Biofrontera Inc.

Biofrontera Inc. (BFRI) reported FY 2025 net revenues of $41.7 million, up 11.8% YoY from $37.3 million, driven by $4.1 million organic growth in Ameluz sales volume and $0.7 million from higher unit pricing, partially offset by lower RhodoLED lamp sales. Total operating expenses declined to $53.1 million from $54.5 million, primarily due to a 43.4% drop in related-party cost of revenues to $10.1 million following the October 2025 Strategic Transaction acquiring U.S. rights to Ameluz and RhodoLED, which reduced per-unit costs to ~5%. Loss from operations improved to -$11.3 million from -$17.2 million. Net loss narrowed to -$10.5 million from -$17.8 million, with basic EPS at -$1 on 10.2 million weighted-average shares. Cash used in operations was $13.4 million, offset by $3.0 million investing inflow from Xepi asset sale and $10.8 million financing from preferred stock issuances, yielding a net cash increase of $0.5 million to $6.4 million. Total assets stood at $28.6 million, with stockholders' equity at $10.5 million. Management highlights going concern doubts due to liquidity, plans commercialization expansion, label extensions, and additional financing amid Nasdaq bid price compliance issues.

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