Recent developments include management changes, strategic agreements, financial results, and regulatory notices impacting NEXGEL's operations and market position.

• Ian Blackman was named Chief Financial Officer on April 27, 2026, bringing over 30 years of global financial leadership experience [N1][N2].
• NEXGEL signed an agreement with Celularity to license and acquire six biomaterial products, with amended consideration of $13.3 million including cash and convertible notes [N4][S1].
• The company received a Nasdaq deficiency notice on April 22, 2026, due to its stock price falling below the minimum $1.00 bid price requirement, with a compliance period until October 19, 2026 [S1].
• NEXGEL reported record revenue growth in 2024, with 181% growth in Q4 and 112% for the full year, and revenue doubled in fiscal Q2 2025 [N6][N7].
• The company expanded its partnership with STADA Arzneimittel AG to launch new health solutions in mid-2025 [N7].
• NEXGEL held a Q3 2025 earnings call providing updates on financial results and strategic initiatives [N5].
• The company announced plans to release first quarter 2025 financial results and host a conference call in May 2025 [N8].

NEXGEL has demonstrated strong revenue growth in recent periods, including a 181% increase in Q4 2024 and doubling revenue in fiscal Q2 2025, indicating market traction for its biomaterial products. The exclusive license and asset acquisition agreement with Celularity expands its product portfolio and potential revenue streams. Strategic partnerships, such as with STADA Arzneimittel AG, enhance its distribution and commercialization capabilities. The appointment of a CFO with extensive financial leadership experience supports strategic growth and capital management. The company's liquidity position and access to convertible note financing provide resources to support ongoing operations and development.

NEXGEL reported a net loss of $3 million for the fiscal year ended 2025 and has a stock price below Nasdaq's minimum bid price requirement, resulting in a deficiency notice with a compliance deadline. The company faces risks related to its ability to generate sustainable profitability and maintain listing compliance. The convertible notes impose covenants and events of default that could impact financial flexibility. The competitive biotech landscape and reliance on milestone payments and successful commercialization of licensed products present execution risks. The company's liquidity ratios indicate moderate short-term financial stability but require careful management of cash resources.

NEXGEL's moat is derived from its exclusive licensing and acquisition of a portfolio of commercial-stage and development-stage regenerative biomaterial products from Celularity, providing proprietary product offerings in a specialized niche. The company's partnerships, such as with STADA Arzneimittel AG, support market access and product launch capabilities. The secured convertible note financing and experienced management team with expertise in finance and biotech sectors contribute to operational stability. However, the company operates in a competitive biotech environment where product development, regulatory approvals, and market acceptance are critical factors influencing its competitive position.

• Nasdaq Listing Compliance Risk: The company received a deficiency notice from Nasdaq due to its stock price being below $1.00 for 30 consecutive business days, with a compliance deadline of October 19, 2026, posing a risk to continued listing on the exchange.
• Financial Losses and Profitability: NEXGEL reported a net loss of $3 million for the fiscal year ended 2025, indicating ongoing challenges in achieving profitability.
• Convertible Note Covenants and Defaults: The convertible notes contain customary covenants and events of default, including restrictions on indebtedness and asset transfers, which could limit financial flexibility or trigger accelerated repayment obligations.
• Execution and Commercialization Risks: The company's business depends on successful commercialization of licensed biomaterial products and achievement of milestone payments, which are subject to market acceptance, regulatory approvals, and competitive pressures.

• NEXGEL, INC. is a Delaware corporation with common stock trading on The Nasdaq Capital Market under the ticker NXGL and warrants under NXGLW.
• The company is classified as an emerging growth company.
• As of April 28, 2026, NEXGEL had 8,849,665 shares of common stock outstanding.
• The company focuses on regenerative biomaterials and related commercial-stage and development-stage programs.
• On March 6, 2026, NEXGEL entered into an Asset Purchase and Exclusive License Agreement with Celularity, Inc. to license and acquire a portfolio of six biomaterial products, with consideration up to $35 million including upfront and milestone payments; this agreement was amended on April 17, 2026, adjusting the consideration to $13.3 million including cash and a convertible promissory note.
• NEXGEL has a convertible note facility with institutional investors totaling up to approximately $56.7 million, including Series A and Series B convertible notes with a 10% interest rate and various conversion price adjustments.
• The company has a Security and Pledge Agreement granting a first priority security interest in substantially all assets to the collateral agent for the convertible note investors.
• NEXGEL's liquidity as of December 31, 2025, includes $938,000 in cash and equivalents, $612,000 in short-term investments (as of June 30, 2023), current assets of $4,338,000, and current liabilities of $2,956,000, resulting in a current ratio of 1.47 and a cash ratio of 0.52.
• For the fiscal year ended December 31, 2025, the company reported a net loss of $3,000,000 and basic and diluted EPS of -$0.38.
• The company has a board of directors with members possessing expertise in finance, biotech, and capital markets, including CEO Adam Levy and CFO Ian Blackman appointed April 27, 2026.
• NEXGEL has expanded partnerships, including with STADA Arzneimittel AG to launch new health solutions.
• The company reported record revenue growth in 2024 with 181% growth in Q4 and 112% for the full year, and revenue doubling in fiscal Q2 2025.
• NEXGEL received a Nasdaq deficiency notice on April 22, 2026, due to the stock price being below $1.00 for 30 consecutive business days, with a compliance period until October 19, 2026.
• The company is engaged in discussions for an equity line of credit facility to issue up to $100 million in common stock at discounts to market price.
• NEXGEL's management and board have experience in capital markets, finance, and biotech sectors, supporting strategic growth and governance.
• The company has related-party transaction policies overseen by the Audit Committee, which is composed of independent directors.
• NEXGEL's convertible notes contain customary covenants and events of default, including restrictions on indebtedness and asset transfers.
• The company has issued press releases and held earnings calls providing updates on financial results and strategic initiatives.