Nexgel, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Nexgel, Inc. filed its Q1 2024 10-Q report, detailing its financial performance and business operations.</b>

AI Summary

NEXGEL, INC. (NXGLW) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Nexgel, Inc. filed a 10-Q report for the period ending March 31, 2024. The company's address is 2150 Cabot Blvd West, Suite B, Langhorne, PA 19047. The filing covers the first quarter of fiscal year 2024. Nexgel, Inc. was formerly known as AquaMed Technologies, Inc. until July 23, 2009. The company's SIC code is 3841 for Surgical & Medical Instruments & Apparatus.

Why It Matters

For investors and stakeholders tracking NEXGEL, INC., this filing contains several important signals. This filing provides investors with the latest financial data for Nexgel, Inc., crucial for assessing its current performance and future prospects. Understanding the details within this 10-Q is essential for stakeholders to make informed investment decisions regarding Nexgel, Inc.

Risk Assessment

Risk Level: low — NEXGEL, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediately apparent significant negative or positive financial events or disclosures that would elevate the risk level.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand Nexgel, Inc.'s revenue streams and profitability trends.

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-13 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Q1 --12-31)
• 2023-03-31 — Prior Year Quarter End Date (2023-03-31)

Key Players & Entities

• NEXGEL, INC. (company) — FILER
• 2150 CABOT BLVD WEST, SUITE B (address) — BUSINESS ADDRESS
• LANGHORNE (location) — BUSINESS ADDRESS CITY
• PA (state) — BUSINESS ADDRESS STATE
• 19047 (zip_code) — BUSINESS ADDRESS ZIP
• AquaMed Technologies, Inc. (company) — FORMER COMPANY
• 20090723 (date) — DATE OF NAME CHANGE
• 3841 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION

FAQ

Industry Context

Nexgel, Inc. operates within the Surgical & Medical Instruments & Apparatus industry.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Examine segment information to understand performance by business line.
3. Review any disclosures related to legal proceedings or significant business developments.

Year-Over-Year Comparison

This is the initial filing analyzed for the current period, so no direct comparison to a prior filing is available within this data.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 NXGL The Nasdaq Capital Market LLC
• $2.11 — o times the last reported sale price of $2.11 per share of the Company's common stock

Filing Documents

• form10-q.htm (10-Q) — 983KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 9KB
• ex32-2.htm (EX-32.2) — 9KB
• 0001493152-24-018950.txt (&nbsp;) — 6785KB
• nxgl-20240331.xsd (EX-101.SCH) — 56KB
• nxgl-20240331_cal.xml (EX-101.CAL) — 86KB
• nxgl-20240331_def.xml (EX-101.DEF) — 237KB
• nxgl-20240331_lab.xml (EX-101.LAB) — 467KB
• nxgl-20240331_pre.xml (EX-101.PRE) — 367KB
• form10-q_htm.xml (XML) — 1042KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION ITEM 1. Condensed Consolidated Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7 ITEM 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 ITEM 4.

Controls and Procedures

Controls and Procedures 34

– OTHER INFORMATION

PART II – OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 34 ITEM 1A.

Risk Factors

Risk Factors 34 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 ITEM 3. Defaults Upon Senior Securities 35 ITEM 4. Mine Safety Disclosures 35 ITEM 5. Other Information 35 ITEM 6. Exhibits 36

Signatures

Signatures 37 2 Table of Contents PART I – FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS NEXGEL, INC CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2024 AND DECEMBER 31, 2023 (Unaudited) (in thousands, except share and per share data) March 31, 2024 December 31, 2023 ASSETS: Current Assets: Cash $ 2,419 $ 2,700 Accounts receivable, net 739 633 Inventory 1,369 1,319 Prepaid expenses and other current assets 336 400 Total current assets 4,863 5,052 Goodwill 1,128 1,128 Intangibles, net 302 326 Property and equipment, net 2,194 1,499 Operating lease - right of use asset 1,803 1,855 Other assets 95 95 Total assets $ 10,385 $ 9,955 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 1,053 $ 1,233 Accrued expenses and other current liabilities 111 398 Deferred revenue 250 20 Current portion of note payable 87 80 Warrant liability 255 146 Contingent consideration liability 439 439 Financing lease liability, current portion 55 - Operating lease liabilities, current portion 233 233 Total current liabilities 2,483 2,549 Operating lease liabilities, net of current portion 1,682 1,727 Financing lease liability, net of current portion 352 - Notes payable, net of current portion 663 513 Total liabilities 5,180 4,789 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; 6,227,624 and 5,741,838 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 6 6 Additional paid-in capital 20,350 19,406 Accumulated deficit ( 15,568 ) ( 14,715 ) Total NexGel stockholders' equity 4,788 4,697 Non-controlling interest in joint venture 417 469 Total stockholders' equity 5,205

View Full Filing

View this 10-Q filing on SEC EDGAR