CONTROLLING INFLAMMATION JP Morgan Corporate Presentation January 2020 IMPORTANT NOTICE AND DISCLAIMERThis presentation has been prepared by InflaRx N.V. ("InflaRx"), a US-Nasdaq publicly listed Dutch company having its

CONTROLLING INFLAMMATION JP Morgan Corporate Presentation January 2020

IMPORTANT NOTICE AND DISCLAIMERThis presentation has been prepared by

InflaRx N.V. ("InflaRx"), a US-Nasdaq publicly listed Dutch company having its principle place of business in Germany. This presentation is made for informational purposes only and does not constitute an offer to sell or a solicitation of an

offer to buy securities. The information set forth herein does not purport to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this presentation unless stated otherwise, and

neither the delivery of this presentation at any time, nor any sale of securities, shall under any circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be

updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof.This presentation may contain forward-looking statements. Forward-looking statements are neither historical facts nor

assurances of future performance. Instead, they are based on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, our clinical results and other future conditions. All statements

other than statements of historical facts contained in this presentation, including statements regarding future results of operations and financial position, business strategy, current and prospective product candidates, planned clinical trials

and preclinical activities, product approvals, research and development costs, current and prospective collaborations, timing and likelihood of success, expectations regarding market acceptance and size, plans and objectives of management for

future operations, and future results of anticipated product candidates, are forward-looking statements. These risks and uncertainties include those described under the caption "Risk Factors" in InflaRx's Registration Statement on Form F-1 and

the accompanying prospectus filed with the Securities and Exchange Commission in connection with the company's initial public offering and other filings with the Securities and Exchange Commission. New risks and uncertainties may emerge from

time to time, and it is not possible to predict all risks and uncertainties. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new

information, future events, changed circumstances or otherwise.Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.

Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.Certain information

contained in this presentation relates to or is based on studies, publications, surveys and other data obtained from third-party sources and InflaRx's own internal estimates and research. While InflaRx believes these third-party sources to be

reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the

market data included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while we believe our own internal research is reliable,

such research has not been verified by any independent source. INFLARX N.V. | Winzerlaer Str. 2, 07745 Jena, Germany, Email: info@inflarx.com, Tel: +49-3641-508180, www.inflarx.com

Investment Highlights Proven anti-inflammatory effect in multiple Phase II studiesStatistically

significant reduction of inflammatory lesions in Phase IIb Hidradenitis Suppurativa study and impressive long-term efficacyFull data set analysis warrants continued development towards Phase III despite missing the primary endpoint (HiSCR) in

Phase IIb studyFavorable safety profile and excellent tolerability (n > 300 patients) Ongoing Phase IIb studies in ANCA-associated vasculitis in the US and EUOngoing Phase IIa open label study in Pyoderma Gangraenosum in US and

CanadaFollow-on anti-C5a mAb IFX-2 in pipeline (pre-clinical stage)Pipeline extension of IFX-1 in other inflammatory diseases & oncology LEADING PROPRIETARY ANTI-C5A TECHNOLOGYComplete and selective blockade of the biological activity of

C5a in vitro and in vivoStrong patent coverage on anti-C5a technology until end of 2030 / 2035 with extension ESTABLISHED CLINICAL EFFICACY FOR LEAD DRUG IFX-1 MULTIPLE ONGOING STUDIES AND INDICATION + PIPELINE EXTENSION Page

Pipeline with Multiple Opportunities We have multiple ongoing Phase II studies with potential to expand

into further indications These compounds and/or uses of approved products are investigational and have not been approved by the FDA or any other regulatory agency for the uses under investigation. The safety and efficacy of these agents have

not been established. PROPOSED INDICATIONS PREVALENCE PRE-CLINICAL PHASE I PHASE II PHASE III UPDATE IFX-1C5a Inhibitor HidradenitisSuppurativa (HS) Up to 200,000patients in the USOver 200,000 patients in Europe Phase IIb

completedPlanning for next steps ANCA-AssociatedVasculitis 40,000 patients inthe US75,000 patients in Europe Phase IIb enrollment ongoing inboth Europe and US PyodermaGangraenosum ~50,000 patients in the US and Europe are

affected Phase IIa open label enrollmentongoing in US and Canada Oncology Undisclosed Indication Development of TPP ongoing IFX-2C5a Inhibitor Undisclosed Chronic Inflammatory and Autoimmune Diseases Not

applicable Developing as injectable with optimized use for other chronic inflammatory indications Page 3

The Terminal Complement Pathway Membrane Attack Complex (MAC) triggers lysis of pathogens strong

amplifierof inflammation C5aR C5b-9 = MAC C5L2 C5b C5a C5 cell activationcytokine generation Inflammation C5a concentration in blood:10 ~ 30 ng/ml (~1-2.5 nM) C5 concentration in blood:~75 g/ml (~400

nM) other ligands:C3a, ASP, C4a etc upregulated in many tissues during inflammation C5L2 has a different binding pocket for C5a compared to other ligands like C3a, ASP, etc. and this causes different cell signaling.*The C5a signaling

has been shown tobe pro-inflammatory.** * Kalant D. et. al. J. Biol. Chem. 2003, 278 (13) 11123-11129**Rittirsch et al. Nat Med. 2008 May ; 14(5): 551;Colley et al. MABS. 2018,10 (1), 104Songlin et. al. J. Biol. Chem. 2019; 294(21)

8384-839 other signalling involved e.g. in triglyceride synthesis, etc.PKC-signalingHMGB-1 induction* (Inflammasome) Page 3

Blocks C5a biological effects up to 100% in human bloodLeaves MAC formation intactBinds with high

affinity to the discovered epitope IFX-1 is a First-in-Class Anti-C5a Monoclonal Antibody KEY FEATURES C5b C5 new epitope Cleavage of C5 through:Complement pathway activation orDirectly through enzymes via"extrinsic"

pathway C5a conformational change IFX-1 MAC lysis ofinvading microorganisms C5b-9 = MAC Page 3

The C5a Blocking Potential of IFX-1 in Plasma of Patients Suffering from Hidradenitis Suppurativa Data

source: InflaRx GmbH in-house data Control heparin plasma HS patient heparin plasma5 nM IFX-1 highly effectively blocks HS-plasma / C5a-induced neutrophil activation in human blood CD11b FITC

[MFI] 100% 100% 5000 1500010000 0 Page 3

0 10 20 30 40 50 60 70 0h 24h

72h 8d concentration [U/ml] 5dTime placebolow dose medium dose high dose13d 28d 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 heat-inact. Plasma 0 g/ml IFX-1 10 g/ml IFX-120

g/ml IFX-150 g/ml IFX-1 0 30 40 50 60 70 80 90 100 110Plasma (1:10 dilution) [ l] OD (542 nm) IFX-1 Specificity In Vitro

and In Vivo IFX-1 impact on hemolytic activity (CH50)* IFX-1 impact on CH50 analysis in patients** IFX-1 does not influence the hemolytic activity and leaves C5 cleavage and formation of C5b-9 (MAC) intact.* Riedemann NC et. Al., Clin.

Immunol. 2017 Mar 30;180:25-32 ** Data: InflaRx in house - Sepsis Clinical Trial Phase IIa Page 3 50% Iysis

Hidradenitis Suppurativa A chronic severely debilitating C5a-driven inflammatory skin condition with

high unmet need * Combined Phase III trial data for Humira: response measured by HiSCR 50 and KOL quotes in LifeSci Capital initiation report 12/2018 HURLEY STAGING FOR HS CLINICAL FEATURES Chronic, inflammatory, recurrent, debilitating

skin disease of the hair folliclesMost commonly in the armpit, groin and genital regionsExtremely painful inflammatory nodules, boils or abscessesDraining fistulas leading to considerable scarring and functional disabilityHurley staging system

used to classify progression / chronicity (Stage I - III) CURRENT TREATMENT - MEDICAL NEED Adalimumab (TNF-alpha inhibitor) from AbbVie is the only approved biological in US and EuropeAccepted (but not approved) SOC includes topical, oral or

i.v. antibioticsIn some instances, surgery is requiredApproximately 50% of patients with moderate to severe HS do not respond and about 50% of responder patients lose response to Humira* PREVALENCEUp to 200,000 moderate to severe (Hurley

II+III) HS patients in USHigher prevalence in Europe with reports > 1% total HS prevalence Stage ISingle / multiple abscesses but no sinus tracts or scarring 10 Stage IISingle or multiple separated, recurrent abscesses with

tract formation and scarring Stage IIIMultiple interconnected tracts and abscesses involving an entire anatomic region

IFX-1 in Hidradenitis Suppurativa RATIONALE FOR TARGETING C5A InflaRx established that HS

patients have significant complement activation with elevated C5a levelsC5a is involved in several key pathophysiological mechanisms in HSNeutrophil activation is driven by C5aVarious C5a dependent players potentially involved (TNFa, IL-17,

etc.)C5a is key neutrophil activator in HS patient plasmaHS patient plasma strongly provoked neutrophil activation in healthy donor blood; this effect could be completely blocked by the addition of IFX-1 11

IFX-1 in Hidradenitis Suppurativa Humira was approved based on HiSCR response - providing a potential

pathway to approval HiSCR defines3 types of lesions: HiSCR response defined as:At least 50% reduction in total AN countNo increase in the number of abscesses from baselineNo increase in the number of draining fistulas from baseline HISCR - A

VALIDATED ENDPOINT AN count AbscessesInflammatory nodules Draining fistulas 12

IFX-1 Phase IIa Promising Results in HS Clinical

efficacy 0% 13 0% 50% 42% 67% 75% 83% 0% 40%20% 60% 80% HISCR response rate in HS patients100% Baseline Day 22 Day 50 Day 134 Day 29 Day 36 Day 43HiSCR response in HS patients DESIGN EFFICACY

OUTCOME SAFETY / TOLERABILITY RESULTS Open label / single center / 12 patients / 1 dose group with weekly i.v. 800 mg until week 8 (plus one additional loading dose on day 4) 75% of patients HISCR responders at week 8 and 83% at end of trial

(late-stage patients who previously failed to respond to SOC incl. TNF- alpha blockade) Repeated high dose i.v. administration of IFX-1 observed to be well tolerated with no detected safety issues

IFX-1 in HS:SHINE Study Details Test a dose-dependent effect of IFX-1 on HiSCR response at week 16

(primary endpoint)Assess long-term safety of IFX-1Test durability of response with lower maintenance therapy in open label extension periodImportant Note: Patients entering the OLE were not unblinded to their initial therapy MAIN

GOALS Placebo Screening 16 weeks (double blind) 28 weeks (24 weeks treatment + 4 weeks observation)TOTAL TREATMENT TIME: 9 months (week 40) + 1 month observation (week 44) Open Label Extension Period (OLE) - n = 156 Main

Period - n = 177 treated IFX-1 minimal dose (400 mg q4w) IFX-1 low dose (800 mg q4w) IFX-1 medium dose (800 mg q2w) IFX-1 high dose (1200 mg q2w) Week 16 HiSCR Responders:IFX-1 low dose Week 16 HiSCR Non-Responders:IFX-1 medium

dose 15 (800 mg q4w) (800 mg q2w)

SHINE Study:Primary Outcome HiSCR at Week 16 versus AN Count Reduction * Full analysis

set HiSCR response rate (%) week 16* AN count score change (mean %) week 16*n = approx. 35/

group 100 0 90 -10 80 -20 70 -30 -26.5 605040 47.1 40.0 51.5 38.7 45.5 -40-50-60 -32.7 -54.6 -44.9 -47.7 30 -70 20 -80 10 -90 0 -100 placebo minimum low medium high Treatment

groups: Primary endpoint: HiSCR dose response signal not met but signal towards improved AN count 16

-19.8 -24.6 -41.1 -38.4 -51.5 -80 -70 -60 -50 -40 -30 -20 -10 0 -18 -14.5 -15 -28 -63.2 -80 -70 -60 -50 -40 -30 -20 -10 0 SHINE

Study:Outcome on Draining Fistula and IHS-4 Score Reduction - Week 16 Draining fistula change (mean %)* IHS-4 score change (mean %)** placebo minimum low medium high Treatment groups: Statistically significant

change in DF and in IHS-4 scores detected* Full analysis set for patients with at least 1 DF at baseline, baseline adjusted ** Full analysis set - baseline adjusted p= 0.0202 p= 0.0359 17

IHS-4 Score:Includes and Weights All Inflammatory Lesions Developed by KOLs / physicians to establish

a new severity scoring system, suitable for tracking treatment responseCaptures reduction of draining fistulas (unlike HiSCR)Weighs the most fluctuating lesions (infl. nodules) less than abscesses or fistula - lower variabilityInternal

validation work shows correlation with DLQI, Pain Scores, Drainage etc. in SHINE data set IHS-4 POINTS = SUM OF HS STAGE number of inflammatory nodules X 1 number of abscesses X 2 number of draining fistulas X 4 Mild: Moderate:

Severe: 3 points4-10 points 11 points 18

Comparison of HiSCR for Week 16 Responder versus Non-responder Groups (OLE) Over Time HiSCR response

rate (%) per visit* (OLE) - with 95% CI All OLE patients Responders: 71% maintain HiSCR response with low dose IFX-1Non-responders: 42% become HiSCR responders with medium dose IFX-1 * Full analysis

set 1009080706050403020100 week 16 week 20 week 36 week 40 week 24800 mg IFX-1 q4w week 28 week 32 800

mg IFX-1 q2w Responders(n = 72) Non-responders(n = 84) 56.3 19 HiSCR responders9 months

Inflammatory Lesion Reductions in All OLE Patients at End of Treatment(Week 40) Compared to Placebo Group

Performance in Main Period (Week 16) Marked improvement of all inflammatory lesions over time - not explainable by placebo effect * Full analysis set (unadjusted) Relative reduction (% mean) of counts / scores compared to respective

baseline (Day 1)*of all OLE patients at week 40 (n=116) of placebo patients at week 16 -66.9 -46.0 -54.5 -60.9 0-10-20-30-40-50-60-70-80-90-100 placebo group week 16 OLE patients week

40 -26.5 -17.7 -21.4 -26.3 0-10-20-30-40-50-60-70-80-90-100 AN count DF count IHS-4 score ANF count AN count DF count IHS-4 score ANF count 20

IHS-4 Scores Over Time in OLE: Non-responders versus Responders Non-responders improve under medium

dose IFX-1 treatment during OLEResponders are relatively "stable" with their IHS-4 scores on low dose IFX-1 * Full analysis set 0 5 10 15 20 Change in IHS-4 scores between week 16 and week 40 in week 16

HiSCRresponders versus non-responders*3025 week 16 week 20 week 38 week 40 week 24 week 28 800 mg IFX-1 q4w week 32 800 mg IFX-1 q2w Responders(n = 72) Non-responders (n = 84) 21 IHS4 score

IHS-4 Scores in OLE Patients: Relative Change from Baseline (Day 1) HiSCR Non-responder Group (Week

16) Main period placebo and minimal dose patients show strongest improvement in IHS-4 scores when being treatedwith medium IFX-1 dose (for week 16 HiSCR non-responders) * Last observation carried forward analysis

set 100-10-20-30-40 20 IHS-4 scores: Relative change from baseline (mean) in OLE patients week 16 + week 40 inHiSCR non-responder patients (week 16) - displayed per main

period treatment group*30 week 16 IFX-1 800 mg q2w week 40placebo minimum low medium high 22 Treatment group in main period: IHS4 score

SHINE Study - Our Conclusions OUR CONCLUSIONS HiSCR is burdened by high variability (driven by AN

count variability) and by a lack of capturing reduction of draining fistulaEvidence for a high C5a turnover rate in HS, leading to increased dose requirements of IFX-1IFX-1 leads to a marked reduction of all inflammatory lesions in HS with a

durable long-term effectdetected even at non-optimal dosesIFX-1 long-term treatment was well tolerated, no drug related SAEs* in the open label extension phase * Serious adverse events 23

HS - Next Steps NEXT STEPS Request End-of-Phase II FDA Meeting in Q1 2020Discuss with FDA the path

forward for regulatory approval towards a Phase III pivotal programDepending on meeting timing and feedback: define path forward by 2H 2020 24

ANCA-Associated Vasculitis (AAV) A life-threatening autoimmune condition Source: Chen, Jayne and Zhao.

Complement in ANCA-associated vasculitis: mechanism and implication for management Rare, life-threatening autoimmune disease, characterized by necrotizing vasculitisLife-threatening flare phases affect organs, leading to potentially fatal