Biofrontera is a U.S.-based specialty biopharma company focused on photodynamic therapy (PDT) for dermatological conditions. Its core product is Ameluz, a prescription gel used with its proprietary RhodoLED lamp to treat actinic keratosis (AK) — precancerous skin lesions on the face and scalp. The treatment is an in-office procedure: Ameluz is applied to lesions and activated by the RhodoLED lamp's red LED light, selectively destroying abnormal cells. Biofrontera sells exclusively to dermatology offices in the U.S. through a direct sales force, using a buy-and-bill model where dermatologists purchase and stock Ameluz, perform treatments, and bill payors for both the drug and procedure. Biofrontera generates most of its revenue from Ameluz gel sales, with a smaller contribution from RhodoLED lamp sales. The lamp-and-gel model is self-reinforcing: once a practice installs a RhodoLED lamp, it creates recurring demand for Ameluz gel. As of year-end 2025, Biofrontera had approximately 745 lamps installed across roughly 686 dermatology offices. In October 2025, Biofrontera acquired full U.S. rights to Ameluz and RhodoLED from its former parent, replacing a transfer pricing arrangement with a royalty-based structure, which significantly improved gross margins. Biofrontera is pursuing label expansions for Ameluz into AK on the trunk and extremities, superficial basal cell carcinoma, and moderate-to-severe acne, each of which would broaden the addressable market for the existing platform.