Announcement • Nov 11

InflaRx N.V. Reports Positive Phase 2a Data for INF904 in Hidradenitis Suppurative (HS) and Chronic Spontaneous Urticaria (CSU)

InflaRx N.V. announced positive topline data from a Phase 2a basket study exploring INF904 in HS and CSU. Efficacy data were reported from 29 of 31 HS patients and from 30 of 31 CSU patients. The study is evaluating the safety and pharmacokinetics /pharmacodynamics profile of INF904, with efficacy measures evaluated as exploratory endpoints. InflaRx believes these data provide strong rationale for further development in both indications. The Phase 2a study continues toward completion of the 4-week post-treatment observation period, with the final results targeted for release at major scientific meetings. In addition, InflaRx intends to host a Capital Markets Event showcasing the promise of INF904 in the near future. The Phase 2a trial is a multi-center, open-label study evaluating multiple INF904 dosing regimens over 4 weeks of treatment, with an additional 4-week follow-up period during which time patients are not dosed with INF904 (trial is 8 weeks total). The efficacy data reported are from 29 patients from all three HS dosing cohorts who completed all 4 weeks of treatment (10 patients on 60 mg BID, 11 patients on 90 mg BID, and 8 patients on 120 mg BID), with additional data from patients (n=25) who to-date, have also completed the subsequent 4-week follow-up observation period off drug. In HS, clinical endpoints included reduction in AN and dT counts, achievement of HiSCR, pain reduction (Numeric Rating Scale 30 (NRS30)) and improvement in Dermatology Life Quality Index (DLQI).Across all dosing groups, INF904 induced rapid, meaningful and consistent reductions in ANs and dTs; in addition to improvements in measures such as HiSCR, IHS4, NRS30, and DLQI. Improvements in reported efficacy measures were largely rapid and consistent, beginning from Week 1, and deepened over the 4-week treatment period. All doses showed positive clinical activity and appeared strongest in the highest dosing cohort. The company believes efficacy data for INF904 at 4 weeks are largely in line with data reported for the same timepoint from clinical studies for approved HS therapies and compared favorably for reductions in dT and improvement in NRS30 response. Furthermore, initial data reported from 25 HS patients who completed the 4-week off-drug follow-up period showed that HiSCR responses continued to deepen 4 weeks after the treatment period. Preliminary PK results from Week 8 indicate INF904 levels 4 weeks off drug may still offer C5aR blocking potential. In addition, InflaRx believes inhibiting C5aR may drive an improvement in the inflammatory environment which may confer longer lasting benefit. Safety data from 33 HS patients were reported. No signal of safety concern was detected, with no reported serious adverse events (SAEs) and three adverse events in two patients reported as possibly-to-likely related to drug which all were mild (Grade 1) in nature. Overall, InflaRx believes these data are strong evidence that INF904 is highly active in HS, with improvements in efficacy measures largely differentiated from historically reported placebo, and in line with reported improvements at the 4-week time point for therapies which have successfully completed Phase 3 trials or received approval. Given this positive biologic-like emerging clinical profile, with rapid, consistent and significant reductions in all lesion counts, total inflammatory burden (TIB), and patient reported outcomes (in particular NRS30 Skin Pain), as well as an addressable market for INF904 that InflaRx believes could well exceed $1 billion, the Company has a goal of progressing clinical development into a Phase 2b trial in 2026. The Phase 2a trial is a multi-center, open-label study evaluating multiple INF904 dosing regimens over 4 weeks of treatment, with an additional 4-week follow-up period during which time patients are not dosed with INF904 (trial is 8 weeks total). The efficacy data reported are from 30 patients (14 patients on 60 mg BID and 16 patients on 120 mg BID) that completed all 4 weeks of treatment, with additional data from patients (n=23) who to-date, have also completed the subsequent 4-week follow-up observation period off drug. In CSU, clinical endpoints included change from baseline in UAS7, UCT7 and responder rate analyses, with additional subset analyses conducted in several study subpopulations. Reported improvements in clinical measures such as UAS7 appeared generally higher in the 60 mg dosing cohort (UAS7 change from baseline of -13.7 points at Week 4) and indicate a level of activity that exceeds average historically reported placebo levels and is within the range of existing approved CSU therapies. Furthermore, in patients with severe CSU at baseline (UAS7 of 28–42, n=23), the 60mg dose reduced UAS7 by 15.4 points, and in patients who presented with angioedema (n=3) the reduction of UAS7 was 18.7 points. Additional efficacy analyses in patients with high IgE (n=22) and low IgE (n=6) at baseline showed that INF904 appeared equally effective in both patient populations. Furthermore, initial data reported from 23 CSU patients who completed the 4-week off-drug observational follow-up period, indicated that patients continued to benefit from INF904 four weeks after the last dose, with responses in the 60mg dosing cohort showing a mean absolute UAS7 reduction of 16.7 points. InflaRx believes that INF904’s ability to drive durable improvements within the inflammatory environment could provide deepened clinical benefit with long-term dosing.Safety data from 33 CSU patients were reported. No signal of safety concern was detected, with no reported SAEs and one adverse event reported as possibly related to drug which was mild (Grade 1) in nature. Overall, InflaRx believes these data suggest that INF904 is active in CSU and not only differentiated from reported historical placebo rates, but potentially within the range of currently approved CSU therapies. These data further indicate that UAS7 decreases may deepen with longer-term treatment. Given this positive emerging clinical profile, and an addressable market for INF904 that InflaRx believes could well exceed $1 billion, the Company is targeting further development for INF904 in CSU via its active engagement with potential partners.

CEO salary percentage	n/a
CEO tenure	19.4yrs
CEO ownership	0.7%
Management average tenure	3.9yrs
Board average tenure	7.1yrs

Name	Position	Tenure	Compensation	Ownership
Niels Riedemann	Co-Founder	19.4yrs	no data	0.73% € 1.6m
Renfeng Guo	Co-Founder	19.4yrs	no data	1.2% € 2.6m
Thomas Taapken	Chief Financial Officer	5.7yrs	no data	0.0024% € 5.1k
Derval O'Carroll	Senior VP and Global Head of Regulatory Affairs & Compliance	3.2yrs	no data	no data
Camilla Chong	Chief Medical Officer	2.9yrs	no data	no data
Jan Medina	Head of Investor Relations & VP	2.3yrs	no data	no data
Christian Schmid	VP and Head of Legal Affairs & General Counsel	no data	no data	no data
Maria Habel	VP, Head of Preclinical R&D and QC	13.4yrs	no data	no data
Kofi Boaten	VP and Head of Supply Quality & Clinical Trial Supplies	no data	no data	no data
Peter Hurt	Senior Director and Head of Drug Safety & Pharmacovigiliance	no data	no data	no data
Daniel Vetter	Senior Director & Head of IT	3.9yrs	no data	no data
Igor Orshanskiy	Senior Director & Head of Business Development	2.6yrs	no data	no data

Name	Position	Tenure	Compensation	Ownership
Niels Riedemann	Co-Founder	no data	no data	0.73% € 1.6m
Renfeng Guo	Co-Founder	no data	no data	1.2% € 2.6m
Nicolas Fulpius	Independent Chairman of the Board	19.4yrs	no data	0.33% € 711.6k
K. Reinhart	Member of Scientific Advisory Board	no data	no data	no data
P. Ward	Member of Scientific Advisory Board	no data	no data	no data
Richard Brudnick	Independent Non-Executive Director	7.1yrs	no data	0.034% € 72.6k
Hege Hellstrom	Non-Executive Director	3.2yrs	no data	no data
Mark Kubler	Independent Non-Executive Director	11.4yrs	no data	0.65% € 1.4m
Anthony Gibney	Independent Non-Executive Director	5.1yrs	no data	0.0068% € 14.5k

Data	Last Updated (UTC time)
Company Analysis	2026/06/12 00:58
End of Day Share Price	2026/06/12 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Madhu Kumar	Baird
Mayur Somaiya	BMO Capital Markets Equity Research
Madhu Kumar	B. Riley Securities, Inc.

InflaRx Management

Management criteria checks 2/4

Key information

Recent management updates

Insufficient new directors

InflaRx N.V., Annual General Meeting, Apr 23, 2026

InflaRx N.V., Annual General Meeting, Apr 24, 2025

InflaRx N.V., Annual General Meeting, Apr 25, 2024

InflaRx N.V. Appoints Jan Medina as Head of Investor Relations

Inflarx N.V. Appoints Camilla Chong as Chief Medical Officer, Effective July 1, 2023

Recent updates

Insufficient new directors

InflaRx N.V. Advances Izicopan in ANCA-Associated Vasculitis and Select Renal Diseases

InflaRx N.V. has completed a Follow-on Equity Offering in the amount of $150 million.

InflaRx N.V. Reports Favorable Reactive Metabolite Profile for Izicopan in Human Liver Microsomes

InflaRx N.V. to Report Q1, 2026 Results on May 07, 2026

InflaRx N.V. Reports New Mechanistic Data For Izicopan Supporting Its Potential As A Best-In-Class C5aR Inhibitor

InflaRx N.V., Annual General Meeting, Apr 23, 2026

Inflarx N.V. Highlights Clinical Activity of Vilobelimab in Pyoderma Gangrenosum

InflaRx N.V. to Report Q4, 2025 Results on Mar 19, 2026

InflaRx N.V. Announces It Is Undertaking Measures to Reduce Spending, Extend the Company’S Cash Runway, and Align Resources to Enable Further Development of Izicopan in HS and Other I&I Indications as a Potential Best-In-Class C5aR Inhibitor and Pipeline-in-a-Product

InflaRx N.V. Provides Update on Phase 3 Data Analyses for Vilobelimab in Pyoderma Gangrenosum

InflaRx N.V. Reports Positive Phase 2a Data for INF904 in Hidradenitis Suppurative (HS) and Chronic Spontaneous Urticaria (CSU)

InflaRx N.V. to Report Q3, 2025 Results on Nov 10, 2025

InflaRx Regains Compliance with Nasdaq Minimum Bid Price Requirement

InflaRx N.V. to Report Q2, 2025 Results on Aug 07, 2025

Inflarx N.V. Announces Outcome of Interim Analysis for Vilobelimab Phase 3 Trial in Pyoderma Gangrenosum

InflaRx N.V. to Report Q1, 2025 Results on May 07, 2025

InflaRx N.V., Annual General Meeting, Apr 24, 2025

InflaRx N.V. to Report Q4, 2024 Results on Mar 20, 2025

InflaRx N.V. has completed a Follow-on Equity Offering in the amount of $30 million.

InflaRx N.V. has filed a Follow-on Equity Offering.

InflaRx N.V. Receives European Commission Approval for GOHIBIC®? (Vilobelimab) for the Treatment of SARS-CoV-2-Induced Acute Respiratory Distress Syndrome

Forecast to breakeven in 2027

Inflarx N.V. Announces First Patient Dosed in Phase 2A Study for Oral C5aR Inhibitor INF904

InflaRx N.V. Receives Positive CHMP Opinion for GOHIBIC® (Vilobelimab) for the Treatment of SARS-CoV-2-Induced Acute Respiratory Distress Syndrome

InflaRx N.V. to Report Q3, 2024 Results on Nov 08, 2024

New major risk - Revenue and earnings growth

InflaRx N.V. to Report Q2, 2024 Results on Aug 08, 2024

Inflarx’S Gohibic (Vilobelimab) Selected for First Barda-Sponsored Clinical Trial to Evaluate Novel Host-Directed Therapeutics for Acute Respiratory Distress Syndrome (Ards)

InflaRx N.V. Hosts R&D Event Highlighting the Promise of INF904

InflaRx N.V. to Report Q1, 2024 Results on May 08, 2024

InflaRx N.V., Annual General Meeting, Apr 25, 2024

No longer forecast to breakeven

InflaRx N.V. to Report Q4, 2023 Results on Mar 21, 2024

InflaRx N.V. Appoints Jan Medina as Head of Investor Relations

InflaRx N.V. Announces First Patient Dosed in Phase III Trial with Vilobelimab in Pyoderma Gangrenosum

New major risk - Financial position

New minor risk - Market cap size

InflaRx N.V. Announces Positive Topline Results from the Single Ascending Dose (SAD) Phase I Study with C5aR Inhibitor INF904

Inflarx N.V.'S Marketing Authorization Application (Maa) for Vilobelimab for Treatment of Critically Ill Covid-19 Patients Under Review by European Medicines Agency (Ema)

Forecast breakeven date moved forward to 2024

New major risk - Share price stability

Forecast breakeven date moved forward to 2024

Inflarx N.V. Appoints Camilla Chong as Chief Medical Officer, Effective July 1, 2023

Forecast to breakeven in 2025

InflaRx N.V. Announces Details Related to the Design of its Planned Phase III Study with Vilobelimab in Ulcerative PG

InflaRx N.V. Provides Update on Planned Phase Iii Study Design in Pyoderma Gangrenosum with Vilobelimab and Status of Its Eua Application in Critically Ill Covid-19 Patients

No longer forecast to breakeven

Forecast to breakeven in 2024

Forecast to breakeven in 2024

Independent Non-Executive Director Lina Ma has left the company

New 90-day high: €5.29

New 90-day high: €4.60

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