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Biofrontera Inc. (BFRI-5.21%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net product revenue increase to $9,012,000 from $8,879,000 in the same quarter the previous year. This increase was driven by sales of the RhodoLED® XL Lamp, offset by a decrease in Ameluz® sales due to shipment delays caused by Hurricane Milton.
Cost of revenues, related party, increased to $4,801,000 from $4,495,000, primarily due to higher costs associated with increased device sales.
Selling, general, and administrative expenses decreased to $8,425,000 from $8,619,000, reflecting reductions in general business administration and sales expenses, partially offset by increased legal expenses related to ongoing litigation.
Research and development expenses rose to $669,000 from $33,000, attributed to Biofrontera's assumption of clinical trial activities for Ameluz® in the United States.
The company reported a loss from operations of $4,960,000, compared to $4,620,000 in the previous year. The net loss for the quarter was $5,669,000, down from $6,342,000 in the previous year.
Biofrontera's cash and cash equivalents increased to $2,873,000 as of September 30, 2024, compared to $1,343,000 as of December 31, 2023.
The filing also discusses the company's liquidity concerns, highlighting substantial doubt about its ability to continue as a going concern without additional capital or cost reductions.
Biofrontera's management plans to improve liquidity by expanding Ameluz® commercialization, pursuing additional capital, and controlling expenses.
The filing mentions ongoing legal proceedings with Sun Pharmaceutical Industries, Inc., and related parties, with Biofrontera intending to defend vigorously against the claims.
The company announced FDA approval for increasing the maximally approved dosage of Ameluz® from one to three tubes per treatment, enhancing treatment flexibility for actinic keratosis.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Biofrontera Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.