Biofrontera (BFRI)


Market Price (11/2/2026): $0.875 | Market Cap: $13.0 MilSector: Health Care | Industry: Pharmaceuticals

Biofrontera (BFRI)


Market Price (11/2/2026): $0.875
Market Cap: $13.0 Mil
Sector: Health Care
Industry: Pharmaceuticals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Personalized Diagnostics, Show more.

Weak multi-year price returns
2Y Excs Rtn is -37%, 3Y Excs Rtn is -159%

Penny stock
Mkt Price is 0.9

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -6.2 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -13%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -17%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -62%

Key risks
BFRI key risks include [1] significant financial instability and liquidity concerns driven by cash burn and potential shareholder dilution, Show more.

0 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Personalized Diagnostics, Show more.
1 Weak multi-year price returns
2Y Excs Rtn is -37%, 3Y Excs Rtn is -159%
2 Penny stock
Mkt Price is 0.9
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -6.2 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -13%
4 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -17%
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -62%
6 Key risks
BFRI key risks include [1] significant financial instability and liquidity concerns driven by cash burn and potential shareholder dilution, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/1/2026

Biofrontera (BFRI) stock has lost about 25% since 7/31/2026 because of the following key factors:

1. Persistent Liquidity Concerns Despite Strong Operational Performance.

Despite reporting strong second quarter (Q2) 2026 financial results with revenue up 32.9% year-over-year to $12.0 million, Biofrontera's cash position at the end of fiscal Q2 2026 (June 30, 2026) stood at $4.7 million. This, coupled with total liabilities of $18.1 million, including $4.6 million in convertible notes maturing in November 2027, raised liquidity concerns among investors and analysts. The company's reliance on future revenue growth, a $1 million milestone payment, and a potential credit facility to achieve breakeven in fiscal year 2026 contributed to financial uncertainty.

2. Negative Shift or Reinforced Caution in Analyst Sentiment.

While some analyst ratings earlier in 2026 indicated a "Strong Buy" for BFRI, a more recent consensus from three Wall Street analysts as of October 31, 2026, shifted to a "Hold" rating, which is lower than the average consensus rating for "healthcare" companies (2.00 compared to 2.32). Furthermore, a bearish analyst outlook from late October 2026 projected a significant decrease in the stock price, expecting it to align closer to a 3x 2026 revenue multiple, indicating underlying concerns about the company's growth and execution capabilities.

Show more
Updated on 11/1/2026

Biofrontera (BFRI) stock has lost about 25% since 7/31/2026 because of the following key factors:

1. Persistent Liquidity Concerns Despite Strong Operational Performance.

Despite reporting strong second quarter (Q2) 2026 financial results with revenue up 32.9% year-over-year to $12.0 million, Biofrontera's cash position at the end of fiscal Q2 2026 (June 30, 2026) stood at $4.7 million. This, coupled with total liabilities of $18.1 million, including $4.6 million in convertible notes maturing in November 2027, raised liquidity concerns among investors and analysts. The company's reliance on future revenue growth, a $1 million milestone payment, and a potential credit facility to achieve breakeven in fiscal year 2026 contributed to financial uncertainty.

2. Negative Shift or Reinforced Caution in Analyst Sentiment.

While some analyst ratings earlier in 2026 indicated a "Strong Buy" for BFRI, a more recent consensus from three Wall Street analysts as of October 31, 2026, shifted to a "Hold" rating, which is lower than the average consensus rating for "healthcare" companies (2.00 compared to 2.32). Furthermore, a bearish analyst outlook from late October 2026 projected a significant decrease in the stock price, expecting it to align closer to a 3x 2026 revenue multiple, indicating underlying concerns about the company's growth and execution capabilities.

3. "Sell the News" Phenomenon Following Regulatory Milestones.

Biofrontera experienced significant positive regulatory news within the period, including FDA approval for Ameluz® for superficial Basal Cell Carcinoma (sBCC) on September 14, 2026, making it the first and only FDA-approved photodynamic therapy for any skin cancer. Additionally, the company submitted a supplemental New Drug Application (sNDA) on October 8, 2026, to expand the Ameluz® indication to actinic keratoses on the full body. Despite these favorable developments, the stock did not sustain positive momentum, suggesting these events may have been largely anticipated and "priced in" by the market, leading to profit-taking or a failure to overcome other investor concerns.

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Stock Movement Drivers

Fundamental Drivers

The -25.4% change in BFRI stock from 7/31/2026 to 10/31/2026 was primarily driven by a -22.8% change in the company's P/S Multiple.
(LTM values as of)731202610312026Change
Stock Price ($)1.170.87-25.4%
Change Contribution By: 
Total Revenues ($ Mil)43466.9%
P/S Multiple0.30.2-22.8%
Shares Outstanding (Mil)1213-9.6%
Cumulative Contribution-25.4%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 10/31/2026
ReturnCorrelation
BFRI-25.4% 
Market (SPY)1.2%13.3%
Sector (XLV)13.7%-4.9%

Fundamental Drivers

The -19.2% change in BFRI stock from 4/30/2026 to 10/31/2026 was primarily driven by a -19.1% change in the company's P/S Multiple.
(LTM values as of)430202610312026Change
Stock Price ($)1.080.87-19.2%
Change Contribution By: 
Total Revenues ($ Mil)424610.7%
P/S Multiple0.30.2-19.1%
Shares Outstanding (Mil)1213-9.7%
Cumulative Contribution-19.2%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 10/31/2026
ReturnCorrelation
BFRI-19.2% 
Market (SPY)5.4%25.2%
Sector (XLV)27.2%-3.4%

Fundamental Drivers

The -20.6% change in BFRI stock from 10/31/2025 to 10/31/2026 was primarily driven by a -27.6% change in the company's Shares Outstanding (Mil).
(LTM values as of)1031202510312026Change
Stock Price ($)1.100.87-20.6%
Change Contribution By: 
Total Revenues ($ Mil)394617.8%
P/S Multiple0.30.2-6.9%
Shares Outstanding (Mil)913-27.6%
Cumulative Contribution-20.6%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 10/31/2026
ReturnCorrelation
BFRI-20.6% 
Market (SPY)11.7%25.4%
Sector (XLV)29.8%2.7%

Fundamental Drivers

The -81.4% change in BFRI stock from 10/31/2023 to 10/31/2026 was primarily driven by a -89.5% change in the company's Shares Outstanding (Mil).
(LTM values as of)1031202310312026Change
Stock Price ($)4.700.87-81.4%
Change Contribution By: 
Total Revenues ($ Mil)294659.0%
P/S Multiple0.20.211.0%
Shares Outstanding (Mil)113-89.5%
Cumulative Contribution-81.4%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 10/31/2026
ReturnCorrelation
BFRI-81.4% 
Market (SPY)86.9%11.8%
Sector (XLV)55.5%5.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
BFRI Return71%-88%-85%-61%-48%53%-99%
Peers Return-12%-57%50%100%64%-2%84%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
BFRI Win Rate67%25%25%42%42%50% 
Peers Win Rate31%33%56%53%56%47% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
BFRI Max Drawdown--90%-86%-78%-52%-51% 
Peers Max Drawdown-46%-71%-63%-47%-32%-44% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: BHC, ARQT, DERM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/30/2026 (YTD)

How Low Can It Go

EventBFRIS&P 500
2025 US Tariff Shock
  % Loss-51.1%-18.8%
  % Gain to Breakeven104.6%23.1%
  Time to Breakeven160 days79 days

Compare to BHC, ARQT, DERM

In The Past

Biofrontera's stock fell -51.1% during the 2025 US Tariff Shock. Such a loss loss requires a 104.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventBFRIS&P 500
2025 US Tariff Shock
  % Loss-51.1%-18.8%
  % Gain to Breakeven104.6%23.1%
  Time to Breakeven160 days79 days

Compare to BHC, ARQT, DERM

In The Past

Biofrontera's stock fell -51.1% during the 2025 US Tariff Shock. Such a loss loss requires a 104.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Biofrontera (BFRI)

Biofrontera Inc. (BFRI) is a United States-based biopharmaceutical company focused on the commercialization of pharmaceutical products for the treatment of dermatological conditions.

The company's core product portfolio includes Ameluz, a prescription drug used in conjunction with its RhodoLED lamp series for photodynamic therapy (PDT). This combination therapy is specifically approved for the lesion-directed and field-directed treatment of mild-to-moderate actinic keratosis on the face and scalp. Biofrontera also offers Xepi, a prescription cream utilized for the treatment of impetigo. Its primary customers are healthcare providers, particularly dermatologists, and patients suffering from these specific skin conditions across the U.S. market.

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Here are 1-3 brief analogies for Biofrontera (BFRI):

  • A smaller, dermatology-focused Allergan.
  • Like a specialized Johnson & Johnson, specifically for prescription skin treatments.

AI Analysis | Feedback

  • Ameluz: A prescription drug used in combination with a medical device for photodynamic therapy for actinic keratosis.
  • RhodoLED lamp series: Medical devices used for photodynamic therapy for the treatment of actinic keratosis.
  • Xepi: A prescription cream for the treatment of impetigo.

AI Analysis | Feedback

Biofrontera Inc. (BFRI) primarily sells its pharmaceutical products and medical devices to companies within the healthcare supply chain, rather than directly to individuals. Its major customers are typically large pharmaceutical wholesalers and distributors, who then supply pharmacies, hospitals, and clinics.

Based on standard pharmaceutical distribution models in the United States, Biofrontera Inc.'s major customers would include the following large pharmaceutical wholesalers:

  • McKesson Corporation (NYSE: MCK)
  • AmerisourceBergen Corporation (NYSE: ABC)
  • Cardinal Health, Inc. (NYSE: CAH)

These companies act as intermediaries, distributing Biofrontera's prescription drugs (Ameluz, Xepi) and medical devices (RhodoLED lamp series) to a vast network of retail pharmacies, hospital pharmacies, and other healthcare providers across the United States.

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Biofrontera AG (BFRA.DE)

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Prof. Hermann Luebbert, PhD - Chief Executive Officer & Chairman

Prof. Hermann Luebbert is a founder of the German Biofrontera AG, which he established in 1997 and led as CEO until December 2021. He is also cited as a founder of Biofrontera Inc. His background includes ten years at Sandoz and Novartis Pharma AG, where he gained experience managing a globally active research organization.

Fred Leffler - Chief Financial Officer

Fred Leffler joined Biofrontera Inc. as Chief Financial Officer in 2022. He brings 15 years of financial leadership, management, consultancy, operations, and analytics experience across various organizations, including growth-stage, private equity, and Fortune 100 companies. Prior to Biofrontera, he worked as a consultant at McKinsey & Co. and FTI Consulting, where he advised clients on corporate finance, strategy, public company readiness, and analytics in industries such as healthcare and private equity. He also held financial and accounting leadership roles at GE Energy and SunEdison.

George Jones - Chief Commercial Officer

George Jones was appointed Chief Commercial Officer for Biofrontera Inc., starting in August 2025. He possesses over 25 years of extensive commercial leadership experience within the specialty pharmaceutical and biotech sectors. His career highlights include key leadership positions at Currax Pharmaceuticals, Pernix Therapeutics, and Depomed, Inc., where he played a crucial role in building and leading commercial organizations, fostering rapid growth, and successfully integrating product acquisitions. Before joining Biofrontera, he served as Chief Operating Officer at UpScriptHealth, where he significantly increased partnership revenues.

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Biofrontera Inc. (BFRI) faces several key risks to its business operations:
  1. Reliance on Licensing Agreement for Ameluz: Biofrontera's primary product, Ameluz, is described as being approved for use in combination with "the company's licensor's medical device". This indicates a significant dependency on a licensing agreement with a third party for a crucial component of its flagship product. The termination or unfavorable modification of this agreement could severely impact the commercialization and revenue generated from Ameluz.
  2. Financial Health and Liquidity Concerns: The company has faced significant near-term risks related to its financial runway and liquidity. As of September 30, 2025, Biofrontera Inc. had limited cash and cash equivalents and was experiencing cash burn, raising concerns about its ability to fund operations and achieve profitability. The company has been unprofitable, with high operational and R&D costs consuming gross profit.
  3. Market Competition and Reimbursement Challenges: Biofrontera operates in the competitive dermatological market. For actinic keratosis, alternative treatments such as cryotherapy and other topical drugs hold substantial market share, with photodynamic therapy (PDT) drugs having a smaller share. Additionally, changes in healthcare provider practices, including adjustments to coverage, reimbursement, and pricing for procedures utilizing Biofrontera's products, pose ongoing risks to sales and market adoption.

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AI Analysis | Feedback

Biofrontera Inc.'s primary product, Ameluz, addresses the actinic keratosis treatment market in the United States.

The U.S. addressable market for actinic keratosis treatment was valued at approximately USD 2.32 billion in 2022 and is projected to grow to about USD 2.94 billion by 2030. Other estimates indicate the U.S. market, as part of North America's dominant share, was approximately 40% of a global market valued at USD 7.0 billion in 2025, with projections to reach USD 10.2 billion by 2034. This translates to a U.S. market size in the range of several billions of dollars annually. Specifically, another source states the U.S. actinic keratosis treatment market size was valued at USD 6.70 billion in 2025 and is projected to reach USD 14.45 billion by 2035, with North America holding a significant share of 42.4% by 2037.

Biofrontera Inc. previously offered Xepi for the treatment of impetigo; however, the company divested its U.S. license for Xepi in November 2025. Therefore, Xepi is no longer a main product for Biofrontera Inc.

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Biofrontera Inc. (BFRI) is poised for future revenue growth over the next 2-3 years, driven primarily by the expansion of its core photodynamic therapy (PDT) product, Ameluz, coupled with strategic market initiatives and improved financial structures. The expected drivers include:

  1. Expansion of Ameluz Indications: Biofrontera is actively pursuing new indications for Ameluz, which significantly broadens its addressable market. Key anticipated expansions include superficial basal cell carcinoma (sBCC), with an FDA submission expected in late 2025 and commercialization targeted for Q4 2026. Additionally, positive Phase 3 results for Ameluz in treating actinic keratoses (AKs) on the extremities, neck, and trunk were reported in February 2026, with an sNDA submission planned for Q3 2026 to extend its use beyond the face and scalp. Positive Phase 2b results for moderate to severe acne vulgaris were also announced in March 2026, with plans to discuss further development with the FDA in Q3 2026, representing another significant growth opportunity.

  2. Price Increases for Ameluz: Management has indicated plans to implement price increases for Ameluz, with one contemplated before year-end 2025. Historically, price increases have contributed to the company's revenue growth.

  3. Increased Sales Volume and Adoption of Ameluz and RhodoLED Lamps: Biofrontera anticipates continued growth from higher sales volumes of Ameluz and increased placement of its companion RhodoLED lamp series. The successful launch and adoption of the RhodoLED XL Lamp in 2024 contributed to revenue growth, and the company continues to expand its installed base of these lamps. Furthermore, FDA approval allowing the use of up to three tubes of Ameluz per treatment expands its application and potential sales volume.

  4. Enhanced Gross Margins through Acquisition of U.S. Rights: While primarily impacting profitability, Biofrontera's acquisition of the full U.S. rights to Ameluz and the RhodoLED assets is expected to significantly enhance gross margins by reducing royalty payments from a previous range of 25-35% to a lower 12-15% on U.S. sales. This improved financial structure provides more capital for reinvestment into sales initiatives and clinical development, indirectly supporting future revenue expansion.

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Share Issuance

  • Biofrontera Inc. completed its initial public offering (IPO) in November 2021, generating gross proceeds of $18.0 million from the sale of 3,600,000 units, each comprising one share of common stock and one warrant.
  • In July 2023, the company executed a 1:20 reverse stock split.
  • As of March 2026, the company granted equity-based compensation to executives, including 125,000 restricted stock units and an option for 125,000 shares to the CEO, and 50,000 restricted stock units and an option for 50,000 shares to the Chief Commercial Officer, with certain vesting schedules.

Inbound Investments

  • In June 2025, Biofrontera Inc. received an $11 million investment, led by Rosalind Advisors, Inc. and AIGH Capital Management LLC. This funding facilitated the acquisition of U.S. rights to Ameluz and RhodoLED from Biofrontera AG.

Outbound Investments

  • Biofrontera Inc. acquired all U.S. rights, including the New Drug Application (NDA) and associated patents, to Ameluz® and RhodoLED® from its former parent company, Biofrontera AG, in June 2025.

Capital Expenditures

  • Over the last 12 months (prior to March 2026), Biofrontera Inc. reported capital expenditures of -$4,000.
  • Capital expenditures in the most recent quarter totaled $0.001 million.

Better Bets vs. Biofrontera (BFRI)

Peer Outperformance in Pharmaceuticals

BFRI has trailed 88% of its 60 Pharmaceuticals peers over 5Y. Pharmaceuticals ranks 6th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Pharmaceuticals constituents that BFRI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
43%
of 70 industry peers · -20.6% return
3Y
15%
of 66 industry peers · -82.1% return
5Y
12%
of 60 industry peers · -99.0% return
No Pharmaceuticals peer with a comparable growth profile has beaten BFRI by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Pharmaceuticals is BFRI's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 10.9%56.8%98.5% CAH 480% · MCK 390% · COR 186%
Health Care Services 20 33.8%44.0%12.4% HIMS 255% · RDNT 136% · DGX 89%
Managed Health Care 8 34.4%-1.2%-3.6% OSCR 76% · HQY 55% · ELV 4%
Health Care Facilities 25 12.1%18.2%-5.4% THC 281% · NHC 236% · EHC 182%
Health Care Equipment 50 0.7%10.2%-17.8% GKOS 420% · UFPT 360% · PLSE 148%
Pharmaceuticals ← 61 -15.0%9.2%-34.9% LQDA 1102% · KNSA 788% · LLY 482%
Health Care Supplies 11 15.5%2.3%-39.9% LNTH 329% · HAE 74% · MMSI 28%
Life Sciences Tools & Services 107 -8.1%-1.9%-66.4% NTRA 262% · AXGN 225% · MEDP 188%
Biotechnology 363 -25.0%-26.2%-81.1% DNTH 1187% · ELVN 1129% · TRVI 1054%
Health Care Technology 21 -23.8%-48.9%-82.4% VEEV -1% · DOCS -53%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Biofrontera Earnings Notes12/16/2025
2How Low Can Biofrontera Stock Really Go?10/17/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

BFRIBHCARQTDERMMedian
NameBiofront.Bausch H.Arcutis .Journey . 
Mkt Price0.888.2031.905.216.71
Mkt Cap0.03.14.20.11.6
Rev LTM4611,11346468266
Op Inc LTM-63,01934-316
FCF LTM-81,82739-716
FCF 3Y Avg-121,307-73-6-9
CFO LTM-82,20939-716
CFO 3Y Avg-121,700-68-6-9

Growth & Margins

BFRIBHCARQTDERMMedian
NameBiofront.Bausch H.Arcutis .Journey . 
Rev Chg LTM17.8%10.8%76.1%20.9%19.4%
Rev Chg 3Y Avg16.8%9.2%402.8%6.6%13.0%
Rev Chg Q32.9%9.7%59.3%23.3%28.1%
QoQ Delta Rev Chg LTM6.9%2.4%11.6%5.4%6.1%
Op Inc Chg LTM62.1%45.6%139.9%73.6%67.9%
Op Inc Chg 3Y Avg33.9%26.5%78.4%-152.5%30.2%
Op Mgn LTM-13.4%27.2%7.4%-4.4%1.5%
Op Mgn 3Y Avg-36.1%22.1%-53.8%-7.3%-21.7%
QoQ Delta Op Mgn LTM11.5%2.0%6.6%5.4%6.0%
CFO/Rev LTM-17.2%19.9%8.5%-11.0%-1.3%
CFO/Rev 3Y Avg-31.6%16.5%-50.1%-8.7%-20.1%
FCF/Rev LTM-17.2%16.4%8.5%-11.0%-1.3%
FCF/Rev 3Y Avg-31.7%12.6%-52.1%-8.7%-20.2%

Valuation

BFRIBHCARQTDERMMedian
NameBiofront.Bausch H.Arcutis .Journey . 
Mkt Cap0.03.14.20.11.6
P/S0.20.39.02.11.2
P/Op Inc-1.81.0121.6-47.6-0.4
P/EBIT-2.02.596.5-59.20.2
P/E-1.8-3.7146.0-23.5-2.7
P/CFO-1.41.4105.9-19.1-0.0
Total Yield-56.6%-27.3%0.7%-4.3%-15.8%
Dividend Yield0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-146.3%54.1%-5.9%-4.2%-5.1%
D/E0.76.70.00.20.4
Net D/E0.35.9-0.0-0.00.1

Returns

BFRIBHCARQTDERMMedian
NameBiofront.Bausch H.Arcutis .Journey . 
1M Rtn-15.9%43.1%26.1%-22.5%5.1%
3M Rtn-25.2%19.0%18.8%-18.2%0.3%
6M Rtn-19.0%45.1%36.6%0.4%18.5%
12M Rtn-20.5%16.8%26.0%-35.8%-1.8%
3Y Rtn-82.0%15.8%1,311.5%51.0%33.4%
1M Excs Rtn-16.9%42.1%25.1%-23.5%4.1%
3M Excs Rtn-28.4%15.3%21.1%-21.4%-3.1%
6M Excs Rtn-26.1%38.0%29.5%-6.8%11.4%
12M Excs Rtn-29.9%26.6%13.8%-46.9%-8.0%
3Y Excs Rtn-159.0%-66.3%1,155.8%-26.3%-46.3%

Comparison Analyses

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FDA Approved Drugs Data

Expand for More
Post-Approval Fwd Returns
FDA
App #
Brand
Name
Generic
Name
Dosage
Form
FDA
Approval
3M
Rtn
6M
Rtn
1Y
Rtn
2Y
Rtn
Total
Rtn
NDA208081  AMELUZaminolevulinic acid hydrochloridegel5102016     
Collapse to Preview
Post-Approval Fwd Returns
FDA
App #
Brand
Name
Generic
Name
Dosage
Form
FDA
Approval
3M
Rtn
6M
Rtn
1Y
Rtn
2Y
Rtn
Total
Rtn
NDA208081  AMELUZaminolevulinic acid hydrochloridegel5102016     

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Ameluz (including the RhodoLED Lamps)4237342924
Revenues, related party  000
Total4237342924


Operating Income by Segment
$ Mil2024
Single Segment-17
Total-17


Net Income by Segment
$ Mil2024
Single Segment-18
Total-18


Price Behavior

Price Behavior
Market Price$0.87 
Market Cap ($ Bil)0.0 
First Trading Date10/29/2021 
Distance from 52W High-45.8% 
   50 Days200 Days
DMA Price$1.15$1.03
DMA Trenddownup
Distance from DMA-24.4%-15.6%
 3M1YR
Volatility73.7%81.1%
Downside Capture245.76258.50
Upside Capture46.77202.39
Correlation (S&P 500)10.1%24.8%
BFRI Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta2.151.340.901.641.620.82
Up Beta-2.36-5.00-1.621.880.760.75
Down Beta2.783.913.242.471.250.83
Up Capture28%-49%18%95%255%14%
Bmk +ve Days12182862130427
Stock +ve Days9173262118346
Down Capture311%324%182%152%158%107%
Bmk -ve Days10253664121325
Stock -ve Days13263157121371

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BFRI
BFRI-17.7%81.1%0.11-
Sector ETF (XLV)30.2%16.4%1.412.7%
Equity (SPY)10.9%12.8%0.5225.3%
Gold (GLD)-2.0%28.6%-0.0818.2%
Commodities (DBC)48.2%20.6%1.795.1%
Real Estate (VNQ)10.2%13.7%0.457.3%
Bitcoin (BTCUSD)-30.0%43.5%-0.7019.0%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BFRI
BFRI-60.3%120.9%-0.25-
Sector ETF (XLV)8.7%15.3%0.3710.7%
Equity (SPY)12.2%17.1%0.5314.3%
Gold (GLD)16.2%19.0%0.686.9%
Commodities (DBC)9.2%19.5%0.35-0.4%
Real Estate (VNQ)0.9%18.9%-0.0613.3%
Bitcoin (BTCUSD)4.9%51.6%0.2812.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BFRI
BFRI-37.0%120.9%-0.25-
Sector ETF (XLV)12.0%16.8%0.5910.7%
Equity (SPY)15.2%17.9%0.7214.3%
Gold (GLD)11.4%16.5%0.566.9%
Commodities (DBC)8.2%18.1%0.37-0.4%
Real Estate (VNQ)5.3%20.7%0.2113.3%
Bitcoin (BTCUSD)61.8%66.2%1.0212.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity0.1 Mil
Short Interest: % Change Since 9302026-29.8%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest1
Basic Shares Quantity12.9 Mil
Short % of Basic Shares0.8%

Earnings Returns History

Updated 9/16/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/13/20260.8%13.6%24.0%
5/14/20263.0%-15.9%-9.9%
3/19/2026-1.5%-5.2%26.6%
1/13/20260.9%4.8%-3.2%
11/13/2025-8.6%-16.9%-18.9%
8/13/20251.7%-7.4%-11.5%
5/15/2025-7.2%-4.6%-5.7%
3/21/2025-16.5%-17.7%-21.4%
...
SUMMARY STATS   
# Positive855
# Negative141717
Median Positive1.7%6.1%24.0%
Median Negative-8.1%-13.1%-11.7%
Max Positive12.2%13.6%27.2%
Max Negative-28.6%-28.4%-69.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/13/20260.8%13.6%24.0%
5/14/20263.0%-15.9%-9.9%
3/19/2026-1.5%-5.2%26.6%
1/13/20260.9%4.8%-3.2%
11/13/2025-8.6%-16.9%-18.9%
8/13/20251.7%-7.4%-11.5%
5/15/2025-7.2%-4.6%-5.7%
3/21/2025-16.5%-17.7%-21.4%
11/13/2024-15.4%-6.4%27.2%
8/14/20241.8%6.1%13.2%
5/15/2024-9.9%-5.8%-10.3%
3/15/2024-18.7%-22.6%17.3%
1/11/2024-3.5%-28.4%-69.0%
11/9/2023-2.6%-3.1%-12.0%
8/11/2023-3.8%-13.1%-22.9%
5/12/2023-28.6%-17.8%-22.1%
3/8/2023-10.2%0.1%-4.0%
1/9/202312.2%11.0%-2.2%
11/14/20220.0%-1.0%-10.0%
8/12/20222.9%-17.5%-11.7%
5/13/2022-2.8%-1.8%-27.4%
1/13/2022-7.7%-26.7%-37.2%
SUMMARY STATS   
# Positive855
# Negative141717
Median Positive1.7%6.1%24.0%
Median Negative-8.1%-13.1%-11.7%
Max Positive12.2%13.6%27.2%
Max Negative-28.6%-28.4%-69.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/13/202610-Q
03/31/202605/14/202610-Q
12/31/202503/19/202610-K
09/30/202511/12/202510-Q
06/30/202508/13/202510-Q
03/31/202505/15/202510-Q
12/31/202403/20/202510-K
09/30/202411/14/202410-Q
06/30/202408/14/202410-Q
03/31/202405/15/202410-Q
12/31/202303/15/202410-K
09/30/202311/09/202310-Q
06/30/202308/11/202310-Q
03/31/202305/12/202310-Q
12/31/202203/13/202310-K
09/30/202211/14/202210-Q
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Report DateFiling DateFiling
06/30/202608/13/202610-Q
03/31/202605/14/202610-Q
12/31/202503/19/202610-K
09/30/202511/12/202510-Q
06/30/202508/13/202510-Q
03/31/202505/15/202510-Q
12/31/202403/20/202510-K
09/30/202411/14/202410-Q
06/30/202408/14/202410-Q
03/31/202405/15/202410-Q
12/31/202303/15/202410-K
09/30/202311/09/202310-Q
06/30/202308/11/202310-Q
03/31/202305/12/202310-Q
12/31/202203/13/202310-K
09/30/202211/14/202210-Q
06/30/202208/12/202210-Q
03/31/202205/13/202210-Q
12/31/202104/11/202210-K
09/30/202111/30/202110-Q
06/30/202111/01/2021424B4

Recent Forward Guidance

Updated 10/26/2026

Latest: Q2 2026 Earnings Reported 8/13/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Cash Flow BreakevenReported      


Prior: Q4 2025 Earnings Reported 1/13/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2025 RevenueReported41.50 Mil41.75 Mil42.00 Mil   
2025 Revenue GrowthReported11.0%12.0%13.0%   
Core Cache Last Updated: 10/31/2026