aibioBiofrontera reports first-quarter 2026 results and regains Nasdaq bid price compliance
Tickers BFRI
Revenue rose about 17% to $10.1 million in the first quarter. Nasdaq confirmed on May 6, 2026 that the company had regained compliance with its minimum bid price requirement.
Key facts
- Company
- Biofrontera Inc. (NASDAQ: BFRI)
- News type
- Company Updates
- Primary source
- Biofrontera Inc. press release
Biofrontera Inc. (NASDAQ: BFRI) reported financial results for the three months ended March 31, 2026, and provided a business update in a press release dated May 14, 2026, which the company furnished in a Form 8-K. Total revenues were $10.1 million, compared with $8.6 million for the first quarter of 2025. The company attributed the 17% increase primarily to approximately 16% growth in the number of Ameluz units sold and to a price increase implemented in the fourth quarter of 2025.
Among the operating updates, Nasdaq confirmed on May 6, 2026 that the company had regained compliance with the Nasdaq Minimum Bid Price Requirement.
Margins, costs and loss
Gross profit margin was approximately 80%, compared with approximately 62% in the first quarter of 2025. The company said the increase reflects the first full quarter under the earnout structure that followed the strategic transaction with Biofrontera AG in October 2025. Cost of revenues, related party, fell by approximately 40% year over year.
Total operating expenses were $14.4 million, compared with $13.1 million. Selling, general and administrative expenses were $11.0 million, compared with $8.7 million. The company said the increase was primarily driven by higher selling and marketing costs as the direct sales team was fully deployed, increased legal expenses tied to ongoing patent-related claims, and manufacturing-related costs of $0.6 million assumed in connection with the strategic transaction. Research and development expenses were $0.9 million, compared with $1.2 million, reflecting certain clinical trials reaching substantial completion. The company recognized $1.2 million in earnout expense during the quarter.
The operating loss was $4.3 million, compared with $4.5 million. The net loss for the first quarter was $4.8 million, or $0.41 per share, compared with $4.2 million, or $0.47 per share. The company said a $0.8 million swing in the non-cash change in fair value of warrant liabilities affected the comparison. Adjusted EBITDA, a non-GAAP measure, was $(3.6) million, compared with $(4.4) million, and the adjusted EBITDA margin was (35.3)% compared with (51.0)%.
Cash and clinical milestones
The company said it used $70 thousand in operations during the quarter and held $6.3 million of cash as of March 31, 2026, compared with $1.8 million in the first quarter of 2025. Chief Executive Officer Hermann Luebbert said the company remains focused on sustained profitability and cash-flow breakeven.
On the clinical side, the company announced that the FDA completed its filing review and accepted its supplemental New Drug Application for Ameluz PDT in superficial basal cell carcinoma, with a PDUFA target action date of September 28, 2026. It also announced positive, statistically significant top-line results from a Phase 3 trial of Ameluz PDT for mild to moderate actinic keratoses on the extremities, neck and trunk, and positive Phase 2b results in moderate to severe acne vulgaris, with a 58% reduction in inflammatory lesions in the three-hour incubation protocol, compared with 37% with vehicle PDT. The release states that acne figure for one incubation protocol and a per-protocol analysis set, and gives no p-value for it.
Business and recent annual figures
Biofrontera describes its business as the development and commercialization of photodynamic therapy in dermatology, with its principal product, Ameluz, used with the RhodoLED lamps to treat actinic keratoses. Its annual report filed March 19, 2026 reports revenue of $41.7 million for 2025, compared with $37.3 million for 2024. Research and development expense was $3.7 million for 2025 and $2.1 million for 2024, and the net loss was $10.5 million for 2025 and $17.8 million for 2024. Cash from operations was negative $13.4 million for 2025 and negative $10.3 million for 2024.
Net loss rose to $4.8 million from $4.2 million even as revenue grew, as operating expenses rose to $14.4 million from $13.1 million. The $70 thousand of cash used in the quarter sits beside $13.4 million used in operations for 2025 and a cash balance of $6.3 million. The bid price notice shows the share price had fallen below the Nasdaq minimum, and the release does not say how compliance was restored. The superficial basal cell carcinoma application has a PDUFA target action date of September 28, 2026, and the FDA had not yet acted on it.