NTRBNasdaqOrthopedic, Prosthetic & Surgical Appliances & SuppliesUS GAAP · USD

NutriBand Inc.

Nutriband Inc. is a U.S.-based pharmaceutical development and services company focused on transdermal drug-delivery products and abuse-deterrent patch technology. Through its subsidiaries, it also provides contract manufacturing and contract research and development services for health, wellness, pharmaceutical, and medical device customers.

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Revenue2.0m USD
−4.8 %y/y
Operating profit (EBIT)-8.3m USD
+19.1 %y/y
EBIT margin-408.4%
+72.3 ppy/y
Net income-8.2m USD
+21.5 %y/y
Free cash flow-5.1m USD
−8.9 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-12.5-10.0-7.5-5.0-2.50.02.5m USD2021: 0.94 m USD2021: EBIT -2.6 m USD20212022: 1.4 m USD2022: EBIT -6.1 m USD20222023: 2.1 m USD2023: EBIT -4.5 m USD20232024: 2.1 m USD2024: EBIT -4.9 m USD20242025: 2.1 m USD2025: EBIT -10 m USD20252026: 2.0 m USD2026: EBIT -8.3 m USD20262.0-8.3
RevenueOperating profit (EBIT)
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Business

Share of revenue
AVERSA transdermal products10 %

Development of abuse-deterrent patch-based drug delivery products using AVERSA technology.

Contract manufacturing70 %

Manufacturing services for health, wellness, OTC, topical, and transdermal products.

Contract R&D services20 %

Research and development services for pharmaceutical and medical device customers.

Customers

Nutriband sells services to health and wellness, over-the-counter, pharmaceutical, and medical device customers, while its product-development work is aimed at drug companies that use transdermal delivery. Its AVERSA platform is relevant to customers seeking to reduce abuse, diversion, misuse, and accidental exposure in opioid and stimulant patches.

Health and wellness / OTC customers

Buy contract manufacturing for transdermal, topical, and tape products.

Pharmaceutical customers

Use contract manufacturing and AVERSA-related development for drug patches.

Medical device customers

Buy contract R&D services related to product development and testing.

Drug-delivery partners

Collaborate on AVERSA-based transdermal products and clinical supply work.

Strategy

Nutriband's strategy centers on advancing AVERSA-based transdermal products through development and regulatory pathways, while using contract manufacturing and R&D services to support current operations. The company also relies on partnerships, including with Kindeva Drug Delivery, to share development costs and move lead programs forward.

Advance AVERSA lead product developmentMedium term

The platform is the core proprietary asset and the main long-term value driver.

Expand contract manufacturing utilizationShort term

Manufacturing services provide operating revenue and support facility economics.

Maintain external development partnershipsMedium term

Shared-cost collaborations reduce funding burden and add technical capability.

Geography

Q4/2025

Nutriband is headquartered in Orlando, Florida, and its manufacturing operations are centered in Cherryville, North Carolina. The company states that it primarily operates and derives most of its revenues in the United States, while some financing activity has involved investors outside the U.S.

United States100 %

Risks

Nutriband faces development, regulatory, and funding risk because its lead products depend on FDA approval and successful clinical and manufacturing execution. The company also has concentration risk in a small number of service relationships and product-development programs, making revenue and progress uneven.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →FDA and regulatory approval risk1Financing and liquidity risk2Product safety and liability risk3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. FDA and regulatory approval riskImpact: HighLikelihood: High

    Transdermal drug products must clear lengthy regulatory review before commercialization.

    Exposure: Lead AVERSA product pipeline

  2. Financing and liquidity riskImpact: HighLikelihood: High

    Development-stage companies often need external capital to fund R&D and operations.

    Exposure: Corporate funding and product development

  3. Product safety and liability riskImpact: HighLikelihood: Medium

    Unexpected adverse events or misuse concerns could trigger recalls or enforcement.

    Exposure: Transdermal pharmaceutical products

  4. Customer concentration and program dependenceImpact: Medium

    Contract manufacturing and R&D revenue can be tied to a limited set of customers.

    Exposure: Pocono Pharmaceuticals and 4P Therapeutics

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Accounting

Judgemental items
Revenue recognition under contracts with customers

Different timing for product shipments versus service work affects quarterly revenue.

Impact: Product sales are point-in-time; R&D services are recognized over time.

Deferred revenue

Advance customer payments create liabilities until obligations are satisfied.

Impact: Can shift revenue between periods.

Going concern and liquidity estimates

Management must assess whether cash and financing sources cover the look-forward period.

Impact: Affects disclosure, investor perception, and capital structure analysis.

Lease accounting

Operating lease liabilities are recorded on balance sheet for facilities and offices.

Impact: Impacts leverage and fixed-obligation analysis.

R&D expense recognition

Research and development costs are expensed as incurred.

Impact: Suppresses near-term earnings while supporting pipeline investment.

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Last updated: 24/09/2026