NovaBay Pharmaceuticals was historically a pharmaceutical company focused on eyecare, wound care, and skin care products, but divested substantially all of its operating assets through 2024 and 2025 and has since reinvented itself as a digital asset treasury company. NovaBay's core activity is acquiring and holding SKY tokens, the protocol token of the Sky decentralized finance network built on the Ethereum blockchain. The Sky Protocol centers on USDS, a collateralized stablecoin pegged to the US dollar, and generates revenue from stablecoin issuance, collateralized lending, and other on-chain financial services. NovaBay is not a software developer or protocol operator — it is essentially a holder of SKY tokens, accumulating them as a long-term treasury position. As of early 2026, NovaBay held approximately 2 billion SKY tokens, acquired through a January 2026 private placement and subsequent open-market purchases totaling roughly $70.7M in cash. NovaBay funds SKY purchases primarily through equity and equity-linked capital raises, including a ~$137.4M private placement in January 2026 and a $100M at-the-market equity program — a structure similar to how MicroStrategy uses capital markets to accumulate Bitcoin. Revenue, to the extent it exists, comes from staking distributions, token buybacks funded by protocol surplus, and periodic sales of SKY holdings. The primary driver of NovaBay's financial outcomes is the price of SKY, which is volatile and market-determined. NovaBay has only 4 employees and operates from a single office in Emeryville, California.