XML 36 R16.htm IDEA: XBRL DOCUMENT v3.24.1
Consolidated Statements of Operations and Comprehensive Loss (Tables)
 12 Months Ended
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