BFRI · Biofrontera Inc.
Substantial doubt about the company's ability to continue as a going concern.
“Management believes that these conditions raise substantial doubt about the Company's ability to continue as a going concern for at least twelve months from the issuance date of this Quarterly Report on Form 10-Q.”View the 10-Q filed Aug 13, 2026
Trades by corporate insiders — officers, directors and holders of more than 10% of the shares — disclosed to the SEC on Forms 3, 4 and 5. Form 4 must be filed within two business days of the trade.
| Date | Insider | Role | Type | Security | Shares |
|---|---|---|---|---|---|
| 2026-07-28 | Leffler Eugene Frederick |
Chief Financial Officer |
Convert↓
Filing footnotes — Restricted Stock Units (Direct)
Each restricted stock unit represents a contingent right to receive one share of BFRI common stock, subject to the company's discretion to settle the restricted stock units, in whole or in part, in cash, as discussed below in footnote 2. The Company elected to convert the restricted stock units into common stock on a one-for-one basis. On July 22, 2025, the Reporting Person was granted 62,500 restricted stock units, vesting in two equal yearly installments for the first two years following the grant date, beginning on July 22, 2026. Each vested restricted stock unit will be settled, at the Company's discretion, in shares, cash or a combination of shares and cash within 60 days of the vesting date. Restricted stock units with different terms are not included. |
Restricted Stock Units
|
31,250 |
| 2026-07-28 | Leffler Eugene Frederick |
Chief Financial Officer |
Convert↑
Filing footnotes — Common Stock (Direct)
Each restricted stock unit represents a contingent right to receive one share of BFRI common stock, subject to the company's discretion to settle the restricted stock units, in whole or in part, in cash, as discussed below in footnote 2. The Company elected to convert the restricted stock units into common stock on a one-for-one basis. |
Common Stock
|
31,250 |
| 2026-07-28 | Luebbert Hermann |
Director, CEO & Chairman |
Convert↑
Filing footnotes — Common Stock (Direct)
Each restricted stock unit represents a contingent right to receive one share of BFRI common stock, subject to the company's discretion to settle the restricted stock units, in whole or in part, in cash, as discussed below in footnote 2. The Company elected to convert the restricted stock units into common stock on a one-for-one basis. |
Common Stock
|
62,500 |
| 2026-07-28 | Luebbert Hermann |
Director, CEO & Chairman |
Convert↓
Filing footnotes — Restricted Stock Units (Direct)
Each restricted stock unit represents a contingent right to receive one share of BFRI common stock, subject to the company's discretion to settle the restricted stock units, in whole or in part, in cash, as discussed below in footnote 2. The Company elected to convert the restricted stock units into common stock on a one-for-one basis. On July 22, 2025, the Reporting Person was granted 125,000 restricted stock units, vesting in two equal yearly installments for the first two years following the grant date, beginning on July 22, 2026. Each vested restricted stock unit will be settled, at the Company's discretion, in shares, cash or a combination of shares and cash within 60 days of the vesting date. Restricted stock units with different terms are not included. |
Restricted Stock Units
|
62,500 |
| 2026-03-05 | Luebbert Hermann |
Director, CEO & Chairman |
Convert↓
Filing footnotes — Restricted Stock Units (Direct)
Restricted stock units convert into common stock on a one-for-one basis. On July 12, 2024 the reporting person was granted 275,000 restricted stock units, vesting in two equal semi-annual installments with the first tranche vesting on January 12, 2025 and the second tranche on July 12, 2025, with each to be settled, at the Company's discretion, in shares, cash or a combination of shares and cash within 60 days of the vesting date. A Form 4 filed by the reporting person on September 16, 2025 incorrectly identified the vesting schedule for these restricted stock units as being "two equal annual installments beginning on July 12, 2025." Relatedly, due to an administrative error, the first tranche was settled on September 10, 2025 and the second tranche was settled on March 5, 2026. Restricted stock units with different terms are not included. |
Restricted Stock Units
|
137,500 |
| 2026-03-05 | Luebbert Hermann |
Director, CEO & Chairman |
Convert↑
Filing footnotes — Common Stock (Direct)
Restricted stock units convert into common stock on a one-for-one basis. |
Common Stock
|
137,500 |
| 2026-03-05 | Leffler Eugene Frederick |
Chief Financial Officer |
Convert↑
Filing footnotes — Common Stock (Direct)
Restricted stock units convert into common stock on a one-for-one basis. |
Common Stock
|
87,500 |
| 2026-03-05 | Leffler Eugene Frederick |
Chief Financial Officer |
Convert↓
Filing footnotes — Restricted Stock Units (Direct)
Restricted stock units convert into common stock on a one-for-one basis. On July 12, 2024 the reporting person was granted 175,000 restricted stock units, vesting in two equal semi-annual installments with the first tranche vesting on January 12, 2025 and the second tranche on July 12, 2025, with each to be settled, at the Company's discretion, in shares, cash or a combination of shares and cash within 60 days of the vesting date. A Form 4 filed by the reporting person on September 16, 2025 incorrectly identified the vesting schedule for these restricted stock units as being "two equal annual installments beginning on July 12, 2025." Relatedly, due to an administrative error, the first tranche was settled on September 10, 2025 and the second tranche was settled on March 5, 2026. Restricted stock units with different terms are not included. |
Restricted Stock Units
|
87,500 |
| 2026-03-04 | Jones George Patrick |
Chief Commercial Officer |
Award↑
Filing footnotes — Employee stock option (right to buy) (Direct)
The option vests in two equal installments, the first of which will take place on September 4, 2026 and the second of which will take place on March 4, 2027. Options with different terms are not included |
Employee stock option (right to buy)
|
50,000 |
| 2026-03-04 | Luebbert Hermann |
Director, CEO & Chairman |
Award↑
Filing footnotes — Employee stock option (right to buy) (Direct)
The option vests in two equal installments, the first of which will take place on September 4, 2026 and the second of which will take place on March 4, 2027. Options with different terms are not included. |
Employee stock option (right to buy)
|
125,000 |
| 2026-03-04 | Leffler Eugene Frederick |
Chief Financial Officer |
Award↑
Filing footnotes — Restricted Stock Units (Direct)
Each restricted stock unit represents a contingent right to receive one share of BFRI common stock, subject to the company's discretion to settle the restricted stock units, in whole or in part, in cash, as discussed below in footnote 3. The reporting person received the restricted stock units as an award for no consideration. The restricted stock units vest in two equal yearly installments for the first two years following the grant date, beginning on March 4, 2027. Each vested restricted stock unit will be settled, at the Company's discretion, in shares, cash or a combination of shares and cash within 60 days of the vesting date. Restricted stock units with different terms are not included. |
Restricted Stock Units
|
62,500 |
| 2026-03-04 | Lanckriet Heikki |
Director |
Award↑
Filing footnotes — Employee stock option (right to buy) (Direct)
The option vests in twelve equal monthly installments beginning on April 4, 2026. Options with different terms are not included. |
Employee stock option (right to buy)
|
20,000 |
| 2026-03-04 | Weber Kevin Daniel |
Director |
Award↑
Filing footnotes — Employee stock option (right to buy) (Direct)
The option vests in twelve equal monthly installments beginning on April 4, 2026. Options with different terms are not included. |
Employee stock option (right to buy)
|
20,000 |
| 2026-03-04 | BORER JOHN J III |
Director |
Award↑
Filing footnotes — Employee stock option (right to buy) (Direct)
The option vests in twelve equal monthly instalments beginning on April 4, 2026. Options with different terms are not included. |
Employee stock option (right to buy)
|
20,000 |
| 2026-03-04 | Luebbert Hermann |
Director, CEO & Chairman |
Award↑
Filing footnotes — Restricted Stock Units (Direct)
Each restricted stock unit represents a contingent right to receive one share of BFRI common stock, subject to the company's discretion to settle the restricted stock units, in whole or in part, in cash, as discussed below in footnote 3. The reporting person received the restricted stock units as an award for no consideration. The restricted stock units vest in two equal yearly installments for the first two years following the grant date, beginning on March 4, 2027. Each vested restricted stock unit will be settled, at the Company's discretion, in shares, cash or a combination of shares and cash within 60 days of the vesting date. Restricted stock units with different terms are not included. |
Restricted Stock Units
|
125,000 |
| 2026-03-04 | Jones George Patrick |
Chief Commercial Officer |
Award↑
Filing footnotes — Restricted Stock Units (Direct)
Each restricted stock unit represents a contingent right to receive one share of BFRI common stock, subject to the company's discretion to settle the restricted stock units, in whole or in part, in cash, as discussed below in footnote 3. The reporting person received the restricted stock units as an award for no consideration. The restricted stock units vest in two equal yearly installments for the first two years following the grant date, beginning on March 4, 2027. Each vested restricted stock unit will be settled, at the Company's discretion, in shares, cash or a combination of shares and cash within 60 days of the vesting date. |
Restricted Stock Units
|
50,000 |
| 2026-03-04 | Leffler Eugene Frederick |
Chief Financial Officer |
Award↑
Filing footnotes — Employee stock option (right to buy) (Direct)
The option vests in two equal installments, the first of which will take place on September 4, 2026 and the second of which will take place on March 4, 2027. Options with different terms are not included |
Employee stock option (right to buy)
|
62,500 |
| 2026-03-04 | Hoffman Beth J. |
Director |
Award↑
Filing footnotes — Employee stock option (right to buy) (Direct)
The option vests in twelve equal monthly installments beginning on April 4, 2026. Options with different terms are not included. |
Employee stock option (right to buy)
|
20,000 |
| 2025-09-16 | Biofrontera AG |
Director, 10% Owner |
Buy↑
Filing footnotes — Series D Convertible Preferred Stock (Direct)
The reporting person acquired the convertible preferred stock in a privately negotiated transaction in exchange for assets related to the production and sale of certain products in the United States having an estimated market value of approximately $3,019,000. The convertible preferred stock is convertible at any time, at the holder's election, and has no expiration date. |
Series D Convertible Preferred Stock
|
3,019 |
| 2025-09-16 | Link Christian Alexander Ansgar |
10% Owner |
Other↑
|
No Securities Owned
|
0 |
| 2025-09-16 | Plaggemars Hansjoerg |
10% Owner |
Other↑
|
No Securities Owned
|
0 |
| 2025-09-15 | Jones George Patrick |
Chief Commercial Officer |
Award↑
Filing footnotes — Employee stock option (right to buy) (Direct)
The options vest in two equal installments, the first of which will be February 25, 2026 and the second of which will be on August 25, 2026. |
Employee stock option (right to buy)
|
100,000 |
| 2025-09-10 | Luebbert Hermann |
Director, CEO & Chairman |
Convert↑
Filing footnotes — Common Stock (Direct)
Restricted stock units convert into common stock on a one-for-one basis. |
Common Stock
|
137,500 |
| 2025-09-10 | Luebbert Hermann |
Director, CEO & Chairman |
Convert↓
Filing footnotes — Restricted Stock Units (Direct)
Restricted stock units convert into common stock on a one-for-one basis. On July 12, 2024 the reporting person was granted 275,000 restricted stock units, vesting in two equal annual installments beginning on July 12, 2025. Each vested restricted stock unit will be settled, at the Company's discretion, in shares, cash or a combination of shares and cash within 60 days of the vesting date. Restricted stock units with different terms are not included. |
Restricted Stock Units
|
137,500 |
| 2025-09-10 | Leffler Eugene Frederick |
Chief Financial Officer |
Convert↑
Filing footnotes — Common Stock (Direct)
Restricted stock units convert into common stock on a one-for-one basis. |
Common Stock
|
87,500 |
| 2025-09-10 | Leffler Eugene Frederick |
Chief Financial Officer |
Convert↓
Filing footnotes — Restricted Stock Units (Direct)
Restricted stock units convert into common stock on a one-for-one basis. On July 12, 2024 the reporting person was granted 175,000 restricted stock units, vesting in two equal annual installments beginning on July 12, 2025. Each vested restricted stock unit will be settled, at the Company's discretion, in shares, cash or a combination of shares and cash within 60 days of the vesting date. Restricted stock units with different terms are not included. |
Restricted Stock Units
|
87,500 |
| 2025-08-25 | Jones George Patrick |
Chief Commercial Officer |
Other↑
|
No Securities Owned
|
0 |
| 2025-07-22 | Luebbert Hermann |
Director, CEO & Chairman |
Award↑
Filing footnotes — Employee stock option (right to buy) (Direct)
The option vests in two equal semi-annual installments beginning on January 22, 2026. Options with different terms are not included. |
Employee stock option (right to buy)
|
125,000 |
| 2025-07-22 | Hoffman Beth J. |
Director |
Award↑
Filing footnotes — Employee stock option (right to buy) (Direct)
The option vests in twelve equal monthly installments beginning on August 22, 2025. Options with different terms are not included. |
Employee stock option (right to buy)
|
20,000 |
| 2025-07-22 | Lanckriet Heikki |
Director |
Award↑
Filing footnotes — Employee stock option (right to buy) (Direct)
The option vests in twelve equal monthly installments beginning on August 22, 2025. Options with different terms are not included. |
Employee stock option (right to buy)
|
20,000 |
| 2025-07-22 | BORER JOHN J III |
Director |
Award↑
Filing footnotes — Employee stock option (right to buy) (Direct)
The option vests in twelve equal monthly installments beginning on August 22, 2025. Options with different terms are not included. |
Employee stock option (right to buy)
|
20,000 |
| 2025-07-22 | Luebbert Hermann |
Director, CEO & Chairman |
Award↑
Filing footnotes — Restricted Stock Units (Direct)
Each restricted stock unit represents a contingent right to receive one share of BFRI common stock. The reporting person received the restricted stock units as an award for no consideration. The restricted stock units vest in two equal yearly installments for the first two years following the grant date, beginning on July 22, 2026. Each vested restricted stock unit will be settled, at the Company's discretion, in shares, cash or a combination of shares and cash within 60 days of the vesting date. Restricted stock units with different terms are not included. |
Restricted Stock Units
|
125,000 |
| 2025-07-22 | Leffler Eugene Frederick |
Chief Financial Officer |
Award↑
Filing footnotes — Restricted Stock Units (Direct)
Each restricted stock unit represents a contingent right to receive one share of BFRI common stock. The reporting person received the restricted stock units as an award for no consideration. The restricted stock units vest in two equal yearly installments for the first two years following the grant date, beginning on July 22, 2026. Each vested restricted stock unit will be settled, at the Company's discretion, in shares, cash or a combination of shares and cash within 60 days of the vesting date. Restricted stock units with different terms are not included. |
Restricted Stock Units
|
62,500 |
| 2025-07-22 | Weber Kevin Daniel |
Director |
Award↑
Filing footnotes — Employee stock option (right to buy) (Direct)
The option vests in twelve equal monthly installments beginning on August 22, 2025. Options with different terms are not included. |
Employee stock option (right to buy)
|
20,000 |
| 2025-07-22 | Leffler Eugene Frederick |
Chief Financial Officer |
Award↑
Filing footnotes — Employee stock option (right to buy) (Direct)
The option vests in two equal annual installments beginning on January 22, 2026. Options with different terms are not included |
Employee stock option (right to buy)
|
62,500 |
| 2024-07-12 | Leffler Eugene Frederick |
Chief Financial Officer |
Award↑
Filing footnotes — Employee stock option (right to buy) (Direct)
The option vests in three virtually equal annual installments beginning on July 12, 2025. |
Employee stock option (right to buy)
|
175,000 |
| 2024-07-12 | Leffler Eugene Frederick |
Chief Financial Officer |
Award↑
Filing footnotes — Restricted Stock Units (Direct)
Each restricted stock unit represents a contingent right to receive one share of BFRI common stock. The reporting person received the restricted stock units as an award for no consideration. The restricted stock units vest over one year in two equal installments, the first of which will be on the six month anniversary of the grant date and the second of which will be on the one-year anniversary of the grant date. Each vested restricted stock unit will be settled, at the Company's discretion, in shares, cash or a combination of shares and cash within 60 days of the vesting date. |
Restricted Stock Units
|
175,000 |
| 2024-07-12 | Luebbert Hermann |
Director, CEO & Chairman |
Award↑
Filing footnotes — Restricted Stock Units (Direct)
Each restricted stock unit represents a contingent right to receive one share of BFRI common stock. The reporting person received the restricted stock units as an award for no consideration. The restricted stock units vest over one year in two equal installments, the first of which will be on the six month anniversary of the grant date and the second of which will be on the one-year anniversary of the grant date. Each vested restricted stock unit will be settled, at the Company's discretion, in shares, cash or a combination of shares and cash within 60 days of the vesting date. |
Restricted Stock Units
|
275,000 |
| 2024-07-12 | Weber Kevin Daniel |
Director |
Award↑
Filing footnotes — Employee stock option (right to buy) (Direct)
The option vests in twelve equal monthly installments beginning on August 12, 2024. |
Employee stock option (right to buy)
|
20,000 |
| 2024-07-12 | Luebbert Hermann |
Director, CEO & Chairman |
Award↑
Filing footnotes — Employee stock option (right to buy) (Direct)
The option vests in three virtually equal annual installments beginning on July 12, 2025. |
Employee stock option (right to buy)
|
275,000 |
| 2024-07-12 | Hoffman Beth J. |
Director |
Award↑
Filing footnotes — Employee stock option (right to buy) (Direct)
The option vests in twelve equal monthly installments beginning on August 12, 2024. |
Employee stock option (right to buy)
|
20,000 |
| 2024-07-12 | BORER JOHN J III |
Director |
Award↑
Filing footnotes — Employee stock option (right to buy) (Direct)
The option vests in twelve equal monthly installments beginning on August 12, 2024. |
Employee stock option (right to buy)
|
20,000 |
| 2024-07-12 | Lanckriet Heikki |
Director |
Award↑
Filing footnotes — Employee stock option (right to buy) (Direct)
The option vests in twelve equal monthly installments beginning on August 12, 2024. |
Employee stock option (right to buy)
|
20,000 |
| 2024-05-18 | Luebbert Hermann |
Director, CEO & Chairman |
Convert↑
Filing footnotes — Common Stock (Direct)
Restricted stock units convert into common stock on a one-for-one basis. |
Common Stock
|
4,771 |
| 2024-05-18 | Luebbert Hermann |
Director, CEO & Chairman |
Convert↓
Filing footnotes — Restricted Stock Units (Direct)
Restricted stock units convert into common stock on a one-for-one basis. On May 18, 2022, the reporting person was granted 9,542 restricted stock units, vesting in two equal annual installments beginning on May 18, 2023. |
Restricted Stock Units
|
4,771 |
| 2023-07-03 | Lanckriet Heikki |
Director |
Other↑
|
No Securities Owned
|
0 |
| 2023-05-18 | Monaco Erica L. |
Chief Executive Officer |
Convert↓
Filing footnotes — Restricted Stock Units (Direct)
Restricted stock units covert into common stock on a one-for-one basis. On May 18, 2022, the reporting person was granted 152,672 restricted stock units, vesting in two equal annual installments beginning on May 18,2023. |
Restricted Stock Units
|
76,336 |
| 2023-05-18 | Luebbert Hermann |
Director, CEO & Chairman |
Convert↓
Filing footnotes — Restricted Stock Units (Direct)
Restricted stock units covert into common stock on a one-for-one basis. On May 18, 2022, the reporting person was granted 190,840 restricted stock units, vesting in two equal annual installments beginning on May 18,2023. |
Restricted Stock Units
|
95,420 |
| 2023-05-18 | Monaco Erica L. |
Chief Executive Officer |
Convert↑
Filing footnotes — Common Stock (Direct)
Restricted stock units covert into common stock on a one-for-one basis. |
Common Stock
|
76,336 |
| 2023-05-18 | Luebbert Hermann |
Director, CEO & Chairman |
Convert↑
Filing footnotes — Common Stock (Direct)
Restricted stock units covert into common stock on a one-for-one basis. |
Common Stock
|
95,420 |