In Q1 2026, NexGel closed an exclusive licensing agreement for Celularity’s commercial-stage regenerative biomaterials portfolio, involving a $15 million upfront payment funded by newly issued convertible notes and warrants. This move transitions NexGel’s business model to one driven by milestone-based revenues tied to licensed biomaterials, supported by contract manufacturing arrangements. The regenerative biomaterials sector is nascent, and NexGel’s exclusive rights establish a meaningful moat but require successful commercialization and market adoption. Nasdaq listing compliance remains a material risk with the stock price below minimum bid thresholds. NexGel’s liquidity and manageable debt position support near-term execution but depend on further capital raises linked to licensing obligations and regulatory status.