Biofrontera Inc. Reports Record Fiscal Year 2024 Financial Results and Provides a Business Update

Core Insights - Biofrontera Inc. reported a strong financial performance for 2024, with total revenues reaching $37.3 million, a 9.5$34.1 million in 2023, driven by higher sales volume and average selling price of Ameluz® and the successful launch of RhodoLED® XL lamps [4][8][11] - The company has refocused its strategy for 2025 to enhance customer efficiency in delivering Photodynamic Therapy (PDT) services and to support new dermatology offices in the U.S. [3] - Biofrontera has made significant advancements in its clinical development program, achieving key milestones, including FDA approval for using up to three tubes of Ameluz® per treatment [3][4] Financial Performance - Total revenues for Q4 2024 were $12.6 million, an increase of$2.0 million or 18.5% compared to Q4 2023 [4] - Total operating expenses for 2024 were $54.5 million, a decrease of about 3.9$56.7 million in 2023 [5][9] - The net loss for 2024 was $(17.8) million, or$(3.22) per diluted share, compared to a net loss of $(20.1) million, or$(13.02) per share in 2023 [11] Operational Highlights - The company placed 52 RhodoLED® XL lamps in Q4 2024 and a total of 100 since the launch in June 2024 [5] - Biofrontera created a wholly-owned subsidiary, Biofrontera Discovery GmbH, to manage clinical trial activities for Ameluz® in the U.S. [5] - The company has accelerated patient recruitment in its Phase 3 study for actinic keratosis and Phase 2 study for acne [5] Cost Management - Selling, general and administrative expenses for 2024 decreased by $5.3 million, or 13.5$5.9 million as of December 31, 2024, compared to $1.3 million at the end of 2023 [5] Clinical Development - Biofrontera achieved statistically significant results in its Phase 3 study of Ameluz® for treating superficial basal cell carcinoma [5] - The company is close to concluding patient recruitment in its Phase 2 acne study, positioning Ameluz® strongly for future growth [3][5]