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Not sure if I'd call Novocaine a flop yet considering it had a relatively modest budget of $18m. It might make enough to break even or profit still. The bigger indictment is Black Bag with a budget of $50m and opening lower than Novocaine.
I think instead we're seeing more evidence that the mid budget movie doesn't have a place in theaters anymore and the only movies worth putting in theaters are tentpole blockbusters or lower budget movies that don't have to make a ton to break even.
Mid budget hasn't had a place in cinemas since DVDs went out of style. I think that was in the early 2010s.
Hollywood has made the mistake in believing COVID was some kind of reset button on cinemas, when in fact COVID taught people watching movies at home was a better experience for anything except IMAX/VFX blockbusters.
COVID meant a lot of people may have saved money and gone and bought a decent system for home. And realised just how good it is. It's so expensive to go to the cinema, there has to be more to it than just the film.