Full Press Release Details
UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS - SEPTEMBER 30, 2024
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 nine months ended September 30, 2024
| Unaudited condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2024 and 2023 | F-3 | ||
| Unaudited condensed consolidated statements of financial position as of September 30, 2024 and December 31, 2023 | F-4 | ||
| Unaudited condensed consolidated statements of changes in shareholders' equity for the nine months ended September 30, 2024 and 2023 | F-5 | ||
| Unaudited condensed consolidated statements of cash flows for the nine months ended September 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 nine months ended September 30, 2024 and 2023
| For the three months ended September 30, | For the nine months ended September 30 | |||||||||||||||||||
| Note | 2024 (unaudited) | 2023 (unaudited) | 2024 (unaudited) | 2023 (unaudited) | ||||||||||||||||
| (in , except for share data) | ||||||||||||||||||||
| Revenues | 2 | 123,819 | 60,803 | 166,212 | 60,803 | |||||||||||||||
| Cost of sales | 3 | 72,555 | (255,116 | ) | (496,119 | ) | (255,116 | ) | ||||||||||||
| Gross profit (loss) | 196,374 | (194,313 | ) | (329,907 | ) | (194,313 | ) | |||||||||||||
| Sales and marketing expenses | 4 | (1,707,748 | ) | (1,562,473 | ) | (4,995,915 | ) | (1,838,524 | ) | |||||||||||
| Research and development expenses | 5 | (11,140,152 | ) | (7,305,541 | ) | (28,458,832 | ) | (32,957,044 | ) | |||||||||||
| General and administrative expenses | (2,809,032 | ) | (2,897,732 | ) | (9,614,281 | ) | (10,047,091 | ) | ||||||||||||
| Other income | 6 | 101,108 | 808,866 | 153,839 | 13,437,963 | |||||||||||||||
| Other expenses | (589 | ) | 339 | (297 | ) | (2,851 | ) | |||||||||||||
| Operating result | (15,360,039 | ) | (11,150,854 | ) | (43,245,392 | ) | (31,601,861 | ) | ||||||||||||
| Finance income | 7 | 768,326 | 1,189,826 | 2,522,475 | 2,732,873 | |||||||||||||||
| Finance expenses | 7 | (5,032 | ) | (4,897 | ) | (15,876 | ) | (15,476 | ) | |||||||||||
| Foreign exchange result | 7 | (2,847,692 | ) | 2,292,938 | (311,905 | ) | 1,923,274 | |||||||||||||
| Other financial result | 7 | - | 221,577 | 103,285 | 223,818 | |||||||||||||||
| Income taxes | (5,217 | ) | - | (5,217 | ) | - | ||||||||||||||
| Income (loss) for the period | (17,449,654 | ) | (7,451,410 | ) | (40,952,630 | ) | (26,737,373 | ) | ||||||||||||
| Other comprehensive income (loss) that may be reclassified to profit or loss in subsequent periods: | ||||||||||||||||||||
| Exchange differences on translation of foreign currency | (75,418 | ) | 73,574 | (72,582 | ) | 56,459 | ||||||||||||||
| Total comprehensive income (loss) | (17,525,072 | ) | (7,377,836 | ) | (41,025,212 | ) | (26,680,914 | ) | ||||||||||||
| Share information (based on income (loss) for the period) | ||||||||||||||||||||
| Weighted average number of shares outstanding | 58,883,272 | 58,883,272 | 58,883,272 | 53,598,594 | ||||||||||||||||
| Income (loss) per share (basic/diluted) | (0.30 | ) | (0.13 | ) | (0.70 | ) | (0.50 | ) |
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 September 30, 2024 and December 31, 2023
| Note | September 30, 2024 (unaudited) | December 31, 2023 | ||||||||||
| (in ) | ||||||||||||
| ASSETS | ||||||||||||
| Non-current assets | ||||||||||||
| Property and equipment | 260,240 | 289,577 | ||||||||||
| Right-of-use assets | 850,001 | 1,071,666 | ||||||||||
| Intangible assets | 43,831 | 68,818 | ||||||||||
| Other assets | 8 | 217,491 | 257,267 | |||||||||
| Financial assets | 11 | 4,694,199 | 9,052,741 | |||||||||
| Total non-current assets | 6,065,762 | 10,740,069 | ||||||||||
| Current assets | ||||||||||||
| Inventories | 8 | 9,718,882 | 11,367,807 | |||||||||
| Other assets | 9 | 3,714,912 | 4,036,650 | |||||||||
| Trade receivables | 11 | 87,571 | - | |||||||||
| Tax receivables | 10 | 2,211,455 | 3,791,564 | |||||||||
| Financial assets | 11 | 31,683,244 | 77,504,518 | |||||||||
| Cash and cash equivalents | 13 | 26,205,938 | 12,767,943 | |||||||||
| Total current assets | 73,622,003 | 109,468,483 | ||||||||||
| TOTAL ASSETS | 79,687,764 | 120,208,552 | ||||||||||
| EQUITY AND LIABILITIES | ||||||||||||
| Equity | ||||||||||||
| Issued capital | 14 | 7,065,993 | 7,065,993 | |||||||||
| Share premium | 334,211,338 | 334,211,338 | ||||||||||
| Other capital reserves | 43,775,960 | 40,050,053 | ||||||||||
| Accumulated deficit | (327,080,450 | ) | (286,127,819 | ) | ||||||||
| Other components of equity | 7,309,584 | 7,382,166 | ||||||||||
| Total equity | 65,282,425 | 102,581,730 | ||||||||||
| Non-current liabilities | ||||||||||||
| Lease liabilities | 498,928 | 745,716 | ||||||||||
| Other liabilities | 12 | 36,877 | 36,877 | |||||||||
| Total non-current liabilities | 535,805 | 782,593 | ||||||||||
| Current liabilities | ||||||||||||
| Trade and other payables | 11 | 11,719,795 | 11,974,362 | |||||||||
| Lease liabilities | 398,979 | 374,329 | ||||||||||
| Employee benefits | 1,514,478 | 1,609,766 | ||||||||||
| Other liabilities | 12 | 236,284 | 2,885,772 | |||||||||
| Total current liabilities | 13,869,535 | 16,844,229 | ||||||||||
| Total Liabilities | 14,405,340 | 17,626,822 | ||||||||||
| TOTAL EQUITY AND LIABILITIES | 79,687,764 | 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 nine months ended September 30, 2024 and 2023
| (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, 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 | - | - | - | - | (40,952,630 | ) | - | (40,952,630 | ) | |||||||||||||||||||||||
| Exchange differences on translation of foreign currency | - | - | - | - | - | (72,582 | ) | (72,582 | ) | |||||||||||||||||||||||
| Total comprehensive loss | - | - | - | - | (40,952,630 | ) | (72,582 | ) | (41,025,212 | ) | ||||||||||||||||||||||
| Equity-settled share-based payments | 15 | - | - | - | 3,725,907 | - | - | 3,725,907 | ||||||||||||||||||||||||
| Balance as of September 30, 2024* | 58,883,272 | 7,065,993 | 334,211,338 | 43,775,960 | (327,080,450 | ) | 7,309,584 | 65,282,425 | ||||||||||||||||||||||||
| 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 | - | - | - | - | (26,737,373 | ) | - | (26,737,373 | ) | |||||||||||||||||||||||
| Exchange differences on translation of foreign currency | - | - | - | - | - | 56,459 | 56,459 | |||||||||||||||||||||||||
| Total comprehensive loss | - | - | - | - | (26,737,373 | ) | 56,459 | (26,680,914 | ) | |||||||||||||||||||||||
| 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 | - | - | - | 2,961,491 | - | - | 2,961,491 | ||||||||||||||||||||||||
| Share options exercised | 120,257 | 14,431 | 222,512 | - | - | - | 236,943 | |||||||||||||||||||||||||
| Balance as of September 30, 2023* | 58,883,272 | 7,065,993 | 334,211,338 | 39,597,055 | (270,197,663 | ) | 7,313,540 | 117,990,262 |
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
nine months ended September 30, 2024 and 2023
| For the nine months ended September 30, | ||||||||||||
| Note | 2024 (unaudited) | 2023 (unaudited) | ||||||||||
| (in ) | ||||||||||||
| Operating activities | ||||||||||||
| Loss for the period | (40,952,630 | ) | (26,737,373 | ) | ||||||||
| Adjustments for: | ||||||||||||
| Depreciation & amortization of property and equipment, right-of-use assets and intangible assets | 374,377 | 432,248 | ||||||||||
| Net finance income | 7 | (2,297,978 | ) | (4,864,488 | ) | |||||||
| Share-based payment expense | 15 | 3,725,907 | 2,961,491 | |||||||||
| Net foreign exchange differences | 7 | 10,930 | (82,574 | ) | ||||||||
| Changes in: | ||||||||||||
| Financial assets from government grants | (431,246 | ) | ||||||||||
| Inventories | 8 | 1,648,925 | (1,639,490 | ) | ||||||||
| Trade receivables | (87,571 | ) | - | |||||||||
| Other assets | 9 | 1,941,622 | 4,468,239 | |||||||||
| Employee benefits | (95,288 | ) | (26,893 | ) | ||||||||
| Other liabilities | 12 | (2,649,488 | ) | 2,893,461 | ||||||||
| Liabilities from government grants received | 11 | (6,209,266 | ) | |||||||||
| Trade and other payables | 11 | (254,567 | ) | 1,011,662 | ||||||||
| Income taxes paid | (5,217 | ) | - | |||||||||
| Interest received | 7 | 1,990,054 | 1,302,391 | |||||||||
| Interest paid | 7 | (16,183 | ) | (15,773 | ) | |||||||
| Net cash used in operating activities | (36,661,890 | ) | (26,937,611 | ) | ||||||||
| Investing activities | ||||||||||||
| Purchase of intangible assets, property and equipment | (29,992 | ) | (45,942 | ) | ||||||||
| Purchase of current financial assets | (27,835,062 | ) | (91,590,134 | ) | ||||||||
| Proceeds from the maturity of financial assets | 78,273,017 | 71,113,455 | ||||||||||
| Net cash from / (used in) investing activities | 50,407,963 | (20,522,621 | ) | |||||||||
| 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 | c | ) | - | 236,943 | ||||||||
| Repayment of lease liabilities | (290,145 | ) | (279,075 | ) | ||||||||
| Net cash from / (used in) financing activities | (290,145 | ) | 53,081,170 | |||||||||
| Net increase in cash and cash equivalents | 13,455,929 | 5,620,938 | ||||||||||
| Effect of exchange rate changes on cash and cash equivalents | (17,934 | ) | (190,686 | ) | ||||||||
| Cash and cash equivalents at beginning of period | 12,767,943 | 16,265,355 | ||||||||||
| Cash and cash equivalents at end of period | 13 | 26,205,938 | 21,695,607 |
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 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 Group.
These interim condensed consolidated financial statements for the nine-month reporting period ended September 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 November 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. is the U.S. dollar.
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, 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:
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 September 30, | For the nine months ended September 30, | |||||||||||||||
| 2024 (unaudited) | 2023 (unaudited) | 2024 (unaudited) | 2023 (unaudited) | |||||||||||||
| (in ) | ||||||||||||||||
| Revenues | 123,819 | 60,803 | 166,212 | 60,803 | ||||||||||||
| Total | 123,819 | 60,803 | 166,212 | 60,803 |
For the three months ended September 30, 2024, the Company realized revenues from the product sales of GOHIBIC (vilobelimab) in the amount of 124 thousand. For the nine months ended September 30, 2024, the Company
realized revenues from GOHIBIC (vilobelimab) product sales in the amount of 166 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 September 30, | For the nine months ended September 30, | |||||||||||||||
| 2024 (unaudited) | 2023 (unaudited) | 2024 (unaudited) | 2023 (unaudited) | |||||||||||||
| (in ) | ||||||||||||||||
| Cost of sales | (72,555 | ) | 255,116 | 496,119 | 255,116 | |||||||||||
| Total | (72,555 | ) | 255,116 | 496,119 | 255,116 |
The cost of sales during nine months ended September 30, 2024 was primarily related to write-downs of short-lived inventories. The Company adjusts its inventory write-downs on a quarterly basis based on its rolling
sales forecast. The 0.5 million includes both write-downs and reversals of previous write-downs. Cost of sales during the three months ended September 30, 2024 was primarily related to a reversal of a
previous write-down in the amount of 75 thousand due to a change in estimate of sales of goods prior to expiry of their shelf life.
Sales and marketing expenses incurred for the three months ended September 30, 2024 increased by 0.1 million compared to the three months ended September 30, 2023. For the nine months ended September 30, 2024, these
expenses increased by 3.2 million compared to the nine months ended September 30, 2023. This increase is primarily due to increased sales and marketing activities incurred during the nine months ended September 30, 2024 in the US, driven primarily
by GOHIBIC (vilobelimab).
Research and development expenses incurred for the three months ended September 30, 2024 increased by 3.8 million compared to the three months ended September 30, 2023. For the nine months ended September 30, 2024
these expenses decreased by 4.5 million compared to the nine months ended September 30, 2023.
The increase for the three months ended September 30, 2024 is primarily due to higher third-party expenses incurred in connection with the company's efforts to develop INF904.
The decrease for the nine months ended September 30, 2024 is primarily due to higher third-party expenses incurred during the first three quarters of 2023 in connection with the company's efforts to develop the
commercial manufacturing process, and to obtain an EUA, for GOHIBIC (vilobelimab).
| For the three months ended September 30, | For the nine months ended September 30 | |||||||||||||||
| 2024 (unaudited) | 2023 (unaudited) | 2024 (unaudited) | 2023 (unaudited) | |||||||||||||
| (in ) | ||||||||||||||||
| Other income | ||||||||||||||||
| Income from government grants | - | 772,604 | - | 13,382,393 | ||||||||||||
| Other | 101,108 | 36,262 | 153,839 | 55,570 | ||||||||||||
| Total | 101,108 | 808,866 | 153,839 | 13,437,963 |
Other income for the three months ended September 30, 2024 amounted to 0.1 million (2023: 0.8 million) and for the nine months ended September 30, 2024 amounted to 0.2 million (2023: 13.4 million). There was no
income from government grants in 2024 due to the end of the grant (i.e. German government grant for the development of vilobelimab for the treatment of critically ill COVID-19 patients) period on June 30, 2023.
| For the three months ended September 30, | For the nine months ended September 30 | |||||||||||||||
| 2024 (unaudited) | 2023 (unaudited) | 2024 (unaudited) | 2023 (unaudited) | |||||||||||||
| (in ) | ||||||||||||||||
| Interest income | 768,326 | 1,189,826 | 2,522,475 | 2,732,873 | ||||||||||||
| Interest expenses | (321 | ) | (327 | ) | (297 | ) | (1,108 | ) | ||||||||
| Interest on lease liabilities | (4,711 | ) | (4,570 | ) | (15,580 | ) | (14,368 | ) | ||||||||
| Financial result | 763,294 | 1,184,929 | 2,506,599 | 2,717,397 | ||||||||||||
| Foreign exchange income | 319,442 | 4,007,995 | 4,123,268 | 6,389,514 | ||||||||||||
| Foreign exchange expense | (3,167,134 | ) | (1,715,057 | ) | (4,435,173 | ) | (4,466,240 | ) | ||||||||
| Foreign exchange result | (2,847,692 | ) | 2,292,938 | (311,905 | ) | 1,923,274 | ||||||||||
| Other financial result | - | 221,577 | 103,285 | 223,818 | ||||||||||||
| Net financial result | (2,084,398 | ) | 3,699,444 | 2,297,978 | 4,864,488 |
Net financial result decreased by 5.8 million to a loss of 2.1 million for the three months ended September 30, 2024 from a gain of 3.7 million for the three months ended September 30, 2023. This decrease is mainly
attributable to a decrease of the foreign exchange result by 5.1 million due to the weakening of the U.S. dollar during the three months ended September 30, 2024 and a decrease of interest income on marketable securities by 0.4 million, in each
case, compared to the three months ended September 30, 2023.
Net financial result decreased by 2.6 million to 2.3 million for the nine months ended September 30, 2024. This decrease was mainly attributable to a decrease of the foreign exchange result by 2.2 million, compared
to the nine months ended September 30, 2023.
| As of September 30, 2024 (unaudited) | As of December 31, 2023 | |||||||
| (in ) | ||||||||
| Raw material and supplies | 138,414 | 423,560 | ||||||
| Unfinished goods | 9,459,267 | 10,614,159 | ||||||
| Finished goods | 121,200 | 330,087 | ||||||
| Total | 9,718,882 | 11,367,807 |
As of September 30, 2024, inventory amounted to 9.7 million compared to 11.4 million as of December 31, 2023. As of September 30, 2024 the Group recorded in total write downs of raw materials and supplies of 0.3
million and write downs of finished goods of 0.4 million. These write-downs were due to the expected expiry of the shelf life of GOHIBIC (vilobelimab) related inventories. For more information we refer to Note 3 "cost of sales". Additionally, during
the nine months ended September 30, 2024, unfinished inventory decreased as 1.2 million was recorded as research and development expense for use in clinical studies.
| As of September 30, 2024 (unaudited) | As of December 31, 2023 | |||||||
| (in ) | ||||||||
| Non-current other assets | ||||||||
| Prepaid expenses | 217,491 | 257,267 | ||||||
| Total | 217,491 | 257,267 | ||||||
| Current other assets | ||||||||
| Prepayments on research & development projects | 2,784,071 | 3,670,167 | ||||||
| Prepaid expenses | 751,953 | 272,999 | ||||||
| Others | 178,888 | 93,482 | ||||||
| Total | 3,714,912 | 4,036,648 | ||||||
| Total other assets | 3,932,403 | 4,293,915 |
As of September 30, 2024, prepayments on research and development projects amounted to 2.8 million compared to 3.7 million as of December 31, 2023, and consist of prepayments on clinical contracts, primarily for
Prepaid expenses consist mainly of prepaid D&O insurance expense for the year 2024, which will be recognized into general and administrative expenses pro rata over the year.
The category "others" primarily relate to prepayments on commercial production.
As of September 30, 2024, tax receivables amounted to 2.2 million compared to 3.8 million as of December 31, 2023. The decrease is mainly attributable to VAT refunds for Q2 2023 and Q3 2023 received during the nine
months ended September 30, 2024.
Set out below is an overview of financial assets and liabilities, other than cash and cash equivalents, held by the Group as of September 30, 2024 and December 31, 2023:
| As of September 30, 2024 (unaudited) | As of December 31, 2023 | |||||||
| (in ) | ||||||||
| Financial assets at amortized cost | ||||||||
| Trade receivables | 87,571 | - | ||||||
| Non-current financial assets | 4,694,199 | 9,052,741 | ||||||
| Thereof marketable securities | 4,456,632 | 8,815,120 | ||||||
| Current financial assets | 31,683,244 | 77,504,518 | ||||||
| Thereof marketable securities | 31,340,790 | 76.912,342 | ||||||
| Financial liabilities at amortized cost | ||||||||
| Trade and other payables | 11,719,583 | 14,716,441 |
As of September 30, 2024, the fair value of current and non-current financial assets (primarily quoted debt securities) amounted to 36.1 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 September 30, 2024, current and non-current financial assets decreased by 50.2 million to 36.4 million compared to 86.6 million as of December 31, 2023. 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 September 30, 2024, trade and other payables decreased by 3.0 million to 11.7 million compared to 14.7 million as of December 31, 2023. As of December 31, 2023 the Company temporarily had higher trade
payables from CDMO's, that arose in connection with the manufacturing of commercial products.
Trade receivables arose from GOHIBIC (vilobelimab) product deliveries to end customers (hospitals) through a subsidiary of Cencora, which acts as the U.S. distributor for the Company.
| As of September 30, 2024 (unaudited) | As of December 31, 2023 | |||||||
| (in ) | ||||||||
| Liabilities to commercial partner | - | 2,784,231 | ||||||
| Miscellaneous other liabilities | 236,284 | 101,542 | ||||||
| Total | 236,284 | 2,885,773 |
As of September 30, 2024, a subsidiary of Cencora which acts as the U.S. distributor for the Company, returned products to the Company and the Company repaid funds previously paid by Cencora, thereby extinguishing
liabilities to commercial partners.
In accordance with IFRS 15, InflaRx recognizes revenue when control of product is transferred to end customers (hospitals). Therefore, InflaRx recognizes an amount in liabilities to commercial partner, when the
product is in the distributor's warehouse until the product is sold to an end customer.
| As of September 30, 2024 (unaudited) | As of December 31, 2023 | |||||||
| (in ) | ||||||||
| Short-term deposits | ||||||||
| Deposits held in U.S. dollars | 18,615,418 | 4,120,951 | ||||||
| Deposits held in euros | 2,510,000 | 1,020,000 | ||||||
| Total | 21,125,418 | 5,140,951 | ||||||
| Cash at banks | ||||||||
| Cash held in U.S. dollars | 3,360,900 | 5,041,802 | ||||||
| Cash held in euros | 1,719,620 | 2,585,190 | ||||||
| Total | 5,080,521 | 7,626,991 | ||||||
| Total cash and cash equivalents | 26,205,938 | 12,767,942 |
As of September 30, 2024, cash and cash equivalents increased by 13.4 million to 26.2 million compared to 12.8 million as of December 31, 2023. The increase is mainly due to certain financial assets having reached
their maturity, and the subsequent reinvestment into interest bearing bank deposits, which are classified as cash and cash equivalents.