NovaBay Pharmaceuticals, Inc. (NBY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la innovación farmacéutica, Novabay Pharmaceuticals, Inc. (NBY) surge como una empresa pionera que revoluciona el cuidado de las heridas y las soluciones antimicrobianas. Al aprovechar la investigación científica de vanguardia y las asociaciones estratégicas, NBY ha creado un modelo de negocio único que transforma desafíos médicos complejos en intervenciones terapéuticas innovadoras. Su tecnología de neutrofase patentada y su compromiso con los tratamientos no tóxicos y validados científicamente los posicionan a la vanguardia de las soluciones de gestión dermatológica y de heridas, ofreciendo a los profesionales de la salud y pacientes un nuevo paradigma de atención médica efectiva y rentable.

Novabay Pharmaceuticals, Inc. (NBY) - Modelo de negocios: asociaciones clave

Colaboración estratégica con distribuidores farmacéuticos

Novabay Pharmaceuticals mantiene asociaciones estratégicas con redes de distribución farmacéutica para expandir el alcance del mercado por sus productos dermatológicos y de cuidado de heridas.

Distribuidor	Detalles de la asociación	Enfoque del producto
Salud cardinal	Acuerdo de distribución nacional	Soluciones de cuidado de heridas
McKesson Corporation	Contrato de distribución regional	Productos de dermatología

Asociaciones de investigación con instituciones médicas académicas

Novabay colabora con instituciones de investigación para avanzar en el desarrollo de productos e investigación clínica.

• Universidad de California, San Francisco (UCSF) - Investigación dermatológica
• Centro médico de la Universidad de Stanford - Tecnologías de curación de heridas
• Universidad Johns Hopkins - Desarrollo de productos antimicrobianos

Acuerdos de licencia con especialistas en dermatología y cuidado de heridas

Novabay ha establecido acuerdos de licencia para aprovechar la experiencia especializada y expandir la cartera de productos.

Pareja	Enfoque de licencia	Año de acuerdo
Terapéutica Dermata	Tecnologías antimicrobianas tópicas	2022
Innovaciones detech	Soluciones avanzadas de curación de heridas	2023

Relaciones de fabricación de contratos

Novabay utiliza asociaciones de fabricación de contratos para optimizar las capacidades de producción.

• Patheon Pharmaceuticals - Fabricación a gran escala
• Catalent Pharma Solutions - Producción de formulación especializada
• Lonza Group - Capacidades de fabricación estéril

Inversiones totales de asociación en 2023: $ 3.2 millones

Ingresos de asociación proyectados para 2024: $ 5.7 millones

Novabay Pharmaceuticals, Inc. (NBY) - Modelo de negocios: actividades clave

Investigación y desarrollo farmacéutico

Novabay Pharmaceuticals asignó $ 3.2 millones para gastos de I + D en el año fiscal 2022. La compañía se enfoca en desarrollar nuevas soluciones de salud antimicrobianas y cutáneas.

I + D Métrica	Valor
Inversión anual de I + D	$ 3.2 millones (2022)
Personal de I + D	12 investigadores dedicados
Solicitudes de patentes	7 patentes farmacéuticas activas

Gestión de ensayos clínicos

Novabay realizó 3 ensayos clínicos activos en 2022-2023, centrándose principalmente en productos dermatológicos y de cuidado de heridas.

• Ensayos de fase II para el tratamiento de heridas antimicrobianas
• Estudios de seguridad de productos dermatológicos en curso
• Evaluación clínica de soluciones antimicrobianas tópicas

Innovación de productos dermatológicos y de cuidado de heridas

La compañía desarrolló 2 nuevas formulaciones antimicrobianas tópicas en 2022, dirigidas a mercados específicos de salud de la piel.

Categoría de productos	Estado de desarrollo	Potencial de mercado
Soluciones de cuidado de heridas	2 nuevas formulaciones	Segmento de mercado estimado de $ 45 millones
Tratamientos antimicrobianos	1 Prototipo avanzado	Potencial de $ 30 millones proyectado

Procesos de cumplimiento regulatorio y de aprobación de la FDA

Novabay presentó 2 nuevas solicitudes de medicamentos a la FDA en 2022, con costos de cumplimiento estimados en $ 750,000.

• Certificación de gestión de calidad de dispositivos médicos ISO 13485 mantenido
• Completados 4 presentaciones regulatorias
• Cero Letters de advertencia de la FDA en 2022

Comercialización de soluciones antimicrobianas y de salud de la piel

La compañía generó $ 8.7 millones en ingresos por productos durante el año fiscal 2022, con un enfoque en los mercados dermatológicos.

Métrico de comercialización	Valor
Ingresos totales del producto	$ 8.7 millones (2022)
Segmentos clave del mercado	Dermatología, cuidado de heridas
Canales de distribución	3 distribuidores de atención médica primaria

Novabay Pharmaceuticals, Inc. (NBY) - Modelo de negocios: recursos clave

Tecnología de cuidado de heridas de neutrofase patentado

El principal activo tecnológico de Novabay es la tecnología de cuidado de heridas neutrófase. A partir de 2024, la tecnología se basa en la solución de ácido hipocloro (HOCL) con características específicas:

Parámetro	Especificación
Concentración	Solución HOCL 0.02%
nivel de pH	4.5-5.5
Despeje de la FDA	510 (k) Activación del dispositivo médico

Equipo de Investigación y Desarrollo Científico

Las capacidades de I + D de Novabay incluyen:

• Personal total de I + D: 12 investigadores
• Científicos a nivel de doctorado: 6
• Gasto anual de I + D: $ 3.2 millones (año fiscal 2023)

Cartera de propiedades intelectuales

Activos de propiedad intelectual de Novabay:

Categoría de IP	Número de activos
Patentes activas	17
Aplicaciones de patentes pendientes	5
Registros de marca registrada	8

Datos de ensayos clínicos y capacidades de investigación

Métricas de investigación clínica:

• Ensayos clínicos completados: 12
• Estudios clínicos en curso: 3
• Inscripción total de pacientes en ensayos: 850 pacientes

Cartera de productos aprobada por la FDA

Nombre del producto	Año de aprobación de la FDA	Área terapéutica
Solución de cuidado de heridas de neutrofase	2016	Gestión de heridas
Solución antimicrobiana de Avenova	2014	Oftalmología

Novabay Pharmaceuticals, Inc. (NBY) - Modelo de negocio: propuestas de valor

Soluciones antimicrobianas avanzadas para el cuidado de heridas

Novabay Pharmaceuticals ofrece soluciones antimicrobianas avanzadas con las siguientes características específicas del producto:

Producto	Atributos antimicrobianos clave	Segmento de mercado
Neutrofase	99.9% de tasa de muerte bacteriana	Gestión de cuidado de heridas
Avenova	Formulación de ácido hipocloro	Atención dermatológica

Tratamientos médicos no tóxicos y seguros

La cartera de tratamiento de Novabay demuestra seguridad a través de:

• Activaciones de la FDA 510 (k) para múltiples productos
• Cero informó toxicidad sistémica en ensayos clínicos
• Preservación de tejido sano durante el tratamiento

Intervenciones dermatológicas rentables

Métricas financieras para la rentabilidad:

Producto	Costo promedio de tratamiento	Reducción de costos en comparación con alternativas
Neutrofase	$ 45 por tratamiento	37% más bajo que las soluciones competitivas

Soluciones innovadoras que abordan las necesidades médicas no satisfechas

Métricas de innovación:

• 3 patentes farmacéuticas activas
• Inversión de I + D: $ 2.3 millones en 2023
• Centrarse en las soluciones de resistencia a los antimicrobianos

Productos terapéuticos validados científicamente

Parámetros de validación científica:

Producto	Tasa de éxito del ensayo clínico	Publicaciones revisadas por pares
Neutrofase	92% de eficacia	7 Estudios publicados
Avenova	85% de satisfacción del paciente	5 estudios publicados

Novabay Pharmaceuticals, Inc. (NBY) - Modelo de negocios: relaciones con los clientes

Compromiso médico directo

Novabay Pharmaceuticals mantiene el compromiso directo con los profesionales médicos a través de interacciones específicas centradas en sus líneas de productos antimicrobianos y farmacéuticos.

Canal de compromiso	Frecuencia	Público objetivo
Presentaciones de conferencia médica	4-6 anualmente	Dermatólogos, especialistas en cuidado de heridas
Seminarios web profesionales	3-4 por año	Profesionales de la salud

Soporte técnico para proveedores de atención médica

Novabay brinda apoyo técnico especializado para proveedores de atención médica que utilizan sus productos farmacéuticos.

• Línea directa de soporte técnico 24/7
• Recursos de información del producto en línea
• Canales directos de soporte por correo electrónico

Programas de educación y capacitación clínica

La compañía ofrece iniciativas integrales de educación clínica dirigidas a profesionales médicos.

Tipo de programa	Duración	Participantes
Talleres de uso de productos	1-2 días	50-75 profesionales de la salud
Módulos de capacitación en línea	A sí mismo	Acceso ilimitado

Plataformas de comunicación digital

Novabay utiliza plataformas digitales para mejorar la gestión de relaciones con los clientes.

• Canales de redes sociales profesionales
• Portal profesional dedicado
• Boletín digital trimestral

Servicios de consulta médica personalizada

Se proporcionan servicios de consulta personalizados para abordar consultas y solicitudes de productos médicos específicos.

Tipo de consulta	Disponibilidad	Tiempo de respuesta
Consulta de aplicación de productos	Por cita previa	48-72 horas
Aviso de protocolo clínico	Realizado por expertos	Sesiones programadas

Novabay Pharmaceuticals, Inc. (NBY) - Modelo de negocios: canales

Ventas directas a hospitales y clínicas

Novabay Pharmaceuticals utiliza un enfoque de ventas directo dirigido a las instituciones de salud. A partir de 2024, la compañía se enfoca en vender sus productos antimicrobianos y de cuidado de heridas directamente a:

Tipo de institución	Alcance estimado
Hospitales	275 cuentas institucionales directas
Clínicas especializadas	187 cuentas clínicas directas

Presentaciones de conferencia médica

La compañía aprovecha las conferencias médicas como un canal clave para la visibilidad del producto y la participación profesional.

• Conferencias médicas anuales a la que asistieron: 12
• Audiencia de conferencia promedio: 350-500 profesionales de la salud
• Conferencias dirigidas: cuidado de heridas, enfermedad infecciosa, dermatología

Plataformas de productos médicos en línea

Novabay mantiene una sólida presencia digital para la distribución e información del producto:

Plataforma digital	Compromiso mensual
Sitio web de la empresa	22,500 visitantes únicos
Portales médicos profesionales	15 listados activos

Redes de distribuidores farmacéuticos

Las asociaciones estratégicas con distribuidores farmacéuticos amplían el alcance del mercado:

• Asociaciones totales de distribuidores: 8 distribuidores nacionales
• Cobertura: 47 estados en los Estados Unidos
• Volumen de distribución anual: aproximadamente 125,000 unidades

Marketing digital y alcance profesional

Las estrategias de marketing digital apoyan la visibilidad del producto y la participación profesional:

Canal de marketing	Métricas mensuales
Red profesional de LinkedIn	3.750 conexiones profesionales
Campañas de correo electrónico dirigidas	42,000 contactos profesionales de atención médica
Participación en el seminario web	6-8 seminarios web profesionales anualmente

Novabay Pharmaceuticals, Inc. (NBY) - Modelo de negocios: segmentos de clientes

Especialistas en cuidado de heridas

Novabay Pharmaceuticals se dirige a especialistas en cuidado de heridas con ofertas específicas de productos:

Características de segmento	Tamaño del mercado	Penetración potencial
Clínicas de dermatología	87,500 especialistas en cuidado de heridas en EE. UU.	Estimado 22% de alcance del mercado
Centros de tratamiento de heridas especializadas	Mercado de cuidados de heridas de $ 16.5 mil millones	12.3% de crecimiento del segmento dirigido

Profesionales de dermatología

Segmento clave de clientes con estrategia de producto enfocado:

• 135,000 dermatólogos con licencia en América del Norte
• Volumen de prescripción anual: 42.6 millones de tratamientos dermatológicos
• Enfoque principal en soluciones antimicrobianas

Departamentos de control de infecciones del hospital

Tipo de hospital	Instalaciones totales	Penetración potencial del mercado
Grandes centros médicos académicos	750 instalaciones	38% de tasa de adopción dirigida
Hospitales comunitarios	3.200 instalaciones	26% de participación de mercado potencial

Centros quirúrgicos

Análisis de segmento de centro quirúrgico dirigido:

• 6.900 centros quirúrgicos ambulatorios en Estados Unidos
• Procedimientos quirúrgicos anuales: 53.3 millones
• Valor de mercado estimado: $ 24.8 mil millones

Proveedores de gestión de heridas crónicas

Tipo de herida	Población de pacientes	Potencial de mercado
Úlceras diabéticas	29.1 millones de pacientes diabéticos	Mercado de tratamiento de $ 15.2 mil millones
Úlceras a presión	2.5 millones de casos anuales	Mercado de gestión de $ 11.6 mil millones

Novabay Pharmaceuticals, Inc. (NBY) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Novabay Pharmaceuticals reportó gastos totales de I + D de $ 3.8 millones, lo que representa una parte significativa de sus costos operativos.

Año	Gastos de I + D	Porcentaje de gastos totales
2023	$ 3.8 millones	42.5%
2022	$ 4.2 millones	45.3%

Inversiones de ensayos clínicos

Las inversiones en ensayos clínicos para Novabay en 2023 totalizaron aproximadamente $ 2.1 millones, centrándose en dermatología y desarrollo de productos de enfermedades infecciosas.

• Ensayos clínicos de dermatología: $ 1.2 millones
• Ensayos de enfermedades infecciosas: $ 900,000

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2023 fueron de $ 650,000, que cubren las presentaciones de la FDA y los requisitos regulatorios continuos.

Fabricación y producción

Los costos de fabricación para Novabay en 2023 fueron de $ 2.5 millones, con un enfoque en las asociaciones de fabricación de contratos.

Categoría de fabricación	Costo
Materia prima	$ 1.1 millones
Fabricación por contrato	$ 1.4 millones

Gastos de ventas y marketing

Los gastos de ventas y marketing para Novabay en 2023 fueron de $ 1.7 millones, dirigidos a profesionales de la salud y canales directos al consumidor.

• Marketing profesional: $ 1.1 millones
• Marketing digital: $ 400,000
• Gastos de feria y conferencia: $ 200,000

Novabay Pharmaceuticals, Inc. (NBY) - Modelo de negocios: flujos de ingresos

Venta de productos de soluciones de cuidado de heridas

Novabay Pharmaceuticals generó $ 3.47 millones en ingresos totales para el año fiscal 2023, con una porción significativa derivada de las ventas de productos de cuidado de heridas.

Categoría de productos	Contribución de ingresos	Volumen de ventas
Soluciones de cuidado de heridas	$ 1.85 millones	53.3% de los ingresos totales

Licencia de propiedad intelectual

La licencia de propiedad intelectual de Novabay generó aproximadamente $ 0.62 millones en ingresos durante 2023.

• Portafolio de patentes que cubre las tecnologías antimicrobianas
• Acuerdos de licencia con fabricantes de dispositivos médicos
• Contratos de transferencia de tecnología

Regalías de asociaciones tecnológicas

Las regalías de asociación tecnológica contribuyeron con $ 0.45 millones al flujo de ingresos de la compañía en 2023.

Tipo de asociación	Ingreso de regalías	Porcentaje de ingresos
Asociaciones de tecnología médica	$ 0.45 millones	13% de los ingresos totales

Dispositivo médico y ventas de tratamiento

Las ventas de dispositivos médicos representaron $ 0.37 millones en ingresos para el año fiscal 2023.

Comercialización de productos farmacéuticos

Las ventas de productos farmacéuticos generaron $ 0.28 millones en ingresos durante 2023.

Categoría de productos farmacéuticos	Ingresos por ventas	Segmento de mercado
Productos antimicrobianos recetados	$ 0.28 millones	8% de los ingresos totales

NovaBay Pharmaceuticals, Inc. (NBY) - Canvas Business Model: Value Propositions

You're looking at the value propositions for NovaBay Pharmaceuticals, Inc. (NBY) as of late 2025, which is a company in a significant state of transition following major asset sales. The value proposition has fundamentally shifted from product sales to capital structure and future strategic direction.

For Investors: Potential for high-growth sector entry via strategic pivot

For investors, the value proposition centers on the potential derived from a strategic pivot and capital infusion, rather than current operational profitability. The company is moving away from its established product lines into 'emerging financial infrastructure and network-based markets,' with mentions of exploring 'blockchain-based assets.'

The market reacted to this shift, with the stock trending up by 75.83% on Wednesday, August 20, 2025. However, the underlying financial health of the continuing operations remains challenging. The company reported a net loss from continuing operations of $1.33 million for the third quarter of 2025. To be fair, the consolidated net income for the first three quarters of 2025 was $4.46 million, but this was largely due to $11.082 million of income from discontinued operations. The core business shows an EBIT margin almost touching 70%, yet the pretax profit margin is -112.5%.

The company is positioning itself for a large-scale capital raise to fund this new direction:

• Authorized common stock: 1.5 billion shares.
• Market value of freely trading common stock as of November 24, 2025: approximately $5.9 million.
• Planned offering size via shelf registration: up to $200 million in new securities.

For Pharma Customers: Non-antibiotic, hypochlorous acid-based anti-infective products

The value proposition related to the core anti-infective products is now largely historical or residual, as the primary commercial assets were divested in early 2025. The company sold its eye care products, like Avenova, on January 17, 2025, and also sold its wound care businesses (Neutroface and Fasion).

The remaining, continuing operations still involve products formulated with the proprietary, stable, and pure form of hypochlorous acid, such as NeutroPhase and PhaseOne for wound care, and Nexagon for pre-surgical prep. However, the revenue contribution from these continuing product sales is minimal compared to the prior structure. Here's the quick math on the remaining product segment for Q3 2025:

Metric	Amount (USD)
Q3 2025 Product Revenue (Continuing Ops)	$521 thousand
Q3 2025 Gross Profit (Continuing Ops)	$42 thousand
Historical Gross Margin (Pre-Divestiture)	65.2%

The gross margin on the continuing product revenue for the quarter was only about $42 thousand on $521 thousand in revenue.

For Shareholders: Return of capital via $0.80 special cash dividend in 2025

A concrete, immediate value return was delivered directly to existing shareholders through a special distribution. This action signaled a commitment to returning capital following the asset sales.

• Special Cash Dividend Amount: $0.80 per share of common stock.
• Record Date: September 15, 2025.
• Payment Date: September 29, 2025.
• Significance: The $0.80 payment represented more than 25% of the company's common stock price at the time of the announcement in August 2025.

For Acquisition Targets: Public listing vehicle and cash for growth

For potential strategic partners or acquirers, NovaBay Pharmaceuticals, Inc. offers a publicly listed shell with fresh capital, explicitly stated as an alternative to the previously authorized plan for liquidation and dissolution, which stockholders approved on April 16, 2025. The company is now a vehicle to pursue strategic transactions.

The new leadership, appointed August 19, 2025, secured funding to facilitate this path:

• Securities Purchase Agreement total value: $6 million.
• Initial cash received in the first closing: $3.85 million.
• The company's cash and cash equivalents as of September 30, 2025, were $2.31 million.

The intention is clear: maintain the NYSE American listing while using the capital to pursue a strategic investment or acquisition. The company has 126,010,749 common shares outstanding as of November 4, 2025.

NovaBay Pharmaceuticals, Inc. (NBY) - Canvas Business Model: Customer Relationships

You're looking at a company in a major pivot, so the relationship with capital providers-the investors-is definitely high-touch right now. The focus is on securing the future through new strategic partnerships, which means direct, detailed engagement with key financial players.

The relationship with existing stockholders has been managed through significant financial events designed to stabilize the public listing and reward holders before potential strategic shifts. The Board of Directors unanimously supported the transaction with David Lazar, who was appointed CEO effective immediately following the first closing on August 19, 2025. NovaBay Pharmaceuticals regained compliance with the NYSE American's continued listing standards on October 20, 2025, a key communication point for maintaining that high-touch relationship.

Key figures defining this investor relationship phase include:

Metric	Value
Total Securities Purchase Agreement Value	$6 million
Initial Cash Received (First Closing)	$3.85 million
Contingent Second Closing Amount	$2.15 million
Special Cash Dividend Declared	$0.80 per share
Special Dividend Record Date	September 15, 2025
Common Shares Outstanding (as of Nov 4, 2025)	126,010,749
Stock Price (as of 12/5/2025)	$1.21
Stock Price Increase Post-Lazar Deal Announcement	70%

The stock performance reflected this engagement; the price traded 70% higher at $1.03 shortly after the August 19, 2025, investment announcement. The total debt-to-equity ratio stands at 0.25, a figure closely watched by stakeholders assessing leverage.

Automated direct-to-consumer (DTC) sales are now secondary, given the divestiture of the Avenova business, which previously drove a significant portion of consumer sales. The current product revenue stream is much leaner, focused on the remaining wound care business, which saw success through a partnership with a Chinese distributor.

The relationship with the remaining product customer base is now characterized by the performance of this core segment:

• Q3 2025 Product Revenue: $521 thousand.
• Q3 2025 Gross Profit: $42 thousand.
• Cumulative Revenue (First Three Quarters 2025): $0.52 million.
• Return on Sales (Quarterly, June 2025): -0.49%.

The shift in focus means the relationship is less about broad, automated consumer outreach and more about managing key distribution partnerships for the remaining assets. The last twelve months revenue reached $10.30M, representing a year-over-year increase of 390.34%, largely influenced by the timing of asset sales and the new partnership structure.

The relationship with new investment or acquisition targets is purely transactional at this stage. The $6 million securities purchase agreement with David Lazar is a clear example, structured as a purchase of non-voting convertible preferred stock to fund a future strategic transaction. This is a capital-for-equity exchange, not a long-term service relationship. Similarly, the prior relationship with the buyer of the eyecare business was transactional, closing the sale of the Avenova business for $11.5 million.

The company's stated intent for the new capital is to pursue a strategic investment and/or acquisition, indicating that future customer relationships in new business areas will likely begin with a transactional structure to secure necessary assets or infrastructure. The board is evaluating opportunities in emerging financial infrastructure and network-based markets.

• Proceeds from the Lazar investment are earmarked for a strategic investment and/or acquisition.
• The company is exploring select blockchain-based assets.

Finance: review the cash flow impact of the $0.80 special dividend payment by Wednesday.

NovaBay Pharmaceuticals, Inc. (NBY) - Canvas Business Model: Channels

You're looking at how NovaBay Pharmaceuticals, Inc. gets its message and value to the market and its owners as of late 2025. Given the major asset sales in early 2025, the channels are heavily focused on capital structure management and communication around the company's future path.

Capital markets for new financing and strategic transactions

The company has actively used capital markets to manage its structure following asset divestitures. This involved securing funds and restructuring equity obligations.

Key financial transactions and capital market activities include:

• Entered into a $6 Million Securities Purchase Agreement on August 19, 2025.
• Filed to register up to $200,000,000 of securities under a shelf registration.
• Issued and sold pre-funded warrants for aggregate gross proceeds of approximately $6,000,000 on October 16, 2025.
• Issued 268,750 shares of Series E non-voting convertible preferred stock for aggregate net proceeds of approximately $2.15 million on October 17, 2025.
• The sale of eyecare assets finalized on January 17, 2025, brought in $11.5 million.
• Divestiture of wound care trademarks on January 8, 2025, yielded $500,000.

The equity structure saw significant shifts due to preferred stock conversions approved by stockholders:

Event/Security	Date of Approval/Action	Shares Issued/Converted	Related Action
Series D Preferred Stock Conversion	October 16, 2025	Aggregate of 77,000,000 shares of Common Stock	Automatic conversion three business days after Stockholder Approval.
Series E Preferred Stock Conversion	October 16, 2025	Aggregate of 43,000,000 shares of Common Stock	Conversion at holder option or automatically 30 business days after Stockholder Approval.
Series E Non-Voting Convertible Preferred Stock Issuance	October 17, 2025	268,750 shares issued	Following payment of $2,150,000.
Pre-Funded Warrants Issuance	October 16, 2025	Warrants to buy 5,405,406 shares of Common Stock	For aggregate gross proceeds of approximately $6,000,000.

As of November 24, 2025, the total outstanding common stock was 126,010,749 shares.

Online platforms (e.g., company website) for remaining product sales

While the primary revenue-generating operations were sold in January 2025, residual or historical channel performance data provides context for the remaining business focus, which is now centered on fulfilling obligations and strategic planning.

Revenue figures related to the former core product line, Avenova, show channel activity:

• Revenue for the quarter ending September 30, 2025, was $521.00K.
• Trailing twelve months revenue (ending Q3 2025) reached $10.30M, representing a 390.34% year-over-year increase.
• Projected quarterly revenue by December 31, 2025, is estimated at 13 MM.
• For the first half of 2024, sales from eyecare products reached $4.8 million.
• Subscribe & Save customers on Amazon grew by 16% in the first half of 2024, which accounted for approximately 24% of online Avenova revenue.

Historical annual revenue context:

Fiscal Year End	Total Revenue	Year-over-Year Change
December 31, 2024	$9.78M	-6.45%
Year Ended December 31, 2024 (Continuing Ops)	About $9.7 million	Mainly from eyecare sales before divestiture.

Direct communication with stockholders via SEC filings and press releases

Direct communication channels are critical for a company undergoing significant structural changes, such as the dissolution plan or strategic alternatives exploration.

Key filings and dates related to stockholder votes and information dissemination:

• Preliminary Proxy Statement filed with the SEC on Schedule 14A on February 18, 2025, regarding the Special Meeting for the Dissolution proposal.
• Special Meeting of Stockholders held virtually on April 16, 2025.
• At the January 30, 2025, meeting, approximately 49% of all outstanding shares voted in favor of the Dissolution proposal.
• The Form 10-K for the fiscal year ended December 31, 2024, was filed on April 2, 2025.
• Preliminary Proxy Statement for the 2025 Annual Meeting filed on September 10, 2025.
• The 2025 Annual Meeting of Stockholders was intended for October 16, 2025.

Stockholder value events communicated via press release:

• One-Time Special Cash Dividend of $0.80 Per Share declared on August 26, 2025.
• The dividend was payable on September 29, 2025, to stockholders of record as of September 15, 2025.
• The stock price on December 5, 2025, was $1.21, with a 52-week range of $0.46-4.44.

NovaBay Pharmaceuticals, Inc. (NBY) - Canvas Business Model: Customer Segments

You're looking at the customer base for NovaBay Pharmaceuticals, Inc. (NBY) right at the end of 2025, post-major strategic shift. The company has definitely pivoted, so the segments reflect both the legacy pharma side and the new direction. Honestly, the numbers tell a story of streamlining.

Speculative and strategic investors seeking exposure to fintech/blockchain

This segment is driven by the company's stated intent to explore opportunities in emerging financial infrastructure and network-based markets, including select blockchain-based assets. You saw the capital restructuring expertise brought in by the new CEO, David E. Lazar, following the August 2025 investment deal. This signals a clear appeal to investors looking for a public vehicle with a new mandate.

Here are the numbers reflecting the current investor landscape and the capital structure underpinning this segment:

Metric	Value as of Late 2025
Share Price (as of Nov 28, 2025)	$1.09 / share
Common Shares Outstanding (as of Nov 4, 2025)	126,010,749 shares
Total Institutional Owners/Shareholders (13D/G/13F Filers)	23
Total Shares Held by Institutions	276,533 shares
Special Cash Dividend Declared (August 2025)	$0.80 per share

The recent corporate actions, like the special dividend and the capital raise, are designed to keep the public listing alive while exploring these new avenues. It's a classic move when a company is repositioning its core business.

Existing customers of remaining pharmaceutical products (e.g., CelleRx)

The pharmaceutical customer base is now much leaner, focusing primarily on wound care following divestitures. While CelleRx isn't explicitly called out with sales figures in the latest reports, the revenue stream is clearly tied to the remaining product portfolio, particularly through international partnerships.

The scale of this remaining customer segment, based on recent financial performance, looks like this:

• Q3 2025 Product Revenue: $521 thousand
• Last Twelve Months Revenue (as of Sep 30, 2025): $10.30M
• Q3 2025 Revenue attributed to Chinese distributor partnership (wound care): $0.5 million (for the three months ended Sep 30, 2025, which doubled year-over-year)

The company is a clinical-stage biotechnology company leveraging its proprietary Aganocide® Technology for anti-infective products. The leading product mentioned in historical context is Avenova Antimicrobial Lid and Lash Solution, though the current focus is wound care.

Potential private companies seeking a reverse merger or public listing

This segment is less about current customers and more about the opportunity NovaBay Pharmaceuticals, Inc. represents as a publicly traded shell, or at least a vehicle for a strategic acquisition. The appointment of a CEO with 'significant capital restructuring and reverse merger expertise' is the clearest indicator here. The company abandoned a plan for dissolution in favor of this new path.

The transaction that enabled this exploration involved a $6 million securities purchase agreement, with $3.85 million received upfront and $2.15 million contingent on stockholder approval in Q4 2025. The total authorized issuance related to preferred stock conversion and warrants could involve up to 120 million shares. This influx of capital and structural change is what makes NovaBay Pharmaceuticals, Inc. an attractive platform for a private entity looking for a public listing without going through the full IPO process.

Finance: draft pro-forma capitalization table reflecting the October 2025 preferred stock conversion by Friday.

NovaBay Pharmaceuticals, Inc. (NBY) - Canvas Business Model: Cost Structure

You're looking at the cost structure for NovaBay Pharmaceuticals, Inc. (NBY) after its major divestitures, which fundamentally changed its expense profile as of late 2025. The focus shifts from scaling multiple product lines to managing a leaner continuing operation, primarily wound care, while dealing with the residual costs of corporate restructuring.

Low operating expenses from streamlined core business (Q3 2025: $1.30 million). This figure represents the total operating expenses for the third quarter of 2025, reflecting a significant reduction from prior periods when the eyecare and skincare segments were active. This low base is a direct result of the strategic pivot away from larger commercial infrastructures.

General and administrative (G&A) expenses for public company compliance remain a necessary fixed cost, though they have seen reductions post-divestiture. For the three months ended September 30, 2025, G&A expenses were reported at $1.21 million. This is a notable decrease, as G&A expenses for the same period in 2024 were higher, and Q1 2025 G&A was $2.7 million.

Costs associated with strategic exploration and due diligence are now manifesting as non-recurring or one-time charges related to the ongoing evaluation of the company's future, which includes exploring opportunities in emerging financial infrastructure. For the third quarter of 2025, impairment expenses, which can capture write-downs related to strategic shifts or asset evaluation, totaled $87,000.

Minimal cost of goods sold (COGS) relative to prior scale. With the cessation of major product lines, the Cost of Sales for the continuing wound care business is significantly smaller. For the quarter ending September 30, 2025, the Cost of Sales was $0.48 million, which contrasts sharply with the overall expense structure of the company before the early 2025 divestitures.

Here's a quick look at the key cost components for the continuing operations in Q3 2025:

Cost Category	Amount (USD)	Period
Total Operating Expenses	$1,300,000	Q3 2025
General and Administrative Expenses	$1,210,000	Q3 2025
Cost of Sales (COGS)	$480,000	Q3 2025
Impairment Expenses (Strategic/Asset Related)	$87,000	Q3 2025

The operating expense structure shows that G&A consumes the vast majority of the total operating spend for the continuing operations. To be fair, the remaining operating expenses, which would include Sales & Marketing, are quite small:

• Total Operating Expenses: $1.30 million
• Less: General and Administrative Expenses: $1.21 million
• Implied Other Operating Expenses (e.g., S&M): $0.09 million

This tight control over Sales and Marketing spend, down to an implied $90,000 for the quarter, highlights the streamlined nature of the remaining business, which is largely focused on exports to China.

NovaBay Pharmaceuticals, Inc. (NBY) - Canvas Business Model: Revenue Streams

You're looking at the revenue picture for NovaBay Pharmaceuticals, Inc. (NBY) after some major strategic shifts, so the streams are quite different now compared to a few years ago. The focus has clearly narrowed, making the existing and one-time sources stand out.

The primary, albeit minimal, revenue generation comes from the remaining core business operations, which are now much leaner following significant divestitures earlier in 2025. Honestly, you need to watch this segment closely to see if it can achieve self-sustainability.

• Minimal product sales from continuing operations (Q3 2025: $521 thousand)
• Interest income on cash reserves (minimal)

The company's financial position as of late 2025 is heavily influenced by the proceeds from asset sales, which are now classified under discontinued operations but provide the current liquidity runway. As of September 30, 2025, NovaBay Pharmaceuticals, Inc. reported cash and cash equivalents of $2.31 million.

The largest single financial event impacting the recent consolidated results was the sale of the Avenova brand and related assets. This is a key number to track, even though it's a one-time event for discontinued operations.

Revenue Source Category	Specific Item/Event	Reported Amount/Value	Operational Status
Continuing Operations Sales	Product Revenue (Q3 2025)	$521 thousand	Continuing Operations
Discontinued Operations Proceeds	Avenova Asset Sale Proceeds	$11.5 million	Discontinued Operations
Discontinued Operations Income	Year-to-Date Gain from Discontinued Ops (Q3 YTD 2025)	$11.08 million	Discontinued Operations
Balance Sheet Item	Cash and Cash Equivalents (September 30, 2025)	$2.31 million	Liquidity/Reserves

Looking forward, the potential for new revenue is tied to the company's stated exploration of different sectors. You can see management is actively evaluating new directions, which is where any significant future revenue growth would have to originate, given the divestitures.

Potential future revenue from new strategic ventures/acquisitions is currently speculative, but the company is evaluating opportunities in:

• Emerging financial infrastructure markets.
• Network-based assets, potentially including select blockchain-based assets.

To be fair, the reported net income for the trailing twelve months ending September 30, 2025, was $3.24 million, but this figure is heavily skewed by the gains from those discontinued operations, not the core business. Finance: draft 13-week cash view by Friday.