Oct. 24 at 4:27 AM
$BFRI
• On October 23, 2025, Biofrontera Inc. closed the restructuring agreement with Biofrontera AG. Under the deal, Inc. acquired all U.S. rights to Ameluz® and the lamp device series RhodoLED® (including the NDA, IND, manufacturing contracts, IP and relevant personnel) from AG. 
• The royalty structure changes to ~12% of U.S. net sales up to
$65 m, and 15% if above that threshold — replacing the previous transfer-pricing model of roughly 25%-35% of net sales per unit (tube) in the U.S. market. 
The restructuring is expected to result in improved gross margins for the U.S. business of Inc., starting late Q4 2025 / early Q1 2026.  By reducing the heavy royalty/transfer-pricing burden, Biofrontera Inc. = clear path toward profitability. The lower 12-15% earn out instead of 25-35% gives more margin.
• Inc. now owns the full U.S. rights = greater operational flexibility in the U.S.
• U.S. revenue growth has more direct benefit for Inc.’s bottom line.
