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Globe and Mail
5 days ago
- Business
- Globe and Mail
Biofrontera Inc. Reports Second Quarter 2025 Financial Results and Provides a Business Update
Woburn, MA, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Biofrontera Inc. (NASDAQ:BFRI) (the "Company"), a biopharmaceutical company specializing in the development and commercialization of photodynamic therapy in dermatology, today reported financial results for the three and six months ended June 30, 2025 and provided a business update. Highlights from the first six months of 2025 included the following: Total revenues for the second quarter of 2025 were $9.0 million, a 15% increase from the same period of the prior year For the first six months of 2025, revenue was $17.7 million, a 12% increase from the comparable period in 2024 Cash and cash equivalents were $7.2 million as of June 30, 2025, compared with $5.9 million at December 31, 2024 Agreed to major restructuring of relationship with Biofrontera AG, including acquisition of United States Intellectual Property (IP) and New Drug Applications (NDA) and control of manufacturing, supported by an addition $11 million in funding for the company US patent on revised formulation of Ameluz® granted, extending patent protection through to December 2043 Announced last patient completing 1 year follow-up in superficial basal cell carcinoma (sBCC) Phase 3 study Completed patient enrollment in Phase 3 study with Ameluz® for mild to moderate actinic keratosis (AK) on the entire body and in Phase 2b study for the treatment of moderate to severe acne vulgaris Hermann Luebbert, Chief Executive Officer and Chairman of the Company, stated, "We have changed our approach to our business in 2025 by transforming our customer segmentation, focusing our strategy and using extended data analysis to support our sales team effectiveness. This led to two very gratifying quarters for us driven by customer growth and disciplined execution resulting in increased sales volume and higher revenues. In addition to Ameluz® treating pre-cancerous skin lesions on the face and scalp, we are very encouraged about the potential for Ameluz® to be used more broadly to treat AK on the entire body, and the potential label extension to basal cell carcinoma and acne vulgaris.' 'In addition, we recently announced a fundamental change in our agreement with Biofrontera AG which includes acquiring all the rights, approvals and patents to Ameluz® and RhodoLED® in the United States. This has been a long process that began June 1, 2024 when we assumed control of all clinical studies relating to Ameluz® in the United States, a move that has given us direct oversight of trial efficiency and more effective cost management. We are now in the process of transferring the US IP, NDA, and manufacturing capabilities for Ameluz® and the RhodoLED® lamps. We will pay a monthly Ameluz® royalty of 12% in years where Ameluz® revenue in the US is less than $65 million, and 15% in years when revenue exceeds that threshold. The royalty replaces the former transfer pricing model — which required payment of 25% to 35% of the net sales price per tube depending on timing and indication. This will give us further savings on our cost of goods above those already generated by the earlier renegotiation of the transfer pricing model.' Prof. Luebbert concluded by saying 'The $11 million investment we secured, the fundamental restructuring in our agreement with Biofrontera AG and the improvements we have made this year in our promotional strategy and sales effectiveness have led to significant increases in volume and revenue in the first half of 2025 and have positioned us strongly for the rest of the year and beyond'. Second Quarter Financial Results Total revenues for the second quarter of 2025 were $9.0 million compared with $7.8 million for the second quarter of 2024. This increase was driven by both a 5% higher unit sales price and a 9.5% increase in sales volume of Ameluz® in the second quarter of 2025. The higher sales volume of Ameluz® was due to improvements in direct sales team effectiveness. Total operating expenses were $14.1 million for the second quarter of 2025 compared with $12.9 million for the second quarter of 2024. Cost of revenues decreased by $1.7 million, or 41.8% as compared to the three months ended June 30, 2024. This was primarily due to the reduced Ameluz® cost agreed upon with Biofrontera AG in relation to taking over clinical trial costs. Selling, general and administrative expenses were $10.5 million for the second quarter of 2025 compared with $7.9 million for the second quarter of 2024. The increase was primarily driven by a $3.4 million increase in legal costs, partially offset by $0.5 million in personnel savings within both the direct sales team and general and administrative staff and a $0.3 million decrease in miscellaneous general and administrative expenses. The net loss for the second quarter of 2025 was $5.3 million, compared with a net loss of $0.3 million for the prior-year quarter. The increase in the net loss is attributed to the $5.4 million non-cash fluctuation in the change in fair value of warrants of in 2024. Adjusted EBITDA for the second quarter of 2025 was negative $5.1 million compared with negative $4.7 million for the second quarter of 2024, driven by higher legal costs offset by lower cost of goods sold. We look at Adjusted EBITDA, a non-GAAP financial measure, as a better indication of ongoing operations and this measurement is defined as net income or loss excluding interest income and expense, income taxes, depreciation and amortization, and certain other non-recurring or non-cash items. Please refer to the table below which presents a GAAP to non- GAAP reconciliation of Adjusted EBITDA for the second quarters of 2025 and 2024. Six Month Financial Results Total revenues were $17.6 million for the first half of 2025 compared with $15.8 million for the first half of 2024. This 12% increase was driven by a higher unit sales price contributing $0.6 million and increased sales volume of Ameluz ® contributing $1.0 million, as well as a $0.3 million increase in sales of the RhodoLED ® Lamps. The higher sales volume of Ameluz ® was due to improvements in direct sales team effectiveness. Total operating expenses were $27.2 million for the first half of 2025 compared with $26.3 million for the first half of 2024. Increased legal expense was offset by reduced operational cost. Cost of revenues decreased from the prior year to $5.5 million for the first six months of 2025 compared to $8.0 million for the first half of 2024 due to the reduced transfer price agreed upon with Biofrontera AG in February 2024 in relation to taking over clinical development costs. Selling, general and administrative expenses increased to $19.2 million compared to $17.2 million in the prior year. The increase was primarily attributable to a $4.4 million increase in legal expenses. The increased legal expenses were partially offset by savings in personnel expenses of $0.9 million due to headcount fluctuations in our direct sales and administrative teams, as well as a decrease of $0.5 million in expenses relating to sales support functions and a decrease of $0.4 million in issuance costs. Adjusted EBITDA was negative $9.5 million for the first half of 2024 compared with negative $9.3 million for the first half of 2024. Conference Call Details Conference call: Thursday, August 14, 2025 at 10:00 AM ET Toll Free: 1-877-877-1275 (U.S. toll-free) International: 1-412-858-5202 Webcast: About Biofrontera Inc. Biofrontera Inc. is a U.S.-based biopharmaceutical company commercializing a portfolio of pharmaceutical products for the treatment of dermatological conditions with a focus on photodynamic therapy (PDT) and topical antibiotics. The Company's licensed products are used for the treatment of actinic keratoses, which are pre-cancerous skin lesions.. For more information, visit and follow Biofrontera on LinkedIn and Twitter. Contacts Investor Relations Andrew Barwicki 1-516-662-9461 ir@ 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. These statements include, but are not limited to, statements relating to the Company's revenue guidance, business and marketing strategy, revenue growth, sales force productivity, growth strategy, liquidity and cash flow, potential to expand the label of Ameluz®, available market opportunities for Ameluz®, ongoing clinical trials, and other statements that are not historical facts. The words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential", "target", "goal", "assume", "would", "could" or similar words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. 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, our reliance on sales of products we currently license from other companies as our sole source of revenue; the success of our competitors in developing generic topical dermatological products that successfully compete with our licensed products; the success of our principal licensed product, Ameluz®; the ability of the Company's licensors to establish and maintain relationships with contract manufacturers that are able to supply the Company with enough of our products to meet our demand; the ability of our licensors or their manufacturing partners to supply the licensed products that we market in sufficient quantities and at acceptable quality and cost levels, and to fully comply with current good manufacturing practice or other applicable manufacturing regulations; the ability of our licensors to successfully defend or enforce patents related to our licensed products; the availability of insurance coverage and medical expense reimbursement for our licensed products; the impact of legislative and regulatory changes; competition from other pharmaceutical and medical device companies and existing treatments, such as simple curettage and cryotherapy; the Company's ability to achieve and sustain profitability; the Company's ability to obtain additional financing as needed to implement its growth strategy; the Company's ability to retain and hire key personnel; 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 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 undertake 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. (Tables follow) June 30, 2025 December 31, 2024 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 7,239 $ 5,905 Investment, related party 9 7 Accounts receivable, net 3,955 5,315 Inventories, net 4,028 6,646 Prepaid expenses and other current assets 331 527 Asset held for sale 2,300 2,300 Other assets, related party 953 - Total current assets 18,815 20,700 Property and equipment, net 37 80 Operating lease right-of-use assets 729 903 Intangible assets, net 26 35 Other assets 535 383 Total assets $ 20,142 $ 22,101 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 4,268 1,856 Accounts payable, related parties, net 670 5,344 Operating lease liabilities 443 548 Advance from Stockholders 8,500 - Accrued expenses and other current liabilities 5,806 4,273 Total current liabilities 19,687 12,021 Long-term liabilities: Convertible notes payable, net 4,338 4,098 Warrant liabilities 548 1,250 Operating lease liabilities, non-current 223 276 Other liabilities 14 23 Total liabilities 24,810 17,668 Commitments and contingencies Stockholders' (deficit) equity: Preferred Stock $0.001 par value; 20,000,000 shares authorized; no Series B-1 issued; 2,641 and 3,366 Series B-2; 6,593 and 6,763 Series B-3 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively - - Common Stock $0.001 par value; 70,000,000 shares authorized; 10,138,567 and 8,873,932 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 9 9 Additional paid-in capital 122,259 121,833 Accumulated deficit (126,936) (117,409) Total stockholders' (deficit) equity (4,668) 4,433 Total liabilities and stockholders' equity $ 20,142 $ 22,101 BIOFRONTERA INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts and number of shares) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Product revenues, net $ 9,030 $ 7,831 $ 17,617 $ 15,732 Revenues, related party - 8 - 18 Total revenues, net 9,030 7,839 17,617 15,750 Operating expenses Cost of revenues, related party 2,380 4,092 5,455 8,038 Cost of revenues, other 262 250 455 421 Selling, general and administrative 10,528 7,915 19,183 17,163 Selling, general and administrative, related party 69 32 76 29 Research and development 870 621 2,077 637 Total operating expenses 14,109 12,910 27,246 26,288 Loss from operations (5,079) (5,071) (9,629) (10,538) Other income (expense) Change in fair value of warrants 153 5,438 702 2,009 Change in fair value of investment, related party 2 (14) 2 (11) Loss on debt extinguishment - - - (316) Interest expense, net (115) (596) (220) (2,003) Other income, net (264) 6 (363) 186 Total other income (expense) (224) 4,834 121 (135) Loss before income taxes (5,303) (237) (9,508) (10,673) Income tax expense 21 20 19 21 Net loss $ (5,324) $ (257) $ (9,527) $ (10,694) Loss per common share: Basic and diluted $ (0.57) $ (0.05) $ (1.05) $ (2.45) Weighted-average common shares outstanding: Basic and diluted 9,351,557 5,091,353 9,108,091 4,357,474 BIOFRONTERA INC. GAAP TO NON-GAAP ADJUSTED EBITDA RECONCILIATION (In thousands, except per share amounts and number of shares) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss $ (5,324) $ (257) $ (9,527) $ (10,694) Interest expense, net 115 596 220 2,003 Income tax expenses 21 20 19 21 Depreciation and amortization 22 130 46 258 EBITDA (5,166) 489 (9,242) (8,412) Loss on debt extinguishment - - - 316 Change in fair value of warrant liabilities (153) (5,438) (702) (2,009) Change in fair value of investment, related party (2) 14 (2) 11 Stock based compensation 187 204 426 432 Expensed issuance costs - - - 354 Adjusted EBITDA $ (5,135) $ (4,731) $ (9,520) $ (9,308) Adjusted EBITDA margin -56.9 % -60.3 % -54.0 % -59.1 %
Yahoo
7 days ago
- Business
- Yahoo
Arch Painting Joins 2025 Inc. 5000 List of America's Fastest-Growing Private Companies
With Three-Year Revenue Growth of 92 Percent, This Is Arch Painting's First Time on the List WOBURN, Mass., August 12, 2025--(BUSINESS WIRE)--Arch Painting®, the leading provider of nationwide paint contracting services today announced it was ranked No. 3974 on the annual Inc. 5000 list, the most prestigious ranking of the fastest growing private companies in America. The list provides a data-driven snapshot of the most successful companies within the economy's most dynamic segment—its independent, entrepreneurial businesses. Past honorees, which have gone on to become some of the world's most recognized brands, include companies such as Microsoft, Meta, Chobani, Under Armour, Timberland, Oracle, and Patagonia. "Our dedication to revolutionizing the painting industry through investment in technology and automation puts us in the position of offering a level of customer service that is not found elsewhere in the industry," said Rich Kilgannon, President & CEO of Arch Painting Inc. "Our growth reflects our employees' hard work and dedication to customer service, our drive to automate and advance the traditionally blue-collar painting industry and our vision to redefine our customers' expectations." "Making the Inc. 5000 is always a remarkable achievement, but earning a spot this year speaks volumes about a company's tenacity and clarity of vision," said Mike Hofman, editor-in-chief of Inc. "These businesses have thrived amid rising costs, shifting global dynamics, and constant change. They didn't just weather the storm—they grew through it, and their stories are a powerful reminder that the entrepreneurial spirit is the engine of the U.S. economy." Arch Painting recently announced a reorganization of the company's divisions to better serve the evolving preferences of its customers. Arch Painting is focused exclusively on commercial customers while Paintzen® is exclusively available to residential customers. Both are backed by the service, breadth and depth of Arch Painting's 30 years of experience and excellence. Additionally, the company released version 2.0 of its industry leading, pricing and reservation technology platform, now known as Zenify™, in early August, to meet the needs of its increasingly tech savvy customer base. "2025 has been a strong year for Arch Painting. We were named one of the Best Places to Work by Boston Business Journal, included on the Inc. Regionals list of fastest growing companies in the Northeast and now being named by Inc. Magazine to the Inc. 5000 list is an honor," said Kilgannon. For the full list, company profiles, and a searchable database by industry and location, visit: MethodologyCompanies on the 2025 Inc. 5000 are ranked according to percentage revenue growth from 2021 to 2024. To qualify, companies must have been founded and generating revenue by March 31, 2021. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2024. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2021 is $100,000; the minimum for 2024 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. About Arch Painting®Arch Painting is the nation's leading commercial paint contractor. Founded by Joe Giacalone in 1997, Arch Painting provides unparalleled painting services that transform spaces from ordinary to extraordinary. Customer service, attention to detail, mastery of technique, and uncompromising commitment to quality are the foundation of each job and partnership served. Learn more at About is the leading media brand and playbook for the entrepreneurs and business leaders shaping our future. Through its journalism, Inc. aims to inform, educate, and elevate the profile of its community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating the future of business. Inc. is published by Mansueto Ventures LLC, along with fellow leading business publication Fast Company. For more information, visit View source version on Contacts For More Information Contact: Andrea KrullDirector of Strategic CommunicationsArch Paintingakrull@ (781) 496-1027 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-08-2025
- General
- Yahoo
Bedridden woman was trapped as her Massachusetts apartment burned. Then two cousins jumped into action
Two cousins jumped into action to save a bedridden woman who was trapped in her burning apartment, according to local reports. Crews responded to reports of a fire in an elderly woman's apartment at Bradford Condominiums in Woburn, Massachusetts early Friday morning, the local fire department said. The resident was bedridden, and witnesses could hear her calling for help as smoke filled the second-floor apartment, local outlet Boston 25 News reports. That's when two cousins jumped into action. Sadush Brahimaj and Narti Qato heard the woman screaming for help and managed to climb up onto her porch, WCVB reports. "It was so dark, it was so dark and smoky, we couldn't see anything, just hearing her voice, 'Help, help,' all the time," Brahimaj told WCVB. "We didn't think anything else, we just went inside." The cousins tried twice to get inside the apartment building. The first attempt was 'too much,' so Brahimaj said he used his jacket to cover his face like a mask. 'The second time we got her,' he told the outlet. That's when other residents joined in, shining their flashlights to help guide the men and the woman to safety, WCVB reports. Crews arrived after the pair had pulled the resident from her burning bedroom onto the balcony, the local fire department said. Firefighters used a ground ladder to carry the woman down. The woman was taken to Massachusetts General with burns and smoke inhalation injuries, NBC Boston reports. The two cousins were also hospitalized and released soon afterward, WCVB reports. Woburn Fire Captain Bill Stukey praised their rescue efforts, Boston 25 News reports. 'A couple of the guys were able to get up onto the porch, get in through the slider,' Stukey said. 'They went in the back and crawled through the smoke and actually dragged her out. They did a good job.' The cause of the fire is under investigation, and the Red Cross is now assisting residents impacted by the fire, according to Boston 25 News. Solve the daily Crossword
Yahoo
09-08-2025
- General
- Yahoo
Bedridden woman was trapped as her Massachusetts apartment burned. Then two cousins jumped into action
Two cousins jumped into action to save a bedridden woman who was trapped in her burning apartment, according to local reports. Crews responded to reports of a fire in an elderly woman's apartment at Bradford Condominiums in Woburn, Massachusetts early Friday morning, the local fire department said. The resident was bedridden, and witnesses could hear her calling for help as smoke filled the second-floor apartment, local outlet Boston 25 News reports. That's when two cousins jumped into action. Sadush Brahimaj and Narti Qato heard the woman screaming for help and managed to climb up onto her porch, WCVB reports. "It was so dark, it was so dark and smoky, we couldn't see anything, just hearing her voice, 'Help, help,' all the time," Brahimaj told WCVB. "We didn't think anything else, we just went inside." The cousins tried twice to get inside the apartment building. The first attempt was 'too much,' so Brahimaj said he used his jacket to cover his face like a mask. 'The second time we got her,' he told the outlet. That's when other residents joined in, shining their flashlights to help guide the men and the woman to safety, WCVB reports. Crews arrived after the pair had pulled the resident from her burning bedroom onto the balcony, the local fire department said. Firefighters used a ground ladder to carry the woman down. The woman was taken to Massachusetts General with burns and smoke inhalation injuries, NBC Boston reports. The two cousins were also hospitalized and released soon afterward, WCVB reports. Woburn Fire Captain Bill Stukey praised their rescue efforts, Boston 25 News reports. 'A couple of the guys were able to get up onto the porch, get in through the slider,' Stukey said. 'They went in the back and crawled through the smoke and actually dragged her out. They did a good job.' The cause of the fire is under investigation, and the Red Cross is now assisting residents impacted by the fire, according to Boston 25 News.
The Independent
09-08-2025
- General
- The Independent
Bedridden woman was trapped as her Massachusetts apartment burned. Then two cousins jumped into action
Two cousins jumped into action to save a bedridden woman who was trapped in her burning apartment, according to local reports. Crews responded to reports of a fire in an elderly woman's apartment at Bradford Condominiums in Woburn, Massachusetts early Friday morning, the local fire department said. The resident was bedridden, and witnesses could hear her calling for help as smoke filled the second-floor apartment, local outlet Boston 25 News reports. That's when two cousins jumped into action. Sadush Brahimaj and Narti Qato heard the woman screaming for help and managed to climb up onto her porch, WCVB reports. "It was so dark, it was so dark and smoky, we couldn't see anything, just hearing her voice, 'Help, help,' all the time," Brahimaj told WCVB. "We didn't think anything else, we just went inside." The cousins tried twice to get inside the apartment building. The first attempt was 'too much,' so Brahimaj said he used his jacket to cover his face like a mask. 'The second time we got her,' he told the outlet. That's when other residents joined in, shining their flashlights to help guide the men and the woman to safety, WCVB reports. Crews arrived after the pair had pulled the resident from her burning bedroom onto the balcony, the local fire department said. Firefighters used a ground ladder to carry the woman down. The woman was taken to Massachusetts General with burns and smoke inhalation injuries, NBC Boston reports. The two cousins were also hospitalized and released soon afterward, WCVB reports. Woburn Fire Captain Bill Stukey praised their rescue efforts, Boston 25 News reports. 'A couple of the guys were able to get up onto the porch, get in through the slider,' Stukey said. 'They went in the back and crawled through the smoke and actually dragged her out. They did a good job.' The cause of the fire is under investigation, and the Red Cross is now assisting residents impacted by the fire, according to Boston 25 News.
