Wed, May 15, 8:24 PM (305 days ago)
Biofrontera Inc. reported a net loss of $10.4 million for Q1 2024, compared to a $7.5 million loss in Q1 2023. Revenues declined by 9.3% to $7.9 million, primarily due to lower Ameluz sales, impacted by a cybersecurity attack. Cost of revenues, related party, decreased by 13.2% to $3.9 million, reflecting lower sales. Operating expenses dropped by 5.6% to $9.3 million, driven by reduced legal costs. The fair value of warrant liabilities increased, resulting in a $3.4 million expense. The company also recorded a $0.3 million loss on debt extinguishment. Cash flow from operations was negative at $3.3 million, with cash and equivalents rising to $3.8 million from $1.3 million at year-end 2023. Despite liquidity concerns, management plans to mitigate these through cost reductions and improved gross margins from a new licensing agreement.