Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets (Unaudited)

v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current Assets:    
Cash $ 492 $ 317
Restricted cash 1,214 741
Accounts receivable, net 1,079 673
Inventory, net 2,303 2,111
Prepaid expenses and other current assets 1,082 496
Total current assets 6,170 4,338
Goodwill 1,128 1,128
Intangibles, net 13,491 681
Property and equipment, net 1,909 1,955
Operating lease - right of use asset 3,405 2,015
Investment in NexGelRx 249 249
Other assets 95 95
Total assets 26,447 10,461
Current Liabilities:    
Accrued expenses and other current liabilities 456 462
Current portion of note payable 102 99
Partnership accrued advance 483 731
Current portion of finance lease liability 68 65
Current portion of operating lease liability 747 310
Derivative liability, at fair value 8,665
Total current liabilities 14,440 2,956
Operating lease liabilities, net of current portion 2,847 1,883
Financing lease liability, net of current portion 203 242
Convertible notes payable, net of debt discount 3,054
Notes payable, net of current portion 437 489
Total liabilities 20,981 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; 9,700,022 and 8,475,693 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 10 8
Additional paid-in capital 30,497 25,447
Accumulated deficit (25,558) (20,995)
Total NexGel stockholders’ equity 4,949 4,460
Non-controlling interest in joint venture 517 431
Total stockholders’ equity 5,466 4,891
Total liabilities and stockholders’ equity 26,447 10,461
Nonrelated Party [Member]    
Current Liabilities:    
Accounts payable - related party 3,344 723
Related Party [Member]    
Current Liabilities:    
Accounts payable - related party $ 575 $ 566