Biofrontera Inc.

Listed Company

BFRIWCIK 0001858685NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$41.70M

Net Income

$-10.54M

Total Assets

$28.56M

Equity

$10.48M

Shares Out

11.65M

Op. Cash Flow

$-13.40M

Business

Biofrontera Inc. is a biopharmaceutical company commercializing pharmaceutical products focused on photodynamic therapy (PDT) for dermatological conditions. It markets and sells Ameluz® and complementary light devices, the BF-RhodoLED® and RhodoLED®XL lamps, and previously owned the Xepi® topical antibiotic which is held for sale. The company operates a commercial organization with R&D programs supporting label expansions, clinical trials and device improvements under license agreements with its licensor. It sells directly to dermatology offices and groups across the United States through a buy-and-bill distribution model.

Summary from filing dated 2025-03-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Product revenues, net	42	37	34	29	24
Revenues, related party	—	18,000	66,000	133,000	—
Total revenues, net	42	37	34	29	24
Selling, general and administrative	38	34	39	35	37
Selling, general and administrative, related party	619,000	42,000	—	—	—
Research and development	4	2	77,000	—	—
Total operating expenses	53	55	57	—	—
Loss from operations	−11	−17	−23	−19	−25
Change in fair value of warrant liabilities	899,000	2	6	19	−13
Change in fair value of investment, related party	2,000	−14,000	−7	2	—
Loss on debt extinguishment	—	−316,000	—	—	—
Interest expense, net	−452,000	−2	−468,000	—	—
Other income, net	388,000	158,000	−75,000	33,000	689,000
Total other income (expense)	837,000	−527,000	3	18	−12
Loss before income taxes	−11	−18	−20	−608,000	−38
Income tax expense	25,000	22,000	14,000	32,000	56,000
Net loss	−11	−18	−20	−640,000	−38
Basic (per share)	−1.04	−3.22	−13.02	−0.61	−4.28
Diluted (per share)	−1.04	−3.22	−13.02	−0.61	—
Basic (shares)	10	6	2	1	9
Diluted (shares)	10	6	2	1	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-09-30	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	6	6	—	1	17
Investment, related party	9,000	7,000	—	—	11
Accounts receivable, net	7	5	—	5	4
Inventories	1	7	—	11	7
Prepaid expenses and other current assets	2	527,000	—	425,000	810,000
Asset held for sale	—	2	2	—	—
Total current assets	18	21	—	23	43
Inventories, long term	4	—	—	—	—
Property and equipment, net	2	80,000	—	134,000	204,000
Operating lease right-of-use assets	2	903,000	—	2	2
Intangible assets, net	3	35,000	—	3	3
Other assets	360,000	383,000	—	482,000	320,000
Total assets	29	22	—	28	51
Operating lease liabilities	332,000	548,000	—	691,000	498,000
Accrued expenses and other current liabilities	5	4	—	4	11
Total current liabilities	12	12	—	18	21
Convertible notes payable	5	4	—	—	—
Warrant liabilities	351,000	1	—	4	3
Operating lease liabilities, non-current	1	276,000	—	804,000	848,000
Other liabilities	9,000	23,000	—	37,000	21,000
Total liabilities	18	18	—	23	27
Commitments and contingencies (see Note 20)	—	—	—	—	—
Preferred Stock	—	—	—	—	—
Common Stock, $0.001 par value, 70,000,000 shares authorized; 11,648,323 and 8,873,932 shares issued and outstanding as of December 31, 2025 and 2024, respectively	12,000	9,000	—	2,000	1,000
Additional paid-in capital	138	122	—	104	103
Accumulated deficit	−128	−117	—	−100	−80
Total stockholders equity	10	4	—	5	24
Total liabilities and stockholders equity	29	22	—	28	51

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	138,000	421,000	—	—	—
Reduction in the carrying amount of right-of-use assets	730,000	728,000	560,000	653,000	—
Stock-based compensation	951,000	1	1	2	129,000
Non-cash interest expense	491,000	297,000	402,000	358,000	358,000
Allowance for credit losses	−69,000	162,000	122,000	106,000	44,000
Gain on sale of asset held for sale	−700,000	—	—	—	—
Loss from termination of operating leases	19,000	—	—	—	—
Realized/unrealized loss in investment, related party	−2,000	14,000	7	−2	—
Accounts receivable	−2	−315,000	−2	−70,000	−612,000
Other receivables, related party	—	2,000	6	5	−11
Prepaid expenses and other assets	−2	−141,000	174,000	4	—
Other assets, related party	−686,000	5	−5	—	—
Inventories	1	4	−4	−3	3
Accounts payable	−2,000	−1	2	—	—
Accounts payable, related parties, net	−533,000	−355,000	4	—	—
Operating lease liabilities	−683,000	−689,000	−657,000	−781,000	—
Accrued expenses and other liabilities	610,000	−230,000	−6	−4	—
Cash flows used in operating activities	−13	−10	−25	−16	−27
Proceeds from sale of asset held for sale	3	—	—	—	—
Sales of investment, related party	—	57,000	600,000	—	—
Purchase of intangible assets	—	−50,000	—	—	—
Purchases of property and equipment	−2,000	−10,000	−5,000	−38,000	—
Cash flows provided by (used in) investing activities	3	−3,000	619,000	−5	−11,000
Proceeds from issuance of Series C preferred stock, net of offering costs	11	—	—	—	—
Proceeds from issuance of Series B-1 preferred stock and warrants to purchase series B-3 preferred stock, net of issuance costs	—	8	—	9	—
Proceeds from issuance of Series B-3 preferred stock from exercise of warrants	—	7	—	—	—
Proceeds from issuance of convertible notes, net of issuance costs	—	4	—	—	—
Payment of principal short-term debt	—	−4	−21	—	—
Cash flows provided by financing activities	11	15	8	14	43
Net increase in cash and cash equivalents	487,000	5	−16	−7	16
Interest paid	6,000	2	125,000	1,000	2,000
Income tax paid, net	25,000	24,000	15,000	32,000	56,000
Preferred stock issued as consideration in asset purchase acquisition (See Note 3. Asset Acquisition)	5	—	—	—	—
Property, plant and equipment acquired	2	—	—	—	8,000
Intangible asset acquired	3	—	—	—	—
Addition of right-of-use assets in exchange for operating lease liabilities	1	55,000	800,000	—	—

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