6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________

FORM 6-K

__________________

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934

May 17, 2018

Commission File Number: 001-38283

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InflaRx N.V.

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Winzerlaer Str. 2

07745 Jena, Germany 

(+49) 3641 508180

(Address of principal executive offices)

__________________________________

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒      Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

INCORPORATION BY REFERENCE

Exhibits 99.1 and 99.2 to this Report on Form 6-K shall be deemed to be incorporated by reference into the registration statement on Form S-8 (Registration Number 333-221656) of InflaRx N.V. and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

Exhibit 99.3 to this Report on Form 6-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Jena, Germany, May 17, 2018.

INFLARX N.V.
By:	/s/ Niels Riedemann
	Name:	Niels Riedemann
	Title:	Chief Executive Officer

EXHIBIT INDEX

Exhibit	Description of Exhibit
99.1	InflaRx N.V. Unaudited Condensed Consolidated Financial Statements as of and for the Three Months Ended March 31, 2018
99.2	InflaRx N.V. Management’s Discussion and Analysis of Financial Condition and Results of Operations
99.3	InflaRx N.V. Press Release dated May 17, 2018

EX-99.1

Exhibit 99.1

InflaRx N.V.

Amsterdam

Unaudited Condensed Consolidated

Financial Statements

InflaRx N.V. and subsidiaries

Unaudited condensed consolidated statements of comprehensive loss

for the three months ended March 31,

in € thousand	Note	2017			2018
Other income and expenses (net)			28			70
Research and development expenses			(2,401	)		(5,474	)
General and administrative expenses			(615	)		(3,005	)
Loss before interest and income taxes			(2,987	)		(8,409	)
Finance income			0			265
Finance costs			(813	)		(2,188	)
Finance costs (net)	6		(813	)		(1,924	)
Loss for the period			(3,800	)		(10,333	)
Other comprehensive loss for the period			0			0
Total comprehensive loss			(3,799	)		(10,332	)
Loss per common share in € (basic/diluted)			(1.6	)		(0.4	)

The notes are an integral part of these condensed consolidated financial statements.

InflaRx N.V. and subsidiaries

Condensed consolidated statements of financial position

in € thousand	Note	December 31, 2017			March 31, 2018
					(unaudited)
ASSETS
Non-current assets
Intangible assets			41			39
Laboratory and office equipment			173			245
Financial assets			20			56
Total non-current assets			233			340
Current assets
Other assets	3		697			654
Cash and cash equivalents	4		123,282			115,240
Total current assets			123,979			115,893
Total assets			124,212			116,233
EQUITY AND LIABILITIES
Equity
Issued capital			2,858			2,858
Other reserves	5		167,864			170,802
Accumulated deficit			(51,293	)		(61,625	)
Total equity			119,429			112,034
Non-current liabilities
Deferred income			15			14
Provisions			2			2
Total non-current liabilities			17			16
Current liabilities
Trade payables			4,464			3,133
Other liabilities, provisions			302			1,050
Total current liabilities			4,766			4,183
Total equity and liabilities			124,212			116,233

The notes are an integral part of these condensed consolidated financial statements.

InflaRx N.V. and subsidiaries

Unaudited Condensed consolidated statements of changes in equity

						Other reserves
in € thousand	Note	Issued capital		Capital reserve		currency translation		share-based payments		Accumulated deficit			Own shares			Total equity
Balance as of January 1, 2017			31		0		9		1,675		(27,055	)		(350	)		(25,690	)
Comprehensive loss
Loss for the period											(3,800	)					(3,800	)
Total comprehensive loss			0		0		0		0		(3,800	)		0			(3,800	)
Recognition of equity-settled share-based payments	5								710								710
Balance as of March 31, 2017			31		0		9		2,385		(30,854	)		(350	)		(28,779	)
Balance as of January 1, 2018			2,858		161,639		0		6,225		(51,293	)		0			119,429
Comprehensive loss
Loss for the period											(10,333	)					(10,333	)
Exchange differences							0										0
Total comprehensive loss			0		0		0		0		(10,333	)		0			(10,332	)
Recognition of equity-settled share-based payments	5								2,937								2,937
Balance as of March 31, 2018			2,859		161,639		0		9,163		(61,625	)		0			112,034

The notes are an integral part of these condensed consolidated financial statements.

InflaRx N.V. and subsidiaries

Unaudited Condensed consolidated statement of cash flows

for the three months ended March 31,

in € thousand	Note	2017			2018
Cash flow from Operations
Loss before income taxes			(3,800	)		(10,333	)
Reconciliation from result before taxes to net cash flows
Depreciation/amortization of intangible assets, laboratory and office equipment			10			22
Share based payment expense	5		710			2,938
Finance Income	6		0			(265	)
Finance costs	6		813			2,188
other non-cash adjustments			(4	)		(25	)
Change in Provisions and Government Grants			697			977
Working capital adjustments
Change in Trade payables and other liabilities			(1,225	)		(1,561	)
Change in other assets			73			43
Interest received			0			265
Cash flow from Operations			(2,727	)		(5,751	)
Cash flow from investing activities
Cash outflow from the purchase of intangible assets, laboratory and office equipment			(26	)		(93	)
Cash outflow for the investment in non-current financial assets			0			(36	)
Net cash flows used in investing activities			(26	)		(129	)
Financing activities
Proceeds from issuance of preferred shares			1,500			0
Net cash flows from financing activities			1,500			0
Effect of exchange rate changes			0			(2,163	)
Change in cash and cash equivalents			(1,252	)		(8,042	)
Net change in cash and cash equivalents			(1,252	)		(8,042	)
Cash and cash equivalents at beginning of period			29,117			123,282
Cash and cash equivalents at end of period			27,864			115,240

The notes are an integral part of these condensed consolidated financial statements.

InflaRx N.V. and subsidiaries

Index to notes to the condensed consolidated financial statements

(1)	Reporting entity	2
(2)	Basis for preparation and changes to Group’s accounting policies	2
(3)	Other assets	4
(4)	Cash and cash equivalents	4
(5)	Share-based payments	4
(6)	Finance costs (net)	5
(7)	Related parties	7
(8)	Significant Events After the Reporting Date	7

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InflaRx N.V. and subsidiaries

Notes to the interim condensed consolidated financial statements

(1) Reporting entity

The interim condensed consolidated financial statements of InflaRx N.V. (in the following, “InflaRx” or the “Company”) and its subsidiaries (collectively, the Group) for the three months ended 31 March, 2018 were authorised for issue in accordance with a resolution of the directors on May 7, 2018.

InflaRx N.V., is a Dutch public company with limited liability (naamloze vennootschap), incorporated in the Netherlands (Commercial Register of The Netherlands Chamber of Commerce Business Register under CCI number 68904312) and domiciled in Jena, Germany. The registered office is located in Jena, Germany, Winzerlaer Straße 2. The Company`s shares are publicly traded at NASDAQ Global Select Market under the symbol IFRX.

InflaRx is a clinical-stage biopharmaceutical company focused on applying its proprietary technology to discover and develop first-in-class potent and specific inhibitors of the complement activation factor known as C5a.

These unaudited condensed consolidated financial statements (in the following “financial statements”) of InflaRx comprise the Company and its subsidiary InflaRx GmbH, and, since January 5, 2018, InflaRx N.V.’s wholly-owned subsidiary InflaRx Pharmaceutical Inc., a Michigan corporation, which was founded on January 5, 2018 (together, the “Group”). InflaRx GmbH is a clinical-stage biopharmaceutical company focused on applying its proprietary technology to discover and develop first-in-class, potent and specific inhibitors of the complement activation factor known as C5a.

(2) Basis for preparation and changes to Group’s accounting policies

a) Statement of compliance

The unaudited condensed consolidated financial statements for the three months ended March 31, 2018 have been prepared in accordance with IAS 34 Interim Financial Reporting. The condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s annual consolidated financial statements as at December 31, 2017.

This is the first set of the Group’s financial statements where IFRS 15 and IFRS 9 have been applied, as described in section d).

b) Critical judgements and accounting estimates

The preparation of the financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

In preparing these financial statements, the critical judgments made by management in applying the Group’s accounting policies and the key accounting estimates were the same as those that applied to the annual consolidated financial statements as at and for the year ended December 31, 2017.

c) Functional and presentation currency

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These financial statements are presented in thousands of Euro, which is also the functional currency of InflaRx N.V. and InflaRx GmbH. The functional currency of InflaRx Pharmaceutical Inc. is US Dollar. All financial information presented in Euro has been rounded to the nearest thousand (abbreviated €) or million (abbreviated € million).

d) Significant accounting policies

The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December, 31 2017, except for the adoption of new standards effective as of January 1, 2018.

The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

The Group applies, for the first time, IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments, that require restatement of previous financial statements. As required by IAS 34, the nature and effect of these changes are disclosed below. Several other amendments and interpretations apply for the first time in 2018, but do not have an impact on the financial statements of the Group.

IFRS 15, Revenue from Contracts with Customers, replaces all current standards and interpretations dealing with revenue recognition and introduces a five-step model to account for revenue. As the Group is currently not generating revenues, the Group may only be affected by IFRS 15 in the future when entering into collaborative arrangements or similar deals.

IFRS 9 contains a new classification and measurement approach for financial assets that reflects the business model in which assets are managed and their cash flow characteristics. IFRS 9 further replaces the ‘incurred loss’ model in IAS 39 with a forward-looking ‘expected credit loss’ (ECL) model. This will require considerable judgement about how changes in economic factors affect ECLs, which will be determined on a probability-weighted basis. IFRS 9 will require extensive new disclosures, in particular about hedge accounting, credit risk and ECLs.

Because the Group is currently holding only immaterial non-current financial assets, cash and cash equivalents, no trade receivables and no derivative financial instruments or financial liabilities, the impact of IFRS 9 is determined to be nil, except for additional disclosures required. The Group applies IFRS 9 with an initial application date of January 1, 2018.

The consolidated statement of financial position as at January 1, 2018 was not restated, as the impact of IFRS 9 in the absence of material financial instruments was nil.

The following amendments, applicable to reporting periods started January 1, 2018, do not have any impact on the Group’s financial statements:

· Amendments to IFRS 2 Classification and Measurement of Share - based Payment Transactions IFRIC Interpretation 22 Foreign Currency Transactions and Advance Considerations

· Amendments to IAS 40 Transfers of Investment Property

· Amendments to IFRS 4, Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts

· Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards -Deletion of short-term exemptions for first-time adopters

· IFRIC 22 Foreign Currency Transactions and Advance Considerations

· Improvements to IFRS (2014-2016)

The following standards and amendments, applicable to reporting periods starting January 1, 2019, and later, are not expected to have any material impact on the Group’s financial statements, except as described below the table:

· IAS 19 Amendments - Plan Amendment, Curtailmentor Settlement

· IAS 28 Amendments - Long-term Interests in Associates and Joint Ventures

· IFRIC 23 Uncertainty over Income TaxTreatments

· Improvements to IFRS (2015-2017) IFRS 3, 11 IAS 12, 23

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IFRS 16 Leases replaces existing leases guidance, including IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC-15 Operating Leases – Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. The standard is effective for annual periods beginning on or after January 1, 2019. Early adoption is permitted for entities that apply IFRS 15 at or before the date of initial application of IFRS 16. So far, the most significant impact identified is that the Group will recognize new assets and liabilities for its operating leases. As at December 31, 2017, the Group’s future minimum lease payments under non-cancellable operating leases amounted €0.7 million, which is the currently estimated impact on the consolidated statement of financial position of the Group.

(3) Other assets

in € thousand	December 31, 2017		March 31, 2018
Prepaid expenses		504		355
Government grants and other receivables		93		161
VAT receivables		27		81
Others		72		57
Other assets		697		654

(4) Cash and cash equivalents

in € thousand	December 31, 2017		March 31, 2018
Deposits held at banks		3,177		4,584
Money market funds		38,876		34,518
USD term deposits (1-30  days)		81,229		76,138
Cash and cash equivalents		123,282		115,240

(5) Share-based payments

2016 Option Plan

Under the Stock Option Plan 2016 Terms and Conditions, or the 2016 Plan, InflaRx GmbH granted rights to subscribe for InflaRx GmbH’s common shares to directors, senior management and key employees. Prior to the initial public offering, the outstanding awards under the 2016 Plan covered an aggregate of 1,239,252 common shares and the exercise price for each outstanding award was €7.81 per share (in each case after giving effect to the corporate reorganization). Any additional awards available under the 2016 Plan lapsed upon the closing of the Series D financing in October 2017.

2016 Other share-based awards

In 2016, InflaRx also established a share-based payment plan for its non-executive board members (the “Board Plan”) and granted 484 shares of common stock. Grants under the Board Plan are not subject to service or performance conditions.

2017 long-term incentive plan

In conjunction with the closing of our initial public offering, we established a new omnibus plan (‘the 2017 Plan’ or ‘LTI’) with the purpose of advancing the interests of our shareholders by enhancing our ability to attract, retain and motivate individuals who are expected to make important contributions to us. The 2017 Plan governs issuances of equity incentive awards from and after the closing of our initial public offering. The initial maximum number of common shares available for issuance under equity incentive awards granted pursuant to the 2017 Plan equals 2,341,097 common shares. On January 1, 2021 and on January 1 of each calendar year thereafter, an additional number of shares equal to 3% of the total outstanding common shares on December 31 of the immediately preceding year (or any lower number of shares as determined by the board of directors) will become available for issuance under equity incentive awards granted pursuant to the 2017 Plan.

The fair value of options granted in 2018 under the 2017 Plan program was determined using the Black-Scholes valuation model. As the Company’s common shares are listed on the Nasdaq Global Select Market,

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the closing price of the common shares at grant date was used. Other significant inputs into the model are as follows (weighted average):

Fair value per share in USD	22.75 (2017: 18.05)
Exercise price in USD	22.75 (2017: 18.05)
Volatility expected	73% (2017: 73%)
Expected life (midpoint based)	4.9 (2017: 4.9)
Dividend yield expected	-
Risk-free rate (interpolated, US sovereign strips curve)	2.58% (2017: 2.16%)
Fair Value per option (in USD)	13.79 (2017: 10.86)
FX rate (EUR/USD) as of grant date	0.82 (2017: 0.85)
Fair Value per option (in EUR)	11.24 (2017: 9.24)

Expected volatility has been based on an evaluation of the historical and implied volatility of a peer group of companies The range of outcomes for the expected life of the instruments has been based on expectations on option holder behavior in the scenarios considered.

The number of share options under the 2017 Plan were as follows:

Granted in 2017	1,869,192
Granted in Q1 2018	28,002
Forfeited	-
Outstanding at March 31, 2018	1,897,194
Thereof vested	0

The dividend yield has no impact due to the anti-dilution clause as defined in the LTI.

Expenses are determined based on the number of stock option granted within a tranche and the vesting period of a tranche. This implies two effects: (i) the more options granted within a tranche, the higher expense of a tranche, and (ii) the shorter the vesting period of a tranche, the higher expense of a tranche. For example, 33.33% of all stock options granted are allocated to the first tranche which vests over 1 year after the Grant Date, whereas 8.33% of all stock options granted are allocated to the ninth tranche which vests over 3 years.

Therefore the expenses recognized from the granted share options under the 2017 Plan will be €0.6 million in 2017 and are anticipated to be €11.3 million for 2018, €4.1 million for 2019 and €1.2 million for 2020, assuming that no fluctuation of staff occurs.

In the three month periods ending March 31, 2018, and 2017, compensation expenses of €2,9 million (resulting solely from the LTI) and €0,7 million (resulting solely from 2016 Option plan and other share-based awards) were recognized, respectively.

None of the share-based payments awards were dilutive in determining earnings per share due to the Group’s loss position.

(6) Finance costs (net)

in € thousand	2017			2018
Finance income		0			265
Interest on preferred shares		(722	)		0
Cost of issuing preferred shares		(87	)		0
Unrealized FX-losses		(4	)		(2,188	)
Finance costs		(813	)		(2,188	)
Finance costs (net)		(812	)		(1,924	)

InflaRx GmbH issued voting preferred shares for cash to investors in several financing rounds to fund its development activities. All of the preferred shares of InflaRx GmbH were exchanged for common shares of InflaRx N.V. in the corporate reorganization in 2017. InflaRx did not elect to recognize the preferred shares

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at fair value through profit or loss. In the three months ended March 31, 2017, interest expense of €0,7 million was recognized for all outstanding preferred shares.

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(7) Related parties

The Group`s executive management comprises the following persons:

· Professor Niels C. Riedemann, Chief Executive Officer

· Professor Renfeng Guo, Chief Scientific Officer

· Arnd Christ, Chief Financial Officer

· Othmar Zenker, Chief Medical Officer

The Group`s board of directors comprises the following persons:

Executive Directors

· Prof. Niels C. Riedemann (CEO), since November 8, 2017

· Prof. Renfeng Guo (CSO), since November 8, 2017

Non-executive Directors 

· Nicolas Fulpius (Chairman, Chairman of the Audit Committee), since November 8, 2017

· Mark Kübler (Member of the Audit Committee), since November 8, 2017

· Katrin Uschmann, since November 8, 2017 (Member of the Audit Committee, until February 5, 2018)

· Anthony Gibney (Member of the Audit Committee), since February 6, 2018

· Lina Ma, since November 8, 2017

The compensation of the Group`s executive management comprises of the following for the three month period ending March 31:

	Executive Management				non-executive Board of Directors				Total
in € thousand	December 31, 2017		March 31, 2018		December 31, 2017		March 31, 2018		December 31, 2017		March 31, 2018
Short-term employee benefits		305		538		15		55		319.5		593
Share-based payments		564		2,475		0		246		564		2,721
Total		869		3,013		15		301		884		3,314

Remuneration of InflaRx’s executive management comprises fixed and variable components and share-based payment awards. In addition, the executive management receive supplementary benefits such as fringe benefits and allowances.

(8) Significant Events After the Reporting Date

On May 8, 2018, we completed a public offering of common shares pursuant to which we sold an aggregate of 1,850,000 common shares and certain of our selling shareholders sold an aggregate of 1,600,000 common shares, reflecting the underwriters’ full exercise of the option granted to purchase additional common shares. All of these common shares were sold at a price to the public of $34.00 per share.

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EX-99.2

Exhibit 99.2

Management’s Discussion and Analysis
of Financial Condition and Results of Operations

This management’s discussion and analysis is designed to provide you with a narrative explanation of our financial condition and results of operations. We recommend that you read this discussion together with our unaudited condensed consolidated financial statements, including the notes thereto, as of and for the three-month periods ended March 31, 2018 and 2017 included as Exhibit 99.1 to the Report on Form 6-K to which this discussion is attached as Exhibit 99.2. We also recommend that you read our management’s discussion and analysis and our audited consolidated financial statements for fiscal year 2017, and the notes thereto, which appear in our Annual Report on Form 20-F for the year ended December 31, 2017 (the “Annual Report”) filed with the U.S. Securities and Exchange Commission (the “SEC”).

The following discussion is based on our financial information prepared in accordance with IFRS as issued by the IASB, which may differ in material respects from generally accepted accounting principles in the United States and other jurisdictions. We maintain our books and records in euros. Unless otherwise indicated, all references to currency amounts in this discussion are in euros. We have made rounding adjustments to some of the figures included in this discussion and analysis. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that precede them.

The following discussion includes forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those described under “Risk factors” in the Annual Report.

Unless otherwise indicated or the context otherwise requires, all references to “InflaRx” or the “company,” “we,” “our,” “ours,” “us” or similar terms refer to InflaRx N.V. and its subsidiaries InflaRx GmbH and InflaRx Pharmaceuticals, Inc.

Overview

We are a clinical-stage biopharmaceutical company focused on applying our proprietary anti-C5a technology to discover and develop first-in-class, potent and specific inhibitors of the complement activation factor known as C5a. C5a is a powerful inflammatory mediator involved in the progression of a wide variety of autoimmune and other inflammatory diseases. Our lead product candidate, IFX-1, is a novel intravenously delivered first-in-class anti-C5a monoclonal antibody that selectively binds to free C5a and has demonstrated disease-modifying clinical activity and tolerability in multiple clinical settings. We are developing IFX-1 for the treatment of HS, a chronic debilitating systemic inflammatory skin disease, for which we have commenced a Phase IIb clinical trial in the first quarter of 2018. Beyond HS, we intend to develop IFX-1 and other proprietary antibodies to address a wide array of complement-mediated diseases with significant unmet needs, including AAV, a rare, life-threatening autoimmune disease.

Since our inception in December 2007, we have devoted substantially all of our resources to establishing our company, raising capital, developing our proprietary anti-C5a technology, identifying and testing potential product candidates and conducting clinical trials of our lead product candidate, IFX-1. To date, we have not generated any product revenue and have financed our operations primarily through our public offerings, the private placement of our securities and other income from various grants. As of March 31, 2018, we had raised an aggregate of approximately €157.0 million, comprised of €81.8 million in net proceeds from our initial public offering, €74.0 million in gross proceeds from private placements of our securities and €1.2 million in payments in connection with various grants. In May 2018, we raised net proceeds of $59.1 million (approximately €49.4) from a follow on registered public offering of our common shares. As of March 31, 2018, we had cash and cash equivalents of €115.2 million. As of March 31, 2018, we had an accumulated deficit of €(61.6) million. We have incurred significant net operating losses in every year since our inception and expect to continue to incur increasing net operating losses for the foreseeable future. Our net losses may fluctuate significantly from quarter to quarter and year to year.

We anticipate that our expenses will increase significantly if, and as we

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· continue to develop and conduct clinical trials with respect to our lead product candidate, IFX-1, including in connection with the initiation of our ongoing Phase IIb clinical trial of IFX-1 for HS and our planned Phase II clinical trials of IFX-1 for HS and AAV;

· initiate and continue research, preclinical and clinical development efforts for any future product candidates, including IFX-2;

· seek to identify additional product candidates;

· seek regulatory and marketing approvals for our product candidates that successfully complete clinical trials, if any;

· establish sales, marketing, distribution and other commercial infrastructure in the future to commercialize various products for which we may obtain marketing approval, if any;

· require the manufacture of larger quantities of product candidates for clinical development and, potentially, commercialization;

· collaborate with strategic partners to optimize the manufacturing process for IFX-1 and IFX-2;

· maintain, expand and protect our intellectual property portfolio;

· hire and retain additional personnel, such as clinical, quality control and scientific personnel; and

· add operational, financial and management information systems and personnel, including continuing to add personnel to support our product development and help us comply with our obligations as a public company.

Our expenses in any quarter may not be indicative of our expenses in future periods, and in particular we expect that our expenses, and therefore our net losses, in the remaining quarters of 2018 will be higher than our expenses in the first quarter of 2018 as we ramp up clinical development of IFX-1 in HS, AAV and two additional indications.

We do not expect to generate revenue from product sales unless and until we successfully complete development and obtain regulatory approval for a product candidate, which we expect will take a number of years and is subject to significant uncertainty. If we obtain regulatory approval for any product candidate, we expect to incur significant commercialization expenses related to product sales, marketing, manufacturing and distribution. Accordingly, we may seek to further fund our operations through public or private equity or debt financings or other sources, including strategic collaborations. We may, however, be unable to raise additional funds or enter into such other arrangements when needed on favorable terms or at all. Our failure to raise capital or enter into such other arrangements as and when needed, would have a negative impact on our financial condition and our ability to develop IFX-1 or any additional product candidates.

Our financial statements were materially affected by the corporate reorganization conducted in connection with our initial public offering (see Note 1 to our consolidated financial statements as of and for the year ended December 31, 2017).

Recent Developments

On May 8, 2018, we completed a public offering of common shares pursuant to which we sold an aggregate of 1,850,000 common shares and certain of our selling shareholders sold an aggregate of 1,600,000 common shares, reflecting the underwriters’ full exercise of the option granted to purchase additional common shares. All of these common shares were sold at a price to the public of $34.00 per share.

Research and Development Expenses

Research and development expenses have consisted principally of:

· employee-related expenses, including salaries, benefits and stock-based compensation expense based upon employees’ role within the organization;

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· professional fees for lawyers related to the protection and maintenance of our intellectual property; and

· expenses incurred under agreements with contract research organizations, or CROs, contract manufacturing organizations, or CMOs, consultants and independent contractors that conduct research and development, preclinical and clinical activities on our behalf.

We expect that our total research and development expenses in 2018 will be significantly higher compared to our expenses in 2016 and 2017. Such increased research and development expenses primarily relate to the following key programs:

· IFX-1. In 2017, we completed enrollment and dosing in our Phase IIa clinical trial of IFX-1 in patients with HS. In the first quarter of 2018, we commenced our Phase IIb clinical trial of IFX-1 in patients with HS. We expect our expenses associated with IFX-1 will further increase as we conduct our Phase IIb clinical trial of IFX-1 in patients with HS, prepare to commence a Phase II clinical trial program in patients with AAV and to prepare Phase II clinical trials in two additional neutrophil-driven autoimmune and inflammatory diseases. We anticipate that our research and development expenses will increase substantially in connection with the commencement of these and any additional clinical trials. In addition, we are also incurring expenses related to the manufacturing of clinical trial material and investigating commercial scale production options.

· IFX-2. We are continuing preclinical development of IFX-2, expenses for which mainly consist of salaries, costs for preclinical testing conducted by CROs and costs for the production of preclinical material.

· Other development programs. Our other research and development expenses relate to our preclinical studies of other product candidates and discovery activities, expenses for which mainly consist of salaries, costs for production of preclinical compounds and costs paid to CROs.

In 2016 and 2017, we incurred research and development expenses of €5.3 million and €14.4 million, respectively. For the three months ended March 31, 2018 and 2017, we incurred research and development expenses of €5.5 million and €2.4 million, respectively. The principal driver of the increase in our research and development expenses was the clinical development and manufacturing of IFX-1. Our research and development expenses may vary substantially from period to period based on the timing of our research and development activities, including due to timing of clinical trial initiation and potential enrollment. Research and development expenses are expected to increase as we advance the clinical development of IFX-1 and IFX-2 and further advance the research and development of our preclinical product candidates.

We expense research and development costs as incurred. We recognize costs development activities, such as preclinical studies and clinical trials, based on an evaluation of the progress to completion of specific tasks. We use information provided to us by our vendors such as patient enrollment or clinical site activations for services received and efforts expended. Research and development activities are central to our business model. We expect research and development costs to increase significantly for the foreseeable future as our current development programs progress and new programs are added.

The successful development of our product candidates is highly uncertain. At this time, we cannot reasonably estimate the nature, timing and estimated costs of the efforts that will be necessary to complete the development of, or the period, if any, in which material net cash inflows may commence from, any of our product candidates.

For a discussion of our other key financial statement line items, please see “Management’s discussion and analysis of financial condition and results of operations—Financial operations overview” in the Annual Report.

Results of Operations

The numbers below were derived from our consolidated financial statements included elsewhere herein. The discussion below should be read along with these consolidated financial statements, and it is qualified in its entirety by reference to them.

Comparison of the Three Months Ended March 31, 2018 and 2017

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	Three Months Ended March 31,
	2017			2018			Change
	(in thousands of €)
Other income and expenses (net)		28			70			42
Research and development expenses		(2,401	)		(5,474	)		(3,074	)
General and administrative expenses		(615	)		(3,005	)		(2,391	)
Loss before interest and income taxes		(2,987	)		(8,409	)		(5,422	)
Finance income		0			265			265
Finance costs		(813	)		(2,188	)		(1,376	)
Loss before tax		(3,800	)		(10,333	)		(6,533	)
		—			—
Loss for th Income tax expense e period		(3,800	)		(10,333	)		(6,533	)
Foreign currency translation differences		0			0			0
Total comprehensive loss attributable to owners of the Company		(3,799	)		(10,332	)		(6,533	)

Research and Development Expenses

	Three Months Ended March 31,
	2017		2018		Change
	(in thousands of €)
Third party expenses		1,449		3,337		1,888
Personnel expenses		760		1,932		1,172
Legal and consulting fees		129		111		(18	)
Other expenses		62		94		32
Total Research and development expenses		2,401		5,474		3,074

We use our employee and infrastructure resources across multiple research and development programs directed toward developing IFX-1 and IFX-2. We manage certain activities such as contract research and manufacturing of IFX-1 and our discovery programs through our third-party vendors. We did not track the costs of these activities on a program-by-program basis until 2017.

Research and development expenses incurred for the three months ended March 31, 2018 increased over the corresponding period in 2017 by €3.1 million. This increase is primarily attributable to a €1.9 million increase in CRO and CMO expenses associated with preclinical studies and clinical trials conducted for IFX-1 as well as a €1.2 million increase in employee-related costs mainly caused by higher expenses associated with non-cash stock-based compensation, principally from equity award grants under our Stock Option Plans 2016 and 2017, respectively (€0.8 million increase).

General and Administrative Expenses

	Three Months Ended March 31,
	2017		2018		Change
	(in thousands of €)
Personnel expenses		457		2,111		1,654
Legal, consulting and audit fees		20		514		494
Other expenses		138		381		243
Total General and administrative expense		615		3,005		2,391

General and administrative expenses increased by €2.4 million to €3.0 million for the three months ended March 31, 2018, from €0.6 million for the three months ended March 31, 2017. This increase is primarily attributable to a €1.7 million increase in employee-related costs associated with non-cash stock-based compensation, principally from equity award grants under our Stock Option Plans 2016 and 2017, respectively increased by €1.4

II-4

million. This €0.5 million increase in legal, consulting and audit fees is mainly attributable to costs of being a publicly listed company, as well as tax services.

Finance Costs – Net

Finance costs increased by €1.1 million to €1.9 million for the three months ended March 31, 2018, from €0.8 million for the three months ended March 31, 2017. Such increase is mainly attributable to unrealized foreign exchange losses of our USD term deposits (€2.2 million). This was partially offset by costs such as interest in connection with preferred shares (€0.8 million) in the three months ended March 31, 2017. Preferred shares were converted into common shares in connection with the initial public offering in the fourth quarter of 2017.

Liquidity and Capital Resources

Since inception, we have incurred significant operating losses. For the three months ended March 31, 2018, we incurred a net loss of €10.3 million. To date, we have financed our operations primarily through the sale of our securities. As of March 31, 2018, we had cash and cash equivalents of €115.2 million.

On May 8, 2018, we completed a follow on public offering of common shares pursuant to which we sold an aggregate of 1,850,000 common shares and certain of our selling shareholders sold an aggregate of 1,600,000 common shares, reflecting the full exercise of the underwriters’ option to acquire additional common shares. All of these common shares were sold at a price to the public of $34.00 per share. Our net proceeds from the offering were $59.1 million.

Our cash and cash equivalents primarily consist of bank deposit accounts, fixed USD term deposits and money market investment funds.

Cash Flows

The table below summarizes our consolidated statement of cash flows for the three months ended March 31, 2017 and 2018:

	Three Months Ended March 31,
	2017			2018
	(in thousands of €)
Cash used in operating activities		(2,727	)		(5,751	)
Net cash used in investing activities		(26	)		(129	)
Net cash from financing activities		1,500			0
Cash and cash equivalents at the beginning of the period		29,117			123,282
Exchange gains on cash and cash equivalents		0			(2,163	)
Cash and cash equivalents at the end of the period		27,865			115,240

Net Cash Used in Operating Activities

The use of cash in all periods resulted primarily from our net losses, adjusted for non-cash charges and changes in components of working capital.

Net cash used in operating activities increased from €2.7 million in the three months ended March 31, 2017 to €5.8 million in the three months ended March 31, 2018 mainly due to the increase of cash expenses, such as third-party expenses for manufacturing and clinical trials for our lead program IFX-1 and our own personnel expenses.

Net Cash Used in Investing Activities

Net cash used for investing activities increased by €0.1 million in the three months ended March 31, 2018 due to investments in software and office equipment.

Net Cash Provided by Financing Activities

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Net cash generated from financing activities decreased by €1.5 million to €0.0 million in the three months ended March 31, 2018, compared to €1.5 million in the three months ended March 31, 2017, when cash contributions from the sale of the Series C preferred shares were received.

Funding Requirements

We expect our expenses to increase in connection with our ongoing activities, particularly as we conduct Phase II clinical trials of IFX-1 in patients with HS and AAV, continue preclinical development of IFX-2, initiate new research and preclinical development efforts and seek marketing approval for any product candidates that we successfully develop and receive approval for. If the planned Phase IIb trial of HS is successful, we plan to commence a Phase III program of IFX-1 in HS and currently anticipate that the cost of such program could be in the range of €50 to €60 million. In addition, if we obtain marketing approval for any of our product candidates, we expect to incur significant commercialization expenses related to establishing sales, marketing, distribution and other commercial infrastructure to commercialize such products. Furthermore, we expect to incur additional costs associated with operating as a public company. Accordingly, we will need to obtain substantial additional funding in connection with our continuing operations. If we are unable to raise capital when needed or on attractive terms, we would be forced to delay, reduce or eliminate our research and development programs or future commercialization efforts.

We completed our initial public offering of common shares and listing of such common shares on the NASDAQ Global Select Market in the fourth quarter of 2017. We raised an aggregate of $93 million in net proceeds from our initial public offering. We raised an aggregate of $59.1 million in net proceeds from our public offering in May 2018. As such, we believe that our existing liquidity will enable us to fund our operating expenses and capital expenditure requirements for at least the next 24 months.

Until such time, if ever, that we can generate substantial product revenues, we expect to finance our cash needs through a combination of equity offerings, debt financings, royalty-based financings, future collaborations, strategic alliances and licensing arrangements. To the extent that we raise additional capital through the sale of equity or convertible debt securities, your ownership interest will be diluted, and the terms of these securities may include voting or other rights that adversely affect your rights as a common shareholder. Debt financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise funds through additional collaborations, strategic alliances or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or to grant licenses on terms that may not be favorable to us.

For more information as to the risks associated with our future funding needs, see “Risk factors” in the Annual Report.

Off-Balance Sheet Arrangements

As of March 31, 2018, and during the periods presented, we did not have any off-balance sheet arrangements other as described under “Management’s discussion and analysis of financial condition and results of operations—Off-balance sheet arrangements” in the Annual Report.

Contractual Obligations and Commitments

As of the date of this discussion and analysis, we do not have any, and during the periods presented we did not have any, contractual obligations and commitments other than as described under “Management’s discussion and analysis of financial condition and results of operations—Contractual obligations and commitments” in the Annual Report.

Quantitative and Qualitative Disclosures about Market Risk

During the three months ended March 31, 2018, there were no significant changes to our quantitative and qualitative disclosures about market risk from those reported in “Management’s discussion and analysis of financial

II-6

condition and results of operations–Quantitative and qualitative disclosures about market risk” in the Annual Report. 

Critical Judgments and Accounting Estimates

There have been no material changes to the significant accounting policies and estimates described in “Management’s discussion and analysis of financial condition and results of operations—Critical judgments and accounting estimates” in the Annual Report.

JOBS Act Exemptions

On April 5, 2012, the JOBS Act was signed into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for an “emerging growth company.” As an emerging growth company, we are not required to provide an auditor attestation report on our system of internal controls over financial reporting. This exemption will apply for a period of five years following the completion of our initial public offering or until we no longer meet the requirements of being an “emerging growth company,” whichever is earlier. We would cease to be an emerging growth company if we have more than $1.0 billion in annual revenue, have more than $700 million in market value of our common shares held by non-affiliates or issue more than $1.0 billion of non-convertible debt over a three-year period.

Cautionary Statement Regarding Forward Looking Statements

Forward-looking statements appear in a number of places in this discussion and analysis and include, but are not limited to, statements regarding our intent, belief or current expectations. Many of the forward-looking statements contained in this discussion and analysis can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to of various factors, including, but not limited to, those identified under the section entitled “Risk factors” in the Annual Report. These risks and uncertainties include factors relating to:

· our operation as a development stage company with limited operating history and a history of operating losses; as of March 31, 2018, our accumulated deficit was €61.6 million;

· the timing of any submission of filings for regulatory approval of IFX-1 or any other product candidate, and the timing of and our ability to obtain and maintain regulatory approval of IFX-1 for any indication;

· the chance our clinical trials may be delayed or not be successful and clinical results may not reflect results seen in previously conducted preclinical studies and clinical trials;

· our reliance on sponsors of, and clinical investigators in, trials of our product candidates, contract manufacturers and contract research organizations over which we have limited control;

· our lack of adequate funding to complete development of IFX-1 and our other product candidates and the risk we may be unable to access additional capital on reasonable terms or at all to complete development and begin commercialization of our product candidates;

· our dependence on the success of IFX-1, which is still in clinical development and may eventually prove to be unsuccessful;

· uncertainty surrounding whether the clinical development steps up to commercialization will gain regulatory approval;

· our ability to leverage our proprietary anti-C5a technology to discover and develop therapies to treat complement-mediated autoimmune and inflammatory diseases;

II-7

· the chance that we may become exposed to costly and damaging liability claims resulting from the testing of our product candidates in the clinic or, if approved, in the commercial stage;

· if our product candidates obtain regulatory approval, our being subject to expensive ongoing obligations and continued regulatory overview;

· our ability to comply with enacted and future legislation in seeking marketing approval and commercialization;

· our expectations regarding the size of the patient populations for, market opportunity for and clinical utility of IFX-1 or any other product candidates, if approved for commercial use;

· our manufacturing capabilities and strategy, including the scalability and cost of our manufacturing methods and processes and the optimization of our manufacturing methods and processes, and our ability to continue to rely on our existing third-party manufacturers for our planned future clinical trials;

· our competitive position and the development of and projections relating to our competitors in the development of C5a inhibitors or our industry;

· our future growth and ability to compete, which depends on our retaining key personnel and recruiting additional qualified personnel; and

· other risk factors discussed under “Risk factors” in the Annual Report.

Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events except as required by law.

II-8

EX-99.3

Exhibit 99.3

 

InflaRx N.V. Reports First Quarter 2018 Financial & Operating Results

Initiated international Phase IIb study of IFX-1 in Hidradenitis Suppurativa patients
Completion of primary and secondary offering of US$117 million
Cash position approximately US$137 million (€115 million) as of March 31, 2018

Jena, Germany, 17 May 2018 – InflaRx N.V. (Nasdaq: IFRX), a biopharmaceutical company developing innovative therapeutics to treat life-threatening inflammatory diseases by targeting the complement system, a key component of the innate immune system, reported financial and operating results for the first quarter ended March 31, 2018.

“During the first quarter, we initiated an international Phase IIb clinical trial with our lead product, IFX-1, in Hidradenitis Suppurativa (HS) and we are currently preparing to start a Phase II clinical trial in ANCA Associated Vasculitis (AAV) until the third quarter of 2018,” said Arnd Christ, Chief Financial Officer of InflaRx. “More recently, we successfully completed a follow-on financing in May 2018, which allows us to further accelerate our strategy and expand our clinical pipeline into additional inflammatory indications.”

Corporate Highlights

· On January 9, 2018, InflaRx received IND acceptance to proceed with a Phase IIb trial with lead candidate IFX-1 in Hidradenitis Suppurativa.

· On February 6, 2018, InflaRx appointed Tony Gibney to its Board of Directors. Mr. Gibney has 23 years of experience as a life sciences-focused investment banker at Leerink Partners, Merrill Lynch, and Lehman Brothers.

· On March 8, 2018, InflaRx enrolled the first patient in its Phase IIb trial with IFX-1 in Hidradenitis Suppurativa.

· On May 8, 2018, InflaRx closed a primary and secondary offering of 3,450,000 common shares, consisting of 1,850,000 common shares offered by InflaRxand 1,600,000 common shares offered by the selling shareholders at price to the public of $34.00 per common share for total gross proceeds of $117.3 million, consisting of total gross proceeds to InflaRx of $62.9 million and total gross proceeds to the selling shareholders of $54.4 million, which includes the full exercise of the underwriters’ option to purchase additional shares.

 

Q1 2018 Financial Highlights

Cash and cash equivalents totaled €115.2 million as of March 31, 2018 compared to €27.9 million as of March 31, 2017. This increase was primarily due to the completion of InflaRx’s initial public offering of common shares in November 2017, the exercised green shoe in December 2017, and the primary portion of the Series D financing executed in October 2017.

Net cash flow from operations increased from €2.7 million in the three months ended March 31, 2017 to €5.8 million in the three months ended March 31, 2018 mainly due to the increase of cash expenses, such as third-party expenses for manufacturing and clinical trials for our lead program IFX-1 and personnel-related expenses.

Research and development expenses incurred for the three months ended March 31, 2018 increased over the corresponding period in 2017 by €3.1 million. This increase is primarily due to a €1.9 million increase in CRO and CMO expenses associated with preclinical studies and clinical trials conducted for IFX-1 and a €1.2 million increase in employee-related costs caused by higher expenses associated with non-cash stock-based compensation, principally from equity award grants under our Stock Option Plans 2016 and 2017, respectively (€0.8 million increase).

General and administrative expenses increased by €2.4 million to €3.0 million for the three months ended March 31, 2018, from €0.6 million for the three months ended March 31, 2017. This increase is primarily due to a €1.7 million increase in employee-related costs associated with non-cash stock-based compensation, principally from equity award grants under our Stock Option Plans 2016 and 2017, respectively increased by €1.4 million. This €0.5 million increase in legal, consulting and audit fees is mainly attributable to costs of being a publicly listed company, as well as tax services.

Finance costs (net) increased by €1.1 million to €1.9 million for the three months ended March 31, 2018, from €0.8 million for the three months ended March 31, 2017. Such increase is primarily due to unrealized foreign exchange losses of our USD term deposits (€2.2 million). This was partially offset by costs such as interest in connection with preferred shares (€0.8 million) in the three months ended March 31, 2017. Preferred shares were converted into common shares in connection with the initial public offering in the fourth quarter of 2017.

Net loss for the first quarter of 2018 was €10.3 million or €0.4 per common share, compared to €3.8 million or €1.6 per common share for the first quarter of 2017.

Additional information regarding these results is included in the notes to the consolidated financial statements as of March 31, 2018.

 

InflaRx N.V. and subsidiaries

Unaudited condensed consolidated statements of comprehensive loss  

for the three months ended March 31,

in € thousand	2017			2018
Other income and expenses (net)		28			70
Research and development expenses		(2,401	)		(5,474	)
General and administrative expenses		(615	)		(3,005	)
Loss before interest and income taxes		(2,987	)		(8,409	)
Finance income		0			265
Finance costs		(813	)		(2,188	)
Finance costs (net)		(813	)		(1,924	)
Loss for the period		(3,800	)		(10,333	)
Other comprehensive loss for the period		0			0
Total comprehensive loss		(3,799	)		(10,332	)
Loss per common share in € (basic/diluted)		(1.6	)		(0.4	)

 

InflaRx N.V. and subsidiaries

Condensed consolidated statements of financial position

in € thousand	December 31, 2017			March 31, 2018
				(unaudited)
ASSETS
Non-current assets
Intangible assets		41			39
Laboratory and office equipment		173			245
Financial assets		20			56
Total non-current assets		233			340
Current assets
Other assets		697			654
Cash and cash equivalents		123,282			115,240
Total current assets		123,979			115,893
Total assets		124,212			116,233
EQUITY AND LIABILITIES
Equity
Issued capital		2,858			2,858
Other reserves		167,864			170,802
Accumulated deficit		(51,293	)		(61,625	)
Total equity		119,429			112,034
Non-current liabilities
Deferred income		15			14
Provisions		2			2
Total non-current liabilities		17			16
Current liabilities
Trade payables		4,464			3,133
Other liabilities, provisions		302			1,050
Total current liabilities		4,766			4,183
Total equity and liabilities		124,212			116,233

 

InflaRx N.V. and subsidiaries

Unaudited Condensed consolidated statements of changes in equity

					Other reserves
in € thousand	Issued capital		Capital reserve		currency translation		share-based payments		Accumulated deficit			Own shares			Total equity
Balance as of January 1, 2017		31		0		9		1,675		(27,055	)		(350	)		(25,690	)
Comprehensive loss
Loss for the period										(3,800	)					(3,800	)
Total comprehensive loss		0		0		0		0		(3,800	)		0			(3,800	)
Recognition of equity-settled share-based payments								710								710
Balance as of March 31, 2017		31		0		9		2,385		(30,854	)		(350	)		(28,779	)
Balance as of January 1, 2018		2,858		161,639		0		6,225		(51,293	)		0			119,429
Comprehensive loss
Loss for the period										(10,333	)					(10,333	)
Exchange differences						0										0
Total comprehensive loss		0		0		0		0		(10,333	)		0			(10,332	)
Recognition of equity-settled share-based payments								2,937								2,937
Balance as of March 31, 2018		2,859		161,639		0		9,163		(61,625	)		0			112,034

 

InflaRx N.V. and subsidiaries

Unaudited Condensed consolidated statement of cash flows 

for the three months ended March 31,

in € thousand	2017			2018
Cash flow from Operations
Loss before income taxes		(3,800	)		(10,333	)
Reconciliation from result before taxes to net cash flows
Depreciation/amortization of intangible assets, laboratory and office equipment		10			22
Share based payment expense		710			2,938
Finance Income		0			(265	)
Finance costs		813			2,188
other non-cash adjustments		(4	)		(25	)
Change in Provisions and Government Grants		697			977
Working capital adjustments
Change in Trade payables and other liabilities		(1,225	)		(1,561	)
Change in other assets		73			43
Interest received		0			265
Cash flow from Operations		(2,727	)		(5,751	)
Cash flow from investing activities
Cash outflow from the purchase of intangible assets, laboratory and office equipment		(26	)		(93	)
Cash outflow for the investment in non-current financial assets		0			(36	)
Net cash flows used in investing activities		(26	)		(129	)
Financing activities
Proceeds from issuance of preferred shares		1,500			0
Net cash flows from financing activities		1,500			0
Effect of exchange rate changes		0			(2,163	)
Change in cash and cash equivalents		(1,252	)		(8,042	)
Net change in cash and cash equivalents		(1,252	)		(8,042	)
Cash and cash equivalents at beginning of period		29,117			123,282
Cash and cash equivalents at end of period		27,864			115,240

 

IFX-1 is a first-in-class monoclonal anti-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, IFX-1 leaves the formation of the membrane attack complex (C5b-9) intact as an important defense mechanism, which is not the case for molecules blocking the cleavage of C5. IFX-1 has demonstrated control of the inflammatory response driven tissue and organ damage by specifically blocking C5a as a key “amplifier” of this response in pre-clinical studies. IFX-1 is the first monoclonal anti-C5a antibody introduced into clinical development that has, to date, successfully completed three clinical Phase II studies. In total, more than 150 patients have so far been treated with IFX-1, which was well tolerated. IFX-1 is currently being developed for different inflammatory indications.

InflaRx N.V. (Nasdaq: IFRX) is a clinical-stage biopharmaceutical company focused on applying its proprietary anti-C5a technology to discover and develop first-in-class, potent and specific inhibitors of C5a. Complement C5a is a powerful inflammatory mediator involved in the progression of a wide variety of autoimmune and other inflammatory diseases. InflaRx was founded in 2007 and has offices in Jena and in Munich, Germany. For further information please visit www.inflarx.com.

Contacts:

InflaRx N.V.  Prof. Dr. Niels C. Riedemann  Chief Executive Officer  info[at]inflarx.de  +49-3641-508180	Arnd Christ  Chief Financial Officer  info[at]inflarx.de  +49-89-4141897800
Investor Relations   LifeSci Advisors  Chris Maggos  chris[at]lifesciadvisors.com  +41 79 367 6254
Media US  LifeSci Public Relations  Matt Middleman, M.D.  matt[at]lifescipublicrelations.com  +1 646 627 8384	Media Europe  MC Services AG  Katja Arnold  katja.arnold[at]mc-services.eu  +49 89 210 228 40

 

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “estimate,” “believe,” “estimate,” “predict,” “potential” or “continue” and similar expressions. Forward-looking statements appear in a number of places throughout this release and may include statements regarding our intentions, beliefs, projections, outlook, analyses and current expectations concerning, among other things, our ongoing and planned preclinical development and clinical trials, the timing of and our ability to make regulatory filings and obtain and maintain regulatory approvals for our product candidates, our intellectual property position, our ability to develop commercial functions, expectations regarding clinical trial data, our results of operations, cash needs, financial condition, liquidity, prospects, future transactions, growth and strategies, the industry in which we operate, the trends that may affect the industry or us and the risks uncertainties and other factors described under the heading “Risk Factors” in InflaRx’s periodic filings with the Securities and Exchange Commission. These statements speak only as of the date of this press release and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements, and we assume no obligation to update these forward-looking statements, even if new information becomes available in the future, except as required by law.