NASDAQ: BFRI
Biofrontera Inc.CIK 0001858685 · SIC 2834 · Pharmaceutical Preparations
We are a United States based biopharmaceutical company engaging in the development, manufacturing, and commercialization of pharmaceutical products for the treatment of dermatological conditions with a focus on photodynamic therapy (“PDT”). The Company’s products, which include Ameluz as well as… About this business →
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Latest financial statements
From 10-Q filed Aug 13, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts and number of shares)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Product revenues, net | 12,003 | 9,030 | 22,087 | 17,617 |
| Operating expenses | ||||
| Cost of revenues, related party | 2,185 | 2,380 | 4,016 | 5,455 |
| Cost of revenues, other | 225 | 262 | 510 | 455 |
| Selling, general and administrative | 9,628 | 10,528 | 20,623 | 19,183 |
| Selling, general and administrative, related party | 41 | 69 | 42 | 76 |
| Patent remediation expense | - | - | 392 | - |
| Research and development | 448 | 870 | 1,348 | 2,077 |
| Total operating expenses | 12,527 | 14,109 | 26,931 | 27,246 |
| Loss from operations | (524) | (5,079) | (4,844) | (9,629) |
| Other income (expense) | ||||
| Change in fair value of warrant liabilities | 44 | 153 | (175) | 702 |
| Change in fair value of investment, related party | (1) | 2 | (1) | 2 |
| Interest expense, net | (126) | (115) | (251) | (220) |
| Other income (expense), net | 26 | (264) | (62) | (363) |
| Total other income (expense) | (57) | (224) | (489) | 121 |
| Loss before income taxes | (581) | (5,303) | (5,333) | (9,508) |
| Income tax expense | 23 | 21 | 23 | 19 |
| Net loss | (604) | (5,324) | (5,356) | (9,527) |
| Loss per common share: | ||||
| Basic and diluted | (0.05) | (0.57) | (0.44) | (1.05) |
| Weighted-average common shares outstanding: | ||||
| Basic and diluted | 12,923,710 | 9,351,557 | 12,306,944 | 9,108,091 |
Condensed Consolidated Balance Sheets
(In thousands, except par value and share amounts)
| Description | June 30, 2026 (Unaudited) | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 4,659 | 6,392 |
| Investment, related party | 8 | 9 |
| Accounts receivable, net | 5,545 | 7,291 |
| Inventories | 1,097 | 1,426 |
| Prepaid expenses and other current assets | 892 | 2,279 |
| Other assets, related party | 234 | 686 |
| Total current assets | 12,435 | 18,083 |
| Inventories, long term | 3,658 | 3,729 |
| Property and equipment, net | 2,139 | 2,158 |
| Operating lease right-of-use assets | 2,813 | 1,584 |
| Intangible assets, net | 2,568 | 2,650 |
| Other assets | 451 | 360 |
| Total assets | 24,064 | 28,564 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 4,315 | 1,855 |
| Accounts payable, related parties, net | 1,044 | 4,811 |
| Operating lease liabilities | 472 | 332 |
| Accrued expenses and other current liabilities | 4,710 | 4,897 |
| Total current liabilities | 10,541 | 11,895 |
| Long-term liabilities: | ||
| Convertible notes payable, net | 4,620 | 4,589 |
| Warrant liabilities | 526 | 351 |
| Operating lease liabilities, non-current | 2,412 | 1,240 |
| Other liabilities | 9 | 9 |
| Total liabilities | 18,108 | 18,084 |
| Commitments and contingencies (see Note 17) | ||
| Stockholders’ equity: | ||
| Convertible Preferred Stock, $0.001 par value, 20,000,000 shares authorized; no Series B-1; 1,850 and 2,050 Series B-2; 6,498 and 6,593 Series B-3; 9,707 and 10,719 Series C; and 3,019 Series D shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | - | - |
| Common stock, $0.001 par value, 70,000,000 shares authorized; 14,206,126 and 11,648,323 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 14 | 12 |
| Additional paid-in capital | 139,243 | 138,413 |
| Accumulated deficit | (133,301) | (127,945) |
| Total stockholders’ equity | 5,956 | 10,480 |
| Total liabilities and stockholders’ equity | 24,064 | 28,564 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (5,356) | (9,527) |
| Adjustments to reconcile net loss to cash flows used in operations: | ||
| Depreciation and amortization | 120 | 55 |
| Reduction in the carrying amount of right-of-use assets | 263 | 386 |
| Stock-based compensation | 605 | 426 |
| Non-cash interest expense | 259 | 240 |
| Allowance for credit losses | 40 | (57) |
| Change in fair value of warrant liabilities | 175 | (702) |
| Realized/unrealized (gain)/ loss in investment, related party | 1 | (2) |
| Loss from termination of operating leases | 4 | - |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 1,706 | 1,418 |
| Other receivables, related party | (54) | - |
| Prepaid expenses and other assets | 1,296 | 45 |
| Other assets, related party | 452 | (953) |
| Inventories | 386 | 2,618 |
| Accounts payable | 2,461 | 2,412 |
| Accounts payable, related parties, net | (3,714) | (4,674) |
| Operating lease liabilities | (184) | (371) |
| Accrued expenses and other liabilities | (188) | 1,524 |
| Cash flows used in operating activities | (1,728) | (7,162) |
| Cash flows from investing activities | ||
| Purchases of property and equipment | (5) | (4) |
| Cash flows used in investing activities | (5) | (4) |
| Cash flows from financing activities | ||
| Proceeds from stockholder advances | - | 8,500 |
| Cash flows provided by financing activities | - | 8,500 |
| Net change in cash, cash equivalents | (1,733) | 1,334 |
| Cash, cash equivalents and restricted cash, at the beginning of the period | 6,592 | 6,105 |
| Cash, cash equivalents and restricted cash, at the end of the period | 4,859 | 7,439 |
| Supplemental disclosure of cash flow information | ||
| Interest paid | - | 3 |
| Income taxes paid, net | 21 | 21 |
| Supplemental non-cash financing activities | ||
| Addition of right-of-use assets in exchange for operating lease liabilities | 1,529 | 98 |
| Conversion of convertible note payable and PIK interest into common stock | 227 | - |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except per share amounts and number of shares); (In thousands, except par value and share amounts); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About Biofrontera Inc.
Source: Item 1 (Business) from the 10-K filed March 19, 2026. Description as filed by the company with the SEC.
Item
1. Business
Overview
We are a United States based biopharmaceutical company engaging in the development,
manufacturing, and commercialization of pharmaceutical products for the treatment of dermatological conditions with a focus on photodynamic
therapy (“PDT”). The Company’s products, which include Ameluz as well as the BF-RhodoLED and RhodoLED XL lamp series
(together, the “RhodoLED Lamps”), are used for the treatment of actinic keratosis (“AK”), a common skin condition
characterized by the growth of pre-cancerous lesions (or “AKs”). With our national commercial team, we generate revenue by
selling our products directly to dermatology offices and groups.
We
were formed in 2015 as Biofrontera Inc., a Delaware corporation, and a wholly owned subsidiary of Biofrontera AG, a stock corporation
organized under the laws of Germany. In 2021, we completed our initial public offering. Effective June 1, 2024, we assumed control of
all clinical trials relating to Ameluz in the United States, allowing for more effective cost management and direct oversight of trial
efficiency through Discovery, our wholly owned subsidiary that was formed in Germany in 2022. Our research and development (“R&D”) programs
are focused on label expansion for Ameluz as well as supporting PDT growth by improving the capabilities of the RhodoLED Lamps to better
fulfill the needs of dermatologists.
On October 20, 2025, we entered into i) an Asset Purchase Agreement (the
“Transfer Agreement”) and ii) an Earnout Agreement (together with the Transfer Agreement, the “Agreements”), with
the Biofrontera Group, pursuant to which the Company acquired all rights in the United States to Ameluz and RhodoLED (the “Strategic
Transaction”). See Note 3. Asset Acquisition and Note 16. Related Party Transactions for additional information.
Read full description ↓
On November 6, 2025, the Company completed the sale of the intangible asset
relating to its Xepi product line, a long-lived asset previously classified as held for sale. See Note 9. Assets Held for Sale,
for additional information.
Our
Strategy
Our
principal objective is to improve patient outcomes in the non-melanoma space through adoption and use of our products. The key elements
of our strategy include the following:
●
expand our sales in the United States of Ameluz in combination with the
RhodoLED Lamps for the treatment of minimally to moderately thick AKs of the face and scalp and positioning Ameluz to be the standard
of care in the United States by leveraging new label indications and focusing on acquisition of new customers and growth of the therapy
in our current customer base;
4
●
leverage the potential for future approvals and label extensions of our
portfolio products that are in the pipeline for the United States market with respect to Ameluz and furthering the clinical development
of Ameluz after taking over responsibility for certain ongoing clinical trials since June 1, 2024; and
●
strategically
manage our portfolio, including opportunistically adding complementary products or services to our portfolio by acquiring or licensing
intellectual property to further leverage our commercial infrastructure and customer relationships.
By
executing these strategic objectives and continually evaluating our product portfolio with strategic options to improve our business,
we will fuel growth, deepen our trusted relationships in the dermatology community, and above all, help patients live healthier, more
fulfilling lives.
Employees
As
of December 31, 2025, the Company had a total of 92 employees comprised of 75 employees (72 full-time and three part-time) in
the United Sates and 19 employees located in Germany (12 full-time and seven part-time).
Significant
Customers
We
have a wide and diverse customer base with no single customer dominating our revenues. At December 31, 2025, no customer represented
more than 10% of the net accounts receivable balance. For the year ended December 31, 2025, no customer represented more than 10% of
net revenues. However, many of our existing and potential customers for our products have combined or could choose to combine in the
near future to form GPOs in an effort to lower costs. See GPO Risk Factor in