Slide 1: DAREBIOSCIENCE.COM| ©2026 DARE BIOSCIENCE, ALL RIGHTS RESERVED
Uy NY DAREBIOSCIENCE.COM| NASDAQ: DARE ©2026 DARE BIOSCIENCE, ALL RIGHTS RESERVED
Slide 2: Forward-Looking Statements & Disclaimers
DAREBIOSCIENCE Forward-Looking Statements & Disclaimers This presentation is for informational purposes only ands 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
Slide 3: Daré at a Glance
DARE BIOSCIENCE SOLE FOCUS ON WOMEN’S HEALTH from contraception to menopause, sexual health, vaginal health, and fertility Daré at a Glance t-L1 4 wig) EVIDENCE-BASED SOLUTIONS via fastest eligible pathways to market; 503B compounding, FDA approvals, and non- prescription w! STRATEGIC COLLABORATION
Slide 4: The Investment Thesis in Three Sentences
THE INVESTMENT THESIS IN THREE SENTENCES The Gap Is the Entry Point Conditions solely affecting women attract less than 1% of private healthcare R&D investment', yet women's health drugs represent 27% of all blockbuster pharmaceutical products.” Daré was built to capture this systematic underinvestm
Slide 5: Women's health funding gap and market opportunity
of private healthcare R&D of all blockbuster of all U.S. healthcare pharmaceutical products purchasing decisions are women's health drugs" are made by women? investment goes to conditions solely affecting women’ That is not a niche. That is a market opportunity. Daré Bioscience was built specificall
Slide 6: The Non-Dilutive Amplifier Advantage
SG&A Daré has been awarded additional non-dilutive funding that Personnel costs, facility e xp jonal services, does not dilute shareholders. cluding for n npounded drug products and consumer health products, and mileston S60M+ R&D Expense (Net of Grant Offsets) Ovaprene, DARE-LARC1, DARE-NHC (contra
Slide 7: Small Capital Requirements. Large Value Inflection Events.
SMALL CAPITAL REQUIREMENTS. LARGE VALUE INFLECTION EVENTS. DARE to PLAY? (Sildenafil Cream) DARE to RESTORE (Flora Syne LF5™ Probiotic) Ovaprene® (Contraceptive) DARE-HPV (HPV Therapy) DARE to RECLAIM? (Menopause hormone therapy IVR) See slide 25 See slide 15 See slide 34 gaeens Timing represents Da
Slide 8: The Valuation Gap: What the Market Has Not Priced In
DARE BIOSCIENCE THE VALUATION GAP: WHAT THE MARKET HAS NOT PRICED IN Daré is entering a commercial revenue stage with 5 potential value inflection events through 2027, and a 10-year clinical head start. 3 >$75M 5 Commercial launches Non-dilutive funding Value inflection events planned awarded since
Slide 9: The Path Forward
THE PATH FORWARD* 2027 Clinical Data & Second 503B Product Launch Ovaprene topline; DARE-HPV Phase 2; DARE to RECLAIM in market Multiple Independent Paths to Shareholder Value Revenue Partnering Upside Ovaprene, DARE-HPY, Sildenafil DARE to PLAY + DARE to Cream — each asset carries RESTORE launching
Slide 10: A Portfolio Designed for Multiple Ways to Win
A PORTFOLIO DESIGNED FOR MULTIPLE WAYS TO WIN Self-funded Self-funded 503B PRI Self-funded DARE to PLAY™ DARE to RESTORE™ DARE to RECLAIM™ Market: Estimated 20M women! Market: Growing OTC vaginal health Market: $2.5—4.5B compounded HRT? 503B launch Flora Sync LF5™ probiotic Target: 20275 NIH and Gat
Slide 11: The End Game: Full Value Realization
THE END GAME: WHAT DOES FULL VALUE REALIZATION LOOK LIKE? 503B + non-Rx Revenues at Scale One or more late-stage assets DARE to PLAY, DARE to RESTORE, and FDA approval for Ovaprene (non- (Ovaprene, DARE-HPV, Sildenafil DARE to RECLAIM build a 503B hormonal contraceptive) and/or DARE- Cream) licensed
Slide 12: The Opportunity
THE OPPORTUNITY “We have a decade of clinical work, two products launching this quarter, ve value inflection events ahead, and >$75M in non-dilutive funding awards. We do not believe that picture is fully reflected in today's valuation. ”— Sabrina Martucci Johnson, President & CEO First Revenue in Q
Slide 13: Daré Bioscience
DARE BIOSCIENCE (©2026 DARE BIOSCIENCE, ALL RIGHTS RESERVED
Slide 14: Pipeline Overview
DAREBIOSCIENCE 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 sexual experience Designed to help her keep living her best life Des
Slide 15: Near-Term Commercial Path
DAREBIOSCIENCE Near-Term Commercial Path DARE to PLAY™ DARE to RESTORE™ DARE to RECLAIM™ Sildenafil Cream (Rx*) Vaginal probiotic suppositories (non-Rx) Monthly estradiol + progesterone vaginal ring (Rx) Designed for her sexual experience Designed to maintain a healthy vaginal microbiome Designed to
Slide 16: DARE to PLAY Sildenafil Cream
DAREBIOSCIENCE DARE to PLAY™ Sildenafil Cream* PROBUCT INFO DARE to PLAY™ Sildenafil Cream is a proprietary topical formulation of the active ingredient in an erectile dysfunction drug (Viagra®) + An estimated 20 million women experience symptoms of low or no sexual arousal; ~10 million are consider
Slide 17: DARE to PLAY Key Data
DAREBIOSCIENCE DARE to PLAY™ Sildenafil Cream KEY DATA PK study demonstrated minimal systemic exposure (1—2% C.,,,.. of oral sildenafil). 1 Phase 2b study demonstrated statistically significant arousal improvement in the target Phase 3 population (post-hoc analysis). 2 Sildenafil Cream was well tole
Slide 18: Ovaprene
DAREBIOSCIENCE OVAPRENE® Investigational Hormone-Free Monthly Intravaginal Contraceptive ESS CUTE Phase 3 pivotal study enrolling; DSMB reviewed interim data July 2025 and recommended study continue without modification. Enrollment expected to complete 2026 — a 2027 topline data readout within reach
Slide 19: Menopause Franchise
DAREBIOSCIENCE Menopause Franchise The global market for menopausal products is expected to reach >$24 billion by 2030.1 DARE-VVA1* DARE-HRT1* Hormone-free tamoxifen inserts for painful intercourse associated with menopause Investigational New Drug (IND) application cleared for Phase 2 start Monthly
Slide 20: DARE-HPV
DAREBIOSCIENCE DARE-HPV* Investigational Antiviral Vaginal Insert For Persistent High-Risk HPV Infection ESS CUTE A proprietary 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 wi
Slide 21: FDA Approved Product: Xaciato
DAREBIOSCIENCE FDA APPROVED PRODUCT: XACIATO™ (Clindamycin Phosphate) Vaginal Gel 2% PRODUCT INFO 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 age and older* Available nat
Slide 22: Our Therapeutics Portfolio
DAREBIOSCIENCE 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 sedi civons PHASE 3/ REGULATORY FDA ‘of U.S. women) PRE-C
Slide 23: Earlier stage programs with grant funding enhance the pipeline
DAREBIOSCIENCE Earlier stage programs with grant funding enhance the pipeline* ESTIMATED ADDRESSABLE PHASE 3/ Australia R&D Cash Rebate Theramex ‘Foundation grant up to ~$40M" National Institutes ‘ot Health DARE-PDM1* Casea S* DARE- FRT1/PTB1* DARE 204/214" DARE- LARC1* DARE-RH1 DARE-PTB2 Vaginal di
Slide 24: Additional Insights
DARE BIOSCIENCE Additional Insights
Slide 25: Female sexual arousal disorder prevalence
DARE BIOSCIENCE FSAD 1s characterized primarily by inability to attain or maintain sufficient genital arousal during sexual activity! and is clinically analogous to erectile of U.S. women aged 21 to 60 (~20 million women), experience symptoms of low or no sexual arousal.23 dysfunction in men. of wom
Slide 26: Oral Sildenafil proof of concept for FSAD
DARE BIOSCIENCE VasinalPuseameltude om) Oral Sildenafil provided a compelling proof of concept for FSAD STATISTICALLY SIGNIFICANT INCREASES IN VAGINAL PULSE AMPLITUBE (VPA)' Pfizer VPA Clinical Lab Study - Oral Viagra Mean and Maximum VPA‘ P<0.05 | i wean cern Maneur (08) + Twelve healthy premenopau
Slide 27: Path Forward for Sildenafil Cream for Treatment of FSAD
DAREBIOSCIENCE Path Forward for Sildenafil Cream for Treatment of FSAD EXPLORATORY PHASE 2B CLINICAL STUDY‘ + The Phase 2b Clinical Study (ID# NCT04948151) was designed to evaluate Sildenafil Cream vs. placebo over 12 weeks. * To Daré’s knowledge, this was the first study specifically evaluating a p
Slide 28: Sildenafil Cream Phase 2b in FSAD: Post-Hoc Analyses
DAREBIOSCIENCE Sildenafil Cream Phase 2b in FSAD EXPLORATORY POST-HOC ANALYSES* Post-Hoc Analysis Results from Proposed Phase 3 population: FSAD with or without concomitant decreased desire Sildenafil Cream Placebo Cream + Post-hoc analyses were conducted on enrollment female sexual Endpoi 3.6% (N=3
Slide 29: Sildenafil Cream Phase 2b: Summary of Safety Results
DAREBIOSCIENCE 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 r
Slide 30: Sildenafil Cream Pharmacokinetic and Pharmacodynamic Studies
DAREBIOSCIENCE Sildenafil Cream, 3.6% Pharmacokinetic and Pharmacodynamic Studies PHASE 1 & 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 desi
Slide 31: Notable Publications for Daré's Sildenafil Cream
DAREBIOSCIENCE Notable Publications for Daré’s Sildenafil Cream, 3.6% PUBLICATION Sexual Medicine, Volume 12, Issue 5, October 2024 Obstetrics & Gynecology. 144(2):p 144-152, August 2024. The Journal of Sexual Medicine. 2024 Sep 3;21(9):793-799. The Journal of Sexual Medicine. 2024 Jul 26; 21(9): 78
Slide 32: Ovaprene Pre-Pivotal Postcoital Test
DAREBIOSCIENCE OVAPRENE® Investigational Hormone-Free Monthly Intravaginal Contraceptive OVAPRENE® PREPIVOTAL 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. + As
Slide 33: Ovaprene Pivotal Study and Regulatory Path
DAREBIOSCIENCE OVAPRENE® Investigational Hormone-Free Monthly Intravaginal Contraceptive US. . . ., ' Recuatory Based on our communications to date with the FDA, if successful, we Cua! believe only this single ongoing registration study will be sufficient to support a premarket approval application
Slide 34: Safe and Effective HPV Treatments Remain an Unmet Need
DAREBIOSCIENCE 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 and is the cause of 1 : HPV INFECTIONS 99% of cervical cancer cases. : * Today, cervical precancers
Slide 35: Xaciato Selected Safety Information
DAREBIOSCIENCE XACIATO™ (Clindamycin Phosphate) Vaginal Gel 2% 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 antibacte
Slide 36: Daring to Put Her Health First
Daring to Put Her Health First™ DAREBIOSCIENCE.COM| NASDAQ: DARE ©2026 DARE BIOSCIENCE, ALL RIGHTS RESERVED