10-Q · May 14, 2026
NexGel, Inc. reported Q4 2026 revenue of $2.65 million, a decline of 5.6% from $2.81 million in the same period last year. Gross margin decreased to 40.0%, down from 42.3% year-over-year, and the diluted EPS was -0.12…
Earnings analysis · 10-Q
NXGL earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
The extracted 10-Q text does not include the current-quarter income statement, balance sheet, cash-flow statement, or segment disclosures, so revenue, margins, EPS, liquidity, and free cash flow cannot be quantified…
Read full summary
The extracted 10-Q text does not include the current-quarter income statement, balance sheet, cash-flow statement, or segment disclosures, so revenue, margins, EPS, liquidity, and free cash flow cannot be quantified from the available filing content. The filing highlights substantial financing risk, with $14.7 million of convertible notes outstanding at 10% interest, rising to 18% upon default, alongside potential dilution. Additional concerns include a damages claim exceeding $1.75 million, up to $20.0 million of contingent Celularity payments, and ineffective disclosure controls as of June 30, 2026.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Remediation Plan for Material Weaknesses
The company is pursuing remediation of two identified control deficiencies: journal entries were not subject to adequate review and approval, and one accounting employee had “super user” access to financial reporting systems.
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Celularity Portfolio Acquisition
NexGel completed an April 2026 license acquisition from Celularity involving an exclusive license to a commercial-stage regenerative biomaterials portfolio, with $13.3 million of upfront consideration.
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Convertible Note Financing
The company raised $7.375 million of gross proceeds from convertible notes issued on April 17, 2026, plus $1.21 million from notes issued on May 11, 2026.
What to watch
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Heavy Debt and Dilution Exposure
Convertible notes payable outstanding totaled $14.7 million as of June 30, 2026. The notes carry 10% annual interest, increasing to 18% upon an event of default, and conversion prices are subject to downward adjustment.
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$1.75 Million-Plus Arbitration Claim
The Bezalel Partners arbitration seeks damages in excess of $1.75 million, plus interest, attorneys’ fees and costs, related to an alleged breach of a Finder’s Fee Agreement.
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Acquisition Execution and Payment Risk
The Celularity transaction may require up to an additional $20.0 million in contingent milestone payments, while the company cautions that anticipated commercialization benefits may not be realized on the expected timeline or at all.
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Material Internal-Control Weaknesses
Management concluded that disclosure controls and internal control over financial reporting were not effective as of June 30, 2026 because of material weaknesses involving journal-entry approvals and elevated system access.
Management's outlook
No quantitative revenue or EPS guidance was provided in the extracted 10-Q text; the filing does not state that prior guidance was raised, maintained, lowered, or withdrawn.
Earlier filings 4
10-K · April 30, 2026
NexGel, Inc. reported consistent revenues of $3 million for Q4 2025, maintaining this figure across four consecutive quarters, although it still faced operational losses leading to an EPS decline to -0.12. The recent…
10-K · March 31, 2026
The 2025 10‑K reiterates NexGel’s strategy as a contract manufacturer and consumer products developer built on proprietary electron‑beam hydrogel manufacturing (13,500 sq ft facility operating at ~15%–20% capacity and…
10-Q · November 12, 2025
Q3 2025 results were broadly stable revenue‑wise but showed margin and per‑share loss improvement. Revenues were $2.934M (Q3 2025) vs $2.940M (Q3 2024), gross margin expanded to ~42.4% and diluted loss per share…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.