[Form 3] Biofrontera Inc. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Biofrontera Inc. (BFRI) received an initial Form 3 reporting by Christian Alexander Ansgar Link relating to a 09/16/2025 event. The filing states the reporting person is a member and chairman of the supervisory board of Biofrontera AG, which holds a 10% ownership interest in the Issuer. The filer is also a member of the management board of Deutsche Balaton Aktiengesellschaft, whose affiliates collectively hold approximately 62.2% of the voting stock of Biofrontera AG. The reporting person expressly disclaims any pecuniary interest in the shares held by Deutsche Balaton Aktiengesellschaft and Biofrontera AG. The Form 3 indicates no securities are beneficially owned directly or indirectly by the reporting person.

Positive

• Transparent disclosure of the reporting person's roles and the ownership links between Biofrontera Inc., Biofrontera AG and Deutsche Balaton Aktiengesellschaft
• Quantified ownership at the Biofrontera AG level (approximately 62.2% controlled by Deutsche Balaton affiliates) and Biofrontera AG's 10% ownership of the Issuer

Negative

• No direct beneficial ownership reported by the reporting person, which may limit signals about personal alignment with other shareholders
• Potential complexity in ownership chain (multiple entities) that could require further disclosure for investors tracing control, but the Form 3 provides only the high-level percentages

Insights

Corporate Governance Expert

TL;DR: Routine initial Section 16 disclosure describing board roles and ownership links with no direct beneficial ownership reported.

The filing is a standard initial ownership statement that clarifies relationships between the reporting person, Biofrontera AG and Deutsche Balaton Aktiengesellschaft. It discloses that Biofrontera AG is a 10% owner of the Issuer and that Deutsche Balaton and affiliates control ~62.2% of Biofrontera AG's voting stock. The reporting person disclaims pecuniary interest and reports no direct or indirect beneficial ownership. From a governance perspective, the filing increases transparency about cross-entity control layers but does not evidences a personal equity stake or change in control of the Issuer.

Securities Analyst

TL;DR: Informational disclosure with no immediate market-moving ownership change; effects on investors are neutral.

This Form 3 documents affiliations and ultimate ownership concentration at the Biofrontera AG level rather than any direct holdings by the reporting person. The ~62.2% stake held by Deutsche Balaton affiliates in Biofrontera AG indicates concentrated ownership at that parent level, which may be relevant when tracing control but the Form reports no securities beneficially owned by the individual filer. Because no new shares or derivative positions are reported, there is no direct short-term trading implication from this filing itself.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Link Christian Alexander Ansgar

(Last) (First) (Middle)

ZIEGELHAUSER LANDSTRASSE 3

(Street)

HEIDELBERG 2M 69120

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/16/2025

3. Issuer Name and Ticker or Trading Symbol
Biofrontera Inc. [ BFRI ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

The Reporting Person is a member and chairman of the supervisory board of Biofrontera AG, which is a 10% owner of the Issuer. In addition, the Reporting Person is a member of the management board of Deutsche Balaton Aktiengesellschaft. Deutsche Balaton Aktiengesellschaft and its affiliates collectively hold approximately 62.2% of the outstanding voting stock of Biofrontera AG. The Reporting Person disclaims any pecuniary interest in the shares held by Deutsche Balaton Aktiengesellschaft and Biofrontera AG.

No securities are beneficially owned.

	/s/ Martin Flick, attorney in fact for Alexander Link	09/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the Form 3 filed for BFRI disclose?

The Form 3 states the reporting person has roles at Biofrontera AG and Deutsche Balaton Aktiengesellschaft, that Biofrontera AG is a 10% owner of the Issuer, Deutsche Balaton affiliates hold ~62.2% of Biofrontera AG voting stock, and the reporting person reports no securities beneficially owned.

Does the reporting person personally own Biofrontera Inc. (BFRI) shares according to this filing?

No. The Form 3 explicitly states no securities are beneficially owned by the reporting person.

What ownership percentages are disclosed in the Form 3 for entities linked to the reporting person?

The filing discloses that Biofrontera AG is a 10% owner of the Issuer and that Deutsche Balaton Aktiengesellschaft and its affiliates hold approximately 62.2% of Biofrontera AG's outstanding voting stock.

Did the Form 3 report any derivative or transaction details?

No. The Form 3 contains no entries for derivative securities, exercise dates, conversion prices, or transactions; it states no securities are beneficially owned.

Who signed the Form 3 and when was it dated?

The Form 3 is signed by /s/ Martin Flick, attorney in fact for Alexander Link and dated 09/30/2025.