Novabay Pharmaceuticals (NBY)
XASE:NBY
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NovaBay Pharma
(NYSE MKT:NBY)
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Rating:41Neutral
Price Target:
$1.50
▼(-49.15% Downside)
Action:ReiteratedDate:03/25/26
The score is primarily held down by severely deteriorated financial performance (revenue collapse to $0, continued losses, negative cash flow, and deeply negative equity). Technical indicators also remain bearish with price far below major moving averages and negative MACD. Corporate events provide some potential upside via new financing and a strategic pivot, but they also raise dilution and crypto-related risk, and valuation support is limited due to ongoing losses and no dividend.
Positive Factors
Capital and Crypto Treasury
The January financing delivered substantial capital in cash, stablecoins and SKY tokens, creating a non‑traditional treasury that can fund operations and strategy. This provides multi‑month runway and recurring staking income potential, materially altering capital access versus prior product revenue reliance.
Negative Factors
Revenue Collapse
A complete collapse of product revenue severs the firm's operating cash engine, forcing dependence on financings and asset monetization. Without predictable sales, sustaining operations, retaining customers, and rebuilding commercial channels become multi‑quarter structural challenges that raise execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Capital and Crypto Treasury
The January financing delivered substantial capital in cash, stablecoins and SKY tokens, creating a non‑traditional treasury that can fund operations and strategy. This provides multi‑month runway and recurring staking income potential, materially altering capital access versus prior product revenue reliance.
Read all positive factors
NovaBay Pharma (NBY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$39.94M
Dividend YieldN/A
Average Volume (3M)656.76K
Price to Earnings (P/E)―
Beta (1Y)2.05
Revenue Growth-74.73%
EPS Growth95.81%
CountryUS
Employees13
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)N/A
Shares Outstanding26,625,029
10 Day Avg. Volume964,249
30 Day Avg. Volume656,761
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)-7.19
Price to Sales (P/S)0.00
P/FCF Ratio-19.47
Enterprise Value/Market Cap0.82
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/Ebitda-4.40
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-1.9
Revenue Forecast (FY)$15.80M
NovaBay Pharma Business Overview & Revenue Model
Company Description
NovaBay Pharmaceuticals, Inc., a pharmaceutical company, develops and sells eyecare and skincare products in the United States and internationally. It offers Avenova, a solution for removing foreign materials, including microorganisms and debris f...
How the Company Makes Money
NovaBay has historically generated revenue primarily from product sales of Avenova and related eye-care offerings. The company’s revenue model is centered on (1) selling finished goods through commercial channels (including direct-to-consumer and ...
NovaBay Pharma Earnings Call Summary
Earnings Call Date:Aug 13, 2024
(Q2-2024)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed outlook, with strong growth and efficiency improvements in the eyecare segment, but challenges in overall revenue and net loss due to declines in wound care sales and low cash reserves.Positive Updates
Eyecare Business Growth
Sales from eyecare products reached $4.8 million for the first half of 2024, showing growth in the eyecare segment driven by Avenova branded products.
Negative Updates
Net Loss
Net loss attributable to common stockholders for Q2 2024 was $1.6 million, compared with a net loss of $4 million for Q2 2023.
Read all updates
Q2-2024 Updates
Positive
Negative
Eyecare Business Growth
Sales from eyecare products reached $4.8 million for the first half of 2024, showing growth in the eyecare segment driven by Avenova branded products.
Read all positive updates
Company Guidance
During the NovaBay Pharmaceuticals Q2 2024 earnings call, the company reported a strong performance in its eyecare segment, with sales of eyecare products reaching $4.8 million for the first half of the year. They are on track to meet their annual target of $10 million in eyecare sales. The company has successfully reduced sales and marketing expenses by 13% year-over-year while achieving an 8% increase in eyecare revenue for Q2 2024, primarily through online OTC channels. Subscribe & Save customers on Amazon, their largest sales channel, grew by 16% in the first half of 2024, contributing to approximately 24% of online Avenova revenue. The gross margin improved to 66% in Q2 2024 from 49% in the prior year due to a shift towards higher-margin eyecare products. NovaBay's strategic focus remains on efficient growth within the U.S. dry eye market, anticipated to exceed $4.8 billion by 2030.NovaBay Pharma Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
9
Very Negative
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 9.78M | 10.46M | 14.40M | 10.20M |
| Gross Profit | -140.00K | 6.48M | 6.08M | 7.78M | 6.51M |
| EBITDA | -7.45M | -5.92M | -4.09M | -7.20M | -8.74M |
| Net Income | -22.14M | -7.22M | -9.64M | -10.61M | -5.82M |
Balance Sheet | |||||
| Total Assets | 9.04M | 3.42M | 9.03M | 16.40M | 23.98M |
| Cash, Cash Equivalents and Short-Term Investments | 7.96M | 430.00K | 3.13M | 5.36M | 7.50M |
| Total Debt | 776.00K | 1.67M | 2.74M | 2.04M | 551.00K |
| Total Liabilities | 31.86M | 3.55M | 5.72M | 5.84M | 13.81M |
| Stockholders Equity | -22.83M | -129.00K | 3.31M | 10.55M | 10.17M |
Cash Flow | |||||
| Free Cash Flow | -8.43M | -5.19M | -4.28M | -6.77M | -9.24M |
| Operating Cash Flow | -8.43M | -5.18M | -4.26M | -6.65M | -9.19M |
| Investing Cash Flow | 0.00 | 1.06M | -19.00K | -112.00K | -12.04M |
| Financing Cash Flow | 4.62M | 1.50M | 1.91M | 4.63M | 16.79M |
NovaBay Pharma Technical Analysis
Neutral
2.95
Price Trends
9.14
Negative
13.44
Negative
8.90
Negative
Market Momentum
-1.65
Negative
37.27
Neutral
49.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NBY, the sentiment is Neutral. The current price of 2.95 is above the 20-day moving average (MA) of 1.36, below the 50-day MA of 9.14, and below the 200-day MA of 8.90, indicating a neutral trend. The MACD of -1.65 indicates Negative momentum. The RSI at 37.27 is Neutral, neither overbought nor oversold. The STOCH value of 49.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NBY.
NovaBay Pharma Risk Analysis
NovaBay Pharma disclosed 26 risk factors in its most recent earnings report. NovaBay Pharma reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
NovaBay Pharma Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
58 Neutral | $29.36M | -3.95 | -61.62% | ― | 4455.07% | 77.31% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $3.71M | -0.59 | -212.63% | ― | 192.72% | 83.61% | |
45 Neutral | $1.28M | -0.09 | -710.57% | ― | 12.45% | -544.23% | |
43 Neutral | $11.40M | -0.50 | -267.10% | ― | ― | 53.13% | |
41 Neutral | $39.94M | -7.41 | 821.56% | ― | -74.73% | 95.81% |
* Healthcare Sector Average
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NovaBay Pharma Corporate Events
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing
NovaBay Pharma Rebrands, Pivoting Into Stablecoin Infrastructure
Positive
Mar 23, 2026
On March 23, 2026, NovaBay Pharmaceuticals announced it will change its corporate name to Stablecoin Development Corporation and expects to begin trading on NYSE American under the new ticker SDEV on April 3, 2026, marking a formal pivot into the ...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and ComplianceShareholder Meetings
NovaBay Pharma Expands Share Capital and Governance Flexibility
Positive
Mar 12, 2026
On March 12, 2026, NovaBay Pharmaceuticals amended and restated its certificate of incorporation in Delaware, removing a ban on stockholder action by written consent, adding limited officer exculpation provisions, and raising its authorized common...
Delistings and Listing ChangesStock Split
NovaBay Pharma Implements Reverse Stock Split of Shares
Neutral
Feb 20, 2026
On February 20, 2026, NovaBay Pharmaceuticals implemented a 1‑for‑5 reverse stock split of its common shares following prior approval from shareholders on October 16, 2025 and subsequent board authorization on February 11, 2026. The re...
Delistings and Listing ChangesRegulatory Filings and ComplianceStock Split
NovaBay Pharma Announces 1-for-5 Reverse Stock Split
Neutral
Feb 12, 2026
On February 11, 2026, NovaBay Pharmaceuticals, Inc. announced that its board had approved a 1‑for‑5 reverse stock split of its common stock, following stockholder authorization at the annual meeting on October 16, 2025. The split is sc...
Private Placements and FinancingShareholder Meetings
NovaBay Pharma Schedules Special Shareholder Meeting on Warrants
Neutral
Jan 30, 2026
NovaBay Pharmaceuticals, Inc. scheduled a special meeting of stockholders for March 12, 2026, at 11:00 a.m. Eastern Time to consider key corporate actions. At the meeting, investors were set to vote on proposals to approve the issuance of common s...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
NovaBay Pharma Establishes $100 Million ATM Equity Program
Positive
Jan 20, 2026
On January 20, 2026, NovaBay Pharmaceuticals entered into an at-the-market (ATM) sales agreement with Virtu Americas LLC, allowing the company to issue and sell up to $100 million of its common stock from time to time through Virtu acting as sales...
Business Operations and StrategyPrivate Placements and Financing
NovaBay Pharma Secures Crypto-Focused Financing, Shifts Strategy
Positive
Jan 16, 2026
On January 16, 2026, NovaBay Pharmaceuticals entered into a Securities Purchase Agreement with a group of accredited digital-asset-focused investors, issuing pre-funded warrants for 837.7 million common shares at $0.17 per warrant for gross procee...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.