# EDGAR Filing Document

**Accession Number:** 0001468929
**File Stem:** 0001493152-25-021742
**Filing Date:** 2025-11
**Character Count:** 25837
**Document Hash:** 9761de5d7a0edf6cc70bd99f81472fec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-021742.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001493152-25-021742

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20251111

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEXGEL, INC.
- **CENTRAL INDEX KEY:** 0001468929
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 264042544
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41173
- **FILM NUMBER:** 251469101

**BUSINESS ADDRESS:**
- **STREET 1:** 2150 CABOT BLVD WEST,
- **STREET 2:** SUITE B
- **CITY:** LANGHORNE
- **STATE:** PA
- **ZIP:** 19047
- **BUSINESS PHONE:** 215 702-8550

**MAIL ADDRESS:**
- **STREET 1:** 2150 CABOT BLVD WEST,
- **STREET 2:** SUITE B
- **CITY:** LANGHORNE
- **STATE:** PA
- **ZIP:** 19047

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AquaMed Technologies, Inc.
- **DATE OF NAME CHANGE:** 20090723

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **November 11, 2025**

**NEXGEL, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-41173** | **26-4042544** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **2150 Cabot Boulevard West, Suite B**<br> **Langhorne, Pennsylvania** | **19047** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(215) 702-8550**

(Former name or former address, if changed since last report)

**Not Applicable**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.001 | NXGL | The Nasdaq Capital Market LLC |
| Warrants to Purchase Common Stock | NXGLW | The Nasdaq Capital Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 **Item 2.02 Results of Operations and Financial Condition**

On November 11, 2025, NexGel, Inc. (the "***Company***") issued a press release reporting the Company's results for the quarter ended September 30, 2025, a copy of which is attached as Exhibit 99.1 hereto and is incorporated herein by reference.

**Item 7.01 Regulation FD Disclosure.**

On November 11, 2025, the Company began utilizing a new investor presentation, a copy of which is attached hereto as Exhibit 99.2.

The information in Items 2.02 and 7.01 of this Current Report on Form 8-K, including the information set forth in Exhibits 99.1 and 99.2, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), nor shall Exhibits 99.1 and 99.2 filed herewith be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit**<br>**No.** | <br>**Description** |
| 99.1 | [Press release of NexGel, Inc. issued November 11, 2025.](ex99-1.htm) |
| 99.2 | [NexGel, Inc. Investor Presentation, dated November 2025.](ex99-2.htm) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: November 12, 2025 |  |  |
|  | **NEXGEL, INC**. | **NEXGEL, INC**. |
|  | By: | */s/ Adam Levy* |
|  |  | Adam Levy |
|  |  | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**NEXGEL Reports Third Quarter 2025 Financial Results**

**LANGHORNE, Pa. – November 11, 2025 –** NEXGEL, Inc. ("NEXGEL" or the "Company") (NASDAQ: "NXGL"), a leading provider of healthcare, beauty, and over-the-counter (OTC) products including ultra-gentle, high-water-content hydrogel products for healthcare and consumer applications, today announced its third quarter 2025 financial results for the period ending September 30, 2025.

**Third Quarter 2025 Financial Highlights:**

● Net Revenue was $2.93 million, compared to $2.94 million in Q3 2024 and $2.88 million in Q2 2025.

● Gross Profit was $1.24 million, compared to $1.16 million in Q3 2024 and $1.26 million in Q2 2025.

● Gross Profit Margin was 42.4%, compared to 39.3% in Q3 2024 and 43.6% in Q2 2025.

● Net loss attributable to NEXGEL stockholders was $0.65 million, compared to $0.69 million in Q3 2024 and $0.67 million in Q2 2025.

● EBITDA<sup>1</sup>, a non-GAAP financial measure, was ($0.55) million, compared to EBITDA of ($0.49) million in Q3 2024 and EBITDA of ($0.53) million in Q2 2025.

● Adjusted EBITDA<sup>1</sup>, a non-GAAP financial measure, was ($0.35) million, compared to Adjusted EBITDA of ($0.35) million in Q3 2024 and Adjusted EBITDA of ($0.42) million in Q2 2025.

"While our revenue was flat year-over-year and sequentially, our Adjusted EBITDA loss continued to narrow sequentially as a result of consistent performance in contract manufacturing and consumer branded products and maintaining discipline in our operational efficiencies," said Adam Levy, Chief Executive Officer of NEXGEL. "Growth in our contract manufacturing segment, driven by strong partnerships like Cintas, and the successful onboarding of new global customers, continues to demonstrate the market's confidence in our advanced hydrogel technology. At the same time, our consumer brands are gaining traction with new product launches across beauty and skincare that reflect our innovation and quality. Looking ahead, we remain committed to building on this momentum, driving sustainable growth, and expanding the reach of our innovative products across both our contract manufacturing and consumer brands businesses."

**Third Quarter 2025 Financial Results**

For the third quarter of 2025, revenue totaled $2.93 million, a decrease of 0.20%, as compared to $2.94 million for the third quarter of 2024. Contract manufacturing and branded product revenue remained stable year-over-year.

Cost of revenues totaled $1.69 million for the third quarter of 2025, as compared to $1.79 million for the third quarter of 2024. The decrease in cost of revenues is primarily due to a decrease in materials and finished products and a decrease in amortization and depreciation offset by an increase in commission and contract fees and an increase in equipment, production and other expenses.

Gross profit totaled $1.24 million for the third quarter of 2025, as compared to a gross profit of $1.16 million for the third quarter of 2024. Gross profit margin for the third quarter of 2025 was 42.4%, as compared to 39.3% for the third quarter of 2024.

Selling, general and administrative expenses totaled $1.96 million for the third quarter of 2025, as compared to $1.94 million for the third quarter of 2024. The slight increase year-over-year was attributable to increases in compensation and benefits, share-based compensation, and professional and consulting fees offset by a decrease in advertising, marketing and amazon fees.

EBITDA<sup>1</sup>, a non-GAAP financial measure, totaled ($0.55) million for the third quarter of 2025 as compared to ($0.49) million for the third quarter of 2024. Adjusted EBITDA<sup>1</sup>, a non-GAAP financial measure, totaled ($0.35) million for the third quarter of 2025 as compared to ($0.35) million for the third quarter of 2024.

Net loss attributable to NEXGEL stockholders for the third quarter of 2025 was $0.65 million, as compared to a net loss of $0.69 million for the third quarter of 2024.

As of September 30, 2025, the Company held a cash balance of approximately $938 thousand and a restricted cash balance of $920 thousand related to receiving $1 million in non-dilutive capital from STADA to support upcoming product launches and marketing efforts.

As of November 11, 2025, NEXGEL had 8,143,133 shares of common stock outstanding.

1. EBITDA and Adjusted EBITDA are a non-GAAP measures described in the section titled Non-GAAP Financial Measures" below and reconciled to the most directly comparable GAAP measures at the end of this release.

**Third Quarter 2025 Financial Results Conference Call**

**Date:** November 11, 2025

**Time:** 4:30 p.m. ET

**Live Call:** 1-800-579-2543 (U.S. Toll Free) or 1-785-424-1789 (International)

**Webcast:** <u>Events and Presentations</u>

For interested individuals unable to join the conference call, a replay will be available through November 25, 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: 11160116. An archived version of the webcast will also be available for 90 days.

**About NEXGEL, INC.**

NEXGEL is a leading provider of healthcare, beauty, and over-the-counter (OTC) products including ultra-gentle, high-water-content hydrogel products for healthcare and consumer applications. Based in Langhorne, Pa., the Company has developed and manufactured electron-beam, cross-linked hydrogels for over two decades. NEXGEL brands include Silverseal®, Hexagels®, Turfguard®, Kenkoderm® and Silly George®. Additionally, NEXGEL has strategic contract manufacturing relationships with leading consumer healthcare companies.

**Non-GAAP Financial Measures**

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's core operating performance and with information useful in assessing its prospects for the future and underlying trends in the Company'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.

**Forward-Looking Statement** 

This press release contains "forward-looking statements" 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 "Exchange Act") (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 "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "prospects," "outlook," and similar words or expressions, or future or conditional verbs, such as "will," "should," "would," "may," and "could," are generally forward-looking in nature and not historical facts, including, without limitation, our continuing commitment to building on our momentum, driving sustainable growth, and expanding the reach of our innovative products across both our contract manufacturing and consumer brands businesses.. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company'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's forward-looking statements, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2024, including but not limited to the discussion under "Risk Factors" therein, which the Company filed with the SEC and which may be viewed at <u>http://www.sec.gov/</u>.

**Investor Contacts:**

Valter Pinto, Managing Director

KCSA Strategic Communications

212.896.1254 <u>Nexgel@kcsa.com</u>

**NEXGEL, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024**

**(Unaudited)**

*(in thousands, except share and per share data)*

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| **ASSETS:** |  |  |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $938 | $1807 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 920 |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 839 | 933 |
| &nbsp;&nbsp;&nbsp;Inventory | 2019 | 1751 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 886 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 5602 | 5114 |
| Goodwill | 1128 | 1128 |
| Intangibles, net | 712 | 807 |
| Property and equipment, net | 1996 | 2211 |
| Operating lease - right of use asset | 2087 | 1628 |
| Other assets | 95 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $11620 | $10983 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $795 | $761 |
| &nbsp;&nbsp;&nbsp;Accounts payable - related party | 421 | 531 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 530 | 310 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 180 | 179 |
| &nbsp;&nbsp;&nbsp;Current portion of note payable | 99 | 97 |
| &nbsp;&nbsp;&nbsp;Partnership accrued advance | 920 |  |
| &nbsp;&nbsp;&nbsp;Warrant liability and contingent consideration liability | 6 | 296 |
| &nbsp;&nbsp;&nbsp;Financing lease liability, current portion | 64 | 59 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current portion | 293 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 3308 | 2470 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, net of current portion | 1962 | 1538 |
| &nbsp;&nbsp;&nbsp;Financing lease liability, net of current portion | 259 | 307 |
| &nbsp;&nbsp;&nbsp;Notes payable, net of current portion | 515 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 6044 | 4903 |
| Commitments and Contingencies (Note 17) |  |  |
| Stockholders' Equity |  |  |
| Preferred stock, par value $0.001 per share, 5,000,000 shares authorized, no shares issued and outstanding |  |  |
| Common stock, par value $0.001 per share, 25,000,000 shares authorized; 8,142,766 and 7,638,497 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 8 | 8 |
| Additional paid-in capital | 25204 | 23743 |
| Accumulated deficit | (20026) | (17996) |
| &nbsp;&nbsp;&nbsp;Total NexGel stockholders' equity | 5186 | 5755 |
| Non-controlling interest in joint venture | 390 | 325 |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | 5576 | 6080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $11620 | $10983 |

---

**NEXGEL, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024**

**(Unaudited)**

*(in thousands, except share and per share data)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues, net | $2934 | $2940 | $8625 | $5647 |
| Cost of revenues | 1691 | 1785 | 4935 | 3973 |
| &nbsp;&nbsp;&nbsp;Gross profit | 1243 | 1155 | 3690 | 1674 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | 7 |  | 8 | 78 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 1961 | 1943 | 5820 | 4309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1968 | 1943 | 5828 | 4387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from operations | (725) | (788) | (2138) | (2713) |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 10 | (20) | (32) | (65) |
| &nbsp;&nbsp;&nbsp;Other income | 59 | 44 | 92 | 102 |
| &nbsp;&nbsp;&nbsp;Changes in fair value of warrant liability | 9 | 10 | 113 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense), net | 78 | 34 | 173 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss before income taxes | (647) | (754) | (1965) | (2639) |
| Income tax expense | - | - | - | - |
| Net loss | (647) | (754) | (1965) | (2639) |
| Less: Income (loss) attributable to non-controlling interest in joint venture | (6) | 61 | (65) | 208 |
| Net loss attributable to NexGel stockholders | $(653) | $(693) | $(2030) | $(2431) |
| Net loss per common share - basic | $(0.08) | $(0.11) | $(0.26) | $(0.39) |
| Net loss per common share - diluted | $(0.08) | $(0.11) | $(0.26) | $(0.39) |
| Weighted average shares used in computing net loss per common share - basic | 7971299 | 6569403 | 7757429 | 6274221 |
| Weighted average shares used in computing net loss per common share – diluted | 7971299 | 6569403 | 7757429 | 6274221 |

---

**NEXGEL, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024**

**(Unaudited)**

*(in thousands)*

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| **Operating Activities** |  |  |
| Net loss | $(2030) | $(2431) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Income (loss) attributable to non-controlling interest in joint venture | 65 | (208) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 338 | 328 |
| &nbsp;&nbsp;&nbsp;Net changes in operating lease assets and liabilities | 21 | 31 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 498 | 271 |
| &nbsp;&nbsp;&nbsp;Gain on investment in marketable securities |  | (62) |
| &nbsp;&nbsp;&nbsp;Changes in fair value of warrant liability and warrant modification expense | (112) | (37) |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 94 | (261) |
| &nbsp;&nbsp;&nbsp;Inventory | (268) | (459) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (263) | (479) |
| &nbsp;&nbsp;&nbsp;Accounts payable | 34 | 272 |
| &nbsp;&nbsp;&nbsp;Accounts payable – related party | (110) |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 220 | (132) |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 1 | 159 |
| &nbsp;&nbsp;&nbsp;Partnership accrued advance | (80) |  |
| **Net Cash Used in Operating Activities** | (1592) | (3008) |
| **Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of marketable securities |  | 62 |
| &nbsp;&nbsp;&nbsp;Capital expenditures | (28) | (374) |
| &nbsp;&nbsp;&nbsp;Net cash paid for asset acquisition |  | (400) |
| **Net Cash Used in Investing Activities** | (28) | (712) |
| **Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from margin line of credit |  | 345 |
| &nbsp;&nbsp;&nbsp;Proceeds from STADA (Note 17) | 1000 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from equity offerings | 1055 | 2135 |
| &nbsp;&nbsp;&nbsp;Stock issuance costs | (92) | (185) |
| &nbsp;&nbsp;&nbsp;Investment by joint venture partner |  | 37 |
| &nbsp;&nbsp;&nbsp;Change in contingent consideration liability |  | (164) |
| &nbsp;&nbsp;&nbsp;Payment of contingent consideration liability | (178) |  |
| &nbsp;&nbsp;&nbsp;Principal payment on financing lease liability | (43) | (36) |
| &nbsp;&nbsp;&nbsp;Principal payments of notes payable | (71) | (53) |
| **Net Cash Provided by Financing Activities** | 1671 | 2079 |
| **Net increase (decrease) in cash, cash equivalents and restricted cash** | 51 | (1641) |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash, beginning of period | 1807 | 2700 |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash, end of period | $1858 | $1059 |
| **Reconciliation of ending cash, cash equivalents and restricted cash** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents, end of period | $938 | $1059 |
| &nbsp;&nbsp;&nbsp;Restricted cash, end of period | 920 |  |
| **Total cash, cash equivalents and restricted cash, end of period** | $1858 | $1059 |
| **Supplemental Disclosure of Cash Flow Information** |  |  |
| Cash paid during the year for: |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $54 | $65 |
| &nbsp;&nbsp;&nbsp;Taxes | $— | $— |
| **Supplemental Non-cash Investing and Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Additional ROU assets and operating lease liabilities from lease modification | $677267 | $- |
| &nbsp;&nbsp;&nbsp;Shares issued in conjunction with asset acquisition | $— | $200 |
| &nbsp;&nbsp;&nbsp;Property and equipment financed under notes payable | $— | $165 |
| &nbsp;&nbsp;&nbsp;Property and equipment financed under financing leases | $— | $416 |

---

**RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES**

**(in thousands, except per share amounts)**

**CALCULATION OF EBITDA & ADJUSTED EBITDA**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
|  | **2025** | **2025** | **2024** |
| Net (loss) income: | $(640) | $(647) | $(754) |
| Less: Loss (income) attributable to non-controlling interest in joint venture | (25) | (6) | 61 |
| Net loss attributable to NexGel stockholders | (665) | (653) | (693) |
| Adjustments: |  |  |  |
| Depreciation and amortization | 111 | 113 | 184 |
| Interest expense, net | 21 | (10) | 20 |
| Income tax expense | - | - | - |
| EBITDA | (533) | (550) | (489) |
| Change in warrant liability (1) | (13) | (9) | (11) |
| Share-based compensation expense (2) | 127 | 205 | 153 |
| Adjusted EBITDA: | $(419) | $(354) | $(347) |

---

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| Net (loss) income: | $(1965) | $(2639) |
| Less: Loss (income) attributable to non-controlling interest in joint venture | (65) | 208 |
| Net loss attributable to NexGel stockholders | (2030) | (2431) |
| Adjustments: |  |  |
| Depreciation and amortization | 338 | 328 |
| Interest expense, net | 32 | 65 |
| Income tax expense | - | - |
| EBITDA | (1661) | (2038) |
| Change in warrant liability (1) | (112) | (37) |
| Share-based compensation expense (2) | 498 | 271 |
| Adjusted EBITDA: | $(1275) | $(1804) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) This
 adjustment gives effect to non-cash warrant liability changes incurred during the periods.

(2) 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. No common stock was issued
 for services in the quarter ended September 30, 2025.

## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_001.jpg)

![](ex99-2_002.jpg)

![](ex99-2_003.jpg)

![](ex99-2_004.jpg)

![](ex99-2_005.jpg)

![](ex99-2_006.jpg)

![](ex99-2_007.jpg)

![](ex99-2_008.jpg)

![](ex99-2_010.jpg)

![](ex99-2_011.jpg)

![](ex99-2_013.jpg)

![](ex99-2_014.jpg)

![](ex99-2_015.jpg)

![](ex99-2_016.jpg)

![](ex99-2_017.jpg)