Relationships with organizations, including Theramex, the University of Copenhagen, and Australia's Research and Development Incentive Program allowed us to access external expertise and capital while maintaining a disciplined approach to investment. I'd now like to hand the call back over to Marty for a financial update.

Thank you, Sabrina. We ended the quarter with approximately $12.6 million in cash and cash equivalents as of June 30, 2026, and a working capital deficit of approximately $0.2 million. Our working capital is calculated as current assets less current liabilities, which included a deferred grant funding liability of approximately $15 million. Total revenue for the second quarter was approximately $0.2 million compared with approximately negative $21,000 in the same period last year. As you recall from last year, we had an accounting adjustment related to Zasciato royalties. Revenue for the second quarter of 2026 consisted solely of research and development services and royalty revenue. Because Flora Sync LS5 sales began in July, our second quarter results do not include revenue from that product. Selling general and administrative expenses were approximately $2.6 million compared with approximately $2.4 million in the second quarter of 2025. The increase primarily reflects a non-cash write-down of previously deferred offering costs, along with investments in personnel and commercial readiness activities supporting our expanded business strategy. These increases were partially offset by lower professional services and stock-based compensation expenses. Research and development expense decreased to approximately $0.2 million from approximately $1.4 million in the prior year period. The decrease reflects significant contra-R&D expense associated with non-dilutive funding that offset direct program costs as well as lower spending across several programs. This demonstrates the value of our non-dilutive funding strategy and our continued focus on disciplined capital allocation. Net loss for the quarter improved for approximately $3 million compared with a loss of approximately $4 million in the prior year period. Looking ahead, we began recording revenue from FloraSync LS5 sales in July and expect to begin recording revenue from Dare to Play Sildenafil Cream in the third quarter. With revenue from Dare to Reclaim Estradiol Progesterone IVR targeted to begin in 2027, we are building toward a diversified multi-product revenue profile across 2026 and 2027. As always, I encourage investors to review our quarterly report on Form 10-Q filed today with the SEC for a more detailed discussion of our financial results, liquidity, and capital resources, and risk factors. Back to you, Sabrina.

Thank you, Marty. DART is entering an important new phase in its evolution with commercial execution underway and multiple opportunities to create value across the portfolio. We now have our first directly commercialized product on the market, and Dare to Play Savannah Phil Cream is approaching prescription dispensing and a commercial platform designed to support the products that follow. This is the foundation of a scalable, multi-product business focused exclusively on addressing significant unmet needs in women's health. And at the same time, our development pipeline continues to advance. Together with our earlier stage programs, these assets provide multiple clinical, regulatory, and commercial milestones ahead. By combining focused commercial investment and strategic collaborations and meaningful non-boluted funding, we can continue advancing a broad portfolio while directing resources towards the programs and activities with the greatest potential to create value. And what makes this moment different is that the pieces are now coming together. We believe this position, Sarai, to build commercial momentum, reach more women with differentiated solutions, and create meaningful long-term value for patients and shareholders. I will now turn the call back to the operator for any questions.

Thank you. Quick reminder before we start the Q&A, if you'd like to ask a question, please press star and the number 1 on your telephone keypad to raise your hand and answer the Q. If you'd like to withdraw your question or your question has been answered, simply press star 1 again. We will pause for just a moment to compile the roster. And we will take our first question from Douglas Tsao from H.C. Wainwright. Please go ahead.

Hi, good.

Hi, can you hear me? Can you hear me?

Yes.

Okay, great. Hi, Sabrina. Thanks and congrats on the progress. I guess just maybe as a starting point, I think it'd be helpful to sort of hear your thoughts on sort of the near term commercial portfolio. So, I mean, Florisync and Dare to Play as well as Dare to Reclaim, because in a lot of ways, when I think that these products, they sort of have very different profiles from an end user and perhaps somewhat have different needs from a sort of promotion standpoint. point, and I just, I'm curious how you sort of think about pulling those together, and do you sort of anticipate building a DARE brand, or do you think that these products should have their own brand that sort of stands on their own? Thank you.

Yeah, great, great question, and thank you for asking about that, and while on the one hand, they definitely are different, right, like fluorosync LF5 is a non-prescription probiotic. Dare to place identical cream is an arousal cream and it's prescription. And Dare to Reclaim estradiol and progesterone intravaginal ring is specifically for menopause hormone therapy. So on the one hand, yes, there may be overlap between the women using the products. And in some cases, they may be distinct users. But what all of the products have in common is that they're all based on clinical evidence, they're all based on credible science, and they're all products that can be very easily understood and talked about and kind of digested by both women directly but also healthcare providers. And that's really distinct. And so to your question about the DARE brand, we do think the Dari brand is very important because, you know, to our knowledge, we remain the only biotech company working broadly and solely across women's health therapeutics to bring solutions like this to market. So we have a very, very strong, incredible brand with the healthcare provider community, and we are really leveraging that brand to the consumer community as well. And so we do think it's really important. And in fact, that's why all the products um have dare right which is our ticker symbol um have dare in the name and we love that kind of play on words and that that opportunity to brand that way so in in terms of therefore the strategy and i talked about this a little bit in in the remarks it really allows us to build awareness through a very focused and measurable approach right that prioritizes whatever channels are most efficient for these consumer campaigns, as well as really focusing on the healthcare provider engagement. And that is, I think, something unique that we can do, given the credible science behind our products. And then making sure that across the portfolio, we're really targeting digital marketing and patient education and leveraging the Deere Health Hub as that one central commercial platform for that, so that we can make sure that we're reaching women that are actively seeking solutions. And it allows us also to, you know, kind of look at the different channels and allocate capital accordingly. And I think the approach is really working. What we've seen with Dare to Place at NFL Cream, even though it's not dispensing yet, is that, as I mentioned, there's a really nice healthy mix between prescriptions coming in from providers, right, that are writing those prescriptions for patients that they're seeing either in their offices or through their dedicated telehealth practices. But then we're also seeing a really nice mix of women that are going through the telehealth option that we provide on the DARE Health Hub. And so that really means that we're reaching women kind of where they're seeking their information, right? If they're getting their information and they're looking for solutions online and directly, they're likely going to be using our telehealth option on the DARE Health Hub, or if they already have maybe a trusted healthcare provider resource, you know, it's great to see that those providers are writing as well. So I know that was a long answer to your question, but hopefully that gives you some sense that, you know, there really is a through line between the products and that through line is that credible science and that's the DARE brand. And we really think that that brand, you know, is so important. It is really one of the big differentiators for us as a company and, importantly, our products for women.

And, Sabrina, do you think that that brand is going to resonate more with clinicians or do you ultimately see that as a brand that you would like to have resonate with patients?

Yeah, really with both, really with both. And so, you know, we have those established relationships across the women's health healthcare community. So, obviously, that's been a place we've been able to lean into right away. And then we've been using those relationships, obviously, to educate providers and have them educate each other. And they're definitely a trusted source for women. But we can also leverage those same relationships through those influencer providers, right, trusted sources of information online so that we can build our brand directly with women. And obviously, the providers know us today already, and we're building that brand with women through a lot of these initiatives that are going live right now that we talked about.

Okay, that's very helpful. And if I can, just one more question on Dare to Reclaim, because I think that that's a product opportunity that's not that far away, but has a lot of tailwinds going for it, in particular, some of the regulatory action in terms of removing sort of warnings around hormone replacement therapy. And, you know, obviously there are a lot of millions of scripts written for hormone replacement therapy every year. And how do you sort of think about converting them from sort of often compounded products, oral products, et cetera, to Dare to Reclaim? Thank you.

Thank you for asking about that, by the way. I love talking about this product, And I know I didn't talk about it so much in the opening remarks because they're obviously so focused on what's happening today. But as you mentioned, you know, this is something we're targeting to have on market in 2027. And I think the best way to describe how we're thinking about it and how the health care provider community is thinking about it is I just had a call a little bit ago with one of the clinicians that was very instrumental and has been very much seen in all the press and talk about removing the black box warning from the hormone therapy products. And, you know, she is just, she can't wait for Dare to Reclaim to be available because, as she keeps reminding me, they just don't have anything like this available today. With the clinical evidence that we're generating the pharmacokinetic levels of both estradiol for what is basically what is going to resolve the symptoms and the progesterone, which is there for endometrial safety, that have been demonstrated through pharmacokinetics to be the levels that are needed and in a non-oral form, and it's clinically studied. And so, you know, and she keeps highlighting, my gosh, can't you go faster? There's a shortage of patches, and, you know, we're cobbling together these care solutions for our patients, you know, patches for the estrogen and some other, you know, dosing regimen for the progesterone, and it's cumbersome, and it's clunky. So, yeah, we are super excited, and I think, again, this is one where the product is going to do the work. The product's already done the work to demonstrate the pharmacokinetics, to demonstrate the data. You know, the product has been responsive to what the men's society and the medical community have been asking for. And so we definitely think this is one where the product's going to do, you know, the heavy lift in terms of moving patients, moving women from something that is not as easy to use, that is not as convenient, and does not follow the recommendations of the menopause society in such a clear way to a product that does. Okay, great. Thank you so much. We can't move fast enough on this one. Yep, thank you, Doug.

Thank you. We have reached the end of the Q&A session. I will now turn the call back over to Sabrina Matucci-Johnson for closing remarks.

Well, thank you so much. And as we close, I really want to take another moment to share how excited we are here at We've worked for years to develop solutions that address meaningful gaps in women's health, and it is incredibly rewarding to see that work reaching women while our broader portfolio continues to advance. We believe this is the beginning of an important new chapter for DARE and we look forward to sharing our continued progress with you.

The meeting has now concluded.

Thank you all for joining this conference and you may now disconnect.