NEXGEL, Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Variable interest entities

Variable interest entities

3 Months Ended

Mar. 31, 2025

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 JV, included in the condensed consolidated balance sheet as of March 31, 2025 and December 31, 2024. 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. The Enigma JV was dissolved on December 23, 2024.

	March 31, 2025		December 31, 2024
ASSETS:
Current Assets:
Cash	$	12	$	26
Accounts receivable, net		827		764
Inventory		672		646
Prepaid expenses and other current assets		141		45
Total current assets		1,652		1,481
Intangibles, net		100		122
Property and equipment, net		1,381		1,421
Operating lease - right of use asset		276		283
Total assets	$	3,409	$	3,307

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	1,026	$	912
Accounts payable – related party		496		528
Accounts payable		496		528
Accrued expenses and other current liabilities		12		51
Deferred revenue		179		179
Current portion of note payable		87		85
Finance lease liability, short term		59		59
Operating lease liability, current portion		27		30
Total current liabilities		1,886		1,844
Operating lease liability, net of current portion		257		260
Finance lease liability, long term		293		307
Notes payable, net of current portion		298		320
Total liabilities and stockholders’ equity	$	2,734	$	2,731

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 March 31, 2025 and December 31, 2024.