S
Stablecoin Development Corp
SDEVCIK 0001389545NYSENon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-22.14M
Total Assets
$9.04M
Equity
$-23.18M
Shares Out
26.63M
Op. Cash Flow
$-8.43M
Business
NovaBay Pharmaceuticals, Inc. is a life sciences company that is winding down its historic commercial operations and pursuing strategic alternatives following the sale of its primary consumer and commercial product lines. It historically develops and commercializes clinically formulated hypochlorous-acid–based eyecare, wound care and dermatology products, including Avenova for eyelid hygiene and NeutroPhase/PhaseOne wound care solutions, and previously marketed dermatologist-developed DERMAdoctor skin care products. Its business has been organized around consumer eyecare, wound care and dermatology product lines. Products were sold direct-to-consumer online, through physician-dispensed and retail pharmacy channels, and via distribution partners domestically and internationally.
Summary from filing dated 2025-04-02
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| General and administrative | 8 | 7 | 5 | 7 | 7 | |
| Impairment of long-lived assets | 854,000 | 0 | — | — | — | |
| Total operating expenses | 8 | 7 | 10 | 22 | 15 | |
| Operating loss | −8 | −7 | −4 | −14 | −9 | |
| Non-cash (loss) gain on changes in fair value of warrant liability | −24 | 114,000 | 272,000 | 5 | 5 | |
| Accretion of interest and amortization of discounts on convertible notes | −277,000 | −904,000 | −2 | — | — | |
| Other expense, net | −20,000 | −581,000 | −369,000 | −276,000 | −2 | |
| Net loss from continuing operations | −33 | −9 | −6 | — | — | |
| Net income from discontinued operations, net of taxes | 11 | 2 | −4 | — | — | |
| Net loss | −22 | −7 | −10 | −11 | −6 | |
| Less: Increase to accumulated deficit due to adjustment to common stock warrant exercise price | 0 | −1 | 0 | — | — | |
| Less: Increase to accumulated deficit due to adjustment to Preferred Stock conversion price | 0 | −380,000 | −7 | 6 | 0 | |
| Net loss attributable to common stockholders | −22 | −9 | −17 | −16 | −7 | |
| Basic (and diluted for net loss) (in shares) | 6 | 679,000 | 120,000 | 2 | 1 | |
| Basic loss per share from continuing operations (in dollars per share) | −5.7 | −14.93 | −110.02 | — | — | |
| Basic earnings per share from discontinued operations (in dollars per share) | 1.9 | 2.25 | −29.12 | — | — | |
| Basic (loss) earnings per share attributable to common stockholders (in dollars per share) | −3.8 | −12.68 | −139.14 | −10.1 | −5.26 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 8 | 430,000 | 3 | 5 | 8 | |
| Prepaid expenses and other current assets | 717,000 | 272,000 | 256,000 | 560,000 | 778,000 | |
| Current assets, discontinued operations | 0 | 1 | 3 | — | — | |
| Total current assets | 9 | 2 | 7 | 11 | 13 | |
| Operating lease right-of-use assets | 0 | 955,000 | 1 | 2 | 411,000 | |
| Other assets | 360,000 | 524,000 | 478,000 | 489,000 | 476,000 | |
| Other assets, discontinued operations | 0 | 9,000 | 19,000 | — | — | |
| TOTAL ASSETS | 9 | 3 | 9 | 16 | 24 | |
| Accounts payable | 257,000 | 109,000 | 906,000 | 1 | 1 | |
| Accrued liabilities | 396,000 | 581,000 | 1 | 3 | 2 | |
| Bridge Loan | 0 | 500,000 | 0 | — | — | |
| Unsecured Convertible Notes, net of discounts | 67,000 | 65,000 | 0 | — | — | |
| Operating lease liabilities | 422,000 | 398,000 | 368,000 | 453,000 | 200,000 | |
| Current liabilities, discontinued operations | 0 | 1 | 698,000 | — | — | |
| Total current liabilities | 1 | 3 | 4 | 4 | 3 | |
| Warrant liabilities, at fair value | 30 | 0 | 334,000 | 0 | — | |
| Operating lease liabilities-non-current | 287,000 | 709,000 | 1 | 2 | 246,000 | |
| Total liabilities | 32 | 4 | 6 | 6 | 14 | |
| Commitments and Contingencies | — | — | — | — | — | |
| Additional paid-in capital | 187 | 183 | 176 | 166 | 151 | |
| Accumulated deficit | −210 | −183 | −175 | −158 | −142 | |
| Total stockholders (deficit) | −23 | −129,000 | 3 | 11 | 10 | |
| TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT | 9 | 3 | 9 | 16 | 24 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net income from discontinued operations, net of taxes | −11 | −2 | — | — | — | |
| Stock-based compensation expense related to employee and director stock awards | 29,000 | 148,000 | 291,000 | 220,000 | — | |
| Non-cash loss on extinguishment of Secured Convertible Note | 0 | 13,000 | — | — | — | |
| Non-cash expense incurred to obtain consent of Secured Convertible Note holders | 0 | 368,000 | 0 | — | — | |
| Non-cash loss on changes in fair value of embedded derivative liability | 0 | 18,000 | — | — | — | |
| Non-cash loss on modification of warrants | 0 | 69,000 | 292,000 | 2 | — | |
| Non-cash right-of-use amortization | 140,000 | 341,000 | 305,000 | — | — | |
| Amortization of debt discounts on convertible notes | 248,000 | 873,000 | 2 | 0 | — | |
| Prepaid expenses and other current assets | −445,000 | −65,000 | 11,000 | 218,000 | −52,000 | |
| Other assets | −85,000 | 28,000 | −6,000 | −5,000 | 0 | |
| Accounts payable and accrued liabilities | −37,000 | −57,000 | −1 | 667,000 | −163,000 | |
| Operating lease liabilities | −398,000 | −369,000 | −319,000 | 2 | −57,000 | |
| Net cash used in operating activities, continuing operations | −8 | −7 | −4 | −7 | −9 | |
| Proceeds from Warrants Exercise | 852,000 | 247,000 | 565,000 | 2 | 0 | |
| Proceeds from issuance of October 2025 pre-funded warrants | 6 | 0 | — | — | — | |
| Payment on Bridge Note | −500,000 | 0 | — | — | — | |
| Payments on Secured Convertible Notes | 0 | −2 | −1 | 0 | 0 | |
| Payments on warrants purchase | −2 | 0 | — | — | — | |
| Dividend paid | −5 | 0 | — | — | — | |
| Cash debt issuance cost | 0 | −115,000 | −181,000 | 0 | 0 | |
| Net cash provided by financing activities, continuing operations | 5 | 1 | 2 | 5 | 17 | |
| Net decrease in cash, cash equivalents, and restricted cash, continuing operations | −4 | −6 | −2 | — | — | |
| Net increase in cash and cash equivalents, discontinued operations | 11 | 3 | −373,000 | — | — | |
| Net decrease in cash, cash equivalents and restricted cash, consolidated | 7 | −3 | −2 | −2 | −4 |
Filings
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