The 'Alcon' of specialized lid and lash hygiene products.

• AVENOVA®: A prescription eyelid and lash cleanser containing hypochlorous acid for managing common eye conditions.
• CELOVA™: A topical prescription spray with hypochlorous acid used for the management of various skin conditions.
• NEUTROX®: A prescription wound cleanser containing hypochlorous acid to aid in the healing of chronic and acute wounds.
• NOVAWOUND®: A prescription topical solution with hypochlorous acid designed for cleansing and debriding wounds.
• DermaWound®: A line of over-the-counter hydrogel wound dressings for various types of skin wounds.

NovaBay Pharmaceuticals (NBY) operates a diversified sales model that includes direct-to-consumer sales via e-commerce, sales through online retailers, and direct sales to healthcare professionals. According to their SEC filings, no single customer accounts for 10% or more of their net product revenue, which indicates that they do not have a few dominant "major customer companies" in the traditional B2B sense.

Therefore, NovaBay Pharmaceuticals primarily serves individuals, either directly or through fragmented professional channels. The categories of customers it serves include:

1. Individuals seeking ophthalmic hygiene products: Consumers who purchase NovaBay's Avenova brand products (e.g., lid and lash hygiene solutions) for managing conditions like dry eye, blepharitis, or for general eye cleanliness. These purchases are typically made through NovaBay's e-commerce channels, Amazon, or other online pharmacies.
2. Individuals seeking dermatological skincare products: Consumers who purchase NovaBay's DERMAdoctor brand products for various skincare concerns such as anti-aging, acne, hyperpigmentation, or sensitive skin. These sales occur primarily through NovaBay's own website, Amazon, and other online beauty retailers.
3. Eyecare Professionals: Optometrists, ophthalmologists, and other eyecare specialists who purchase Avenova products directly from NovaBay. These professionals either use the products in their practices, recommend them to patients, or resell them. While these are business-to-business transactions for NovaBay, they typically involve individual practices rather than large corporate entities, and the ultimate beneficiary is an individual patient.

David E. Lazar, Chief Executive Officer

Mr. Lazar was appointed CEO and a director of NovaBay Pharmaceuticals, effective August 19, 2025. He is described as a private investor known for aggressive investment strategies, capital restructuring, and reverse merger expertise. His investment in NovaBay is intended to support the company's public listing and fund future strategic transactions.

Tommy Law, Chief Financial Officer

Mr. Law was appointed Chief Financial Officer and Treasurer of NovaBay Pharmaceuticals on August 19, 2025. He previously served as the company's Interim Chief Financial Officer and Treasurer since February 2023, and as Corporate Controller since September 2022. Prior to joining NovaBay in December 2019, Mr. Law was a Senior Accountant at KP LLC from January 2017 to December 2019, and an Accounting Manager at Hitachi Solutions America Ltd. from 2012 to 2015.

Justin Hall, Vice President of Business Development

Mr. Hall transitioned to the role of Vice President of Business Development in August 2025, having previously served as President and Chief Executive Officer and General Counsel for NovaBay. He joined NovaBay in February 2013. Prior to his time at NovaBay, Mr. Hall was Corporate Counsel at Accuray Incorporated from 2006 to 2013. His earlier experience includes serving as a FINRA licensed investment advisor at Sagemark Consulting from 2000 to 2006 and as a stockbroker at First Security Van Kasper from 1998 to 2001.

Audrey Kunin, M.D., Chief Product Officer

Dr. Kunin joined NovaBay in November 2021 as Chief Product Officer following the company's acquisition of DERMAdoctor, LLC, which she co-founded. She is a board-certified dermatologist, author, clinician, and educator.

NovaBay Pharmaceuticals (NBY) operates in the eyecare, wound care, and skincare markets with its main products and services.

The addressable markets for their key products are as follows:

• Avenova (Eyecare - Dry Eye Syndrome Treatment): The U.S. dry eye syndrome treatment market is projected to grow to $4.86 billion by 2030, from $3.02 billion in 2023.
• Avenova (Eyecare - Over-the-Counter Artificial Tears): The global market for over-the-counter artificial tear products is expected to reach nearly $6.4 billion by 2028.
• NeutroPhase / PhaseOne (Wound Care): null
• CelleRx Clinical Reset (Beauty/Dermatology): null
• DERMAdoctor (Skincare): null

1. Successful identification and integration of new strategic business combinations or acquisitions. The company's board is actively exploring strategic alternatives, including potential business combinations, which, if successful, could introduce new revenue streams and operational focuses for NovaBay.
2. Introduction of novel pharmaceutical products resulting from new research and development (R&D) investments. Following a recent securities purchase deal and the appointment of a new CEO, there is an expectation that a significant cash infusion will support and boost R&D efforts, potentially leading to the development and market launch of new products.
3. Expansion into new markets and implementation of innovative growth strategies under new leadership. The new Chief Executive Officer is tasked with steering NovaBay Pharmaceuticals towards innovative growth strategies and aiming for market expansion, which could open up new customer bases and revenue opportunities.

Share Issuance

• In 2025, NovaBay Pharmaceuticals issued pre-funded warrants to purchase an aggregate of 5,405,406 shares of common stock, generating approximately $6.0 million in net proceeds.
• The company also issued 268,750 shares of Series E non-voting convertible preferred stock in 2025, resulting in approximately $2.15 million in net proceeds.
• NovaBay issued 481,250 shares of Series D Preferred Stock to private investor David E. Lazar, yielding gross proceeds of $3.85 million in 2025.
• In 2024, NovaBay Pharmaceuticals implemented a 1-for-35 reverse stock split of its common stock.

Inbound Investments

• In 2025, NovaBay secured a $6 million securities purchase agreement with private investor David E. Lazar for non-voting convertible preferred stock, with an initial $3.85 million received.
• This investment was crucial for NovaBay to regain compliance with NYSE American's continued listing standards, which required a minimum of $6 million in stockholders' equity.
• The proceeds from Lazar's investment are intended to support the company's public listing and fund future strategic investments and/or acquisitions, moving away from a previously considered plan of dissolution.

Outbound Investments

• On January 17, 2025, NovaBay Pharmaceuticals sold its Avenova assets to PRN Physician Recommended Nutriceuticals, LLC for $11.5 million, which constituted the disposal of substantially all of its revenue-generating operations.
• The company divested its PhaseOne® and NeutroPhase® U.S. wound care trademarks to PhaseOne Health LLC for $500,000 on January 8, 2025.
• NovaBay completed the sale of its former wholly-owned subsidiary, DERMAdoctor, Inc., to New Age Investments LLC on March 26, 2025.