vs
Side-by-side financial comparison of NovaBay Pharmaceuticals, Inc. (NBY) and Token Cat Ltd (TC). Click either name above to swap in a different company.
NovaBay Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($4.8M vs $2.8M, roughly 1.7× Token Cat Ltd). Token Cat Ltd runs the higher net margin — -3.4% vs -25.5%, a 22.1% gap on every dollar of revenue. On growth, NovaBay Pharmaceuticals, Inc. posted the faster year-over-year revenue change (126.1% vs -37.9%).
NovaBay Pharmaceuticals, Inc. is an Emeryville, California based clinical-stage biopharmaceutical company, focused on products for eye care. Major products include Avenova, cleared by FDA for lid and lash cleansing as part of a regimen for Blepharitis. and NeutroPhase, used in treatment of Necrotizing Fasciitis
NBY vs TC — Head-to-Head
Income Statement — Q4 FY2024 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.8M | $2.8M |
| Net Profit | $-1.2M | $-93.0K |
| Gross Margin | 65.2% | 79.0% |
| Operating Margin | -37.2% | -206.9% |
| Net Margin | -25.5% | -3.4% |
| Revenue YoY | 126.1% | -37.9% |
| Net Profit YoY | 70.5% | 98.3% |
| EPS (diluted) | — | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q2 25 | — | $2.8M | ||
| Q4 24 | $4.8M | — | ||
| Q3 24 | $0 | — | ||
| Q2 24 | $2.4M | $4.4M | ||
| Q1 24 | $2.6M | — | ||
| Q4 23 | $2.1M | — | ||
| Q3 23 | $2.5M | — | ||
| Q2 23 | $3.5M | $12.7M |
| Q2 25 | — | $-93.0K | ||
| Q4 24 | $-1.2M | — | ||
| Q3 24 | $-1.2M | — | ||
| Q2 24 | $-1.6M | $-5.6M | ||
| Q1 24 | $-3.2M | — | ||
| Q4 23 | $-4.1M | — | ||
| Q3 23 | $-1.8M | — | ||
| Q2 23 | $-2.0M | $-4.2M |
| Q2 25 | — | 79.0% | ||
| Q4 24 | 65.2% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 66.3% | 69.2% | ||
| Q1 24 | 68.2% | — | ||
| Q4 23 | 51.5% | — | ||
| Q3 23 | 67.0% | — | ||
| Q2 23 | 49.2% | 63.4% |
| Q2 25 | — | -206.9% | ||
| Q4 24 | -37.2% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -67.4% | -146.9% | ||
| Q1 24 | -87.1% | — | ||
| Q4 23 | -48.0% | — | ||
| Q3 23 | -28.1% | — | ||
| Q2 23 | -29.7% | -59.9% |
| Q2 25 | — | -3.4% | ||
| Q4 24 | -25.5% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -66.0% | -125.9% | ||
| Q1 24 | -122.2% | — | ||
| Q4 23 | -195.5% | — | ||
| Q3 23 | -70.8% | — | ||
| Q2 23 | -57.6% | -33.3% |
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-1.92 | — | ||
| Q2 24 | $-1.37 | — | ||
| Q1 24 | $-29.95 | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $430.0K | $150.0K |
| Total DebtLower is stronger | — | $1.4M |
| Stockholders' EquityBook value | $-129.0K | $4.6M |
| Total Assets | $3.4M | $28.4M |
| Debt / EquityLower = less leverage | — | 0.30× |
8-quarter trend — quarters aligned by calendar period.
| Q2 25 | — | $150.0K | ||
| Q4 24 | $430.0K | — | ||
| Q3 24 | $776.0K | — | ||
| Q2 24 | $751.0K | $689.0K | ||
| Q1 24 | $1.8M | — | ||
| Q4 23 | $2.9M | — | ||
| Q3 23 | $3.5M | — | ||
| Q2 23 | $4.4M | $3.0M |
| Q2 25 | — | $1.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
| Q2 25 | — | $4.6M | ||
| Q4 24 | $-129.0K | — | ||
| Q3 24 | $1.1M | — | ||
| Q2 24 | $-617.0K | $-787.0K | ||
| Q1 24 | $160.0K | — | ||
| Q4 23 | $3.3M | — | ||
| Q3 23 | $7.0M | — | ||
| Q2 23 | $8.6M | $9.1M |
| Q2 25 | — | $28.4M | ||
| Q4 24 | $3.4M | — | ||
| Q3 24 | $3.9M | — | ||
| Q2 24 | $3.9M | $12.5M | ||
| Q1 24 | $5.4M | — | ||
| Q4 23 | $9.0M | — | ||
| Q3 23 | $12.9M | — | ||
| Q2 23 | $16.0M | $25.1M |
| Q2 25 | — | 0.30× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-1.7M | $-23.7M |
| Free Cash FlowOCF − Capex | $-1.7M | — |
| FCF MarginFCF / Revenue | -35.4% | — |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q2 25 | — | $-23.7M | ||
| Q4 24 | $-1.7M | — | ||
| Q3 24 | $-2.4M | — | ||
| Q2 24 | $-1.4M | $-1.5M | ||
| Q1 24 | $-2.0M | — | ||
| Q4 23 | $-592.0K | — | ||
| Q3 23 | $-646.0K | — | ||
| Q2 23 | $-1.7M | $-7.2M |
| Q2 25 | — | — | ||
| Q4 24 | $-1.7M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $-1.5M | ||
| Q1 24 | $-2.0M | — | ||
| Q4 23 | $-595.0K | — | ||
| Q3 23 | $-647.0K | — | ||
| Q2 23 | $-1.7M | — |
| Q2 25 | — | — | ||
| Q4 24 | -35.4% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -34.4% | ||
| Q1 24 | -75.3% | — | ||
| Q4 23 | -28.3% | — | ||
| Q3 23 | -26.1% | — | ||
| Q2 23 | -48.3% | — |
| Q2 25 | — | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.0% | 0.0% | ||
| Q1 24 | 0.1% | — | ||
| Q4 23 | 0.1% | — | ||
| Q3 23 | 0.0% | — | ||
| Q2 23 | 0.1% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NBY
| Other | $2.4M | 51% |
| Total Product Revenue | $2.3M | 49% |
TC
Segment breakdown not available.
