Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current Assets:    
Cash $ 208 $ 317
Restricted cash 1,914 741
Accounts receivable, net 662 673
Inventory, net 2,263 2,111
Prepaid expenses and other current assets 591 496
Total current assets 5,638 4,338
Goodwill 1,128 1,128
Intangibles, net 655 681
Property and equipment, net 1,891 1,955
Operating lease - right of use asset 1,942 2,015
Investment in NexGelRx 249 249
Other assets 95 95
Total assets 11,598 10,461
Current Liabilities:    
Accrued expenses and other current liabilities 428 462
Current portion of note payable 100 99
Partnership accrued advance 596 731
Current portion of finance lease liability 65 65
Current portion of operating lease liability 319 310
Total current liabilities 3,314 2,956
Operating lease liabilities, net of current portion 1,801 1,883
Financing lease liability, net of current portion 226 242
Convertible notes payable 1,312
Notes payable, net of current portion 463 489
Total liabilities 7,116 5,570
Commitments and Contingencies (Note 16)
STOCKHOLDERS’ EQUITY    
Preferred stock, par value $0.001 per share, 5,000,000 shares authorized, no shares issued and outstanding
Common stock, par value $0.001 per share, 25,000,000 shares authorized; 8,475,693 and 8,143,133 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 8 8
Additional paid-in capital 25,909 25,447
Accumulated deficit (21,923) (20,996)
Total NexGel stockholders’ equity 3,994 4,459
Non-controlling interest in joint venture 488 432
Total stockholders’ equity 4,482 4,891
Total liabilities and stockholders’ equity 11,598 10,461
Nonrelated Party [Member]    
Current Liabilities:    
Accounts payable - related party 1,202 723
Related Party [Member]    
Current Liabilities:    
Accounts payable - related party $ 604 $ 566