NEXGEL, Inc. Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

3 Months Ended

Mar. 31, 2023

6. Property and Equipment, Net

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

Schedule of Property and Equipment

	Useful Life	March 31,		December 31,
	(Years)	2023		2022
Machinery and equipment	3 - 10	$	1,478	$	973
Office furniture and equipment	3 - 10		158		59
Leasehold improvements	6		233		228
Construction in progress	N/A		35		55
Property and equipment, gross			1,904		1,315
Less: accumulated depreciation and amortization			(622)		(594)
Property and equipment, net		$	1,282	$	721

Depreciation expense for the three months ended March 31, 2023 and 2022 was $27 thousand and $25 thousand, respectively.