InflaRx N.V.
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow here signals an open operational question, not a view on the share price. We do not see a substantive risk in the sense of our traffic light as of June 30, 2026: €158.4 million in cash with no bank debt against a half-year outflow of €10.0 million, positive equity, and the company expects a runway through the end of 2029. The material-uncertainty sentence on the going concern that still appears in the management’s discussion of August 6, 2026, contradicts that runway in the same section and is absent from the interim financial statements; the auditor’s paragraph on it dates from the March 2026 annual report, before the offering. What remains open is what matters most: the company’s value hinges on izicopan in a disease where there are no patient data yet, after a long series of setbacks and with a share count that has just doubled. Whether the stock at $1.72 (October 2, 2026) is a reasonable price for that bet is not something this rating answers. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
After the May 2026 offering, InflaRx holds more cash than at any year-end since 2021 and has cut costs sharply. Against that stand a long series of setbacks, an approved drug without meaningful revenue, a doubled share count and a plan that has only been in place since May 2026, with no patient data yet for the pill izicopan in that disease. Not investment advice.
Cash
€158.4M in cash and marketable securities, no bank debt (06/30/2026); runway through the end of 2029 according to the company.
Costs
Operating cash outflow of €10.0M in the first half of 2026 versus €21.6M; workforce cut of about 30% announced (01/08/2026). Spending is set to rise again with the planned trials.
Track record
SHINE trial missed in 2019, Phase 3 in pyoderma gangrenosum stopped in 2025; the approved GOHIBIC brought in only €29,331 in revenue in 2025.
New plan
AAV since 05/06/2026; no patient data yet for izicopan in AAV, Phase 2 start in late 2026 or early 2027; tailwind from the revocation of Tavneos’ EU approval (08/04/2026).
Dilution
Share count from 72.3M to 147.4M (12/31/2025 to 06/30/2026); sales program up to $65M; articles of association automatically allow up to 380.7M ordinary shares.
Reporting quality
Management’s discussion of 08/06/2026 cites a runway through 2029 and still contains the material-uncertainty sentence on the going concern; the interim financial statements do not.
Worth Noting
Version of October 3, 2026, based on the half-year report on Form 6-K of August 6, 2026 (Exhibits 99.1 to 99.3, latest periodic report), the annual reports on Form 20-F for 2021, 2023, 2024 and 2025, the 424B5 prospectus supplements of May 7 and August 14, 2026, all Forms 6-K since December 2025 and the Schedule 13G filings through August 17, 2026. The stock came to our attention through the wallstreet-online forum rankings in early October 2026, not through a fundamentals screen.
InflaRx is a foreign private issuer: instead of quarterly reports on Form 10-Q it furnishes interim reports on Form 6-K, and instead of an annual report on Form 10-K it files a Form 20-F. Its financials are in euros while the stock trades in U.S. dollars; conversions at the ECB rate of June 30, 2026 (1.1394 dollars per euro) are our own. Cash = cash, term deposits and marketable securities (prior years summed by us from the 20-F notes).
The price anchor is the close of $1.72 on 10/02/2026 (source: fundamental data); according to the prospectus, the price was $2.01 on 08/13/2026. Market value computed in-house (147,368,221 shares × $1.72). The former name in the SEC database, Fireman B.V., belongs to the 2017 IPO shell; IFX-1 is the former project name of vilobelimab, INF904 that of izicopan.
Stock Watch
This analysis is as of October 3, 2026. Stock Watch will tell you what's changed at IFRX since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 0.8254 $ to 2.70 $ · Last price: 1.20 $ (As of: November 12, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/12/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| InflaRx N.V. IFRX | 0.2 | – | 0.5 | – | 352,965.0 | -82.3 | -28.5 |
| Vertex Pharmaceuticals Inc VRTX | 137.2 | 32.3 | 27.5 | 54.8 | 38.1 | 9.6 | 25.0 |
| Regeneron Pharmaceuticals Inc REGN | 98.8 | 24.0 | 14.1 | 46.7 | 20.7 | 1.0 | 43.0 |
| Moderna Inc MRNA | 91.8 | – | 4.6 | -66.0 | -131.1 | -39.2 | 841.7 |
| argenx NV ARGX | 61.0 | 37.5 | 27.6 | 59.8 | 32.0 | 89.6 | 9.9 |
| BeiGene, Ltd. ONC | 47.1 | 74.3 | 29.5 | 89.4 | 19.1 | 40.2 | 10.2 |
| Royalty Pharma Plc RPRX | 38.0 | 37.3 | 24.0 | 99.8 | 100.3 | 5.1 | 83.2 |
| Revolution Medicines Inc RVMD | 36.7 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 182.0 |
| Genmab AS GMAB | 32.2 | 40.6 | 28.6 | 92.7 | 35.2 | -82.7 | 77.7 |
| Median of companies shown | 47.1 | 37.4 | 24.0 | 57.3 | 32.0 | 1.0 | 43.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year €M
Revenue Operating income Net income
| Fiscal Year | Revenue (€M) | EBIT (€M) | Net Income (€M) | EPS (€) | Operating Cash Flow (€M) | Equity (€M) | Total Assets (€M) |
|---|---|---|---|---|---|---|---|
| 2016 | 0 | -7 | -9 | -0.38 | -5 | -26 | 30 |
| 2017 | 0 | -19 | -24 | -2.58 | -12 | 119 | 124 |
| 2018 | 0 | -38 | -30 | -1.19 | -24 | 151 | 159 |
| 2019 | 0 | -57 | -53 | -2.05 | -43 | 107 | 122 |
| 2020 | 0 | -34 | -34 | -1.26 | -37 | 78 | 88 |
| 2021 | 0 | -48 | -46 | -1.10 | -40 | 105 | 125 |
| 2022 | 0 | -32 | -29 | -0.67 | -34 | 88 | 102 |
| 2023 | 0 | -45 | -43 | -0.78 | -38 | 103 | 120 |
| 2024 | 0 | -53 | -46 | -0.78 | -49 | 61 | 76 |
| 2025 | 0 | -48 | -46 | -0.68 | -34 | 42 | 55 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales (€M) | Sales YoY (%) | Net Margin (%) | OCF (€M) | FCF (€M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | -0.30 | -130.80 | 0 | 103.60 | -14,092.90 | -10 | -10 |
| 2024: Q4 | -0.09 | 66.70 | 0 | -118.50 | – | -12 | -12 |
| 2025: Q1 | -0.13 | 23.50 | 0 | -100.00 | – | -14 | -14 |
| 2025: Q2 | -0.24 | 0.00 | 0 | 520.30 | -36,559.80 | -8 | -8 |
| 2025: Q3 | -0.18 | 40.00 | 0 | -80.80 | -51,452.30 | -9 | -9 |
| 2025: Q4 | -0.15 | -66.70 | 0 | -7,921.50 | – | -5 | -5 |
| 2026: Q1 | -0.08 | 38.50 | 0 | – | – | -8 | -8 |
| 2026: Q2 | -0.11 | 54.20 | 0 | -100.00 | – | -3 | -3 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
Growth
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate (€) | EPS Range (€) | Revenue Estimate (€M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.20 | -0.20 – -0.20 | 0 | 70.6% | 3 |
| 12/31/2027 | -0.31 | -0.42 – -0.19 | 0 | -53.8% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
AI classification
AI Rating
Geprüft am 03.10.2026 gegen die Jahresberichte (20-F) 2025 (eingereicht 20.03.2026) und 2024 (20.03.2025), die Halbjahres- und Quartalsmeldungen als 6-K zum 30.06.2026 (06.08.2026) und 31.03.2026 (06.05.2026), die Ergebnismitteilung zum Geschäftsjahr 2025 (19.03.2026) und den Prospektnachtrag 424B5 vom 14.08.2026: Künstliche Intelligenz kommt nur in den beiden Jahresberichten vor, jeweils im selben Risikofaktor zur Cybersicherheit — die Firma könne die Folgen und Cyberrisiken generativer KI für ihr Geschäft derzeit nicht abschätzen. Die 6-K-Berichte und der Prospekt erwähnen KI nicht. InflaRx entwickelt Wirkstoffe gegen den Entzündungsbotenstoff C5a und seinen Rezeptor (izicopan, vilobelimab); ein KI-Produkt, ein KI-Umsatz, ein belegter KI-Einsatz in Forschung oder Entwicklung oder eine konkrete KI-Bedrohung des Geschäftsmodells sind in den Filings nicht beschrieben. Nach dem Kriterienkatalog bleibt es bei „neutral“ — eine allgemeine Cyber-Risikoklausel begründet weder „nutzt“ noch „bedroht“.
View the full file — quotes, sources, reviewed filings
„Finally, there has been significant evolution and developments in the use of artificial intelligence technologies, such as artificial generative chatbots. We cannot fully determine the impact or cybersecurity risk of such evolving technology to our business at this time."
Schließlich hat sich der Einsatz von Technologien der künstlichen Intelligenz, etwa generativer Chatbots, erheblich weiterentwickelt. Die Auswirkungen und das Cybersicherheitsrisiko dieser sich wandelnden Technologie für unser Geschäft können wir derzeit nicht vollständig abschätzen.
20-F · 2026-03-20 · View SEC filing
„Finally, there has been significant evolution and developments in the use of artificial intelligence technologies, such as artificial generative chatbots. We cannot fully determine the impact or cybersecurity risk of such evolving technology to our business at this time."
Schließlich hat sich der Einsatz von Technologien der künstlichen Intelligenz, etwa generativer Chatbots, erheblich weiterentwickelt. Die Auswirkungen und das Cybersicherheitsrisiko dieser sich wandelnden Technologie für unser Geschäft können wir derzeit nicht vollständig abschätzen.
20-F · 2025-03-20 · View SEC filing
Filings Reviewed: 6-K 2026-08-06 · 424B5 2026-08-14 · 6-K 2026-05-06 · 6-K 2026-03-19 · 20-F 2026-03-20 · 20-F 2025-03-20
Rated on October 3, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years no data
- More than 10% revenue growth is expected for the coming year -100.0%
- Share count grows by less than 3% a year 15.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -116,108.7%
- Gross margin at 40% or higher and without meaningful erosion -24,677.9%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 46 m net cash
- Operating cash flow covers the profits of the last three years 14 m
- Return on capital at 15% or higher, or up versus two years ago -114.3%
- Insiders hold at least 10% or are net buyers 3.0%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% -100.0%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -100.0%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -110.0%
- ROCE > 15% -114.3%
- Expected return > 10% -100.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
InflaRx N.V., a clinical-stage biopharmaceutical company, discovers and develops inhibitors using C5a technology in Germany and the United States. The company's C5a is an inflammatory mediator to treat variety of autoimmune and other inflammatory diseases. Its lead product candidate is vilobelimab, a a first-in-class monoclonal anti-human complement factor C5a antibody, which is in Phase 3 clinical trial for the treatment for patients suffering from early septic organ dysfunction, biological proof of concept was established, demonstrating its unique C5a blocking ability and selectivity; Izicopan, an oral, low molecular weight drug to target C5aR with high affinity and selectivity has completed completing Phase 2a trials; and IFX002, an advancement of vilobelimab technology, which is in preclinical development for the treatment of chronic inflammatory indications. It has co-development agreement with Staidson (Beijing) BioPharmaceuticals Co., Ltd.; Cell line sales agreement with Catalent Pharma Solutions LLC; Clinical Trial Collaboration Agreement with the U.S. DHHSs, Administration for Strategic Preparedness and Response (ASPR), BARDA and PPD Development, L.P., or PPD. InflaRx N.V. was formerly known as Fireman B.V. and changed its name to InflaRx N.V. in 2017. The company was founded in 2007 and is headquartered in Jena, Germany.
- Employees
- 65
- Headquarters
- Jena, Germany
- Address
- Winzerlaer Str. 2, 07745 Jena, Germany
- Phone
- 49 3641 508 180
- Website
- inflarx.de
- IPO Date
- 11/08/2017
- ISIN
- NL0012661870
Management
| Name | Title | Birth Year |
|---|---|---|
| Prof. Niels C. Riedemann M.D., Ph.D. | Co-Founder, CEO & Executive Director | 1973 |
| Prof. Renfeng Guo M.D. | Co-Founder, Chief Scientific Officer & Executive Director | 1970 |
| Thomas Taapken Ph.D. | Chief Financial Officer | 1965 |
| Derval O'Carroll | Senior VP and Global Head of Regulatory Affairs & Compliance | 1966 |
| Jan Medina CFA | Head of Investor Relations & VP | – |
| Christian Schmid | VP and Head of Legal Affairs & General Counsel | – |
| Maria Habel PH.D. | VP, Head of Preclinical R&D and QC | 1982 |
| Kofi Boaten | VP and Head of Supply Quality & Clinical Trial Supplies | – |
| Peter Hurt Ph.D. | Senior Director and Head of Drug Safety & Pharmacovigiliance | – |
| Daniel Vetter | Senior Director & Head of IT | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: November 12, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.