NovaBay Pharmaceuticals Q2 2024: Warrant Offerings Detailed

TL;DR

NovaBay Q2 10-Q: Big warrant deals in July, check the details.

AI Summary

NovaBay Pharmaceuticals, Inc. reported its Q2 2024 results, ending June 30, 2024. The company's financial performance and operational updates were detailed in this 10-Q filing. Key events include a prefunded warrants offering and related warrant issuances that occurred in late July 2024, impacting the company's capital structure.

Why It Matters

This filing provides insight into NovaBay's financial health and strategic financing activities, which can influence investor confidence and future stock performance.

Risk Assessment

Risk Level: medium — The company's reliance on financing activities like warrant offerings suggests potential financial pressures or growth initiatives requiring significant capital.

Key Numbers

• 95 — Public Document Count (Indicates the volume of documents associated with this filing.)
• 1231 — Fiscal Year End (Defines the company's annual reporting cycle.)

Key Players & Entities

• NovaBay Pharmaceuticals, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240813 (date) — Filing date of the 10-Q
• 2000 POWELL STREET, SUITE 1150 (address) — Company's business and mailing address
• EMERYVILLE, CA (location) — Company's business and mailing location
• 2024-07-26 (date) — Date of the prefunded warrants offering and related warrant issuances
• PrefundedWarrants2024PublicOfferingMember (event) — Description of the financing event
• The2024PublicOfferingMember (event) — Description of the financing event

FAQ

Key Financial Figures

• $0.01 — Registered Common Stock, par value $0.01 per share NBY NYSE American Secur

Filing Documents

• nby20240630_10q.htm (10-Q) — 2269KB
• ex_709225.htm (EX-31.1) — 8KB
• ex_709226.htm (EX-31.2) — 8KB
• ex_709227.htm (EX-32.1) — 4KB
• ex_709228.htm (EX-32.2) — 4KB
• 0001437749-24-026386.txt ( ) — 12126KB
• nby-20240630.xsd (EX-101.SCH) — 106KB
• nby-20240630_def.xml (EX-101.DEF) — 685KB
• nby-20240630_lab.xml (EX-101.LAB) — 535KB
• nby-20240630_pre.xml (EX-101.PRE) — 728KB
• nby-20240630_cal.xml (EX-101.CAL) — 42KB
• nby20240630_10q_htm.xml (XML) — 2487KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets: June 30, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations: Three and six months ended June 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Stockholders ' (Deficit) Equity: Three and six months ended June 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows: Six months ended June 30, 2024 and 2023 (unaudited) 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7 Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 40 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 4.

Controls and Procedures

Controls and Procedures 50 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 51 Item 1A.

Risk Factors

Risk Factors 51 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52 Item 3. Defaults Upon Senior Securities 52 Item 4. Mine Safety Disclosures 52 Item 5. Other Information 52 Item 6. Exhibits 53

SIGNATURES

SIGNATURES 55 Unless the context requires otherwise, all references in this report to "we," "our," "us," the "Company" and "NovaBay" refer to NovaBay Pharmaceuticals, Inc., a Delaware corporation, and, where applicable, also its former wholly-owned subsidiary, DERMAdoctor, LLC, a Missouri limited liability company. The Company owns live trademark registrations in the U.S., as well as trademark registrations and pending applications in many other countries internationally, with our primary trademarks including "Avenova", "CelleRx", "PhaseOne", and "NeutroPhase", which are held directly by NovaBay. "DERMAdoctor", "Kakadu C", "AIN'T Misbehavin'", and "KP Duty" are held directly by our former wholly-owned subsidiary DERMAdoctor . On May 30, 2024, the Company effected a 1-for-35 reverse stock split of its common stock (the " Reverse Stock Split "). The accompanying financial statements and related notes give retroactive effect to this reverse stock split. Table of Contents PART I FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS NOVABAY PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value amounts) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 751 $ 2,924 Accounts receivable, net of allowance for credit losses ($ 3 at June 30, 2024 and December 31, 2023) 547 680 Inventory, net of allowance for excess and obsolete inventory and lower of cost or estimated net realizable value adjustments ($ 204 and $ 264 at June 30, 2024 and December 31, 2023, respectively) 700 564 Prepaid expenses and other current assets 255 256 Current assets, discontinued operations — 2,730 Total current assets 2,253 7,154 Operating lease right-of-use assets 1,128 1,296 Property and equipment, net 68 87 Other assets 476 478 Other assets, discontinued operations — 19 TOTAL ASSETS $ 3,925 $ 9,034 LIABILITIES AND STOCKHOLDERS ' (DEFICIT) EQUITY Liabilities: Current liabilities: Accounts payable $ 1,235 $ 906 Accrued liabilities 1,297 1,169 Secured Convertible Notes, net of discounts 655 1,137 Unsecured Convertible Notes, net of discounts 41 — Operating lease liabilities 382 368 Current liabilities, discontinued operations — 698 Total current liabilities 3,610 4,278 Warrant liabilities — 334 Operating lease liabilities-non-current 932 1,108 Total liabilities 4,542 5,720 Commitments and contingencies (Note 8) Stockholders' (deficit) equity: Preferred stock, $ 0.01 par value; 5,000 shares authorized; Series B Preferred Stock; 1 and 6 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 6 275 Series C Preferred Stock; 0 and 1 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively — 1,675 Common stock, $ 0.01 par value; 150,000 shares authorized, 1,348 and 321 shares issued and outstanding at June 30, 2024 and December 3

View Full Filing

View this 10-Q filing on SEC EDGAR