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Notes to the Consolidated Statements of Financial Position (Tables)

12 Months Ended

Dec. 31, 2023

Notes to the Consolidated Statements of Financial Position [Abstract]

Schedule of Property and Equipment

Property and equipment

		Property and equipment				Advance payments				Total
Cost		(in €)
At January 1, 2022			1,267,611				—				1,267,611
Additions			160,491				—				160,491
Exchange differences			25,236				—				25,236
At December 31, 2022			1,453,339				—				1,453,339
Additions			55,123				—				55,123
Disposals			(2,595	)			—				(2,595	)
Exchange differences			(14,342	)			—				(14,342	)
At December 31, 2023			1,491,525				—				1,491,525
Accumulated depreciation
At January 1, 2022			(993,238	)			—				(993,238	)
Depreciation charge for the year			(113,894	)			—				(113,894	)
Exchange differences			(17,286	)			—				(17,286	)
At December 31, 2022			(1,124,419	)			—				(1,124,419	)
Depreciation charge for the year			(93,791	)			—				(93,791	)
Disposals			2,594				—				2,594
Exchange differences			13,668				—				13,668
At December 31, 2023			(1,201,948	)			—				(1,201,948	)
Net book value
At December 31, 2022			328,920				—				328,920
At December 31, 2023			289,577				—				289,577

Schedule of Right-of-Use Assets

Right-of-use assets

		Buildings				Cars				Total
Cost		(in €)
At January 1, 2022			2,284,269				125,130				2,409,399
Additions			281,429				—				281,429
Exchange differences			13,645				—				13,645
At December 31, 2022			2,579,342				125,130				2,704,473
Additions			91,125				49,004				140,128
Exchange differences			(9,349	)			—				(9,349	)
At December 31, 2023			2,661,118				174,134				2,835,253
Accumulated depreciation
At January 1, 2022			(925,306	)			(76,015	)			(1,001,321	)
Depreciation charge for the year			(354,408	)			(30,024	)			(384,432	)
Exchange differences			(6,911	)			—				(6,911	)
At December 31, 2022			(1,286,625	)			(106,039	)			(1,392,664	)
Depreciation charge for the year			(353,398	)			(24,527	)			(377,925	)
Exchange differences			7,003				—				7,003
At December 31, 2023			(1,633,020	)			(130,566	)			(1,763,586	)
Net book value
At December 31, 2022			1,292,717				19,092				1,311,809
At December 31, 2023			1,028,098				43,568				1,071,666

Schedule of Intangible Assets

Intangible Assets

		Purchased IT-software				Advances paid for software				Total
Cost		(in €)
At January 1, 2022			720,942				—				720,942
Additions			1,900				—				1,900
Exchange differences			408				—				408
At December 31, 2022			723,250				—				723,250
Additions			—				25,977				25,977
Disposals			(7,009	)			—				(7,009	)
Exchange differences			(111	)			—				(111	)
At December 31, 2023			716,130				25,977				742,107
Accumulated amortization
At January 1, 2022			(485,726	)			—				(485,726	)
Amortization charge for the year*			(98,271	)			—				(98,271	)
Exchange differences			(348	)			—				(348	)
At December 31, 2022			(584,345	)			—				(584,345	)
Amortization charge for the year			(96,063	)			—				(96,063	)
Disposals			7,009				—				7,009
Exchange differences			111				—				111
At December 31, 2023			(673,289	)			—				(673,289	)
Net book value
At December 31, 2022			138,905				—				138,905
At December 31, 2023			42,841				25,977				68,818

Schedule of Lease Liabilities

Set out below, are the carrying amounts and the movements of the Group’s lease liabilities:

Lease liabilities		2023				2022
		(in €)
As of January 1			1,356,684				1,432,526
Additions			140,128				281,429
Derecognition			(20,555	)			(20,555	)
Payments			(353,422	)			(343,874	)
Short-term liability for accrued interest expense			(396	)			304
Foreign exchange difference			(2,391	)			6,854
As of December 31			1,120,048				1,356,684

Schedule of Amounts Recognized in Profit or Loss

The following are the amounts recognized in profit or loss:

		2023				2022				2021
		(in €)
Depreciation expense of right-of-use assets (see Note E.2.)			377,925				384,432				371,551
Interest expense on lease liabilities			19,090				21,947				14,055
Rental expense from leases			6,261				6,261				6,261
Thereof short-term leases (included in administrative expenses)							—				—
Thereof leases of low-value assets (included in administrative expenses)			6,261				6,261				6,261
Total amounts recognized in profit or loss			403,276				412,640				391,867

Schedule of Inventory

Inventory

		2023				2022				2021
		(in €)
Raw material and supplies			423,560				—				—
Unfinished goods			10,614,159				—				—
Finished goods			330,087				—				—
Total			11,367,807				—				—

Schedule of Other Assets

Other assets

		December 31, 2023				December  31, 2022
		(in €)
Non-current other assets			—				—
Prepaid expenses			257,267				308,066
Total			257,267				308,066
Current other assets
Prepayments on research & development projects			3,670,167				9,776,505
Prepaid expenses			272,999				1,841,935
Others			93,482				2,552,071
Total			4,036,648				14,170,511
Total other assets			4,293,915				14,478,577

Schedule of Applicable Tax Rate and Current Income Taxes Recognized in Profit or Loss

The table below shows a reconciliation between the product of loss before tax multiplied by the Company’s applicable tax rate and current income taxes recognized in profit or loss.

InflaRx Group		2023				2022				2021
						(in €)
Loss for the period (accounting profit before income tax)			(42,667,529	)			(29,484,611	)			(45,630,059	)
Tax rate			28.6	%			29.2	%			28.5	%
Tax benefits at tax rate			12,160,545				8,610,381				13,001,984
Temporary differences and tax losses for which no deferred tax asset was recognized			(12,127,977	)			(7,480,169	)			(10,988,805	)
Non-recognition of tax effect on share-based payments			(32,182	)			(1,251,830	)			(1,959,606	)
Non-deductible expenses for tax purposes			(46,907	)			(22,067	)			(3,758	)
Other differences due to tax rate			46,521				143,686				(49,815	)
Income tax			—				—				—

Schedule of Financial Assets and Liabilities

Set out below is an overview of financial assets and liabilities, other than cash and short-term deposits included in cash equivalents, held by the Group as at December 31, 2023 and December 31, 2022:

Financial assets and financial liabilities		December 31, 2023				December 31, 2022
		(in €)
Financial assets at amortized cost
Non-current financial assets			9,052,741				2,900,902
Financial assets from government grants			—				732,971
Other current financial assets			77,504,518				64,791,088
Financial liabilities at amortized cost
Liabilities from government grants			—				6,209,266
Trade and other payables			14,716,441				4,987,538

Schedule of Cash and Cash Equivalents

Cash and cash equivalents

		December 31, 2023				December 31, 2022
		(in €)
Short-term deposits			—				—
Deposits held in U.S. dollars			4,120,951				3,422
Deposits held in Euro			1,020,000				—
Total			5,140,951				3,422
Cash at banks
Cash held in U.S. dollars			5,041,802				8,645,014
Cash held in Euro			2,585,190				7,616,918
Total			7,626,991				16,261,932
Total cash and cash equivalents			12,767,942				16,265,354

Schedule of Trade and Other Payables

Trade and other payables

		December 31, 2023				December 31, 2022
		(in €)
Accrued liabilities from R&D projects			4,414,143				2,254,550
Accrued liabilities from commercial activities			1,400,382				—
Accounts payable			5,102,700				1,566,400
Other accrued liabilities and payables			3,942,909				1,314,196
Total trade and other payables			14,860,134				5,135,146

Schedule of Market Risk, Credit Risk and Liquidity Risk

The Group is exposed to market risk, credit risk and liquidity risk. The Board of Directors reviews and adopts policies for managing each of these risks, which are summarized below. The Group’s senior management oversees the management of these risks.

	Exposure	Measurement	Risk Management
Market risk	Future development costs; Recognized financial assets and liabilities not denominated in Euro	Forecasted cash flows Sensitivity analysis	Achievement of a natural hedge in the future
Credit risk	Cash and cash equivalents, current and non-current financial assets	Credit rating	Diversification of bank deposits, Investment guidelines for debt investments
Liquidity	R&D and G&A cost, equity, trade and other payables	Rolling cash flow forecast	Availability of funds through financing rounds or public offerings

Schedule of Cash, Cash Equivalents and Financial Assets

In 2023, if the Euro had weakened/strengthened by 10% against the U.S. dollar with all other variables held constant, the Group’s loss would have been €1 million higher/€1 million lower, mainly as a result of foreign exchange on translation of U.S. dollar-denominated assets of InflaRx N.V. and InflaRx GmbH.

Cash, cash equivalents and financial assets denominated in U.S. dollars, InflaRx N.V. and InflaRx GmbH		December 31, 2023				December 31, 2022 *
		(in €)
Current and non current financial assets (securities and accrued interest)			80,935,197				7,376,866
Cash and cash equivalents			8,051,366				4,356,512
Total assets exposed to the risk			88,986,563				11,733,378
Conversion rate Euro to U.S. dollars at reporting date 1/1.1050

* The 2022 figures do not include InflaRx N.V. given the 2022 functional currency was in USD.

Schedule of Sensitivity Analysis

Sensitivity analysis:		Conversion rate				Profit/(loss)				carrying amount
						(in €)
Euro weakens against U.S. dollars			1.2155				9,887,396				98,873,959
Euro strengths against U.S. dollars			0.9945				(8,089,688	)			80,896,875

Schedule of Outstanding Financial Commitments

At the end of the reporting period, the Group held the following deposits that are expected to readily generate cash inflows to meet the outstanding financial commitments.

Liquidity		December 31, 2023				December 31, 2022
		(in €)
Short-term deposits			5,140,951				3,422
Cash at banks			7,626,992				16,261,932
Marketable Securities (current and non-current)			85,727,461				67,175,879
Other (non-current portion)			237,621				237,296
Other (current)			701,407				278,815
Total funds available			99,434,432				83,957,344

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