Dare Bioscience, Inc. Common Stock H.C. Wainwright 28th Annual Global Investment Conference

Sabrina. Great. Thank you so much.

I am going to go ahead and share my presentation. Get started. All right. Thank you all for joining today. As noted, I am founder and CEO of Daré Bioscience. Before I dig in, I do want to share that the presentation does contain forward-looking statements, so please do review our SEC filings for a full review of the risks and uncertainties associated with Daré Bioscience. Daré Bioscience, our sole focus is women's health. We are really a purpose-driven biotech focused solely on closing that gap between promising science and real-world solutions for women. It is definitely an exciting time to get to know us right now in 2026, because this year really marks some important milestones for the company. First of all, we have two products generating revenue this year. One has launched, and one is soon to launch.

More details on that. As you will see as we go through the portfolio, we really look at all the different ways of getting products to market for women as quickly as we can. As we talk about that, what you will see consistently is that common thread is that they are all really evidence-based solutions. That is the white space that exists today in women's health in terms of closing those therapeutic gaps in care. I am also going to talk about two of our programs that have clinical readouts coming next year. These are both late-stage programs. As you also see across the portfolio, we have really been able to leverage non-dilutive funding, and that is really important from an investment perspective because it really funds a lot of our clinical stage programs.

As I mentioned, we are focused solely on closing those therapeutic gaps in care for women, and we work broadly, so from contraception through to menopause and everything in between. Again, that common thread across our portfolio is that it is really science-driven solutions for women across all of their life stages. I am going to highlight really six programs in the portfolio today. Two because they are commercial stage. One has already launched, our FloraSync LF5 vaginal probiotic, and one is designed to enhance the sexual experience for women. That is our DARE to PLAY Sildenafil Cream, and that is targeted to start dispensing this quarter. I am going to focus on those two from a commercial perspective. I am going to focus also on our Ovaprene on the right, DARE TO PLAN.

Ovaprene is our contraceptive that is in phase III right now, and we have a clinical data readout expected next year. That is the pivotal registration trial. I am also going to talk about our DARE-HPV program, which has a top-line data readout next year. Then I want to also highlight a couple other programs. One more clinical stage program for preterm birth infertility that is going into phase I, and then one of our next commercial programs targeted for next year for menopause. Before I dive into the portfolio in more detail, I do want to take a moment to really highlight why women's health and why now. As I mentioned, we are really addressing that white space in terms of evidence-based solutions for women. We are talking about large market opportunities.

That is one of the things that we really love about this category, that many of the things that we are addressing are conditions that women are going to experience, not because they are diseased or ill, but because these are common experiences that women have. Think about contraception, think about menopause, think about even sexual health and changes that happen because of hormonal shifts, either monthly or during peri and post-menopause. Also because the fact that women's health has been so under-researched, it really was not until 1993 that women were required to be included in clinical research. There are also illnesses and diseases where there is no drug therapeutic option available today. Human papillomavirus is a great example of that. Despite the fact that 6 million women every year acquire that high-risk infection, that is the underlying cause of cervical cancer, there is no pharmacologic treatment for that today.

The other thing we really love about this category is that women are very motivated, dedicated healthcare consumers, and we think that is one of the reasons that even though only 1%-5% of private healthcare investment goes into women's health, 27% of the pharmaceutical brands that generate over $500 million in annual revenue are for women's health conditions. The third thing that we think is really impactful about this category is how much non-dilutive funding is available. Again, because women have not been included in clinical research as a requirement until 1993, there is significant funding available from both the government as well as private foundations. We have been incredibly successful in leveraging those opportunities with over $75 million awarded to Daré across our portfolio of products since 2017.

I also wanted to highlight again that white space that I talked about in women's health before we get into our portfolio specifically. Women's health is definitely having a moment. There is a lot of conversation, and women are very motivated healthcare consumers, as I mentioned. But there is not a lot of science available today in clinical evidence-based solutions, and that is the space we are filling. Regardless of how we are getting a product to market, we are really looking at conducting that clinical research around our proprietary products and formulations, and then getting them to market as quickly as we can, using all the viable paths possible available to us, and also making sure access is a focus. Telehealth is a big component of how women are getting their healthcare today.

We want to make sure that whether they are going to a specialist or going through telehealth or a specialist through telehealth, that they have access to our formulas. So online is very important through our DARE Health Hub. Now let me talk a little bit about those commercial stage products first. The first one I want to highlight, because it is already live right now, is FloraSync LF5. This is a vaginal probiotic for the vaginal microbiome. We think about microbiome often in the context of gut, and we are really comfortable and commonly take probiotics for our gut health. The vaginal environment has a microbiome as well that also can be disrupted. When the vaginal microbiome in women is disrupted, it can lead to health consequences as well as things that women notice and experience.

It is really important to keep that vaginal microbiome in check. Unfortunately for women, the vast majority of probiotics that are available to them today are gut strains that are just being repurposed and repackaged for vaginal health. That is really, again, the white space we are filling here. This is a vaginal probiotic. It is something she inserts vaginally, and it was designed specifically for the vaginal environment and has been clinically studied specifically for that environment for over 30 years of probiotic research, including a clinical study demonstrating that over 96% of women experience that vaginal microbiome balance within 3 days of using the products, and 90% maintain that balance out to 2 weeks. It comes in a box with 6 capsules, so that is basically 2 courses that she can take, and it is $49 for a box. As I mentioned, this is available now.

I would really encourage you to look at some of the reviews on the website. It is really getting very positive reviews. It is really filling some gaps that women experience today in terms of having viable options available that get them that outcome that they are looking for, including in categories of rapid weight loss and things like that can really change that vaginal microbiome. The next product I want to highlight, which is targeted to start dispensing this quarter, is our DARE to PLAY Sildenafil Cream. This is a product using that same active ingredient that is in Viagra, but it is a first of its kind arousal cream designed specifically for women. It has been shown to increase the blood flow in the genital tissue within 10-15 minutes of administration and to improve arousal sensations using clinically validated and FDA-reviewed endpoints.

There is nothing available to women today that has that kind of evidence behind it. Just like men need increased blood flow to see improvement when they have problems with arousal, the physiology in women is the same, and this is the first-of-its-kind product really demonstrating those clinical important outputs. It is targeted to be available later this quarter. As I mentioned, it is priced at $99 a tube. The tube comes with 10 uses, so it is about $10 a sexual event. If you think about it, there are about 20 million women in the United States today that experience symptoms of low or no sexual arousal. So that is really the audience that can find relief and interest in a product like this. If you think about that is a $2 billion total addressable market. We are super excited to see this start dispensing.

We've been in a pre-order phase, which I'm going to talk a little bit about, or pre-prescription phase, which I'll talk about a little bit so you can get some perspective on what we already know today. One of the things that we're really leaning into as we think about how we bring these products to market is turning our clinical relationships into commercial momentum. We are one of the only, if not the only, companies working solely and broadly addressing some of these clinical gaps in care in women's health, and we are turning those clinical relationships across our portfolio into a commercial advantage. What's key to that is really this integrated commercial platform that's really designed for scalable growth. We leverage those provider relationships.