Nutriband Marks Five Years on Nasdaq – CEO Letter to Shareholders

The company enters its sixth Nasdaq year with no debt after its 2021 offering warrants expired without extension or repricing.

Rhea-AI Summary

Nutriband (NTRB) marked five years on Nasdaq with a shareholder letter outlining AVERSA Fentanyl development milestones and its next priorities. The 2021 offering warrants expired on September 30, 2026, without extension or repricing and were removed from the NTRBW listing. The company has no debt.

Commercial manufacturing process scale-up for AVERSA Fentanyl was completed in June 2025. Nutriband plans to manufacture supplies for a Human Abuse Liability study, file an Investigational New Drug application with the FDA and initiate clinical studies, with development directed toward a New Drug Application filing. It also plans a nonprovisional patent application that could extend AVERSA-based product protection to 2046. The retrospective includes a 2025 preferred-stock dividend and record Q3 2024 revenue of $645,796, up 51% year over year.

19 points · 1 major

PositiveiHow this balance works

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 3 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointThe 2021 uplisting and concurrent offerings raised approximately $8.7 million in total gross proceeds. 9.5% of market cap
• Moderate pointAVERSA Fentanyl commercial manufacturing process scale-up was completed in June 2025.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Nutriband plans clinical supply manufacturing, an FDA investigational application and clinical studies for AVERSA Fentanyl.
• Moderate pointQ3 2024 revenue reached $645,796, up 51% year over year.
• Moderate pointFiscal-year revenue reported in the 2021–2022 milestones reached $1.4 million, up 56%.
• Moderate pointThe 2023 conversion of $2 million of debt into equity reduced debt. 2.2% of market cap
• Moderate pointShareholders received a 25% preferred-stock dividend in July 2025.
• Moderate pointKindeva's 2024 Commercial Development and Clinical Supply Agreement replaced the earlier feasibility agreement.

11 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Nutriband plans a patent application that could extend protection to 2046 for AVERSA-based products.
• Minor pointNutriband has no debt entering its sixth year on Nasdaq.
• Minor pointThe 2021 offering warrants expired September 30, 2026, without extension or repricing.
• Minor pointPocono Pharma revenue growth in 2023 helped reduce Nutriband's burn rate through clinical development.
• Minor pointFit For Life Group signed an exclusive supplier agreement with Nutriband in 2024.
• Minor pointThe AVERSA pipeline expanded to include Buprenorphine and Methylphenidate in the 2021–2022 period.
• Minor pointAVERSA patent protection extended to 46 countries in 2024, including China and Hong Kong.
• Minor pointU.S. Patent No. 12,318,492 for abuse- and misuse-deterrent transdermal systems was issued in June 2025.
• Minor pointThe FDA granted a Type C meeting in August 2025 for feedback on manufacturing and regulatory plans.
• Minor pointCommercial brand-name trademarks received a USPTO Notice of Publication in September 2026.
• Minor pointNutriband joined four Russell indexes in July 2025.

Negative

• Moderate pointThe 2025 Kindeva addendum established shared development costs in exchange for milestone payments.
• Moderate pointThe 2023 debt conversion issued equity for $2 million of debt, diluting existing holders. 2.2% of market cap
• Minor point. Forward-looking: it has not happened yet and may not happen.Each dividend preferred share is convertible into one common share following FDA approval of AVERSA Fentanyl.

News Explained

The July 2025 25% preferred-stock dividend gave each preferred share a one-for-one conversion into common stock after FDA approval of AVERSA Fentanyl; if converted, those shares would increase the common share count and reduce existing holders’ ownership percentages, absent offsetting changes.

Key Figures

Warrant expiration: September 30, 2026

Warrant expiration

September 30, 2026

2021 Nasdaq uplisting warrants expired as scheduled

Historical Context

1 past event · Latest: Sep 22

1 event

1. Sep 22

   Warrant expiration notice

   24h Move

   -11.2%

   Earlier notice set September 30 expiration without extension or repricing; this letter confirms completion.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

505(b)(2) nda, nonprovisional patent application, human abuse liability study

3 terms

505(b)(2) nda regulatory

"from IND submission through a 505(b)(2) NDA approval and commercialization"

A 505(b)(2) NDA is a U.S. drug-approval pathway that lets a company rely partly on existing scientific studies or prior approvals instead of repeating all tests, while still providing new data on changes like a new formulation, dosing, or indication. For investors, it matters because it can cut development time, cost, and risk compared with a wholly new drug—think of renovating a house using an existing foundation rather than building from scratch—potentially bringing revenue to market sooner.

nonprovisional patent application technical

"filing a nonprovisional patent application that could extend protection"

A nonprovisional patent application is a formal, complete patent filing submitted to a national patent office (commonly the U.S. Patent and Trademark Office) that begins substantive examination for patentability. It must include a written description of the invention, at least one claim defining the legal scope sought, and required formal statements (such as an oath or declaration and drawings if needed); it establishes a filing date and can mature into an issued patent if the office finds the claims allowable. Unlike a provisional application, a nonprovisional is not temporary: it is examined on the merits, can claim priority to an earlier provisional or prior nonprovisional filing, and failure to prosecute or meet procedural requirements can result in abandonment.

human abuse liability study medical

"manufacturing clinical supplies for our Human Abuse Liability study"

A human abuse liability study is a controlled clinical trial that measures a drug or other substance’s potential for misuse, dependence, or addictive effects in people. These studies typically give the test substance, a placebo, and one or more known drugs of abuse to volunteers (often recreational drug users) and record subjective effects (for example ‘‘drug liking’’), physiological responses, cognitive effects, and measures of reinforcement or withdrawal; study designs commonly use crossover dosing and positive-control comparisons. The results are used to characterize abuse-related properties for regulators, labeling, scheduling and risk-management decisions and do not assess therapeutic efficacy.

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Nutriband CEO Gareth Sheridan Congratulates Shareholders on Five-Year Nasdaq Listing Anniversary

CEO letter reflects on five years of milestones since the Company's October 1, 2021 uplisting, as AVERSA™ Fentanyl advances toward an IND filing and the 2021 offering warrants expire as scheduled

ORLANDO, Fla., Oct. 01, 2026 (GLOBE NEWSWIRE) -- Nutriband Inc. (NASDAQ: NTRB) today announced that CEO Gareth Sheridan has published a letter to shareholders marking the fifth anniversary of the Company's listing on the Nasdaq Capital Market, which took effect on October 1, 2021. The letter reviews the key milestones achieved between October 1, 2021 and today and outlines the Company's priorities for the period ahead. The full text of the letter is below.

Dear Shareholders,

Five years ago today, on October 1, 2021, Nutriband's common stock and warrants began trading on the Nasdaq Capital Market under the symbols NTRB and NTRBW and on behalf of the entire Nutriband team I want to congratulate and thank every one of you who has been part of that journey.

I always make a point of thanking the many of you who have been with us from the very beginning, and the many more who have joined our common goal along the way. That goal has not changed in five years: to change the world for the better by improving the safety standard of easily abused transdermal drugs, while making sure these safer treatments remain available to the patients who genuinely need them.

When we uplisted, I said that becoming a Nasdaq-listed company would broaden awareness of Nutriband and give us the access to resources and the credibility to move our lead product, AVERSA™ Fentanyl, forward. Looking back over the past five years, I believe we have done exactly that. AVERSA™ Fentanyl has moved from a feasibility concept to a commercially scaled-up product with a global commercial brand name decided, all while we kept a disciplined focus on protecting shareholders from unnecessary dilution.

Five Years of Milestones

Here are some of the key highlights from our first five years as a Nasdaq-listed company.

2021 – 2022: Uplisting and Setting AVERSA™ Fentanyl in Motion

• October 2021: Uplisted to the Nasdaq Capital Market, alongside an underwritten public offering of $6.6 million; together with the concurrent offering, total gross proceeds were approximately $8.7 million.
• January 2022: Signed a feasibility agreement with Kindeva Drug Delivery, a world leader in transdermal manufacturing, to develop AVERSA™ Fentanyl based on our AVERSA™ technology and Kindeva's FDA-approved transdermal fentanyl patch.
• Expanded the AVERSA™ pipeline to include AVERSA™ Buprenorphine and AVERSA™ Methylphenidate, underlining that AVERSA™ is a platform technology.
• A Health Advances market analysis estimated AVERSA™ Fentanyl could reach peak annual U.S. sales of $80 million to $200 million.¹
• Reported record fiscal-year revenue of $1.4 million, up 56%, and grew AVERSA™ patent coverage to 44 countries.
  
  

2023: Recognition, New IP and Revenue Growth

• The USPTO issued new intellectual property for our AVERSA™ technology.
• Showcased AVERSA™ in London and received multiple award nominations at the 2023 pharma industry awards.
• Delivered strong revenue growth from our Pocono Pharma subsidiary, helping to reduce our burn rate through clinical development.
• Launched our own Active Intelligence (AI Tape) brand, manufactured in Cherryville, North Carolina, with former NFL quarterback Donovan McNabb as brand ambassador.
• Strengthened our balance sheet by converting $2 million of debt into equity with a large strategic shareholder.
  
  

2024: From Feasibility to Commercial Development

• Signed a Commercial Development and Clinical Supply Agreement with Kindeva, replacing the feasibility agreement and marking our transition from feasibility toward potential commercialization.
• Secured patents in China and Hong Kong, extending AVERSA™ patent protection to 46 countries, and received a U.S. Notice of Allowance for the AVERSA™ trademark.
• Reported record Q3 revenue of $645,796, up 51% year over year, with Pocono-manufactured products available at Target, Walmart, Walgreens and CVS.
• Entered an exclusive supplier agreement with Fit For Life Group, a brand licensee for Adidas, Reebok and New Balance, and launched our Mosquito Repellent Patch in Costa Rica.

2025: Scale-Up, FDA Engagement and Shareholder Rewards

• February: Received a Notice of Allowance for a new U.S. patent covering AVERSA™, and signed an addendum with Kindeva formalizing our exclusive partnership on a shared development cost basis in exchange for milestone payments.
• June: The USPTO issued U.S. Patent No. 12,318,492, "Abuse and Misuse Deterrent Transdermal Systems," adding significant time to our patent protection. We also completed the commercial manufacturing process scale-up for AVERSA™ Fentanyl.
• July: Issued a 25% Preferred Stock dividend to all shareholders, with each preferred share convertible into one common share following FDA approval of AVERSA™ Fentanyl. We were also added to four indexes: the Russell Microcap, Russell Microcap Growth, Russell 3000E and Russell 3000E Growth.
• August: Were granted a Type C meeting with the U.S. FDA to receive feedback on our Chemistry, Manufacturing and Controls plans from IND submission through a 505(b)(2) NDA approval and commercialization.

2026: Building Toward the Clinic

• January: Held our Annual Shareholders Meeting in Orlando and welcomed two new directors, Alessandro Puddu and Viorica Carlig, to our Board.
• August: Presented as part of the CEO Spotlight at the 2026 Georgia Life Sciences Summit.
• September: Received a Notice of Publication from the USPTO for the commercial brand name trademarks for our abuse-deterrent fentanyl patch, a key step toward submitting our worldwide brand name to the FDA and other regulators.
• September: Attended the inaugural Nasdaq Life Sciences Advisory Board (LaB) Biotech Summit, appointed decorated Navy SEAL and veterans' health advocate Robert J. O'Neill to our Advisory Board, and was featured in a new Nick Shirley documentary on America's opioid crisis.
• September 30: 5 Year tradeable warrants under the symbol NTRBW from Nasdaq uplisting expired.
  
  

Shareholder Value and the Road Ahead

Shareholder value has always been, and remains, a core focus for us. Over five years we have been deliberately reluctant to raise capital in the open market in ways that could introduce additional warrants or unfavorable capital structures, choosing instead non-dilutive and strategic routes wherever possible.

This anniversary also closes an important chapter. The warrants issued in our 2021 uplisting expired as scheduled on September 30, 2026, with no extension and no repricing, and have been removed from the NTRBW Nasdaq listing. Internally, we believe these warrants were a major contributor to the volatility in our stock in recent years, and we enter our sixth year on Nasdaq with a cleaner capital structure and no debt.

Looking ahead, our focus is firmly on advancing AVERSA™ Fentanyl toward an NDA filing. Our priorities include filing a nonprovisional patent application that could extend protection of AVERSA™-based products to 2046, manufacturing clinical supplies for our Human Abuse Liability study, filing an Investigational New Drug application with the FDA, and initiating clinical studies. AVERSA™ Fentanyl has the potential to become the world's first abuse-deterrent opioid transdermal patch.

If you haven't already, please sign up for our email alerts at www.Nutriband.com to receive the latest news and announcements as they become available.

Your continued support and belief in our vision have been pivotal to reaching these milestones. Five years on, our commitment to shareholder value as our number one focus is unchanged, and as we move closer to commercialization of AVERSA™ Fentanyl, I have no doubt that strategy will continue to shine through. Thank you for your trust, confidence and investment in Nutriband Inc.

Sincerely,

Gareth Sheridan CEO, Nutriband Inc.

¹ Health Advances AVERSA Fentanyl market analysis report, 2022

About Nutriband Inc.

We are primarily engaged in the development of a portfolio of transdermal pharmaceutical products. Our lead product under development is an abuse-deterrent fentanyl patch incorporating our AVERSA™ abuse-deterrent technology. AVERSA™ technology can be incorporated into any transdermal patch to prevent the abuse, misuse, diversion, and accidental exposure of drugs with abuse potential.

The Company's website is www.nutriband.com. Any material contained in or derived from the Company's websites or any other website is not part of this press release.

Forward-Looking Statements

Certain statements contained in this press release, including, without limitation, statements containing the words "believes," "anticipates," "expects" and words of similar import, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve both known and unknown risks and uncertainties. The Company's actual results may differ materially from those anticipated in its forward-looking statements as a result of a number of factors, including the Company's ability to develop its proposed abuse-deterrent fentanyl transdermal system and other proposed products, its ability to obtain patent protection for its abuse-deterrent technology, its ability to obtain the necessary financing to develop products and conduct the necessary clinical testing, its ability to obtain U.S. Food and Drug Administration approval to market any product it may develop in the United States and to obtain any other regulatory approval necessary to market any product in other countries, its ability to market any product it may develop, its ability to create, sustain, manage or forecast its growth; its ability to attract and retain key personnel; changes in the Company's business strategy or development plans; competition; business disruptions; adverse publicity and international, national and local general economic and market conditions and risks generally associated with an undercapitalized developing company, as well as the risks contained under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's periodic and current reports on Forms 10-K, 10-Q and 8-K and the Company's other filings with the Securities and Exchange Commission. Except as required by applicable law, we undertake no obligation to revise or update any forward-looking statements to reflect any event or circumstance that may arise after the date hereof.

Nutriband is a registered trademark of Nutriband, Inc. AVERSA is a trademark of Nutriband, Inc.

Contact Information:

Nutriband Inc.

Phone: 407-377-6695

Email: info@nutriband.com

SOURCE: Nutriband Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When did Nutriband's NTRBW warrants expire?

The warrants issued in Nutriband's 2021 Nasdaq uplisting expired on September 30, 2026. They were not extended or repriced and were removed from the NTRBW Nasdaq listing.

What are Nutriband's next steps for AVERSA Fentanyl?

Nutriband plans to manufacture clinical supplies for its Human Abuse Liability study, file an Investigational New Drug application with the FDA and initiate clinical studies. Its development focus is advancing AVERSA Fentanyl toward a New Drug Application filing.

When can Nutriband's 2025 dividend preferred shares convert into common stock?

Each preferred share from the July 2025 dividend is convertible into one common share following FDA approval of AVERSA Fentanyl. The dividend was issued to all shareholders at a rate of 25%.