Biofrontera Inc. Reports Record Fiscal Year 2024 Financial Results and Provides a Business Update
Biofrontera Inc. (NASDAQ:BFRI) reported record financial results for fiscal year 2024, achieving total revenues of $37.3 million, a 9.5% increase from 2023. Q4 2024 revenue grew 18.5% to $12.6 million.
Key highlights include: reduced operating expenses to $54.5 million (down 3.9%), improved cash position to $5.9 million, and restructured agreements resulting in Ameluz® transfer price reduction from 50% to 25%. The company successfully placed 100 RhodoLED® XL lamps since June 2024 launch.
Notable achievements include FDA approval for using up to three Ameluz® tubes per treatment, significant Phase 3 study results for Superficial Basal Cell Carcinoma treatment, and accelerated patient recruitment in clinical trials. However, the company reported a net loss of $(17.8) million for 2024, though improved from $(20.1) million in 2023.
Biofrontera Inc. (NASDAQ:BFRI) ha riportato risultati finanziari record per l'anno fiscale 2024, raggiungendo entrate totali di 37,3 milioni di dollari, con un aumento del 9,5% rispetto al 2023. Le entrate del quarto trimestre 2024 sono cresciute del 18,5% a 12,6 milioni di dollari.
I punti salienti includono: riduzione delle spese operative a 54,5 milioni di dollari (in calo del 3,9%), miglioramento della posizione di liquidità a 5,9 milioni di dollari e ristrutturazione degli accordi che ha portato a una riduzione del prezzo di trasferimento di Ameluz® dal 50% al 25%. L'azienda ha collocato con successo 100 lampade RhodoLED® XL dal lancio nel giugno 2024.
I traguardi significativi includono l'approvazione della FDA per l'uso di fino a tre tubi di Ameluz® per trattamento, risultati significativi dello studio di Fase 3 per il trattamento del carcinoma basocellulare superficiale e un'accelerazione nel reclutamento dei pazienti nelle sperimentazioni cliniche. Tuttavia, l'azienda ha riportato una perdita netta di $(17,8) milioni per il 2024, sebbene migliorata rispetto a $(20,1) milioni nel 2023.
Biofrontera Inc. (NASDAQ:BFRI) reportó resultados financieros récord para el año fiscal 2024, alcanzando ingresos totales de 37,3 millones de dólares, un aumento del 9,5% en comparación con 2023. Los ingresos del cuarto trimestre de 2024 crecieron un 18,5% hasta 12,6 millones de dólares.
Los puntos destacados incluyen: reducción de los gastos operativos a 54,5 millones de dólares (una disminución del 3,9%), mejora de la posición de efectivo a 5,9 millones de dólares y reestructuración de acuerdos que resultaron en una reducción del precio de transferencia de Ameluz® del 50% al 25%. La compañía ha colocado con éxito 100 lámparas RhodoLED® XL desde su lanzamiento en junio de 2024.
Logros notables incluyen la aprobación de la FDA para usar hasta tres tubos de Ameluz® por tratamiento, resultados significativos del estudio de Fase 3 para el tratamiento del carcinoma basocelular superficial y un reclutamiento acelerado de pacientes en ensayos clínicos. Sin embargo, la compañía reportó una pérdida neta de $(17,8) millones para 2024, aunque mejorada desde los $(20,1) millones en 2023.
Biofrontera Inc. (NASDAQ:BFRI)는 2024 회계연도에 대한 기록적인 재무 결과를 발표하며 총 수익 3730만 달러를 달성했으며, 이는 2023년 대비 9.5% 증가한 수치입니다. 2024년 4분기 수익은 18.5% 증가하여 1260만 달러에 달했습니다.
주요 하이라이트에는 운영 비용이 5450만 달러로 3.9% 감소하고, 현금 보유가 590만 달러로 개선되었으며, Ameluz®의 이전 가격이 50%에서 25%로 감소하는 구조 조정이 포함됩니다. 이 회사는 2024년 6월 출시 이후 100개의 RhodoLED® XL 램프를 성공적으로 배치했습니다.
주목할 만한 성과로는 치료당 최대 3개의 Ameluz® 튜브 사용에 대한 FDA 승인, 표재성 기저세포암 치료를 위한 3상 연구 결과의 중요성, 그리고 임상 시험에서 환자 모집의 가속화가 포함됩니다. 그러나 이 회사는 2024년에 $(1780만) 달러의 순손실을 보고했으며, 이는 2023년의 $(2010만) 달러에서 개선된 수치입니다.
Biofrontera Inc. (NASDAQ:BFRI) a annoncé des résultats financiers records pour l'exercice 2024, atteignant des revenus totaux de 37,3 millions de dollars, soit une augmentation de 9,5 % par rapport à 2023. Les revenus du quatrième trimestre 2024 ont augmenté de 18,5 % pour atteindre 12,6 millions de dollars.
Les points forts incluent : réduction des dépenses d'exploitation à 54,5 millions de dollars (en baisse de 3,9 %), amélioration de la position de trésorerie à 5,9 millions de dollars et restructuration des accords entraînant une réduction du prix de transfert d'Ameluz® de 50 % à 25 %. L'entreprise a réussi à placer 100 lampes RhodoLED® XL depuis son lancement en juin 2024.
Les réalisations notables comprennent l'approbation de la FDA pour l'utilisation de jusqu'à trois tubes d'Ameluz® par traitement, des résultats significatifs d'une étude de Phase 3 pour le traitement du carcinome basocellulaire superficiel et un recrutement accéléré des patients dans les essais cliniques. Cependant, l'entreprise a signalé une perte nette de $(17,8) millions pour 2024, bien que cela soit une amélioration par rapport à $(20,1) millions en 2023.
Biofrontera Inc. (NASDAQ:BFRI) berichtete über rekordverdächtige finanzielle Ergebnisse für das Geschäftsjahr 2024 und erzielte Gesamterlöse von 37,3 Millionen Dollar, was einem Anstieg von 9,5% im Vergleich zu 2023 entspricht. Der Umsatz im vierten Quartal 2024 wuchs um 18,5% auf 12,6 Millionen Dollar.
Zu den wichtigsten Highlights gehören: reduzierte Betriebskosten auf 54,5 Millionen Dollar (ein Rückgang um 3,9%), verbesserte Liquiditätsposition auf 5,9 Millionen Dollar und umstrukturierte Vereinbarungen, die zu einer Senkung des Übertragungspreises von Ameluz® von 50% auf 25% führten. Das Unternehmen hat seit dem Start im Juni 2024 erfolgreich 100 RhodoLED® XL-Lampen platziert.
Bemerkenswerte Erfolge umfassen die FDA-Zulassung für die Verwendung von bis zu drei Ameluz®-Röhren pro Behandlung, signifikante Ergebnisse der Phase-3-Studie zur Behandlung von oberflächlichem Basalzellkarzinom und eine beschleunigte Rekrutierung von Patienten in klinischen Studien. Das Unternehmen berichtete jedoch von einem Nettoverlust von $(17,8) Millionen für 2024, obwohl sich dieser im Vergleich zu $(20,1) Millionen im Jahr 2023 verbessert hat.
- Record revenue of $37.3M in 2024, up 9.5% YoY
- Q4 2024 revenue growth of 18.5% YoY
- Ameluz® transfer price reduced from 50% to 25%
- Operating expenses decreased by 3.9% to $54.5M
- Cash position improved to $5.9M from $1.3M YoY
- Successful placement of 100 RhodoLED® XL lamps since launch
- Net loss of $17.8M in 2024
- Negative Adjusted EBITDA of $15.3M in 2024
Insights
Biofrontera's fiscal 2024 results show encouraging revenue growth of 9.5% to
The company's operational efficiency is improving with SG&A costs decreasing by
While Biofrontera still posted a
The FDA approval for using up to three Ameluz® tubes per treatment and successful RhodoLED® XL lamp placement (100 units since June launch) should continue driving revenue growth in 2025. The strengthening product ecosystem and clinical pipeline progress position the company for continued commercial expansion, though achieving profitability remains the key challenge ahead.
Biofrontera's clinical development pipeline is gaining substantial momentum with several significant milestones. The company has achieved statistically significant results in its Phase 3 study for Ameluz®-PDT in treating Superficial Basal Cell Carcinoma, representing a potential expansion of their approved indications.
The FDA approval to use up to three tubes of Ameluz® per treatment is particularly meaningful for clinical efficacy, enabling more comprehensive treatment of larger affected areas. This regulatory win directly translates to improved patient outcomes and higher product utilization per procedure.
The strategic formation of Biofrontera Discovery GmbH centralizes and streamlines their clinical operations, potentially accelerating development timelines. Progress is evident with the completion of patient recruitment for their Phase 3 trial for actinic keratosis on trunk and extremities, and near-completion of enrollment in their Phase 2 acne study.
The company has strengthened its technological position with the RhodoLED® XL lamp, representing a significant advance over previous PDT devices with improved maneuverability and patient positioning capabilities. The successful placement of 100 units indicates strong market reception. Looking ahead, label expansion beyond face and scalp to include trunk and extremities represents a substantial market opportunity, particularly when paired with their expanded dosing approval and technology advancements.
Conference scheduled for Friday, March 21, 2025 at 10:00 a.m. Eastern time
Woburn, Mass., March 21, 2025 (GLOBE NEWSWIRE) -- Biofrontera Inc. (NASDAQ:BFRI) (the "Company"), a biopharmaceutical company specializing in the commercialization of dermatological products, today reported financial results for the three and twelve months ended December 31, 2024.
Highlights from 2024 and subsequent weeks include:
- Reported record total revenues of
$37.3 million for 2024, reflecting a9.5% increase from$34.1 million in 2023 with Q4 2024 growing18.5% over Q4 2023. The growth was primarily driven by increases in Ameluz® sales volume and unit price, and the successful launch of our RhodoLED® XL Lamp. - Total SG&A costs for 2024 were
$33.8M versus$39.1M in 2023. Total operating expenses for the year were$54.5 million compared with$56.7 million for 2023 or a decrease of about3.9% . - Cash and cash equivalents were
$5.9 million as of December 31, 2024, compared with$1.3 million on December 31, 2023. - Agreements between the Company and its former parent Biofrontera AG were restructured resulting in the transfer price of Ameluz® being reduced from
50% to25% for all purchases through 2025. - Placed 52 RhodoLED® XL lamps in the fourth quarter and 100 since the launch in June 2024 through December 31, 2024. Additionally, we placed 72 Rhodo-LED® lamps during 2024.
- Obtained FDA approval to use up to three tubes of Ameluz® per treatment.
- Achieved highly statistically significant results in Phase 3 Study of Ameluz®-Photodynamic Therapy (PDT) for the treatment of Superficial Basal Cell Carcinoma.
- Created Biofrontera Discovery GmbH (a wholly-owned subsidiary of Biofrontera Inc.) and successfully transferred all clinical trial activities with Ameluz® in the USA to this new entity as of June 1, 2024.
- Accelerated patient recruitment in the Phase 3 study for the treatment of mild to moderate actinic keratosis on the trunk and extremities as well as the Phase 2 study for moderate to severe acne.
- Initiated Phase 1 pharmacokinetics study requested by FDA for approval of treatment of AK on extremities and trunk.
Hermann Luebbert, Chief Executive Officer and Chairman of Biofrontera Inc., stated, "2024 was a very exciting year for us and lays the groundwork for continued growth and expansion. We have refocused our strategy for 2025 to support current customers in improving their efficiency in delivering PDT services, as well as making it easier for those who want to start offering this valuable treatment option to their patients. We have also updated our customer segmentation to assist with sales force productivity and are continuing to invest in training and development. We maintained strong relationships with current clients and demonstrated success targeting new dermatology offices and facilities throughout the entire U.S. We are encouraged by the sales of the RhodoLED® XL lamp which is a considerable advance over previous FDA-approved Photodynamic Therapy devices. It has proven to be simple to maneuver and capable of accommodating various patient treatment positions in order to optimize ease of use. The user-friendly touch screen operation, modern technology, and Biofrontera’s excellent customer support have also contributed to making this device very popular with our customers.”
He further added “Lastly, we have increased efforts in our clinical development program which has led to the achievement of several key milestones over the last nine months. The launch of a larger lamp and the FDA approval for treatment with up to 3 tubes of Ameluz will become particularly valuable when the label is expanded to include not only face and scalp but also the trunk and extremities. We have accelerated our efforts in this regard and have very recently recruited the final patient in our Phase 3 trial and are close to concluding patient recruitment in our phase 2 acne study, all of which positions Ameluz strongly for the future.”
Fourth Quarter Financial Results
Total revenues for the fourth quarter of 2024 were
Total operating expenses were
Net income (loss) for the fourth quarter of 2024 was
Adjusted EBITDA for the fourth quarter of 2024 was negative
Full Year Financial Results
Total revenues for 2024 were
Total operating expenses were
Selling, general and administrative expenses for 2024 decreased
Net income (loss) for 2024 was
Adjusted EBITDA was negative
Conference Call Details
Conference call: Friday, March 21, 2024 at 10:00 AM ET
Toll Free: 1-877-877-1275 (U.S. toll-free)
International: 1-412-858-5202
Webcast: Fourth Quarter and FY 2024 Financial Results and Business Update Conference Call
About Biofrontera Inc.
Biofrontera Inc. is a U.S.-based biopharmaceutical company specializing in the development and treatment of dermatological conditions with a focus on PDT. The Company commercializes the drug-device combination Ameluz® with the RhodoLED® lamp series for PDT of AK, pre-cancerous skin lesions which may progress to invasive skin cancers. The Company performs clinical trials to extend the use of the products to treat non-melanoma skin cancers and moderate to severe acne. For more information, visit www.biofrontera-us.com and follow Biofrontera on LinkedIn and X.
Contacts
Investor Relations
Andrew Barwicki
1-516-662-9461
ir@bfri.com
Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended to date. These include, but are not limited to, statements relating to our ability to achieve and sustain profitability; our ability to compete effectively in selling our licensed products; our ability to expand, manage and maintain our direct sales and marketing organizations, including our ability to obtain the financing to develop our marketing strategy, if needed; changes in our relationship with our Licensors; our Licensors’ ability to manufacture our licensed products; our Licensors’ ability to adequately protect their intellectual property and operate their business without infringing upon the intellectual property rights of others; our actual financial results may vary significantly from forecasts and from period to period; our estimates regarding anticipated operating losses, future revenues, capital requirements and our needs for additional financing; market risks regarding consolidation and group purchasing organizations (“GPO”) in the healthcare industry; the willingness of healthcare providers to purchase our licensed products if coverage, reimbursement and pricing from third-party payors for our products, or procedures using our products significantly declines; our ability to market, commercialize, achieve market acceptance for and sell our licensed products; the fact that product quality issues or product defects may harm our business; any product liability claims; our ability to maintain compliance with The Nasdaq Stock Market, LLC (“Nasdaq”) continued listing standards; our ability to comply with the requirements of being a public company; the progress, timing and completion of research, development and preclinical studies and clinical trials for our licensed products; our Licensors’ ability to obtain and maintain the regulatory approvals necessary for the marketing of our licensed products in the United States, and; those risks listed in the sections of this Form 10-K entitled “Risk Factors” and elsewhere in this Form 10-K.
We have based these forward-looking statements on our current expectations and projections about future events; nevertheless, actual results or events could differ materially from the plans, intentions and expectations disclosed in, or implied by, the forward-looking statements we make. These risks and uncertainties, many of which are beyond our control, include, but are not limited to, the impact of any extraordinary external events; any changes in the Company's relationship with its licensors; the ability of the Company's licensors to fulfill their obligations to the Company in a timely manner; the Company's ability to achieve and sustain profitability; whether global disruptions in supply chains will impact the Company's ability to obtain and distribute its licensed products; changes in the practices of healthcare providers, including any changes to the coverage, reimbursement and pricing for procedures using the Company's licensed products; the uncertainties inherent in the initiation and conduct of clinical trials; availability and timing of data from clinical trials; whether results of earlier clinical trials or trials of Ameluz® in combination with BF-RhodoLED® in different disease indications or product applications will be indicative of the results of ongoing or future trials; uncertainties associated with regulatory review of clinical trials and applications for marketing approvals; whether the market opportunity for Ameluz® in combination with BF-RhodoLED® is consistent with the Company's expectations; the Company's ability to comply with public company requirements; the Company's ability to regain compliance with Nasdaq continued listing standards, the Company's ability to retain and hire key personnel; the sufficiency of cash resources and need for additional financing and other factors that may be disclosed in the Company's filings with the Securities and Exchange Commission ("SEC"), which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management's current estimates, projections, expectations and beliefs. The Company does not plan to update any such forward-looking statements and expressly disclaims any duty to update the information contained in this press release except as required by law.
BIOFRONTERA INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except par value and share amounts)
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 5,905 | $ | 1,343 | ||||
| Investment, related party | 7 | 78 | ||||||
| Accounts receivable, net | 5,315 | 5,162 | ||||||
| Inventories, net | 6,646 | 10,908 | ||||||
| Prepaid expenses and other current assets | 527 | 425 | ||||||
| Asset held for sale | 2,300 | - | ||||||
| Other assets, related party | - | 5,159 | ||||||
| Total current assets | 20,700 | 23,075 | ||||||
| Property and equipment, net | 80 | 134 | ||||||
| Operating lease right-of-use assets | 903 | 1,612 | ||||||
| Intangible assets, net | 35 | 2,629 | ||||||
| Other assets | 383 | 482 | ||||||
| Total assets | $ | 22,101 | $ | 27,932 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | 1,856 | 3,308 | ||||||
| Accounts payable, related parties, net | 5,344 | 5,698 | ||||||
| Operating lease liabilities | 548 | 691 | ||||||
| Accrued expenses and other current liabilities | 4,273 | 4,487 | ||||||
| Short term debt | - | 3,904 | ||||||
| Total current liabilities | 12,021 | 18,088 | ||||||
| Long-term liabilities: | ||||||||
| Convertible notes payable | 4,098 | - | ||||||
| Warrant liabilities | 1,250 | 4,210 | ||||||
| Operating lease liabilities, non-current | 276 | 804 | ||||||
| Other liabilities | 23 | 37 | ||||||
| Total liabilities | 17,668 | 23,139 | ||||||
| Commitments and contingencies | - | - | ||||||
| Stockholders’ equity: | ||||||||
| Preferred Stock, | - | - | ||||||
| Common Stock, | 9 | 2 | ||||||
| Additional paid-in capital | 121,833 | 104,441 | ||||||
| Accumulated deficit | (117,409 | ) | (99,650 | ) | ||||
| Total stockholders’ equity | 4,433 | 4,793 | ||||||
| Total liabilities and stockholders’ equity | $ | 22,101 | $ | 27,932 | ||||
BIOFRONTERA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts and number of shares)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Product revenues, net | $ | 12,560 | $ | 10,582 | $ | 37,303 | $ | 34,005 | ||||||||
| Revenues, related party | - | 13 | 18 | 66 | ||||||||||||
| Total revenues, net | 12,560 | 10,595 | 37,321 | 34,071 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Cost of revenues, related party | 5,016 | 4,975 | 17,855 | 16,789 | ||||||||||||
| Cost of revenues, other | 256 | 394 | 752 | 655 | ||||||||||||
| Selling, general and administrative | 8,192 | 9,101 | 33,793 | 38,975 | ||||||||||||
| Selling, general and administrative, related party | 12 | (41 | ) | 42 | 152 | |||||||||||
| Research and development | 796 | 33 | 2,089 | 77 | ||||||||||||
| Change in fair value of contingent consideration | - | - | - | 100 | ||||||||||||
| Total operating expenses | 14,272 | 14,462 | 54,531 | 56,748 | ||||||||||||
| Loss from operations | (1,712 | ) | (3,867 | ) | (17,210 | ) | (22,677 | ) | ||||||||
| Other income (expense) | ||||||||||||||||
| Change in fair value of warrant liabilities | 351 | 4,455 | 1,680 | 6,456 | ||||||||||||
| Warrant inducement expense | - | (1,045 | ) | - | (1,045 | ) | ||||||||||
| Excess of warrant fair value over offering proceeds | - | (2,272 | ) | - | (2,272 | ) | ||||||||||
| Change in fair value of investment, related party | (1 | ) | (786 | ) | (14 | ) | (7,421 | ) | ||||||||
| Gain on legal settlement | 7,385 | - | 7,385 | |||||||||||||
| Loss on debt extinguishment | - | - | (316 | ) | - | |||||||||||
| Interest expense, net | (40 | ) | (211 | ) | (2,035 | ) | (468 | ) | ||||||||
| Other income (expense), net | 4 | (140 | ) | 158 | (75 | ) | ||||||||||
| Total other income (expense) | 314 | 7,386 | (527 | ) | 2,560 | |||||||||||
| Income (loss) before income taxes | (1,398 | ) | 3,519 | (17,737 | ) | (20,117 | ) | |||||||||
| Income tax expense | (2 | ) | (6 | ) | 22 | 14 | ||||||||||
| Net income (loss) | $ | (1,396 | ) | $ | 3,525 | $ | (17,759 | ) | $ | (20,131 | ) | |||||
| Income (loss) per common share: | ||||||||||||||||
| Basic and diluted | $ | (0.19 | ) | $ | 1.65 | $ | (3.22 | ) | $ | (13.02 | ) | |||||
| Weighted-average common shares outstanding: | ||||||||||||||||
| Basic and diluted | 7,519,210 | 2,140,400 | 5,516,334 | 1,546,297 | ||||||||||||
BIOFRONTERA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
| Years ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (17,759 | ) | $ | (20,131 | ) | ||
| Adjustments to reconcile net loss to cash flows used in operations | ||||||||
| Gain on legal settlement | - | (7,385 | ) | |||||
| Depreciation | 92 | 86 | ||||||
| Amortization of right-of-use assets | 728 | 560 | ||||||
| Amortization of acquired intangible assets | 329 | 418 | ||||||
| Realized/unrealized loss in investment, related party | 14 | 7,421 | ||||||
| Change in fair value of contingent consideration | - | 100 | ||||||
| Change in fair value of warrant liabilities | (1,680 | ) | (6,456 | ) | ||||
| Warrant inducement expense | - | 1,045 | ||||||
| Excess of warrant fair value over offering proceeds | - | 2,272 | ||||||
| Stock-based compensation | 1,019 | 1,045 | ||||||
| Provision for inventory obsolescence | - | - | ||||||
| Provision for doubtful accounts | 162 | 122 | ||||||
| Loss on debt extinguishment | 316 | - | ||||||
| Non-cash interest expense | 297 | 402 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (315 | ) | (1,536 | ) | ||||
| Other receivables, related party | 2 | 6,470 | ||||||
| Prepaid expenses and other assets | (141 | ) | 174 | |||||
| Other assets, related party | 5,159 | (5,159 | ) | |||||
| Inventories | 4,233 | (3,750 | ) | |||||
| Accounts payable | (1,452 | ) | 2,029 | |||||
| Accounts payable, related parties, net | (355 | ) | 4,386 | |||||
| Operating lease liabilities | (689 | ) | (657 | ) | ||||
| Accrued expenses and other liabilities | (230 | ) | (6,351 | ) | ||||
| Cash flows used in operating activities | (10,270 | ) | (24,895 | ) | ||||
| Cash flows from investing activities | ||||||||
| Sales of investment, related party | 57 | 624 | ||||||
| Purchase of intangible assets | (50 | ) | - | |||||
| Purchases of property and equipment | (10 | ) | (5 | ) | ||||
| Cash flows provided by (used in) investing activities | (3 | ) | 619 | |||||
| Cash flows from financing activities | ||||||||
| Proceeds from issuance of Series B-1 preferred stock and warrants to purchase series B-3 preferred stock, net of issuance costs | 7,662 | - | ||||||
| Proceeds from issuance of Series B-3 preferred stock from exercise of warrants | 7,438 | - | ||||||
| Proceeds from issuance of convertible notes, net of issuance costs | 4,050 | - | ||||||
| Proceeds from line of credit | - | 21,448 | ||||||
| Proceeds from issuance of common stock and warrants | - | 4,507 | ||||||
| Proceeds from short term debt | - | 3,800 | ||||||
| Payment of short-term debt | (4,315 | ) | (21,344 | ) | ||||
| Cash flows provided by financing activities | 14,835 | 8,411 | ||||||
| Net decrease in cash and cash equivalents | 4,562 | (15,865 | ) | |||||
| Cash, cash equivalents and restricted cash, at the beginning of the year | 1,543 | 17,408 | ||||||
| Cash, cash equivalents and restricted cash, at the end of the year | $ | 6,105 | $ | 1,543 | ||||
| Supplemental disclosure of cash flow information | ||||||||
| Interest paid | $ | 1,728 | $ | 125 | ||||
| Interest paid, related party | $ | - | $ | 22 | ||||
| Income tax paid, net | $ | 24 | $ | 15 | ||||
| Supplemental non-cash investing and financing activities | ||||||||
| Release of start-up cost financing obligation as part of legal settlement | $ | - | $ | (7,300 | ) | |||
| Release of contingent consideration obligation as part of legal settlement | $ | - | $ | (2,500 | ) | |||
| Transfer of investment as part of legal settlement | $ | - | $ | 2,415 | ||||
| Addition of right-of-use assets in exchange for operating lease liabilities | $ | 55 | $ | 800 | ||||
BIOFRONTERA INC.
ADJUSTED EBITDA
(In thousands, except per share amounts and number of shares)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net income (loss) | $ | (1,396 | ) | $ | 3,525 | $ | (17,759 | ) | $ | (20,131 | ) | |||||
| Interest expense, net | 40 | 212 | 2,035 | 468 | ||||||||||||
| Income tax expense | (3 | ) | (6 | ) | 22 | 14 | ||||||||||
| Depreciation and amortization | 34 | 125 | 421 | 504 | ||||||||||||
| EBITDA | (1,325 | ) | 3,856 | (15,281 | ) | (19,145 | ) | |||||||||
| Change in fair value of contingent consideration | - | - | - | 100 | ||||||||||||
| Change in fair value of warrant liabilities | (351 | ) | (4,455 | ) | (1,680 | ) | (6,456 | ) | ||||||||
| Warrant inducement expense | - | 1,045 | - | 1,045 | ||||||||||||
| Excess of warrant fair value over offering proceeds | - | 2,272 | - | 2,272 | ||||||||||||
| Change in fair value of investment, related party | 2 | 786 | 14 | 7,421 | ||||||||||||
| Gain on legal settlement | - | (7,385 | ) | - | (7,385 | ) | ||||||||||
| Loss on debt extinguishment | - | - | 316 | - | ||||||||||||
| Legal settlement expenses | - | - | - | 1,225 | ||||||||||||
| Stock based compensation | 299 | 228 | 1,019 | 1,045 | ||||||||||||
| Expensed issuance costs | - | 422 | 354 | 422 | ||||||||||||
| Adjusted EBITDA | $ | (1,375 | ) | $ | (3,231 | ) | $ | (15,258 | ) | $ | (19,456 | ) | ||||
| Adjusted EBITDA margin | -10.9 | % | -30.5 | % | -40.9 | % | -57.1 | % | ||||||||
FAQ
What was Biofrontera's (BFRI) revenue growth in Q4 2024?
How many RhodoLED® XL lamps did BFRI place in 2024?
What was the impact of BFRI's Ameluz® transfer price reduction in 2024?
How did BFRI's operating expenses change in fiscal year 2024?
What was BFRI's cash position at the end of 2024?
