The company's financial structure remains vulnerable, characterized by a debt-to-equity ratio of 1.27 as of 2026Q1 and a history of significant equity base erosion.
| Total Current Assets | 13.16M | 18.08M | 20.7M | 23.07M | 43.14M | 46.42M | 19.58M | 23.47M |
| Cash & Short-Term Investments | 6.32M | 6.39M | 5.91M | 1.42M | 27.76M | 24.55M | 8.08M | 7.3M |
| Cash Only | 6.32M | 6.39M | 5.91M | 1.34M | 17.21M | 24.55M | 8.08M | 7.3M |
| Short-Term Investments | 0 | 9K | 7K | 78K | 10.55M | 0 | 0 | 0 |
| Accounts Receivable | 3.88M | 7.29M | 5.32M | 5.16M | 7.41M | 3.78M | 3.29M | 4.79M |
| Days Sales Outstanding | 38.27 | 63.81 | 52.01 | 55.3 | 94.27 | 57.31 | 63.69 | 66.72 |
| Inventory | 1.23M | 1.43M | 6.65M | 10.91M | 7.17M | 4.46M | 7.09M | 10.48M |
| Days Inventory Outstanding | 135.16 | 58.47 | 130.37 | 228.24 | 172.3 | 127.7 | 285.49 | 308.29 |
| Other Current Assets | 1.73M | 2.97M | 2.83M | 5.28M | 286K | 12.81M | 619K | 186K |
| Total Non-Current Assets | 11.63M | 10.48M | 1.4M | 4.86M | 7.74M | 6.8M | 4.56M | 5.28M |
| Property, Plant & Equipment | 5.07M | 3.74M | 983K | 1.75M | 1.58M | 267K | 370K | 503K |
| Fixed Asset Turnover | 17.13x | 11.15x | 37.95x | 19.51x | 18.16x | 90.26x | 50.94x | 52.05x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.61M | 2.65M | 35K | 2.63M | 3.03M | 3.45M | 3.87M | 4.29M |
| Long-Term Investments | 200K | 200K | 0 | 0 | 0 | 2.81M | 0 | 0 |
| Other Non-Current Assets | 3.95M | 3.89M | 383K | 482K | 3.13M | 3.08M | 323K | 494K |
| Total Assets | 24.79M | 28.56M | 22.1M | 27.93M | 50.88M | 53.22M | 24.14M | 28.75M |
| Asset Turnover | 1.94x | 1.46x | 1.69x | 1.22x | 0.56x | 0.45x | 0.78x | 0.91x |
| Asset Growth % | 55.29% | 29.24% | -20.88% | -45.11% | -4.39% | 120.48% | -16.05% | - |
| Total Current Liabilities | 10.92M | 11.89M | 12.02M | 18.09M | 20.89M | 13.84M | 4.42M | 11.74M |
| Accounts Payable | 3.63M | 6.67M | 1.86M | 8.91M | 1.28M | 658K | 1.51M | 7.81M |
| Days Payables Outstanding | 231.65 | 273.32 | 36.41 | 186.35 | 30.72 | 18.85 | 60.95 | 229.86 |
| Short-Term Debt | 506K | 332K | 0 | 3.9M | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 6.94M | 3.24M | 0 | 0 |
| Other Current Liabilities | 6.78M | 4.9M | 1.05M | 3.02M | 3.3M | 6.7M | 569K | 1.88M |
| Current Ratio | 1.20x | 1.52x | 1.72x | 1.28x | 2.06x | 3.36x | 4.43x | 2.00x |
| Quick Ratio | 1.09x | 1.40x | 1.17x | 0.67x | 1.72x | 3.03x | 2.82x | 1.11x |
| Cash Conversion Cycle | -58.22 | -151.04 | 145.97 | 97.19 | 235.85 | 166.16 | 288.22 | 145.15 |
| Total Non-Current Liabilities | 7.79M | 6.19M | 5.65M | 5.05M | 6.11M | 28.05M | 13.89M | 47.19M |
| Long-Term Debt | 7.22M | 5.83M | 4.1M | 0 | 0 | 0 | 0 | 38.2M |
| Capital Lease Obligations | 223K | 0 | 276K | 804K | 848K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 576K | 360K | 1.27M | 4.25M | 2.86M | 18.5M | 62K | 58K |
| Total Liabilities | 18.72M | 18.08M | 17.67M | 23.14M | 27.01M | 41.88M | 18.31M | 58.93M |
| Total Debt | 7.72M | 6.16M | 4.92M | 5.4M | 1.35M | 0 | 0 | 38.2M |
| Net Debt | 1.41M | -231K | -983K | 4.06M | -15.86M | -24.55M | -8.08M | 30.9M |
| Debt / Equity | 1.27x | 0.59x | 1.11x | 1.13x | 0.06x | - | - | - |
| Debt / EBITDA | -0.93x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.17x | - | - | - | - | - | - | - |
| Interest Coverage | -40.36x | -20.24x | -7.42x | -32.53x | -0.64x | -103.60x | -2.77x | -4.07x |
| Total Equity | 6.07M | 10.48M | 4.43M | 4.79M | 23.88M | 11.34M | 5.83M | -30.18M |
| Equity Growth % | 1041.2% | 136.41% | -7.51% | -79.93% | 110.6% | 94.54% | 119.31% | - |
| Book Value per Share | 0.52 | 0.90 | 0.80 | 3.10 | 22.59 | 13.26 | 10.05 | -49.72 |
| Total Shareholders' Equity | 6.07M | 10.48M | 4.43M | 4.79M | 23.88M | 11.34M | 5.83M | -30.18M |
| Common Stock | 12K | 12K | 9K | 2K | 1K | 17K | 8K | 0 |
| Retained Earnings | -132.7M | -127.94M | -117.41M | -99.65M | -79.52M | -78.88M | -41.17M | -30.18M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and solvency constraints
As reported in recent financial filings, Biofrontera's equity base has experienced significant volatility, swinging from a deficit of $5.4M in 2024Q1 to a positive $6.1M in 2026Q1, reflecting the ongoing struggle to stabilize the balance sheet while absorbing persistent net losses from commercial operations.
The erratic movement in total equity suggests that the company is heavily reliant on external financing or capital adjustments to maintain solvency. Investors should monitor whether this trajectory indicates a structural inability to build retained earnings, as the accumulated deficit continues to weigh heavily on the firm's financial foundation.
Based on the provided balance sheet data, the company's debt-to-equity ratio has fluctuated wildly, reaching a high of 10.37 in 2025Q1 before settling at 1.27 in 2026Q1, which highlights the precarious nature of the firm's leverage in the absence of consistent profitability.
The reliance on debt to bridge operational gaps appears to be a necessity rather than a strategic choice, given the lack of internal cash generation. This level of leverage may limit future financing flexibility and suggests that the company remains highly sensitive to interest rate environments and credit market availability.
According to the latest quarterly figures, the company's cash position of $6.3M in 2026Q1, when viewed against the backdrop of ongoing operating losses, suggests a limited liquidity buffer that may necessitate further capital raises to sustain the current commercialization strategy over the coming fiscal year.
The current ratio of 1.20 indicates that while the company possesses sufficient short-term assets to cover immediate liabilities, the margin for error is razor-thin. Any unexpected disruption in revenue or increase in operating costs could rapidly deplete these reserves, forcing management to seek dilutive financing.
As indicated by the historical balance sheet, the rapid fluctuation in goodwill and net PPE, such as the drop in goodwill from $2.6M to negligible levels in 2025Q3, warrants further investigation into the underlying valuation of the company's intangible assets and long-term capital investments.
These shifts may imply periodic impairments or accounting adjustments that obscure the true economic value of the firm's assets. Analysts should be wary that the headline asset figures may not represent liquid or recoverable value, potentially overstating the company's tangible net worth in a liquidation scenario.
Quick answers to the most common questions about buying BFRI stock.
As of 2025, Biofrontera Inc. (BFRI) had total assets of $28.6M including $18.1M in current assets.
Biofrontera Inc. (BFRI) carries total debt of $6.2M, offset by $6.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Biofrontera Inc. (BFRI) has total shareholders' equity (book value) of $10.5M ($0.90 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Biofrontera Inc. (BFRI) reported a current ratio of 1.52x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.