Unternehmensberatung Aktiengesellschaft Delphi - 16 Sep 2025 Form 3 Insider Report for Biofrontera Inc. (BFRI)

Role: 10%+ Owner
Signature: By: /s/ Martin Flick, attorney in fact for Delphi Unternehmensberatung Aktiengesellschaft
Issuer symbol: BFRI
Transactions as of: 16 Sep 2025
Net transactions value: $0
Form type: 3
Filing time: 30 Sep 2025, 08:42:21 UTC
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
DELPHI UNTERNEHMENSBERATUNG AKTIENGESELLSCHAFT	10%+ Owner	ZIEGELHAUSER LANDSTRASSE 3, HEIDELBERG, GERMANY	By: /s/ Martin Flick, attorney in fact for Delphi Unternehmensberatung Aktiengesellschaft	30 Sep 2025	0001571070

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	BFRI	Common Stock						400,000	16 Sep 2025	By Biofrontera AG	F1
holding	BFRI	Common Stock						58,884	16 Sep 2025	By Deutsche Balaton Aktiengesellschaft	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	BFRI	Series D Convertible Preferred Stock							16 Sep 2025	Common Stock	4,831,172	$0.6249	By Biofrontera AG	F1, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The reported shares are held directly by Biofrontera AG. The Reporting Person and its affiliates collectively hold approximately 62.2% of the outstanding voting stock of Biofrontera AG and therefore may be deemed to beneficially own the shares owned by Biofrontera AG. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of its indirect pecuniary interest therein, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.
F2	The reported shares are held directly by Deutsche Balaton Aktiengesellschaft. The Reporting Person owns a majority interest in VV Beteiligungen Aktiengesellschaft, which owns a majority interest in Deutsche Balaton Aktiengesellschaft. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of its indirect pecuniary interest therein, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.
F3	The convertible preferred stock is convertible at any time at the holder's option, subject to a limitation that prevents the holder and its affiliates from beneficially owning more than 19.99% of the outstanding common stock upon conversion. The preferred stock has no expiration date.