In This Story
NovaBay Pharmaceuticals Inc. (NBY) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's significant changes, including the sale of its Avenova assets to PRN Physician Recommended Nutriceuticals, LLC for $11.5 million, finalized on January 17, 2025. This sale constituted the disposal of substantially all of NovaBay's revenue-generating operations.
Additionally, NovaBay completed the divestiture of its wound care trademarks to Phase One Health LLC on January 8, 2025, for $500,000, further reducing its operational scope.
NovaBay's financial results for 2024 reflect a net loss from continuing operations of $7.2 million, compared to a $6.1 million loss in 2023. The company reported total net sales of $9.8 million, a decrease from $10.5 million in the prior year.
The company is pursuing a Plan of Dissolution, subject to stockholder approval, which could result in the liquidation of the company and distribution of remaining assets to stockholders.
NovaBay's board is also exploring other strategic alternatives, including potential business combinations, should the dissolution not proceed.
The company has engaged Lucid Capital Markets, LLC to assist in identifying and evaluating these strategic alternatives.
As of December 31, 2024, NovaBay held $430,000 in cash and cash equivalents, with additional proceeds anticipated from the Avenova Asset Sale and Wound Care Divestiture.
NovaBay's stock remains listed on the NYSE American, but the company is subject to potential delisting due to non-compliance with certain listing standards.
The company has reduced its workforce to four employees following the asset sales, and its future operations will focus on fulfilling remaining contractual obligations and strategic planning.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NovaBay Pharmaceuticals Inc. annual 10-K report dated April 2, 2025. To report an error, please email earnings@qz.com.