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Biofrontera Inc. (BFRI-4.76%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing an increase in net product revenue to $37.3 million from $34.0 million in the previous year. This increase was primarily driven by organic growth in Ameluz® sales and the launch of the RhodoLED® XL Lamp.
Cost of revenues, related party, increased to $17.9 million from $16.8 million, reflecting the sales increase, though at a slower pace due to cost savings under the amended license and supply agreement.
Selling, general, and administrative expenses decreased to $33.8 million from $39.0 million, attributed to reductions in external legal expenses and sales and marketing costs.
Research and development expenses increased to $2.1 million from $0.1 million, following Biofrontera's assumption of clinical trial activities for Ameluz® in the United States.
The company reported a net loss of $17.8 million, compared to a net loss of $20.1 million in the previous year. The improvement was due to increased revenue and reduced operating expenses.
Biofrontera's liquidity is impacted by ongoing operating losses and the need for additional capital to fund operations. As of December 31, 2024, the company had cash and cash equivalents of $5.9 million.
The filing details the company's strategy to expand sales of Ameluz® and the RhodoLED® Lamps in the United States, focusing on label expansion and improving product capabilities.
Biofrontera's financial condition raises substantial doubt about its ability to continue as a going concern, with management planning to secure additional capital through equity or debt financings.
The filing also addresses legal proceedings involving claims of breach of contract and patent infringement, which the company is defending against vigorously.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Biofrontera Inc. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.