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, 07745 Jena, Winzerlaer Str. 2
Index to unaudited condensed consolidated financial statements
for the three and six months ended June 30, 2025
| Unaudited condensed consolidated statements of operations and comprehensive loss for the | F-3 |
| Unaudited condensed consolidated statements of financial position | F-4 |
| Unaudited condensed consolidated statements of changes in shareholders' equity for the | F-5 |
| Unaudited condensed consolidated statements of cash flows for the six months ended June 30, 2025 and 2024 | 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. General and administrative expenses | F-9 |
| 7. Other income | F-9 |
| 8. Net financial result | F-9 |
| 9. Inventory | F-10 |
| 10. Other assets | F-10 |
| 11. Tax receivables | F-11 |
| 12. Financial assets and financial liabilities | F-11 |
| 13. Other liabilities | F-12 |
| 14. Cash and cash equivalents | F-12 |
| 15. Equity | F-12 |
| 16. Share-based payments | F-13 |
| a) Equity settled share-based payment arrangements | F-13 |
| b) Share-based payment expense recognized | F-14 |
| c) Share options exercised | F-14 |
| 17. Protective foundation | F-14 |
InflaRx N.V. and subsidiaries
Unaudited condensed consolidated statements
of operations and comprehensive loss for the three and six months ended June 30, 2025 and 2024
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||
| Note | 2025 (unaudited) | 2024 (unaudited) | 2025 (unaudited) | 2024 (unaudited) | ||||||||||||||||
| (in , except for share data) | ||||||||||||||||||||
| Revenues | 2 | 39,432 | 6,357 | 39,432 | 42,394 | |||||||||||||||
| Cost of sales | 3 | ( 2,399,583 | ) | ( 348,153 | ) | ( 2,408,874 | ) | ( 568,674 | ) | |||||||||||
| Gross profit (loss) | ( 2,360,151 | ) | ( 341,796 | ) | ( 2,369,442 | ) | ( 526,280 | ) | ||||||||||||
| Sales and marketing expenses | 4 | ( 1,013,347 | ) | ( 1,828,628 | ) | ( 2,471,326 | ) | ( 3,288,167 | ) | |||||||||||
| Research and development expenses | 5 | ( 7,202,942 | ) | ( 10,016,870 | ) | ( 14,219,279 | ) | ( 17,318,680 | ) | |||||||||||
| General and administrative expenses | 6 | ( 3,279,485 | ) | ( 3,226,098 | ) | ( 8,342,090 | ) | ( 6,805,249 | ) | |||||||||||
| Other income | 7 | 937,938 | 16,730 | 1,479,035 | 53,023 | |||||||||||||||
| Other expenses | - | - | ( 26 | ) | - | |||||||||||||||
| Operating result | ( 12,917,988 | ) | ( 15,396,663 | ) | ( 25,923,127 | ) | ( 27,885,353 | ) | ||||||||||||
| Finance income | 8 | 522,221 | 848,243 | 1,015,985 | 1,754,148 | |||||||||||||||
| Finance expenses | 8 | ( 3,355 | ) | ( 8,732 | ) | ( 7,441 | ) | ( 10,844 | ) | |||||||||||
| Foreign exchange result | 8 | ( 2,869,983 | ) | 711,411 | ( 4,778,812 | ) | 2,535,787 | |||||||||||||
| Other financial result | 8 | 852,834 | - | 6,963,097 | 103,285 | |||||||||||||||
| Income taxes | - | - | - | - | ||||||||||||||||
| Income (loss) for the period | ( 14,416,271 | ) | ( 13,845,741 | ) | ( 22,730,298 | ) | ( 23,502,977 | ) | ||||||||||||
| Other comprehensive income (loss) that may be reclassified to profit or loss in subsequent periods: | ||||||||||||||||||||
| Exchange differences on translation of foreign currency | ( 113,604 | ) | 28,374 | ( 264,271 | ) | 2,836 | ||||||||||||||
| Total comprehensive income (loss) | ( 14,529,876 | ) | ( 13,817,367 | ) | ( 22,994,569 | ) | ( 23,500,141 | ) | ||||||||||||
| Share information | ||||||||||||||||||||
| Weighted average number of shares outstanding | 67,747,130 | 58,883,272 | 65,542,269 | 58,883,272 | ||||||||||||||||
| Income (loss) per share (basic/diluted) | ( 0.21 | ) | ( 0.24 | ) | ( 0.35 | ) | ( 0.40 | ) |
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, 2025 and December 31, 2024
| Note | June 30, 2025 (unaudited) | December 31, 2024 | ||||||||||
| (in ) | ||||||||||||
| ASSETS | ||||||||||||
| Non-current assets | ||||||||||||
| Property and equipment | 247,027 | 256,280 | ||||||||||
| Right-of-use assets | 559,286 | 758,368 | ||||||||||
| Intangible assets | 50,106 | 50,781 | ||||||||||
| Other assets | 10 | 177,716 | 204,233 | |||||||||
| Financial assets | 12 | 6,235,346 | 3,092,290 | |||||||||
| Total non-current assets | 7,269,480 | 4,361,952 | ||||||||||
| Current assets | ||||||||||||
| Inventories | 9 | 5,038,415 | 6,897,666 | |||||||||
| Current other assets | 10 | 5,519,954 | 5,103,402 | |||||||||
| Other assets from government grants and research allowance | 10 | 5,863,947 | 5,081,772 | |||||||||
| Tax receivables | 11 | 1,753,638 | 1,735,335 | |||||||||
| Financial assets | 12 | 34,993,289 | 34,462,352 | |||||||||
| Cash and cash equivalents | 14 | 13,003,450 | 18,375,979 | |||||||||
| Total current assets | 66,172,692 | 71,656,505 | ||||||||||
| TOTAL ASSETS | 73,442,172 | 76,018,457 | ||||||||||
| EQUITY AND LIABILITIES | ||||||||||||
| Equity | ||||||||||||
| Issued capital | 15 | 8,129,656 | 7,122,205 | |||||||||
| Share premium | 348,956,615 | 334,929,685 | ||||||||||
| Other capital reserves | 47,704,375 | 44,115,861 | ||||||||||
| Accumulated deficit | ( 354,922,519 | ) | ( 332,192,221 | ) | ||||||||
| Other components of equity | 7,176,239 | 7,440,510 | ||||||||||
| Total equity | 57,044,365 | 61,416,039 | ||||||||||
| Non-current liabilities | ||||||||||||
| Lease liabilities | 203,878 | 399,066 | ||||||||||
| Other liabilities | 13 | 36,877 | 36,877 | |||||||||
| Total non-current liabilities | 240,755 | 435,943 | ||||||||||
| Current liabilities | ||||||||||||
| Trade and other payables | 12 | 9,735,656 | 11,394,232 | |||||||||
| Lease liabilities | 395,234 | 406,020 | ||||||||||
| Employee benefits | 1,114,635 | 2,064,678 | ||||||||||
| Liabilities to warrant holders | 4,549,915 | - | ||||||||||
| Other liabilities | 13 | 361,613 | 301,544 | |||||||||
| Total current liabilities | 16,157,053 | 14,166,475 | ||||||||||
| Total Liabilities | 16,397,808 | 14,602,417 | ||||||||||
| TOTAL EQUITY AND LIABILITIES | 73,442,172 | 76,018,457 |
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, 2025 and 2024
| (in , except for share data) | Note | Shares outstanding | Issued capital | Share premium | Other capital reserves | Accumulated deficit | Other compo- nents of equity | Total equity | ||||||||||||||||||||||||
| Balance as of January 1, 2025 | 59,351,710 | 7,122,205 | 334,929,685 | 44,115,861 | ( 332,192,221 | ) | 7,440,510 | 61,416,039 | ||||||||||||||||||||||||
| Loss for the period | - | - | - | - | ( 22,730,298 | ) | - | ( 22,730,298 | ) | |||||||||||||||||||||||
| Exchange differences on translation of foreign currency | - | - | - | - | - | ( 264,271 | ) | ( 264,271 | ) | |||||||||||||||||||||||
| Total comprehensive loss | - | - | - | - | ( 22,730,298 | ) | ( 264,271 | ) | ( 22,994,569 | ) | ||||||||||||||||||||||
| Issuance of ordinary shares | 8,395,420 | 1,007,450 | 15,136,235 | - | - | - | 16,143,686 | |||||||||||||||||||||||||
| Transaction costs for ordinary shares | - | - | ( 1,109,305 | ) | - | - | - | ( 1,109,305 | ) | |||||||||||||||||||||||
| Equity-settled share-based payments | 16 | - | - | - | 3,588,514 | - | - | 3,588,514 | ||||||||||||||||||||||||
| Balance as of June 30, 2025 | 67,747,130 | 8,129,656 | 348,956,615 | 47,704,375 | ( 354,922,519 | ) | 7,176,239 | 57,044,365 | ||||||||||||||||||||||||
| 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 | - | - | - | - | 0 | 2,836 | 2,836 | |||||||||||||||||||||||||
| Total comprehensive loss | - | - | - | - | ( 23,502,977 | ) | 2,836 | ( 23,500,141 | ) | |||||||||||||||||||||||
| Equity-settled share-based payments | 16 | - | - | - | 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 |
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, 2025 and 2024
| For the six months ended June 30, | ||||||||||||
| Note | 2025 (unaudited) | 2024 (unaudited) | ||||||||||
| (in ) | ||||||||||||
| Operating activities | ||||||||||||
| Loss for the period | ( 22,730,298 | ) | ( 23,502,977 | ) | ||||||||
| Adjustments for: | ||||||||||||
| Depreciation & amortization of property and equipment, right-of-use assets and intangible assets | 228,801 | 262,932 | ||||||||||
| Net finance income | 8 | ( 3,192,828 | ) | ( 4,382,376 | ) | |||||||
| Share-based payment expense | 16 | 3,588,514 | 3,073,813 | |||||||||
| Net foreign exchange differences and other adjustments | 1,518,421 | ( 101,055 | ) | |||||||||
| Changes in: | ||||||||||||
| Other assets from government grants and research allowances | ( 782,175 | ) | - | |||||||||
| Other assets and trade receivables | 10 | ( 408,339 | ) | 1,189,849 | ||||||||
| Employee benefits | ( 950,043 | ) | ( 484,102 | ) | ||||||||
| Other liabilities | 13 | 60,068 | ( 2,711,447 | ) | ||||||||
| Trade and other payables | 13 | ( 1,658,576 | ) | ( 3,429,460 | ) | |||||||
| Inventories | 9 | 1,859,251 | 1,723,566 | |||||||||
| Interest received | 10 | 906,087 | 1,369,670 | |||||||||
| Interest paid | ( 7,652 | ) | ( 11,048 | ) | ||||||||
| Net cash used in operating activities | ( 21,568,767 | ) | ( 27,002,634 | ) | ||||||||
| Investing activities | ||||||||||||
| Purchase of intangible assets, property and equipment | ( 25,673 | ) | ( 28,310 | ) | ||||||||
| Purchase of current financial assets | ( 35,514,042 | ) | ( 23,254,210 | ) | ||||||||
| Proceeds from the maturity of financial assets | 28,288,912 | 56,221,278 | ||||||||||
| Net cash from / (used in) investing activities | ( 7,250,803 | ) | 32,938,758 | |||||||||
| Financing activities | ||||||||||||
| Proceeds from issuance of ordinary shares | 16,143,686 | - | ||||||||||
| Proceeds from pre-funded warrants | 12,915,909 | - | ||||||||||
| Transaction costs from issuance of ordinary shares and pre-funded warrants | ( 1,949,998 | ) | - | |||||||||
| Repayment of lease liabilities | ( 199,904 | ) | ( 193,053 | ) | ||||||||
| Net cash from / (used in) financing activities | 26,909,693 | ( 193,053 | ) | |||||||||
| Net increase/decrease in cash and cash equivalents | ( 1,909,878 | ) | 5,743,071 | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | ( 3,462,651 | ) | 641,107 | |||||||||
| Cash and cash equivalents at beginning of period | 18,375,979 | 12,767,943 | ||||||||||
| Cash and cash equivalents at end of period | 14 | 13,003,450 | 19,152,121 |
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 statements
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 pioneering
anti-inflammatory therapeutics targeting the complement system by focusing 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. These consolidated financial statements of InflaRx comprise the Group.
These interim condensed consolidated financial
statements for the six-month reporting period ended June 30, 2025, and 2024 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, 2024 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 6, 2025.
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 to the nearest euro. 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, 2024,
except for the adoption of new standards effective as of January 1, 2025, 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, 2025, and do not have a material impact on the consolidated financial statements of the Group:
The 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, | |||||||||||||||
| 2025 (unaudited) | 2024 (unaudited) | 2025 (unaudited) | 2024 (unaudited) | |||||||||||||
| (in ) | ||||||||||||||||
| Revenues | 39,432 | 6,357 | 39,432 | 42,394 | ||||||||||||
| Total | 39,432 | 6,357 | 39,432 | 42,394 |
For the three months ended June 30, 2025 and 2024,
the Company realized revenues from product sales of GOHIBIC (vilobelimab) in the amount of 39 thousand and 6 thousand,
For the six months ended June 30, 2025 and 2024,
the Company realized revenues from product sales of GOHIBIC (vilobelimab) in the amount of 39 thousand and 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
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
| 2025 (unaudited) | 2024 (unaudited) | 2025 (unaudited) | 2024 (unaudited) | |||||||||||||
| (in ) | ||||||||||||||||
| Cost of sales | 2,399,583 | 348,153 | 2,408,874 | 568,674 | ||||||||||||
| Total | 2,399,583 | 348,153 | 2,408,874 | 568,674 |
For the three months ended June 30, 2025 and 2024,
the Company's cost of sales amounted to 2.4 million and 0.3 million, respectively.
For the six months ended June 30, 2025 and 2024,
the Company's cost of sales amounted to 2.4 million and 0.6 million, respectively.
Cost of sales primarily includes write-downs of
unfinished goods held in inventory that exceed expected sales quantities and are likely to expire before they can be sold.
During the three months ended June 30, 2025, the
Group incurred 1.0 million (2024: 1.8 million) of sales and marketing expenses in the United States. These expenses are
mainly composed of 0.5 million (2024: 0.4 million) in marketing expenses for GOHIBIC (vilobelimab) and of 0.4 million
(2024: 0.3 million) in personnel costs.
During the six months ended June 30, 2025, the
Group incurred 2.5 million (2024: 3.3 million) of sales and marketing expenses in the United States. These expenses are mainly
composed of 1.0 million (2024: 0.7 million) in personnel costs and 0.2 million (2024: 1.6 million) in external
services for distribution and 0.6 million (2024: 0.5 million) in marketing expenses for GOHIBIC (vilobelimab).
During the three months ended June 30, 2025, the
Group incurred 7.2 million (2024: 10.0 million) of research and development expenses. These expenses are mainly
composed of 2.3 million (2024: 2.2 million) in personnel costs and 4.4 million (2024: 6.7 million)
in external services for the Group's research and development projects.
During the six months ended June 30, 2025, the
Group incurred 14.2 million (2024: 17.3 million) of research and development expenses. These expenses are mainly
composed of 5.0 million (2024: 4.7 million) in personnel costs and 8.4 million (2024: 10.9 million)
in external services for the Group's research and development projects.
During the three months ended June 30, 2025, the
Group incurred 3.3 million (2024: 3.2 million) of general and administration expenses. These expenses are mainly