FDA-approved, non- surgical pharmaceutical interventions to treat HPV-related cervical dysplasia. © There are no FDA-approved treatments for HPV infection. © DARE-HPV is a proprietary fixed-dose for
Slide 44: Safe and Effective HPV Treatments Remain an Unmet Need
|) Safe and Effective HPV Treatments Remain an Unmet Need HPV-Related Cervical Diseases per year in the U.S." + HPVisthe most common sexually transmitted infection in the United States. >11 million women D acquire a new infection + Today, cervical precancers ee) (dysplasia) are monitored until they
Slide 45: XACIATO (Clindamycin Phosphate) Vaginal Gel 2%
(Clindamycin Phosphate) Vaginal'Gel 2% XACIATO [zah-she-AH-toe] (clindamycin phosphate) vaginal gel 2% is a lincosamide antibacterial indicated for the treatment of bacterial vaginosis (BV) in females 12 years of agevand older* Daré’s first product: FDA-approved in 3 years from in-license In-license
Slide 46: XACIATO Selected Safety Information
l @ XACIATO Selected Safety Information XACIATO is contraindicated in individuals with a history of hypersensitivity to clindamycin or lincomycin. Clostridioides difficile-associated diarrhea (CDAD) has been reported with use of nearly all antibacterial agents, including clindamycin, and may range i
Slide 47: Our Therapeutics Portfolio
D Our Therapeutics Portfolio* Our investigational products seeking FDA approval are some of the most potentially disruptive therapeutic candidates for women in decades, targeting unmet needs with innovative solutions. ASSET Ovaprene® Sildenafil Cream, 3.6% * DARE-HRTI* DARE-VVA1" DARE-HPV“ $10M non-
Slide 48: Earlier stage programs with grant funding enhance the pipeline
@ Earlier stage programs with grant funding enhance the pipeline* ASSET Australia RED Cash Rebate Theramex | NIH) cca | NIH) dca Foundation grant up to~$49M & Ser EnEAnEN | NIH) dca DARE-PDM1" Casea S* DARE- FRTUPTBI" DARE 204/214" DARE- LARCT’ DARE-RH1 DARE-PTB2 °505(b)(2) regulatory pathway antici
Slide 49: DIO
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