Usnea barbata extract is derived from a lichen species that grows like a beard from the bark or twigs of different trees (which is why it is often called beard lichen or old man's beard).
The lichen has been used in traditional medicine for treating wounds, skin issues, and digestive and respiratory disorders for years.
Various studies have confirmed its antibacterial activity, especially against most gram-positive bacteria. The extract acts as a natural preservative in skincare.
Science
1
Madamombe, I. T., & Afolayan, A. J. (2003). Evaluation of Antimicrobial Activity of Extracts from South African Usnea barbata. Pharmaceutical Biology, 41(3), 199–202. doi:10.1076/phbi.41.3.199.15089