Biofrontera Q2 2026 Earnings Report

Biofrontera EPS Results

• Actual EPS: -$0.05
• Consensus EPS: -$0.11
• Beat/Miss: Beat by +$0.06
• One Year Ago EPS: N/A

Biofrontera Revenue Results

• Actual Revenue: $12.00 million
• Expected Revenue: $9.50 million
• Beat/Miss: Beat by +$2.50 million
• YoY Revenue Growth: N/A

Biofrontera Announcement Details

• Quarter: Q2 2026
• Date: 8/13/2026
• Time: Before Market Opens
• Conference Call Date: Thursday, August 13, 2026
• Conference Call Time: 10:00AM ET

Biofrontera (NASDAQ:BFRI) AG is a specialty biopharmaceutical company focused on the research, development and commercialization of products for dermatological applications. The company’s core expertise lies in photodynamic therapy (PDT), a treatment modality that uses a photosensitizing agent activated by a specific light source to target diseased skin cells while sparing surrounding healthy tissue.

The flagship product in Biofrontera’s portfolio is Ameluz (aminolevulinic acid hydrochloride 10 % gel), which has received marketing approval in the European Union for treatment of actinic keratosis and basal cell carcinoma, and in the United States for actinic keratosis. Ameluz is used in combination with the BF-RhodoLED® lamp, a medical device designed to emit the precise wavelength of red light required to activate the gel. This integrated pharmaceutical–device approach underpins the company’s position in the PDT market.

Founded in 1997 and headquartered in Leverkusen, Germany, Biofrontera maintains operations in multiple geographies, including a U.S. subsidiary established to support commercialization efforts in North America. Beyond its approved indications, the company is exploring additional dermatological uses for its photodynamic platform and is engaged in discussions with regulatory authorities and commercial partners to expand its presence in key markets such as Canada, Turkey and beyond.

Biofrontera’s management team brings together expertise in dermatology, pharmaceutical development and medical device manufacturing. The company continues to invest in its pipeline, seeking to leverage its PDT technology for new indications and to forge strategic partnerships that will broaden access to its therapies worldwide.

Biofrontera Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Q2 revenue rose 33% to $12.0 million, driven by approximately 30% Ameluz unit-volume growth and the 2025 price increase. Gross margin expanded to about 80%, while adjusted EBITDA improved to near breakeven from a $5.1 million loss a year earlier.
• Positive Sentiment: Commercial momentum continued, with first-half order count up 18.6%, average tubes per order up 10%, and the installed base reaching approximately 801 lamps across 740 physician offices. Management said more than 81% of customers that made large pre-price-increase purchases reordered in the first half.
• Negative Sentiment: The ITC exclusion order bars Biofrontera from importing or selling the current RhodoLED XL lamp and restricts Ameluz sales for use with that device. The company is pursuing an appeal and a minor lamp redesign, but must still obtain clearance from border authorities; approximately 243 XL lamps are affected.
• Positive Sentiment: Biofrontera expects potential FDA approval for superficial basal cell carcinoma on September 28, 2026, with a planned first-quarter 2027 launch using its existing lamps and sales force. It also plans to file an expanded actinic keratosis indication by the end of the third quarter and is advancing an acne program toward Phase III.
• Negative Sentiment: Liquidity remains a constraint, with $4.7 million in cash at June 30 and a going-concern qualification in the financial statements. Management expects to reach cash-flow breakeven in 2026 but may need a working-capital facility, while future clinical development depends on available funding.

Presentation

[Operator]

Welcome to the Biofrontera second quarter 2026 financial results and business update conference call. At this time, all participants are in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's prepared remarks, there will be an opportunity to ask questions. To ask a question, please press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Ben Shamsian with Lytham Partners Investor Relations. Please go ahead.

[Ben Shamsian, VP at Lytham Partners]

Good morning, and welcome to Biofrontera Inc.'s second quarter 2026 financial results and business update conference call. Please note that certain information discussed during today's call by management is covered under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution listeners that Biofrontera's management will be making forward-looking statements and that actual results may differ materially from those stated or implied by these forward-looking statements due to the risks and uncertainties associated with the company's business. Forward-looking statements on today's call include statements regarding the company's full year 2026 revenue goals, the anticipated effects of the U.S. International Trade Commission orders, and the company's remediation plan, the company's liquidity and the ability to continue as a going concern, the outcome of pending patent proceedings, and the potential approval and launch of new indications for Ameluz.

[Ben Shamsian, VP at Lytham Partners]

All risks and uncertainties are detailed and are qualified by the cautionary statements contained in Biofrontera's press release and SEC filings, including the company's quarterly reports on Form 10-Q for the quarter ended June 30, 2026, and the company's annual report on Form 10-K for the year ended December 31, 2025. Also, this conference call contains time-sensitive information that is accurate only as of the date of this live broadcast. Biofrontera undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call, except as required by law. During today's call, there will be references to certain non-GAAP financial measures. Biofrontera believes these measures provide useful information for investors, yet should not be considered as a substitute for GAAP, nor should they be viewed as a substitute for operating results determined in accordance with GAAP.

[Ben Shamsian, VP at Lytham Partners]

A reconciliation of non-GAAP to GAAP results is included in the press release issued today and is available on the company's website at www.biofrontera-us.com under the investor relations section. Please note, management will be referencing Adjusted EBITDA and non-GAAP financial measure defined as net loss excluding interest expense, net income taxes, depreciation, and amortization, and certain other non-recurring or non-cash items, including changes in fair value of warrant liabilities, patent remediation expense, and the related inventory write-down and stock-based compensation. With that said, I would now like to turn the call over to Hermann Luebbert, CEO, Chairman, and Founder of Biofrontera. Hermann, please proceed.

[Hermann Luebbert, CEO and Chairman at Biofrontera]

Yes. Thank you, Ben. Thank you to everyone joining us this morning. The second quarter of 2026 was the strongest operating Q2, and the first half year was the strongest H1 in the company's history as a standalone U.S. business. Net product revenue grew 33% to $12 million. Gross margin reached approximately 80% compared to approximately 71% a year ago, and Adjusted EBITDA came to $200,000 of breakeven against a loss of $5.1 million in Q2 of last year. These strong results in Q2, which for us is traditionally a weaker quarter, are not just one quarter out of the ordinary. They reflect the buildup of a commercial organization that is executing along with the expense discipline across the entire organization. We are seeing the pace of reorders from our physician accounts accelerate, which reflects the strength of underlying demand generation.

[Hermann Luebbert, CEO and Chairman at Biofrontera]

George and Fred will take you through the details in a moment. The results also further reflect the strategic transaction we completed in October 2025, which gave Biofrontera full ownership and control of all U.S. rights, approvals, and patents for the Ameluz and RhodoLED portfolio and replaced the transfer pricing model of 25%-35% of revenue with a 12% earn-out on net sales. Before diving into the business, I want to address the U.S. International Trade Commission matter because I expect that it's on your minds. On May 6, the commission issued its final determination, finding a violation of Section 337 with respect to two Sun Pharmaceutical patents covering certain components of our RhodoLED XL lamp.

[Hermann Luebbert, CEO and Chairman at Biofrontera]

In their decision, the commission contradicted the conclusion of the U.S. Patent and Trademark Office's Patent Trial and Appeal Board, which, in agreement with our belief, had previously found every challenged claim of one of the patents unpatentable. The commission issued a limited exclusion order and cease and desist orders, which took effect on July 7. We can no longer import or sell the current RhodoLED XL lamp in the United States, and we are restricted from selling Ameluz for use with the RhodoLED XL. Three things you should understand about the scope of this. First, this affects the XL lamp. It does not in any way affect the original BF-RhodoLED lamp, which represents the substantial majority of our installed lamp base. Physicians using those lamps are unaffected, and Ameluz sales to accounts with a BF-RhodoLED lamp continue normally.

[Hermann Luebbert, CEO and Chairman at Biofrontera]

Second, we have a remediation plan designed to allow selling a modified version of our XL lamp that is outside the scope of both Sun Pharmaceutical patents. We recorded approximately $500,000 in the first quarter as our best estimate of the remediation cost, and that estimate has not changed. Because the substantial majority of our installed lamp base is unaffected, and we expect to get approval for providing a modified version of the RhodoLED XL that is outside the patent space, we expect the exclusion order to affect the timing of orders rather than total demand. Third, and finally, we are not finished contesting this. We retain the right to appeal the commission's determination to the U.S. Court of Appeals for the Federal Circuit. I will not speculate on how those proceedings will resolve or when.

[Hermann Luebbert, CEO and Chairman at Biofrontera]

What I will tell you is that while pursuing every avenue available to us, our commercial plan does not depend on winning any of them. Our commercial success will be because of our continued dedication to doctors and patients, as well as investment in developing Ameluz and PDT to be used in more indications. Now, let me turn to the clinical pipeline because it is the clearest picture of how this company will grow in 2027 and beyond. First, superficial basal cell carcinoma. The FDA accepted filing of our supplemental new drug application for Ameluz PDT for the treatment of superficial basal cell carcinoma with a PDUFA target date of September 28, 2026.

[Hermann Luebbert, CEO and Chairman at Biofrontera]

If approved, Ameluz will be the first PDT in the U.S. approved for the treatment of cancerous skin tumors, and we expect a full launch in Q1 of 2027, with initial outreach to customers during Q4 of 2026. That launch would go directly into our existing installed base of BF-RhodoLED lamps and our existing dermatology call points. The commercial infrastructure is already in place. Second, actinic keratosis on the extremities, neck, and trunk. Earlier this year, we announced positive and statistically significant top-line phase III results with the study meeting its primary endpoint. These data support our plan to file a supplemental NDA around the end of the third quarter of 2026 to expand the Ameluz label beyond AKs on the face and scalp to a treatment field of up to 240 square centimeters. We anticipate FDA approval in Q3 2027.

[Hermann Luebbert, CEO and Chairman at Biofrontera]

With approximately 58 million American adults having at least one AK lesion, extending treatment to the extremities, neck, and trunk, and a larger area meaningfully expands the addressable use of every lamp already in the field. Third, moderate to severe acne and beyond. Our phase IIb study showed a 58% reduction in inflammatory lesions with Ameluz compared to 37% with vehicle, and 86% of patients said they would choose PDT treatment again. We are currently in the process of prioritizing and designing our next phase of clinical development, aiming at expanding the addressable market for our products, and acne will be an important part of this discussion. We'll keep you updated as these plans will evolve. Taken together, sBCC expected to launch in the first quarter of 2027, relevant AK label extensions anticipated in Q3 2027, and an acne program advancing towards phase III.

[Hermann Luebbert, CEO and Chairman at Biofrontera]

Each of these growth avenue through the same installed lamp and customer base and the same sales force we have already built and paid for. That is the growth model for 2027 and beyond. More approved users flowing through infrastructure that is already in place. I would now like to turn the call over to George Jones, our Chief Commercial Officer. George?

[George Jones, Chief Commercial Officer at Biofrontera]

Thank you, Hermann, and good morning, everyone. We delivered product revenues of $12 million in the second quarter, an increase of approximately 33% year-over-year. The increase was driven by approximately 30% growth in Ameluz unit volume, together with the price increase we implemented in the fourth quarter of 2025. Looking at unit volume, in the second quarter of 2026, we sold 33,300 tubes of Ameluz. This is compared to approximately 25,300 tubes in the second quarter of 2025. The volume growth in the quarter included the impact of order tying from certain customers in anticipation of the ITC-related supply restrictions Hermann described. The timing of this is good because customers tend to move through Ameluz faster when they have inventory on the shelf, and it sets us up for a strong fourth quarter.

[George Jones, Chief Commercial Officer at Biofrontera]

Importantly, since the substantial majority of our installed lamp base is unaffected by the exclusion order, we do not expect this shift to impact our full year 2026 revenue goals. Turning to the RhodoLED lamp placements, in Q2 2026, we placed 21 lamps, including 16 XL lamps and five RhodoLED lamps. This increased our installed base to approximately 801 lamps across approximately 740 physician offices. Turning to sales execution, we are seeing significant traction across all aspects of our business. During the first half of 2026, our order count was up 18.6% versus the first half of 2025, and the average tubes per order was up 10%. We have also been tracking our largest customers that made large purchase prior to the price increase in Q4 of 2025.

[George Jones, Chief Commercial Officer at Biofrontera]

Over 81% of those customers placed additional orders during the first half of 2026, and for those that did reorder, their Ameluz volume was up 41%. This is important because it indicates our sales efforts are working and our customers are increasing their Ameluz PDT throughput within their practice. I also want to highlight our new account growth. In the first half of 2026, we added 66 new accounts versus 69 new accounts during the first half of 2025. This slight dip is likely due to the focus on current XL customers in May and June prior to the ITC orders becoming effective. Lastly, I want to follow up on our last call and draw attention to our inside sales efforts.

[George Jones, Chief Commercial Officer at Biofrontera]

Those efforts have continued to bear fruit, generating approximately 1,070 tubes of Ameluz from white space and smaller accounts, as well as another 920 tubes from covering vacant territories in the first half of 2026. The first half of 2026 has given me great optimism regarding our commercial strategy and the way our team has delivered. This enhanced execution, plus our clinical programs, including the near term sBCC approval and launch, the upcoming label expansion filing for AKs on the extremities, neck, and trunk, and the advancement of our acne program, give us multiple paths and great opportunities for continued growth. With that, I'll turn the call over to Fred Leffler, our Chief Financial Officer. Fred?

[Fred Leffler, CFO at Biofrontera]

Thank you, George. Good morning, everyone. I'll walk through our results for the second quarter and first half of the year ended June 30th, 2026. All comparisons are to the same prior period, unless otherwise noted. A full reconciliation of GAAP to non-GAAP measures is included in the press release issued earlier today and available on our website. With that, revenues for the second quarter were $12 million, compared to $9 million in the second quarter of 2025. That is an increase of 32.9%. As George described, unit volume grew approximately 30%, with the balance of the growth coming from the price increase that was completed in fourth quarter of 2025. For the first half of the year, revenues were $22.1 million, up 25.4% from $17.6 million in 2025.

[Fred Leffler, CFO at Biofrontera]

Cost of revenue for the quarter was $2.4 million compared to $2.6 million, producing gross profit of $9.6 million and a gross profit margin of about 80%, compared to approximately 71% in the prior year quarter. That's an expansion of roughly 920 basis points. For the first half, gross margin was also 80% against a gross profit margin of 67% in the first half of 2025. The improvement was driven principally by the transition from the prior transfer pricing agreements to a cost structure comprising of Ameluz direct cost plus a 12% earn-out on net revenue. That structure is contractual and durable, and we will see it continue. Selling, general, and administrative expenses for the quarter were $9.7 million, compared to $10.6 million in 2025. That we took over following the strategic transaction.

[Fred Leffler, CFO at Biofrontera]

I would note that the litigation-related legal spend is tied to the pace of active matters and can vary quarter to quarter. For the first half, SG&A was $20.7 million compared to $19.3 million, an increase of $1.4 million. This was driven primarily by investment, lower turnover in the commercial organization, and the new manufacturing and regulatory functions I just mentioned. It was partially offset by the lower litigation-related legal fees. Research and development expenses were $0.4 million for the quarter compared to $0.9 million in 2025, and $1.3 million for the first half of 2026 compared to $2.1 million for the first half of 2025, reflecting the current vintage of clinical trials reaching substantial completion. As Hermann pointed out, we are planning additional clinical developments for the coming years, aiming to expand the reach of our products, but depending on available funds.

[Fred Leffler, CFO at Biofrontera]

Net loss for the quarter was $0.6 million or $0.05 per share, compared to a net loss of $5.3 million or $0.57 per share in 2025. For the first half, net loss was $5.4 million or $0.44 per share compared to $9.5 million or $1.05 per share. Adjusted EBITDA for the quarter was -$0.2 million, compared with -$5.1 million in the prior year quarter, an improvement of approximately $5 million and an Adjusted EBITDA margin of -1.4% against -56.9% in 2025. For the first half, Adjusted EBITDA was -$3.7 million compared with -$9.5 million last year, an Adjusted EBITDA margin of -16.9% versus -54%. Now, turning to the balance sheet and liquidity. As of June 30th, 2026, we had cash and cash equivalents of $4.7 million, compared with $6.4 million at December 31st, 2025.

[Fred Leffler, CFO at Biofrontera]

Operating cash used in the first half of 2026 was $1.7 million, down from $7.2 million a year ago. That figure also includes a $3.7 million one-time paydown of related party payables that were connected to the strategic shift transaction that happened in the first quarter of 2026. Including that item, changes in working capital were a net source of cash for the period. We continue to make progress towards cash flow breakeven in 2026. Total liabilities were $18.1 million, essentially unchanged from year-end 2025. Our only outstanding indebtedness is $4.6 million of convertible notes net maturing in November of 2027. We have no bank or term debt. Total shareholders' equity was $6.0 million compared with $10.5 million at December 31, 2025. As we have disclosed in our filings, the company has included a going concern qualification in its financial statements.

[Fred Leffler, CFO at Biofrontera]

While we have demonstrated meaningful progress towards cash flow breakeven and believe we will achieve that this year, and this quarter is the clearest evidence of that progress, our current capital resources require us to continue expanding our commercial operations and controlling expenses. We plan to address this through the continued growth of Ameluz revenue, the realization of the next milestone payment of $1 million from the Xepi divestiture, and if necessary, securing a working capital line of credit or similar facility when and if needed. With that overview of our results, we are now ready to take questions from our covering analysts. I'll hand it back to you, operator.

[Operator]

We will now begin the question and answer session from our covering analysts. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. Our first question comes from Bruce Jackson with StoneX. Please go ahead.

[Bruce Jackson, Analyst at StoneX]

Hi. Thank you for taking my questions and congratulations on the quarter. I wanted to start off with the superficial basal cell carcinoma launch. It's the same call point and it works with the existing lamp. Is there anything else that needs to be done in terms of putting the reimbursement in place or getting the sales force trained? What are the other additional steps that need to be done prior to launch?

[George Jones, Chief Commercial Officer at Biofrontera]

I'll take that one. First of all, thanks for the question. The great thing about the sBCC indication is that how perfectly it fits within our current call point and our current strategic priorities. The actions that really need to be taken place to get ready for this launch are to finalize our marketing materials, pre-clear those with the FDA, and train our sales force, then finalize our reimbursement strategy as well. But outside of those, we're ready to go and begin selling this and begin talking about it when it's approved.

[Bruce Jackson, Analyst at StoneX]

Okay. I wanted to follow up with the ITC commentary. I believe, so there are two patents involved here, and you've successfully challenged one on the inter partes review. Is it possible to get the other patent reviewed? Can you basically get this whole thing tossed out? That's the first part of the question. If not, can you tell us more about the remediation plan, and will this require a redesign of the lamp that would then have to go back through the FDA process?

[Hermann Luebbert, CEO and Chairman at Biofrontera]

Yeah, I'll take that one. Thanks for asking this, Bruce. First to the process with the other patent. We cannot do this with the other patent. This other patent is basically identical to the first patent. The answer would, in all likelihood, be the same. However, we can't attack that patent through the same mechanism because the current strategy of the director of the patent office is not to allow that strategy for patents which are already discussed in some kind of a court, like the ITC. So for pure formalities, we cannot do that. However, we can appeal the decision of the ITC, and that will be done for both patents. At that point, we can bring the arguments for both patents together.

[Hermann Luebbert, CEO and Chairman at Biofrontera]

Now, whether or not that is going to be successful is, in the end, not as relevant because of the workaround strategy that we are implementing currently. This workaround strategy is based on very minor changes in the lamp. If you look at patents in a space where there isn't really much new in one of these lamps. I mean, it's a five-panel lamps, and panels are connected by hinges. There were lamps like this out there everywhere, so there's prior art left and right. There's a certain component of hinge that some claims they invented. We obviously disagree, but the ITC has agreed with them, and we have to remove that component of the hinge to actually get beyond the space of those patents. So it's really a minor change that we're introducing into the lamps.

[Bruce Jackson, Analyst at StoneX]

Does that minor change have to go through the FDA?

[Hermann Luebbert, CEO and Chairman at Biofrontera]

Yes, it has to go through the FDA in what is called a CBE-30 process, and we have applied for that, and FDA has agreed that this is the process, and from the FDA point of view, we already got permission to sell that.

[Bruce Jackson, Analyst at StoneX]

Okay, and then one last follow-up. In terms of the product performances-

[Hermann Luebbert, CEO and Chairman at Biofrontera]

But I should- sorry for interrupting.

[Bruce Jackson, Analyst at StoneX]

Oh, okay.

[Hermann Luebbert, CEO and Chairman at Biofrontera]

I should add for clarity that this is just the FDA perspective. The border control has to agree that this will also take us outside of the space of the ITC ruling, and that is what we are currently waiting for. We could, in principle, sell from the FDA perspective, but in practice we cannot, because we have to wait for that other step.

[Bruce Jackson, Analyst at StoneX]

Okay. Last question from me. This feature change in the XL, will the customer notice any appreciable difference in performance?

[Hermann Luebbert, CEO and Chairman at Biofrontera]

No. For the time being, the lamp will still continue to be used exactly in the same way in which it is approved currently by the FDA.

[Bruce Jackson, Analyst at StoneX]

Okay, great. That's it for me. Thank you.

[Operator]

Our next question comes from Jonathan Aschoff with ROTH Capital Partners. Please go ahead.

[Jonathan Aschoff, Analyst at ROTH Capital Partners]

Thanks. Hey, guys. It sounds like you have 243 XL lamps out there out of 101 total. Is that accurate? I'm sorry, out of 801 total. Is that accurate?

[George Jones, Chief Commercial Officer at Biofrontera]

Yes, that sounds about right.

[Jonathan Aschoff, Analyst at ROTH Capital Partners]

Okay. Do any docs have both lamps and therefore they can order all the Ameluz they want and use it however they want? I mean, why would they care?

[George Jones, Chief Commercial Officer at Biofrontera]

The customers that have an XL alone in place, we no longer are selling them Ameluz for use with that infringing device. The people that bought Ameluz prior to the order going to effect, we are not encouraging them to use Ameluz with the infringing device, but they own the Ameluz, and they own the device.

[Jonathan Aschoff, Analyst at ROTH Capital Partners]

Okay. I mean, what, is someone out there policing this to scare these guys?

[George Jones, Chief Commercial Officer at Biofrontera]

Could you repeat the question? You cut out there.

[Jonathan Aschoff, Analyst at ROTH Capital Partners]

I said, is someone out there policing this to scare these people into not using inventory?

[George Jones, Chief Commercial Officer at Biofrontera]

It is not their obligation. It is the obligation of Biofrontera in this situation to not sell Ameluz after the order went to effect for use for the infringing device. Ameluz that they own and a lamp that they own, they are free to use it as they see fit.

[Jonathan Aschoff, Analyst at ROTH Capital Partners]

Okay. All right.

[George Jones, Chief Commercial Officer at Biofrontera]

They are under no obligation not to use it, the offices that own it.

[Jonathan Aschoff, Analyst at ROTH Capital Partners]

And then in the future, you are not going to give them a newly designed lamp. You are not going to swap it out for free. You are going to sell it to them outright, yes?

[George Jones, Chief Commercial Officer at Biofrontera]

The people that own, as Hermann mentioned, we are working on developing a non-infringing device, and the plan is once that non-infringing device is approved by the FDA, which Hermann mentioned is complete, and then also passes muster with the border control, border protection, the plan will be to work with those offices to replace their current lamp with a non-infringing device.

[Jonathan Aschoff, Analyst at ROTH Capital Partners]

Okay. I guess I am trying to understand, with 243 out of 801 being lamps for which you cannot sell Ameluz, how does that maintain your annual sort of revenue expectations? It used to be guidance, now it is just kind of an unwritten expectation. How is that possible?

[George Jones, Chief Commercial Officer at Biofrontera]

We were able to use the period from when the order was issued to when it went to effect to sell into those customers. Many of our customers who had an XL were able to buy in multiple months of inventory to be able to continue to use Ameluz while we are working on creating a non-infringing device that Hermann mentioned. We also have other strategies to ensure that patients are taken care of within these offices.

[Jonathan Aschoff, Analyst at ROTH Capital Partners]

Okay. They will use Ameluz with the infringing device for as long as they can, like I was alluding to earlier, which is what I would hope and expect. Correct?

[George Jones, Chief Commercial Officer at Biofrontera]

Yeah. We cannot and will not encourage future use of the infringing device. Ameluz that they purchased before the order went into effect can be used with the XL lamp. Yes.

[Jonathan Aschoff, Analyst at ROTH Capital Partners]

Yeah. As would I do. All right. Thank you very much, guys.

[Operator]

This concludes our question and answer session. I would like to turn the call back over to management for any closing remarks.

[Hermann Luebbert, CEO and Chairman at Biofrontera]

Yeah. Thank you, Operator, and thank you to everyone who joined us today. Let me leave you with three takeaways. First, the second quarter demonstrates the full impact of our transformed business model. Revenue is up 33%, gross margin is approximately 80%, and Adjusted EBITDA within $200,000 of breakeven in a traditionally weak quarter. Second, our growth beyond 2026 is visible and concrete. We have a PDUFA date for superficial basal cell carcinoma on September 28 and expect the full launch in the first quarter of 2027, which, if approved, would make Ameluz the first PDT in the U.S. approved for the treatment of cancerous tumors. We are filing a supplemental NDA around the end of this quarter to expand the AK label to the extremities, neck, and trunk, and 240 square centimeters.

[Hermann Luebbert, CEO and Chairman at Biofrontera]

Each of these label expansions flows through the installed lamp base and sales force we have already built. Third, we are managing our two constraints, a cash position that requires discipline and an ITC matter that affects one of our lamps, which we are remediating and actively contesting. Neither changes the trajectory of this business nor our dedication to our customers or their patients, and in fact, continues to make Biofrontera more resilient. I want to thank our entire team for their dedication and hard work. I also want to thank our shareholders, the healthcare professionals who use our products, and most importantly, the patients whose lives we are helping to improve in the fight against skin cancers. Thank you all for your continued support. Have a wonderful day.

[Operator]

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

Participants

Executives

• Hermann Luebbert, CEO and Chairman
• George Jones, Chief Commercial Officer
• Fred Leffler, CFO

Analysts

• Ben Shamsian, VP at Lytham Partners
• Bruce Jackson, Analyst at StoneX
• Jonathan Aschoff, Analyst at ROTH Capital Partners