Why Did Novabay Stock Soar 19.3%?

On September 3, 2025, Novabay's stock surged by 19.3% in pre-market trading, marking a significant rise that has caught the attention of investors and analysts alike.

Innate Pharma, a clinical-stage biotechnology company focused on immunotherapies for cancer, has recently restructured its governance to enhance transparency and accountability. The company transitioned from an executive/supervisory board model to a board of directors and CEO structure, with Irina Staatz-Granzer appointed as Chairwoman and Jonathan Dickinson as CEO. This shift aims to address concerns about concentrated control and align with international governance standards.

Despite these reforms, Innate Pharma's share structure remains a point of interest. The company's AGAP 2016 preferred shares grant disproportionate voting rights, with each share carrying 130-111 votes compared to ordinary shares. This dual-class voting system allows major shareholders, such as Sanofi and Novo Nordisk, to wield outsized influence despite limited equity ownership. While this structure may align with long-term R&D goals, it raises governance risks for diversified investors due to low institutional ownership.

NovaBay Pharmaceuticals has also made significant changes in its leadership. The company appointed a new CEO amid a strategic shift, indicating a focus on innovation and long-term value creation. This move is part of a broader trend in the biotech industry, where companies seek to protect their innovation from short-term shareholder pressures through dual-class share structures.