Dare Bioscience Stifel 2026 Healthcare Conference

Perfect. Hello, hello. Thank you all for being here today. Definitely look forward to going over where we are. It's an exciting time for the company. We are publicly traded. For the looking disclaimers, please do look at our risk factors and our SEC filings for most current update. As was just shared, we're really focused on women's health, and what does that mean? I really think of us as a biotech company that is purpose-driven in its focus on closing the gap between promising science and real-world solutions for women. In terms of what that means from an investment perspective, sorry, I'm going back and forth.

What that means from an investment perspective is that sole focus is we're focusing on where the white space exists in women's health, which is actually a lot across the continuum from contraception through menopause, because it's been an area that has been under-researched and understudied, and so a lot of opportunities exist, and that's where we're really leaning in. I really think of our strategy as four pillars. One, we're at a transition point. We're moving into directly commercializing some of our products, so I'm definitely going to focus on that today, and 2026, as we're going into 2027, is the time to watch for that. What we share across the portfolio is offering clinically evidence-based solutions.

That might sound like a no-brainer when you are at a conference like this and you are looking at what the field is in other healthcare areas, but that is actually a unique feature in the women's health landscape in terms of the products that we are offering, where we are matching that unmet need to a solution that is actually fit for purpose and designed for it. There is a pipeline behind the commercial programs that we are launching right now, which is also unique in this category. The fourth thing that I would highlight that we will talk about a little bit more is because this has been such an underfunded and under-researched area, there is a significant amount of non-dilutive capital available, including for our late-stage programs, phase II and phase III. That really supports that pipeline moving forward. When I say we focus on women's health, what does that mean?

We are not a company around one product, and we are not a company around one life stage, one condition. We are really across that continuum. Where we focus is where are there the biggest therapeutic gaps that exist today, where there is proof of concept science that can really clearly address that gap. We focus on primarily products that are already FDA approved for another indication or another dosage form that is not ideally fit for purpose for the indication in question. As you can see from this, we really work from contraception through to menopause and everything in between, infectious disease, vaginal health, maternal health, fertility.

In terms of the really kind of six programs in particular that I would ask you to focus on right now, and we will highlight them as we go through the presentation, the top two, Flora Sync LF5 and DARE to PLAY Sildenafil Cream, are the two that are either live now on market, that is Flora Sync, our vaginal probiotic, or soon to be live on market, and that is DARE to PLAY Sildenafil Cream. So I am definitely going to highlight those a bit more for you. But there is also products that I think make sense watching right now because of milestones that are going to hit next year. Two of those are development stage products, a potential first treatment for human papillomavirus infection, which causes cervical cancer, that has a phase II readout next year, and Ovaprene, our once-a-month hormone-free contraceptive, which has a phase III readout next year.

DARE to RECLAIM, we also call it DARE-HRT1, is our menopause hormone therapy. Menopause is definitely having a moment. We will talk about that a little bit. We are proud to be bringing forward, hopefully to market next year, a product that has the potential to be the first once-a-month hormone therapy product with estradiol and progesterone together that really fits kind of the recommendations of The Menopause Society guidelines for hormone therapy, which is non-oral and both of those hormones together. That same ring technology we utilize to deliver progesterone, which is used in IVF, and could be a potential treatment for preterm birth. We are looking forward to getting that vaginal ring into an NIH-funded phase I study. Let us talk about why women's health and why these products.

Also as an aside, I noticed that the clock's not moving, so I don't have a good sense of- Please start the clock.

My time, but I'll keep an eye on it. Why women's health and why now? First of all, the why now. It should have been why always. But why now? It's definitely having a moment. You can't help but look at anything on social media. You'd have to be kind of living in a hole somewhere to not sort of hear the noise around women's health right now, whether it's menopause, fertility, IVF. It's really across a wide variety of sectors. We find the category so interesting, like I said, for really kind of three key reasons. One, I want to state this upfront. I think it's pretty obvious with the GLP-1s, we're seeing it, but women are very motivated healthcare consumers. They make the vast majority of the healthcare decisions for their households and also themselves.

I think GLP-1s are a great example of what happens when there's a product that works well, delivers, is kind of fit for purpose for what it's doing, and can serve that unmet need in a women's category. The markets, the other thing we like so much, is that the markets are so large, right? When we think about a number of the things that we work in in women's health, these are not diseases the way you might traditionally think of a disease. Menopause is not a disease, right? Changes even in sexual health, it's not a disease per se. It's just shifts in hormones and other factors that can change how someone responds. Contraception, right? Family planning is not a disease. What that means is that they tend to be very large populations.

They're things that every woman or almost every woman is going to experience or need to think about at some point in their lifetime. That also means that form factor matters, right? Is it convenient to use? Does it really fit her lifestyle? Those are the kind of gaps that we're looking to fill. Because it's been such an under-researched category, there are areas like human papillomavirus that everyone acknowledges is the virus behind causing cervical cancer. It's one of the few cancers that we actually know is what causes it, but yet it's the only sexually transmitted infection where we don't have a treatment that exists today, when someone tests positive for that virus. So those are the kind of opportunities and the kind of white space that we're looking to fill.

The third reason I highlighted up front that we find this from an investor perspective is really a category to look at and us as a company to look at, is there a significant non-dilutive funding that's available? It's really filling that gap that's existed because women were not required to be in clinical research until 1993. Because of that gap that is widely recognized, you've got foundations like the Gates Foundation, but also ARPA-H, government agencies, NIH, that are investing significantly to ensure that truly differentiated products that address these gaps have the ability to move forward. We have been incredibly fortunate in bringing in over $75 million in this non-dilutive funding to support our portfolio.

The other thing that we're seeing right now, and again, I'm going to point kind of to the GLP-1 categories and other categories where we're seeing it, there's a lot of compounding happening. That happens when people are trying to fill a void, right? A market need that exists. What is, again, unique about the offerings that we have, regardless of how we go to market, whether it's as a non-prescription product, and we're going to talk about DARE to PLAY Sildenafil Cream, where we're starting as a 503B compounded product, is we have the clinical data and the evidence behind it. So it's a fantastic way to fill a market gap with a market solution, but that has that data behind it so that patients and healthcare providers can rely on that information.

It also means that we can really take advantage of where the market is shifting in terms of commercial platforms and online platforms. Telehealth that we offer ourselves, but also partnering with other telehealth providers and other online solutions for patients. Let's talk real quick about the commercial products first. Flora Sync launched earlier this year, this summer. It is a vaginal probiotic. So the vagina, just like the gut, has a microbiome, and similarly, it can be disrupted, and really important for it to be balanced. Maybe a little dissimilar to the gut microbiome, it's really obvious to women when the vaginal microbiome is disrupted because she will notice changes that are happening.