Biofrontera Inc.
BFRIHealthcare|Medical - Pharmaceuticals|US
$0.83
+0.02 (+2.50%)
Tangible Book / Share
$0.26
Cash / Share
$0.36
Financials
Financial Snapshot
Market Cap
$12.3M
Enterprise Value
$15.1M
Revenue (TTM)
$46.2M
Net Income (TTM)
-$6.4M
Cash & Investments
$4.7M
Net Cash
-$2.8M
Free Cash Flow (TTM)
-$7.9M
Operating CF (TTM)
-$7.9M
Debt/Equity
1.26
Cash Runway & Burn Rate
Cash on Hand
$4.7M
Quarterly Burn
$2.0M
Monthly Burn
$660.6K
Est. Runway
~2.4 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $7.3M | $8.1M | $24.5M | $27.8M | $1.4M | $5.9M | $6.4M | $4.7M | |
| Operating Cash Flow | -$37.7M | -$12.4M | -$26.7M | -$16.2M | -$24.9M | -$10.3M | -$13.4M | -$7.9M | |
| Free Cash Flow | -$38.2M | -$12.4M | -$26.7M | -$16.2M | -$24.9M | -$10.3M | -$13.4M | -$7.9M | |
| Capital Expenditure | -$538.0K | $0.00 | -$11.0K | -$38.0K | -$5.0K | -$60.0K | -$2.0K | -$3.0K | |
| Financing Cash Flow | $16.4M | $13.2M | $43.2M | $14.0M | $8.4M | $14.8M | $10.8M | $2.4M |
R&D Spending
R&D (TTM)
$3.0M
R&D Intensity
6.4%
R&D Growth vs Prior
-20.1%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.2M | $18.8M | $24.1M | $28.7M | $34.1M | $37.3M | $41.7M | $46.2M | |
| R&D Expense | $0.00 | $0.00 | $0.00 | $0.00 | $77.0K | $2.1M | $3.7M | $3.0M | |
| R&D % of Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 5.6% | 8.9% | 6.4% | |
| SG&A | $28.7M | $18.1M | $37.2M | $35.9M | $39.1M | $33.8M | $38.1M | $39.7M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.2M | $18.8M | $24.1M | $28.7M | $34.1M | $37.3M | $41.7M | $46.2M | |
| Cost of Revenue | $12.4M | $9.1M | $12.7M | $15.2M | $17.4M | $18.6M | $8.9M | $7.2M | |
| Gross Profit | $13.8M | $9.8M | $11.4M | $13.5M | $16.6M | $18.7M | $32.8M | $39.0M | |
| R&D | $0.00 | $0.00 | $0.00 | $0.00 | $77.0K | $2.1M | $3.7M | $3.0M | |
| SG&A | $28.7M | $18.1M | $37.2M | $35.9M | $39.1M | $33.8M | $38.1M | $39.7M | |
| Operating Income | -$14.9M | -$9.6M | -$25.2M | -$18.6M | -$22.7M | -$17.2M | -$9.1M | -$4.4M | |
| Interest Expense | $2.2M | $2.9M | $360.0K | $370.0K | $600.0K | $2.1M | $452.0K | $232.0K | |
| Pretax Income | -$10.9M | -$10.9M | -$37.7M | -$608.0K | -$20.1M | -$17.7M | -$10.5M | -$6.3M | |
| Net Income | -$11.0M | -$11.0M | -$37.7M | -$640.0K | -$20.1M | -$17.8M | -$10.5M | -$6.4M | |
| EPS (Diluted) | -18.09 | -18.94 | -44.10 | -0.61 | -13.02 | -3.22 | -0.90 | -0.60 | |
| EBITDA | -$8.1M | -$7.5M | -$36.8M | $934.0K | -$18.5M | -$14.4M | -$9.2M | -$5.4M | |
| Shares Out. (M) | 0.61 | 0.58 | 0.86 | 1.06 | 1.55 | 5.52 | 11.65 | 12.92 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.3M | $8.1M | $24.5M | $17.2M | $1.3M | $5.9M | $6.4M | $4.7M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $10.5M | $78.0K | $7.0K | $9.0K | $8.0K | |
| Total Current Assets | $23.5M | $19.6M | $46.4M | $43.1M | $23.1M | $20.7M | $18.1M | $12.4M | |
| Total Assets | $28.8M | $24.1M | $53.2M | $50.9M | $27.9M | $22.1M | $28.6M | $24.1M | |
| Total Current Liabilities | $11.7M | $4.4M | $13.8M | $20.9M | $18.1M | $12.0M | $11.9M | $10.5M | |
| Long-Term Debt | $38.2M | $0.00 | $0.00 | $0.00 | $0.00 | $4.1M | $5.8M | $4.6M | |
| Total Liabilities | $58.9M | $18.3M | $41.9M | $27.0M | $23.1M | $17.7M | $18.1M | $18.1M | |
| Stockholders' Equity | -$30.2M | $5.8M | $11.3M | $23.9M | $4.8M | $4.4M | $10.5M | $6.0M | |
| Retained Earnings | -$30.2M | -$41.2M | -$78.9M | -$79.5M | -$99.7M | -$117.4M | -$127.9M | -$133.3M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$37.7M | -$12.4M | -$26.7M | -$16.2M | -$24.9M | -$10.3M | -$13.4M | -$7.9M | |
| Capital Expenditure | -$538.0K | $0.00 | -$11.0K | -$38.0K | -$5.0K | -$60.0K | -$2.0K | -$3.0K | |
| Free Cash Flow | -$38.2M | -$12.4M | -$26.7M | -$16.2M | -$24.9M | -$10.3M | -$13.4M | -$7.9M | |
| Investing Cash Flow | $25.4M | $0.00 | -$11.0K | -$5.2M | $619.0K | -$3.0K | $3.0M | $3.0M | |
| Financing Cash Flow | $16.4M | $13.2M | $43.2M | $14.0M | $8.4M | $14.8M | $10.8M | $2.4M | |
| Issuance of Stock | $0.00 | $0.00 | $29.9M | $9.4M | $4.5M | $0.00 | $10.8M | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $13.5M | $8.8M | $0.00 | $0.00 | $3.9M | -$265.0K | $10.8M | $10.8M | |
| Stock Based Comp. | $0.00 | $0.00 | $129.0K | $1.9M | $1.0M | $1.0M | $951.0K | $1.1M | |
| Net Change in Cash | $4.1M | $825.0K | $16.5M | -$7.3M | -$15.9M | $4.6M | $487.0K | -$2.6M |
Dilution Tracker
Shares outstanding grew 1908.3% over 5 years — significant dilution
Shares Outstanding
15M
5-Year Share Growth
+1908.3%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.61 | 0.58 | 0.86 | 1.06 | 1.55 | 5.52 | 11.65 | 12.92 | |
| Change vs Prior % | — | -4.4% | 47.5% | 23.6% | 46.3% | 256.7% | 111.2% | 10.9% | |
| Stock Issuance | $0.00 | $0.00 | $29.9M | $9.4M | $4.5M | $0.00 | $10.8M | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $129.0K | $1.9M | $1.0M | $1.0M | $951.0K | $1.1M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 52.6% | 51.9% | 47.1% | 47.0% | 48.8% | 50.1% | 78.7% | 84.5% | |
| Operating Margin % | -57.0% | -51.0% | -104.6% | -64.8% | -66.6% | -46.1% | -21.9% | -9.5% | |
| Net Margin % | -41.9% | -58.3% | -156.5% | -2.2% | -59.1% | -47.6% | -25.3% | -13.8% | |
| EBITDA Margin % | -31.1% | -39.6% | -152.5% | 3.3% | -54.2% | -38.7% | -22.0% | -11.8% | |
| FCF Margin % | -146.0% | -65.6% | -110.9% | -56.6% | -73.1% | -27.7% | -32.0% | -17.2% | |
| ROE % | 36.4% | -188.5% | -332.6% | -2.7% | -420.0% | -400.6% | -100.5% | -127.8% | |
| ROA % | -38.2% | -45.5% | -70.9% | -1.3% | -72.1% | -80.4% | -36.9% | -26.5% | |
| ROIC % | -87.7% | -48.7% | -64.0% | -60.9% | -157.1% | -161.9% | -53.8% | -31.2% | |
| R&D / Revenue % | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 5.6% | 8.9% | 6.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | -28.0% | 27.9% | 19.0% | 18.8% | 9.5% | 11.8% | |
| Gross Profit | 0.0% | -29.0% | 16.1% | 18.8% | 23.3% | 12.4% | 75.5% | |
| Operating Income | 0.0% | 35.6% | -162.3% | 26.3% | -22.0% | 24.1% | 46.8% | |
| Net Income | 0.0% | -0.0% | -243.3% | 98.3% | -3045.5% | 11.8% | 40.7% | |
| EPS (Diluted) | 0.0% | -4.7% | -132.8% | 98.6% | -2034.4% | 75.3% | 72.0% | |
| Operating Cash Flow | 0.0% | 67.2% | -116.0% | 39.4% | -53.7% | 58.7% | -30.1% | |
| Free Cash Flow | 0.0% | 67.6% | -116.1% | 39.2% | -53.4% | 58.5% | -29.4% | |
| R&D Expense | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2613.0% | 78.0% | |
| SG&A Expense | 0.0% | -36.9% | 105.4% | -3.6% | 9.1% | -13.5% | 12.7% | |
| Total Assets | 0.0% | -16.0% | 120.5% | -4.4% | -45.1% | -20.9% | 29.2% | |
| Book Value / Share | 0.0% | 120.2% | 31.9% | 70.4% | -86.3% | -74.1% | 28.2% | |
| Debt | 0.0% | -100.0% | 0.0% | 0.0% | 301.1% | -8.8% | 25.2% | |
| Diluted Shares | 0.0% | -4.4% | 47.5% | 23.6% | 46.3% | 256.7% | 111.2% |
Valuation
P/E (TTM)At Loss
P/S0.27
10Y Low / Med / High0.13 / 0.68 / 5.34
P/B1.80
10Y Low / Med / High0.55 / 1.36 / 11.34
EV/EBITDAAt Loss
EV/Revenue0.33
10Y Low / Med / High0.12 / 0.24 / 4.32
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$0.26
Cash / Share
$0.36
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -4.88 | -4.66 | -3.41 | -30.07 | -0.21 | -0.34 | -0.55 | -1.38 | |
| P/S Ratio | 2.04 | 2.71 | 5.34 | 0.68 | 0.13 | 0.16 | 0.14 | 0.27 | |
| P/B Ratio | -1.77 | 8.78 | 11.34 | 0.81 | 0.89 | 1.36 | 0.55 | 1.80 | |
| EV/EBITDA | -10.36 | -5.77 | -2.83 | 3.77 | -0.45 | -0.35 | -0.61 | -2.79 | |
| EV/Revenue | 3.23 | 2.29 | 4.32 | 0.12 | 0.24 | 0.13 | 0.13 | 0.33 |
Analyst Estimates & Quality
Altman Z-Score
-6.19
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $46.1M | $53.5M | $68.4M |
| Net Income | -$4.5M | $2.3M | $2.2M |
| EPS | $-0.39 | $0.20 | $0.19 |
| # Analysts (EPS) | 1 | 1 | 2 |
Revenue Segments
By Product
| Segment | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenues Related Party | $57.0K | — | — |
| Co-pay Assistance Program | — | $675.0K | $165.0K |
| Government and Payor Rebates | — | $264.0K | $310.0K |
| Prompt Pay Discounts | — | $67.0K | $6.0K |
| Returns | — | $53.0K | $52.0K |