Announcement • Jun 30

InflaRx Assesses Feasibility Of Broadened Strategy For ANCA-Associated Vasculitis In Europe Following EMA Recommendation On Tavneos

InflaRx N.V. announced it is assessing the feasibility of broadening its development and registrational strategy for ANCA-associated vasculitis (AAV) in Europe. The company has initiated this assessment given the recommendation of the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) to revoke the marketing authorization for Tavneos in the European Union, announced on June 26, 2026. The Company announced it intends to engage with EMA regarding both its anti-C5a antibody vilobelimab, which is approved under exceptional circumstances as GOHIBIC in Europe for SARS-CoV-2-induced acute respiratory distress syndrome, in addition to its next-generation oral C5aR inhibitor izicopan. This will be part of the Company’s overall development goal to determine the most efficient development pathway to bring the C5a/C5aR inhibition mechanism to patients. The previously announced Phase 2 planning with izicopan in AAV continues as planned and uninterrupted across multiple geographies. InflaRx considers vilobelimab to be a Phase 3-ready asset in AAV, where it has completed two Phase 2 studies in the U.S. and Europe. In addition, BDB-001, a vilobelimab cell line-produced antibody, has completed Phase 2 development and is being evaluated by InflaRx’s collaborator, Staidson BioPharmaceuticals Co. Ltd. (Staidson), in a Phase 3 trial in AAV in China. Together, vilobelimab and izicopan provide InflaRx with a complementary biologic and oral pipeline that is well positioned to address the evolving treatment landscape and significant unmet medical need in AAV. A growing body of clinical data supporting the utility and safety of anti-C5a therapy in AAV has emerged in recent years. Vilobelimab has been evaluated in two controlled Phase 2 AAV studies, the European IXCHANGE trial (NCT03895801) and the U.S. IXPLORE trial (NCT03712345). In IXCHANGE, which tested vilobelimab as a replacement for glucocorticoids on a background of standard-of-care rituximab or cyclophosphamide, clinical response and remission rates with vilobelimab were comparable to those achieved with standard-dose glucocorticoids, while cumulative glucocorticoid exposure and glucocorticoid-related toxicity were substantially lower in vilobelimab-treated patients. In IXPLORE, vilobelimab added to standard of care was well tolerated without signals of safety concerns. Across both IXCHANGE and IXPLORE, vilobelimab demonstrated a favorable safety and tolerability profile, with IXCHANGE supporting its potential to induce remission while markedly reducing the glucocorticoid burden. In addition, under a license agreement where it holds development and commercialization rights in China, our collaborator Staidson has generated promising AAV data with BDB-001, an anti-C5a antibody produced using the vilobelimab cell line. The multicenter, randomized, open-label, parallel-controlled Phase 1/2 clinical trial by Staidson demonstrated that BDB-001 injection combined with reduced-dose glucocorticoids or without glucocorticoids achieved comparable partial response rates and numerically higher complete response rates at 12 weeks of treatment compared with standard of care using the Birmingham vasculitis score (BVAS). After successful completion of this Phase 1/2 study, Staidson initiated a Phase 3 trial in China in 2025, which is ongoing. AAV is a rare, life-threatening autoimmune disease characterized by inflammation and damage to small blood vessels, with patients often experiencing serious organ involvement, including renal impairment. InflaRx believes the recent regulatory developments underscore the continued need for well-characterized, mechanistically targeted therapies that may help address the significant unmet medical need in this disease. Izicopan is an orally administered, small molecule inhibitor of the C5a receptor (C5aR) that has shown anti-inflammatory therapeutic effects in several pre-clinical disease models and in human studies. Further, in contrast to the marketed C5aR inhibitor, in vitro experiments demonstrated that izicopan does not exhibit time-dependent inhibition of cytochrome P450 3A4 (CYP3A4), which plays an important role in the metabolism of a variety of metabolites and drugs, including glucocorticoids. Izicopan has also demonstrated a favorable reactive metabolite profile in human liver microsomes. Reported results from a first-in-human study demonstrated that izicopan was well tolerated in treated subjects and exhibited no safety signals of concern in single doses ranging from 3 mg to 240 mg or multiple doses ranging from 30 mg once per day to 90 mg twice per day for 14 days. Pharmacokinetic /pharmacodynamic data support the best-in-class potential of izicopan, with a =90% blockade of C5a-induced neutrophil activation achieved over the 14-day dosing period. Topline Phase 2a data further support the safety profile of izicopan, with no reported safety signals of concern. In patients with hidradenitis suppurativa, over 4 weeks of therapy, izicopan provided rapid and clinically meaningful reductions in abscesses and nodules and draining tunnels, robust HiSCR responses that continued to deepen four weeks after the treatment period, and substantial reductions in patient-reported pain scores, overall demonstrating the potential for biologic-like efficacy. In chronic spontaneous urticaria, InflaRx observed substantial reductions in the 7-day Urticaria Activity Score (UAS7) broadly across patients and particularly in those with severe disease, as well as improved disease control as measured by the Urticaria Control Test (UCT7). In addition, InflaRx is planning for development of izicopan in AAV and additional renal indications. Vilobelimab is a first-in-class monoclonal anti-human complement factor C5a antibody which highly and effectively blocks the biological activity of C5a and demonstrates high selectivity towards its target in human blood. Thus, vilobelimab leaves the formation of the membrane attack complex (C5b-9) intact as an important defense mechanism of the innate immune system, which is not the case for molecules blocking C5. In pre-clinical studies, vilobelimab has been shown to control the inflammatory response-driven tissue and organ damage by specifically blocking C5a as a key “amplifier” of this response. In the EU, GOHIBIC (vilobelimab) has been granted marketing authorization under exceptional circumstances for the treatment of adult patients with SARS-CoV-2-induced acute respiratory distress syndrome (ARDS) who are receiving systemic corticosteroids as part of standard of care and receiving invasive mechanical ventilation (IMV) (with or without extracorporeal membrane oxygenation (ECMO)). The EU approval of GOHIBIC is supported by the previously announced results of the multicenter Phase 3 PANAMO trial, one of the largest 1:1 randomized, double-blind, placebo-controlled trials in invasively mechanically ventilated COVID-19 patients in intensive care units.

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.

Biotechs Industry Growth	17.04%
Revenue growth rate	38.97%
Return on equity	-26.78%
Net Margin	387,532.07%
Last Earnings Update	30 Jun 2026

Date	Earnings	G+A Expenses	R&D Expenses
30 Jun 26	-39	13	20
31 Mar 26	-43	15	23
31 Dec 25	-46	18	26
30 Sep 25	-40	20	27
30 Jun 25	-45	21	32
31 Mar 25	-45	21	35
31 Dec 24	-46	20	35
30 Sep 24	-57	19	37
30 Jun 24	-47	19	33
31 Mar 24	-41	18	34
31 Dec 23	-43	17	41
30 Sep 23	-35	15	41
30 Jun 23	-35	14	42
31 Mar 23	-27	14	42
31 Dec 22	-29	15	38
30 Sep 22	-34	15	39
30 Jun 22	-38	15	41
31 Mar 22	-54	13	41
31 Dec 21	-46	12	36
30 Sep 21	-42	12	31
30 Jun 21	-37	9	27
31 Mar 21	-32	9	23
31 Dec 20	-34	8	26
30 Sep 20	-39	9	31
30 Jun 20	-46	10	39
31 Mar 20	-52	12	44
31 Dec 19	-53	13	45
30 Sep 19	-50	13	43
30 Jun 19	-42	14	35
31 Mar 19	-29	13	27
31 Dec 18	-30	13	25
30 Sep 18	-31	12	22
30 Jun 18	-29	10	19
31 Mar 18	-31	8	17
31 Dec 17	-24	5	14
30 Sep 17	-17	3	11
30 Jun 17	-15	3	9
31 Mar 17	-12	2	7
31 Dec 16	-9	2	5

Data	Last Updated (UTC time)
Company Analysis	2026/09/10 03:06
End of Day Share Price	2026/09/10 00:00
Earnings	2026/06/30
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 Past Earnings Performance

Past criteria checks 0/6

Key information

Recent past performance updates

InflaRx N.V. to Report Q2, 2026 Results on Aug 06, 2026

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

Full year 2025 earnings: EPS in line with expectations, revenues disappoint

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

Third quarter 2025 earnings: EPS and revenues miss analyst expectations

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

Recent updates

Here's Why We're Not At All Concerned With InflaRx's (NASDAQ:IFRX) Cash Burn Situation

New major risk - Revenue and earnings growth

InflaRx N.V. to Report Q2, 2026 Results on Aug 06, 2026

InflaRx Eyes Expanded Vasculitis Program in Europe After EMA Decision on Tavneos

InflaRx Assesses Feasibility Of Broadened Strategy For ANCA-Associated Vasculitis In Europe Following EMA Recommendation On Tavneos

New major risk - Share price stability

Consensus revenue estimates decrease by 33%, EPS upgraded

New major risk - Shareholder dilution

Consensus revenue estimates increase by 22%

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

Insufficient new directors

New minor risk - Share price stability

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

Consensus revenue estimates decrease by 69%, EPS upgraded

New major risk - Revenue and earnings growth

Full year 2025 earnings: EPS in line with expectations, revenues disappoint

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

Now 23% overvalued

Here's Why We're A Bit Worried About InflaRx's (NASDAQ:IFRX) Cash Burn Situation

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: Gohibic Remains Niche, INF904 Underwhelms, Cash Burn Accelerates (Rating Downgrade)

Consensus revenue estimates fall by 32%

Third quarter 2025 earnings: EPS and revenues miss analyst expectations

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

Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind

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

Is InflaRx (NASDAQ:IFRX) In A Good Position To Deliver On Growth Plans?

New major risk - Revenue and earnings growth

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

New minor risk - Shareholder dilution

Consensus revenue estimates fall by 65%

First quarter 2025 earnings released: €0.13 loss per share (vs €0.16 loss in 1Q 2024)

New major risk - Share price stability

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

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

Consensus revenue estimates decrease by 47%, EPS upgraded

Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind

No longer forecast to breakeven

New minor risk - Market cap size

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

New minor risk - Share price stability

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

Consensus revenue estimates fall by 72%

New major risk - Financial position

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

InflaRx (NASDAQ:IFRX) Will Have To Spend Its Cash Wisely

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

Consensus EPS estimates upgraded to €0.69 loss

New major risk - Revenue and earnings growth

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

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

Consensus revenue estimates fall by 94%

No longer forecast to breakeven

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