[Form 4] Biofrontera Inc. Insider Trading Activity

Rhea-AI Filing Summary

Heikki Lanckriet, a director of Biofrontera Inc. (BFRI), was granted an employee stock option on 07/22/2025 to purchase 20,000 shares of common stock at an exercise price of $1.00 per share. The option shows an exercise/vesting reference date of 07/22/2025 and an expiration date of 07/22/2035. The filing states the option vests in twelve equal monthly installments beginning on August 22, 2025. Following the grant, the report lists 20,000 underlying shares as beneficially owned by Mr. Lanckriet on a direct basis.

Positive

• Aligned incentives: Grant ties a director's compensation to stock performance via a time‑based option.
• Clear vesting and term: Option includes a defined 12‑month vesting cadence and a 10‑year expiration, providing transparency on timing.

Negative

• Potential dilution: Exercise of the option would create up to 20,000 additional shares, though materiality cannot be assessed from this filing alone.
• Limited context: Filing does not state total outstanding shares or other insider holdings, so investor impact cannot be quantified here.

Insights

Corporate Governance Expert

TL;DR: Director awarded time‑based options, aligning compensation with shareholder value over a multi‑year period.

The grant of a 10‑year employee stock option to a director establishes a multi‑year link between compensation and future share performance. The documented vesting schedule—twelve equal monthly installments beginning August 22, 2025—creates a short initial retention horizon while the 10‑year term allows flexible exercise timing. The filing records the position as direct beneficial ownership of 20,000 underlying shares. This is a routine governance practice for incentivizing directors, and the filing provides clear, specific terms (grant size, $1.00 exercise price, vesting cadence, and expiration).

Securities Analyst

TL;DR: A non‑cash compensation grant; not immediately dilutive but creates potential future supply of 20,000 shares on exercise.

The option grant is priced at $1.00 and covers 20,000 shares, exercisable under the stated schedule and expiring in 2035. From a shareholder perspective, the instrument represents potential future issuance if exercised, but the filing does not disclose the company’s total outstanding shares or the percentage dilution this represents. The document is specific about the option terms and the direct ownership status, but it lacks context on company share count or other insider holdings that would allow quantifying materiality.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Lanckriet Heikki

(Last) (First) (Middle)

120 PRESIDENTIAL WAY

SUITE 330

(Street)

WOBURN MA 01801

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/22/2025

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee stock option (right to buy)	$1	07/22/2025		A		20,000		(1)	07/22/2035	Common Stock	20,000	$0	20,000(2)	D

Explanation of Responses:

1. The option vests in twelve equal monthly installments beginning on August 22, 2025.

2. Options with different terms are not included.

	/s/ Heikki Lanckriet	09/16/2025
	** 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 4 (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 Biofrontera (BFRI) report in this Form 4 for Heikki Lanckriet?

The Form 4 reports an employee stock option grant of 20,000 shares with an exercise price of $1.00, dated 07/22/2025.

When do the options vest and when do they expire?

The filing states the option vests in twelve equal monthly installments beginning August 22, 2025 and the option expires on 07/22/2035.

Does the Form 4 show whether the ownership is direct or indirect?

Yes. The Form 4 lists the resulting ownership as direct for the 20,000 underlying shares.

What is the exercise price per share for the granted option?

The exercise (conversion) price is reported as $1.00 per share.

Can I tell how dilutive this grant is from the Form 4?

No. The Form 4 shows the grant size (20,000 shares) but does not provide the company’s total outstanding shares, so dilution percentage cannot be determined from this filing alone.