Companies · Pharmaceuticals

NovaBay Pharmaceuticals, Inc.

EMERYVILLE · Pharmaceuticals

Diligence memoA one-page analyst read on NovaBay Pharmaceuticals, Inc. — recommendation, valuation, rhythm, risks.
$218.1M
Total raised · real
16
Rounds
593.0×
Latest step-up
Top 4%
Sector rank · raised
Series D+
Latest stage · inferred · Fri Jan 16 2026 00:00:00 GMT+0000 (Coordinated Universal Time)

NovaBay Pharmaceuticals, Inc. looks fair against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the pharma sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Fair
  • Modeled value is 1.01× the median modeled value of Series D+ Pharmaceuticals companies in 2025–2027 (7 peers) — value vs value, same stage and era.
  • Within the normal band (101% of peer median) for its niche.
Active
  • Last raise 5 mo ago; this sector typically re-raises about every 13 months.
  • Raising on or ahead of the sector's normal rhythm.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Pharmaceuticals

NovaBay Pharmaceuticals, Inc. is one of 1613 Pharmaceuticals companies tracked from EMERYVILLE. By capital raised it ranks among the largest (ahead of 97% of sector peers), and in the upper tier by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
4
Investors (latest)
2026-01-16
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$250M$500M$750M$1.0BSeries B · 2015-03-06 Raised $27M (real) Modeled valuation $904M (est)Series B2015Series B · 2015-03-06 Raised $15M (real) Modeled valuation $515M (est)Series B · 2016-02-16 Raised $2.8M (real) Modeled valuation $96M (est)Series B2016Series B · 2016-05-09 Raised $7.8M (real) Modeled valuation $265M (est)Series B · 2018-02-05 Raised $6.0M (real) Modeled valuation $203M (est)Series B2018Series B · 2019-06-26 Raised $2.4M (real) Modeled valuation $82M (est)Series B · 2019-08-13 Raised $2.7M (real) Modeled valuation $92M (est)Series B2019Series B · 2019-08-13 Raised $4.2M (real) Modeled valuation $143M (est)Series B · 2020-07-20 Raised $6.8M (real) Modeled valuation $228M (est)Series B2020Series B · 2021-11-02 Raised $15M (real) Modeled valuation $301M (est)Series B · 2022-09-09 Raised $2.1M (real) Modeled valuation $30M (est)Series B2022Series B · 2022-09-23 Raised $3.3M (real) Modeled valuation $46M (est)Series B · 2023-05-01 Raised $3.0M (real) Modeled valuation $33M (est)Series B2023Series B · 2023-12-21 Raised $555K (real) Modeled valuation $4.8M (est)Series B · 2024-03-24 Raised $665K (real) Modeled valuation $5.2M (est)Series B2024Series B · 2024-06-14 Raised $226K (real) Modeled valuation $1.6M (est)Series D+ · 2026-01-16 Raised $134M (real) Modeled valuation $913M (est)Series D+2026Cumulative $233M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series B$26.6M · 2015
Series B extension$15.1M · 2015
Series B extension$2.8M · 2016
Series B extension$7.8M · 2016
Series B extension$6.0M · 2018
Series B extension$2.4M · 2019
Series B extension$2.7M · 2019
Series B extension$4.2M · 2019
Series B extension$6.8M · 2020
Series B extension$15.0M · 2021
Series B extension$2.1M · 2022
Series B extension$3.3M · 2022
Series B extension$3.0M · 2023
Series B extension$555K · 2023
Series B extension$665K · 2024
Series B extension$226K · 2024
Series D+$134.0M · 2026no Series C on file

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A, Series C — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 33%.

Modeled valuation trajectory
$913.2M
Base estimate est.
$637.8M
Conservative case
$1.1B
Upside case
$1.1B
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series D+a $100M–$400M round). Valuation is modeled from stage benchmarks scaled by the pharma sector profile. Directional, not a quoted figure.

Series B · modeled $903.9M · 2015-03-062015Series B · modeled $514.6M · 2015-03-06Series B · modeled $96.3M · 2016-02-16Series B · modeled $264.9M · 2016-05-09Series B · modeled $203.5M · 2018-02-05Series B · modeled $81.6M · 2019-06-26Series B · modeled $91.8M · 2019-08-13Series B · modeled $142.8M · 2019-08-13Series B · modeled $227.6M · 2020-07-20Series B · modeled $300.6M · 2021-11-02Series B · modeled $29.6M · 2022-09-09Series B · modeled $45.8M · 2022-09-23Series B · modeled $33.3M · 2023-05-01Series B · modeled $4.8M · 2023-12-21Series B · modeled $5.2M · 2024-03-24Series B · modeled $1.6M · 2024-06-14Series D+ · modeled $913.2M · 2026-01-162026
Model inputs · modeled:benchmark-stage-stepup-v1
12%
Dilution assumption
Implied ownership sold in the financing.
71%
Survival probability
57% low · 79% high
1.35×/yr
Annual markup
1.51×/yr upside case
0.5 yr
Elapsed time used
0.5 yr actual, capped for stale marks
pharma
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
8 mo
Avg between rounds
$20.1M/yr
Capital velocity
11.3 yr
On record since
2015
First round
17
Rounds on file
How it compares to the market

Benchmarked against 1613 companies in Pharmaceuticals. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 27× above median
This company$218.1M
Sector median$8.1M
Latest round — vs other Series D+ rounds in sector (real $, this stage) 1.2× above median
This company$134.0M
Sector median$111.8M
Modeled value — vs sector median (estimate, all stages) 12× above median
This company$913.2M
Sector median$76.1M

Raised more than 97% of sector peers (real $). Modeled value above 88% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series D+) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #3 of 7.

This companyCohort peer
$100.0M$1.0B$10.0B$100.0M$1.0BCapital raised (log)DBV Technologies S.A. · Series D+ Raised $306.9M · modeled $2.6B (est)Galecto, Inc. · Series D+ Raised $428.3M · modeled $2.0B (est)Pelage Pharmaceuticals, Inc. · Series D+ Raised $150.7M · modeled $901.6M (est)Triana Biomedicines, Inc. · Series D+ Raised $178.6M · modeled $852.8M (est)Quoin Pharmaceuticals, Ltd. · Series D+ Raised $113.8M · modeled $774.2M (est)Lexicon Pharmaceuticals, Inc. · Series D+ Raised $446.0M · modeled $374.2M (est)NovaBay Pharmaceuticals, Inc. (this company) Raised $218.1M · modeled $913.2M (est)NovaBay Pharmaceuticals, Inc.
CompanyStageRaised · realValue · estvs peer med.
DBV Technologies S.A.Series D+$306.9M$2.6B2.92×
Galecto, Inc.Series D+$428.3M$2.0B2.27×
NovaBay Pharmaceuticals, Inc. this companySeries D+$218.1M$913.2M1.01×
Pelage Pharmaceuticals, Inc.Series D+$150.7M$901.6M1.00×
Triana Biomedicines, Inc.Series D+$178.6M$852.8M0.95×
Quoin Pharmaceuticals, Ltd.Series D+$113.8M$774.2M0.86×
Lexicon Pharmaceuticals, Inc.Series D+$446.0M$374.2M0.42×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series B$26.6M2015-03-06$147.7M$903.9M85%
Series B$15.1M2015-03-06$84.1M$514.6M85%
Series B$2.8M2016-02-16$15.7M$96.3M85%
Series B$7.8M2016-05-09$43.3M$264.9M85%
Series B$6.0M2018-02-05$33.2M$203.5M90%
Series B$2.4M2019-06-26$13.3M$81.6M90%
Series B$2.7M2019-08-13$15.0M$91.8M90%
Series B$4.2M2019-08-13$23.3M$142.8M90%
Series B$6.8M2020-07-20$37.9M$227.6M90%
Series B$15.0M2021-11-02$83.3M$300.6M90%
Series B$2.1M2022-09-09$11.5M$29.6M90%
Series B$3.3M2022-09-23$18.1M$45.8M90%
Series B$3.0M2023-05-01$16.7M$33.3M90%
Series B$555K2023-12-21$3.1M$4.8M90%
Series B$665K2024-03-24$3.7M$5.2M90%
Series B$226K2024-06-14$1.3M$1.6M90%
Series D+$134.0M2026-01-16$1.1B$913.2M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series B$26.6M2015-03-06
    • First recorded raise — entered as Series B.
    • 21 investors on this round.
  2. Series B$15.1M2015-03-06
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.8× smaller than the prior — bridge or down round.
    • 14 investors on this round.
  3. Series B$2.8M2016-02-16
    • Raised 11 mo later, in step with the ~13 mo sector norm.
    • Round 5.3× smaller than the prior — bridge or down round.
    • 3 investors on this round.
  4. Series B$7.8M2016-05-09
    • Came back fast: 3 mo vs the ~13 mo sector norm.
    • Round 2.8× larger than the prior — scaling up.
    • 9 investors on this round.
  5. Series B$6.0M2018-02-05
    • Raised again after 21 mo — slower than the ~13 mo sector norm.
    • Round 1.3× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  6. Series B$2.4M2019-06-26
    • Raised 17 mo later, in step with the ~13 mo sector norm.
    • Round 2.5× smaller than the prior — bridge or down round.
    • 3 investors on this round.
  7. Series B$2.7M2019-08-13
    • Came back fast: 2 mo vs the ~13 mo sector norm.
    • Round roughly the size of the prior one.
    • 3 investors on this round.
  8. Series B$4.2M2019-08-13
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.6× larger than the prior — scaling up.
    • 4 investors on this round.
  9. Series B$6.8M2020-07-20
    • Raised 11 mo later, in step with the ~13 mo sector norm.
    • Round 1.6× larger than the prior — scaling up.
  10. Series B$15.0M2021-11-02
    • Raised 15 mo later, in step with the ~13 mo sector norm.
    • Round 2.2× larger than the prior — scaling up.
    • 7 investors on this round.
  11. Series B$2.1M2022-09-09
    • Raised 10 mo later, in step with the ~13 mo sector norm.
    • Round 7.3× smaller than the prior — bridge or down round.
    • 9 investors on this round.
  12. Series B$3.3M2022-09-23
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.6× larger than the prior — scaling up.
    • 4 investors on this round.
  13. Series B$3.0M2023-05-01
    • Came back fast: 7 mo vs the ~13 mo sector norm.
    • Round roughly the size of the prior one.
    • 5 investors on this round.
  14. Series B$555K2023-12-21
    • Raised 8 mo later, in step with the ~13 mo sector norm.
    • Round 5.4× smaller than the prior — bridge or down round.
    • 5 investors on this round.
  15. Series B$665K2024-03-24
    • Came back fast: 3 mo vs the ~13 mo sector norm.
    • Round roughly the size of the prior one.
    • 5 investors on this round.
  16. Series B$226K2024-06-14
    • Came back fast: 3 mo vs the ~13 mo sector norm.
    • Round 2.9× smaller than the prior — bridge or down round.
    • 5 investors on this round.
  17. Series D+$134.0M2026-01-16
    • Raised 19 mo later, in step with the ~13 mo sector norm.
    • Round 593.0× larger than the prior — scaling up.
    • 4 investors on this round.
Intelligence
2026 ~Q3
Modeled next raise · ~8mo cadence
$402.0M
Modeled next size est.range $261.3M$643.2M
593.0×
Last step-up
$20.1M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
ANDREW JONES5 other2020-07
Mark Sieczkarek4 other2019-06
Charles Cashion1 other2015-03
Gail E. Maderis1 other2015-03
Gail J. Maderis1 other2016-02
GAIL MADERIS1 other2019-06
Paul E. Freiman1 other2015-03
Paul Freiman1 other2019-06
ANDREW M. JONES2021-11
AUDREY KUNIN2022-09
AUDREY M. KUNIN2021-11
JASON RALEIGH2019-06
JEFFREY KUNIN2022-09
JEFFREY M. KUNIN2021-11
John J. McGovern2018-02
JULIE GARLIKOV2022-09
JUSTIN HALL2019-06
Justin M. Hall2016-02
Lewis J. Stuart2018-02
Mark E. Sieczkarek2015-03
Mark M. Sieczkarek2016-02
Massimo Alex Radaelli2016-02
Massimo E. Radaelli2015-03
Michael John Kazley2026-01
Registry & provenance

NovaBay Pharmaceuticals, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1389545
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

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Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Vivera Pharmaceuticals, Inc.PharmaceuticalsSeed$40.1M82%
Titan Pharmaceuticals IncPharmaceuticalsSeries A$23.0M81%
Black Swan Pharmaceuticals, Inc.PharmaceuticalsSeed$39.0M81%
NOXX Therapeutics, Inc.PharmaceuticalsPre-Seed$1.7M81%
Clearside Biomedical, Inc.PharmaceuticalsSeries B$113.9M81%
Vyripharm Enterprises, Inc.PharmaceuticalsSeries D+$7.2B80%
Silvergate Pharmaceuticals, Inc.PharmaceuticalsSeries B$156.4M80%
Virpax Pharmaceuticals, Inc.PharmaceuticalsSeed$11.8M80%
Frequently asked
How much funding has NovaBay Pharmaceuticals, Inc. raised?
NovaBay Pharmaceuticals, Inc. has raised approximately $218.1M in disclosed capital across 16 recorded financing rounds, aggregated from public filings.
What is NovaBay Pharmaceuticals, Inc.'s estimated valuation?
Provath's modeled valuation for NovaBay Pharmaceuticals, Inc. is approximately $913.2M (modeled range $637.8M–$1.1B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is NovaBay Pharmaceuticals, Inc. at?
NovaBay Pharmaceuticals, Inc.'s latest modeled financing stage is Series D+. Its most recent recorded round closed around Fri Jan 16.
What does NovaBay Pharmaceuticals, Inc. do and where is it based?
NovaBay Pharmaceuticals, Inc. operates in the Pharmaceuticals sector, based in EMERYVILLE.
Explore related

See where NovaBay Pharmaceuticals, Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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