Biofrontera Inc. reported a net loss of $17.8 million for the fiscal year ended December 31, 2024, a decrease from a net loss of $20.1 million in the previous year. The company's total revenues increased to $37.3 million, up from $34.0 million in 2023, primarily driven by a 9.7% rise in product revenues, which included a $1.1 million contribution from the newly launched RhodoLED® XL lamp. The increase in revenue was also supported by a higher average selling price for Ameluz®, which contributed an additional $1.7 million to the total.
In terms of operational changes, Biofrontera assumed control of all clinical trials related to Ameluz® in the United States effective June 1, 2024, which is expected to enhance cost management and trial efficiency. The company also decided to divest its Xepi product line, with the related intangible asset classified as held for sale, valued at $2.3 million. This decision was influenced by limited sales and manufacturing delays affecting the Xepi product, which had no sales in 2024.
The company’s employee count stood at 93 as of December 31, 2024, with a focus on expanding its sales force to support the commercialization of Ameluz® and the RhodoLED® lamps. Biofrontera's strategy includes positioning Ameluz® as the standard of care for actinic keratosis treatment in the U.S. and leveraging potential future approvals for additional indications. The company is also working to secure additional capital through equity or debt financing to support its operations, as it faces substantial doubt about its ability to continue as a going concern.
Looking ahead, Biofrontera plans to capitalize on the reduced transfer price for Ameluz® under its amended license agreement, which decreased from 50% to 25% for 2024 and 2025. This reduction is expected to facilitate further investment in research and development, particularly for expanding the indications of Ameluz®. However, the company acknowledges the risks associated with achieving profitability and the potential impact of market competition and regulatory challenges on its future financial performance.
About Biofrontera Inc.
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