Stablecoin Development Corp
Business
Stablecoin Development Corp is a digital asset treasury company that acquires and holds cryptocurrency tokens, primarily SKY tokens from the Sky Protocol on Ethereum. The company stores digital assets in custody with U.S.-based providers including Fireblocks and Kraken, and monetizes portions of holdings for corporate purposes and tax management. The company divested its legacy pharmaceutical business in 2024–2025 to pursue digital asset acquisition and capital appreciation.
Summary from 10-K filed 2026-03-19
Financials
Consolidated Statement of Income
| 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
| 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
| 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
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Stablecoin Development Corp's CIK number?
Stablecoin Development Corp's SEC CIK number is 0001389545 (1389545). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Stablecoin Development Corp's SEC filings?
All of Stablecoin Development Corp's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Stablecoin Development Corp last report earnings?
Stablecoin Development Corp (SDEV) most recently filed an earnings 8-K with the SEC on May 20, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001437749-26-017872). This is Stablecoin Development Corp's most recent earnings filing of record — not a forecast of its next earnings date.
What is Stablecoin Development Corp's most recent earnings 8-K?
Stablecoin Development Corp's latest earnings 8-K (Item 2.02) was filed May 20, 2026 under accession 0001437749-26-017872. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Stablecoin Development Corp's latest earnings 8-K →
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