Stablecoin Development Corp
SDEV evidence brief
What we can confirm
- Market Cap:
- $44.1M
What it means
What to watch
Prepared research question
What matters most for SDEV—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · SDEV
Stablecoin Development Corp (SDEV), formerly NovaBay Pharmaceuticals, is a biotech-to-crypto pivot company that raised capital via pre-funded warrants and an ATM sales agreement, reporting a net loss of $41.1M on $2.2M revenue as of 2026-06-30.
Key risk: No crypto revenue yet
Market Cap
$44.1M
Cash Runway
—
Lead Asset
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Next Catalyst
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Financial data as of Jun 30, 2026.
Stablecoin Development Corp (SDEV), formerly NovaBay Pharmaceuticals, is a biotech-to-crypto pivot company that raised capital via pre-funded warrants and an ATM sales agreement, reporting a net loss of $41.1M on $2.2M revenue as of 2026-06-30.
- Rebranded from NovaBay Pharmaceuticals to Stablecoin Development Corp in March 2026, signaling a full pivot to crypto [news · 2026-03-24].
- Raised aggregate gross proceeds of approximately $X via pre-funded warrants sold to R01 Fund LP, Framework Ventures IV L.P., Tether Investments, and Sky Frontier Foundation in January 2026 [news · 2026-01-16].
- Entered an ATM Sales Agreement with Virtu Americas LLC allowing sale of up to $100M of common stock [news · 2026-01-20].
- Reported cash & equivalents of $7.0M, total revenue of $2.2M, net income of -$41.1M, and shareholders' equity of $127.2M as of 2026-06-30 [sec].
- Regained compliance with NYSE American continued listing standards in October 2025 after meeting the $6.0M stockholders' equity requirement [news · 2025-10-21].
What works
- Raised substantial capital from notable crypto investors including Tether Investments, providing financial runway for the pivot [news · 2026-01-16].
- Shareholders' equity of $127.2M as of 2026-06-30 is well above the NYSE American minimum, indicating compliance with listing standards [sec].
- The ATM Sales Agreement provides a flexible mechanism to raise up to $100M in additional equity capital [news · 2026-01-20].
What to weigh
- Net loss of $41.1M on only $2.2M revenue as of 2026-06-30 reflects a highly unprofitable core business [sec].
- The company has no disclosed revenue from its new crypto/stablecoin focus, creating uncertainty about future cash flows [news · 2026-03-24].
- The reverse stock split (1-for-5) in February 2026 may indicate efforts to manage share price and listing requirements [news · 2026-02-12].
- Prior reliance on a special dividend ($0.80 per share) in 2025 suggests a one-time distribution rather than sustainable profitability [news · 2025-09-24].
From the filings
Quoted directly from source documents.
Company rebranded to Stablecoin Development Corp in March 2026
“NovaBay Rebrands To Stablecoin Development Corp In Full Crypto Pivot— Pharma Company's Stock Climbs 19%”
News · March 24, 2026
Catalyst timeline
- 2026-07-31 · Earnings Report - SEC 8-K filing — Next scheduled earnings filing; will provide updated financials and progress on pivot.
Risks & what to watch (4)›
Key risks
- No crypto revenue yet — No disclosed revenue from stablecoin/crypto operations; pivot is unproven [news · 2026-03-24].
- Large net loss — Net loss of $41.1M on $2.2M revenue as of 2026-06-30 indicates severe cash burn [sec].
- Dilution risk from ATM — ATM Sales Agreement allows up to $100M in stock sales, potentially diluting existing shareholders [news · 2026-01-20].
- Reverse split signals pressure — 1-for-5 reverse stock split in Feb 2026 may indicate efforts to maintain listing compliance [news · 2026-02-12].
What to watch
- Next earnings report (SEC 8-K) expected around 2026-07-31 [catalyst].
- Any revenue or partnership announcements related to the stablecoin development pivot [news · 2026-03-24].
- Utilization of the ATM Sales Agreement and potential dilution impact [news · 2026-01-20].
- Cash runway and burn rate given $7.0M cash and $41.1M annual net loss [sec].
Sources: Catalysts · News · Generated October 13, 2026 · How we verify sources →
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Evidence & data
Financials
Short Interest
as of May 21, 2026- % of float
- 9.8%
- Days to cover
- 0.7
- Shares short
- 333,120
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
SDEV short interestFrequently asked questions
What is the AI investment thesis for Stablecoin Development Corp?
Stablecoin Development Corp (SDEV), formerly NovaBay Pharmaceuticals, is a biotech-to-crypto pivot company that raised capital via pre-funded warrants and an ATM sales agreement, reporting a net loss of $41.1M on $2.2M revenue as of 2026-06-30.
Who is the CEO of Stablecoin Development Corp?
Mr. Michael John Kazley is the chief executive officer of Stablecoin Development Corp (SDEV).
Where is Stablecoin Development Corp headquartered?
Stablecoin Development Corp (SDEV) is headquartered in EmeryVille, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.