Nexgel Inc (NASDAQ: NXGL) is a hydrogel-based manufacturing company that produces consumer products and contract-manufactured goods using water-based gel technology. Revenue comes from two streams: direct-to-consumer product sales through Amazon and Shopify marketplaces, and contract manufacturing for third-party customers, both conducted on a purchase-order basis with no minimum commitments. The company operates from a combined corporate office and manufacturing facility and had 19 full-time employees as of December 31, 2025. Selling, general and administrative expenses were $7,859 thousand for FY2025, up 26.3% from $6,224 thousand in FY2024. Cash and cash equivalents stood at $317 thousand as of December 31, 2025, down from $1,807 thousand at December 31, 2024, with net cash used in operating activities of $1,311 thousand for FY2025. The company is also developing medical device products including NEXDrape, a hydrogel-based surgical drape, and NEXDerm, a hydrogel adhesive tape for securing central lines, both pending FDA 510(k) clearance.

Revenue model

Transactional revenue from consumer product sales via Amazon and Shopify marketplaces, plus contract manufacturing fees from third-party customers. All sales are made on a purchase-order basis with no contracts or minimum purchase commitments in either business segment (per FY2025 10-K).

Products and services

Hydrogel-based consumer products sold through Amazon and Shopify; contract manufacturing services for third-party customers; medical device pipeline including NEXDrape (hydrogel surgical drape, pre-FDA clearance) and NEXDerm (hydrogel adhesive tape for central lines and IV devices, pre-FDA clearance) as of the FY2025 10-K.

Customers and end markets

End consumers purchasing through Amazon and Shopify; contract manufacturing customers across unspecified end markets; medical professionals as the target end market for pipeline device products NEXDrape and NEXDerm (per FY2025 10-K).

Value-chain role

Manufacturer and direct-to-consumer seller of hydrogel products; contract manufacturer for third-party brand owners; pre-revenue medical device developer subject to FDA device registration and cGMP compliance. Registered as a device manufacturer and distributor with the FDA as of the FY2025 10-K filing.

Geographic exposure

The filing excerpts do not specify geographic revenue breakdown beyond reliance on Amazon and Shopify marketplaces for consumer product distribution.

Competitors

3M Healthcare (Tegaderm, referenced as NEXDerm competitive benchmark)

Source: SEC 10-K, filed 2026-03-31

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