Full Press Release Details
UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS - SEPTEMBER 30, 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, 07745 Jena, Winzerlaer Str. 2
Index to unaudited condensed consolidated financial statements
for the three and nine months ended September 30, 2025
| Unaudited condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2025 and 2024 | F-3 | |
| Unaudited condensed consolidated statements of financial position as of September 30, 2025 and December 31, 2024 | F-4 | |
| Unaudited condensed consolidated statements of changes in shareholders' equity for the three and nine months ended September 30, 2025 and 2024 | F-5 | |
| Unaudited condensed consolidated statements of cash flows for the nine months ended September 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. | Trade payables and other accrued 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 |
InflaRx N.V. and subsidiaries
Unaudited condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2025
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||
| Note | 2025 (unaudited) | 2024 (unaudited) | 2025 (unaudited) | 2024 (unaudited) | ||||||||||||||||
| (in , except for share data) | ||||||||||||||||||||
| Revenues | 2 | 23,830 | 123,819 | 63,262 | 166,212 | |||||||||||||||
| Cost of sales | 3 | (333 | ) | 72,555 | (2,409,207 | ) | (496,119 | ) | ||||||||||||
| Gross profit (loss) | 23,497 | 196,374 | (2,345,945 | ) | (329,907 | ) | ||||||||||||||
| Sales and marketing expenses | 4 | (1,169,529 | ) | (1,707,748 | ) | (3,640,855 | ) | (4,995,915 | ) | |||||||||||
| Research and development expenses | 5 | (6,240,825 | ) | (11,140,152 | ) | (20,460,104 | ) | (28,458,832 | ) | |||||||||||
| General and administrative expenses | 6 | (2,618,844 | ) | (2,809,032 | ) | (10,960,934 | ) | (9,614,281 | ) | |||||||||||
| Other income | 7 | 537,093 | 101,108 | 2,016,128 | 153,839 | |||||||||||||||
| Other expenses | (8,397 | ) | (589 | ) | (8,423 | ) | (297 | ) | ||||||||||||
| Operating result | (9,477,004 | ) | (15,360,039 | ) | (35,400,131 | ) | (43,245,392 | ) | ||||||||||||
| Finance income | 8 | 438,134 | 768,326 | 1,454,119 | 2,522,475 | |||||||||||||||
| Finance expenses | 8 | (14,359 | ) | (5,032 | ) | (21,800 | ) | (15,876 | ) | |||||||||||
| Foreign exchange result | 8 | (21,127 | ) | (2,847,692 | ) | (4,799,940 | ) | (311,905 | ) | |||||||||||
| Other financial result | 8 | (3,174,451 | ) | - | 3,788,647 | 103,285 | ||||||||||||||
| Income taxes | (12,282 | ) | (5,217 | ) | (12,282 | ) | (5,217 | ) | ||||||||||||
| Income (loss) for the period | (12,261,089 | ) | (17,449,654 | ) | (34,991,387 | ) | (40,952,630 | ) | ||||||||||||
| Other comprehensive income (loss) that may be reclassified to profit or loss in subsequent periods: | ||||||||||||||||||||
| Exchange differences on translation of foreign currency | (12,340 | ) | (75,418 | ) | (276,611 | ) | (72,582 | ) | ||||||||||||
| Total comprehensive income (loss) | (12,273,429 | ) | (17,525,072 | ) | (35,267,998 | ) | (41,025,212 | ) | ||||||||||||
| Share information | ||||||||||||||||||||
| Weighted average number of shares outstanding | 67,747,130 | 58,883,272 | 66,285,299 | 58,883,272 | ||||||||||||||||
| Income (loss) per share (basic/diluted) | (0.18 | ) | (0.30 | ) | (0.53 | ) | (0.70 | ) |
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, 2025 and December 31, 2024
| Note | September 30, 2025 (unaudited) | December 31, 2024 | ||||||||||
| (in ) | ||||||||||||
| ASSETS | ||||||||||||
| Non-current assets | ||||||||||||
| Property and equipment | 309,692 | 256,280 | ||||||||||
| Right-of-use assets | 932,329 | 758,368 | ||||||||||
| Intangible assets | 46,181 | 50,781 | ||||||||||
| Other assets | 10 | 164,457 | 204,233 | |||||||||
| Financial assets | 12 | 237,376 | 3,092,290 | |||||||||
| Total non-current assets | 1,690,035 | 4,361,952 | ||||||||||
| Current assets | ||||||||||||
| Inventories | 9 | 5,071,345 | 6,897,666 | |||||||||
| Current other assets | 10 | 5,385,399 | 5,103,402 | |||||||||
| Other assets from government grants and research allowance | 10 | 6,399,161 | 5,081,772 | |||||||||
| Tax receivables | 11 | 1,965,798 | 1,735,335 | |||||||||
| Financial assets | 12 | 38,197,197 | 34,462,352 | |||||||||
| Cash and cash equivalents | 14 | 6,448,117 | 18,375,979 | |||||||||
| Total current assets | 63,467,015 | 71,656,505 | ||||||||||
| TOTAL ASSETS | 65,157,050 | 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 | 48,300,254 | 44,115,861 | ||||||||||
| Accumulated deficit | (367,183,608 | ) | (332,192,221 | ) | ||||||||
| Other components of equity | 7,163,899 | 7,440,510 | ||||||||||
| Total equity | 45,366,815 | 61,416,039 | ||||||||||
| Non-current liabilities | ||||||||||||
| Lease liabilities | 700,144 | 399,066 | ||||||||||
| Other liabilities | 13 | 36,877 | 36,877 | |||||||||
| Total non-current liabilities | 737,021 | 435,943 | ||||||||||
| Current liabilities | ||||||||||||
| Trade and other payables | 12 | 9,228,118 | 11,394,232 | |||||||||
| Lease liabilities | 270,718 | 406,020 | ||||||||||
| Employee benefits | 1,509,001 | 2,064,678 | ||||||||||
| Liabilities to warrant holders | 7,703,773 | - | ||||||||||
| Other liabilities | 13 | 341,604 | 301,544 | |||||||||
| Total current liabilities | 19,053,214 | 14,166,475 | ||||||||||
| Total Liabilities | 19,790,235 | 14,602,417 | ||||||||||
| TOTAL EQUITY AND LIABILITIES | 65,157,050 | 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 nine months ended September 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 | - | - | - | - | (34,991,387 | ) | - | (34,991,387 | ) | ||||||||||||||||||||||
| Exchange differences on translation of foreign currency | - | - | - | - | - | (276,611 | ) | (276,611 | ) | ||||||||||||||||||||||
| Total comprehensive loss | - | - | - | - | (34,991,387 | ) | (276,611 | ) | (35,267,998 | ) | |||||||||||||||||||||
| 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 | - | - | - | 4,184,393 | - | - | 4,184,393 | |||||||||||||||||||||||
| Balance as of September 30, 2025 | 67,747,130 | 8,129,656 | 348,956,615 | 48,300,254 | (367,183,608 | ) | 7,163,899 | 45,366,815 | |||||||||||||||||||||||
| 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 | ) | |||||||||||||||||||||
| Issuance of common shares | - | - | - | - | - | - | - | ||||||||||||||||||||||||
| Transaction costs | - | - | - | - | - | - | - | ||||||||||||||||||||||||
| Equity-settled share-based payments | 16 | - | - | - | 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 |
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, 2025 and 2024
| For the nine months ended September 30, | |||||||||||
| Note | 2025 (unaudited) | 2024 (unaudited) | |||||||||
| (in ) | |||||||||||
| Operating activities | |||||||||||
| Loss for the period | (34,991,387 | ) | (40,952,630 | ) | |||||||
| Adjustments for: | |||||||||||
| Depreciation & amortization of property and equipment, right-of-use assets and intangible assets | 328,594 | 374,377 | |||||||||
| Net finance income | 8 | (421,026 | ) | (2,297,978 | ) | ||||||
| Share-based payment expense | 16 | 4,184,393 | 3,725,907 | ||||||||
| Net foreign exchange differences and other adjustments | 1,516,352 | 10,930 | |||||||||
| Changes in: | |||||||||||
| Other assets from government grants and research allowances | (1,317,389 | ) | - | ||||||||
| Other assets and trade receivables | 10 | (472,685 | ) | 1,854,051 | |||||||
| Employee benefits | (555,677 | ) | (95,288 | ) | |||||||
| Other liabilities | 13 | 40,059 | (2,649,488 | ) | |||||||
| Trade and other payables | 13 | (2,166,114 | ) | (254,567 | ) | ||||||
| Inventories | 9 | 1,826,321 | 1,648,925 | ||||||||
| Interest received | 10 | 1,436,554 | 1,990,054 | ||||||||
| Interest paid | (16,724 | ) | (16,183 | ) | |||||||
| Net cash used in operating activities | (30,608,728 | ) | (36,661,890 | ) | |||||||
| Investing activities | |||||||||||
| Purchase of intangible assets, property and equipment | (113,645 | ) | (29,992 | ) | |||||||
| Purchase of current financial assets | (46,100,315 | ) | (27,835,062 | ) | |||||||
| Proceeds from the maturity of financial assets | 41,567,040 | 78,273,017 | |||||||||
| Net cash from / (used in) investing activities | (4,646,921 | ) | 50,407,963 | ||||||||
| 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 | (284,857 | ) | (290,145 | ) | |||||||
| Net cash from / (used in) financing activities | 26,824,740 | (290,145 | ) | ||||||||
| Net increase/decrease in cash and cash equivalents | (8,430,908 | ) | 13,455,929 | ||||||||
| Effect of exchange rate changes on cash and cash equivalents | (3,496,954 | ) | (17,934 | ) | |||||||
| Cash and cash equivalents at beginning of period | 18,375,979 | 12,767,943 | |||||||||
| Cash and cash equivalents at end of period | 14 | 6,448,117 | 26,205,938 |
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 nine-month reporting period ended September 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. The condensed consolidated financial statements requires management to make judgments,
estimates and assumptions which are the same as at year end. Estimates and underlying assumptions are reviewed on an ongoing basis. 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 November 10, 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. 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, 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 September 30, | For the nine months ended September 30, | |||||||||||||||
| 2025 (unaudited) | 2024 (unaudited) | 2025 (unaudited) | 2024 (unaudited) | |||||||||||||
| (in ) | ||||||||||||||||
| Revenues | 23,830 | 123,819 | 63,262 | 166,212 | ||||||||||||
| Total | 23,830 | 123,819 | 63,262 | 166,212 |
For the three months ended September 30, 2025 and 2024, the Company realized revenues from product sales of GOHIBIC (vilobelimab) in the amount of 24 thousand and 124 thousand, respectively.
For the nine months ended September 30, 2025 and 2024, the Company realized revenues from product sales of GOHIBIC (vilobelimab) in the amount of 63 thousand and 166 thousand, respectively.
Revenues reported are sales to end customers (hospitals). 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, | |||||||||||||||
| 2025 (unaudited) | 2024 (unaudited) | 2025 (unaudited) | 2024 (unaudited) | |||||||||||||
| (in ) | ||||||||||||||||
| Cost of sales | 333 | (72,555 | ) | 2,409,207 | 496,119 | |||||||||||
| Total | 333 | (72,555 | ) | 2,409,207 | 496,119 |
For the three months ended September 30, 2025 and 2024, the Company's cost of sales amounted to 0.0 million and (0.1) million, respectively.
For the nine months ended September 30, 2025 and 2024, the Company's cost of sales amounted to 2.4 million and 0.5 million, respectively.
For the the nine months ended September 30, 2025 cost of sales primarily includes write-downs of unfinished goods held in inventory that exceed expected sales quantities and are likely to expire before
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.
During the three months ended September 30, 2025, the Group incurred 1.2 million (2024: 1.7 million) of sales and marketing expenses in the United States. These expenses are
mainly composed of 0.4 million (2024: 0.5 million) in marketing expenses for GOHIBIC (vilobelimab) and of 0.5 million (2024: 0.5 million) in personnel costs.
During the nine months ended September 30, 2025, the Group incurred 3.6 million (2024: 5.0 million) of sales and marketing expenses in the United States. These expenses are mainly composed of
1.6 million (2024: 1.2 million) in personnel costs and 0.2 million (2024: 2.0 million) in external services for distribution and 1.1 million (2024: 1.0 million) in marketing expenses for GOHIBIC (vilobelimab).
During the three months ended September 30, 2025, the Group incurred 6.2 million (2024: 11.1 million) of research and development expenses. These expenses are mainly composed
of 1.9 million (2024: 1.9 million) in personnel costs and 4.2 million (2024: 8.7 million) in external services for the Group's research and development projects.
During the nine months ended September 30, 2025, the Group incurred 20.5 million (2024: 28.5 million) of research and development expenses. These expenses are mainly composed of 6.9 million (2024:
6.5 million) in personnel costs and 12.5 million (2024: 19.6 million) in external services for the Group's research and development projects.
During the three months ended September 30, 2025, the Group incurred 2.6 million (2024: 2.8 million) of general and administration expenses. These expenses are mainly composed of 1.4 million (2024:
1.4 million) in personnel costs, 0.3 million (2024: 0.4 million) in legal, consulting and audit fees, 0.9 million (2024: 1.0 million) in other general and administrative expenses.
During the nine months ended September 30, 2025, the Group incurred 11.0 million (2024: 9.6 million) of general and administration expenses. These expenses are mainly composed of 5.7 million (2024:
5.1 million) in personnel costs, 2.8 million (2024: 1.7 million) in legal, consulting and audit fees, 2.5 million (2024: 2.8 million) in other general and administrative expenses.
Other income for the three months ended September 30, 2025 amounted to 0.5 million (2024: 0.1 million), mainly from earned research allowances attributable to eligible research and development
expenses during the period.
Other income for the nine months ended September 30, 2025 amounted to 2.0 million (2024: 0.2 million), mainly from earned research allowance attributable to eligible research and development expenses
During the first nine months ended September 30, 2024, the Group did not record other income from research allowances.
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
| 2025 (unaudited) | 2024 (unaudited) | 2025 (unaudited) | 2024 (unaudited) | |||||||||||||
| (in ) | ||||||||||||||||
| Interest income | 438,134 | 768,326 | 1,454,119 | 2,522,475 | ||||||||||||
| Interest expenses | (493 | ) | (321 | ) | (1,260 | ) | (297 | ) | ||||||||
| Interest on lease liabilities | (13,865 | ) | (4,711 | ) | (20,540 | ) | (15,580 | ) | ||||||||
| Financial result | 423,776 | 763,294 | 1,432,319 | 2,506,599 | ||||||||||||
| Foreign exchange income | 731,488 | 319,442 | 3,853,346 | 4,123,268 | ||||||||||||
| Foreign exchange expense | (752,615 | ) | (3,167,134 | ) | (8,653,286 | ) | (4,435,173 | ) | ||||||||
| Foreign exchange result | (21,127 | ) | (2,847,692 | ) | (4,799,940 | ) | (311,905 | ) | ||||||||
| Result of expected credit loss adjustment on marketable securities | - | - | - | 103,285 | ||||||||||||
| Result from the revaluation of pre-funded warrants at fair value | (3,174,451 | ) | - | 3,788,647 | - | |||||||||||
| Other financial result | (3,174,451 | ) | - | 3,788,647 | 103,285 | |||||||||||
| Net financial result | (2,771,803 | ) | (2,084,398 | ) | 421,026 | 2,297,979 |
For the three months ended September 30, 2025, net financial result decreased by 0.7 million to a loss of 2.8 million from a loss of 2.1 million for the three months ended September 30, 2024. This
decrease is mainlyattributable to the fair value revaluation of pre-funded warrants issued in February 2025 in the amount of -3.2 million and to the foreign exchange result which increased by 2.8 million.. Financial result decreased by 0.3 million
due to lower interest income on marketable securities, in each case, compared to the three months ended September 30,2024. The decrease is offset by an increase of the foreign exchange result of 2.8 million.
For the nine months ended September 30, 2025, net financial result decreased by 1.9 million to a gain of 0.4 million in the nine months ended September 30, 2025 from a gain of 2.3 million in the
nine months ended September 30, 2024. This decrease is mainly attributable to the decrease of the foreign exchange result by 4.5 million. Finance result decreased by 1.1 million due to lower interest income on marketable securities. This effect is
partially compensated by a gain of 3.8 million from the fair value revaluation of pre-funded warrants, issued in February 2025.
| As of September 30, 2025 (unaudited) | As of December 31, 2024 | |||||||
| (in ) | ||||||||
| Raw material and supplies | 82,090 | 82,087 | ||||||
| Unfinished goods | 4,938,358 | 6,758,952 | ||||||
| Finished goods | 50,897 | 56,627 | ||||||
| Total | 5,071,345 | 6,897,666 |
As of September 30, 2025, inventory amounted to 5.1 million, which represents a decrease of 1.8 million compared to December 31, 2024. In the first nine months ended September 30, 2025, the Company
recorded write downs of unfinished product of 2.4 million ( 2.7 million for unfinished product as of December 2024) in cost of sales, due primarily to product quantities on-hand exceeding quantities expected to be sold prior to their expiry.
| As of September 30, 2025 (unaudited) | As of December 31, 2024 | |||||||
| (in ) | ||||||||
| Non-current other assets | ||||||||
| Prepaid expenses | 164,457 | 204,233 | ||||||
| Total non-current other assets | 164,457 | 204,233 | ||||||
| Current other assets | ||||||||
| Prepayments on research & development projects | 4,789,056 | 4,628,878 | ||||||
| Prepaid expenses | 568,819 | 354,948 | ||||||
| Others | 27,524 | 119,576 | ||||||
| Total current other assets | 5,385,399 | 5,103,402 | ||||||
| Other assets from research allowances | ||||||||
| Current other assets from research allowances | 6,399,161 | 5,081,772 | ||||||
| Total other assets from research allowances | 6,399,161 | 5,081,772 | ||||||
| Total other assets | 11,949,016 | 10,389,407 |
As of September 30, 2025, prepayments on research and development projects amounted to 4.8 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 September 30, 2025, other assets from research allowances were 6.4 million compared to 5.1 million as of December 31, 2024, which represent reimbursements the Company qualifies for under the
German Research Allowance Act (government grant).The increase is due to additional receivables recognized for eligible expenses incurred in the nine months ended September 30, 2025 in the amount of 2.0 million and a payment received for the year
2020 in the amount of 0.7 million.
As of September 30, 2025, tax receivables amounted to 2.0 million (VAT: 0.4 million, income tax receivables: 1.6 million) compared to 1.7 million (VAT: 0.5 million, income tax receivables: 1.2
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 September 30, 2025 and December 31, 2024:
| As of September 30, 2025 (unaudited) | As of December 31, 2024 | |||||||
| (in ) | ||||||||
| Financial assets at amortized cost | ||||||||
| Non-current financial assets | 237,376 | 3,092,290 | ||||||
| Thereof marketable securities | - | 2,854,405 | ||||||
| Current financial assets | 38,197,197 | 34,462,352 | ||||||
| Thereof marketable securities | 37,924,121 | 33,969,390 | ||||||
| Financial liabilities at amortized cost | ||||||||
| Trade and other payables | 9,405,869 | 11,549,150 | ||||||
| Financial liabilities at fair value | ||||||||
| Current liabilities to warrant holders | 7,703,773 | - |
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 September 30, 2025, the fair value of the warrants
amounted to 7.7 million (Level 1).
As of September 30, 2025, the fair value of current and non-current financial assets (primarily quoted debt securities) amounted to 38.5 million (as of December 31, 2024: 42.6 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 September 30, 2025, current and non-current financial assets increased by 0.9 million to 38.4 million compared to 37.6 million of December 31,2024. The increase is mainly due to the
subsequent reinvestment of interest bearing bank deposits (cash and cash equivalents) in marketable securities (financials assets).
As of September 30, 2025, trade and other payables decreased by 2.1 million to 9.4 million compared to 11.5 million as of December 31, 2024. As of December 31, 2024 the