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v3.24.1

Consolidated Statements of Operations and Comprehensive Loss (Tables) | 12 Months Ended
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Dec. 31, 2023
Consolidated Statements of Operations and Comprehensive Loss (Tables) [Line Items] |
Schedule of Revenues | Revenues
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  |  | (in €) |  |  |  |
Revenues |  |  | 63,089 |  |  |  | — |  |  |  | — |
Total |  |  | 63,089 |  |  |  | — |  |  |  | — |
Schedule of Cost of sales | Cost of sales
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  |  | (in €) |  |  |  |
Cost of Sales |  |  | 532,262 |  |  |  | — |  |  |  | — |
Total |  |  | 532,262 |  |  |  | — |  |  |  | — |
Schedule of Sales and Marketing Expenses | Sales and marketing expenses
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (in €) |
Third-party expenses |  |  | 1,851,158 |  |  |  | — |  |  |  | — |
Employee benefits expenses |  |  | 1,040,587 |  |  |  | — |  |  |  | — |
of which equity-settled share-based payment expense |  |  | 67,462 |  |  |  |  |  |  |  |  |
Legal and consulting fees |  |  | 1,054,971 |  |  |  | — |  |  |  | — |
Other expenses |  |  | 54,583 |  |  |  | — |  |  |  | — |
Total sales and marketing expenses |  |  | 4,001,299 |  |  |  | — |  |  |  | — |
Schedule of Research and Development Expenses | Research and development expenses increased in 2023 compared to 2022 by €3.5 million. The table below shows the composition of research and development expenses.
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  |  | (in €) |  |  |  |
Third-party services |  |  | 31,802,983 |  |  |  | 28,543,503 |  |  |  | 28,247,081 |
of which clinical material and related manufacturing services |  |  | 18,109,345 |  |  |  | 16,194,152 |  |  |  | 6,615,840 |
of which clinical, pre-clinical studies |  |  | 13,693,638 |  |  |  | 12,349,351 |  |  |  | 21,631,240 |
Employee benefits expenses |  |  | 6,776,853 |  |  |  | 6,957,866 |  |  |  | 5,941,813 |
of which equity-settled share-based payment expense |  |  | 1,500,670 |  |  |  | 2,456,571 |  |  |  | 1,622,898 |
Legal and consulting fees |  |  | 1,758,283 |  |  |  | 1,690,448 |  |  |  | 1,074,710 |
Other expenses |  |  | 686,012 |  |  |  | 334,273 |  |  |  | 434,331 |
Total |  |  | 41,024,131 |  |  |  | 37,526,090 |  |  |  | 35,697,935 |
Schedule of General and Administrative Expenses | General and administrative expenses decreased by €2.2 million in 2023 from the prior year, predominantly due to lower costs from equity-settled share-based payments.
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  |  | (in €) |  |  |  |
Employee benefits expenses |  |  | 5,392,905 |  |  |  | 7,125,798 |  |  |  | 6,500,680 |
of which equity-settled share-based payment expense |  |  | 1,846,356 |  |  |  | 3,587,785 |  |  |  | 2,709,307 |
Legal and consulting fees |  |  | 3,239,809 |  |  |  | 3,104,624 |  |  |  | 2,065,423 |
Insurance expenses |  |  | 1,934,880 |  |  |  | 2,330,624 |  |  |  | 1,615,920 |
Depreciation & amortization expense |  |  | 507,905 |  |  |  | 526,325 |  |  |  | 551,566 |
Compensation expense for non-executive directors |  |  | 305,984 |  |  |  | 248,724 |  |  |  | 271,248 |
Other expenses |  |  | 1,247,273 |  |  |  | 1,533,469 |  |  |  | 979,884 |
Total |  |  | 12,628,756 |  |  |  | 14,869,564 |  |  |  | 11,984,722 |
Schedule of Other Income | Other income decreased in 2023, compared to the prior year, due to the incurrence of less expenses eligible for reimbursement under the grant and the end of the grant period on June 30, 2023.
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  |  | (in €) |  |  |  |
Other income from government grants |  |  | 13,155,250 |  |  |  | 20,116,542 |  |  |  | — |
Further other income |  |  | 64,454 |  |  |  | 42,627 |  |  |  | 54,221 |
Total |  |  | 13,219,704 |  |  |  | 20,159,169 |  |  |  | 54,221 |
Schedule of Employee Benefits Expenses | The following table shows the items of employee benefits expenses:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  |  | (in €) |  |  |  |
Wages and salaries |  |  | 8,192,143 |  |  |  | 6,863,423 |  |  |  | 6,919,166 |
Social security contributions (employer’s share) |  |  | 944,712 |  |  |  | 672,534 |  |  |  | 671,697 |
Equity-settled share-based payment expenses (see Note C.10. Share-based payments) |  |  | 3,414,488 |  |  |  | 6,044,356 |  |  |  | 4,332,205 |
Other |  |  | 659,002 |  |  |  | 503,351 |  |  |  | 519,425 |
Total |  |  | 13,210,345 |  |  |  | 14,083,664 |  |  |  | 12,442,493 |
Schedule of Net Financial Result | Net financial result
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  |  | (in €) |  |  |  |
Interest income |  |  | 3,804,827 |  |  |  | 608,679 |  |  |  | 109,391 |
Interest expenses |  |  | (16,538 | ) |  |  | (23,303 | ) |  |  | (10,714 | )
Interest on lease liabilities |  |  | (19,090 | ) |  |  | (21,947 | ) |  |  | (14,055 | )
Financial result |  |  | 3,769,199 |  |  |  | 563,429 |  |  |  | 84,622 |
Foreign exchange income |  |  | 5,529,389 |  |  |  | 6,924,697 |  |  |  | 5,569,836 |
Foreign exchange expense |  |  | (7,371,261 | ) |  |  | (4,482,399 | ) |  |  | (3,605,701 | )
Foreign exchange result |  |  | (1,841,872 | ) |  |  | 2,442,298 |  |  |  | 1,964,135 |
Other financial result |  |  | 313,240 |  |  |  | (252,471 | ) |  |  | (44,000 | )
Net financial result |  |  | 2,240,566 |  |  |  | 2,753,256 |  |  |  | 2,004,757 |
Schedule of Share-Based payments | In the course of its historical financing rounds prior to 2016, InflaRx GmbH established equity-settled share-based payment programs. Those InflaRx GmbH options were converted into options for ordinary shares of InflaRx N.V. in November 2017:
|  | 2023 Options |  |  | 2023 WAEP* |  |  | 2022 Options |  |  | 2022 WAEP* |
Outstanding at January 1 |  |  | 148,433 |  |  | € | 0.01 |  |  |  | 148,433 |  |  | € | 0.01 |
Exercised during the year |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding at December 31 |  |  | 148,433 |  |  | € | 0.01 |  |  |  | 148,433 |  |  | € | 0.01 |
Exercisable at December 31 |  |  | 148,433 |  |  | € | 0.01 |  |  |  | 148,433 |  |  | € | 0.01 |
* | Weighted average share price (WAEP)
Schedule of Share-based payments | Other significant inputs into the model are as follows (weighted average):
Share options granted |  |  | Options |  |  | Fair value per share option |  |  | FX rate as of grant date |  |  | Fair value per share option |  |  | Share price at grant date/ Exercise price |  |  | Expected volatility |  |  | Expected life (midpoint based) |  |  | Risk-free rate (interpolated, U.S. sovereign strips curve) |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January 4 |  |  |  | 839,260 |  |  | $ | 4.53 |  |  |  | 0.8133 |  |  | € | 3.68 |  |  | $ | 5.14 |  |  |  | 1.35 |  |  |  | 5.31 |  |  |  | 0.5 | %
January 4 |  |  |  | 31,668 |  |  | $ | 4.57 |  |  |  | 0.8133 |  |  | € | 3.72 |  |  | $ | 5.14 |  |  |  | 1.35 |  |  |  | 5.50 |  |  |  | 0.5 | %
July 2 |  |  |  | 327,436 |  |  | $ | 2.64 |  |  |  | 0.8458 |  |  | € | 2.23 |  |  | $ | 2.99 |  |  |  | 1.35 |  |  |  | 5.31 |  |  |  | 0.98 | %
July 2 |  |  |  | 20,710 |  |  | $ | 2.66 |  |  |  | 0.8458 |  |  | € | 2.25 |  |  | $ | 2.99 |  |  |  | 1.35 |  |  |  | 5.49 |  |  |  | 1.01 | %
|  |  |  | 1,219,074 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share options granted |  |  | Options |  |  | Fair value per share option |  |  | FX rate as of grant date |  |  | Fair value per share option |  |  | Share price at grant date/ Exercise price |  |  |  |  |  | Expected volatility |  |  | Expected life (midpoint based) |  |  | Risk-free rate (interpolated, U.S. sovereign strips curve)
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January 12 |  |  |  | 1,516,666 |  |  | $ | 3.66 |  |  |  | 0.8795 |  |  |  | €3.22 |  |  | $ | 4.13 |  |  |  |  |  |  |  | 1.35 |  |  |  | 5.31 |  |  | 1.57%
January 12 |  |  |  | 45,000 |  |  | $ | 3.68 |  |  |  | 0.8795 |  |  |  | €3.24 |  |  | $ | 4.13 |  |  |  |  |  |  |  | 1.35 |  |  |  | 5.50 |  |  | 1.59%
Repricing, April 13 |  |  |  | — |  |  |  | $1.20-$1.63 |  |  |  | 0.9237 |  |  |  | €1.11-€1.50 |  |  | $ | 1.86 |  |  |  |  |  |  |  | 1.35 |  |  |  | 1.83-4.94 |  |  | 2.60%
November 21 |  |  |  | 405,000 |  |  | $ | 2.04 |  |  |  | 0.9760 |  |  |  | €1.99 |  |  | $ | 2.44 |  |  |  |  |  |  |  | 1.35 |  |  |  | 4.0 |  |  | 4.15%
|  |  |  | 1,966,666 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share options granted |  |  | Number |  |  | Fair value per share option |  |  | FX rate as of grant date |  |  | Fair value per share option |  |  | Share price at grant date/ Exercise price |  |  | Expected volatility |  |  | Expected life (midpoint based) |  |  | Risk-free rate (interpolated, U.S. sovereign strips curve) |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January 24 |  |  |  | 1,454,250 |  |  | $ | 2.11 |  |  |  | 0.9008 |  |  | € | 1.90 |  |  | $ | 2.37 |  |  |  | 1.35 |  |  |  | 5.30 |  |  |  | 3.571 | %
January 24 |  |  |  | 52,500 |  |  | $ | 2.13 |  |  |  | 0.9008 |  |  | € | 1.92 |  |  | $ | 2.37 |  |  |  | 1.35 |  |  |  | 5.50 |  |  |  | 3.565 | %
May 31 |  |  |  | 60,500 |  |  | $ | 3.61 |  |  |  | 0.9361 |  |  | € | 3.38 |  |  | $ | 4.19 |  |  |  | 1.35 |  |  |  | 4.50 |  |  |  | 3.820 | %
July 7 |  |  |  | 57,000 |  |  | $ | 3.59 |  |  |  | 0.9184 |  |  | € | 3.30 |  |  | $ | 3.89 |  |  |  | 1.46 |  |  |  | 5.50 |  |  |  | 4.320 | %
July 7 |  |  |  | 100,000 |  |  | $ | 3.64 |  |  |  | 0.9184 |  |  | € | 3.34 |  |  | $ | 3.89 |  |  |  | 1.46 |  |  |  | 6.10 |  |  |  | 4.286 | %
July 19 |  |  |  | 4,000 |  |  | $ | 3.55 |  |  |  | 0.8911 |  |  | € | 3.16 |  |  | $ | 3.99 |  |  |  | 1.46 |  |  |  | 5.50 |  |  |  | 4.320 | %
September 18 |  |  |  | 7,500 |  |  | $ | 3.15 |  |  |  | 0.9378 |  |  | € | 2.95 |  |  | $ | 3.54 |  |  |  | 1.46 |  |  |  | 5.50 |  |  |  | 4.320 | %
|  |  |  | 1,735,750 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2016 Plan [Member] |
Consolidated Statements of Operations and Comprehensive Loss (Tables) [Line Items] |
Schedule of Share-based payments | Those InflaRx GmbH options were converted into options for ordinary shares of the Company in November 2017:
|  | 2023 Options |  |  | 2023 WAEP* |  |  | 2022 Options |  |  | 2022 WAEP* |
Outstanding at January 1 |  |  | 888,632 |  |  |  | $1.86/€1.74 |  |  |  | 888,632 |  |  |  | $3.35/€2.96 |
Exercised during the year |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |
Outstanding at December 31 |  |  | 888,632 |  |  |  | $1.86/€1.68 |  |  |  | 888,632 |  |  |  | $1.86/€1.74 |
Exercisable at December 31 |  |  | 888,632 |  |  |  | $1.86/€1.68 |  |  |  | 888,632 |  |  |  | $1.86/€1.74 |
* | Conversion rates used for one €: December 31,2023 $0.9050, average rate 2023 $0.9246, December 31,2022 $0.9376, average rate 2022 $0.9489
2017 Plan [Member] |
Consolidated Statements of Operations and Comprehensive Loss (Tables) [Line Items] |
Schedule of Share-Based payments | In conjunction with the closing of its initial public offering, InflaRx N.V. established a new incentive plan (the “2017 Plan”). The initial maximum number of ordinary shares available for issuance under equity incentive awards granted pursuant to the 2017 Plan equals 2,341,097 ordinary shares. On January 1, 2021 and on January 1 of each calendar year thereafter, an additional number of shares equal to 4% of the total outstanding ordinary 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:
|  | 2023 Options |  |  | 2023 WAEP* |  |  | 2022 Options |  |  | 2022 WAEP* |
Outstanding at January 1 |  |  | 4,985,523 |  |  |  | $1.97 /€1.84 |  |  |  | 3,170,046 |  |  |  | $3.95 /€3.49 |
Granted during the year |  |  | 1,735,750 |  |  |  | $2.58/€2.39 |  |  |  | 1,966,666 |  |  |  | $1.98 / €1.88 |
Forfeited during the year |  |  | (31,000 | ) |  |  | $2.70/€2.50 |  |  |  | (136,259 | ) |  |  | $2.22 /€2.11 |
Exercised during the year |  |  | (105,327 | ) |  |  | $2.16/€2.00 |  |  |  | (14,930 | ) |  |  | $1.86 /€1.76 |
Outstanding at December 31 |  |  | 6,584,946 |  |  |  | $2.12/€1.92 |  |  |  | 4,985,523 |  |  |  | $1.97 /€1.84 |
Exercisable at December 31 |  |  | 5,577,384 |  |  |  | $2.01/€1.82 |  |  |  | 4,157,148 |  |  |  | $1.93 /€1.81 |
* | Conversion rates used for one €: December 31,2023 $0.9050, average rate 2023 $0.9246, December 31, 2022 $0.9376, average rate 2022 $0.9489

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