NEXGEL, INC.

Listed Company

NXGLCIK 0001468929NasdaqEmerging GrowthSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$11.42M

Net Income

$-3.00M

Total Assets

—

Equity

—

Shares Out

9.13M

Op. Cash Flow

$-1.31M

Business

NEXGEL, INC. manufactures high‑water‑content, electron‑beam cross‑linked aqueous polymer hydrogels for wound care, diagnostics, transdermal drug delivery and cosmetics. It supplies custom gels as bulk roll stock and finished hydrogel patches and dressings, and develops medical device prototypes such as NEXDrape and NEXDerm. Business is organized into contract manufacturing, consumer branded products (MedaGel, Kenkoderm, Silly George), custom and white‑label services, and medical device development. Products are sold in the United States and abroad through contract customers, direct‑to‑consumer channels and white‑label partners, supported by a packaging joint venture.

Summary from filing dated 2025-03-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues, net	11	9	4	2	—
Cost of revenues	7	6	4	2	2
Gross profit	5	3	374,000	256,000	8,000
Research and development	2,000	78,000	103,000	367,000	31,000
Selling, general and administrative	8	6	4	3	3
Total operating expenses	8	6	4	4	3
Loss from operations	−3	−4	−3	−3	−3
Change in fair value of warrant liability, net of warrant modification expense	118,000	28,000	96,000	76,000	8,000
Realized gain on investments in marketable securities	—	68,000	191,000	9,000	—
Interest expense, net	−34,000	−81,000	−15,000	—	—
Change in fair value of contingent consideration	—	−18,000	—	—	—
Gain in spin-off of NexGelRx	162,000	—	—	—	—
Other expense	−73,000	−4,000	−2,000	—	—
Other income	286,000	98,000	19,000	3,000	—
Total other income (expense), net	459,000	91,000	289,000	−1	−2
Loss before income taxes	−3	−3	−3	−5	—
Income tax expense	—	—	—	—	—
Net loss	−3	−3	−3	−5	—
Less: Loss attributable to non-controlling interest in joint venture	−107,000	182,000	31,000	—	—
Net loss attributable to NexGel stockholders	−3	−3	−3	−5	−4
Net loss per common share - basic	−0.38	−0.5	−0.56	−0.85	−1.45
Net loss per common share - diluted	−0.38	−0.5	−0.56	−0.85	−1.45
Weighted average shares used in computing net loss per common share - basic	8	7	6	6	3
Weighted average shares used in computing net loss per common share - diluted	8	7	6	6	3

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash	317,000	2	3	1	13
Restricted cash	741,000	—	—	—	—
Accounts receivable, net	673,000	933,000	633,000	222,000	209,000
Inventory	2	2	1	502,000	291,000
Prepaid expenses and other current assets	496,000	623,000	400,000	172,000	77,000
Total current assets	4	5	5	8	14
Goodwill	1	1	1	311,000	311,000
Intangibles, net	681,000	807,000	326,000	20,000	33,000
Property and equipment, net	2	2	1	721,000	723,000
Operating lease - right of use asset	2	2	2	2	2
Investment in NexGelRx	249,000	—	—	—	—
Other assets	95,000	95,000	95,000	63,000	63,000
Total assets	10	11	10	10	17
Accrued expenses and other current liabilities	460,000	310,000	398,000	130,000	62,000
Deferred revenue	2,000	179,000	20,000	—	—
Current portion of note payable	99,000	97,000	80,000	15,000	—
Partnership accrued advance	731,000	—	—	—	—
Warrant liability and contingent consideration liability	—	296,000	—	—	—
Current portion of finance lease liability	65,000	59,000	—	—	—
Current portion of operating lease liability	310,000	237,000	233,000	207,000	207,000
Total current liabilities	3	2	3	859,000	3
Operating lease liability, net of current portion	2	2	2	2	2
Finance lease liability, net of current portion	242,000	307,000	—	—	—
Notes payable, net of current portion	489,000	588,000	513,000	268,000	266,000
Total liabilities	6	5	5	3	5
Commitments and Contingencies (Note 18)	—	—	—	—	—
Preferred stock, par value $0.001 per share, 5,000,000 shares authorized, no shares issued and outstanding	—	—	—	—	—
Common stock, par value $0.001 per share, 25,000,000 shares authorized; 8,143,133 and 7,638,497 shares issued and outstanding as of December 31, 2025 and 2024, respectively	8,000	8,000	6,000	6,000	6,000
Additional paid-in capital	25	24	19	19	19
Accumulated deficit	−21	−18	−15	−12	−7
Total NexGel stockholders equity	4	6	5	8	12
Non-controlling interest in joint venture	432,000	325,000	469,000	—	—
Total stockholders equity	5	6	5	8	12
Total liabilities and stockholders equity	10	11	10	10	17

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	450,000	436,000	226,000	112,000	113,000
Share-based compensation	654,000	367,000	217,000	298,000	285,000
Realized gain on investment in marketable securities	—	−68,000	−191,000	−9,000	—
Change in fair value of warrant liability	−118,000	−28,000	−125,000	−133,000	−8,000
Amortization of right of use asset	290,000	227,000	217,000	189,000	—
Accounts receivable, net	260,000	−300,000	−411,000	−13,000	−137,000
Inventory	−360,000	−432,000	−760,000	−211,000	−58,000
Prepaid expenses and other current assets	127,000	−223,000	−260,000	−95,000	63,000
Accounts payable	−38,000	182,000	314,000	11,000	−405,000
Accounts payable related party	35,000	−123,000	654,000	—	—
Accrued expenses and other current liabilities	150,000	−434,000	22,000	74,000	−18,000
Partnership advance	731,000	—	—	—	—
Deferred revenue	−177,000	159,000	20,000	—	−38,000
Operating lease liability	−260,000	−185,000	—	—	—
Net Cash Used in Operating Activities	−1	−4	−3	−3	−3
Purchases of equipment	−68,000	−443,000	−696,000	−96,000	−269,000
Investment in subsidiary	—	−400,000	−547,000	—	—
Proceeds from sales of marketable securities	—	68,000	6	2	—
Net Cash Provided by (Used in) Investing Activities	−68,000	−775,000	4	−6	−269,000
Payment of contingent consideration	−177,000	−279,000	—	—	—
Proceeds from rights offering	963,000	4	—	—	—
Principal payments of notes payable	−97,000	−77,000	−6,000	—	−15,000
Proceeds from non-controlling interest	—	38,000	—	—	—
Principal payment of financing lease liability	−59,000	−50,000	—	−151,000	—
Proceeds from margin line of credit	—	345,000	245,000	—	—
Net Cash Provided by Financing Activities	630,000	4	379,000	−4	16
Net Increase (Decrease) in Cash (*)	−749,000	−893,000	2	−12	13
Warrants issued in conjunction with investment in NexgelRx	87,000	200,000	—	—	—
Additional ROU assets and operating lease liabilities from lease modification	677,000	—	—	—	—
Shares issued in conjunction with asset acquisition	—	200,000	—	—	—
Property and equipment financed under notes payable	—	169,000	—	—	—
Property and equipment financed under financing leases	—	416,000	—	—	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro