10-Q Filing

NEXGEL, INC. CIK: 1468929 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001493152-23-017348`
Period End Date	20230331
Filing Date	20230515
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 43 Cash Flow Statement 58 Stockholders Equity 19

Balance Sheet 79 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
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$1.10M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$787.00K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$5.02M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$5.51M	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
Accounts receivable, net	`AccountsReceivableNetCurrent`	$222.00K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$380.00K	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
Inventory	`InventoryNet`	$968.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Inventory	`InventoryNet`	$502.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	5.58M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$172.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	5.61M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$129.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.50M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	5.61M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$7.28M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	5.58M	shares	Point-in-time
Goodwill	`Goodwill`	$311.00K	USD	Point-in-time
Goodwill	`Goodwill`	$311.00K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$16.00K	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`	$1.28M	USD	Point-in-time
Operating lease - right of use asset	`OperatingLeaseRightOfUseAsset`	$1.74M	USD	Point-in-time
Operating lease - right of use asset	`OperatingLeaseRightOfUseAsset`	$2.02M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$63.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$95.00K	USD	Point-in-time
Total assets	`Assets`	$10.36M	USD	Point-in-time
Total assets	`Assets`	$11.01M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$987.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$265.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$112.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$130.00K	USD	Point-in-time
Notes payable, current portion	`NotesPayableExcludingConvertibleNotesPayableCurrent`	$15.00K	USD	Point-in-time
Notes payable, current portion	`NotesPayableExcludingConvertibleNotesPayableCurrent`	$15.00K	USD	Point-in-time
Warrant liability	`WarrantLiabilityCurrent`	$242.00K	USD	Point-in-time
Warrant liability	`WarrantLiabilityCurrent`	$176.00K	USD	Point-in-time
Operating lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$232.00K	USD	Point-in-time
Operating lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$207.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$859.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.52M	USD	Point-in-time
Operating lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.59M	USD	Point-in-time
Operating lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.86M	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$268.00K	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$266.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.65M	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; 5,614,028 and 5,577,916 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$6.00K	USD	Point-in-time
Common stock, par value $0.001 per share, 25,000,000 shares authorized; 5,614,028 and 5,577,916 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$6.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$19.19M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$19.21M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.56M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.37M	USD	Point-in-time
Total NexGel stockholders equity	`StockholdersEquity`	$12.09M	USD	Point-in-time
Total NexGel stockholders equity	`StockholdersEquity`	$7.64M	USD	Point-in-time
Total NexGel stockholders equity	`StockholdersEquity`	$6.85M	USD	Point-in-time
Total NexGel stockholders equity	`StockholdersEquity`	$10.30M	USD	Point-in-time
Non-controlling interest in joint venture	`MinorityInterest`	$507.00K	USD	Point-in-time
Non-controlling interest in joint venture	`MinorityInterest`	-	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$7.35M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$7.64M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$10.36M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$11.01M	USD	Point-in-time

Income Statement 43 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`RevenueFromContractWithCustomerIncludingAssessedTax`	$396.00K	USD	1 Quarter
Revenues, net	`RevenueFromContractWithCustomerIncludingAssessedTax`	$620.00K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$418.00K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$677.00K	USD	1 Quarter
Gross loss	`GrossProfit`	$-57.00K	USD	1 Quarter
Gross loss	`GrossProfit`	$-22.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$24.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$29.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$766.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$797.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$790.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$826.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-812.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-883.00K	USD	1 Quarter
Interest income (expense), net	`InterestExpenseDebtExcludingAmortization`	$1.00K	USD	1 Quarter
Interest income (expense), net	`InterestExpenseDebtExcludingAmortization`	$744.00K	USD	1 Quarter
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-150.00K	USD	1 Quarter
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Changes in fair value of warrant liability and warrant modification expense	`ChangeInFairValueOfWarrantLiabilityAndWarrantModificationExpense`	$130.00K	USD	1 Quarter
Changes in fair value of warrant liability and warrant modification expense	`ChangeInFairValueOfWarrantLiabilityAndWarrantModificationExpense`	$-66.00K	USD	1 Quarter
Gain on investment in marketable securities	`GainOnInvestmentInMarketableSecurities`	$7.00K	USD	1 Quarter
Other income	`OtherIncome`	-	USD	1 Quarter
Other income	`OtherIncome`	$4.00K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-1.02M	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$76.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-807.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.84M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.84M	USD	1 Quarter
Net loss	`ProfitLoss`	$-807.00K	USD	1 Quarter
Less: Income attributable to non-controlling interest in joint venture	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Less: Income attributable to non-controlling interest in joint venture	`NetIncomeLossAttributableToNoncontrollingInterest`	$7.00K	USD	1 Quarter
Net loss attributable to NexGel stockholders	`NetIncomeLoss`	$-814.00K	USD	1 Quarter
Net loss attributable to NexGel stockholders	`NetIncomeLoss`	$-1.84M	USD	1 Quarter
Net loss per common share - basic	`EarningsPerShareBasic`	$-0.33	USD	1 Quarter
Net loss per common share - basic	`EarningsPerShareBasic`	$-0.15	USD	1 Quarter
Net loss per common share - diluted	`EarningsPerShareDiluted`	$-0.33	USD	1 Quarter
Net loss per common share - diluted	`EarningsPerShareDiluted`	$-0.15	USD	1 Quarter
Weighted average shares used in computing net loss per common share - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	5.59B	shares	1 Quarter
Weighted average shares used in computing net loss per common share - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	5.57B	shares	1 Quarter
Weighted average shares used in computing net loss per common share diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.57B	shares	1 Quarter
Weighted average shares used in computing net loss per common share diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.59B	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-814.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.84M	USD	1 Quarter
Income attributable to non-controlling interest in joint venture	`NoncontrollingInterest`	$7.00K	USD	1 Quarter
Income attributable to non-controlling interest in joint venture	`NoncontrollingInterest`	-	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$28.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$31.00K	USD	1 Quarter
Changes in ROU asset and operating lease liability	`ChangeInRightOfUseAssetAndOperatingLeaseLiability`	$10.00K	USD	1 Quarter
Changes in ROU asset and operating lease liability	`ChangeInRightOfUseAssetAndOperatingLeaseLiability`	$11.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$24.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$55.00K	USD	1 Quarter
Gain on investment in marketable securities	`MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments`	-	USD	1 Quarter
Gain on investment in marketable securities	`MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments`	$-7.00K	USD	1 Quarter
Changes in fair value of warrant liability and warrant modification	`FairValueAdjustmentOfWarrants`	$130.00K	USD	1 Quarter
Changes in fair value of warrant liability and warrant modification	`FairValueAdjustmentOfWarrants`	$-66.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$741.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-150.00K	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$158.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-77.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$466.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-11.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$90.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-11.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-71.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$722.00K	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-2.00K	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-18.00K	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-797.00K	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-709.00K	USD	1 Quarter
Proceeds from sales of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$485.00K	USD	1 Quarter
Proceeds from sales of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	-	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$88.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	-	USD	1 Quarter
Net Cash Provided by Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$397.00K	USD	1 Quarter
Net Cash Provided by Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Principle payment of notes payable	`RepaymentsOfNotesPayable`	$2.00K	USD	1 Quarter
Principle payment of notes payable	`RepaymentsOfNotesPayable`	$2.03M	USD	1 Quarter
Net Cash Used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.03M	USD	1 Quarter
Net Cash Used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.00K	USD	1 Quarter
Net Decrease in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-314.00K	USD	1 Quarter
Net Decrease in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.83M	USD	1 Quarter
CashBeginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$787.00K	USD	Point-in-time
CashBeginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.10M	USD	Point-in-time
CashBeginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.35M	USD	Point-in-time
CashBeginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.52M	USD	Point-in-time
CashEnd of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.52M	USD	Point-in-time
CashEnd of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.35M	USD	Point-in-time
CashEnd of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.10M	USD	Point-in-time
CashEnd of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$787.00K	USD	Point-in-time
Interest	`InterestPaidNet`	-	USD	1 Quarter
Interest	`InterestPaidNet`	-	USD	1 Quarter
Taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Property and equipment contributed as capital investment to JV	`PropertyAndEquipmentContributedAsCapitalInvestmentToJv`	$500.00K	USD	1 Quarter
Property and equipment contributed as capital investment to JV	`PropertyAndEquipmentContributedAsCapitalInvestmentToJv`	-	USD	1 Quarter
ROU asset and operating lease liabilities recognized upon consolidation of JV	`RouAssetAndOperatingLeaseLiabilitiesRecognizedUponConsolidationOfJv`	-	USD	1 Quarter
ROU asset and operating lease liabilities recognized upon consolidation of JV	`RouAssetAndOperatingLeaseLiabilitiesRecognizedUponConsolidationOfJv`	$334.00K	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$7.35M	USD	Point-in-time
Beginning balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$7.64M	USD	Point-in-time
Balance	`StockholdersEquity`	$6.85M	USD	Point-in-time
Balance	`StockholdersEquity`	$10.30M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.64M	USD	Point-in-time
Balance	`StockholdersEquity`	$12.09M	USD	Point-in-time
Restricted stock vesting	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$24.00K	USD	1 Quarter
Restricted stock vesting, shares	`StockIssuedDuringPeriodSharesRestrictedStockAwardGross`	121,787.00	shares	1 Quarter
Exercise of warrants	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Non-controlling interest in JV	`NoncontrollingInterestIncreaseFromBusinessCombination`	$500.00K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-1.84M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-807.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$55.00K	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$7.35M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$7.64M	USD	Point-in-time
Balance	`StockholdersEquity`	$6.85M	USD	Point-in-time
Balance	`StockholdersEquity`	$10.30M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.64M	USD	Point-in-time
Balance	`StockholdersEquity`	$12.09M	USD	Point-in-time

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