NexGel, Inc. Files Q2 2024 10-Q Report

TL;DR

NexGel's Q2 10-Q is in. Check financials for latest performance.

AI Summary

NexGel, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first six months of 2024. Key financial data and operational updates are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational status of NexGel, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard for public companies, but the specific financial details and market conditions can introduce varying levels of risk.

Key Numbers

• Q2 2024 — Reporting Period (Financial results for the second quarter of 2024 are detailed.)
• First Six Months of 2024 — Reporting Period (Financial results for the first half of 2024 are detailed.)

Key Players & Entities

• NEXGEL, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 2150 CABOT BLVD WEST, SUITE B, LANGHORNE, PA 19047 (address) — Business Address
• AquaMed Technologies, Inc. (company) — Former Company Name

FAQ

Key Financial Figures

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

Filing Documents

• form10-q.htm (10-Q) — 1193KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-1.htm (EX-32.1) — 9KB
• ex32-2.htm (EX-32.2) — 9KB
• 0001493152-24-032936.txt ( ) — 7757KB
• nxgl-20240630.xsd (EX-101.SCH) — 62KB
• nxgl-20240630_cal.xml (EX-101.CAL) — 86KB
• nxgl-20240630_def.xml (EX-101.DEF) — 266KB
• nxgl-20240630_lab.xml (EX-101.LAB) — 553KB
• nxgl-20240630_pre.xml (EX-101.PRE) — 429KB
• form10-q_htm.xml (XML) — 1239KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION ITEM 1. Condensed Consolidated Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8 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 36 ITEM 4.

Controls and Procedures

Controls and Procedures 36

– OTHER INFORMATION

PART II – OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 37 ITEM 1A.

Risk Factors

Risk Factors 37 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 ITEM 3. Defaults Upon Senior Securities 37 ITEM 4. Mine Safety Disclosures 37 ITEM 5. Other Information 37 ITEM 6. Exhibits 38

Signatures

Signatures 39 2 Table of Contents PART I – FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS NEXGEL, INC CONDENSED CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2024 AND DECEMBER 31, 2023 (Unaudited) (in thousands, except share and per share data) June 30, 2024 December 31, 2023 ASSETS: Current Assets: Cash $ 1,069 $ 2,700 Accounts receivable, net 605 633 Inventory 1,446 1,319 Prepaid expenses and other current assets 468 400 Total current assets 3,588 5,052 Goodwill 1,128 1,128 Intangibles, net 855 326 Property and equipment, net 2,368 1,499 Operating lease - right of use asset 1,742 1,855 Other assets 95 95 Total assets $ 9,776 $ 9,955 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 1,245 $ 1,233 Accrued expenses and other current liabilities 284 398 Deferred revenue 179 20 Current portion of note payable 87 80 Warrant liability 176 146 Contingent consideration liability 370 439 Financing lease liability, current portion 55 - Operating lease liabilities, current portion 237 233 Total current liabilities 2,633 2,549 Operating lease liabilities, net of current portion 1,632 1,727 Financing lease liability, net of current portion 339 - Notes payable, net of current portion 645 513 Total liabilities 5,249 4,789 Commitments and Contingencies (Note 16) 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; 6,324,266 and 5,741,838 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 6 6 Additional paid-in capital 20,614 19,406 Accumulated deficit ( 16,453 ) ( 14,715 ) Total NexGel stockholders' equity 4,167 4,697 Non-controlling interest in joint venture 360 469 Total stockholders' equity 4,527 5,166 Total liabilities and stockho

View Full Filing

View this 10-Q filing on SEC EDGAR