Novan, Inc., along with its affiliate, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware on July 17, 2023. The debtor listed its assets of $20.80 million and liabilities of $2.94 million. The debtor is represented by Derek C. Abbott of Morris, Nichols, Arsht & Tunnell LLP and Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, L.L.P. as its legal counsels.

Sierra Constellation Partners, LLC is appointed as financial advisor, Raymond James and Associates as investment banker and Kurtzman Carson Consultants LLC as claims agent.