Financial Statements — BFRI
Balance Sheet
(in millions USD)| Metric | Q1
2026 | Q3
2025 | Q2
2025 | Q1
2025 | Q3
2024 | Q2
2024 | Q1
2024 | Q3
2023 | Q2
2023 | Q1
2023 | Q3
2022 | Q2
2022 | Q1
2022 | Q3
2021 |
|---|
| Cash & Equivalents | 6.32 | 3.42 | 7.24 | 1.79 | 2.87 | 4.38 | 3.82 | 3.42 | 4.45 | 13.51 | 27.52 | 31.91 | 22.43 | 1.72 |
| Inventory | 1.23 | 4.33 | 4.03 | 6.53 | 6.53 | 3.95 | 6.91 | 16.07 | 14.79 | 6.67 | 12.09 | 8.81 | 4.87 | 5.44 |
| Total Current Assets | 13.16 | 14.41 | 18.82 | 15.33 | 16.93 | 17.47 | 20.16 | 29.61 | 32.30 | 37.22 | 48.49 | 46.98 | 42.53 | 10.14 |
| Property, Plant & Equipment | 2.17 | 0.02 | 0.04 | 0.06 | 0.08 | 0.10 | 0.12 | 0.15 | 0.18 | 0.20 | 0.22 | 0.25 | 0.25 | 0.29 |
| Intangible Assets | 2.61 | 0.02 | 0.03 | 0.03 | 0.04 | 2.45 | 2.56 | 2.72 | 2.82 | 2.93 | 3.14 | 3.24 | 3.35 | 3.56 |
| Total Non-current Assets* | 11.63 | 1.00 | 1.33 | 1.26 | 1.59 | 4.10 | 4.42 | 4.49 | 4.61 | 4.74 | 6.57 | 6.65 | 6.67 | 5.22 |
| Total Assets | 24.79 | 15.42 | 20.14 | 16.59 | 18.52 | 21.57 | 24.58 | 34.10 | 36.91 | 41.97 | 55.06 | 53.63 | 49.20 | 15.35 |
| Accounts Payable | -- | -- | -- | -- | -- | -- | -- | -- | 1.24 | 0.89 | 0.25 | 0.93 | 0.30 | 0.37 |
| Short-term Debt | -- | -- | -- | -- | -- | 0.30 | 2.36 | -- | -- | -- | -- | -- | -- | -- |
| Total Current Liabilities | 10.92 | 12.55 | 19.69 | 10.96 | 11.03 | 9.27 | 14.04 | 29.12 | 25.35 | 20.45 | 17.14 | 14.88 | 12.36 | 11.29 |
| Total Non-current Liabilities* | 7.79 | 5.44 | 5.12 | 5.16 | 1.95 | 1.40 | 12.39 | 3.94 | 4.38 | 4.76 | 15.32 | 21.52 | 19.43 | 21.44 |
| Total Liabilities | 18.72 | 18.00 | 24.81 | 16.12 | 12.99 | 10.66 | 26.42 | 33.07 | 29.73 | 25.21 | 32.46 | 36.39 | 31.79 | 32.73 |
| Retained Earnings | (132.70) | (133.58) | (126.94) | (121.61) | (116.01) | (110.34) | (110.09) | (103.18) | (96.83) | (87.00) | (76.73) | (74.17) | (73.32) | (64.37) |
| Total Stockholder Equity | 6.07 | (2.58) | (4.67) | 0.47 | 5.53 | 10.91 | (5.42) | 1.04 | 7.17 | 16.75 | 22.60 | 17.23 | 17.42 | (17.38) |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 | Q1
2024 | Q4
2023 | Q3
2023 | Q2
2023 | Q1
2023 | Q4
2022 | Q3
2022 | Q2
2022 | Q1
2022 | Q4
2021 | Q3
2021 |
|---|
| Total Revenue | 10.08 | 17.10 | 6.99 | 9.03 | 8.59 | 12.56 | 9.01 | 7.84 | 7.91 | 10.59 | 8.90 | 5.85 | 8.73 | 10.14 | 4.32 | 4.46 | 9.75 | 9.17 | 4.33 |
| Cost of Revenue | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 0.04 |
| Gross Profit | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 4.29 |
| Research & Development | 0.90 | 0.79 | 0.85 | 0.87 | 1.21 | 0.78 | 0.67 | 0.62 | 0.02 | 0.03 | 0.03 | 0.01 | -- | -- | -- | -- | -- | -- | -- |
| Selling, General & Admin | 5.73 | 6.30 | 5.55 | 6.46 | 4.55 | 4.99 | -- | -- | -- | 9.10 | 8.62 | 11.46 | 9.80 | 10.09 | 7.77 | 9.67 | 7.62 | 9.10 | 17.09 |
| Total Operating Expenses | 14.40 | 14.27 | -- | -- | -- | -- | 13.97 | 12.91 | 13.38 | 14.46 | 13.52 | 14.55 | 14.23 | 15.76 | 7.96 | 10.67 | 12.86 | 11.05 | 5.15 |
| Operating Income | (4.32) | 4.56 | (6.28) | (5.08) | (4.55) | (1.71) | (4.96) | (5.07) | (5.47) | (3.87) | (4.62) | (8.70) | (5.49) | (5.62) | (3.64) | (6.21) | (3.11) | (1.88) | (16.10) |
| Interest Expense | -- | -- | -- | -- | -- | -- | -- | 0.62 | 1.42 | -0.00 | 0.14 | 0.08 | 0.00 | 0.04 | 0.09 | 0.04 | 0.03 | 0.09 | 0.09 |
| Pretax Income | (4.75) | 5.64 | (6.64) | (5.30) | (4.20) | (1.40) | (5.67) | (0.24) | (10.44) | 3.52 | (6.34) | (9.82) | (7.47) | (2.78) | (2.56) | (0.85) | 5.59 | (14.50) | (16.01) |
| Tax Provision | -- | -0.00 | 0.01 | 0.02 | -0.00 | -0.00 | 0.00 | 0.02 | 0.00 | (0.01) | 0.00 | 0.01 | 0.01 | 0.00 | 0.00 | 0.04 | 0.03 | 0.01 | 0.01 |
| Net Income | (4.75) | 5.64 | (6.65) | (5.32) | (4.20) | (1.40) | (5.67) | (0.26) | (10.44) | 3.53 | (6.34) | (9.84) | (7.48) | (2.78) | (2.57) | (0.85) | 5.56 | (14.50) | (16.01) |
| Basic EPS | (0.41) | 0.62 | (0.62) | (0.57) | (0.47) | 0.69 | (0.98) | (0.05) | (2.88) | (0.87) | (4.64) | (7.23) | (0.28) | (0.20) | (0.11) | (0.05) | 0.33 | -- | -- |
| Diluted EPS | (0.41) | 0.62 | (0.62) | (0.57) | (0.47) | 0.69 | (0.98) | (0.05) | (2.88) | (0.87) | (4.64) | (7.23) | (0.28) | -- | (0.11) | (0.05) | 0.32 | -- | -- |
Cash Flow Statement
(in millions USD)| Metric | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 | Q1
2024 | Q4
2023 | Q3
2023 | Q2
2023 | Q1
2023 | Q4
2022 | Q3
2022 | Q2
2022 | Q1
2022 | Q4
2021 | Q3
2021 |
|---|
| Operating Cash Flow | (0.07) | (2.38) | (3.82) | (3.04) | (4.12) | (1.02) | (1.21) | (4.72) | (3.32) | (8.87) | (2.00) | (10.34) | (3.69) | (8.27) | (5.94) | 0.13 | (2.11) | (20.99) | (5.72) |
| Capital Expenditures | 0.01 | -0.00 | -0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.05) | 0.06 | (0.01) | 0.00 | 0.01 | -- | -- | -0.00 | 0.04 | -- | -- | -- |
| Free Cash Flow* | (0.07) | (2.37) | (3.82) | (3.05) | (4.12) | (1.02) | (1.21) | (4.67) | (3.38) | (8.86) | (2.00) | (10.35) | -- | -- | (5.94) | 0.09 | -- | -- | -- |
| Investing Cash Flow | -0.00 | 3.00 | 0.00 | -0.00 | -0.00 | -0.00 | 0.00 | -0.00 | -- | 0.07 | 0.38 | 0.18 | (0.01) | (2.09) | (3.03) | (0.03) | -0.00 | (0.01) | -0.00 |
| Financing Cash Flow | -- | 2.35 | 0.00 | 8.50 | -- | 4.05 | (0.30) | 5.28 | 5.80 | 6.71 | 0.59 | 1.11 | -- | 0.00 | 4.63 | 9.39 | -- | 43.83 | (0.64) |
* Derived from reported values
