Biofrontera Inc. (BFRI) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 14, 2026

Risk Assessment Details

Potential Dilution: 614.54% of current shares
Recent Dilution: 95.6% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
12M
Potential Supply
72M
Additional shares possible
Splits
None
Past 2 years

Summary

BFRI currently has 11.7M outstanding shares. with significant dilution risk as 71.8M authorized shares could dilute existing holders by 614.5%. The company has significantly diluted shareholders by 95.6% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 14, 2026

10-Q filing | 11.7M shares outstanding

12M 72M
Mar 19, 2026

10-K filing | 11.6M shares outstanding

12M 72M
Nov 12, 2025

10-Q filing | 10.8M shares outstanding

11M 72M
Oct 24, 2025

8-K filing: Biofrontera Inc. closed the second tranche of a private placement of Series C Preferred Stock, selling 2,500 shares at $1,000 per share for gross proceeds of $2.5 million. ($2.5M proceeds)

11M 72M
Aug 13, 2025

10-Q filing | 10.7M shares outstanding

11M 72M
Jul 16, 2025

S-1 filing: This is an S-1 filing for Biofrontera Inc. which includes information about the company, its business, the terms of its securities, and risk factors.

10M 72M
Jul 01, 2025

8-K filing: Biofrontera Inc. enters into a strategic transaction acquiring U.S. rights to Ameluz® and RhodoLED® in exchange for Series D Convertible Preferred Stock, and conducts a private placement of Series C Convertible Preferred Stock.

8.9M 31M
May 15, 2025

10-Q filing | 8.9M shares outstanding

8.9M 31M
Mar 20, 2025

10-K filing | 8.9M shares outstanding

8.9M 31M
Jan 17, 2025

S-1 filing: This S-1 filing relates to the offering and resale of up to 5,716,927 shares of common stock by the selling stockholders.

8.9M 31M
Nov 14, 2024

10-Q filing | 7.7M shares outstanding

7.7M 25M
Aug 14, 2024

10-Q filing | 5.1M shares outstanding

5.1M 25M
May 15, 2024

10-Q filing | 5.1M shares outstanding

5.1M 25M
May 03, 2024

S-1 filing: This prospectus relates to the offering and resale of up to 11,309,019 shares of common stock issuable upon the conversion of Series B-3 Convertible Preferred Stock and up to $7.4 million in net proceeds if the Preferred Warrants are exercised in full.

5.1M 25M
Mar 20, 2024

S-1/A filing: This prospectus relates to the offering and resale of common stock by selling stockholders.

5.1M 14M
Mar 15, 2024

10-K filing | 5.1M shares outstanding

5.1M 14M
Mar 11, 2024

S-1 filing: This prospectus relates to the offering and resale of 9,310,678 shares of common stock by the selling stockholders.

5.1M 14M
Feb 23, 2024

8-K filing: The company issued 6,586 shares of Series B-1 Convertible Preferred Stock and warrants to purchase 8,000 shares of Series B-3 Convertible Preferred Stock for $8.0 million and designated these preferred shares, subsequently converting 2,516,785 common shares and having a total of 5,089,413 shares outstanding. ($8.0M proceeds)

5.1M 4.5M
Feb 20, 2024

8-K filing: Biofrontera Inc. entered into securities purchase agreements to issue $6.6 million in Series B-1 Convertible Preferred Stock and $1.4 million in warrants to purchase Series B-3 Convertible Preferred Stock, with potential gross proceeds of up to $16 million if all warrants are exercised, to fund general business operations and Ameluz development. ($6.6M proceeds)

2.6M 4.5M
Feb 02, 2024

8-K filing: Biofrontera Inc. entered into an amendment regarding payments related to financial obligations. An institutional investor exercised pre-funded warrants to purchase 888,000 shares of common stock, completing the warrant exercise from a previous public offering. The total number of outstanding shares is now 2,572,628.

2.6M 4.5M
Jan 29, 2024

S-1/A filing: S-1/A filing for offering of common stock, warrants, and pre-funded warrants, with Roth Capital Partners, LLC as the placement agent.

15M 4.5M
Jan 17, 2024

S-1 filing: S-1 filing for offering of common stock and warrants.

15M 1.2M
Jan 03, 2024

8-K filing: Biofrontera, Inc. entered into a Settlement Agreement with Maruho Co. Ltd., resolving an arbitration proceeding. Biofrontera agreed to transfer 5,451,016 shares of stock of Biofrontera AG to Maruho as part of the settlement.

1.4M 1.2M
Nov 09, 2023

10-Q filing | 1.4M shares outstanding

1.4M 1.2M
Nov 02, 2023

8-K filing: Biofrontera Inc. completed a registered public offering on November 2, 2023, involving the sale of common stock and pre-funded warrants, along with an amendment to existing warrants, resulting in gross proceeds of approximately $4.5 million. ($0.0M proceeds)

15M 1.2M
Oct 27, 2023

S-1/A filing: This S-1/A filing describes an offering of up to 3,450,000 shares of common stock and up to 3,450,000 warrants to purchase up to 5,175,000 shares of our common stock, at a combined offering price of $ per share and accompanying warrant to purchase one and one-half shares of our common stock. and pre-funded warrants to purchase up to 3,450,000 shares of common stock.

15M 13M
Oct 16, 2023

S-1/A filing: This S-1/A filing describes an offering of up to 2,300,000 shares of common stock and up to 2,300,000 warrants to purchase up to 2,300,000 shares of common stock, as well as pre-funded warrants to purchase common stock with accompanying warrants.

15M 8.1M
Oct 05, 2023

S-1 filing: This SEC filing discusses stockholders' equity, including details of common stock, preferred stock, initial public offering, private placements, warrant exercises, adoption of a stockholder rights plan, and an exchange agreement.

1.4M 1.9M
Aug 11, 2023

10-Q filing | 1.4M shares outstanding

1.4M 1.2M
Jul 03, 2023
Stock Split

8-K filing: Stock split 1-for-20 | Outstanding: 26,699,002 → 1,334,950

1.3M 58K
May 12, 2023

10-Q filing | 26.7M shares outstanding

27M 23M
Mar 13, 2023

10-K filing | 26.7M shares outstanding

27M 23M
Nov 14, 2022

10-Q filing | 26.7M shares outstanding

27M 23M
Nov 09, 2022

8-K filing: The Company exercised options to acquire 2,623,365 ordinary shares of Biofrontera AG and purchased an additional 1,601,318 shares of Biofrontera AG on the open market, resulting in a total ownership of 4,224,683 shares, representing 7.45% of Biofrontera AG's outstanding shares as of November 8, 2022.

27M 23M
Nov 03, 2022

S-1 filing: This S-1 filing relates to the offering and resale of up to 7,433,757 shares of common stock by selling stockholders, consisting of shares issuable upon exercise of warrants and shares issued in a private placement.

27M 23M
Oct 31, 2022

8-K filing: Biofrontera Inc. entered into private exchange agreements to exchange 3,148,042 shares of the Company's common stock for AG Options representing the right to acquire 2,623,365 ordinary shares of Biofrontera AG.

24M 16M
Aug 12, 2022

10-Q filing | 23.6M shares outstanding

24M 16M
Jul 28, 2022

8-K filing: Biofrontera Inc. agreed to lower the exercise price of an existing warrant to $1.62 and issue a new warrant to purchase up to 4,285,715 shares of common stock, expecting to receive aggregate gross proceeds of approximately $4.69 million from the exercise of the existing warrant. ($4.69M proceeds)

19M 16M
Jun 10, 2022

POS AM filing: This Post-Effective Amendment No.2 is being filed to terminate the Registration Statement and deregister all of the securities registered under the Registration Statement that remain unsold as of the date hereof, consisting of 2,857,143 shares of the Registrant's common stock, par value $0.001 issuable upon the exercise of warrants to purchase a share of common stock at an exercise price of $5.25 per share held by the selling stockholder named in the Registration Statement.

19M 16M
Jun 07, 2022

S-1 filing: This S-1 filing relates to the offering and resale of up to 9,695,143 shares of common stock by the selling stockholder, including shares issued in private placements and shares issuable upon the exercise of outstanding warrants.

19M 22M
May 20, 2022

8-K filing: Biofrontera, Inc. completed a private placement, selling 1,850,000 shares of common stock, a warrant to purchase up to 3,419,000 shares of common stock, and a pre-funded warrant to purchase up to 1,569,000 shares of common stock for gross proceeds of $9,402,250. ($9.4M proceeds)

17M 12M
May 13, 2022

10-Q filing | 17.1M shares outstanding

17M 12M
Apr 11, 2022

10-K filing | 17.1M shares outstanding

17M 12M
Dec 21, 2021

S-1 filing: This prospectus relates to the offering and resale of up to 5,714,286 shares of common stock, including shares and shares issuable upon the exercise of outstanding warrants.

15M 12M
Dec 03, 2021

8-K filing: Biofrontera, Inc. closed a private placement on December 1, 2021, selling 1,350,000 shares of common stock, warrants to purchase up to 2,857,143 shares, and pre-funded warrants to purchase up to 1,507,143 shares at a combined purchase price of $15,000,000. ($15.0M proceeds)

12M 6.2M
Nov 30, 2021

10-Q filing | 11.6M shares outstanding

12M 6.2M
Nov 03, 2021

8-K filing: Biofrontera Inc. consummated its initial public offering of 3,600,000 units, each consisting of one share of common stock and one warrant, at a price of $5.00 per unit, with net proceeds estimated to be $15.4 million. ($18.0M proceeds)

8M 6.2M
Oct 26, 2021

S-1/A filing: This is an initial public offering of units, each unit consisting of one share of common stock of Biofrontera Inc. and one warrant to purchase one share of our common stock.

8M 6.2M
Oct 19, 2021

S-1/A filing: Biofrontera Inc. is offering 3,000,000 shares of its common stock in an initial public offering, with an estimated price range of $5.00 to $7.00 per share.

8M 3.1M
Oct 15, 2021

S-1/A filing: This is an initial public offering of shares of common stock of Biofrontera Inc. We are offering 3,000,000 shares of our common stock.

8M 3.1M
Oct 14, 2021

S-1/A filing: This is an initial public offering of shares of common stock of Biofrontera Inc. We are offering 3,000,000 shares of our common stock.

8M 3M
Oct 13, 2021

S-1/A filing: This is an initial public offering of shares of common stock of Biofrontera Inc.

8M 3.1M
Oct 12, 2021

S-1/A filing: This is an initial public offering of shares of common stock of Biofrontera Inc. We are offering 3,000,000 shares of our common stock.

8M 3.1M
Oct 01, 2021

S-1/A filing: This is an initial public offering of shares of common stock of Biofrontera Inc. We are offering 3,000,000 shares of our common stock.

8M 3.1M
Sep 16, 2021

S-1/A filing: This is an initial public offering of shares of common stock of Biofrontera Inc.

8M 0
Aug 31, 2021

S-1/A filing: This is an initial public offering of shares of common stock of Biofrontera Inc.

8M 0
Aug 12, 2021

S-1/A filing: This is an initial public offering of shares of common stock of Biofrontera Inc.

8M 0
Jul 26, 2021

S-1/A filing: This is an initial public offering of shares of common stock of Biofrontera Inc.

8M 0
Jul 06, 2021

S-1 filing: This is an initial public offering of shares of common stock of Biofrontera Inc.

8M 0
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