{"id":67751,"date":"2025-05-14T00:01:46","date_gmt":"2025-05-14T00:01:46","guid":{"rendered":"https:\/\/english.saigonbiz.com.vn\/2025\/05\/14\/nexgel-reports-first-quarter-2025-financial-results\/"},"modified":"2025-05-14T00:01:46","modified_gmt":"2025-05-14T00:01:46","slug":"nexgel-reports-first-quarter-2025-financial-results","status":"publish","type":"post","link":"https:\/\/english.saigonbiz.com\/vn\/nexgel-reports-first-quarter-2025-financial-results\/","title":{"rendered":"NEXGEL Reports First Quarter 2025 Financial Results"},"content":{"rendered":"<div>\n<p align=\"center\"><em>First quarter 2025 revenue totaled $2.81 million, an increase of 121%, as compared to $1.27 million for the same period the prior year<\/em><\/p>\n<p align=\"center\"><em>Gross Profit for the quarter was 42.4%, compared to 12.6% in Q1 2024 and 37.2% in Q4 2024<\/em><\/p>\n<p align=\"justify\"><strong>LANGHORNE, Pa., May  13, 2025  (GLOBE NEWSWIRE) &#8212; <\/strong>NEXGEL, Inc. (\u201cNEXGEL\u201d or the \u201cCompany\u201d) (NASDAQ: \u201cNXGL\u201d), a leading provider of ultra-gentle, high-water-content hydrogel products for healthcare and consumer applications, today announced its first quarter 2025 financial results for the period ending March 31, 2025.<\/p>\n<p align=\"justify\"><strong>First Quarter 2025 Financial Highlights:<\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify;\">Net Revenue was $2.81 million, compared to $1.27 million in Q1 2024 and $3.04 million in Q4 2024.<\/li>\n<li style=\"text-align:justify;\">Gross Profit was $1.19 million, compared to $0.16 million in Q1 2024 and $1.13 million in Q4 2024.<\/li>\n<li style=\"text-align:justify;\">Gross Profit Margin was 42.4%, compared to 12.6% in Q1 2024 and 37.2% in Q4 2024.<\/li>\n<li style=\"text-align:justify;\">Net loss was $0.71 million, compared to $0.85 million in Q1 2024 and $0.85 million in Q4 2024.<\/li>\n<li style=\"text-align:justify;\">EBITDA<sup>1<\/sup>, a non-GAAP financial measure, was ($0.54) million, compared to EBITDA of ($0.84) million in Q1 2024 and an EBITDA of ($0.73) million in Q4 2024.<\/li>\n<li style=\"text-align:justify;\">Adjusted EBITDA<sup>1<\/sup>, a non-GAAP financial measure, was ($0.47) million, compared to Adjusted EBITDA of ($0.73) million in Q1 2024 and Adjusted EBITDA of ($0.62) million in Q4 2024.<\/li>\n<\/ul>\n<p align=\"justify\">\u201cRevenue for the first quarter came in slightly higher than our previously issued guidance, totaling $2.81 million, an increase of 121% year-over-year. Gross margins returned to the low to mid-40\u2019s, while our EBITDA loss continued to narrow,\u201d Adam Levy, NEXGEL\u2019s Chief Executive Officer, commented. \u201cLooking forward, in contract manufacturing we have multiple shots on goal with large existing customers such as Cintas and new potential customers in our robust pipeline. Similarly, we have several growth levers in our consumer branded products with new product launches throughout the remainder of this year, heading into 2026. We remain confident in our previously issued guidance for 2025 of $13 million in revenue and to achieve positive EBITDA during the year.\u201d<\/p>\n<p align=\"justify\"><strong>First Quarter 2025 Financial Results<\/strong><br \/>For the first quarter of 2025, revenue totaled $2.81 million, an increase of 121%, as compared to $1.27 million for the first quarter of 2024. The increase in overall revenues was primarily due to sales growth in both contract manufacturing and branded products.<\/p>\n<p align=\"justify\">Cost of revenues totaled $1.62 million for the first quarter of 2025, as compared to $1.11 million for the first quarter of 2024. The increase in cost of revenues is primarily aligned with the increase in revenue growth.<\/p>\n<p align=\"justify\">Gross profit totaled $1.19 million for the first quarter of 2025, as compared to a gross profit of $0.16 million for the first quarter of 2024. Gross profit margin for the first quarter 2025 was 42.4%, as compared to 12.6% for the first quarter 2024. The increase of $1.03 in gross profit quarter over quarter was primarily due to the increase in consumer branded products.<\/p>\n<p align=\"justify\">Selling, general and administrative expenses totaled $1.96 for the first quarter of 2025, as compared to $1.03 for the first quarter of 2024. The increase quarter over quarter was attributable to increases in compensation and benefits, share-based compensation, advertising, marketing and Amazon fees, Professional and consulting fees, other fees, and investor and shareholder services, which was offset by a decrease in franchise taxes and corporate insurance.<\/p>\n<p align=\"justify\">EBITDA<sup>1<\/sup>, a non-GAAP financial measure, totaled ($0.54) million for the first quarter of 2025 as compared to ($0.84) million for the first quarter of 2024.<\/p>\n<p align=\"justify\">Adjusted EBITDA<sup>1<\/sup>, a non-GAAP financial measure, totaled ($0.47) million for the first quarter 2025 as compared to ($0.73) million for the first quarter 2024.<\/p>\n<p align=\"justify\">Net loss for the first quarter of 2025 was $0.71 million, as compared to a net loss of $0.85 million for the first quarter of 2024.<\/p>\n<p align=\"justify\">As of March 31, 2025, the Company had a cash balance of approximately $1.19 million.<\/p>\n<p align=\"justify\">As of May 13, 2025, NEXGEL had 7,654,537 shares of common stock outstanding.<\/p>\n<p align=\"justify\">1. EBITDA and Adjusted EBITDA are a non-GAAP measures described in the section titled Non-GAAP Financial Measures\u201d below and reconciled to the most directly comparable GAAP measures at the end of this release.<\/p>\n<p><strong>First Quarter 2025 Financial Results Conference Call<\/strong><br \/><strong>Date:<\/strong> May 13, 2025<br \/><strong>Time:<\/strong> 4:30 p.m. ET<br \/><strong>Live Call:<\/strong> 1-800-343-4849 (U.S. Toll Free) or 1-203-518-9848 (International)<br \/><strong>Webcast:<\/strong> <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=kejTYB9Y4kuP4nQMBrJiz_PbWzhTgqdA7wpwKLjlZiDpTMEEc5yY6gu82NR1CghsaS7RID0hfvr4IK2oVLRjxC9koE9gi177OfW-DVaCPuy3E02pWSMp35c5MFbEK1brQMFmtdDlVYwH-t5p16Nt_fYX_Qmq8Z9zW1UTxIBuangJXhgPBAESSwGEb7UaUgvRwgxvO1cS9OWVjx29ykdCbDIOGV1g9kis9H8RuDtlPsiSOaajbisSGnWJuc7Ecym6BN0IuGqVm9BPOsfGNsA2IpWnQLyrEmy8XExp2VqknjZcOjMsb8YnSqzMp2BvTPq3ChMrL8UKWO-i3hh5Knlc2A==\" rel=\"nofollow\" target=\"_blank\" title=\"Events and Presentations\">Events and Presentations<\/a><\/p>\n<p align=\"justify\">For interested individuals unable to join the conference call, a replay will be available through May 27, 2025, by dialing + 1-844-512-2921 (U.S. Toll Free) or + 1-412-317-6671 (International). Participants must use the following code to access the replay of the call: 11159118. An archived version of the webcast will also be available for 90 days.<\/p>\n<p align=\"justify\"><strong>About NEXGEL, INC.<\/strong><br \/>NEXGEL is a leading provider of healthcare, beauty, and over-the-counter (OTC) products including ultra-gentle, high-water-content hydrogels. Based in Langhorne, Pa., the Company has developed and manufactured electron-beam, cross-linked hydrogels for over two decades. NEXGEL brands include SilverSeal<sup>\u00ae<\/sup>, Hexagels<sup>\u00ae<\/sup>, Turfguard<sup>\u00ae<\/sup>, Kenkoderm<sup>\u00ae<\/sup> and Silly George<sup>\u00ae<\/sup>. Additionally, NEXGEL has strategic contract manufacturing relationships with leading consumer healthcare companies.<\/p>\n<p align=\"justify\"><strong>Non-GAAP Financial Measures<\/strong><br \/>Certain Non-GAAP financial measures are included in this press release. In the calculation of these measures, the Company excludes certain items, such as amortization of intangible assets, stock-based compensation, tax impact of adjustments, other unusual items and discrete items impacting income tax expense. The Company believes that excluding such items provides investors and management with a representation of the Company&#8217;s core operating performance and with information useful in assessing its prospects for the future and underlying trends in the Company&#8217;s operating expenditures and continuing operations. Management uses such Non-GAAP measures to evaluate financial results and manage operations. The release and the attachments to this release provide a reconciliation of each of the Non-GAAP measures referred to in this release to the most directly comparable GAAP measure. The Non-GAAP financial measures are not meant to be considered a substitute for the corresponding GAAP financial statements and investors should evaluate them carefully. These Non-GAAP financial measures may differ materially from the Non-GAAP financial measures used by other companies.<\/p>\n<p align=\"justify\"><strong>Forward-Looking Statement <\/strong><br \/>This press release contains \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d) (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words \u201cbelieve,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201cprospects,\u201d \u201coutlook,\u201d and similar words or expressions, or future or conditional verbs, such as \u201cwill,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201cmay,\u201d and \u201ccould,\u201d are generally forward-looking in nature and not historical facts, including, without limitation, our expectations with respect to our large existing customers such as Cintas and new potential customers in our robust pipeline, our expectations with respect to our growth levers in our consumer branded products with new products launches throughout the remainder of this year and heading into 2026, and our expectation to generate at least $13 million in revenue for 2025 and achieve positive EBITDA during the year. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company&#8217;s actual results, performance, or achievements to be materially different from any anticipated results, performance, or achievements for many reasons. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company&#8217;s forward-looking statements, please see the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2024, including but not limited to the discussion under \u201cRisk Factors\u201d therein, which the Company filed with the SEC and which may be viewed at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=QyjQAqaOWfoiaXuyzevD9ejK4IhxgYMWscEavgf2Mnt5zANMiGlx1Z8K10YnEo3OmMIeZLlLYeWS_1C_gdT_aWM_ygO4WNbMbrn-PFTLPC4=\" rel=\"nofollow\" target=\"_blank\" title=\"\">http:\/\/www.sec.gov\/<\/a>.<\/p>\n<p align=\"justify\"><strong>Investor Contacts:<\/strong><br \/>Valter Pinto, Managing Director<br \/>KCSA Strategic Communications<br \/>212.896.1254<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=70MKnBbxhfoeNV6-8q9hbPDMVedGdEJSOW83z9Ff4VfoZCBlwfj4lz8O9lbMtHdJ4dtr7FmA4KRrCxt5MKeVFCO4Mo9fErPXUNI2fDSMesE=\" rel=\"nofollow\" target=\"_blank\" title=\"Nexgel@kcsa.com\">Nexgel@kcsa.com<\/a><\/p>\n<p align=\"center\"><strong>NEXGEL, INC<\/strong><br \/><strong>CONDENSED CONSOLIDATED BALANCE SHEETS <\/strong><br \/><strong>AS OF MARCH 31, 2025 AND DECEMBER 31, 2024<\/strong><br \/><strong>(Unaudited)<\/strong><br \/><em>(in thousands, except share and per share data)<\/em><\/p>\n<p align=\"center\">\n<table style=\"border-collapse: collapse; width:100%; border-collapse:collapse ;\">\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; \"><strong>March 31,<\/strong><br \/><strong>2025<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; \"><strong>December 31,<\/strong><br \/><strong>2024<\/strong><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td><b>ASSETS:<\/b><\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left ;  vertical-align: middle; \">Current Assets:<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:63%;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; \">Cash<\/td>\n<td style=\"width:1%;\">\u00a0<\/td>\n<td style=\"width:1%;;text-align: left ;  vertical-align: middle; \">$<\/td>\n<td style=\"width:15%;;text-align: right ;  vertical-align: middle; \">1,192<\/td>\n<td style=\"width:1%;;text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"width:1%;\">\u00a0<\/td>\n<td style=\"width:1%;;text-align: left ;  vertical-align: middle; \">$<\/td>\n<td style=\"width:16%;;text-align: right ;  vertical-align: middle; \">1,807<\/td>\n<td style=\"width:1%;;text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: left ;  vertical-align: middle; \">Accounts receivable, net<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">926<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">933<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; \">Inventory<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">1,846<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">1,751<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: left ;  vertical-align: middle; \">Prepaid expenses and other current assets<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">776<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">623<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 25.0px; text-align: left ;  vertical-align: middle; \">Total current assets<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">4,740<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">5,114<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>Goodwill<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">1,128<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">1,128<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left ;  vertical-align: middle; \">Intangibles, net<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">775<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">807<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left ;  vertical-align: middle; \">Property and equipment, net<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">2,129<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">2,211<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left ;  vertical-align: middle; \">Operating lease &#8211; right of use asset<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">1,570<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">1,628<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left ;  vertical-align: middle; \">Other assets<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">95<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">95<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 25.0px; text-align: left ;  vertical-align: middle; \">Total assets<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: left ;  vertical-align: middle; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; \">10,437<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: left ;  vertical-align: middle; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; \">10,983<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left ;  vertical-align: middle; \"><b>LIABILITIES AND STOCKHOLDERS\u2019 EQUITY<\/b><\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left ;  vertical-align: middle; \">Current Liabilities:<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: left ;  vertical-align: middle; \">Accounts payable<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">$<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">980<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">$<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">761<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: left ;  vertical-align: middle; \">Accounts payable &#8211; related party<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">499<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">531<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: left ;  vertical-align: middle; \">Accrued expenses and other current liabilities<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">334<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">310<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: left ;  vertical-align: middle; \">Deferred revenue<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">286<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">179<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: left ;  vertical-align: middle; \">Current portion of note payable<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">99<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">97<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: left ;  vertical-align: middle; \">Warrant liability<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">28<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">118<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: left ;  vertical-align: middle; \">Contingent consideration liability<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">&#8211;<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">178<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: left ;  vertical-align: middle; \">Financing lease liability, current portion<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">59<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">59<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: left ;  vertical-align: middle; \">Operating lease liabilities, current portion<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">234<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">237<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 25.0px; text-align: left ;  vertical-align: middle; \">Total current liabilities<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">2,519<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">2,470<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: left ;  vertical-align: middle; \">Operating lease liabilities, net of current portion<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">1,494<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">1,538<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: left ;  vertical-align: middle; \">Financing lease liability, net of current portion<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">293<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">307<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: left ;  vertical-align: middle; \">Notes payable, net of current portion<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">563<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">588<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 25.0px; text-align: left ;  vertical-align: middle; \">Total liabilities<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">4,869<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">4,903<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left ;  vertical-align: middle; \">Commitments and Contingencies (Note 17)<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">&#8211;<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">&#8211;<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>Preferred stock, par value $0.001 per share, 5,000,000 shares authorized, no shares issued and outstanding<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">&#8211;<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">&#8211;<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>Common stock, par value $0.001 per share, 25,000,000 shares authorized; 7,654,037 and 7,638,497 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">8<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">8<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left ;  vertical-align: middle; \">Additional paid-in capital<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">23,909<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">23,743<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left ;  vertical-align: middle; \">Accumulated deficit<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">(18,708<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">)<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">(17,996<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left ;  vertical-align: middle; \">Total NexGel stockholders\u2019 equity<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">5,209<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">5,755<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left ;  vertical-align: middle; \">Non-controlling interest in joint venture<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">359<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">325<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left ;  vertical-align: middle; \">Total stockholders\u2019 equity<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">5,568<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">6,080<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left ;  vertical-align: middle; \">Total liabilities and stockholders\u2019 equity<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: left ;  vertical-align: middle; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; \">10,437<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: left ;  vertical-align: middle; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; \">10,983<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"center\"><strong>  <br \/>NEXGEL, INC.<\/strong><br \/><strong>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS <\/strong><br \/><strong>FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024 <\/strong><br \/><strong>(Unaudited)<\/strong><br \/><em>(in thousands, except share and per share data)<\/em><\/p>\n<table style=\"border-collapse: collapse; width:100%; border-collapse:collapse ;\">\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td colspan=\"6\" style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>Three Months Ended<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td colspan=\"6\" style=\"border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>March 31,<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>2025<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>2024<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Revenues, net<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">$<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">2,806<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">$<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">1,266<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Cost of revenues<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">1,618<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">1,106<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Gross margin (loss)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">1,188<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">160<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Operating expenses:<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Research and development<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">1<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">2<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Selling, general and administrative<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">1,964<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">1,029<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: bottom ; \">Total operating expenses<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">1,965<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">1,031<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Loss from operations<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(777<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(871<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Other income (expense):<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Interest income (expense), net<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(21<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(15<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Changes in fair value of warrant liability and warrant modification expense<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">91<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(53<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Gain on investment in marketable securities<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">34<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Other expense<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(39<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Other income<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">68<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: bottom ; \">Total other income (expense), net<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">99<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(34<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Loss before income taxes<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(678<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(905<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Income tax expense<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Net loss<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(678<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(905<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Less: Income (loss) attributable to non-controlling interest in joint venture<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(34<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">52<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Net loss attributable to NexGel stockholders<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; vertical-align: bottom ; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(712<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; vertical-align: bottom ; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(853<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Net loss per common share &#8211; basic<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; vertical-align: bottom ; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(0.09<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; vertical-align: bottom ; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(0.14<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Net loss per common share &#8211; diluted<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; vertical-align: bottom ; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(0.09<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; vertical-align: bottom ; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(0.14<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Weighted average shares used in computing net loss per common share &#8211; basic<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">7,645,311<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">5,982,062<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Weighted average shares used in computing net loss per common share \u2013 diluted<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">7,645,311<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">5,982,062<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"center\"><strong><br \/>NEXGEL, INC.<\/strong><br \/><strong>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS <\/strong><br \/><strong>FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024 <\/strong><br \/><strong>(Unaudited)<\/strong><br \/><em>(in thousands)<\/em><\/p>\n<table style=\"border-collapse: collapse; width:100%; border-collapse:collapse ;\">\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"6\" style=\"border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>Three Months Ended<\/strong><br \/><strong>March 31,<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>2025<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>2024<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \"><strong>Operating Activities<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Net loss<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">$<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(712<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">$<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(853<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Adjustments to reconcile net loss to net cash used in operating activities:<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Income (loss) attributable to non-controlling interest in joint venture<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">34<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(52<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">114<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">62<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Share-based compensation and restricted stock vesting<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">166<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">54<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Gain on investment in marketable securities<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(34<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Changes in fair value of warrant liability and warrant modification expense<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(91<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">53<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Amortization of right of use asset<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">12<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">7<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Changes in operating assets and liabilities:<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Accounts receivable, net<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">7<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(106<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Inventory<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(95<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(50<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Prepaid expenses and other assets<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(153<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">64<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Accounts payable<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">219<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(75<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Accounts payable \u2013 related party<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(32<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(105<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Accrued expenses and other current liabilities<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">24<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(287<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Deferred revenue<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">107<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">230<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \"><strong>Net Cash Used in Operating Activities<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(400<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(1,092<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \"><strong>Investing Activities<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Proceeds from sales of marketable securities<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">34<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Capital expenditures<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(152<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \"><strong>Net Cash Used in Investing Activities<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(118<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \"><strong>Financing Activities<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Proceeds from rights offering, net of expenses<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">946<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Payment of contingent consideration<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(178<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Principal payment on financing lease liability<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(14<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(9<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Principal payments of notes payable<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(23<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(8<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \"><strong>Net Cash Provided by (Used in) Financing Activities<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(215<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">929<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \"><strong>Net Decrease in Cash<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(615<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(281<\/td>\n<td style=\"vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Cash\u2009\u2013\u2009Beginning of period<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">1,807<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">2,700<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Cash\u2009\u2013\u2009End of period<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; vertical-align: bottom ; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">1,192<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; vertical-align: bottom ; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">2,419<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \"><strong>Supplemental Disclosure of Cash Flows Information<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Cash paid during the year for:<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Interest<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; vertical-align: bottom ; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">18<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; vertical-align: bottom ; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">10<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Taxes<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; vertical-align: bottom ; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; vertical-align: bottom ; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \"><strong>Supplemental Non-cash Investing and Financing activities<\/strong><\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Property and equipment financed under notes payable<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; vertical-align: bottom ; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; vertical-align: bottom ; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">165<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; \">Property and equipment financed under financing leases<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; vertical-align: bottom ; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; vertical-align: bottom ; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">416<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"center\"><strong><br \/>RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES<\/strong><br \/><strong>(in thousands, except per share amounts)<\/strong><br \/><strong>CALCULATION OF EBITDA &amp; ADJUSTED EBITDA<\/strong><\/p>\n<p align=\"center\">\n<table style=\"border-collapse: collapse; width:100%; border-collapse:collapse ;\">\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"6\" style=\"border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; \"><b>Three Months Ended <\/b><br \/><b>March 31,<\/b><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; \"><b>2025<\/b><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; \"><b>2024<\/b><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:64%;;text-align: left ;  vertical-align: middle; \">Net (loss) income:<\/td>\n<td style=\"width:2%;\">\u00a0<\/td>\n<td style=\"width:1%;;text-align: left ;  vertical-align: middle; \">$<\/td>\n<td style=\"width:14%;;text-align: right ;  vertical-align: middle; \">(712<\/td>\n<td style=\"width:1%;;text-align: left ;  vertical-align: middle; \">)<\/td>\n<td style=\"width:2%;\">\u00a0<\/td>\n<td style=\"width:1%;;text-align: left ;  vertical-align: middle; \">$<\/td>\n<td style=\"width:14%;;text-align: right ;  vertical-align: middle; \">(853<\/td>\n<td style=\"width:1%;;text-align: left ;  vertical-align: middle; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left ;  vertical-align: middle; \">Less: Loss (income) attributable to non-controlling interest in joint venture<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">(34<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">)<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">52<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left ;  vertical-align: middle; \">Net loss attributable to NexGel stockholders<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">(678<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">)<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">(905<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">)<\/td>\n<\/tr>\n<tr>\n<td>Adjustments:<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left ;  vertical-align: middle; \">Depreciation and amortization<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">114<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">52<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left ;  vertical-align: middle; \">Interest expense, net<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">21<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">15<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>EBITDA<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">(543<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">)<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">(838<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left ;  vertical-align: middle; \">Change in warrant liability<strong><sup>(1)<\/sup><\/strong><\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">(91<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">)<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"text-align: right ;  vertical-align: middle; \">53<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left ;  vertical-align: middle; \">Share-based compensation expense<strong><sup>(2)<\/sup><\/strong><\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">166<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; \">54<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left ;  vertical-align: middle; \">Adjusted EBITDA:<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: left ;  vertical-align: middle; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; \">(468<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">)<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: left ;  vertical-align: middle; \">$<\/td>\n<td style=\"border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; \">(731<\/td>\n<td style=\"text-align: left ;  vertical-align: middle; \">)<\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<table style=\"border-collapse: collapse; width:100%; border-collapse:collapse ;\">\n<tr>\n<td style=\"text-align: justify ;  vertical-align: middle; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; \">(1<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; \">)<\/td>\n<td style=\"text-align: justify ;  vertical-align: middle; vertical-align: top ; \">This adjustment gives effect to non-cash warrant liability changes incurred during the periods.<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify ;  vertical-align: middle; vertical-align: middle ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: top ; \">\u00a0<\/td>\n<td style=\"vertical-align: top ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify ;  vertical-align: middle; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; \">(2<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; \">)<\/td>\n<td style=\"text-align: justify ;  vertical-align: middle; vertical-align: top ; \">The adjustments represent share-based compensation expense related to awards of stock options, restricted stock units, or common stock in exchange for services. Although we expect to continue to award stock in exchange for services, the amount of non-cash stock-based compensation is excluded as it is subject to change as a result of one-time or non-recurring projects.<\/td>\n<\/tr>\n<\/table>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/ZTg2NTdmOWItYWE5OS00MmRlLTgxYmEtM2FmZjc1NzE2YWNkLTUwMDEwNjQzNy0yMDI1LTA1LTEzLWVu\/tiny\/NEXGEL-INC-.png\" referrerpolicy=\"no-referrer-when-downgrade\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>First quarter 2025 revenue totaled $2.81 million, an increase of 121%, as compared to $1.27 million for the same period the prior year Gross Profit for the quarter was 42.4%, compared to 12.6% in Q1 2024 and 37.2% in Q4 2024 LANGHORNE, Pa., May 13, 2025 (GLOBE NEWSWIRE) &#8212; NEXGEL, Inc. (\u201cNEXGEL\u201d or the \u201cCompany\u201d) [&#8230;]\n","protected":false},"author":1,"featured_media":79226,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-67751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-people"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.6 (Yoast SEO v21.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NEXGEL Reports First Quarter 2025 Financial Results - Biz and Live in Saigon<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/english.saigonbiz.com\/vn\/nexgel-reports-first-quarter-2025-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NEXGEL Reports First Quarter 2025 Financial Results\" \/>\n<meta property=\"og:description\" content=\"First quarter 2025 revenue totaled $2.81 million, an increase of 121%, as compared to $1.27 million for the same period the prior year Gross Profit fo\" \/>\n<meta property=\"og:url\" content=\"https:\/\/english.saigonbiz.com\/vn\/nexgel-reports-first-quarter-2025-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Biz and Live in Saigon\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/SaigonbizGroup\" \/>\n<meta property=\"article:published_time\" content=\"2025-05-14T00:01:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/english.saigonbiz.com\/vn\/wp-content\/uploads\/2025\/05\/NEXGEL-INC-.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1\" \/>\n\t<meta property=\"og:image:height\" content=\"1\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/nexgel-reports-first-quarter-2025-financial-results\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/nexgel-reports-first-quarter-2025-financial-results\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/#\/schema\/person\/267b348e6cf32a66aab33637c2d399a6\"},\"headline\":\"NEXGEL Reports First Quarter 2025 Financial Results\",\"datePublished\":\"2025-05-14T00:01:46+00:00\",\"dateModified\":\"2025-05-14T00:01:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/nexgel-reports-first-quarter-2025-financial-results\/\"},\"wordCount\":1878,\"publisher\":{\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/#organization\"},\"articleSection\":[\"People\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/nexgel-reports-first-quarter-2025-financial-results\/\",\"url\":\"https:\/\/english.saigonbiz.com\/vn\/nexgel-reports-first-quarter-2025-financial-results\/\",\"name\":\"NEXGEL Reports First Quarter 2025 Financial Results - 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