IFRX Stock — InflaRx N.V.: Cash, EV, Pipeline

What they do

We discover, develop and commercialize first-in-class, highly potent and specific inhibitors of the complement activation factor known as C5a and its receptor C5aR. With our therapeutic product candidates in clinical development, vilobelimab and izicopan (formerly known as INF904), we target C5a and its receptor C5aR to selectively to inhibit the powerful inflammatory response observed in a wide variety of autoimmune and other inflammatory diseases elicited through C5a/C5aR activation.

Source: 20-F FY2025 via SEC EDGAR

Share price

$1.30

Market cap

$192.3M

Cash

$18.0M

Enterprise value

$174.3M

Balance sheet

Cash	$18.0M
Debt	$0.0M
Net cash	$18.0M
Enterprise value	$174.3M
Basic shares	72.3M shares
Fully diluted shares	91.2M shares
Fully diluted market cap	$118.6M
Cash per share	$0.25

Cash figures as of 2025-12-31. Database snapshot: 2026-11-07.

Share structure

Common

72.3M

Pre-funded warrants

6.8M

Options

12.2M

RSUs

0.0M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.0M

FDSO

91.2M

Cap table as of 2025-12-31.

Price history

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Next catalyst

izicopan · Est. Jul 2, 2027 · guidance midpoint · guided in 8 wks

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Jul 2, 2027 in 8 wks guidance midpoint	izicopan open-label renal proof-of-concept (aHUS, IgAN, C3G)	Not disclosed	open-label renal (aHUS, IgAN, C3G)	2027
Aug 12 - Sep 23 in 21 mo	Cohort C: bevacizumab	Phase 2	Acute Respiratory Distress Syndrome (ARDS); ARDS; ARDS (Acute Respiratory Distress Syndrome)	—
Aug 12 - Sep 23 in 21 mo	Cohort B: paridiprubart	Phase 2	Acute Respiratory Distress Syndrome (ARDS); ARDS; ARDS (Acute Respiratory Distress Syndrome)	—
Aug 12 - Sep 23 in 21 mo	Cohort A: vilobelimab	Phase 2	Acute Respiratory Distress Syndrome (ARDS); ARDS; ARDS (Acute Respiratory Distress Syndrome)	—
Aug 12 - Sep 23 in 21 mo	Cohort A: vilobelimab	Phase 2	Acute Respiratory Distress Syndrome (ARDS); ARDS; ARDS (Acute Respiratory Distress Syndrome)	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Vilobelimab

Stage not disclosed · Active Modality: monoclonal antibody

Aliases GOHIBIC, Vilwaysi

Target C5a

Indications

Virally induced acute respiratory distress syndrome (ARDS) (Stage not disclosed)
Hidradenitis suppurativa (HS) (Stage not disclosed)
Chronic spontaneous urticaria (CSU) (Stage not disclosed)
Pyoderma gangrenosum (PG) (Stage not disclosed)

Status note Anti-C5a antibody (company's proprietary anti-C5a technology). Filing references a BLA submission for GOHIBIC (vilobelimab). No trial phases or stages are stated in the provided excerpts, which are largely forward-looking boilerplate; a potential partnership for vilobelimab in PG is under consideration.

Izicopan

Stage not disclosed · Active

Target C5aR1

Status note Named product candidate with future clinical trials referenced in the filing; a potential partnership of izicopan is under consideration. No modality, target, indication, or stage is stated in the provided excerpts.

Per-asset detail extracted from the 20-F filed 2026-03-20. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06701656	Phase 2	Recruiting	Collaborator	PPD Development, LP	—	Acute Respiratory Distress Syndrome (ARDS); ARDS; ARDS (Acute Respiratory Distress Syndrome)	—
NCT06701669	Phase 2	Recruiting	Collaborator	PPD Development, LP	—	Acute Respiratory Distress Syndrome (ARDS); ARDS; ARDS (Acute Respiratory Distress Syndrome)	—
NCT06701682	Phase 2	Recruiting	Collaborator	PPD Development, LP	—	Acute Respiratory Distress Syndrome (ARDS); ARDS; ARDS (Acute Respiratory Distress Syndrome)	—
NCT06703073	Phase 2	Recruiting	Collaborator	PPD Development, LP	—	Acute Respiratory Distress Syndrome (ARDS); ARDS; ARDS (Acute Respiratory Distress Syndrome)	—

Sponsor-matched active trials from ClinicalTrials.gov (0 as sponsor, 4 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 4 active trials for PPD Development, LP on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Great Point Partners	3,046,557	+3,046,557	1.61%	2026-08-14
ADAR1 Capital Management	3,000,000	+2,841,729	0.32%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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IFRX — InflaRx N.V. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Active clinical trials

Specialist fund holders

Latest news

IFRX — InflaRx N.V.