Stablecoin Development Corp 2026年季度报告

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 OR TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 to Commission file number 001-33678 Stablecoin Development Corporation(Exact name of registrant as specified in its charter) 2000 Powell Street, Suite 1150, Emeryville, California 94608(Address of principal executive offices)(Zip Code) Registrant’s Telephone Number, Including Area Code: (510) 899-8800 Securities Registered Pursuant to Section 12(b) of the Act: Common Stock, par value $0.01 per share Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2)has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of RegulationS-T during the preceding 12months (or for such shorter period that the registrant was required tosubmit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒ As of May 11, 2026, there were 27,115,646shares of the registrant’s common stock outstanding. Stablecoin Development Corporation TABLE OF CONTENTS PART IFINANCIAL INFORMATION Item 1.Financial Statements3Condensed Consolidated Balance Sheets: March 31, 2026 (unaudited) and December 31, 20253Condensed Consolidated Statements of Operations: Three months ended March 31, 2026 and 2025(unaudited)4Condensed Consolidated Statements of Stockholders’Equity (Deficit): Three months ended March 31, 2026 and2025(unaudited)5Condensed Consolidated Statements of Cash Flows: Three months ended March 31, 2026 and 2025(unaudited)6Notes to Condensed Consolidated Financial Statements (unaudited)7Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations23Item 3.Quantitative and Qualitative Disclosures About Market Risk30Item 4.Controls and Procedures30 PART IIOTHER INFORMATION Item 1.Legal Proceedings31Item 1A.Risk Factors31Item 2.Unregistered Sales of Equity Securities and Use of Proceeds31Item 3.Defaults Upon Senior Securities31Item 4.Mine Safety Disclosures31Item 5.Other Information31Item 6.Exhibits32SIGNATURES34 On February 20, 2026, we effected a 1-for-5 reverse stock split of our common stock (the “Reverse Stock Split”). Except as otherwisespecifically noted, all share numbers, share prices, exercise/conversion prices and per share amounts in this report have been adjusted,on a retroactive basis, to reflect the Reverse Stock Split. PART IFINANCIAL INFORMATION STABLECOIN DEVELOPMENT CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except par value amounts) STABLECOIN DEVELOPMENT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)(in thousands, except per share data) STABLECOIN DEVELOPMENT CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’EQUITY (DEFICIT)(Unaudited)(in thousands) After giving retroactive effect to a 1-for-5 reverse stock split that became effective February 20, 2026. The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. STABLECOIN DEVELOPMENT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(In thousands) Table of Contents NOTE 1.ORGANIZATION Stablecoin Development Corporation (“Stablecoin Development” or the “Company” or “our,” “we,” or “us”), formerly known asNovaBay Pharmaceuticals, Inc., is an on-chain holding company focused on long-duration participation in protocol-aligned digital assetecosystems and providing public market access to the stablecoin economy. The Company’s initial digital asset focus is the Sky Protocolecosystem, with SKY as its core holding. Through staking and other on-chain activities, the Company seeks to generate protocol-leveleconomic exposure while maintaining governance, risk management, and public-company discipline. On January 16, 2026, the Company