NEXGEL, Inc. Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

8. Property and Equipment, Net

Property and equipment consist of the following ($ in thousands):

Schedule of Property and Equipment

	Useful Life		December 31,			December 31,
	(Years)		2023			2022
Machinery and equipment		3 - 10	$	1,280		$	973
Office furniture and equipment		3 - 10		139			59
Leasehold improvements		6		419			228
Construction in progress		N/A		387			55
Total property and equipment				2,225			1,315
Less: accumulated depreciation and amortization				(726	)		(594	)
Property and equipment, net			$	1,499		$	721

Depreciation expense for the year ended December 31, 2023 and 2022 was $132 thousand and $99 thousand, respectively.