This is an unpainted Gremlin "bullet ball" from "Gremlins 2: The New batch". Created by Rick Baker and his team, this is a curled-up baby gremlin shaped like a ball, which would have emerged from the bubbling back of a large, wet gremlin.
Though this ball was created for the production, it was ultimately not used and remains unpainted. It is made of foam latex and measures approximately 2" (5.5cm) long.
* COA: Prop Store of London.