Full Press Release Details
UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS - MARCH 31, 2025
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 months ended March 31, 2025
| Unaudited condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2025 and 2024 | F-3 |
| Unaudited condensed consolidated statements of financial position as of March 31, 2025 and December 31, 2024 | F-4 |
| Unaudited condensed consolidated statements of changes in shareholders' equity for the three months ended March 31, 2025 and 2024 | F-5 |
| Unaudited condensed consolidated statements of cash flows for the three months ended March 31, 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-9 |
| 10. Other assets | F-10 |
| 11. Tax receivables | F-10 |
| 12. Financial assets and financial liabilities | F-10 |
| 13. Trade and other payables | F-11 |
| 14. Cash and cash equivalents | F-12 |
| 15. Equity | F-12 |
| 16. Share-based payments | F-12 |
| c) Equity settled share-based payment arrangements | F-12 |
| d) Share-based payment expense recognized | F-13 |
| e) 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 months ended March 31, 2025 and 2024
| For the three months ended March 31, | ||||||||||||
| Note | 2025 (unaudited) | 2024 (unaudited) | ||||||||||
| (in , except for share data) | ||||||||||||
| Revenues | 2 | - | 36,037 | |||||||||
| Cost of sales | 3 | (9,291 | ) | (220,521 | ) | |||||||
| Gross profit (loss) | (9,291 | ) | (184,484 | ) | ||||||||
| Sales and marketing expenses | 4 | (1,457,978 | ) | (1,459,539 | ) | |||||||
| Research and development expenses | 5 | (7,016,336 | ) | (7,301,810 | ) | |||||||
| General and administrative expenses | 6 | (5,062,605 | ) | (3,579,150 | ) | |||||||
| Other income | 7 | 541,098 | 36,323 | |||||||||
| Other expenses | (26 | ) | (30 | ) | ||||||||
| Operating result | (13,005,139 | ) | (12,488,690 | ) | ||||||||
| Finance income | 8 | 493,764 | 908,426 | |||||||||
| Finance expenses | 8 | (4,086 | ) | (4,632 | ) | |||||||
| Foreign exchange result | 8 | (1,908,829 | ) | 1,824,375 | ||||||||
| Other financial result | 8 | 6,110,264 | 103,285 | |||||||||
| Income taxes | - | - | ||||||||||
| Income (loss) for the period | (8,314,027 | ) | (9,657,236 | ) | ||||||||
| Other comprehensive income (loss) that may be reclassified to profit or loss in subsequent periods: | ||||||||||||
| Exchange differences on translation of foreign currency | (150,667 | ) | (25,538 | ) | ||||||||
| Total comprehensive income (loss) | (8,464,694 | ) | (9,682,774 | ) | ||||||||
| Share information | ||||||||||||
| Weighted average number of shares outstanding | 63,312,911 | 58,883,272 | ||||||||||
| Income (loss) per share (basic/diluted) | (0.13 | ) | (0.17 | ) |
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 March 31, 2025 and December 31, 2024
| Note | March 31, 2025 (unaudited) | December 31, 2024 | ||||||||||
| (in ) | ||||||||||||
| ASSETS | ||||||||||||
| Non- current assets | ||||||||||||
| Property and equipment | 246,577 | 256,280 | ||||||||||
| Right-of-use assets | 659,107 | 758,368 | ||||||||||
| Intangible assets | 54,136 | 50,781 | ||||||||||
| Other assets | 10 | 190,974 | 204,233 | |||||||||
| Financial assets | 12 | 237,711 | 3,092,290 | |||||||||
| Total non-current assets | 1,388,505 | 4,361,952 | ||||||||||
| Current assets | ||||||||||||
| Inventories | 9 | 6,895,371 | 6,897,666 | |||||||||
| Current other assets | 10 | 5,548,032 | 5,103,402 | |||||||||
| Other assets from government grants and research allowance | 10 | 5,614,632 | 5,081,772 | |||||||||
| Tax receivable | 11 | 1,693,150 | 1,735,335 | |||||||||
| Other financial assets | 12 | 18,573,783 | 34,462,352 | |||||||||
| Cash and cash equivalents | 14 | 47,286,630 | 18,375,979 | |||||||||
| Total current assets | 85,611,597 | 71,656,505 | ||||||||||
| TOTAL ASSETS | 87,000,103 | 76,018,457 | ||||||||||
| EQUITY AND LIABILITIES | ||||||||||||
| Equity | ||||||||||||
| Issued capital | 15 | 8,129,656 | 7,122,205 | |||||||||
| Share premium | 348,956,590 | 334,929,685 | ||||||||||
| Other capital reserves | 46,595,867 | 44,115,861 | ||||||||||
| Accumulated deficit | (340,506,248 | ) | (332,192,221 | ) | ||||||||
| Other components of equity | 7,289,843 | 7,440,510 | ||||||||||
| Total equity | 70,465,707 | 61,416,039 | ||||||||||
| Non-current liabilities | ||||||||||||
| Lease liabilities | 295,444 | 399,066 | ||||||||||
| Other liabilities | 13 | 36,877 | 36,877 | |||||||||
| Total non-current liabilities | 332,321 | 435,943 | ||||||||||
| Current liabilities | ||||||||||||
| Trade and other payables | 12 | 8,366,404 | 11,394,232 | |||||||||
| Lease liabilities | 407,184 | 406,020 | ||||||||||
| Employee benefits | 714,489 | 2,064,678 | ||||||||||
| Liabilities to warrant holders | 6,366,158 | - | ||||||||||
| Other liabilities | 13 | 347,839 | 301,544 | |||||||||
| Total current liabilities | 16,202,075 | 14,166,475 | ||||||||||
| Total liabilities | 16,534,396 | 14,602,417 | ||||||||||
| TOTAL EQUITY AND LIABILITIES | 87,000,103 | 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 three months ended March 31, 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 | - | - | - | - | (8,314,027 | ) | - | (8,314,027 | ) | |||||||||||||||||||||||
| Exchange differences on translation of foreign currency | - | - | - | - | - | (150,667 | ) | (150,667 | ) | |||||||||||||||||||||||
| Total comprehensive loss | - | - | - | - | (8,314,027 | ) | (150,667 | ) | (8,464,694 | ) | ||||||||||||||||||||||
| Issuance of ordinary shares | 8,395,420 | 1,007,450 | 15,136,235 | - | - | - | 16,143,687 | |||||||||||||||||||||||||
| Transaction costs for ordinary shares | - | - | (1,109,330 | ) | - | - | - | (1,109,330 | ) | |||||||||||||||||||||||
| Equity-settled share-based payments | 16 | - | - | - | 2,480,006 | - | - | 2,480,006 | ||||||||||||||||||||||||
| Balance as of March 31, 2025* | 67,747,130 | 8,129,656 | 348,956,590 | 46,595,867 | (340,506,248 | ) | 7,289,843 | 70,465,708 | ||||||||||||||||||||||||
| 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 | - | - | - | - | (9,657,236 | ) | - | (9,657,236 | ) | |||||||||||||||||||||||
| Exchange differences on translation of foreign currency | - | - | - | - | - | (25,538 | ) | (25,538 | ) | |||||||||||||||||||||||
| Total comprehensive loss | - | - | - | - | (9,657,236 | ) | (25,538 | ) | (9,682,774 | ) | ||||||||||||||||||||||
| Equity-settled share-based payments | 16 | - | - | - | 1,860,701 | - | - | 1,860,701 | ||||||||||||||||||||||||
| Balance as of March 31, 2024 | 58,883,272 | 7,065,993 | 334,211,338 | 41,910,754 | (295,785,055 | ) | 7,356,629 | 94,759,658 |
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 three months ended March 31, 2025 and 2024
| For the three months ended March 31, | ||||||||||||
| Note | 2025 (unaudited) | 2024 (unaudited) | ||||||||||
| (in ) | ||||||||||||
| Operating activities | ||||||||||||
| Loss for the period | (8,314,027 | ) | (9,657,236 | ) | ||||||||
| Adjustments for: | ||||||||||||
| Depreciation & amortization of property and equipment, right-of-use assets and intangible assets | 113,801 | 123,949 | ||||||||||
| Net finance income | 8 | (4,691,112 | ) | (2,831,454 | ) | |||||||
| Share-based payment expense | 16 | 2,480,006 | 1,860,701 | |||||||||
| Net foreign exchange differences and other adjustments | 972,608 | (119,126 | ) | |||||||||
| Changes in: | ||||||||||||
| Other assets from government grants and research allowances | (532,860 | ) | - | |||||||||
| Other assets and trade receivables | 10 | (389,188 | ) | (161,789 | ) | |||||||
| Employee benefits | (1,350,189 | ) | (972,159 | ) | ||||||||
| Other liabilities | 13 | 46,295 | 62,417 | |||||||||
| Trade and other payables | 13 | (3,027,828 | ) | (4,366,605 | ) | |||||||
| Inventories | 9 | 2,295 | 319,162 | |||||||||
| Interest received | 10 | 678,717 | 875,990 | |||||||||
| Interest paid | 10 | (4,191 | ) | (2,214 | ) | |||||||
| Net cash used in operating activities | (14,015,672 | ) | (14,868,364 | ) | ||||||||
| Investing activities | ||||||||||||
| Purchase of intangible assets, property and equipment | (10,446 | ) | (16,069 | ) | ||||||||
| Purchase of current financial assets | - | (3,566,235 | ) | |||||||||
| Proceeds from the maturity of financial assets | 17,666,078 | 30,527,108 | ||||||||||
| Net cash from / (used in) investing activities | 17,655,632 | 26,944,804 | ||||||||||
| Financing activities | ||||||||||||
| Proceeds from issuance of ordinary shares | 16,143,686 | - | ||||||||||
| Transaction costs from issuance of ordinary shares and pre-funded warrants | (1,949,998 | ) | - | |||||||||
| Proceeds from pre-funded warrants | 12,915,909 | - | ||||||||||
| Repayment of lease liabilities | (100,097 | ) | (85,706 | ) | ||||||||
| Net cash from / (used in) financing activities | 27,009,268 | (85,706 | ) | |||||||||
| Net in-/ decrease in cash and cash equivalents | 30,649,459 | 11,990,733 | ||||||||||
| Effect of exchange rate changes on cash and cash equivalents | (1,738,808 | ) | 344,381 | |||||||||
| Cash and cash equivalents at beginning of period | 18,375,979 | 12,767,943 | ||||||||||
| Cash and cash equivalents at end of period | 14 | 47,286,630 | 25,103,058 |
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. On April 4, 2023, the U.S. Food and Drug Administration, or "FDA" issued an Emergency Use
Authorization, or "EUA" for GOHIBIC (vilobelimab), for the treatment of COVID-19 in critically ill, invasively mechanically ventilated hospitalized adults. In January 2025, the European Commission, or "EC" granted marketing authorization under
exceptional circumstances for GOHIBIC (vilobelimab) for the treatment of adult patients with SARS-CoV-2-induced acute respiratory distress syndrome, or "ARDS" who are receiving systemic corticosteroids as part of standard of care and receiving
invasive mechanical ventilation with or without extracorporeal membrane oxygenation. These consolidated financial statements of InflaRx comprise the Group.
These interim condensed consolidated financial statements for the three-month reporting period ended March 31, 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 May 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. is the U.S.
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:
Pre-funded warrants are largely paid upfront and are classified as a liability in "liabilities to warrant holders" in the statements of financial position due to the settlement provisions failing
to meet the 'fixed for fixed' requirement in paragraph 16(b)(ii) of IAS 32. The pre-funded warrants are valued at their fair value with any resulting change in fair value recognized in "Other financial result" within the statements of operations
and comprehensive loss. The pre-funded warrants can be exercised for ordinary shares upon a cashless exercise in accordance with the terms of the pre-funded warrant. These warrants are exercisable at any time without limitation. The fair value of
pre-funded warrants is determined using a Black-Scholes valuation model and approximates the value of the underlying ordinary shares at the time of their valuation. Please also refer to notes 12 and 15 for additional information.
| For the three months ended March 31, | ||||||||
| 2025 (unaudited) | 2024 (unaudited) | |||||||
| (in ) | ||||||||
| Revenues | - | 36,037 | ||||||
| Total | - | 36,037 |
For the three months ended March 31, 2025 and 2024, the Company realized revenues from product sales of GOHIBIC (vilobelimab) in the amount of 0 thousand and 36 thousand, respectively.
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 March 31, | ||||||||
| 2025 (unaudited) | 2024 (unaudited) | |||||||
| (in ) | ||||||||
| Cost of sales | 9,291 | 220,521 | ||||||
| Total | 9,291 | 220,521 |
For the three months ended March 31, 2025 and 2024, the Company's cost of sales amounted to 9 thousand and 221 thousand, respectively. Cost of sales mainly consist of write-downs of inventories
that will expire prior to their expected sales.
During the three months ended March 31, 2025, the Group incurred 1.5 million (2024: 1.5 million) of sales and marketing expenses in the United States. These expenses are mainly composed of 0.6
million (2024: 0.3 million) in personnel costs and 0.2 million (2024: 0.7 million) in external services for distribution and 0.2 million (2024: 0.7 million) in marketing expenses of GOHIBIC (vilobelimab).
During the three months ended March 31, 2025, the Group incurred 7.0 million (2024: 7.3 million) of research and development expenses. These expenses are mainly composed of 2.7 million (2024:
2.4 million) in personnel costs and 4.0 million (2024: 4.1 million) in external services for the Group's research and development projects.
During the three months ended March 31, 2025, the Group incurred 5.1 million (2024: 3.6 million) of general and administration expenses. These expenses are mainly composed of 2.6 million (2024:
2.0 million) in personnel costs, 1.0 million (2024: 0.6 million) in legal, consulting and audit fees, 1.5 million (2024: 1.0 million) in other general and administrative expenses.
Other income for the three months ended March 31, 2025 amounted to 541.1 thousand (2024: 36.3 thousand), related to eligible expenses incurred from research allowances during the period. During
the first three months ended March 31, 2024, the Group has not recorded other income from research allowances.
| For the three months ended March 31, | ||||||||
| 2025 (unaudited) | 2024 (unaudited) | |||||||
| (in ) | ||||||||
| Interest income | 493,764 | 908,426 | ||||||
| Interest expenses | (443 | ) | (439 | ) | ||||
| Interest on lease liabilities | (3,643 | ) | (4,193 | ) | ||||
| Financial result | 489,678 | 903,794 | ||||||
| Foreign exchange income | 1,229,009 | 2,049,582 | ||||||
| Foreign exchange expense | (3,137,838 | ) | (225,207 | ) | ||||
| Foreign exchange result | (1,908,829 | ) | 1,824,375 | |||||
| Result of expected credit loss adjustment on marketable securities | - | 103,285 | ||||||
| Result from the revaluation of pre-funded warrants at fair value | 6,110,264 | - | ||||||
| Other financial result | 6,110,264 | 103,285 | ||||||
| Net financial result | 4,691,112 | 2,831,454 |
Net financial result increased by 1.9 million to a gain of 4.7 million for the three months ended March 31, 2025 from a gain of 2.8 million for the three months ended March 31, 2024. This
increase is mainly attributable to the fair value revaluation of pre-funded warrants issued in February 2025 in the amount of 6.1 million, and is partly offset by a decrease of the foreign exchange result by 3.7 million due to the weakening of
the U.S. dollar and by a decrease of the financial result by 0.4 million due to lower interest income on marketable securities, in each case, compared to the three months ended March 31, 2024.
| As of March 31, 2025 (unaudited) | As of December 31, 2024 | |||||||
| (in ) | ||||||||
| Raw material and supplies | 82,087 | 82,087 | ||||||
| Unfinished goods | 6,758,952 | 6,758,952 | ||||||
| Finished goods | 54,332 | 56,627 | ||||||
| Total | 6,895,371 | 6,897,666 |
As of March 31, 2025, inventory is nearly unchanged compared to December 31, 2024
| As of March 31, 2025 (unaudited) | As of December 31, 2024 | |||||||
| (in ) | ||||||||
| Non-current other assets | ||||||||
| Prepaid expenses | 190,974 | 204,233 | ||||||
| Total | 190,974 | 204,233 | ||||||
| Current other assets | ||||||||
| Prepayments on research & development projects | 4,290,839 | 4,628,878 | ||||||
| Prepaid expenses | 1,162,012 | 354,948 | ||||||
| Others | 95,181 | 119,576 | ||||||
| Total | 5,548,032 | 5,103,402 | ||||||
| Total other assets | 5,739,006 | 5,307,635 | ||||||
| Other assets from research allowances | ||||||||
| Current other assets from research allowances | 5,614,632 | 5,081,772 | ||||||
| Other assets from research allowances | 5,614,632 | 5,081,772 |
As of March 31, 2025, prepayments on research and development projects amounted to 4.3 million compared to 4.6 million as of December 31, 2024, and consist of prepayments on CRO and CDMO
Prepaid expenses consist mainly of prepaid D&O insurance expense for the year 2025, which will be recognized into general and administrative expenses pro rata over the year.
As of March 31, 2025, other assets from research allowances were 5.6 million compared to 5.1 million as of December 31, 2024, which represent reimbursements the Company qualifies for under the
German Research Allowance Act. The increase is due to additional receivables recognized for eligible expenses incurred in the three months ended March 31, 2025.
As of March 31, 2025, tax receivables amounted to 1.7 million compared to 1.7 million as of December 31, 2024.
Set out below is an overview of financial assets and liabilities, other than cash and cash equivalents, held by the Group as of March 31, 2025 and December 31, 2024:
| As of March 31, 2025 (unaudited) | As of December 31, 2024 | |||||||
| (in ) | ||||||||
| Financial assets at amortized cost | ||||||||
| Non-current financial assets | 237,711 | 3,092,290 | ||||||
| Thereof marketable securities | - | 2,854,405 | ||||||
| Current financial assets | 18,573,783 | 34,462,352 | ||||||
| Thereof marketable securities | 18,390,455 | 33,969,390 | ||||||
| Financial liabilities at amortized cost | ||||||||
| Trade and other payables | 8,538,238 | 11,549,150 | ||||||
| Financial liabilities at fair value | ||||||||
| Liabilities to warrant holders | 6,366,158 | - |
In February 2025, the Company issued 6,750,000 pre-funded warrants to certain investors in the context of a public offering of securities. As of March 31, 2025, the fair value of the warrants
amounted to 6.4 million.
As of March 31, 2025, the fair value of current and non-current financial assets (primarily quoted debt securities) amounted to 18.8 million (as of December 31, 2024 37.6 million) (Level 1). The
Group's debt instruments at amortized cost consist solely of quoted securities that are graded highly by credit rating agencies such as S&P Global and, therefore, are considered low credit risk investments.
As of March 31, 2025, current and non-current financial assets decreased by 18.7 million to 18.8 million compared to 37.6 million of December 31, 2024. The decrease is mainly due to the maturity
of financial assets, and their subsequent reinvestment into interest bearing bank deposits, which are accounted for as part of cash and cash equivalents.
As of March 31, 2025, trade and other payables decreased by 3.0 million to 8.5 million compared to 11.5 million as of December 31, 2024. As of December 31, 2024 the Company temporarily had
higher trade payables from CDMO's, that arose in connection with the manufacturing of commercial products.
| As of March 31, 2025 (unaudited) | As of December 31, 2024 | |||||||
| (in ) | ||||||||
| Accrued liabilities from R&D projects | 5,486,874 | 6,609,925 | ||||||
| Accrued liabilities from commercial activities | 132,600 | 69,250 | ||||||
| Accounts payable | 1,414,098 | 3,413,064 | ||||||
| Other accrued liabilities and payables | 1,680,671 | 1,603,538 | ||||||
| Total | 8,714,243 | 11,695,777 |
Accrued liabilities from R&D projects include third party services from the Company's ongoing R&D projects that have not yet been invoiced to the Company as of the reporting date.
| As of March 31, 2025 (unaudited) | As of December 31, 2024 | |||||||
| (in ) | ||||||||
| Short-term deposits | ||||||||
| Deposits held in U.S. dollars | 39,480,125 | 13,408,478 | ||||||
| Deposits held in euros | 800,000 | 700,000 | ||||||
| Total | 40,280,125 | 14,108,478 | ||||||
| Cash at banks | ||||||||
| Cash held in U.S. dollars | 6,406,362 | 2,805,655 | ||||||
| Cash held in euros | 600,144 | 1,461,847 | ||||||
| Total | 7,006,506 | 4,267,501 | ||||||
| Total cash and cash equivalents | 47,286,630 | 18,375,979 |
As of March 31, 2025, cash and cash equivalents increased by 28.9 million to 47.3 million compared to 18.4 million as of December 31, 2024. The increase is mainly due to a public offering in
February 2025 with net proceeds in the amount of 26.8 million ($28.0 million). Certain financial assets having reached their maturity, and the subsequent reinvestment into interest bearing bank deposits, which are classified as cash and cash
On June 30, 2023, the Company filed a Form F-3, or the 2023-Registration Statement, with the Securities Exchange Commission, or the SEC, with respect to the offer and sale of securities of the
Company, which became effective on July 11, 2023. The aggregate initial offering price of the securities that the Company may offer and sell under this prospectus will not exceed $250.0 million. In June 2024, the Company subsequently filed a
prospectus supplement with the SEC relating to an at-the-market program providing for the sale of up to $75.0 million of our ordinary shares over time pursuant a sales agreement with Leerink Partners LLC, or the Sales Agreement.
In the three months ended March 31, 2025, we issued 145,420 ordinary shares under our ATM program, resulting in $353 thousand in net proceeds. Following this issuance under the ATM program, the
remaining value authorized for sale under the ATM program is $73.6 million.
In February 2025, the Company completed an underwritten public offering of 8,250,000 ordinary shares at a public offering price of $2.00 per ordinary share and, in lieu of ordinary shares to
certain investors, pre-funded warrants to purchase 6,750,000 ordinary shares. The public offering price for each pre-funded warrant was equal to the price per share at which the ordinary shares were sold to the public, minus $0.001, which is the
exercise price of each pre-funded warrant. The warrants are only exercisable by cashless exercise; the amount of ordinary shares to be received upon cashless exercise of such warrants is dependent on the Company's market share price at the time of
exercise. The net proceeds from the offering were 26.8 million ($28.0 million). The warrants have an indefinite expiration and are fully or partly exercisable at any time.