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

Quarterly report [Sections 13 or 15(d)]

Variable interest entities

Variable interest entities

6 Months Ended

Jun. 30, 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 June 30, 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.

	June 30, 2025		December 31, 2024
ASSETS:
Current Assets:
Cash	$	171	$	26
Accounts receivable, net		506		764
Inventory		621		646
Prepaid expenses and other current assets		102		45
Total current assets		1,400		1,481
Intangibles, net		77		122
Property and equipment, net		1,347		1,421
Operating lease - right of use asset		268		283
Total assets	$	3,092	$	3,307

LIABILITIES
Current Liabilities:
Accounts payable	$	738	$	912
Accounts payable – related party		447		528
Accounts payable		447		528
Accrued expenses and other current liabilities		21		51
Deferred revenue		178		179
Current portion of note payable		89		85
Finance lease liability, short term		62		59
Operating lease liability, current portion		27		30
Total current liabilities		1,562		1,844
Operating lease liability, net of current portion		250		260
Finance lease liability, long term		275		307
Notes payable, net of current portion		275		320
Total liabilities	$	2,362	$	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 June 30, 2025 and December 31, 2024.