Okay, we are ready to get started. Good afternoon, everyone. Welcome back. Thank you for joining us for another Virtual Investor Closing Bell event featuring Daré Bioscience. My name is Jenene Thomas. I am CEO of JTCIR. I will be the moderator for today's event. I am very pleased to be joined by Sabrina Martucci Johnson. She is President and Chief Executive Officer of Daré Bioscience. Welcome, Sabrina. Thank you so much. Excited to be here. I'm so happy to have you. I've been really looking forward to this event and showcasing Daré on our platform. This is the first Closing Bell event that you've done. The first opportunity for our audience to hear the story from start to finish. Before we get started, I want to remind our audience that Daré is publicly listed on Nasdaq and trades under the ticker D-A-R-E. During today's discussion, the company will be making forward-looking statements. I encourage everyone to view the company's latest SEC filings on their website at darebioscience.com for the latest information. The format for today for our audience, we're going to have Sabrina walk you through the entire Daré story, which is very exciting. Pay attention. We are going to open it up for Q&A. Can't wait to hear your questions. Sabrina, we're diving right in. I'm going to turn it over to you. Fantastic. Thank you so much. First of all, I will add, even though you just did, the presentation does contain forward-looking statements, so please do look at our SEC filings for a full overview of the risks. We are focused solely on pushing women's health forward, and I am looking forward to giving you a sense of what that means to us as a company and to you as a potential investor. I'm going to focus the presentation today on a few key things that really represent this purpose-built portfolio that we have assembled that address these underserved markets in women's health. I'm going to talk to you about our commercial launch, events that are happening this year, and revenues that is commencing this year, and the portfolio that's behind it, why those commercial products are important, and why that clinical evidence-based solutions for women is part of what really differentiates us as a company. Then that development stage pipeline behind it, that as we advance it, those then products feed the commercial machine. I'm going to talk a lot about the funding that we have to do that, which includes non-dilutive funding from a variety of agencies, including the Gates Foundation, ARPA-H, and NIH, and quite significant. One of the thing that is very important about our portfolio and our science-driven solutions for women is that we are really addressing every stage that matters, from contraception through the menopause. As we talk about the portfolio, you'll hear about products that are around sexual health, vaginal health, fertility, pregnancy management, menopause, as well as infectious disease that women may experience. You'll also hear as I go through the pipeline that these products are at various stages of development. We're going to talk about two products that are commercializing now. One that is commercially live now, which is Flora Sync LF5, which just launched in June. We're also going to talk about DARE to PLAY Sildenafil Cream, where dispensing of that prescription product is targeted to commence later this summer. I'm also going to give you some perspective on some of those candidates that are coming next. DARE to RECLAIM in the menopause space, DARE to FIGHT, DARE-HPV, which is in phase II trial right now. Ovaprene, which is in phase III, which is a non-hormonal contraceptive. Then in our pregnancy support, DARE-PTB1, which is a preterm birth and fertility product. Why women's health and why now? We really believe it's because this is a significant market opportunity that some have overlooked, thinking that it's perhaps niche. If you look at the successes and products that generate over $500 million in annual revenue, 27% of those blockbuster drugs are in women's health. We represent 80% of the healthcare decision-making in a household. When you think about the market opportunities, I think that says it all, quite frankly, in terms of some of these spaces that have been underserved, despite the demand and need. Sexual health, 70 million women experience some form of sexual dysfunction. If we look at menopause, I don't need to talk about menopause, I feel like there's so much noise right now in a great way about menopause, in terms of how many women are affected and going into menopause. 43 million women use contraception, hormonal contraception, and have challenges with it that they're reporting. There are 6 million women every year who acquire a human papillomavirus infection in a high-risk strain that can cause cervical cancer, and yet there's no FDA-approved pharmaceutical treatment for that. I highlighted the non-dilutive funding up front, I want to lean into that before we go into the pipeline, because so much of this funding is what is supporting the pipeline that then becomes a commercial product. We have over $60 million in funding from the Gates Foundation, $10 million in funding from ARPA-H, over $5 million in funding from the NIH, these are for programs across the portfolio from pre-clinical all the way through programs like Ovaprene that's in phase III. The data matters, part of why we invest in the science, we leverage some of this non-dilutive funding to do that as well, is because we're a portfolio built on science. Even when we're taking products to market in more rapid ways, such as a consumer health product or a compounded product, we're still doing that on the basis of clinical data, proprietary formulations, and then through a commercialization footprint that is very digital native and ensures that we have that direct engagement with the clinician community and the patient community. All right, let's talk about the commercial stage programs. I mentioned Flora Sync right up front. This just went live end of June, we announced July 1st that this is commercially available. It is a non-prescription product. It's a non-hormonal vaginal capsule that's designed to restore microbiome balance and support long-lasting comfort. We don't talk enough about the vaginal microbiome, but it is disrupted by so many things that women experience every day, hormonal shifts, exercise, summer, the season. Many things can change that vaginal microbiome, and this is available without prescription. It's a proprietary formulation of a lactobacillus strain of bacteria, and it's been clinically studied and backed by over 30 years of probiotic research. It's really one of the only vaginal probiotics that can make that claim. The clinical data are really exciting, where 96% of the women achieve that microbiome balance within just a three-day regimen, and 90% of them maintain that balance out to two weeks. That is available now on the Daré Bioscience website. You can connect to get that product without a prescription. Right behind it, targeting being available for dispensing later this summer, and we've already started prescription intake earlier this year because there was so much excitement around it, is our DARE to PLAY S ildenafil Cream. This is the same active ingredient that is in VIAGRA for men, but formulated specifically for women. There are no FDA-approved products for this condition of increasing genital arousal and sexual arousal. The data on this product have been published, it's peer-reviewed, and demonstrated the clinical effects that we were targeting, as well as low systemic exposure, which is also what we're targeting with the formulation. It's an on-demand topical cream that can be used when she needs it and when she wants it. It's available now for prescribing, and we expect dispensing to start soon. It's available now as a 503B compounded product while we continue to advance towards an NDA pathway. What that means is that women can access it now. We can begin generating revenue now while we're still on that development path as well. That's also available on the Daré Bioscience website and connecting to the DARE Health Hub. Those two products really are us turning what is our clinical relationships into commercial momentum. With our longstanding relationships through our development portfolio with the gynecologists and the obstetricians, the women's health specialists, we're really leveraging that and our network of investigators and opinion leaders as we also are commercializing our products. That means there's existing provider awareness prior to the launch and that we leverage into the launch, and it's really an opportunity to accelerate that adoption through these trusted providers. We understand that engaging directly with the healthcare consumer is important as well. I'm going to talk about that also. As we think about the full platform of how we're bringing the products to market, it really is this digital native solution that leverages those provider relationships as we think about this unified women's health ecosystem, but ensures that whether she's seeing a brick-and-mortar provider at their office or she needs a telehealth framework to support her in an asynchronous way via an asynchronous visit, we can accommodate that. It's all through one digital platform called the DARE Health Hub. That is that central place where both prescriptions can be input, but also women can go there to get access to the product, both the non-prescription and the prescription products. We can also have that cross-selling between the two brands. I neglected to mention that sexual activity is one of the things that can most disrupt that vaginal microbiome, and so they really are two products that go beautifully together. This is what it looks like on the DARE Health Hub. The woman can register, clinicians can access through the back end to input their prescription. A woman goes on and registers, and that's where she can get her prescriptions fulfilled. She can access the non-prescription products, and also link to more information, healthcare information, to support her on her journey. I mentioned right up front that the development pipeline is what funnels through, and it's really about the products that then feed that commercial availability that we have right now. I want to talk about the development strategy and the portfolio behind that. Ovaprene is a hormone-free, once-a-month vaginal contraceptive. It is in phase III right now. We've had two already interim safety data monitoring board analyses, looks at the safety data and readouts. Both have been positive. Based on those preliminary data, they continue to support the projected effectiveness range of the products. We're finding that women really enjoy that conveniently monthly format because it's just once a month. What's also really liked about the product is it's an immediate return to fertility because there are no hormones involved here, and it's all controlled directly by the woman. Based on where we are in phase III, we are targeting completing enrollment this year and having that top-line data from that phase III next year, and this is the registration study for the product. In the vaginal infection space, we have our product targeting human papillomavirus infection. I mentioned upfront that 6 million women acquire a high-risk strain of HPV every year. That's the virus that causes cervical cancer. There are no products that are approved to address that virus when she has one of those high-risk strains until she opts for surgery, eventually, if she gets precancerous lesions. This is the potential first FDA-approved pharmacologic treatment for persistent high-risk HPV, and this phase II trial that we started earlier this year is completely funded with a contract through ARPA-H, which is a government agency. Menopause is definitely having its moment, so I would be remiss if I didn't talk about what we're doing in the menopause space. We have a couple products really geared to this category. One is looking at hormone replacement, so estradiol and progesterone together for the first time in one vaginal ring. To our knowledge, this is really one of the first products that is delivering these hormones together, which is important for women with a uterus in a non-oral form. Really aligning with what The Menopause Society is recommending. As we prepare for phase III enabling activities, we're also looking at making it available. We're targeting next year as a 503B compounded product as well so that women can have access to it as soon as possible. Some women cannot take hormones. Maybe they are hormone receptor-positive breast cancer, and they're having vaginal symptoms that result from that hormone depletion, or they're in menopause naturally and don't want hormones. This is a vaginal capsule for those vaginal symptoms, genitourinary symptoms of menopause, and it's been cleared to go into phase II. We are preparing for that, and it really has the potential to be the first vaginal non-hormonal treatment for that condition. Using that same technology that we use for hormone therapy, we have a progesterone-only vaginal ring. Progesterone is used very commonly to support in vitro fertilization. It's also been something that's been used to support pregnancy maintenance. There is no very convenient, not once a day or several times a day dosing form of progesterone available to women. This is a vaginal ring technology that can release that progesterone over several days. We do have an NIH grant to support this going into phase I. I'm not going to talk too much about the earlier stage pipeline, but they're like everything else I talked about. They're addressing markets where they can be a first in category product opportunity, leveraging often known pharmaceutical ingredients, but in a very novel way where they can be first in category in that sector. As you can see from here, most of them are funded with grant funding to support their development. Quick corporate snapshot before we open it up for questions. As I mentioned upfront, product revenue is starting now with the commercial launch of Flora Sync LF5 and upcoming DARE to PLAY Sildenafil Cream. It gives you a little financial snapshot of where we are right now. Highly experienced management team in pharmaceutical development and also importantly, in commercialization of products like these. Then I really want to highlight this near-term catalyst. If you're just getting to know us right now, this is a fantastic time to get to know Daré because we really are at a time when it's been 10 years of building. If you're getting to know us today, it's the right time to get to know us because we got DARE to PLAY Sildenafil Cream that we are targeting prescription dispensing starting later this summer. DARE to RESTORE, our vaginal probiotic, just launched earlier in end of June. Ovaprene, as I mentioned, that non-hormonal contraceptive, phase III ongoing. We look to complete that enrollment later this year, which puts us in a place for top-line data in 2027. The DARE-HPV, human papillomavirus treatment program, we started that phase II trial with that ARPA-H funding. We look to have that hopefully top-line data from that next year. Then we're continuing work towards having that DARE to RECLAIM menopause hormone product available in 2027. Why Daré, why now? Like I said, we're transitioning from a strictly development stage company to having two commercial stage products this year, revenue-generating product opportunities, while we're continuing to advance that purpose-driven pipeline in women's health across every stage where there are those clear therapeutic gaps in the pipeline and with a very scalable commercial model. Continuing to leverage that non-dilutive funding to feed that pipeline and feed that commercial engine. With that, I will stop sharing and open up for questions. Wow. Wow, I am intimately involved. I know, I try to go fast. No. Intimately involved with the story. I know the story well, and I literally hung on your every word. What a business you've built. Sabrina- Thank you. Congratulations. 10 years of blood, sweat, and tears, and you've built an amazing, incredible business. I think you mentioned it, like why now? Much has gone into it, but it's just the beginning, I think, of such an exciting moment for you and your colleagues and for all stakeholders. Congratulations. Thank you so much. For our audience, I'm sure you have a lot of questions. We are going to open it up for Q&A. If you do have a question for Sabrina, click the Q&A button on the bottom of your screen, type in your question, and we will get to as many as time allows. Sabrina, while the questions are coming in, you're at this moment, right? All the hard work for the commercial launch, your first commercial launch, really transitioning, like you said, from a development stage to a commercial stage. What phase are you in for like a prep now related to the commercial launch? I'm sure you've built all the fundamental pieces to the company, and now you're having this pivot or this shift to the commercial side. What are you working on now actively to support this launch? It's a great question. It is really interesting timing, right? Because I feel like just yesterday, we were practically a clinical stage company only, and now we're at a place where we're generating our first direct-to-consumer revenue as of July 1st when we announced the launch of Flora Sync. A lot of the preparation has really been to make sure that we were ready for this moment, both in terms of having everything available so it's super easy for a consumer to find us, to find the products, and to have a very seamless transition as she's making that purchasing decision. Also really important for the healthcare providers to make sure that we are supporting them in prescribing DARE to P LAY Sildenafil Cream, because that has been available, they can start prescribing since earlier this year, that they can get those patients ready for that product. A lot of work has definitely gone into that, at the same time, we have an ongoing phase III trial with Ovaprene. We have an ongoing phase II trial with DARE-HPV, I think that really says it all, right? It's not this evolution where we've just pivoted from being a science company to a commercial company, we're doing both at the same time. Those relationships that we've built, for instance, on the clinical side, they are serving us very well now as we're commercializing products in terms of even with our non-prescription Flora Sync LF5, we've got providers that have been asking for information about the product and wanting to make sure they have it available in their offices. That really comes from us doing the two things together. Excellent. All right, a bunch of questions have come in, I'm going to get right to them. Okay, our first question, Flora Sync launched just a few weeks ago, DARE to PLAY is expected to launch later this summer, as you mentioned. What have you seen so far that gives you confidence these launches are off to a good start? Yeah, love that question. With both of the launches, we've worked to do two things in parallel. One is to make sure that on the consumer side, it's a very seamless process, however she's accessing the product. A lot of work was done on the back end to make sure that the company we work with on the dispensing side, the pharmacy intake side, and through that whole cash pay experience, Advantixx, that we have our dedicated DARE Health Hub landing page and marketplace, and it's supported with their super robust back end. What does that mean? Those notifications, how you order, how you pay, your notifications that you get, we're relying on a tried and true expert to do that, and I think that's really important on that side of it. Importantly, with both of the products, we're really leveraging those long-term relationships that we've had and our reputation with the healthcare provider community as being this purpose-driven biotech company that has been very dedicated to developing the science and developing the products that they're asking for, and that their patients are asking for, and then making sure we're getting them to them, and making it as easy as possible. What's exciting about having the DARE to PLAY product up and intaking prescriptions early is that we can see early signs of how clinicians are writing it. What frequency are they writing it? In terms of patients in their practices, how do they like to write it? What does that volume look like? What events move the needle in terms of both the telehealth option that we have available, as well as, I call them brick-and-mortar healthcare providers that are writing. That's been able to help us already think about how we're deploying dollars to support the commercialization and ultimately dispensing and supporting all of that. Same with Flora Sync, because DARE to PLAY, we started those activities actually earlier this year. We were starting those same conversations around Flora Sync. Who wants to stock it in their office? Which is exciting when they- Yeah. Clinicians have something in their office that's right there for the patient. We're getting a lot of data and metrics, and that's really what gives us that confidence. Excellent. Right, our next question, you've received an impressive amount of non-dilutive funding. Is that your overarching strategy, and will you continue to seek additional non-dilutive funding? Yeah, thank you for that. We think that's actually one of the things that can really differentiate a company in this space, and it's one of the reasons that, honestly, that women's health is so interesting to us is that there is a lot of non-dilutive funding available. This is true, by the way, in any area where there's a lot of therapeutic gaps right? Yeah. That exist. Non-dilutive funding tends to be there because it's really trying to enhance development in those areas where there are therapeutic gaps. That's one of the core principles in women's health that we're kind of leaning into, is that these therapeutic gaps exist. We've identified the science that can fill those gaps, and we're really this purpose-driven company looking to move that science forward into a product that we can get into the hands of women as quickly as possible. That makes us, as a company, very attractive as a company to fund, with this non-dilutive funding, whether you're the NIH, and we can continue to apply for those SBIR grants, and we've been an SBIR recipient that has delivered very well. That helps there. ARPA-H had their Sprint for Women's Health. We were one of the few companies that got the largest award they gave during that sprint, which was $10 million, because we had a product that was getting ready to go into phase II, getting closer in the hands of women. With the Gates Foundation, we've really had a number of initiatives in our portfolio that make sense for a foundation like theirs that is interested in low- and middle-income countries, but women are women. Yeah. Right? Wherever you are. When we're meeting their objectives of developing a highly effective, lowest cost solution for those markets, what that means for this market is that we've identified a solution that we can make available to women here. With a cost structure that's going to make a lot of sense. That was a very long answer to, absolutely, we are constantly looking at new grant opportunities, and we think that's such a fantastic way to fund the development portfolio. Great. All right. You talked about the DARE Health Hub, telehealth, and your physician network. How do these pieces work together to help grow the business? If you take a step back and you think about the healthcare consumer. Healthcare consumers are getting their access to healthcare in a variety of different ways today. There are healthcare consumers that may want a quick asynchronous telehealth appointment that's just a questionnaire. She has identified a solution that makes sense for her, and she wants it. If it's a prescription product, she wants to get that prescription in as efficient a way as possible. That's where a telehealth solution can be so valuable for that person. There are other people that are going to their clinician offices, and they are going to have an appointment with their clinician, whether it's a concierge medicine, whether it's actually an independent telehealth framework. A lot of people are accessing their medical care through a specialized telehealth framework. Think about specialized menopause or specialized contraception frameworks. We want to make sure wherever she's going, that that clinician is aware of the product and knows how to prescribe it. That's really where our efforts are, either to make sure if she's finding the product directly, which is great, through our campaigns to educate. We've got asynchronous telehealth available for her. If she's finding it through her existing telehealth platform she may be using, that they're aware and they know how to prescribe the product. If she's going to a brick-and-mortar office where she's talking about this, which is likely to a specialist, that they're aware of the products as well. In the cases where they're interested, that we have helped them stock the products in their offices so that they can sell them directly there. Perfect. Our next question is, several of your products are expected to reach patients through the 503B pathway while you continue working toward FDA approval. Can you explain why that's an advantage? There's a lot of numbers and acronyms. 503B is I'll do a quick explainer. Yes. 503B is a form of compounding. What compounding is, it's when you make available via prescription a already FDA-approved product, but in a form that is not available in the FDA-approved product. DARE to PLAY Sildenafil Cream is a fantastic example of this. It is sildenafil, which is in VIAGRA for men. Yeah. Which is a pill, we've made it available in a proprietary cream formulation. The most common form of compounding is at a pharmacy, it's on a named patient basis. Sabrina needs sildenafil in a cream form, I might ask my doctor, "I can't take oral, I need something in applesauce." I ask my doctor for that, they work with a local pharmacy to make something for me. It's not studied, it's not optimized, it's the best they can do because I can't take the product in the form it's available. The kind of compound we're doing is 503B, that's where it's an outsourcing facility. It's a manufacturer, think of it as a large-scale product manufacturer that follows the same manufacturing standards that are required of medicines that you would get. They register with the FDA, they're subject to all those standards. That's the kind of compounding that we are doing with DARE to PLAY that we're looking to do with some of our other products in the portfolio. The advantage to doing that is a few fold. One, access. People can access the product immediately, there's clinical data behind it. They can access something where they, by definition, don't have another option that actually has clinical data, they can do that in a quality product that's manufactured under those quality standards. One, you're getting that access out there, from a healthcare perspective, fantastic. For us as a company, also from a commercial perspective, that's revenue that can be coming. Yeah. In today while we're continuing to move things forward. That's another source of non-dilutive funding and revenue for the company and our shareholders for the portfolio. Third, it actually allows you to generate data that could be helpful in your regulatory submission, ultimately. That could be part of that submission or help advance that submission. It's really that threefold benefit that we see the value. Got it. Okay. We have some good questions here, I'll tell you that. Okay. Next question. Daré has several programs in development. Which ones do you think investors should be paying the closest attention to over the next 12-18 months? Oh my gosh. It's like asking me who's my favorite child. I know. Yeah. I say that jokingly, but when we built the portfolio, it was built on a thesis of where are the biggest unmet needs in women's health, where the science exists to close that gap. By definition, everything we do in the portfolio is solving a problem that is. Yep. Not yet solved. From an unmet need perspective, they're all very important. You saw me talk a little bit right up front about the kind of market opportunities. These are millions upon millions of women. Everything we're doing, it's millions upon millions. Yeah. From an unmet need perspective, they're large, opportunities are large. I really think of it as kind of what are you watching now and what are you watching next? I think commercial launches are exciting. I have a background of having launched products in the past at the company. Commercial launches are always exciting because it's an event, it's momentum, and it generates revenue. Definitely be watching Flora Sync LF5. Right. DARE to PLAY Sildenafil Cream and what's coming from those, and we'll keep you updated on what we're seeing. I love the question about what are we looking for. We'll keep you updated about what we're seeing in the marketplace around those. When you're in clinical development, it's so exciting when you're bringing a first-in-category product forward, and you're generating that clinical data. Obviously, with an Ovaprene phase III, potential readout next year, with a DARE-HPV potential readout next year, that's super exciting because those are areas where there's just nothing like those products available today. As a woman of a certain age, I'm also super excited for our menopause DARE to RECLAIM. I know someone else that's very excited about that. Vaginal ring. Yeah. I have a lot of clinicians that text me all the time. Yeah. About that one, just because there is no none oral. Yeah. There is no non-oral product with both of the hormones together. Women right now are experiencing shortages with the patches. Yeah. They're cobbling stuff together. There's definitely a lot of interest in having something that is everything they need, once a month. Yeah. Yeah. This is one of my questions, because as you're talking and as you were going through the story, I just think about the normal, traditional biotech business model, and the clinical studies, and the risk involved, and I feel that you have a unique development strategy and approach that is quite de-risked. It takes some of that binary decision off the table. If you could, first, do you agree? Then secondly, can you talk to our audience about that? Because I feel like that's an important component to your overarching strategy. Absolutely. Thank you, and 100%. It really was part of the initial thesis for the company, which is if we think about medicine and drugs we take, just think about it as a consumer. Any medicine you take, it doesn't just do one thing, right? Side effects can sometimes be the actual desired outcome of certain products. Think about actually VIAGRA, right? Yeah. The side effect of erections, it was a side effect. Right. Of that product in the clinical trial that ended up being their blockbuster endpoint and indication. Yeah. For that product. Right? Pharmacology, no drug does only one thing, and the way you deliver it can do different things. Our thesis was to really start with products where the science existed and problem, right? Start with the problem statement. First of all, we're not a company built around one product that we invented or a platform technology. We're built around where are the problems in women's health? Where are they? If we just blue-skied what a solution would look like, what would that look like? Talking to healthcare providers, talking to women, then we would go out and search for and try to come up with technologies that could deliver that. When you do that, you do have speed to market. Right? You're taking a known chemical entity that's already gotten through the place where most products fail, which is the early stages of safety. Yeah. Right? You've already gotten beyond that, and you know what it does. You have data, actual data, on what that compound does. When you take that lens, you can go really fast. We don't talk about it as much because it's already FDA-approved, and we've already partnered it with Organon, but XACIATO, which was our first FDA-approved product in the area of bacterial vaginosis, we wanted to achieve a product that had a higher cure rate for women in a form factor. That's what doctors want. They wanted a higher cure rate, and women wanted something they only had to do once. Yeah. It wasn't messy, and it wasn't yucky, and it was a vaginal antibiotic, so they weren't taking something orally. When you do that, we got that product based on an investigator-initiated little proof of concept study. We licensed the technology. Based on that, and we got it to an FDA approval within three years of bringing. Crazy. That into the portfolio. Like good crazy. Yeah. Good crazy. Yeah. That's what can happen. The product we're taking forward for human papillomavirus, where there's nothing available for these women. Yeah. The surgery, if they get to that point, it's when they've had precancerous lesions on their cervix. Yeah. That cervix can cause preterm birth and infertility, and you're doing it in mostly reproductive-age women, right? Yeah. That product had clinical data published in 2016 about it in Kenya, and it just took some work to just kind of optimize the formulation for vaginal delivery. Then we can move it forward, and with the ARPA-H funding, it's completely funded through that grant. Yeah, I think the model, that's why we can have first-in-category products. Yeah. Which is important commercially and as a company, but we're leveraging science that already exists. Yeah. I feel like a lot of investors are impatient with the development process, going through the different phases and the length of time, then you're removing a lot of that nail-biter moment. Yeah. Of the turnover, the data card. I love the business model. I just wanted to make sure that that came through because I do think that's a fundamental piece of the why and why now. I love that. Yeah. I'll add actually on Flora Sync, the vaginal probiotic that we've just launched, that came from us getting a grant from the Gates Foundation to understand microbiome and probiotics in this space, and where are there actually evidence-based probiotics. We discovered this product in Italy, and the clinical study had already been conducted, and data. Wow. Already published, and we're the credible partner that can bring it to the United States the way they wanted to. Products are out there in all kinds of forms, and the one thing that we are super committed to is making sure that we're getting good evidence-based products in the hands of women and- Amazing. All right. This is the type of question that I know that you're going to be all about answering, because it's a little bit of a tough one, but. Okay. I think it's a great opportunity. We have an investor that says, "We, as patient investors, have been supporting the company for long and have all trust in the management. However, the stock price is suppressed and not reflecting progress made as of date and future potential that's highlighted." What is management's effort to align stock price to reflect what the true value really should be? Yeah. I do appreciate that question, right? Yeah. I think we all know, those of us who've been, we're a microcap, right? Yeah. Microcap stocks sometimes do move on sentiment and headlines, sometimes more than fundamentals. Right. In short-term moments, ours is no exception, right? That's the reality. I think, what's important, and especially in this moment is, I can definitely appreciate, right? Looking at the daily price. Right. Or changes in the daily price. I think more important than that right now, and particularly in this moment, is where we are today. It definitely is, I know I answered earlier, as I talk about what we're doing, I talk about the synergy between the commercialization and the R&D, but this definitely is a moment where we're now generating commercial revenue on one product. We have another product following this year. We got a product in phase III. We got another one right in phase II. Yeah. Right now, and the non-dilutive funding. What I hope is that the confidence continues to be built on the execution that we are delivering against those milestones, both in the past and in the coming quarters, and not a stock price in a particular moment in time. I am a fundamental believer that ultimately, you execute, and it does all come together. I agree. Excellent. Okay. I guess this is another question that's come in that is a good follow-up here. It's not from the same investor. How should investors benchmark the opportunity, then, within the space regarding Women's Health? How can investors see the potential that really exists here? Yeah, which is another great question. As I said up front, we really got excited about this category because it has a few things that really stand out about it. In general, we, one, likes to develop in categories where there's a lot of unmet need, right? Because then by definition, there's a lot of white space. You're filling that white space. Those are the opportunities. That definitely exists in Women's Health, and for a company like Daré that we're working across the stages, it's existing across multiple stages. Yeah. One, it's a sector with a lot of white space. It's not a sector where there's so much white space where we can't see what success looks like, right? I highlighted, 27% of the products, all pharmaceutical products, 27% of them that generate over $500 million in revenue annually, those are in women's health indications. I think we forget, Premarin, which is one of the early hormone therapy products, was a $2 billion brand in the year 2000, right? Before there was this women's health initiative that came out and sort of stalled people from using hormone therapy, and now it's just been overturned and the FDA removed the black box warning on hormone therapies. I think that says a lot, right? It's a space where there's white space, but we have a sense of what success- Yeah. Can look like, even with brands that are 20 years old. That's what I think is exciting about this, and how we can think about the opportunity in this category. Exactly, I also think if we pull in, you talked a lot about the reformulation, and I think people can benchmark reformulation companies as well. Absolutely. There's been a lot of good valuations in that space, I don't want to take away from the women's health because- I agree 100%. I think it's perfect, I think that there's another way, like it's another fact or another data point. Yeah. That people can see because that's just another way to look at the company and look at a value indicator or something along those lines. I think that's such a great point. I think that's such a great point. Absolutely. Your points earlier, right? You're removing the early-stage risk. Yeah. Right? Safety risk, you're removing. You know what that chemical entity does. It does tend to be a shorter path to market. For us, it means we can also leverage this 503B. For a number- Yeah. Of the things that we're working on, they're on a specific list, because not all drugs are eligible for this kind of 503B compounding, which is really the kind of quality standards that we would be comfortable with. Not all drugs are eligible for that, but many of the things we work on in our portfolio are. Yep, absolutely. Okay. You know what? This is a plug opportunity for you. I'm just looking at our attendee list, and I see a lot of women on- Good. On our list and as part of our audience. I think you talked about Flora Sync LF5, you talked about DARE to PLAY. If you have someone that's listening in, tuning in, I know you brought it up in the beginning, but I would love for you to share exactly, like, "I'm motivated. I've been all over your site. I think there's a lot of opportunity." Just to help make it easy- Yeah. For our female audience here, if you can just give. Absolutely. Tell us exactly how to get there. Yes, it's so simple. If you go, the easiest way, because you'll remember it, because it's our company name. If you just go to our Daré Bioscience, but it's spelled like Dare Bioscience. Singular. You go to our website, you'll see right there's the link for products. Go to products. You'll see DARE to PLAY, you'll see Flora Sync LF5, you can get a prescription or go to the order page, and that directs you right to the DARE Health Hub. When you're on the DARE Health Hub, you will register. You create an account, not very different from what you might do on other shopping platforms. You're going to create an account, then you can choose prescription or non-prescription. Okay. If you choose non-prescription, you'll go right to the Flora Sync LF5 page, and you just fill out how many you want. We do have a coupon code that is still good through the end of this month. Oh, good. Flora30. Put that in, and you'll get 30% off. Special treat for those of you listening can access that. On the DARE to PLAY, you can get your prescription now. In fact, the benefit of getting a prescription now, if you go to that same place and you're on the DARE Health Hub, and you go to the prescription tab, you can ask for a telehealth consult if you don't have an existing prescription. It's asynchronous. It's a questionnaire you'll do. It takes about 10 minutes, they'll let you know whether you qualify to get a prescription. If you do, and you get one now, it's 25% off your entire refills as well under that prescription. Great. They write it with 36 refills. You could be using, it comes with 10 uses, so it's enough to DARE to PLAY every single day. All year. Go for it, right? Life's short. Okay. We are running out of time. I have one question left that I think will be helpful for our audience, and I've loved this session so far. Before we close, when investors look ahead to the second half of 2026, which we're actually officially in, I can't believe that we're in July already. I know. Into 2027, what do you believe will be the most important milestones to demonstrate that Daré is successfully executing on its strategy, not only as an innovator in women's health, but also as a growing commercial organization? I do think it's, as we think of this next period, it is an exciting time for the company. There are a few things I would point out. First, obviously, is I know people are going to be looking at commercial traction, right? We've gotten some questions, and that's the- Yeah. Main thing we're looking at right now on both Flora Sync LF5 and DARE to PLAY with the prescriptions. We're targeting to have that DARE to RECLAIM menopause product out in 2027 as well. Definitely watch for those, and we will be giving updates, obviously, along the way. I think that's big. Obviously, second and third, I would say, is execution on the two key clinical programs right now. Yeah. Ovaprene, that is the registration trial. We are looking to complete enrollment this year, which would put us in a nice place for data next year. The HPV program, we're also looking to have top-line data next year on that. That is a big milestone because like I said, there's nothing out there at all- Yeah. As pharmacologic treatment for HPV. I think those are the three things. Look for the commercial, and then we got two big clinical events. Amazing. I think you hit everything. I think it's everything that is so helpful for our audience. You answered the majority of the questions. We're kind of out of time at the moment. Any closing remarks, anything you'd like to say, Sabrina, before we end? Oh, my gosh. I appreciate the opportunity. I appreciate those of you who listened in. Thanks for the questions, and thanks for taking a look at Daré, and it's definitely an exciting time for the company, and I think importantly, should be an exciting time for our shareholders as well. Well, I happen to agree. I love the story. I loved everything about this conversation. I can't wait to have you back on our platform and sharing this exciting opportunity. With that, this does conclude our Virtual Investor Closing Bell event featuring Daré Bioscience. I'd like to extend a huge thank you to Sabrina Martucci Johnson for joining us today, and I'd also like to thank our audience for your time and attention. If you like what you saw today and are interested in investing in the company's open offering, please visit Daré's website at darebioscience.com and click on the Invest button at the top of the screen. Anything to add on that? Did I get that right? You sure did. Yeah. Okay. Perfect. Yeah. Well, thanks, everyone. Enjoy the rest of your day, and can't wait to see everyone back soon. Great. Thank you.