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Biofrontera Inc. received an updated ownership disclosure from AIGH-related entities and Orin Hirschman. The reporting persons state beneficial ownership of 915,210 shares of common stock, representing 7.9% of the class. These securities are held with sole voting and dispositive power.
The filing notes an additional 14,642,510 common shares are issuable upon conversion of preferred shares and convertible notes but are not currently convertible or exercisable because of beneficial ownership limitations on conversion. The securities are described as acquired and held in the ordinary course of business and not for the purpose of changing or influencing control of Biofrontera.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What percentage of Biofrontera Inc. (BFRI) does AIGH and Orin Hirschman report owning?
The reporting group states beneficial ownership of 7.9% of Biofrontera’s common stock. This corresponds to 915,210 shares with sole voting and dispositive power, making them a significant but non-controlling shareholder under Schedule 13G rules.
How many Biofrontera (BFRI) shares are beneficially owned according to this Schedule 13G/A?
The filing reports beneficial ownership of 915,210 shares of Biofrontera common stock. These shares carry sole voting and sole dispositive power, meaning the reporting persons alone can vote and decide when to sell or otherwise dispose of these shares.
Are there additional Biofrontera (BFRI) shares potentially issuable to the reporting persons?
Yes. The document states 14,642,510 additional common shares are issuable upon conversion of preferred shares and convertible notes. However, these are currently not convertible or exercisable due to beneficial ownership limitations that restrict how much can be converted.
Who are the reporting persons in the Biofrontera Inc. (BFRI) Schedule 13G/A amendment?
The filing is jointly made by AIGH Capital Management LLC, AIGH Investment Partners LLC, and Orin Hirschman. Hirschman is identified as Managing Member of AIGH Capital Management and president of AIGH Investment Partners, with the entities collectively described as the reporting persons.
Is the AIGH and Orin Hirschman stake in Biofrontera (BFRI) intended to influence control?
The certification states the securities were acquired and are held in the ordinary course of business. It further states they were not acquired and are not held to change or influence control of Biofrontera, consistent with the passive investor framework of Schedule 13G.
What class of Biofrontera (BFRI) securities is covered by this Schedule 13G/A filing?
The filing covers Biofrontera Inc. common stock with a par value of $0.001 per share. The CUSIP number identified is 09077D209, which helps uniquely identify this specific class of securities in the market.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
Biofrontera Inc.
(Name of Issuer)
Common Stock, $0.001 par value per share
(Title of Class of Securities)
09077D209
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
09077D209
1
Names of Reporting Persons
Orin Hirschman
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
915,210.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
915,210.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
915,210.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.9 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP No.
09077D209
1
Names of Reporting Persons
AIGH Capital Management LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
915,210.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
915,210.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
915,210.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.9 %
12
Type of Reporting Person (See Instructions)
IA, OO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Biofrontera Inc.
(b)
Address of issuer's principal executive offices:
120 Presidential Way, Suite 330, Woburn, MA, 01801
Item 2.
(a)
Name of person filing:
This Schedule 13G is being jointly filed by each of the following persons pursuant to Rule 13d-1 promulgated by the Securities and Exchange Commission pursuant to Section 13 of the Securities Exchange Act of 1934, as amended (the "Act"):
(i) AIGH Capital Management, LLC, a Maryland limited liability company ("AIGH CM"), as an Advisor or Sub-Advisor with respect to shares of Common Stock (as defined in Item 2(d) below) held by AIGH Investment Partners, L.P., and WVP Emerging Manger Onshore Fund, LLC - AIGH Series.
(ii) AIGH Investment Partners, L.L.C., a Delaware limited liability company ("AIGH LLC";), with respect to shares of Common Stock (as defined in Item 2(d) below) directly held by it;
(iii) Mr. Orin Hirschman ("Mr. Hirschman"), who is the Managing Member of AIGH Capital Management, LLC and president of AIGH LLC, with respect to shares of Common Stock (as defined in Item 2(d) below) indirectly held through AIGH CM, directly by AIGH LLC and Mr. Hirschman and his family directly.
AIGH Capital Management LLC., AIGH Investment Partners LLC, and Mr. Hirschman are hereinafter sometimes collectively referred to as the "Reporting Persons." Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party.
(b)
Address or principal business office or, if none, residence:
The principal office and business address of AIGH Capital Management LLC, AIGH Investment Partners LLC, and Mr.Hirschman is: 6006 Berkeley Avenue, Baltimore MD 21209
(c)
Citizenship:
See Item 2(a) above and Item 4 of each cover page.
(d)
Title of class of securities:
Common Stock, $0.001 par value per share
(e)
CUSIP No.:
09077D209
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
915,210
Excludes 14,642,510 common shares issuable upon conversion of preferred shares and convertible notes not currently convertible or exercisable due to beneficial ownership limitations on conversion
(b)
Percent of class:
7.9 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
915,210
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
915,210
Excludes 14,642,510 common shares issuable upon conversion of preferred shares and convertible notes not currently convertible or exercisable due to beneficial ownership limitations on conversion
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
