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Slide 2: Transforming Women's Health
@d TRANSFORMING WOMEN’S HEALTH We founded Daré with the sole focus of putting women’s health first - to boldly address existing gaps and give women the treatment options they want and deserve it means *TO GIVE’ jeans “TO BE BOLD” " In Ital ARE: In English, Daré’s mission is to challenge the status q
Slide 3: Forward-Looking Statements; Disclaimers
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 prod
Slide 4: 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 5: Daré product lines are designed for her
d Daré product lines are designed for her* Designed for her Designed for her sexual experience \ contraception needs DARE THRIVE Designed to treat Designed to help her vaginal infections keep living her best life Designed to maintain a Designed to support healthy vaginal her pregnancy microbiome *As
Slide 6: 2025-2026 Anticipated On-Market Products
D 2025-2026 Anticipated On-Market Products We aim to meet women where they are and to leverage all available paths to bring evidence-based solutions to market. ASSET / TARGET AVAILABILITY UNMET NEED MARKET INSIGHT There are no FDA-approved treatments A 2024 analyst report on HIMS estimated isercea B
Slide 7: Why invest in women?
| Why invest in women? We believe that investment in women’s health WOMEN’ HEALTH An Efficien Limited R&D Investment "> Large Commercial Opportunity + Only approximately 1% of + Women’s health products a healthcare research spending make up 27% of total is invested in non-oncologic blockbuster produ
Slide 8: Innovation is...
INNOVATION is: a when they talk about what they need. > 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 * Thelast published large arousal. cross-sectional surve
Slide 9: What is innovation in women's health?
What is INNOVATION in “WOMEN’S HEALTH? treatable health conditions a) | Ea) Ea) Cervical HPV Urinary Infection Incontinence
Slide 10: 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. 5. Erectile dysfunction Topical treatment for female sexual ae (oral) => arousal disorder (FSAD) Hormone-free vaginal treatm
Slide 11: Women's health innovation landscape
SE) EVVY MIRVIE Women's health-focused Series A At-home Predicting virtual care platform (2024) eunanen Y=Ye] MA comptications Bf Menopause . ‘ OOVA virtual Gis SOOM ‘ Series A (2023) f = % : ; Fertility ang Vv. = { E E D L E gtinic network aa ‘TREATMEN « & benefits 2028) € o. wee ‘ { 4 At-home fert
Slide 12: We seek to challenge the status quo
dD. We seek to challenge the status quo” D eo y é This presentation references investi DARE TO PLAY: The First Sildenafil for Female Arousal Despite significant advances in men’s sexual health, there are no FDA-approved options for women with sexual arousal issues. Our innovative proprietary cream w
Slide 13: 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 phys
Slide 14: 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 15: Sildenafil Cream formulation in 4Q 2025
formulation in the 4% quarter 2025 l @d & Sil d e nafil Crea m Targeting availability of our proprietary 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
Slide 16: Huge Gaps Remain in the Contraceptive Landscape
I] D Huge Gaps Remain in the Contraceptive Landscape We believe that 6% of Americans currently © use a GLP-1(~20 million) 12 s113 “U.S. women use 18 million hormonal contraception 1,2 . With= Sils “U.S. women are potential drawal 27 million candidates for Ovaprene® Condoms No method 2.5% of all U.S.
Slide 17: 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.? + The global market for men
Slide 18: Hormone therapy landscape in menopause
women on HT HT users in the U.S. ging Percept Ge 26 million A generation of doctors and women are taught that HT is $2 billion dangerous. spenton Premarin® products* Without HT, many doctors are unsure of how to counsel menopausal patients on their symptoms. Women have turned 2002 to other solutions
Slide 19: What Causes Menopause
2. httpsimmw.menopause.org/docs/default-sourcelprofessional/nams-2022-hormone-therapy-position-statement. pdf hat Causes Menopause effective treatment by the Menopause Society for treatment of the vasomotor symptoms of menopause (VMS) or hot flashes. For the treatment of VMS, the Menopause Society r
Slide 20: 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.® Today, HPV infections are not ; HPV infections and cervical treated upon precance
Slide 21: XACIATO (clindamycin phosphate) vaginal gel
(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 less th
Slide 22: Our Therapeutics Portfolio
» 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. ADDRESSABLE Pe PHASE3/ REGULATORY FDA ASSET women) PRE-CLINICAL PHASE PHASE 2 PIVO
Slide 23: Earlier stage programs with grant funding enhance the pipeline
Earlier stage programs with grant funding enhance the pipeline* ASSET Australia RED DARE-PDM1* Cash Rebate Theramex —©aseaS" National ratnutes =» DARE- see FRTV/PTBI* National rstttes = DARE 204/214" NI oss DARE- Pa Foundation grant up to~S49M_ @ Corennacen DARE-RHT | NIH ) cc 8505(b)(2) regulatory
Slide 24: Upcoming milestones and updates
= Targeting availability of DARE to PLAY Sildenafil Cream by prescription in 4Q-2025 via 503B-registered partner * We expect to start recording revenue in 4Q-2025. Sildenafil Cream, 3.6% = We will continue to provide updates on the strategic partnerships to achieve these objectives. Upcoming s * Pha
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Slide 26: Daré Bioscience Corporate Highlights
* We are sole focused on innovative pre ucts fort . health and : j nelibeing of women. Daré Bioscience Corporate Highlights allows the Company to pursue a portfolio approach with several potential commercial products under the Daré umbrella leveraging the 505(b)(2) pathway could accelerate clinical
Slide 27: Ovaprene investigational monthly contraceptive
Investigatio Ginal ee,“monthly ' contraceptive cig a b, jase 3 contraceptive efficacy study Currently enrolling > Daré’s Potential First-in-Category Contraceptive Product Designed to be an easy-to-use monthly option with effectiveness approaching hormonal methods. There are currently no FDA-approved
Slide 28: Ovaprene - Pre-Pivotal Study
@d Ovaprene® - Pre-Pivotal Study Ovaprene® Pre-Pivotal Study Results 80 + The Ovaprene® Pre-Pivotal Postcoital Test (PCT) study met its primary endpoint. + In100% of women and cycles, Ovaprene prevented the requisite number of sperm from reaching the cervix. + Asuccessful cycle was defined as an ave
Slide 29: Ovaprene - U.S. Regulatory Strategy
l 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 30: Ovaprene - Commercial License Agreement with Bayer
I @ Ovaprene® - Commercial License Agreement with Bayer B January 2020 - Bayer, which markets the $1 A a ‘ ? ; , (BAYER billion Mirena contraceptive franchise, and Daré E announced the execution of alicense agreement ,. ra ‘ ae Mirena’ is the under which Bayer may commercialize Ovaprene 4 prescribed
Slide 31: Female Sexual Arousal Disorder Market Analysis
Female Sexual Arousal Disorder FSAD Market Analysis Daré’s Potential First-in-Category Treatment for Female Sexual Arousal Disorder (FSAD) FSAD is characterized primarily by inability to attain or maintain sufficient genital arousal during sexual activity.’ FSAD should be distinguished from other se
Slide 32: Oral Sildenafil provided a proof of concept for FSAD
1 2 l D Oral Sildenafil provided a compelling proof of concept for FSAD Statistically significant increases in Vaginal Pulse Statistically significant improvement in genital Amplitude (VPA)! stimulation (FIEI)2 Pfizer VPA Clinical Lab Study - Oral Viagra Mean and Maxinmam VPAt Improvement on FIEI Qu
Slide 33: Path Forward for Sildenafil Cream for Treatment of FSAD
t 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 34: Overview of Phase 2b Study evaluating Sildenafil Cream in FSAD
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 Place
Slide 35: 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 be
Slide 36: Sildenafil Cream Phase 2b in FSAD - Summary of Safety Results
@d Sildenafil Cream Phase 2b in FSAD - Summary of Safety Results Sildenafil as well tolerated by exposed + 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 by 28 of the 94 placebo cream-assigned p
Slide 37: 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 were dosed with escalating doses of Sildenafil Cream, 3.6%, using a cross-over study design Sildenafil Cream h
Slide 38: Notable Publications for Daré's Sildenafil Cream
] D Notable Publications for Daré’s Sildenafil Cream, 3.6% Publication Author(s) Sexual Medicine, Volume 12, Issue 5, October 2024 Johnson, et al. Ti le /mpact of age, race, and medication use on efficacy endpoints ina randomized controlled trial of topical sildenafil cream for the treatment of fema
Slide 39: What Causes Menopause?
l -) What Causes Menopause? During perimenopause, the supply of mature eggs in a woman’s ovaries diminishes and ovulation becomes irregular. The production of estrogen and progesterone also decreases. The changes in estrogen in particular cause most of the symptoms of menopause.’ Symptoms of Menopau
Slide 40: Daré Menopause Programs
D Daré Menopause Programs Hormone Therapy Product Candidate DARE-HRTI 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.” Cv) Bioidentical estradiol & progesterone in one product Highly acceptabl
Slide 41: DARE-HPV
°506(6)(2) regulatory pathway antic © 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 isa proprietary fixed-dose formulation of lopinavir and ritonavir ina so
Slide 42: 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." * HPV is the most common sexually transmitted infection in the United States. >11 millionwomen ey acquire a new infection + Today, cervical precancers feu dud (dysplasia) are monitored until th
Slide 43: DARE-PDM1 pelvic pain
Investigatio nonsteroidal an inflammatory drug (NSAID) vaginal gel forusein female pelvic pain ‘A505(b)(2) regulatory pathway anticipated, Pelvic pain in women is often overlooked and undertreated. While DARE-PDM1 is currently being developed for regulatory approval for the indication of primary dys
Slide 44: 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 ran
Slide 45: DIO
DIO i INITALIAN, ITMEANS = IN ENGLISH, IT MEANS ©) ¢) )5. sje)! ee 45