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Here are 1-3 brief analogies for NexGel (NXGL):

• NEXGEL is like a Corning for advanced hydrogel technology, developing specialized gel materials for a wide range of medical, cosmetic, and consumer products.
• NEXGEL is like a highly specialized Johnson & Johnson, focusing on innovative gel-based patches and topical products for wound care, beauty, and medical uses.

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• Facemasks: Topical gel masks used for cosmetic or therapeutic applications.
• Undereye patches: Gel patches specifically designed for the under-eye area, typically for cosmetic or soothing purposes.
• Blister shield foot care: Gel-based products crafted to protect and soothe blisters on the feet.
• Hexagel: A proprietary gel product, likely used for various topical applications such as wound care or skin treatment.
• Cracked heel repair patches: Gel patches specifically formulated to aid in the repair and soothing of cracked heels.
• Fever patch: A gel patch designed to provide cooling relief and comfort during a fever.

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NexGel (NXGL) Major Customers

Based on its public filings, NexGel (NXGL) does not report any single customer accounting for 10% or more of its total revenue. This indicates a diversified customer base rather than a reliance on a few major clients. NexGel serves customers through two primary channels:

Business-to-Business (B2B) - Private Label and OEM Customers

NexGel manufactures and supplies its high-water content hydrogel technology to other companies that integrate these materials into their own branded products. These customer companies generally fall into the following categories:

• Medical device companies
• Pharmaceutical companies
• Cosmetic companies
• Consumer product companies

Business-to-Consumer (B2C) - Direct-to-Consumer and Retail

NexGel also sells its own branded products directly to individuals through e-commerce platforms and retail distribution. The categories of individual customers it serves are those seeking:

• Skincare and cosmetic solutions (e.g., facemasks, undereye patches)
• Wound care and foot care solutions (e.g., blister shield foot care, cracked heel repair patches)
• Fever and general pain relief patches

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Adam Levy
Chief Executive Officer, President & Director

Mr. Levy has served as NEXGEL's Chief Executive Officer and President since September 10, 2019, and as a Director since September 9, 2021. He previously held the role of Chief Financial Officer for NEXGEL from December 31, 2019, to June 1, 2021. Mr. Levy co-founded NEXGEL. His background includes experience as an investment banker with Cova Capital, specializing in capital markets. Prior to joining NEXGEL, he was the President and CEO of Warlock Records Inc. from its inception in 1985, where he successfully led the turnaround of several financially distressed music companies as part of a roll-up strategy. He possesses expertise in consumer products, marketing, television/radio advertising, and direct-to-consumer sales.

Adam E. Drapczuk III
Interim Chief Financial Officer & Principal Financial and Accounting Officer

Mr. Drapczuk was appointed Interim Chief Financial Officer and Principal Financial and Accounting Officer, effective January 1, 2026. He previously served as the Company's Chief Financial Officer from June 1, 2021, until December 31, 2024, and continued to serve as a financial consultant to the Company from January 1, 2025, until December 31, 2025. Before his roles at NEXGEL, Mr. Drapczuk served as the Financial Controller for R-Pharm US, a private specialty pharmaceutical company. He also held positions as Vice President of Finance and CFO for Inpellis, Inc.; Controller and Director of Finance for Tris Pharma; and Director of Finance for West-Ward Pharmaceuticals Corp. Mr. Drapczuk began his career in accounting and finance at KPMG LLP and holds an active CPA license.

Gregory J. Robb
VP, Operations

Mr. Robb brings over 30 years of experience in the electron beam processing industry. He has dedicated the last 23 years to producing electron beam cross-linked hydrogels. Mr. Robb was responsible for designing the layout, coordinating, and supervising the construction of the NEXGEL facility.

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Key Business Risks for NEXGEL, Inc. (NXGL)

1. Continued Financial Losses and Liquidity Concerns: NEXGEL, Inc. has consistently reported net losses. For Q4 2024, the net loss was $0.85 million, and for the full year 2024, it reached $3.28 million. The company also reported a net loss of $0.65 million for Q3 2025. These ongoing losses, coupled with a decreasing cash balance—approximately $0.938 million as of September 30, 2025—raise significant concerns about the company's ability to fund its operations and future growth initiatives. The stock has been identified as "very high risk" due to its volatility and a falling trend. Despite efforts to secure financing, persistent unprofitability and limited liquidity remain a primary risk to the business.

2. Reliance on Key Partnerships and Product Launch Uncertainties: NEXGEL's growth is heavily influenced by its contract manufacturing segment and the success of its consumer product portfolio, which relies on demand from existing customers and new corporate partnerships. There is significant uncertainty surrounding the timing of revenue recognition from major partnerships, such as the repeated postponements of the AbbVie ReSonic product launch, which could delay substantial revenue opportunities. While a recent agreement to acquire a biomaterial portfolio from Celularity is anticipated to triple revenue and bring immediate profitability, its successful execution is contingent upon securing sufficient financing and the effective integration of the new products and teams.

3. Intense Competitive Pressure and Challenges in Market Awareness: Operating in highly competitive markets, including wound care, medical diagnostics, transdermal drug delivery, and cosmetics, NEXGEL faces strong competition from large, established players such as 3M and Johnson & Johnson. These competitors often possess significantly larger research and development budgets and extensive distribution networks. As a relatively smaller entity, NEXGEL faces the ongoing challenge of building brand recognition and gaining substantial market traction, which requires sustained marketing investment and third-party validation to effectively compete and grow its market share.

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The addressable markets for NexGel's main products and services are as follows:

Wound Care

• The global wound care market was estimated to be valued at USD 24.77 billion in 2025 and is expected to reach USD 35.56 billion by 2032.
• The U.S. wound care market was valued at USD 8.63 billion in 2023.

Medical Diagnostics

• The global diagnostic testing market size is estimated at USD 207.96 billion in 2025 and is forecasted to reach approximately USD 272.98 billion by 2034.
• The market size of Diagnostic & Medical Laboratories in the U.S. was USD 85.5 billion in 2025.

Transdermal Drug Delivery

• The global transdermal drug delivery systems market size was valued at USD 83.67 billion in 2025 and is projected to grow to USD 234.36 billion by 2034.
• The U.S. transdermal drug delivery system market size was valued at USD 30.31 billion in 2022 and is expected to reach USD 71.63 billion by 2030.

Cosmetics

• The global cosmetics market size was valued at USD 439.1 billion in 2025 and is estimated to reach USD 647.9 billion by 2034.
• The U.S. cosmetics market size reached USD 107 billion in 2025 and is forecast to reach USD 155 billion in 2033.

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NexGel (NASDAQ: NXGL) is positioned for significant revenue growth over the next two to three years, driven by strategic acquisitions, expanded product offerings, and new partnerships.

Here are 3-5 expected drivers of future revenue growth:

• Acquisition and Integration of Regenerative Biomaterial Products: NexGel's definitive agreement to license and acquire a portfolio of six commercial-stage regenerative biomaterial products from Celularity is expected to be a transformative revenue driver. This deal, anticipated to close by April 15, 2026, is projected to approximately triple NexGel's annual revenue to about $35 million and make the company immediately profitable upon closing. The acquired portfolio includes established products with existing insurance reimbursement and plans for three additional 510(k) filings between 2026 and 2028.
• Expansion of Consumer-Branded Product Lines: The company anticipates substantial growth from new product launches and diversification within its consumer-branded segment. This includes expanding beauty lines and developing solutions for conditions like eczema. Specifically, the Medagel brand is set to launch new offerings such as the SilverSeal wound and burn kit and moist burn pads, with SilverSeal also receiving approval for sale in Canada. The Kenkoderm brand plans to double its product portfolio.
• Growth in Contract Manufacturing and New Customer Onboarding: NexGel continues to experience strong demand for its contract manufacturing services, with consistent performance and the onboarding of new global clients. The company highlighted an imminent launch in partnership with iRhythm, signaling continued expansion in this segment. This area saw a 58% year-over-year increase in revenue in the first quarter of 2025, demonstrating ongoing momentum.
• Commercialization of AbbVie's RESONIC Machine: NexGel remains the exclusive supplier of gel pads for AbbVie's RESONIC machine. While the launch has faced internal manufacturing delays from AbbVie, NexGel expresses confidence in the eventual launch of the device, which is expected to bring substantial revenue potential to the company once it commences.

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Share Repurchases

• On December 7, 2022, NEXGEL's Board of Directors approved a share repurchase program authorizing the purchase of up to $500,000 of the Company's common shares.

Share Issuance

• NEXGEL completed its Initial Public Offering (IPO) on December 22, 2021, raising approximately $14.2 million through the sale of 2,585,000 shares of common stock and accompanying warrants.
• The company executed a registered direct offering for approximately $975,000 on February 21, 2024, involving the issuance of 462,090 shares of common stock and warrants.
• On August 1, 2025, NEXGEL announced a registered direct offering and concurrent private placement for $950,000, issuing 413,044 shares of common stock and unregistered warrants.

Inbound Investments

• NexGelRx, a spin-off focused on drug delivery, received strategic investments from Diesis Holdings, LLC on December 16, 2025.
• In Q3 2025, NEXGEL received $1 million in non-dilutive capital from STADA to support upcoming product launches and marketing efforts.
• On February 10, 2026, NEXGEL announced $1.797 million in financing related to a potential acquisition, with a possible additional investment of $14.869 million pending due diligence.

Outbound Investments

• NEXGEL's IPO proceeds from December 2021 were designated, in part, to fund potential acquisitions or other strategic investments.
• On March 10, 2026, NEXGEL signed a definitive agreement to license and acquire a portfolio of commercial-stage regenerative biomaterial products, a transaction expected to approximately triple annual revenue and make the company immediately profitable upon closing.

Capital Expenditures

• Capital expenditures for Q1 2025 were reported at $152,000.
• In Q3 2025, Nexgel Inc. invested $8,000 in capital expenditures.
• The company's operating cash flow in Q3 2025 indicated $443,000 in capital expenditures for that period.