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

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating Activities    
Net loss $ (2,893) $ (3,463)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 450 436
Share-based compensation 654 367
Realized gain on investment in marketable securities (68)
Change in fair value of warrant liability (118) (28)
Change in fair value of contingent consideration 18
Amortization of right of use asset 290 227
Gain in spin-off of NexGelRx (162)
Changes in operating assets and liabilities:    
Accounts receivable, net 260 (300)
Inventory (360) (432)
Prepaid expenses and other current assets 127 (223)
Accounts payable (38) 182
Accounts payable – related party 35 (123)
Accrued expenses and other current liabilities 150 (434)
Partnership advance 731
Deferred revenue (177) 159
Operating lease liability (260) (185)
Net Cash Used in Operating Activities (1,311) (3,867)
Investing Activities    
Purchases of equipment (68) (443)
Investment in subsidiary (400)
Proceeds from sales of marketable securities 68
Net Cash Provided by (Used in) Investing Activities (68) (775)
Financing Activities    
Payment of contingent consideration (177) (279)
Proceeds from rights offering 963 3,772
Principal payments of notes payable (97) (77)
Proceeds from non-controlling interest 38
Principal payment of financing lease liability (59) (50)
Proceeds from margin line of credit 345
Net Cash Provided by Financing Activities 630 3,749
Net Increase (Decrease) in Cash (*) (749) (893)
Cash and restricted cash  – Beginning of year 1,807 2,700
Cash and restricted cash – End of year 1,058 1,807
Supplemental Non-cash Investing and Financing Activities    
Warrants issued in conjunction with investment in NexgelRx 87 200
Additional ROU assets and operating lease liabilities from lease modification 677
Shares issued in conjunction with asset acquisition 200
Property and equipment financed under notes payable 169
Property and equipment financed under financing leases $ 416