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/raid1/www/Hosts/bankrupt/TCR_Public/231028.mbx T R O U B L E D C O M P A N Y R E P O R T E R Saturday, October 28, 2023, Vol. 27, No. 300 Headlines NOVAN INC: Net Loss Increases to $1.30 Million in August PHASEBIO PHARMA: Incurs $608,097 Net Loss in August ********* NOVAN INC: Net Loss Increases to $1.30 Million in August -------------------------------------------------------- Novan Inc. filed with the U.S. Securities and Exchange Commission its monthly operating report for August 2023. The Debtor's statement of operations showed a net loss of $1.30 million on $215,459 of sales for August, as compared to $688,619 net loss reported for the previous month. As of August 31, 2023, the Debtor listed $27.11 million in total assets, $6.18 million in total liabilities, and $20.93 million in total shareholders' equity. The Debtor started the month with $3.36 million cash. It listed total cash receipts of $2.50 million and total disbursements of $2.78 million. At month end, the Debtor had $3.08 million cash. A copy of the monthly operating report is available at the SEC at: https://tinyurl.com/y7c9z3jk About Novan Inc. Based in Durham, N.C., Novan Inc. (Nasdaq: NOVN) is a clinical development-stage biotechnology company focused on leveraging nitric oxide's naturally occurring anti-viral, anti-bacterial, anti-fungal and immunomodulatory mechanisms of action to treat a range of diseases with significant unmet needs. Nitric oxide plays a vital role in the natural immune system response against microbial pathogens and is a critical regulator of inflammation. Novan Inc. and affiliate, EPI Health, LLC, filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 23-10937) on July 17, 2023. As of March 31, 2023, Novan disclosed $79,793,000 in assets against $7,922,000 in liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as bankruptcy counsel; Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP as special counsel; Sierra Constellation Partners, LLC as financial advisor; and Raymond James and Associates as investment banker. Kurtzman Carson Consultants, LLC is the claims agent. On July 28, 2023, the U.S. Trustee for Regions 3 and 9 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Goodwin Procter, LLP as bankruptcy counsel; Womble Bond Dickinson (US) LLP as co-counsel; and Dundon Advisers, LLC as financial advisor. PHASEBIO PHARMA: Incurs $608,097 Net Loss in August --------------------------------------------------- PhaseBio Pharmaceuticals, Inc., filed with the U.S. Securities and Exchange Commission its monthly operating report for August 2023. The Debtor's statement of operations showed a net loss of $608,097 for the month. As of August 31, 2023, the Debtor listed $5.59 million in total assets, $176.93 million in total liabilities, and -$171.34 million in total shareholders' equity. The Debtor started the month with $4,267,564 million million cash. It listed total receipts of $35,788 and total disbursements of $643,885. Thus, the Debtor had $3,659,468 cash at month end. A copy of the monthly operating report is available at the SEC at: https://tinyurl.com/ybbjzpn5 About Phasebio Pharmaceuticals PhaseBio Pharmaceuticals, Inc. -- https://www.phasebio.com/ -- is focused on the development and commercialization of novel therapies to treat orphan diseases, with an initial focus on cardiopulmonary indications. It is based in Malvern, Pa. PhaseBio Pharmaceuticals filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 22-10995) on Oct. 24, 2022. In the petition filed by its chief executive officer, Jonathan Mow, the Debtor reported $17,970,000 in assets and $21,320,000 in debt as of Aug. 31, 2022. Judge Laurie Selber Silverstein oversees the case. The Debtor tapped Cooley LLP as lead bankruptcy counsel; Richards, Layton & Finger, PA as Delaware bankruptcy counsel; SierraConstellation Partners, LLC as financial advisor; KPMG, LLP as tax consultant; and Miller Buckfire & Co. as investment banker. Omni Agent Solutions is the claims, noticing and administrative agent. The U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Debtor's case on Nov. 3, 2022. McDermott Will & Emery, LLP and FTI Consulting, Inc., serve as the committee's legal counsel and financial advisor, respectively. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2023. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***