# EDGAR Filing Document

**Accession Number:** 0001858685
**File Stem:** 0001493152-26-011545
**Filing Date:** 2026-3
**Character Count:** 26891
**Document Hash:** f5647db3ad88e751eade5ab527c474b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-011545.hdr.sgml**: 20260319

**ACCESSION NUMBER**: 0001493152-26-011545

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260319

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260319

**DATE AS OF CHANGE**: 20260319

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Biofrontera Inc.
- **CENTRAL INDEX KEY:** 0001858685
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 473765675
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40943
- **FILM NUMBER:** 26772655

**BUSINESS ADDRESS:**
- **STREET 1:** 120 PRESIDENTIAL WAY,
- **STREET 2:** SUITE 330
- **CITY:** WOBURN
- **STATE:** MA
- **ZIP:** 01801
- **BUSINESS PHONE:** 781-245-1325

**MAIL ADDRESS:**
- **STREET 1:** 120 PRESIDENTIAL WAY,
- **STREET 2:** SUITE 330
- **CITY:** WOBURN
- **STATE:** MA
- **ZIP:** 01801

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(D)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): March 19, 2026**

**Biofrontera Inc.**

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **001-40943** | **47-3765675** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **660 Main Street, First Floor**<br> **Woburn, Massachusetts** | **01801** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (781) 245-1325**

**Not Applicable**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common stock, par value $0.001 per share** | **BFRI** | **The Nasdaq Stock Market LLC** |
| **Warrants to purchase common stock** | **BFRIW** | **The Nasdaq Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (the "Exchange Act") (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02 Results of Operations and Financial Condition.**

On March 19, 2026, Biofrontera Inc. (the "Company") issued a press release announcing its financial and operational results for the fourth quarter and fiscal year ended December 31, 2025. A copy of the press release is being furnished as Exhibit 99.1 attached hereto to this Current Report on Form 8-K.

The Company's press release contains non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with United States generally accepted accounting principles, or GAAP. Pursuant to the requirements of Regulation G, the Company has provided within the press release quantitative reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

The information contained in this Item 2.02 in the Current Report on Form 8-K (including Exhibit 99.1 attached hereto) is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, nor shall such information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

99.1 [Press release dated March 19, 2026](ex99-1.htm) <br> 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document)

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| March 19, 2026 | **Biofrontera Inc.** |
| (Date) | (Registrant) |
|  | */s/ E. Fred Leffler III* |
|  | E. Fred Leffler, III |
|  | *Chief Financial Officer* |

---

## Exhibit 99.1

**Exhibit 99.1**

**Biofrontera Inc. Reports Record Fourth Quarter and Full Year 2025 Financial Results and Provides a Business Update**

**Conference call will be held today, Thursday, March 19 at 10:00 am ET**

Woburn, MA (March 19, 2026) (GLOBE NEWSWIRE) — Biofrontera Inc. (NASDAQ:BFRI) (the "Company"), a biopharmaceutical company specializing in the development and commercialization of photodynamic therapy (PDT) in dermatology, today reported financial results for the three and twelve months ended December 31, 2025 and provided a business update.

**Fourth Quarter Financial Highlights**

● Revenues for 4Q25 were a record $17.1 million, a 36% increase compared to $12.6 million for the same period in 2024.

● Gross margins were 82.4%, a roughly 2,400 basis point year over year increase compared to 58.0% in 4Q24, reflecting the transition away from the transfer pricing model under the prior license and supply agreement.

● Operating income was $4.6 million in 4Q25 compared to a loss of $1.7 million in 4Q24.

● Cash balance was $6.4 million as of December 31, 2025.

**Recent Operational Highlights**

● Announced positive results of its Phase 2b clinical trial evaluating Ameluz<sup>®</sup> topical gel, 10% used in combination with the RhodoLED<sup>®</sup> red-light lamp series for the treatment of moderate to severe acne vulgaris (AV).

● Announced FDA's completion of its filing review and filing acceptance of the Company's supplemental New Drug Application (sNDA) for Ameluz<sup>®</sup> Photodynamic Therapy (PDT) for the treatment of superficial basal cell carcinoma (sBCC).

● Announced positive and statistically significant top-line results from its Phase 3 clinical trial evaluating Ameluz<sup>®</sup> PDT with the red-light LED (RhodoLED®) platform for the treatment of mild to moderate actinic keratoses (AKs) on the extremities, neck, and trunk.

● Announced database lock of Phase 1 pharmacokinetics study required for FDA filing on treatment field on extremities, neck and trunk of up to 240 cm<sup>2</sup>.

● Closed the purchase of all Ameluz and RhodoLED US Assets from Biofrontera AG. New earnout structure reduces payment rate from 25%–35% to 12%–15% of U.S. net sales.

● Received the final $2.5 million of $11 million financing led by existing investors in October.

● In November, announced the divestiture of its Xepi antibiotic cream to Pelthos Pharmaceuticals for $3 million at closing, $1 million upon commercial availability, and up to $6 million in milestone payments tied to revenue thresholds of $10 million and $15 million.

Hermann Luebbert, Chief Executive Officer and Chairman of Biofrontera Inc., stated: "2025 was a transformational year for Biofrontera. We delivered record annual and fourth quarter revenues, clear evidence that our refined commercial strategy is gaining traction and that the Ameluz PDT platform continues to resonate with dermatologists and their patients.

The completion of our strategic transaction with Biofrontera AG marks a fundamental inflection point for the Company. With full ownership and control of our U.S. assets—including intellectual property, regulatory approvals, and manufacturing rights—combined with a more favorable earnout structure, we have materially strengthened our cost profile. We saw this already in Q4 and expect the full annualized benefits of this transformation to be realized in 2026.

At the same time, our clinical pipeline is advancing with strong momentum, highlighted by a PDUFA date for sBCC in September 2026, positive Phase 3 results in AK on the extremities, and encouraging Phase 2b data in acne. With additional planned studies and patent protection extending through 2043, we believe we are uniquely positioned as the only company in the U.S. actively advancing FDA-controlled PDT clinical programs in dermatology.

Importantly, the combination of accelerating revenue growth, structurally lower cost of goods, and disciplined expense management drove profitability in the fourth quarter—the first full quarter reflecting our new cost structure. We believe this marks the beginning of a meaningful shift in our financial trajectory as we move toward sustained profitability and cash flow breakeven in 2026."

**Fourth Quarter Financial Results**

Total revenues for the fourth quarter of 2025 were a record $17.1 million compared with $12.6 million for the fourth quarter of 2024. The 36% year-over-year growth was primarily driven by strong Ameluz sales execution and the pricing adjustment introduced in December 2025.

Gross profit margin in the fourth quarter of 2025 was 82.4% compared to 58.0% in 4Q24. Cost of goods sold related party decreased 45% year over year, driven by the transition from the pricing model under the prior license and supply agreement to the significantly lower earnout structure under the strategic transaction that took place in 2025.

Total operating expenses were $12.5 million for the fourth quarter of 2025 compared with $14.3 million for the fourth quarter of 2024.

Selling, general and administrative expenses were $8.7 million for the fourth quarter of 2025 compared with $8.2 million for the fourth quarter of 2024. The increase was mainly driven by legal costs.

Net income for the fourth quarter of 2025 was $5.6 million, compared with a net loss of $1.4 million for the prior-year quarter. This improvement was driven by higher revenues and materially lower cost of revenues resulting from the strategic transaction with Biofrontera AG, partially offset by higher legal and R&D expenses.

Adjusted EBITDA for the fourth quarter of 2025 was $4.9 million compared with $(1.4) million for the fourth quarter of 2024. We look at Adjusted EBITDA, a non-GAAP financial measure, as a indication of ongoing operations and this measurement is defined as net income or loss excluding interest income and expense, income taxes, depreciation and amortization, and certain other non-recurring or non-cash items.

Please refer to the table below which presents a GAAP to non-GAAP reconciliation of Adjusted EBITDA for the fourth quarters of 2025 and 2024.

**Full Year 2025 Financial Results**

Total revenues for full year 2025 increased 12% to $41.7 million compared with $37.3 million for the full year 2024.

Gross profit margin for the full year 2025 was 73.7% compared to 50.1% for the prior year. Cost of goods sold related party decreased 43% year over year, driven by the transition from the pricing model under the prior license and supply agreement to the significantly lower earnout structure under the strategic transaction that took place in 2025.

Total operating expenses were $53.1 million for the full year 2025 compared with $54.5 million for the same period in 2024. Increased legal expense was offset by reduced operational cost.

Net loss for the full year 2025 was $10.5 million compared to a loss of $17.7 million in the prior year.

Adjusted EBITDA was $(10.6) million for the full year 2025 compared with $(15.3) million for 2024.

Please refer to the table below which presents a GAAP to non-GAAP reconciliation of Adjusted EBITDA for the fiscal years of 2025 and 2024.

**Conference Call Details**

Conference call: Thursday, March 19, 2026 at 10:00 AM ET

Toll Free: 1-888-222-5806 (U.S. toll-free) International: 1-412-902-6516

Webcast: <u>https://event.choruscall.com/mediaframe/webcast.html?webcastid=XTq1cPRZ</u>

**About Biofrontera Inc.**

Biofrontera Inc. is a U.S.-based biopharmaceutical company commercializing a portfolio of pharmaceutical products for the treatment of dermatological conditions with photodynamic therapy (PDT). The Company's products are used for the treatment of actinic keratoses, which are pre-cancerous skin lesions, and in development for additional indications. For more information, visit <u>www.biofrontera-us.com</u> and follow Biofrontera on <u>LinkedIn</u> and <u>Twitter.</u>

**Contacts Investor Relations**

Ben Shamsian

Lytham Partners

646-829-9701

<u>shamsian@lythampartners.com</u>

****

<br> **Forward-Looking Statements**

Certain statements in this press release may constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, in this press release, including statements regarding our strategy, future operations, regulatory process, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth, are forward-looking statements. The words "believe", "anticipate", "intend", "expect", "target", "goal", "estimate", "plan", "assume", "may", "will", "predict", "project", "would", "could" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. You should read this press release and any documents referenced herein completely and with the understanding that our actual future results may be materially different from what we expect. While we have based these forward-looking statements on our current expectations and projections about future events, we may not actually achieve the plans, intentions or expectations disclosed in or implied by our forward-looking statements, and you should not place undue reliance on our forward-looking statements.

These forward-looking statements are subject to risks, uncertainties and assumptions about us and accordingly, actual results or events could differ materially from the plans, intentions and expectations disclosed in or implied by the forward-looking statements we make. These risks and uncertainties, many of which are beyond our control, include, but are not limited to: our ability to achieve and sustain profitability; our ability to compete effectively in selling our products; our ability to expand, manage and maintain our direct sales and marketing efforts, including our ability to obtain the financing to develop our marketing strategy, if needed; changes in our relationship with our manufacturing partners and the possible impact of tariffs; our ability to manufacture our products; our ability to adequately protect our intellectual property and operate the business without infringing upon the intellectual property rights of others; our actual financial results may vary significantly from forecasts and from period to period; our estimates regarding anticipated operating losses, future revenues, capital requirements and our needs for additional financing; market risks regarding consolidation and group purchasing organizations ("GPOs") in the healthcare industry; the willingness of healthcare providers to purchase our products if coverage, reimbursement and pricing from third-party payors for our products, or procedures using our products significantly declines; our ability to market, commercialize, achieve market acceptance for and sell our products; the fact that product quality issues or product defects may harm our business; any claims brough against the Company, including but not limited to product liability claims, claims of patent infringement, or claims challenging the validity of our intellectual property; our ability to maintain compliance with The Nasdaq Stock Market, LLC ("Nasdaq") continued listing standards; our ability to comply with the requirements of being a public company; the progress, timing and completion of research, development and preclinical studies and clinical trials for our products; our ability to obtain and maintain the regulatory approvals necessary for the marketing of our products in the United States, and; and other factors that may be disclosed in the Company's filings with the Securities and Exchange Commission ("SEC"), which can be obtained on the SEC website at <u>www.sec.gov</u>. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that we may make. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Any forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release, except as required by applicable law. Investors should evaluate any statements made by us in light of these important factors.

(Tables follow)

**BIOFRONTERA INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(*In thousands, except par value and share amounts*)**

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| **ASSETS** |  |  |
| **Current assets:** |  |  |
| Cash and cash equivalents | $6392 | $5905 |
| Investment, related party | 9 | 7 |
| Accounts receivable, net | 7291 | 5315 |
| Inventories | 1426 | 6646 |
| Prepaid expenses and other current assets | 2279 | 527 |
| Asset held for sale |  | 2300 |
| Other assets, related party | 686 | - |
| **Total current assets** | **18083** | **20700** |
| Inventories, long term | 3729 |  |
| Property and equipment, net | 2158 | 80 |
| Operating lease right-of-use assets | 1584 | 903 |
| Intangible assets, net | 2650 | 35 |
| Other assets | 360 | 383 |
| **Total assets** | $**28564** | $**22101** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **Current liabilities:** |  |  |
| Accounts payable | 1855 | 1856 |
| Accounts payable, related parties, net | 4811 | 5344 |
| Operating lease liabilities | 332 | 548 |
| Accrued expenses and other current liabilities | 4897 | 4273 |
| **Total current liabilities** | **11895** | **12021** |
| **Long-term liabilities:** |  |  |
| Convertible notes payable | 4589 | 4098 |
| Warrant liabilities | 351 | 1250 |
| Operating lease liabilities, non-current | 1240 | 276 |
| Other liabilities | 9 | 23 |
| **Total liabilities** | **18084** | **17668** |
| **Commitments and contingencies** |  |  |
| **Stockholders' equity:** |  |  |
| Convertible Preferred Stock, $0.001 par value, 20,000,000 shares authorized, no Series B-1; 2,050 and 3,366 Series B-2; 6,593 and 6,763 Series B-3; 10,719 and 0 Series C and 3,019 and 0 Series D shares issued and outstanding as of December 31, 2025 and 2024, respectively |  |  |
| Common Stock, $0.001 par value, 70,000,000 shares authorized; 11,648,323 and 8,873,932 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 12 | 9 |
| Additional paid-in capital | 138413 | 121833 |
| Accumulated deficit | (127945) | (117409) |
| Total stockholders' equity | **10480** | **4433** |
| **Total liabilities and stockholders' equity** | $**28564** | $**22101** |

---

**BIOFRONTERA INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(*In thousands, except per share amounts and number of shares*)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br> **December 31,** | **Three Months Ended**<br> **December 31,** | **Year Ended**<br> **December 31,** | **Year Ended**<br> **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Product revenues, net | $17100 | $12560 | $41705 | $37303 |
| Revenues, related party | - | - | - | 18 |
| **Total revenues, net** | **17100** | **12560** | **41705** | **37321** |
| **Operating expenses** |  |  |  |  |
| Cost of revenues, related party | 2734 | 5016 | 10111 | 17855 |
| Cost of revenues, other | 275 | 256 | 853 | 752 |
| Selling, general and administrative | 8523 | 8192 | 37751 | 33793 |
| Selling, general and administrative, related party | 223 | 12 | 619 | 42 |
| Research and development | 787 | 796 | 3719 | 2089 |
| **Total operating expenses** | **12542** | **14272** | **53053** | **54531** |
| **Income (Loss) from operations** | **4558** | **(1712)** | **(11348)** | **(17210)** |
| **Other income (expense)** |  |  |  |  |
| Change in fair value of warrant liabilities | 482 | 351 | 899 | 1680 |
| Change in fair value of investment, related party | (1) | (1) | 2 | (14) |
| Loss on debt extinguishment |  |  |  | (316) |
| Interest expense, net | (120) | (40) | (452) | (2035) |
| Other income (expense), net | 721 | 4 | 388 | 158 |
| **Total other income (expense)** | **1082** | **314** | **837** | **(527)** |
| **Income (loss) before income taxes** | **5640** | **(1398)** | **(10511)** | **(17737)** |
| Income tax expense | - | (2) | 25 | 22 |
| **Net income (loss)** | $**5640** | $**(1396)** | $**(10536)** | $**(17759)** |

---

**BIOFRONTERA INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

***(In Thousands)***

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| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net loss | $(10536) | $(17759) |
| Adjustments to reconcile net loss to cash flows used in operations |  |  |
| Depreciation and amortization | 138 | 421 |
| Reduction in the carrying amount of right-of-use assets | 730 | 728 |
| Stock-based compensation | 951 | 1019 |
| Non-cash interest expense | 491 | 297 |
| Allowance for credit losses | (69) | 162 |
| Change in fair value of warrant liabilities | (899) | (1680) |
| Gain on sale of asset held for sale | (700) |  |
| Loss from termination of operating leases | 19 |  |
| Realized/unrealized loss in investment, related party | (2) | 14 |
| Loss on debt extinguishment |  | 316 |
| **Changes in operating assets and liabilities:** |  |  |
| Accounts receivable | (1907) | (315) |
| Other receivables, related party |  | 2 |
| Prepaid expenses and other assets | (1728) | (141) |
| Other assets, related party | (686) | 5159 |
| Inventories | 1445 | 4233 |
| Accounts payable | (2) | (1452) |
| Accounts payable, related parties, net | (533) | (355) |
| Operating lease liabilities | (683) | (689) |
| Accrued expenses and other liabilities | 610 | (230) |
| **Cash flows used in operating activities** | **(13361)** | **(10270)** |
| **Cash flows from investing activities** |  |  |
| Proceeds from sale of asset held for sale | 3000 |  |
| Sales of investment, related party |  | 57 |
| Purchase of intangible assets |  | (50) |
| Purchases of property and equipment | (2) | (10) |
| **Cash flows provided by (used in) investing activities** | **2998** | **(3)** |
| **Cash flows from financing activities** |  |  |
| Proceeds from issuance of Series C preferred stock, net of offering costs | 10850 |  |
| Proceeds from issuance of Series B-1 preferred stock and warrants to purchase series B-3 preferred stock, net of issuance costs |  | 7662 |
| Proceeds from issuance of Series B-3 preferred stock from exercise of warrants |  | 7438 |
| Proceeds from issuance of convertible notes, net of issuance costs |  | 4050 |
| Payment of principal short-term debt | - | (4315) |
| **Cash flows provided by financing activities** | **10850** | **14835** |
| **Net increase in cash and cash equivalents** | **487** | **4562** |
| **Cash, cash equivalents and restricted cash, at the beginning of the year** | **6105** | **1543** |
| **Cash, cash equivalents and restricted cash, at the end of the year** | $**6592** | $**6105** |
| ***Supplemental disclosure of cash flow information*** |  |  |
| Interest paid | $6 | $1728 |
| Income tax paid, net | $25 | $24 |
| ***Supplemental non-cash investing and financing activities*** |  |  |
| Preferred stock issued as consideration in asset purchase acquisition (See *Note 3. Asset Acquisition*) | $4782 | $- |
| Property, plant and equipment acquired | 2126 |  |
| Intangible asset acquired | 2656 |  |
| Addition of right-of-use assets in exchange for operating lease liabilities | $1371 | $55 |

---

 ****

**BIOFRONTERA INC.**

**GAAP TO NON-GAAP ADJUSTED EBITDA RECONCILIATION**

**(*In thousands, except per share amounts and number of shares*)**

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br> **December 31,** | **Three Months Ended**<br> **December 31,** | **Year Ended**<br> **December 31,** | **Year Ended**<br> **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss)** | $**5640** | $**(1396)** | $**(10536)** | $**(17759)** |
| Interest expense, net | 121 | 40 | 452 | 2035 |
| Income tax expense |  | (3) | 25 | 22 |
| Depreciation and amortization | 62 | 34 | 138 | 421 |
| **EBITDA** | **5823** | **(1325)** | **(9921)** | **(15281)** |
| Gain on sale of asset held for sale | (700) |  | (700) |  |
| Change in fair value of warrant liabilities | (482) | (351) | (899) | (1680) |
| Change in fair value of investment, related party | 1 | 2 | (2) | 14 |
| Loss on debt extinguishment |  |  |  | 316 |
| Stock based compensation | 289 | 299 | 951 | 1019 |
| Expensed issuance costs |  |  |  | 354 |
| **Adjusted EBITDA** | $**4931** | $**(1375)** | $**(10571)** | $**(15258)** |
| ***Adjusted EBITDA margin*** | ***28.8*** *%*** | ***-10.9*** *%*** | **-25.4%** | **-40.9%** |

---