Stablecoin Development Corp

NovaBay Pharmaceuticals, Inc. (NYSE American: NYSM) operates as a digital asset treasury company following a comprehensive strategic realignment of its business operations. The company's website is located at www.novabay.com.

Historically, NovaBay focused on the development and commercialization of scientifically-created and clinically-proven eyecare, wound care, and skin care products. However, the company has undergone significant transformation through a series of completed divestitures. In January 2025, NovaBay sold its Avenova eyecare product line and related assets to PRN Physician Recommended Nutriceuticals, LLC, which represented the sale of substantially all of its then revenue-generating operating assets. Also in January 2025, the company divested its wound care product trademarks, including NeutroPhase and PhaseOne, to Phase One Health LLC. Subsequently, NovaBay exited its remaining China NeutroPhase product line in October 2025 as part of its strategic shift.

Following these divestitures, NovaBay adopted a new capital allocation strategy focused on acquiring and holding digital assets that provide exposure to economic participation within open digital financial networks. The company's primary strategic objective centers on acquiring SKY, the protocol token of the decentralized Sky network, a blockchain-based software protocol deployed on the Ethereum blockchain that is developed around the USDS stablecoin. As of January 2026, NovaBay held approximately 943.6 million SKY tokens following a private placement transaction that raised approximately $137.4 million in gross proceeds through a combination of cash, stablecoins, and digital assets.

The company maintains custody of its digital assets through U.S.-based service providers including Fireblocks and Kraken, which provide wallet infrastructure, key management technology, and institutional digital asset custody services. NovaBay's strategy contemplates holding digital assets for extended periods as long-term positions, periodically monetizing portions of holdings for corporate purposes, and evaluating opportunities to generate liquidity through assets held by the company.

As of December 31, 2025, NovaBay employed four individuals on a consolidated basis. The company maintains its principal executive office in Emeryville, California, where it leases approximately 7,675 square feet of office space with a lease expiration date of July 31, 2027.