NEXGEL, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

Variable interest entities

Variable interest entities

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

6. Variable interest entities

The following table presents the assets and liabilities of the CGN JV and Enigma, included in the Consolidated Balance Sheet as of December 31, 2024 and 2023. The assets and liabilities presented below include only the third-party assets and liabilities of the consolidated VIE and excludes any intercompany balances, which were eliminated upon consolidation.

	December 31, 2024		December 31, 2023
ASSETS:
Current Assets:
Cash	$	26	$	242
Accounts receivable, net		764		611
Inventory		646		402
Prepaid expenses and other current assets		45		28
Total current assets		1,481		1,283
Intangibles, net		122		204
Property and equipment, net		1,421		600
Operating lease - right of use asset		283		312
Total assets	$	3,307	$	2,399

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	912	$	221
Accounts payable – related party		528		654
Accrued expenses and other current liabilities		51		15
Deferred revenue		179		-
Current portion of note payable		85		75
Finance lease liability, short term		59		-
Operating lease liability, current portion		30		25
Total current liabilities		1,844		990
Operating lease liability, net of current portion		260		290
Finance lease liability, long term		307		-
Notes payable, net of current portion		320		240
Total liabilities and stockholders’ equity	$	2,731	$	1,520

The amounts above represent the combined assets and liabilities of the VIE described above, for which we are the primary beneficiary. The assets of each of these consolidated VIEs can only be used to settle the obligations of the VIE. All of the liabilities are non-recourse to us as of December 31, 2024 and 2023.