DARE (Dare Bioscience) Beneish M-Score: 37.63 (As of Jun. 26, 2026) — 1565% Above Median

What is Dare Bioscience Beneish M-Score?

Dare Bioscience DARE -3.85% 23 Beneish M-Score is 37.63 as of Jun. 26, 2026, which is 1565% above its 10-year median of 2.26. GuruFocus rates DARE with a GF Score™ of 23/100. The stock has 4 warning signs investors should review. Among 831 Biotechnology companies, Dare Bioscience ranks worse than 97.47% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Warning Sign:

Beneish M-Score 37.63 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Dare Bioscience's Beneish M-Score or its related term are showing as below:

DARE' s Beneish M-Score Range Over the Past 10 Years
Min: -18.6 Med: 2.26 Max: 96.92
Current: 37.63

During the past 13 years, the highest Beneish M-Score of Dare Bioscience was 96.92. The lowest was -18.60. And the median was 2.26.

Dare Bioscience Beneish M-Score Related Terms

Dare Bioscience Beneish M-Score Historical Data

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The historical data trend for Dare Bioscience's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Dare Bioscience Beneish M-Score Chart

Dare Bioscience Annual Data

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Dec16

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Dec21

Dec22

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Dec25

Beneish M-Score

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0.00

4.20

20.46

96.92

Dare Bioscience Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-18.60	0.00	0.00	96.92	37.63

DARE vs TVGN, LITS, BOLD: Beneish M-Score Comparison

For the Biotechnology subindustry, Dare Bioscience's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Dare Bioscience Beneish M-Score vs Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Dare Bioscience's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Dare Bioscience's Beneish M-Score falls into.

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Dare Bioscience Inc DARE

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Dare Bioscience Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Dare Bioscience for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.1416

0.528 * 1.8691

0.404 * 1.5156

0.892 * 46.28

0.115 * 0.0996

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.0214

4.679 * -0.073092

0.327 * 0.6421

37.63

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $0.69 Mil.
Revenue was 0.152 + 1.024 + 0.002 + -0.021 = $1.16 Mil.
Gross Profit was -0.09 + 0.728 + 0.002 + -0.021 = $0.62 Mil.
Total Current Assets was $21.66 Mil.
Total Assets was $27.83 Mil.
Property, Plant and Equipment(Net PPE) was $3.73 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.01 Mil.
Selling, General, & Admin. Expense(SGA) was $8.70 Mil.
Total Current Liabilities was $21.12 Mil.
Long-Term Debt & Capital Lease Obligation was $0.42 Mil.
Net Income was -3 + -1.442 + -3.563 + -4.016 = $-12.02 Mil.
Non Operating Income was -0.001 + 0.03 + 0.109 + -0.189 = $-0.05 Mil.
Cash Flow from Operations was -5.521 + 1.444 + -0.442 + -5.417 = $-9.94 Mil.

Total Receivables was $0.11 Mil.
Revenue was 0.025 + -0.064 + 0.042 + 0.022 = $0.03 Mil.
Gross Profit was 0.025 + -0.064 + 0.042 + 0.022 = $0.03 Mil.
Total Current Assets was $11.82 Mil.
Total Assets was $18.62 Mil.
Property, Plant and Equipment(Net PPE) was $5.72 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.21 Mil.
Selling, General, & Admin. Expense(SGA) was $8.79 Mil.
Total Current Liabilities was $21.19 Mil.
Long-Term Debt & Capital Lease Obligation was $1.25 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(0.688 / 1.157)	/	(0.105 / 0.025)
	=	0.594641	/	4.2
	=	0.1416

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(0.025 / 0.025)	/	(0.619 / 1.157)
	=	1	/	0.535004
	=	1.8691

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (21.659 + 3.727) / 27.828)	/	(1 - (11.823 + 5.718) / 18.619)
	=	0.087753	/	0.057898
	=	1.5156

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	1.157	/	0.025
	=	46.28

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(0.207 / (0.207 + 5.718))	/	(2.014 / (2.014 + 3.727))
	=	0.034937	/	0.35081
	=	0.0996

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(8.703 / 1.157)	/	(8.794 / 0.025)
	=	7.52204	/	351.76
	=	0.0214

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((0.418 + 21.119) / 27.828)	/	((1.253 + 21.188) / 18.619)
	=	0.773933	/	1.205274
	=	0.6421

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(-12.021 - -0.051	-	-9.936)	/	27.828
	=	-0.073092

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Dare Bioscience has a M-score of 37.63 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 37.63 mean?

Dare Bioscience (DARE) has a Beneish M-Score of 37.63 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dare Bioscience and its competitors. This is 1565% above median its historical median of 2.26. According to the industry distribution chart, Dare Bioscience ranks #810 out of 831 companies in the Biotechnology industry, placing it in the top 97.5%.

Is Dare Bioscience's Beneish M-Score too high?

Dare Bioscience's current Beneish M-Score of 37.63 is 1565% above median its 10-year median of 2.26. Based on the distribution chart, Dare Bioscience ranks #810 out of 831 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, Dare Bioscience has a GF Score™ of 23/100, reflecting its overall financial health beyond just this single metric.

How does Dare Bioscience's Beneish M-Score compare to TVGN and LITS?

According to the Biotechnology industry distribution chart, Dare Bioscience ranks #810 out of 831 companies for Beneish M-Score. This places Dare Bioscience in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Biotechnology company?

A good Beneish M-Score depends on the Biotechnology industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dare Bioscience and its competitors. Dare Bioscience's current Beneish M-Score is 37.63, which is 1565% above median its own 10-year median of 2.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Dare Bioscience stock overvalued right now?

Dare Bioscience (DARE) has a current Beneish M-Score of 37.63. The current Beneish M-Score is 37.63, which is 1565% above median its 10-year median of 2.26. Dare Bioscience's overall GF Score™ is 23/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Dare Bioscience (DARE), the current Beneish M-Score is 37.63 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Dare Bioscience Business Description

Industry Healthcare Biotechnology

Comparable Companies TVGN LITS BOLD PLRZ ALGS TVRD APLM ABVC GRDX INMB VRTX REGN XBRU:UCB XBRU:ARGX XKRX:207940 ALNY RVMD ASX:CSL ONC XKRX:068270

Address 3655 Nobel Drive, Suite 260, San Diego, CA, USA, 92122

Website https://www.darebioscience.com

Dare Bioscience Inc is a biopharmaceutical company committed to advancing products for women's health. The company identifies, develops, and brings to market a diverse portfolio of differentiated therapies that prioritize women's health and well-being, expand treatment options, and improve outcomes, in the areas of contraception, fertility, and vaginal and sexual health. The company's first product, XACIATO is a single-dose vaginal gel prescription product for the treatment of bacterial vaginosis in females 12 years of age and older. The company's portfolio includes two product candidates in clinical development namely, Ovaprene and Sildenafil Cream. It has one operating segment, women's health.

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