Daré Bioscience gets Nasdaq notice on stockholders' equity, plans hearing

Daré Bioscience, Inc. (Nasdaq: DARE) said on July 17, 2026 that Nasdaq has told it that it no longer complies with Nasdaq Listing Rule 5550(b), and that its common stock is subject to delisting unless it timely requests a hearing. The company reported the Nasdaq deficiency notice in a Form 8-K filed July 17, 2026 under Item 3.01. It says it intends to request that hearing.

What the notice says

On July 13, 2026, the Listing Qualifications Staff of The Nasdaq Stock Market LLC notified the company of the deficiency. The Staff's reasoning, as the filing describes it, has two parts. The company's Form 10-Q for the period ended March 31, 2026 reported stockholders' equity of less than $2.5 million. And as of July 13, 2026, the company did not meet the alternative requirements of $35 million in market value of listed securities or $500,000 in net income from continuing operations.

In plain terms, the rule works on stockholders' equity, with two alternatives: the market value of listed securities or net income from continuing operations. According to the filing, Daré fell short on equity in its March 2026 quarterly report and was not meeting either alternative on July 13, 2026.

The hearing process

The company says it intends to timely request a hearing before a Nasdaq Hearing Panel. It says that request will stay the suspension and delisting of its common stock at least pending the Panel's decision after the hearing and the expiration of any extension period the Panel may grant.

The filing adds a caution. There can be no assurance that the Panel will grant an extension for the company to show compliance with the rule. Even if it does, the company says there can be no assurance that it will regain compliance within that period or will otherwise maintain its Nasdaq listing.

President and Chief Executive Officer Sabrina Martucci Johnson signed the 8-K.

About the company

Daré's Form 10-K filed March 26, 2026 describes the company as a health biotech focused on women's health. It lists areas from contraception to menopause, pelvic pain to fertility, and vaginal health to infectious disease.

The 10-K says that in March 2025 the company announced a dual-path approach to bringing products to market. For select proprietary formulations, it is pursuing both traditional FDA approval and earlier market access through outsourcing facilities registered under Section 503B of the Federal Food, Drug, and Cosmetic Act, which may compound and distribute certain drugs without patient-specific prescriptions. In December 2025 it initiated commercialization of DARE to PLAY Sildenafil Cream, which it describes as a topically applied formulation of sildenafil designed to improve female sexual arousal. It also intends to bring select consumer health products to market that do not require a prescription, starting with its DARE to RESTORE product offerings.

Going concern language in the annual report

The auditor's report in that 10-K included a section on the company's ability to continue as a going concern. It says the company has recurring losses from operations and is dependent on additional financing to fund operations, and that these conditions raise substantial doubt about its ability to continue as a going concern.

People named in the filings

The 10-K was signed by Sabrina Martucci Johnson as President and Chief Executive Officer, Principal Executive Officer and Principal Financial Officer, and Director. MarDee Haring-Layton signed as Chief Accounting Officer. William H. Rastetter, Ph.D. signed as Chairman of the Board and Director. The signature page also lists directors Jessica D. Grossman, Susan L. Kelley, Gregory W. Matz and Robin Steele.

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