Good afternoon, everyone, and thank you for joining the 2026 H.C. Wainwright 28th Annual Global Investment Conference. My name is Ahmed Mahmoud, an Associate Research Analyst at H.C. Wainwright, and I am happy today to introduce our presenter for this session, Sabrina Johnson, CEO of Daré Bioscience, a clinical-stage biopharmaceutical company focused on advancing innovative products for women's health. 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 three days of using the products, and 90% maintain that balance out to two weeks. It comes in a box with six capsules, so that is basically two 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. T hat 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. I think of them as brick-and-mortar provider relationships that we have today with clinician offices, and we complement that also with telehealth infrastructure, both our own, which is available through our DARE Health Hub, which I'll talk about in a second, as well as through third parties that really have concierge care available and specialized care available for women credibly, so that wherever she's going for her care, she's going to have information about our products. Then we really leverage digital marketing to get the message out to women. It's a great way to have very targeted commercial spend. Then again, all of that feeds into the DARE Health Hub, which is our unified women's health ecosystem. DARE Health Hub is really the central commercial platform where our products are available commercially. It's available online, and if she comes there with a prescription, that's where she can fulfill that and get it shipped right to her home discreetly. If she doesn't have a prescription yet, she can go through telehealth and get it for DARE to PLAY. For our non-prescription product, like our DARE to RESTORE FloraSync LF5, she can just order it directly. It also allows her to go back and learn more about the products if she needs more information. It's the same hub that clinicians can access on the back end. That's where they can fulfill and submit their prescriptions for the products. Super controlled ecosystem. Then I mentioned we're really leaning into digital marketing in terms of expanding the reach, and we're really using women's health media and influencers to do that. It really allows us to activate trusted voices to educate audience, increase product discovery, and drive engagement across the ecosystem. I would encourage you to listen to some of the great podcasts that have come out, and there are more to follow. It's a really great targeted approach. I also wanted to highlight, as I mentioned on the development pipeline side, because we do have a couple of really important clinical data readouts coming next year. The first is around Ovaprene. This is our investigational hormone-free monthly intravaginal contraceptive. There is no FDA-approved monthly hormone-free contraceptive available today. We've already had two positive interim Data Safety Monitoring Board meetings. Those were independent meetings of the Data Safety Monitoring Board. Based on the review of the data at those meetings, the product is expected to have a typical use effectiveness in the 86%-91% range, which is exactly where we expected it to be and can make it a very compelling option in the non-hormonal category. We expect to complete enrollment this year, which would put us on track for a top-line data readout next year. This is the pivotal registration study for this product. As I mentioned, there is no FDA-approved monthly hormone-free vaginal contraceptive available today. The closest product is in the hormone category, and that is NuvaRing, which is now generic. It's a once-a-month hormone-releasing vaginal ring, and that peaked when it was branded at about $1 billion in annual revenue. The next product I want to highlight, because it has that data readout also next year, is our product that we're evaluating for human papillomavirus infection. It's called DARE-HPV. It is in a phase II study that commenced earlier this year in May. There is no FDA-approved pharmacologic treatment for persistent high-risk HPV infection. That is the virus that causes cervical cancer. Right now, the only treatment options available are surgery when there are already precancerous or cancerous lesions. We are very excited about this product. We're also really thrilled about the grant funding behind this through our contract funded through ARPA-H, which is a division of Health and Human Services. We're looking for that clinical data readout next year in this important category. I also want to highlight our product for menopause. It's a once-a-month vaginal ring designed to deliver menopause hormone therapy. Menopause is definitely having a moment, and despite all the excitement and activity around menopause, there is still no product that actually is available to women that has been clinically studied and meets The Menopause Society guidelines for hormone therapy, which is estradiol and progesterone together for women who still have a uterus, which is most of women going through menopause and non-oral. We are targeting having this product available next year. It is really the first of its kind monthly bioidentical estradiol-progesterone together in a 28-day, once-a-month product for menopause. We also believe that non-hormonal options are great for women that have vaginal symptoms of menopause as well and maybe can't take hormones. Think about breast cancer survivors. We do have clearance from the FDA to go into a phase II for our non-hormonal vaginal menopause option, but for the sexual pain associated with that can happen. I do want to also mention our progesterone vaginal ring. It's the same technology as in our hormone therapy product. We do have a grant from the NIH to conduct a phase I study for this to really evaluate it as an option for progesterone replacement, either as progesterone for IVF or progesterone for pregnancy maintenance. More to follow on that grant-funded program. We really have a broad pipeline. I'm not going to take time on the earlier stage programs due to time, but the pipeline is broad, and again, we really leverage that non-dilutive funding to advance the programs forward. A couple quick highlights before I wrap on the corporate side. In terms of our last financials we reported, in a good position in terms of cash. Also, again, like I said, we're starting that product revenue generation in the third quarter with the commercial launch of FloraSync LF5 and then the upcoming launch of DARE to PLAY Sildenafil Cream in this quarter. The management team has broad experience across not only development, importantly, also commercialization. So really fits where we are as a company. As I close, I really want to highlight the near-term catalyst. As I said right up front, 2026 is a fantastic time to get to know us. Given the catalyst both on the commercial side with our DARE to PLAY Sildenafil Cream, our DARE to RESTORE FloraSync LF5, either launched or targeted to launch in this quarter. Also our DARE to RECLAIM menopause hormone therapy intravaginal ring technology, which we're targeting to commercialize in 2027. Also with two clinical data readouts coming, one for Ovaprene in phase III and one for DARE-HPV in phase II. Hopefully that gives you a great perspective on why Daré and why now, really, as we're transitioning to this commercial stage company with two revenue-generating products launching and a purpose-built pipeline advancing across women's health, really every stage of life across her life stages with that scalable commercial engine in place. So thank you for taking the time to listen to the presentation, and I look forward to addressing any questions that may come through. Thank you. Thank you, Sabrina, for that fantastic presentation. I'd also like to extend a thank you to all our presenters this year, as well as everyone who took the time to watch this presentation. Thank you.