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

Quarterly report [Sections 13 or 15(d)]

Business Segments (Tables)

Business Segments (Tables)

3 Months Ended

Mar. 31, 2025

Summarized financial information concerning the Company’s reportable segments for each of the quarters ended March 31, 2025 and 2024 statement of operations and balance sheet at March 31, 2025 and December 31, 2024 is presented below.

Schedule of Reportable Segments

For Quarter Ended March 31, 2025 ($ in thousands)

	NexGel			CGN JV		Total
Revenue:
Contract Manufacturing	$	167		$	781	$	948
Custom and White Label Finished Goods		-			-		-
Branded Consumer Products		1,782			-		1,782
Other income		49			27		76
Total revenue		1,998			808		2,806

Cost of sales		1,043			575		1,618
Operating expenses		1,827			138		1,965
Income (loss) from operations	$	(872	)	$	95	$	(777	)

For Quarter Ended March 31, 2024 ($ in thousands)

	NexGel			CGN JV			Total
Revenue:
Contract Manufacturing	$	190		$	411		$	601
Custom and White Label Finished Goods		31			-			31
Branded Consumer Products		617			-			617
Other income		12			5			17
Total revenue		850			416			1,266

Cost of sales		759			347			1,106
Operating expenses		870			161			1,031
Loss from operations	$	(779	)	$	(92	)	$	(871	)

As of March 31, 2025 ($ in thousands)

	NexGel		CGN JV		Total
Assets:
Current assets:
Cash	$	1,180	$	12	$	1,192
Accounts receivable, net		185		741		926
Inventory		1,189		657		1,846
Prepaid expenses and other current assets		635		141		776
Total current assets		3,189		1,551		4,740

Goodwill		1,128		-		1,128
Intangibles, net		676		99		775
Property and equipment, net		748		1,381		2,129
Operating lease – right of use asset		1,294		276		1,570
Other assets		95		-		95
Total Assets	$	7,130	$	3,307	$	10,437

Liabilities
Current liabilities:
Accounts payable	$	782	$	198	$	980
Accounts payable – related party		3		496		499
Accounts payable		3		496		499
Accrued expenses and other current liabilities		322		12		334
Deferred revenue		107		179		286
Current portion of note payable		12		87		99
Warrant liability		28		-		28
Contingent consideration liability
Financing lease liability, current portion		-		59		59
Operating lease liabilities, current portion		207		27		234
Total current liabilities		1,461		1,058		2,519

Operating lease liabilities, net of current portion		1,237		257		1,494
Financing lease liability, net of current portion		-		293		293
Notes payable, net of current portion		265		298		563
Total liabilities	$	2,963	$	1,906	$	4,869

As of December 31, 2024 ($ in thousands)

	NexGel		CG Labs		Total
Assets:
Current assets:
Cash	$	1,781	$	26	$	1,807
Accounts receivable, net		218		715		933
Inventory		1,101		650		1,751
Prepaid expenses and other current assets		578		45		623
Total current assets		3,678		1,436		5,114
Goodwill		1,128		-		1,128
Intangibles		685		122		807
Property and equipment, net		790		1,421		2,211
Operating lease – right of use asset		1,345		283		1,628
Other assets		95		-		95
Total Assets	$	7,721	$	3,262	$	10,983

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	560	$	201	$	761
Accounts payable – related party		3		528		531
Accounts payable – related party		3		528		531
Accrued expenses and other current liabilities		284		26		310
Deferred revenue		-		179		179
Current portion of note payable		12		85		97
Warrant liability		118		-		118
Contingent consideration liability		178		-		178
Finance lease liability, short term		-		59		59
Operating lease liability, current portion		207		30		237
Total current liabilities		1,362		1,108		2,470

Operating lease liability, net of current portion		1,278		260		1,538
Finance lease liability, long term		-		307		307
Notes payable, net of current portion		268		320		588
Total liabilities	$	2,908	$	1,995	$	4,903