Recent Updates
Recently added Catalysts
IFRX Negative Sentiment Score: 35/100

InflaRx N.V. Unaudited Condensed Consolidated Financial Statements

Thursday, August 8, 2024 6 min read
Key Takeaway: InflaRx N.V. released its unaudited consolidated financial statements for the six months ending June 30, 2024, revealing significant losses amounting to €23.5 million. The company's total assets also fell dramatically from €120.2 million to €93.0 million during this period. The financial report indicates rising sales and marketing expenses and research and development costs, indicating increased operational expenditures despite the drop in revenues. Overall, the company appears to be in a challenging financial position as it navigates these losses.

Market Sentiment Analysis

CONCERNS & RISKS

  • InflaRx reported a substantial net loss of €23.5 million for the period ended June 30, 2024.
  • Sales and marketing expenses and research and development costs increased significantly compared to the previous year.
  • Total assets decreased from €120.2 million to €93.0 million, indicating financial distress.

Full Press Release Details

Financial Statements
These unaudited condensed financial
statements are consolidated financial statements for the group consisting of InflaRx N.V. and its wholly-owned subsidiaries InflaRx GmbH,
Jena, Germany, and InflaRx Pharmaceuticals Inc., Ann Arbor, Michigan, United States (together, the "Group"). The financial
statements are presented in euros ( ).
InflaRx N.V. is a company
limited by shares, incorporated and domiciled in Amsterdam, The Netherlands.
Its registered office and principal
place of business is in Germany, Jena, Winzerlaer Str. 2.
Index to unaudited condensed consolidated financial statements
for the three and six months ended June 30, 2024
Unaudited condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2024 and 2023 F-3
Unaudited condensed consolidated statements of financial position as of June 30, 2024 and December 31, 2023 F-4
Unaudited condensed consolidated statements of changes in shareholders' equity for the six months ended June 30, 2024 and 2023 F-5
Unaudited condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2023 F-6
Notes to the unaudited condensed consolidated financial statements F-7
1. Summary of significant accounting policies and other disclosures F-7
a) Reporting entity and the Group's structure F-7
b) Basis of preparation F-7
2. Revenues F-8
3. Cost of sales F-8
4. Sales and marketing expenses F-8
5. Research and development expenses F-8
6. Other income F-9
7. Net financial result F-9
8. Inventory F-10
9. Other assets F-10
10. Tax receivable F-11
11. Financial assets and financial liabilities F-11
12. Other liabilities F-11
13. Cash and cash equivalents F-12
14. Equity F-12
15. Share-based payments F-12
a) Equity settled share-based payment arrangements F-12
b) Share-based payment expense recognized F-13
c) Share options exercised F-13
16. Protective foundation F-13
InflaRx N.V. and subsidiaries
Unaudited condensed consolidated statements of operations
and comprehensive loss
for the three and six months ended June 30, 2024 and 2023
For the three months ended June 30, For the six months ended June 30
Note 2024 (unaudited) 2023 (unaudited) 2024 (unaudited) 2023 (unaudited)
(in , except for share data)
Revenues 2 6,357 - 42,394 -
Cost of sales 3 ( 348,153 ) - ( 568,674 ) -
Gross profit ( 341,796 ) - ( 526,280 ) -
Sales and marketing expenses 4 ( 1,828,628 ) ( 276,051 ) ( 3,288,167 ) ( 276,051 )
Research and development expenses 5 ( 10,016,870 ) ( 10,919,595 ) ( 17,318,680 ) ( 25,651,503 )
General and administrative expenses ( 3,226,098 ) ( 3,540,805 ) ( 6,805,249 ) ( 7,149,359 )
Other income 6 16,730 4,882,908 53,023 12,629,096
Other expenses - ( 2,624 ) - ( 3,190 )
Operating result ( 15,396,663 ) ( 9,856,168 ) ( 27,885,353 ) ( 20,451,007 )
Finance income 7 848,243 1,087,011 1,754,148 1,543,047
Finance expenses 7 ( 8,732 ) ( 5,052 ) ( 10,844 ) ( 10,580 )
Foreign exchange result 7 711,411 767,646 2,535,787 ( 369,664 )
Other financial result 7 - ( 195,567 ) 103,285 2,241
Income taxes - - - -
Income (loss) for the period ( 13,845,741 ) ( 8,202,130 ) ( 23,502,977 ) ( 19,285,963 )
Other comprehensive income (loss) that may be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign currency 28,374 ( 330 ) 2,836 ( 17,116 )
Total comprehensive income (loss) ( 13,817,367 ) ( 8,202,460 ) ( 23,500,141 ) ( 19,303,079 )
Share information (based on income (loss) for the period)
Weighted average number of shares outstanding 58,883,272 56,985,734 58,883,272 50,912,459
Income (loss) per share (basic/diluted) ( 0.24 ) ( 0.14 ) ( 0.40 ) ( 0.38 )
The accompanying notes are
an integral part of these condensed consolidated financial statements.
InflaRx N.V. and subsidiaries
Unaudited condensed consolidated statements of financial
position as of June 30, 2024 and December 31, 2023
Note June 30, 2024 (unaudited) December 31, 2023
(in )
ASSETS
Non-current assets
Property and equipment 272,446 289,577
Right-of-use assets 950,070 1,071,666
Intangible assets 44,876 68,818
Other assets 9 230,750 257,267
Financial assets 11 237,755 9,052,741
Total non-current assets 1,735,897 10,740,069
Current assets
Inventories 8 9,644,241 11,367,807
Other assets 9 4,865,751 4,036,650
Trade receivables 11 23,727 -
Tax receivables 10 1,775,404 3,791,564
Financial assets 11 55,838,699 77,504,518
Cash and cash equivalents 13 19,152,121 12,767,943
Total current assets 91,299,943 109,468,483
TOTAL ASSETS 93,035,840 120,208,552
EQUITY AND LIABILITIES
Equity
Issued capital 14 7,065,993 7,065,993
Share premium 14 334,211,338 334,211,338
Other capital reserves 43,123,867 40,050,053
Accumulated deficit ( 309,630,796 ) ( 286,127,819 )
Other components of equity 7,385,002 7,382,166
Total equity 82,155,403 102,581,730
Non-current liabilities
Lease liabilities 601,195 745,716
Other liabilities 12 36,877 36,877
Total non-current liabilities 638,072 782,593
Current liabilities
Trade and other payables 11 8,544,902 11,974,362
Lease liabilities 397,475 374,329
Employee benefits 1,125,663 1,609,766
Other liabilities 12 174,325 2,885,772
Total current liabilities 10,242,365 16,844,229
Total Liabilities 10,880,437 17,626,822
TOTAL EQUITY AND LIABILITIES 93,035,840 120,208,552
The accompanying notes are
an integral part of these condensed consolidated financial statements.
InflaRx N.V. and subsidiaries
Unaudited condensed consolidated statements of changes
in shareholders' equity for the six months ended June 30, 2024 and 2023
(in , except for share data) Note Shares outstanding Issued capital Share premium Other capital reserves Accumulated deficit Other components of equity Total equity
Balance as of January 1, 2024 58,883,272 7,065,993 334,211,338 40,050,053 ( 286,127,819 ) 7,382,166 102,581,730
Loss for the period - - - - ( 23,502,977 ) - ( 23,502,977 )
Exchange differences on translation of foreign currency - - - - - 2,836 2,836
Total comprehensive loss - - - - ( 23,502,977 ) 2,836 ( 23,500,141 )
Equity-settled share-based payments 15 - - - 3,073,814 - - 3,073,814
Balance as of June 30, 2024* 58,883,272 7,065,993 334,211,338 43,123,867 ( 309,630,796 ) 7,385,002 82,155,403
Balance as of January 1, 2023 44,703,763 5,364,452 282,552,633 36,635,564 ( 243,460,290 ) 7,257,081 88,349,440
Loss for the period - - - - ( 19,285,963 ) - ( 19,285,963 )
Exchange differences on translation of foreign currency - - - - - ( 17,116 ) ( 17,116 )
Total comprehensive loss - - - - ( 19,285,963 ) ( 17,116 ) ( 19,303,079 )
Issuance of common shares 14,059,252 1,687,110 54,796,819 - - - 56,483,929
Transaction costs - - ( 3,360,626 ) - - - ( 3,360,626 )
Equity-settled share-based payments 15 - - - 2,239,397 - - 2,239,397
Share options exercised 120,257 14,431 222,512 - - - 236,943
Balance as of June 30, 2023* 58,883,272 7,065,993 334,211,338 38,874,961 ( 262,746,253 ) 7,239,965 124,646,004
The accompanying notes are an integral part of
these condensed consolidated financial statements.
InflaRx N.V. and subsidiaries
Unaudited condensed consolidated statements of cash
flows for the six months ended June 30, 2024 and 2023
For the six months ended June 30,
Note 2024 (unaudited) 2023 (unaudited)
(in )
Operating activities
Loss for the period ( 23,502,977 ) ( 19,285,963 )
Adjustments for:
Depreciation & amortization of property and equipment, right-of-use assets and intangible assets 262,932 293,328
Net finance income 7 ( 4,382,376 ) ( 1,165,044 )
Share-based payment expense 15 3,073,813 2,239,397
Net foreign exchange differences 7 ( 101,055 ) ( 23,953 )
Changes in:
Financial assets from government grants - ( 4,460,274 )
Inventories 10 1,723,566 ( 578,705 )
Trade receivables 11 ( 23,727 ) -
Other assets 9 1,213,575 6,295,975
Employee benefits ( 484,102 ) ( 411,774 )
Other liabilities 12 ( 2,711,447 ) 60,443
Liabilities from government grants received 11 - ( 5,407,634 )
Trade and other payables 11 ( 3,429,460 ) 213,270
Interest received 7 1,369,670 556,068
Interest paid 7 ( 11,048 ) ( 10,777 )
Net cash used in operating activities ( 27,002,634 ) ( 21,685,642 )
Investing activities
Purchase of intangible assets, property and equipment ( 28,310 ) ( 24,673 )
Purchase of current financial assets ( 23,254,210 ) ( 83,071,163 )
Proceeds from the maturity of financial assets 56,221,278 55,202,491
Net cash from / (used in) investing activities 32,938,758 ( 27,893,346 )
Financing activities
Proceeds from issuance of common shares - 56,483,929
Transaction costs from issuance of common shares - ( 3,360,626 )
Proceeds from exercise of share options 15 - 236,943
Repayment of lease liabilities ( 193,053 ) ( 184,791 )
Net cash from / (used in) financing activities ( 193,053 ) 53,175,455
Net increase in cash and cash equivalents 5,743,071 3,596,467
Effect of exchange rate changes on cash and cash equivalents 641,107 ( 345,862 )
Cash and cash equivalents at beginning of period 12,767,943 16,265,355
Cash and cash equivalents at end of period 13 19,152,121 19,515,959
The accompanying notes are an integral part of
these condensed consolidated financial statements.
InflaRx N.V. and subsidiaries
Notes to the unaudited condensed consolidated financial
InflaRx N.V. (the "Company" or "InflaRx")
is a Dutch public company with limited liability (naamloze vennootschap) with its corporate seat in Amsterdam, the Netherlands,
and is registered in the Commercial Register of the Netherlands Chamber of Commerce Business Register under CCI number 68904312. The Company's
registered office is at Winzerlaer Stra e 2 in 07745 Jena, Germany. Since November 10, 2017, InflaRx N.V.'s ordinary shares
have been listed on the Nasdaq Global Select Market under the symbol IFRX.
InflaRx is a biopharmaceutical company focused
on applying its proprietary anti-C5a and C5aR technologies to discover, develop and commercialize first-in-class, potent and specific
inhibitors of the complement activation factor known as C5a and its receptor C5aR. On April 4, 2023, the U.S. Food and Drug Administration
issued an Emergency Use Authorization (the "EUA") for GOHIBIC (vilobelimab), for the treatment of COVID-19 in critically ill,
invasively mechanically ventilated hospitalized adults. These consolidated financial statements of InflaRx comprise the Company and the
These interim condensed consolidated financial
statements for the six-month reporting period ended June 30, 2024, and 2023 have been prepared in accordance with IAS 34 Interim Financial
Reporting. These condensed consolidated financial statements do not include all the information and disclosures required in the annual
financial statements. Accordingly, this report is to be read in conjunction with the financial statements in the Company's annual
report for the year ended December 31, 2023 on Form 20-F.
The interim condensed consolidated financial
statements were authorized for issue by the board of directors of the Company (the "Board of Directors") on August 7, 2024.
The financial statements are presented in euros
( ). The euro is the functional currency of InflaRx N.V. and InflaRx GmbH. The functional currency of InflaRx Pharmaceuticals Inc.
All financial information presented in euros
have been rounded. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that
precede them or may deviate from other tables.
The accounting policies adopted are consistent
with those followed in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2023,
except for the adoption of new standards effective as of January 1, 2024, as set out below. The Group has not adopted any other standard,
interpretation or amendment that has been issued but is not yet effective early.
The following amendments were adopted effective
January 1, 2024, and do not have a material impact on the consolidated financial statements of the Group:
following standards issued will be adopted in a future period, and the potential impact, if any, they will have on the Group's
consolidated financial statements is being assessed:
For the three months ended June 30, For the six months ended June 30,
2024 (unaudited) 2023 (unaudited) 2024 (unaudited) 2023 (unaudited)
(in )
Revenues 6,357 - 42,394 -
Total 6,357 - 42,394 -
For the three months ended June 30, 2024, the
Company realized revenues from the product sales of GOHIBIC (vilobelimab) in the amount of 6 thousand. For the six months ended
June 30, 2024, the Company realized revenues from GOHIBIC (vilobelimab) product sales in the amount of 42 thousand.
Revenues reported are sales to end customers
(hospitals). Sales to distributors do not constitute revenue for the Company under IFRS 15. All revenues are attributed to sales made
in the United States.
For the three months ended June 30, For the six months ended June 30,
2024 (unaudited) 2023 (unaudited) 2024 (unaudited) 2023 (unaudited)
(in )
Cost of sales 348,153 - 568,674 -
Total 348,153 - 568,674 -
The cost of sales during the three and six months
ended June 30, 2024 primarily consisted of write-downs of short-lived inventories.
Sales and marketing expenses incurred for the
three months ended June 30, 2024 increased by 1.6 million compared to the three months ended June 30, 2023. For the six months ended
June 30, 2024 these expenses increased by 3.0 million compared to the six months ended June 30, 2023. This increase is primarily
due to minimal sales and marketing activities incurred during the three and six months ended June 30, 2023 due to the GOHIBIC EUA approval
in 2023. Sales and marketing expenses were incurred for all of the three and six months ended June 30, 2024.
Research and development expenses incurred for
the three months ended June 30, 2024 decreased by 0.9 million compared to the three months ended June 30, 2023. For the six months
ended June 30, 2024 these expenses decreased by 8.3 million compared to the six months ended June 30, 2023. The decrease for the
three and six month ended June 30, 2024 is primarily due to higher third-party expenses incurred during the first half of 2023 in connection
with the company's efforts to develop the commercial manufacturing process, and to obtain an EUA, for GOHIBIC (vilobelimab). The
decrease of third-party expenses is offset by an increase of personnel expenses by 1.2 million. This increase is attributed to higher
stock-based compensation expenses.
For the three months ended June 30, For the six months ended June 30
2024 (unaudited) 2023 (unaudited) 2024 (unaudited) 2023 (unaudited)
(in )
Other income
Income from government grants - 4,874,934 - 12,609,789
Other 16,730 7,974 53,023 19,307
Total 16,730 4,882,908 53,023 12,629,096
Other income for the three months ended June
30, 2024 amounted to 17 thousand (2023: 4.9 million) and for the six months ended June 30, 2024 amounted to 53 thousand
(2023: 12.6 million). There was no income from government grants in 2024 due to the end of the grant period on June 30, 2023.
For the three months ended June 30, For the six months ended June 30
2024 (unaudited) 2023 (unaudited) 2024 (unaudited) 2023 (unaudited)
(in )
Interest income 848,243 1,087,011 1,754,148 1,543,047
Interest expenses ( 2,056 ) ( 363 ) 25 ( 782 )
Interest on lease liabilities ( 6,676 ) ( 4,689 ) ( 10,869 ) ( 9,798 )
Finance Result 839,511 1,081,959 1,743,304 1,532,467
Foreign exchange income 1,754,243 2,090,994 3,803,826 2,381,519
Foreign exchange expense ( 1,042,832 ) ( 1,323,348 ) ( 1,268,039 ) ( 2,751,183 )
Foreign exchange result 711,411 767,646 2,535,787 ( 369,664 )
Other financial result - ( 195,567 ) 103,285 2,241
Net financial result 1,550,922 1,654,038 4,382,376 1,165,044
Net financial result decreased by 0.1 million
to a gain of 1.6 million for the three months ended June 30, 2024 from 1.7 million for the three months ended June 30, 2023.
This decrease is mainly attributable to a decrease of interest income on marketable securities by 0.2 million and an increase of

Frequently Asked Questions

What is the financial year end date for InflaRx N.V.?

The financial year end for InflaRx N.V. is December 31.

Where is InflaRx N.V. incorporated?

InflaRx N.V. is incorporated in Amsterdam, The Netherlands.

What currency are the financial statements presented in?

The financial statements are presented in euros ( € ).

What was the gross profit for the second quarter of 2024?

The gross profit for Q2 2024 was -341,796 euros.

What was InflaRx N.V.'s total equity on June 30, 2024?

The total equity was 82,155,403 euros on June 30, 2024.

Tags: IFRX Viatris Investor Conferences Healthcare InflaRx financial statements loss report June 2024
Last updated: Aug 8, 2024