Biofrontera Inc. Reports Strong Second Quarter 2026 Financial Results Driven by 33% Revenue Growth
Rhea-AI Summary
Biofrontera (NASDAQ: BFRI) reported strong growth for the quarter ended June 30, 2026. Q2 net product revenue rose 32.9% year over year to $12.0 million, driven by Ameluz volume growth and pricing, while gross margin expanded to 80% from 71% following the revised Ameluz cost structure after the October 2025 strategic transaction.
Q2 net loss narrowed to $0.6 million or $(0.05) per share, versus a $5.3 million loss a year earlier, and Adjusted EBITDA improved to $(0.2) million from $(5.1) million. For the first half of 2026, revenue increased 25.4% to $22.1 million, gross margin was 80% versus 67%, net loss declined to $5.4 million, and operating cash use fell to $1.7 million from $7.2 million. Cash was $4.7 million and total liabilities $18.1 million at June 30, 2026, with $4.6 million of convertible notes maturing in November 2027 and no bank or term debt.
Positive
- Q2 2026 revenue up 32.9% to $12.0 million
- Q2 gross margin improved to 80% from 71%
- Q2 net loss reduced to $0.6 million from $5.3 million
- Q2 Adjusted EBITDA improved to $(0.2) million from $(5.1) million
- H1 2026 operating cash use cut to $1.7 million from $7.2 million
- Cost of revenues down to $4.5 million in H1 2026 from $5.9 million
Negative
- Company still reported Q2 2026 net loss of $0.6 million
- H1 2026 net loss remained $5.4 million
- Cash and equivalents declined to $4.7 million from $6.4 million
- Stockholders’ equity fell to $6.0 million from $10.5 million
- Convertible notes outstanding $4.6 million due November 2027
News Explained
The active XL-lamp restriction adds a supply-resolution issue, while common shares outstanding were higher at June 30 than at year-end.
Biofrontera reported results for the quarter ended
Common shares issued and outstanding were
A specific future checkpoint is the late-
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 14 | Q1 2026 earnings | Positive | +3.0% | Revenue growth, margin expansion, and improved loss and EBITDA metrics accompanied the release. |
| Mar 19 | Q4 2025 earnings | Positive | -1.5% | Record quarterly revenue and profitability improvements preceded a negative price reaction. |
| Nov 13 | Q3 2025 earnings | Negative | -8.6% | Lower quarterly revenue, continued losses, and liquidity concerns accompanied the strategic transaction. |
| Aug 13 | Q2 2025 earnings | Positive | +1.7% | Revenue growth, financing, restructuring progress, and clinical milestones supported the announcement. |
| May 15 | Q1 2025 earnings | Positive | -7.2% | Revenue growth and improved losses contrasted with a sharply negative price reaction. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions were mixed, with three aligned outcomes, two divergences, and an average move of -2.52%.
Key Terms
photodynamic therapy medical
adjusted EBITDA financial
PDUFA regulatory
exclusion order regulatory
convertible notes financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
WOBURN, Mass., Aug. 13, 2026 (GLOBE NEWSWIRE) -- Biofrontera Inc. (NASDAQ: BFRI) ("Biofrontera" or the "Company"), a biopharmaceutical company specializing in the development and commercialization of photodynamic therapy (PDT) in dermatology, today reported financial results for the quarter ended June 30, 2026.
Second Quarter 2026 Highlights
- Net product revenue of
$12.0 million , an increase of32.9% compared to$9.0 million in the prior-year period. - Gross margin of
80% , compared to71% in the prior-year period, an improvement of approximately 920 basis points, reflecting the lower Ameluz® cost structure established following the closing of the strategic transaction with Biofrontera AG in October 2025 (the “Strategic Transaction”). - Net loss of
$0.6 million , or$(0.05) per share, compared to a net loss of$5.3 million , or$(0.57) per share, in the prior-year period. - Adjusted EBITDA of
$(0.2) million , compared to$(5.1) million in the prior-year period, an improvement of approximately$5.0 million .
First Half 2026 Highlights
- Net product revenue of
$22.1 million , an increase of25.4% , from$17.6 million in the prior-year period. - Gross margin of
80% , compared to67% in the prior-year period. - Net loss of
$5.4 million , or$(0.44) per share, compared to a net loss of$9.5 million , or$(1.05) per share, in the prior-year period. - Adjusted EBITDA of
$(3.7) million , compared to$(9.5) million in the prior-year period. - Cash used in operating activities of
$1.7 million , compared to$7.2 million in the prior-year period, a reduction of approximately76% .
Hermann Luebbert, Chief Executive Officer and Chairman of Biofrontera, stated: "This was the strongest operating Q2 and H1 in the Company's history as a standalone business, and it reflects work that has been underway for more than a year - a restructured cost base, a more disciplined commercial organization, and steady growth in Ameluz® demand. We are seeing the pace of reorders accelerate, which reflects strength of underlying demand. We also continue to be encouraged by the new indications advancing in our development pipeline, including superficial basal cell carcinoma (sBCC), for which we have a PDUFA date in late September of this year and expect to launch in Q1 of 2027. If approved for sBCC, Ameluz will be the first PDT in the United States approved for the treatment of cancerous tumors. Our clinical pipeline also includes recent positive Phase III results in AK on the extremities/neck/trunk and encouraging Phase 2B data in acne that we believe can expand the reach of our PDT platform in the years ahead.”
"We see positive effects from the Strategic Transaction and our overall cost management, the impacts of which are now visible in the Q2 results," said Fred Leffler, Chief Financial Officer. "Gross margin improved roughly 920 basis points year over year, operating expenses declined
Second Quarter 2026 Financial Results
Net product revenue for the second quarter of 2026 was
Cost of revenues was
Selling, general and administrative expenses were
Research and development expenses were
Net loss for the second quarter was
First Half 2026 Financial Results
Net product revenue for the six months ended June 30, 2026 was
Cost of revenues was
Selling, general and administrative expenses were
Research and development expenses were
Net loss was
Please refer to the table below which presents a GAAP to non-GAAP reconciliation of Adjusted EBITDA for the second quarters and first haves of 2026 and 2025.
Balance Sheet and Cash Flow
Cash and cash equivalents were
Total liabilities were
Conference Call
Biofrontera will host a conference call and webcast on Thursday, August 13, 2026 at 10:00 a.m., Eastern Time. Participants may dial 1-877-877-1275 (U.S./Canada toll-free), 1-866-605-3852 (Canada toll-free), or 1-412-858-5202 (international).
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.
Use of Non-GAAP Financial Measures
We define adjusted EBITDA as net income or loss before interest income and expense, income taxes, depreciation and amortization, and other non-operating items from our statements of operations as well as certain other items considered outside the normal course of our operations specifically described below. Adjusted EBITDA is not a presentation made in accordance with GAAP. Our definition of adjusted EBITDA may vary from the use of similarly titled measures by others in our industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation. Adjusted EBITDA should not be considered as an alternative to net income or loss, operating income/(loss), cash flows from operating activities or any other performance measures derived in accordance with GAAP as measures of operating performance or liquidity. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP.
Investor Contact
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.
BIOFRONTERA INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value and share amounts)
| June 30, 2026 | December 31, 2025 | |||||||
| (Unaudited) | ||||||||
| 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 | ||||||
| Stockholders’ equity: | ||||||||
| Convertible Preferred Stock, | - | - | ||||||
| Common stock, | 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 | ||||
BIOFRONTERA INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts and number of shares)
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 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 | ||||||||||||
BIOFRONTERA INC.
GAAP TO NON-GAAP ADJUSTED EBITDA RECONCILIATION
(In thousands, except per share amounts and number of shares)
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net loss | $ | (604 | ) | $ | (5,324 | ) | $ | (5,356 | ) | $ | (9,527 | ) | ||||
| Interest expense, net | 126 | 115 | 251 | 220 | ||||||||||||
| Income tax expense | 23 | 21 | 23 | 19 | ||||||||||||
| Depreciation and amortization | 65 | 21 | 120 | 46 | ||||||||||||
| EBITDA | (390 | ) | (5,167 | ) | (4,962 | ) | (9,242 | ) | ||||||||
| Change in fair value of warrant liabilities | (44 | ) | (153 | ) | 175 | (702 | ) | |||||||||
| Change in fair value of investment, related party | 1 | (2 | ) | 1 | (2 | ) | ||||||||||
| Patent remediation – inventory write-down | - | - | 58 | - | ||||||||||||
| Patent remediation expense | - | - | 392 | - | ||||||||||||
| Stock-based compensation | 263 | 187 | 605 | 426 | ||||||||||||
| Adjusted EBITDA | $ | (170 | ) | $ | (5,135 | ) | $ | (3,731 | ) | $ | (9,520 | ) | ||||
| Adjusted EBITDA margin | -1.4 | % | -56.9 | % | -16.9 | % | -54.0 | % | ||||||||
