10-K Filing

NEXGEL, INC. CIK: 1468929 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001493152-23-009190`
Period End Date	20221231
Filing Date	20230328
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	form10-k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 36 Cash Flow Statement 77 Stockholders Equity 19

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash	`Cash`	$13.35M	USD	Point-in-time
Cash	`Cash`	$1.10M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$5.51M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	-	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$209.00K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$222.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Inventory	`InventoryNet`	$291.00K	USD	Point-in-time
Inventory	`InventoryNet`	$502.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$172.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$77.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	5.58M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	5.57M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	5.58M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$13.93M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.50M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	5.57M	shares	Point-in-time
Goodwill	`Goodwill`	$311.00K	USD	Point-in-time
Goodwill	`Goodwill`	$311.00K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$33.00K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$20.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$721.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$723.00K	USD	Point-in-time
Operating lease - right of use asset	`OperatingLeaseRightOfUseAsset`	$1.74M	USD	Point-in-time
Operating lease - right of use asset	`OperatingLeaseRightOfUseAsset`	$1.93M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$63.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$63.00K	USD	Point-in-time
Total assets	`Assets`	$10.36M	USD	Point-in-time
Total assets	`Assets`	$16.98M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$254.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$265.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$62.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$130.00K	USD	Point-in-time
Convertible notes payable, net of deferred financing costs	`ConvertibleNotesPayableCurrent`	$2.04M	USD	Point-in-time
Convertible notes payable, net of deferred financing costs	`ConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Notes payable, current portion	`NotesPayableExcludingConvertibleNotesPayableCurrent`	$15.00K	USD	Point-in-time
Notes payable, current portion	`NotesPayableExcludingConvertibleNotesPayableCurrent`	$10.00K	USD	Point-in-time
Warrant liability	`WarrantLiabilityCurrent`	$242.00K	USD	Point-in-time
Warrant liability	`WarrantLiabilityCurrent`	$318.00K	USD	Point-in-time
Operating lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$207.00K	USD	Point-in-time
Operating lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$207.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.89M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$859.00K	USD	Point-in-time
Operating lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.74M	USD	Point-in-time
Operating lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.59M	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$266.00K	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$268.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.90M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.72M	USD	Point-in-time
Commitments and Contingencies (Note 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, par value $0.001 per share, 5,000,000 shares authorized, no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.001 per share, 5,000,000 shares authorized, no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.001 per share, 25,000,000 shares authorized; 5,577,916 and 5,572,234 shares issued and outstanding as of both December 31, 2022 and 2021	`CommonStockValue`	$6.00K	USD	Point-in-time
Common stock, par value $0.001 per share, 25,000,000 shares authorized; 5,577,916 and 5,572,234 shares issued and outstanding as of both December 31, 2022 and 2021	`CommonStockValue`	$6.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$18.89M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$19.19M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.56M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.81M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$71.00K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$12.09M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$7.64M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$10.36M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$16.98M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`RevenueFromContractWithCustomerIncludingAssessedTax`	$2.05M	USD	Annual
Revenues, net	`RevenueFromContractWithCustomerIncludingAssessedTax`	$1.55M	USD	Annual
Cost of revenues	`CostOfRevenue`	$1.79M	USD	Annual
Cost of revenues	`CostOfRevenue`	$1.54M	USD	Annual
Gross profit	`GrossProfit`	$8.00K	USD	Annual
Gross profit	`GrossProfit`	$256.00K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$31.00K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$367.00K	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.24M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.55M	USD	Annual
Total operating expenses	`OperatingExpenses`	$2.58M	USD	Annual
Total operating expenses	`OperatingExpenses`	$3.60M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-2.57M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-3.35M	USD	Annual
Change in fair value of warrant liability and warrant modification expense	`ChangeInFairValueOfWarrantLiabilityAndWarrantModificationExpense`	$-8.00K	USD	Annual
Change in fair value of warrant liability and warrant modification expense	`ChangeInFairValueOfWarrantLiabilityAndWarrantModificationExpense`	$-76.00K	USD	Annual
Forgiveness of debt	`GainLossOnForgivenessOfDebt`	-	USD	Annual
Forgiveness of debt	`GainLossOnForgivenessOfDebt`	$275.00K	USD	Annual
Debt financing costs	`DebtFinancingCosts`	$-68.00K	USD	Annual
Debt financing costs	`DebtFinancingCosts`	-	USD	Annual
Unrealized gain on investments in marketable securities	`MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments`	$9.00K	USD	Annual
Unrealized gain on investments in marketable securities	`MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments`	-	USD	Annual
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-25.00K	USD	Annual
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-150.00K	USD	Annual
Interest expense	`InterestExpenseDebtExcludingAmortization`	$1.93M	USD	Annual
Interest expense	`InterestExpenseDebtExcludingAmortization`	$1.34M	USD	Annual
Other income	`OtherNonoperatingIncome`	-	USD	Annual
Other income	`OtherNonoperatingIncome`	$3.00K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$-1.40M	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$-1.74M	USD	Annual
Net loss	`NetIncomeLoss`	$-4.31M	USD	Annual
Net loss	`NetIncomeLoss`	$-4.75M	USD	Annual
Net loss per common share basic and diluted	`EarningsPerShareBasic`	$-0.85	USD	Annual
Net loss per common share basic and diluted	`EarningsPerShareBasic`	$-1.45	USD	Annual
Weighted average shares used in computing net loss per common share basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	5.57M	shares	Annual
Weighted average shares used in computing net loss per common share basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	2.98M	shares	Annual

Cash Flow Statement 77 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.31M	USD	Annual
Net loss	`NetIncomeLoss`	$-4.75M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$112.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$113.00K	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$298.00K	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$285.00K	USD	Annual
Gain on investment in marketable securities	`MarketableSecuritiesUnrealizedGainLoss`	-	USD	Annual
Gain on investment in marketable securities	`MarketableSecuritiesUnrealizedGainLoss`	$9.00K	USD	Annual
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-133.00K	USD	Annual
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-8.00K	USD	Annual
Warrant modification expense	`WarrantModificationExpense`	$57.00K	USD	Annual
Warrant modification expense	`WarrantModificationExpense`	$57.00K	USD	Point-in-time
Warrant modification expense	`WarrantModificationExpense`	$52.00K	USD	Annual
Forgiveness of debt	`ForgivenessOfDebt`	-	USD	Annual
Forgiveness of debt	`ForgivenessOfDebt`	$-275.00K	USD	Annual
Amortization of right of use asset	`AmortizationOfRightOfUseAsset`	$25.00K	USD	Annual
Amortization of right of use asset	`AmortizationOfRightOfUseAsset`	$189.00K	USD	Annual
Loss of extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-150.00K	USD	Annual
Loss of extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-25.00K	USD	Annual
Amortization of deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$1.32M	USD	Annual
Amortization of deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$1.93M	USD	Annual
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$137.00K	USD	Annual
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$13.00K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$211.00K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$58.00K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$95.00K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-63.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$11.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-405.00K	USD	Annual
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-18.00K	USD	Annual
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$74.00K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-38.00K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	Annual
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.75M	USD	Annual
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.99M	USD	Annual
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$96.00K	USD	Annual
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$269.00K	USD	Annual
Proceeds from sales of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$1.50M	USD	Annual
Proceeds from sales of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	-	USD	Annual
Investments in or Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$7.00M	USD	Annual
Investments in or Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	-	USD	Annual
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-269.00K	USD	Annual
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.59M	USD	Annual
Principal payments on operating lease liability	`FinanceLeasePrincipalPayments`	-	USD	Annual
Principal payments on operating lease liability	`FinanceLeasePrincipalPayments`	$151.00K	USD	Annual
Issuance of common stock, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Issuance of common stock, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$13.47M	USD	Annual
Proceeds from notes payable	`ProceedsFromNotesPayable`	$15.00K	USD	Annual
Proceeds from notes payable	`ProceedsFromNotesPayable`	-	USD	Annual
Proceeds from convertible notes	`ProceedsFromConvertibleDebt`	-	USD	Annual
Proceeds from convertible notes	`ProceedsFromConvertibleDebt`	$2.96M	USD	Annual
Payment of financing costs	`PaymentOfFinancingCosts`	$-115.00K	USD	Annual
Payment of financing costs	`PaymentOfFinancingCosts`	-	USD	Annual
Principal payments of notes payable	`RepaymentsOfNotesPayable`	-	USD	Annual
Principal payments of notes payable	`RepaymentsOfNotesPayable`	$15.00K	USD	Annual
Principal payments on convertible notes	`RepaymentsOfConvertibleDebt`	$3.51M	USD	Annual
Principal payments on convertible notes	`RepaymentsOfConvertibleDebt`	$100.00K	USD	Annual
Proceeds from notes payable (PPP)	`ProceedsFromNotesPayablePaycheckProtectionProgram`	-	USD	Annual
Proceeds from notes payable (PPP)	`ProceedsFromNotesPayablePaycheckProtectionProgram`	$127.00K	USD	Annual
Net Cash Used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.66M	USD	Annual
Net Cash Used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$16.34M	USD	Annual
Net Increase (Decrease) in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$13.32M	USD	Annual
Net Increase (Decrease) in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-12.25M	USD	Annual
Cash Beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$32.00K	USD	Point-in-time
Cash Beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.35M	USD	Point-in-time
Cash Beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.10M	USD	Point-in-time
Cash End of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$32.00K	USD	Point-in-time
Cash End of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.35M	USD	Point-in-time
Cash End of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.10M	USD	Point-in-time
Fair value of beneficial conversion and warrant features of convertible notes payable	`FairValueOfBeneficialConversionAndWarrant`	$2.59M	USD	Annual
Fair value of beneficial conversion and warrant features of convertible notes payable	`FairValueOfBeneficialConversionAndWarrant`	-	USD	Annual
Original issue discounts recognized on convertible notes payable	`OriginalIssueDiscountsRecognizedOnConvertibleNotesPayable`	$653.00K	USD	Annual
Original issue discounts recognized on convertible notes payable	`OriginalIssueDiscountsRecognizedOnConvertibleNotesPayable`	-	USD	Annual
Warrants issued for debt and equity financing costs	`WarrantsIssuedEquityIssuanceCost`	-	USD	Annual
Warrants issued for debt and equity financing costs	`WarrantsIssuedEquityIssuanceCost`	$203.00K	USD	Annual
Operating lease, ROU assets and liabilities	`OperatingLeaseRouAssetsAndLiabilities`	$2.05M	USD	Annual
Operating lease, ROU assets and liabilities	`OperatingLeaseRouAssetsAndLiabilities`	-	USD	Annual

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$71.00K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$12.09M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$7.64M	USD	Point-in-time
Issuance of common stock, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$13.47M	USD	Annual
Restricted stock vesting	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$67.00K	USD	Annual
Restricted stock vesting	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$61.00K	USD	Annual
Restricted stock vesting, shares	`StockIssuedDuringPeriodSharesRestrictedStockAwardGross`	90,432.00	shares	Annual
Restricted stock vesting, shares	`StockIssuedDuringPeriodSharesRestrictedStockAwardGross`	84,750.00	shares	Point-in-time
Beneficial conversion and warrant features of convertible debt	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$2.59M	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$223.00K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$231.00K	USD	Annual
Derivative liability - COVA	`AdjustmentToAdditionalPaidInCapitalDerivativeLiability`	$-18.00K	USD	Annual
Share adjustment for stock split rounding	`StockIssuedDuringPeriodValueShareAdjustmentForStockSplitRounding`	-	USD	Annual
Net loss	`NetIncomeLoss`	$-4.31M	USD	Annual
Net loss	`NetIncomeLoss`	$-4.75M	USD	Annual
Ending balance, value	`StockholdersEquity`	$71.00K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$12.09M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$7.64M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.