Novabay Pharma Financials

NBY

Source SEC Filings (10-K/10-Q) Updated May 15, 2026 Currency USD FYE December

This page shows Novabay Pharma (NBY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NBY FY2025 2026-05-15

External funding is carrying a business whose accounting losses have become direct cash burn rather than temporary non-cash pressure.

In the latest year, operating loss and operating cash burn were nearly identical at -$8.4M and -$8.4M. Because that same close match was already visible earlier in the period, the losses look cash-real, with little working-capital support to delay the funding need.

The newest filing shows a split balance-sheet picture: cash rose to $8.0M and the current ratio reached 7.6x, so near-term obligations appear easier to cover. But total liabilities jumped to $640.5M, which drove equity deeply negative and means improved liquidity did not repair the company’s long-term financing posture.

The operating footprint also looks leaner but not self-funding. Inventory was reduced from $3.4M to $0 over the recent reporting window. Revenue was still near $9.8M in the last reported sales year, implying the business was being simplified while overhead still exceeded what operations could support.

Financial Health Signals

Financial Profile 28/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Novabay Pharma's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Novabay Pharma carries a low D/E ratio of -1.01, meaning only $-1.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 67/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 7.60, Novabay Pharma holds $7.60 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

N/A

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$8.0M

YoY+1750.7%

5Y CAGR-7.8%

10Y CAGR+12.8%

Novabay Pharma held $8.0M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$4.00

Novabay Pharma paid $4.00 per share in dividends in fiscal year 2025.

Shares Outstanding

25M

Novabay Pharma had 25M shares outstanding in fiscal year 2025. This represents an increase of 2481.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

NBY Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	$9.8M-6.4%	$10.5M-27.4%	$14.4M+41.2%	$10.2M+2.7%	$9.9M
Cost of Revenue	N/A	$3.3M-24.5%	$4.4M-34.0%	$6.6M+79.5%	$3.7M-7.1%	$4.0M
Gross Profit	N/A	$6.5M+6.5%	$6.1M-21.8%	$7.8M+19.4%	$6.5M+9.2%	$6.0M
R&D Expenses	N/A	$42K+23.5%	$34K-80.5%	$174K+295.5%	$44K-84.6%	$285K
SG&A Expenses	$7.6M+2.8%	$7.4M+35.5%	$5.4M-27.3%	$7.5M+3.4%	$7.2M+22.0%	$5.9M
Operating Income	-$8.4M-14.4%	-$7.4M-79.9%	-$4.1M+71.5%	-$14.4M-62.7%	-$8.9M-37.9%	-$6.4M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	$0	$0-100.0%	$5K
Net Income	N/A	-$7.2M+25.1%	-$9.6M+9.1%	-$10.6M-82.1%	-$5.8M+47.2%	-$11.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	$-0.31

Metric	Q2'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$2.5M	N/A	$521K	N/A	N/A	N/A	$0-100.0%	$2.4M
Cost of Revenue	N/A	N/A	$479K	N/A	N/A	N/A	$0-100.0%	$808K
Gross Profit	N/A	N/A	$42K	N/A	N/A	N/A	$0-100.0%	$1.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	$4K-55.6%	$9K
SG&A Expenses	$2.8M	N/A	$1.2M-36.0%	$1.9M-30.0%	$2.7M	N/A	$1.7M+5.3%	$1.6M
Operating Income	$22.3M	N/A	-$1.3M+33.6%	-$1.9M+42.5%	-$3.3M	N/A	-$1.7M-5.3%	-$1.6M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$3.5M	N/A	$0-100.0%	$100K-66.7%	$300K	N/A	$0	$0
Net Income	$552.4M	N/A	-$1.3M+32.7%	-$1.9M-125.1%	$7.7M	N/A	-$1.2M+23.5%	-$1.6M
EPS (Diluted)	$3.33	N/A	$-0.22	$-0.33-123.2%	$1.42	N/A	$-1.92-40.1%	$-1.37

NBY Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$9.0M+163.9%	$3.4M-62.1%	$9.0M-44.9%	$16.4M-31.6%	$24.0M+57.4%	$15.2M
Current Assets	$8.7M+348.3%	$1.9M-73.0%	$7.2M-36.9%	$11.3M-14.0%	$13.2M-7.5%	$14.2M
Cash & Equivalents	$8.0M+1750.7%	$430K-85.3%	$2.9M-45.5%	$5.4M-28.5%	$7.5M-37.2%	$12.0M
Inventory	N/A	$0-100.0%	$501K-85.4%	$3.4M+6.7%	$3.2M+429.6%	$608K
Accounts Receivable	N/A	N/A	$680K-65.5%	$2.0M	N/A	N/A
Goodwill	N/A	N/A	$0-100.0%	$348K-92.3%	$4.5M	$0
Total Liabilities	$640.5M+17932.1%	$3.6M-37.9%	$5.7M-2.1%	$5.8M-57.7%	$13.8M+372.8%	$2.9M
Current Liabilities	$1.1M-59.8%	$2.8M-33.5%	$4.3M+0.5%	$4.3M+23.7%	$3.4M+21.5%	$2.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$631.8M-489679.1%	-$129K-103.9%	$3.3M-68.6%	$10.6M+3.8%	$10.2M-17.4%	$12.3M
Retained Earnings	-$819.1M-346.5%	-$183.5M-4.9%	-$174.8M-10.6%	-$158.2M-11.5%	-$141.9M-4.3%	-$136.1M

Metric	Q2'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$179.7M+1889.4%	$9.0M+159.1%	$3.5M-49.5%	$6.9M-30.0%	$9.9M+188.4%	$3.4M-11.7%	$3.9M-1.2%	$3.9M
Current Assets	$19.1M+119.6%	$8.7M+199.3%	$2.9M-52.6%	$6.1M-32.3%	$9.0M+367.1%	$1.9M-15.1%	$2.3M+1.2%	$2.3M
Cash & Equivalents	$18.4M+131.3%	$8.0M+244.7%	$2.3M-56.8%	$5.3M-36.9%	$8.5M+1869.1%	$430K-44.6%	$776K+3.3%	$751K
Inventory	N/A	N/A	N/A	$467K	N/A	$0-100.0%	$473K-32.4%	$700K
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	$704K+28.7%	$547K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$40.9M-93.6%	$640.5M+34465.6%	$1.9M-30.5%	$2.7M-28.0%	$3.7M+4.3%	$3.6M+26.6%	$2.8M-38.2%	$4.5M
Current Liabilities	$3.6M+213.1%	$1.1M-21.1%	$1.4M-32.5%	$2.1M-30.1%	$3.1M+7.9%	$2.8M+43.3%	$2.0M-45.0%	$3.6M
Long-Term Debt	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$138.8M+122.0%	-$631.8M-57071.6%	$1.1M-73.9%	$4.2M-31.2%	$6.2M+4880.6%	-$129K-112.0%	$1.1M+273.7%	-$617K
Retained Earnings	-$266.7M+67.4%	-$819.1M-345.6%	-$183.8M-3.4%	-$177.7M-1.1%	-$175.8M+4.2%	-$183.5M-0.7%	-$182.2M-1.2%	-$180.0M

NBY Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$8.4M-12.4%	-$7.5M-81.5%	-$4.1M+37.9%	-$6.7M+27.6%	-$9.2M-94.7%	-$4.7M
Capital Expenditures	N/A	$6K-68.4%	$19K-83.0%	$112K+115.4%	$52K+100.0%	$26K
Free Cash Flow	N/A	-$7.5M-80.8%	-$4.2M+38.7%	-$6.8M+26.8%	-$9.2M-94.7%	-$4.7M
Investing Cash Flow	N/A	$1.1M+5700.0%	-$19K+83.0%	-$112K+99.1%	-$12.0M-46226.9%	-$26K
Financing Cash Flow	$4.6M+207.9%	$1.5M-21.5%	$1.9M-58.8%	$4.6M-72.4%	$16.8M+72.0%	$9.8M
Dividends Paid	$4.8M	$0	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$1.8M+20.7%	-$2.3M-23.6%	-$1.8M+38.5%	-$3.0M-125.9%	-$1.3M+21.0%	-$1.7M+31.4%	-$2.4M-74.4%	-$1.4M
Capital Expenditures	N/A	N/A	$0	$0	$0-100.0%	$4K	$0	$0
Free Cash Flow	N/A	N/A	-$1.8M+38.5%	-$3.0M-125.9%	-$1.3M+21.2%	-$1.7M+31.2%	-$2.4M-74.4%	-$1.4M
Investing Cash Flow	-$25.9M	N/A	$0	$0	$0-100.0%	$1.1M	$0	$0
Financing Cash Flow	$38.3M+390.5%	$7.8M+692.6%	-$1.3M-658.0%	-$174K+89.8%	-$1.7M-441.6%	$500K-76.1%	$2.1M+524.4%	-$492K
Dividends Paid	N/A	$17K-99.6%	$4.8M	N/A	N/A	$0	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NBY Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	66.3%+8.1pp	58.2%+4.2pp	54.0%-9.8pp	63.8%+3.8pp	60.0%
Operating Margin	N/A	-75.4%-36.2pp	-39.2%+60.9pp	-100.1%-13.2pp	-86.9%-22.2pp	-64.7%
Net Margin	N/A	-73.9%+18.4pp	-92.2%-18.6pp	-73.7%-16.6pp	-57.1%+54.0pp	-111.1%
Return on Equity	N/A	N/A	-290.9%-190.4pp	-100.5%-43.3pp	-57.3%+32.4pp	-89.6%
Return on Assets	N/A	-211.0%-104.3pp	-106.7%-42.0pp	-64.7%-40.4pp	-24.3%+48.2pp	-72.4%
Current Ratio	7.60+6.9	0.68-1.0	1.67-1.0	2.66-1.2	3.83-1.2	5.03
Debt-to-Equity	-1.01+26.5	-27.53-29.3	1.73+1.2	0.55-0.8	1.36+1.1	0.24
FCF Margin	N/A	-76.7%-37.0pp	-39.7%+7.3pp	-47.0%+43.6pp	-90.6%-42.8pp	-47.8%

Metric	Q2'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	8.1%	N/A	N/A	N/A	N/A	66.3%
Operating Margin	905.0%	N/A	-241.1%	N/A	N/A	N/A	N/A	-67.4%
Net Margin	22428.1%	N/A	-248.2%	N/A	N/A	N/A	N/A	-66.0%
Return on Equity	397.9%	N/A	-116.6%-71.3pp	-45.3%-169.6pp	124.4%	N/A	-113.1%	N/A
Return on Assets	307.3%	N/A	-37.1%-9.3pp	-27.8%-105.5pp	77.7%	N/A	-31.3%+9.1pp	-40.4%
Current Ratio	5.33-2.3	7.60+5.6	2.00-0.9	2.85-0.1	2.95+2.3	0.68-0.5	1.15+0.5	0.62
Debt-to-Equity	0.00+1.0	-1.01-2.7	1.67+1.0	0.63+0.0	0.60+28.1	-27.53-30.2	2.62+10.0	-7.36
FCF Margin	N/A	N/A	-353.2%	N/A	N/A	N/A	N/A	-58.3%

Note: Shareholder equity is negative (-$631.8M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Similar Companies

Edesa Biotech Inc EDSA

$129.8M

MetaVia Inc MTVA

$6.1M

Portage Biotech Inc PRTG

$15.5M

Pulmatrix PULM

$4.6M

Synlogic SYBX

$6.6M

Frequently Asked Questions

Does Novabay Pharma pay dividends?

Yes, Novabay Pharma (NBY) paid $4.00 per share in dividends during fiscal year 2025.

What is Novabay Pharma's operating cash flow?

Novabay Pharma (NBY) generated -$8.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Novabay Pharma's total assets?

Novabay Pharma (NBY) had $9.0M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Novabay Pharma have outstanding?

Novabay Pharma (NBY) had 25M shares outstanding as of fiscal year 2025.

What is Novabay Pharma's current ratio?

Novabay Pharma (NBY) had a current ratio of 7.60 as of fiscal year 2025, which is generally considered healthy.

What is Novabay Pharma's debt-to-equity ratio?

Novabay Pharma (NBY) had a debt-to-equity ratio of -1.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Novabay Pharma's cash runway?

Based on fiscal year 2025 data, Novabay Pharma (NBY) had $8.0M in cash against an annual operating cash burn of $8.4M. This gives an estimated cash runway of approximately 11 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Novabay Pharma's debt-to-equity ratio negative or unusual?

Novabay Pharma (NBY) has negative shareholder equity of -$631.8M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

How financially healthy is Novabay Pharma?

Novabay Pharma (NBY) scores 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.