NEXGEL, INC. Segments Disclosure
4. Business Segments
The Company’s CODM evaluates the financial performance of the Company’s segments based upon segment operating income or (loss) as the profitability measure. The Company has identified its Chief Executive Officer as the CODM. Items outside of operating income or (loss) are not reported by segment, since they are excluded from the single measure of segment profitability reviewed by the CODM.
Summarized financial information concerning the Company’s reportable segments for the years ended December 31, 2025 and 2024 is presented below.
For Year Ended December 31, 2025 ($ in thousands)
| NexGel | CG Labs | Total | ||||||||||
| Revenues | 8,613 | 2,808 | 11,421 | |||||||||
| Cost of sales | 4,921 | 1,991 | 6,912 | |||||||||
| Advertising, marketing and amazon fees | 2,502 | 2,502 | ||||||||||
| General and administrative | 4,815 | 542 | 5,357 | |||||||||
| Total Selling, general and administrative | 7,317 | 542 | 7,859 | |||||||||
| Research and development | 2 | 2 | ||||||||||
| Operating expenses | 7,319 | 542 | 7,861 | |||||||||
| Loss from operations | $ | (3,627 | ) | $ | 275 | $ | (3,352 | ) | ||||
For Year Ended December 31, 2024 ($ in thousands)
| NexGel | CG Labs | Total | ||||||||||
| Revenues | 6,631 | 2,057 | 8,688 | |||||||||
| Cost of sales | 4,209 | 1,731 | 5,940 | |||||||||
| Advertising, marketing and amazon fees | 2,220 | 2,220 | ||||||||||
| General and administrative | 3,409 | 595 | 4,004 | |||||||||
| Total Selling, general and administrative | 5,629 | 595 | 6,224 | |||||||||
| Research and development | 78 | 78 | ||||||||||
| Operating expenses | 5,707 | 595 | 6,302 | |||||||||
| Loss from operations | $ | (3,285 | ) | $ | (269 | ) | $ | (3,554 | ) | |||
As of December 31, 2025 ($ in thousands)
| NexGel | CG Labs | Total | ||||||||||
| Total Assets | $ | 6,777 | $ | 3,684 | $ | 10,461 | ||||||
As of December 31, 2024 ($ in thousands)
| NexGel | CG Labs | Total | ||||||||||
| Total Assets | $ | 7,721 | $ | 3,262 | $ | 10,983 | ||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 27, 2025 | |
| 2023 | Apr 10, 2024 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.