Biofrontera Inc. Reports First Quarter 2026 Financial Results and Provides a Business Update
Rhea-AI Summary
Biofrontera (NASDAQ:BFRI) reported Q1 2026 revenue of $10.1 million, up ~17% from $8.6 million, driven by ~16% Ameluz unit growth and a price increase. Gross margin rose to about 80%, and operating loss was $4.3 million.
Net loss was $4.8 million ($0.41/share); Adjusted EBITDA improved to $(3.6) million. Cash stood at $6.3 million with minimal operating cash use. The company highlighted positive Phase 3 AK and Phase 2b acne data, FDA sNDA acceptance for sBCC with a September 28, 2026 PDUFA date, and regained Nasdaq bid-price compliance.
Positive
- Revenue grew ~17% year over year to $10.1 million
- Gross margin expanded to about 80%, up 18 percentage points
- Adjusted EBITDA loss improved by ~$0.8 million to $(3.6) million
- Operating cash use only $70 thousand; cash balance $6.3 million
- Approximately 16% growth in Ameluz units sold plus price increase
- Positive Phase 3 AK and Phase 2b acne trial results reported
- FDA accepted sNDA for sBCC with September 28, 2026 PDUFA date
- Company regained compliance with Nasdaq minimum bid price requirement
Negative
- Net loss widened to $4.8 million from $4.2 million
- Operating loss remained high at $4.3 million in Q1 2026
- Total operating expenses increased to $14.4 million from $13.1 million
- SG&A rose to $11.0 million, including higher legal expenses
- $1.2 million earnout expense recognized under new structure
- Adjusted EBITDA margin still negative at (35.3)%
News Market Reaction – BFRI
In the May 14 session, BFRI gained 3.00%, reflecting a moderate positive market reaction. Argus tracked a peak move of +14.0% during that session. Argus tracked a trough of -36.1% from its starting point during tracking. Our momentum scanner triggered 33 alerts that day, indicating elevated trading interest and price volatility. Trading volume was above average at 1.9x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 19 | Q4/FY25 earnings | Positive | -1.5% | Record Q4/FY25 revenue and margins plus strategic asset acquisition updates. |
| Nov 13 | Q3 2025 earnings | Negative | -8.6% | Q3 revenue decline, tight liquidity, and going concern commentary with restructuring. |
| Aug 13 | Q2 2025 earnings | Positive | +1.7% | Q2 revenue growth, new royalty structure, funding and IP gains for Ameluz. |
| May 15 | Q1 2025 earnings | Positive | -7.2% | Q1 revenue growth, pipeline progress, and improved net loss and EBITDA. |
| Mar 21 | FY 2024 earnings | Positive | -16.5% | Record FY24 revenue, cost reductions, improved cash, and clinical milestones. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have generally highlighted revenue growth and strategic progress, yet 3 of the last 5 similar announcements were followed by negative next-day moves, indicating a tendency for weak price responses to fundamentally positive updates.
Over the past several earnings cycles, Biofrontera reported growing revenues and improving unit economics, including record FY 2024 revenue of $37.3M and Q4 2025 revenue of $17.1M with gross margin expansion. Strategic steps such as acquiring U.S. Ameluz and RhodoLED rights and shifting to a 12–15% royalty structure aimed to enhance profitability. Cash levels fluctuated but improved at key points. Today’s Q1 2026 update continues the theme of revenue growth, margin expansion, and cash preservation following the Strategic Transaction.
Key Terms
photodynamic therapy (pdt) medical
actinic keratoses (aks) medical
superficial basal cell carcinoma (sbcc) medical
supplemental new drug application (snda) regulatory
pdufa target action date regulatory
pharmacokinetics medical
acne vulgaris (av) medical
adjusted ebitda financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Woburn, MA, May 14, 2026 (GLOBE NEWSWIRE) -- Biofrontera Inc. (NASDAQ: BFRI) (the "Company"), a biopharmaceutical company specializing in the development and commercialization of photodynamic therapy (PDT) in dermatology, today reported financial results for the three months ended March 31, 2026 and provided a business update.
First Quarter Financial Highlights
- Revenues for Q1 2026 were
$10.1 million , a ~17% increase compared to$8.6 million for the same period in 2025. - Gross margins were about
80% , an 18 percentage points increase compared to approximately62% in Q1 2025, reflecting the first full quarter under the new earnout structure following the closing of the strategic transaction with Biofrontera AG in October 2025 (the “Strategic Transaction”). - Operating loss was
$4.3 million in Q1 2026 compared to a loss of$4.5 million in Q1 2025. - Adjusted EBITDA improved to
$(3.6) million from$(4.4) million in Q1 2025, an improvement of approximately$0.8 million reflecting expanded gross margins under the new earnout structure. - With
$70 thousand used in operations, we largely maintained the operating cash balance we had at the end of Q4 2025, with$6.3 million as of March 31, 2026, compared to$1.8 million in Q1 2025.
Recent Operational Highlights
- Announced FDA's completion of its filing review and filing acceptance of the Company's supplemental New Drug Application (sNDA) for Ameluz® PDT for the treatment of superficial basal cell carcinoma (sBCC), with a PDUFA target action date of September 28, 2026.
- Announced positive and statistically significant top-line results from its Phase 3 clinical trial evaluating Ameluz® PDT for the treatment of mild to moderate actinic keratoses (AKs) on the extremities, neck, and trunk, meeting the primary endpoint.
- Announced database lock of Phase 1 pharmacokinetics study required for FDA filing on treatment field on extremities, neck and trunk with a treatment area of up to 240 cm².
- Announced positive results of its Phase 2b clinical trial for the treatment of moderate to severe acne vulgaris (AV), with a
58% reduction in inflammatory lesions in the 3-hour incubation protocol with Ameluz® PDT, compared to37% with vehicle PDT (PPS). - Regained compliance with the Nasdaq Minimum Bid Price Requirement as confirmed by Nasdaq on May 6, 2026.
Hermann Luebbert, Chief Executive Officer and Chairman of Biofrontera Inc., stated: "The first quarter of 2026 marks the first full quarter under our new cost structure following the Strategic Transaction, and the results speak clearly. Revenue grew
At the same time, our clinical pipeline continues to advance at an accelerated pace. With a PDUFA date for sBCC in September 2026, positive Phase 3 results in AK on neck/trunk and extremities, and encouraging Phase 2b data in acne, we have multiple near-term catalysts that could meaningfully expand the commercial opportunity for the Ameluz platform.
We remain focused on our goal of reaching sustained profitability and cash-flow breakeven while setting the foundation for medium to long-term growth, and I believe we are well positioned to help our customers and their patients and build long-term value for our shareholders."
First Quarter Financial Results
Total revenues for the first quarter of 2026 were
Gross profit margin in the first quarter of 2026 was approximately
Total operating expenses were
Selling, general and administrative expenses were
Research and development expenses were
The net loss for the first quarter of 2026 was
Adjusted EBITDA for the first quarter of 2026 was
Please refer to the table below which presents a GAAP to non-GAAP reconciliation of Adjusted EBITDA for the first quarters of 2026 and 2025.
Conference Call Details
Conference call: Thursday, May 14, 2026 at 11:00 AM ET
| Conference Call: | 1-877-877-1275 (U.S./Canada) 1-412-858-5202 (international) |
| Webcast: | Webcast – Biofrontera Inc. 1Q26 Results Conference Call https://event.choruscall.com/mediaframe/webcast.html?webcastid=Re1hZKm0 |
About Biofrontera Inc.
Biofrontera Inc. is a U.S.-based biopharmaceutical company commercializing a portfolio of pharmaceutical products for the treatment of dermatological conditions with photodynamic therapy (PDT). The Company's products are used for the treatment of actinic keratoses, which are pre-cancerous skin lesions, and in development for additional indications. For more information, visit www.biofrontera-us.com and follow Biofrontera on LinkedIn and X.
Contacts Investor Relations
Ben Shamsian
Lytham Partners
646-829-9701
shamsian@lythampartners.com
Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, in this press release, including statements regarding our strategy, future operations, regulatory process, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth, are forward-looking statements. The words "believe", "anticipate", "intend", "expect", "target", "goal", "estimate", "plan", "assume", "may", "will", "predict", "project", "would", "could" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. You should read this press release and any documents referenced herein completely and with the understanding that our actual future results may be materially different from what we expect. While we have based these forward-looking statements on our current expectations and projections about future events, we may not actually achieve the plans, intentions or expectations disclosed in or implied by our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
These forward-looking statements are subject to risks, uncertainties and assumptions about us and accordingly, actual results or events could differ materially from the plans, intentions and expectations disclosed in or implied by the forward-looking statements we make. These risks and uncertainties, many of which are beyond our control, include, but are not limited to: our ability to achieve and sustain profitability; our ability to compete effectively in selling our products; our ability to expand, manage and maintain our direct sales and marketing efforts, including our ability to obtain the financing to develop our marketing strategy, if needed; changes in our relationship with our manufacturing partners and the possible impact of tariffs; our ability to manufacture our products; our ability to adequately protect our intellectual property and operate the business without infringing upon the intellectual property rights of others; our actual financial results may vary significantly from forecasts and from period to period; our estimates regarding anticipated operating losses, future revenues, capital requirements and our needs for additional financing; market risks regarding consolidation and group purchasing organizations ("GPOs") in the healthcare industry; the willingness of healthcare providers to purchase our products if coverage, reimbursement and pricing from third-party payors for our products, or procedures using our products significantly declines; our ability to market, commercialize, achieve market acceptance for and sell our products; the fact that product quality issues or product defects may harm our business; any claims brought against the Company, including but not limited to product liability claims, claims of patent infringement, or claims challenging the validity of our intellectual property; our ability to maintain compliance with The Nasdaq Stock Market, LLC continued listing standards; our ability to comply with the requirements of being a public company; the progress, timing and completion of research, development and preclinical studies and clinical trials for our products; our ability to obtain and maintain the regulatory approvals necessary for the marketing of our products in the United States; and other factors that may be disclosed in the Company's filings with the Securities and Exchange Commission ("SEC"), which can be obtained on the SEC website at www.sec.gov. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that we may make. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Any forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release, except as required by applicable law. Investors should evaluate any statements made by us in light of these important factors.
(Tables follow)
BIOFRONTERA INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value and share amounts)
| March 31, 2026 (Unaudited) | December 31, 2025 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 6,317 | $ | 6,392 | ||||
| Investment, related party | 9 | 9 | ||||||
| Accounts receivable, net | 3,879 | 7,291 | ||||||
| Inventories | 1,231 | 1,426 | ||||||
| Prepaid expenses and other current assets | 1,062 | 2,279 | ||||||
| Other assets, related party | 661 | 686 | ||||||
| Total current assets | 13,159 | 18,083 | ||||||
| Inventories, long term | 3,591 | 3,729 | ||||||
| Property and equipment, net | 2,175 | 2,158 | ||||||
| Operating lease right-of-use assets | 2,895 | 1,584 | ||||||
| Intangible assets, net | 2,609 | 2,650 | ||||||
| Other assets | 358 | 360 | ||||||
| Total assets | $ | 24,787 | $ | 28,564 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,634 | $ | 1,855 | ||||
| Accounts payable, related parties, net | 1,315 | 4,811 | ||||||
| Operating lease liabilities | 506 | 332 | ||||||
| Accrued expenses and other current liabilities | 5,468 | 4,897 | ||||||
| Total current liabilities | 10,923 | 11,895 | ||||||
| Long-term liabilities: | ||||||||
| Convertible notes payable, net | 4,719 | 4,589 | ||||||
| Warrant liabilities | 570 | 351 | ||||||
| Operating lease liabilities, non-current | 2,499 | 1,240 | ||||||
| Other liabilities | 6 | 9 | ||||||
| Total liabilities | 18,717 | 18,084 | ||||||
| Total stockholders' equity | 6,070 | 10,480 | ||||||
| Total liabilities and stockholders' equity | $ | 24,787 | $ | 28,564 | ||||
BIOFRONTERA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts and number of shares)
| Three Months Ended March 31, 2026 (Unaudited) | Three Months Ended March 31, 2025 (Unaudited) | |||||||
| Product revenues, net | $ | 10,084 | $ | 8,588 | ||||
| Operating expenses | ||||||||
| Cost of revenues, related party | 1,831 | 3,075 | ||||||
| Cost of revenues, other | 285 | 193 | ||||||
| Selling, general and administrative | 10,994 | 8,653 | ||||||
| Selling, general and administrative, related party | 2 | 7 | ||||||
| Patent remediation expense | 392 | — | ||||||
| Research and development | 900 | 1,207 | ||||||
| Total operating expenses | 14,404 | 13,135 | ||||||
| Loss from operations | (4,320 | ) | (4,547 | ) | ||||
| Other income (expense) | ||||||||
| Change in fair value of warrant liabilities | (219 | ) | 548 | |||||
| Interest expense, net | (125 | ) | (106 | ) | ||||
| Other expense, net | (88 | ) | (99 | ) | ||||
| Total other income (expense) | (432 | ) | 343 | |||||
| Loss before income taxes | (4,752 | ) | (4,204 | ) | ||||
| Income tax benefit | — | (1 | ) | |||||
| Net loss | $ | (4,752 | ) | $ | (4,203 | ) | ||
| Loss per common share: | ||||||||
| Basic and diluted | $ | (0.41 | ) | $ | (0.47 | ) | ||
| Weighted-average common shares outstanding: | ||||||||
| Basic and diluted | 11,683,323 | 8,873,932 | ||||||
BIOFRONTERA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
| Three Months Ended March 31, 2026 (Unaudited) | Three Months Ended March 31, 2025 (Unaudited) | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (4,752 | ) | $ | (4,203 | ) | ||
| Adjustments to reconcile net loss to cash flows used in operations: | ||||||||
| Depreciation and amortization | 55 | 29 | ||||||
| Reduction in the carrying amount of right-of-use assets | 132 | 190 | ||||||
| Stock-based compensation | 342 | 239 | ||||||
| Non-cash interest expense | 130 | 119 | ||||||
| Allowance for credit losses | (1 | ) | (46 | ) | ||||
| Change in fair value of warrant liabilities | 219 | (548 | ) | |||||
| Loss from termination of operating leases | 1 | — | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 3,413 | 1,330 | ||||||
| Other receivables, related party | 1 | - | ||||||
| Prepaid expenses and other assets | 1,219 | (224 | ) | |||||
| Other assets, related party | 25 | — | ||||||
| Inventories | 307 | 119 | ||||||
| Accounts payable | 1,780 | 1,444 | ||||||
| Accounts payable, related parties, net | (3,497 | ) | (2,694 | ) | ||||
| Operating lease liabilities | (10 | ) | (179 | ) | ||||
| Accrued expenses and other liabilities | 566 | 307 | ||||||
| Cash flows used in operating activities | (70 | ) | (4,117 | ) | ||||
| Cash flows from investing activities | ||||||||
| Purchases of property and equipment | (5 | ) | (3 | ) | ||||
| Cash flows used in investing activities | (5 | ) | (3 | ) | ||||
| Net decrease in cash and cash equivalents | (75 | ) | (4,120 | ) | ||||
| Cash, cash equivalents and restricted cash, at beginning of period | 6,592 | 6,105 | ||||||
| Cash, cash equivalents and restricted cash, at end of period | $ | 6,517 | $ | 1,985 | ||||
BIOFRONTERA INC.
GAAP TO NON-GAAP ADJUSTED EBITDA RECONCILIATION
(In thousands)
| Three Months Ended March 31, 2026 (Unaudited) | Three Months Ended March 31, 2025 (Unaudited) | |||||||
| Net loss | $ | (4,752 | ) | $ | (4,203 | ) | ||
| Interest expense, net | 125 | 106 | ||||||
| Income tax expense | — | (1 | ) | |||||
| Depreciation and amortization | 55 | 29 | ||||||
| EBITDA | (4,572 | ) | (4,069 | ) | ||||
| Change in fair value of warrant liabilities | 219 | (548 | ) | |||||
| Stock-based compensation | 342 | 239 | ||||||
| Patent remediation - inventory write-down | 58 | — | ||||||
| Patent remediation expense | 392 | — | ||||||
| Adjusted EBITDA | $ | (3,561 | ) | $ | (4,378 | ) | ||
| Adjusted EBITDA margin | (35.3 | )% | (51.0 | )% | ||||
