NASDAQ: BFRI
Biofrontera Inc.CIK 0001858685 · Health Care · 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-K/A filed Jul 22, 2026 (period ending Dec 31, 2025). SEC XBRL (companyfacts) — not generated by the model.
Consolidated Statements of Operations
| Description | Year ended Dec 31, 2025 | Year ended Dec 31, 2024 | Year ended Dec 31, 2023 |
|---|---|---|---|
| Revenue: | |||
| Total revenue / net sales | 41.7 | 37.3 | 34.1 |
| Operating expenses: | |||
| Research and development | 3.7 | 2.1 | 0.08 |
| General and administrative | 22.9 | 16.3 | 18.5 |
| Selling, general and administrative | 37.8 | 33.8 | 39.0 |
| Total operating expenses | 53.1 | 54.5 | 56.7 |
| Operating income | (11.3) | (17.2) | (22.7) |
| Other income/(expense), net | 0.8 | (0.5) | 2.6 |
| Income before income taxes | (10.5) | (17.7) | (20.1) |
| Income tax expense/(benefit) | 0.03 | 0.02 | 0.01 |
| Net income | (10.5) | (17.8) | (20.1) |
| Basic earnings per share | (1.04) | (3.22) | (13.02) |
| Diluted earnings per share | (1.04) | (3.22) | (13.02) |
Consolidated Balance Sheets
| Description | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Current assets: | ||
| Cash and equivalents | 6.4 | 5.9 |
| Accounts receivable, net | 7.3 | 5.3 |
| Other receivables, net | 4.8 | 5.3 |
| Inventories | 1.4 | 6.6 |
| Prepaid expenses and other current assets | 2.3 | 0.5 |
| Assets held for sale | 2.3 | |
| Other current assets | (4.1) | (5.3) |
| Total current assets | 18.1 | 20.7 |
| Property, plant and equipment, net | 2.2 | 0.08 |
| Operating lease right-of-use assets, net | 1.6 | 0.9 |
| Finite-lived intangible assets, net | 2.6 | 0.04 |
| Other long-term assets | 4.1 | 0.4 |
| TOTAL ASSETS | 28.6 | 22.1 |
| Current liabilities: | ||
| Current portion of operating lease liabilities | 0.3 | 0.5 |
| Accrued liabilities | 4.3 | |
| Other current liabilities | 11.6 | 7.2 |
| Total current liabilities | 11.9 | 12.0 |
| Operating lease liabilities | 1.2 | 0.3 |
| Deferred income taxes and other liabilities | 0.01 | 0.02 |
| Other long-term liabilities | 4.9 | 5.3 |
| Total liabilities | 18.1 | 17.7 |
| Shareholders' equity: | ||
| Common stock | 0.01 | 0.01 |
| Capital in excess of stated value | 138.4 | 121.8 |
| Retained earnings (deficit) | (127.9) | (117.4) |
| Total shareholders' equity | 10.5 | 4.4 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 28.6 | 22.1 |
Consolidated Statements of Cash Flows
| Description | Year ended Dec 31, 2025 | Year ended Dec 31, 2024 |
|---|---|---|
| Operating Activities: | ||
| Net cash from operating activities | (13.4) | (10.3) |
| Investing Activities: | ||
| Net cash from investing activities | 3.0 | — |
| Financing Activities: | ||
| Net cash from financing activities | 10.8 | 14.8 |
| Net increase/(decrease) in cash | 0.5 | 4.6 |
Amounts in millions USD; EPS as reported. Line labels are presentation-friendly mappings of filer XBRL tags — not a re-audit of the full statements. Use EDGAR for interactive notes and detail. 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