Form 4: BFRI Director John Borer Reports 20,000 Option Award

Rhea-AI Filing Summary

John J. Borer III, a director of Biofrontera Inc. (BFRI), reported a non-derivative change dated 07/22/2025. The filing shows an employee stock option transaction: 20,000 options with a $1 exercise price, exercisable on 07/22/2025 and expiring on 07/22/2035. Following the reported transaction, 20,000 shares of common stock are shown as beneficially owned directly. The option vests in twelve equal monthly installments beginning 08/22/2025. The form is signed by Daniel Hakansson as attorney-in-fact for Mr. Borer on 09/16/2025.

Positive

• Director granted 20,000 options with explicit $1 exercise price, exercisable 07/22/2025 and expiring 07/22/2035

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director option grant with standard long-dated exercise window and defined vesting schedule.

The filing documents a typical equity award to a director: 20,000 employee stock options at a $1 exercise price, exercisable immediately on the reported date and expiring ten years later. The vesting schedule (twelve equal monthly installments starting one month after the grant) and direct beneficial ownership are clearly disclosed. From a governance perspective, the disclosure is complete and follows Section 16 reporting rules; there is no indication of unusual terms or immediate dilution figures in this filing alone.

Securities Analyst

TL;DR: Transaction is informational for insider holdings but not materially market-moving on its own.

The Form 4 records an insider option award and resulting direct beneficial ownership of 20,000 common shares. Key details provided include the $1 exercise price, exercisability date, and 07/22/2035 expiration, plus a monthly vesting schedule starting 08/22/2025. For investors, this clarifies ownership changes by a board member but does not present revenue, earnings, or financing implications within this filing.

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

OMB APPROVAL

OMB Number:			3235-0287
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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^*

BORER JOHN J III

(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/ Daniel Hakansson, Attorney-in-fact for John J. Borer	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 transaction did John J. Borer III report on Form 4 for BFRI?

The Form 4 reports an employee stock option transaction of 20,000 options at a $1 exercise price dated 07/22/2025.

When do the options vest and when do they expire?

The option vests in twelve equal monthly installments beginning 08/22/2025 and expires on 07/22/2035.

How many shares does Mr. Borer beneficially own after the reported transaction?

The filing shows 20,000 common shares beneficially owned directly following the reported transaction.

Who signed the Form 4 and when was it signed?

The Form 4 is signed by Daniel Hakansson, Attorney-in-fact for John J. Borer on 09/16/2025.

What is the relationship of the reporting person to Biofrontera?

The reporting person, John J. Borer III, is listed as a Director of Biofrontera Inc.