NEXGEL, INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>NEXGEL, INC. filed its 2023 10-K report detailing financial performance and subsequent events.</b>

AI Summary

NEXGEL, INC. (NXGLW) filed a Annual Report (10-K) with the SEC on April 10, 2024. NEXGEL, INC. filed its 2023 Form 10-K on April 10, 2024. The company was formerly known as AquaMed Technologies, Inc. until July 23, 2009. The filing covers the fiscal year ending December 31, 2023. Key financial data for 2023 and 2022 is presented. Subsequent events include a Registered Direct Offering on February 15, 2024.

Why It Matters

For investors and stakeholders tracking NEXGEL, INC., this filing contains several important signals. This filing provides a comprehensive overview of NEXGEL's financial health and operational status for the fiscal year 2023, crucial for investors to assess performance and future prospects. The inclusion of subsequent events, such as the February 2024 Registered Direct Offering, offers insight into recent capital-raising activities and potential strategic moves.

Risk Assessment

Risk Level: — NEXGEL, INC. shows moderate risk based on this filing. The company's financial performance and future outlook are subject to market conditions and operational execution, as indicated by the standard disclosures in a 10-K filing.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand NEXGEL's current financial position and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-10 — Filing Date (Date of submission)
• 2024-02-15 — Registered Direct Offering (Subsequent event date)

Key Players & Entities

• NEXGEL, INC. (company) — Filer name
• 2023 (date) — Fiscal year end
• April 10, 2024 (date) — Filing date
• AquaMed Technologies, Inc. (company) — Former company name
• July 23, 2009 (date) — Date of name change
• February 15, 2024 (date) — Registered Direct Offering date

FAQ

Industry Context

NEXGEL, INC. operates in the Surgical & Medical Instruments & Apparatus industry.

Regulatory Implications

The company is subject to SEC regulations for public filings, including the annual 10-K report.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review the risk factors section for potential business challenges.
3. Examine the subsequent events for any material changes since year-end.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-10: 10-K Filing Date — Date the annual report was submitted to the SEC.
• 2024-02-15: Registered Direct Offering — Significant subsequent event related to financing.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, providing a baseline for future comparisons.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 NXGL The Nasdaq Capital Market LLC

Filing Documents

• form10-k.htm (10-K) — 1436KB
• ex21-1.htm (EX-21.1) — 3KB
• ex23-1.htm (EX-23.1) — 3KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• ex97.htm (EX-97.1) — 45KB
• 0001493152-24-014127.txt (&nbsp;) — 8265KB
• nxgl-20231231.xsd (EX-101.SCH) — 61KB
• nxgl-20231231_cal.xml (EX-101.CAL) — 93KB
• nxgl-20231231_def.xml (EX-101.DEF) — 276KB
• nxgl-20231231_lab.xml (EX-101.LAB) — 515KB
• nxgl-20231231_pre.xml (EX-101.PRE) — 407KB
• form10-k_htm.xml (XML) — 1349KB

Risk Factors

Risk Factors 9 Item 1B Unresolved Staff Comments 18 Item 1C Cybersecurity 18 Item 2

Properties

Properties 18 Item 3

Legal Proceedings

Legal Proceedings 18 Item 4 Mine Safety Disclosures 18 Part II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters 19 Item 6 [Reserved] 19 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 25 Item 9A

Controls and Procedures

Controls and Procedures 25 Part III Item 10 Directors, Executive Officers and Corporate Governance 25 Item 11

Executive Compensation

Executive Compensation 26 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 26 Item 13 Certain Relationships and Related Transactions, and Director Independence 26 Item 14 Principal Accountant Fees and Services 26 Part IV Item 15 Exhibits and Financial Statement Schedules 26

Signatures

Signatures 31 2 Table of Contents Forward-Looking This Annual Report on Form 10-K contains "forward-looking statements," which include information relating to future events, future financial performance, strategies, expectations, competitive environment and regulation. Words such as "may," "should," "could," "would," "predict," "potential," "continue," "expect," "anticipate," "future," "intend," "plan," "believe," "estimate," and similar expressions, as well as statements in future tense, identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will actually be achieved. Forward-looking statements are based on information we have when those statements are made or our management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to: our ability to continue as a going concern; inadequate capital; inadequate or an inability to raise sufficient capital to execute our business plan; our ability to comply with current good manufacturing practices; loss or retirement of key executives; our plans to make significant additional outlays of working capital before we expect to generate significant revenues and the uncertainty regarding when we will begin to generate significant revenues, if we are able to do so; adverse economic and geopolitical conditions, including the current conflict in Ukraine, and/or intense competition; loss of a key customer or supplier; entry of new competitors; adverse federal, state and local government regulation; technological obsolescence of our manufacturing process and equipment; techn

Business

Item 1. Business Our Company We were incorporated in Delaware on January 13, 2009. We manufacture high water content, electron beam cross-linked, aqueous polymer hydrogels, or gels, used for wound care, medical diagnostics, transdermal drug delivery and cosmetics. We specialize in custom gels by capitalizing on proprietary manufacturing technologies. We have historically served as a contract manufacturer, supplying our gels to third parties who incorporate them into their own products. Beginning in 2020, we created two new lines of business for the company. First, our own line of branded consumer products sold direct to consumers. Second, we expanded into custom and white label opportunities, which focuses on combining our gels with proprietary branded products and white label opportunities. All of our gel products are manufactured using proprietary and non-proprietary mixing, coating and cross-linking technologies. Together, these technologies enable us to produce gels that can satisfy rigid tolerance specifications with respect to a wide range of physical characteristics (e.g., thickness, water content, adherence, absorption, moisture vapor transmission rate [a measure of the passage of water vapor through a substance] and release rate) while maintaining product integrity. Additionally, we have the manufacturing ability to offer broad choices in the selection of liners onto which the gels are coated. Consequently, we and our customers are able to determine tolerances in moisture vapor transmission rate and active ingredient release rates while personalizing color and texture. Contract Manufacturing Business As described above, we have historically served as a contract manufacturer, supplying our gels to third parties who incorporate them into their own products. Our hydrogels are currently being marketed in the U.S. and abroad by our customers for the following applications: Drug Delivery . We believe delivering medication through hydrogel patches has im

View Full Filing

View this 10-K filing on SEC EDGAR