• An early-stage Alexion for complement-mediated inflammatory diseases.
• Like a clinical-stage Vertex Pharmaceuticals, but focused on specific inflammatory disorders.

• Gohibic (vilobelimab): A novel first-in-class monoclonal anti-C5a antibody approved in the U.S. for the treatment of adults with pyoderma gangrenosum (PG).
• Navafexor (IFX-2): An orally administered small molecule inhibitor of C5aR, currently in clinical development for various autoimmune and inflammatory diseases.

Major Customers of InflaRx (IFRX)

InflaRx (IFRX) is a biopharmaceutical company that develops and commercializes drugs. As is typical for pharmaceutical companies, InflaRx sells its products primarily to other companies, specifically specialty distributors, who then supply the drugs to specialty pharmacies, hospitals, and clinics.

Based on their 2023 Annual Report (10-K filing), InflaRx's major direct customers for product sales of GOHIBIC (vilobelimab) are:

• Biologics, Inc. (accounted for 64% of InflaRx's gross product sales in 2023). Biologics, Inc. is a specialty pharmacy and distribution company that operates as a part of McKesson Corporation.
• Cardinal Health, Inc. (Symbol: CAH) (accounted for 36% of InflaRx's gross product sales in 2023).

• Lonza Group AG (LONN)
• Recipharm

Prof. Dr. Niels C. Riedemann, Chief Executive Officer and Founder
Prof. Dr. Niels C. Riedemann co-founded InflaRx in December 2007 (as InflaRx GmbH) and has served as its Chief Executive Officer since the company's inception. He has over 15 years of experience in the biotech industry and drug development, coupled with over 20 years in complement immunology research. Prof. Riedemann was instrumental in leading numerous private and public financing rounds, including the company's Nasdaq IPO in 2017. He is a named inventor on several of InflaRx's core international patents. Prior to founding InflaRx, he served as Vice Director of Intensive Care Medicine at Friedrich Schiller University in Jena, Germany, where he led a 50-bed academic ICU unit for over six years. He is a board-certified general surgeon and intensive care physician.

Dr. Thomas Taapken, Chief Financial Officer
Dr. Thomas Taapken joined InflaRx as Chief Financial Officer in 2020. He brings over 25 years of experience in senior management roles within the life sciences sector and as a venture investor. Dr. Taapken previously held positions as CFO of Medigene AG and as CEO and CFO of Epigenomics AG, both publicly listed companies in Germany. At Epigenomics AG, he spearheaded efforts to achieve regulatory approval for the company's lead product with the FDA and subsequently oversaw its launch into the U.S. market. He also served as CFO at Biotie Therapies (Finland) and its predecessor companies. Earlier in his career, he spent seven years as a venture investor with Deutsche Venture Capital (DVC) and Burrill & Co. in the U.S. He began his career at Hoechst AG (now Sanofi).

Prof. Renfeng Guo, M.D., Chief Scientific Officer and Founder
Prof. Renfeng Guo co-founded InflaRx in 2007. Since the company's inception, he has been responsible for leading its scientific development as the full-time Chief Scientific Officer. His early research was pivotal in the discovery of InflaRx's primary drug candidate, vilobelimab. Prof. Guo continues to be a driving force in the development of other pipeline drugs and is a key inventor for InflaRx's intellectual property portfolio. He also expanded the company's collaborations with the Beijing Institute of Sciences and other prominent Chinese immunologists for immunological research.

Dr. Korinna Pilz, M.D., M. Sc., Chief Clinical Development Officer
Dr. Korinna Pilz was promoted to the newly created role of Chief Clinical Development Officer at InflaRx, effective August 1, 2021. She joined the company in January 2019 as Program Director Oncology and was subsequently promoted to Global Head of Clinical Research and Development in November 2019. Dr. Pilz possesses 20 years of experience in the development of New Chemical Entities (NCEs) and New Biological Entities (NBEs) gained from her time at various companies, including Boehringer Ingelheim, Roche, Merck KGaA, and Bayer, as well as through her consulting work. She has extensive experience in both early and late-stage clinical development and has contributed to securing marketing authorizations for several products.

Camilla Chong, M.D., Chief Medical Officer
Dr. Camilla Chong was appointed Chief Medical Officer of InflaRx, effective July 1, 2023. She is responsible for the company's medical strategy and clinical development programs.

1. Intensifying competition in Pyoderma Gangrenosum (PG): UCB's bimekizumab, an IL-17A/IL-17F inhibitor, demonstrated positive Phase 2 results in pyoderma gangrenosum in late 2023. This drug, with a different mechanism of action than InflaRx's C5a inhibitor Vilobelimab (currently in Phase 3 for PG), represents a significant emerging threat if it successfully advances through late-stage development and gains regulatory approval, potentially offering a strong alternative therapy.

2. Growing competition in Hidradenitis Suppurativa (HS): The treatment landscape for HS, where InflaRx's Vilobelimab is in Phase 2 development, is rapidly evolving. AbbVie's Skyrizi (risankizumab), an IL-23 inhibitor, reported strong Phase 3 results in HS in late 2023 / early 2024, showing superiority over both placebo and adalimumab. Its potential approval and market entry would significantly increase competition in this indication. Additionally, other late-stage candidates like Eli Lilly's mirikizumab (IL-23 inhibitor) and UCB's bimekizumab (IL-17A/F inhibitor) are also progressing, threatening to saturate the market with new, effective treatments before Vilobelimab potentially reaches approval for HS.

InflaRx (IFRX) is developing therapies for several inflammatory conditions. The addressable markets for their main products or services are as follows:

• INF904 (oral C5aR inhibitor):
  • For Chronic Spontaneous Urticaria (CSU), the potential addressable market is estimated to be $1 billion or more. The region for this market size is not specified but is generally considered a significant market opportunity.
  • For Hidradenitis Suppurativa (HS), the potential addressable market is estimated to be $1 billion or more. The region for this market size is not specified but is generally considered a significant market opportunity.
• Vilobelimab (GOHIBIC):
  • For Pyoderma Gangrenosum (PG), the market across the 7 major markets (7MM: U.S., France, Germany, Italy, Spain, UK, Japan) reached USD 130.9 million in 2024 and is projected to reach USD 191.8 million by 2035.
  • Vilobelimab has also received European Commission approval for SARS-CoV-2-induced acute respiratory distress syndrome (ARDS) and an Emergency Use Authorization (EUA) in the U.S. for COVID-19 in hospitalized adults, but specific market size information for these indications was not available.

InflaRx (IFRX) is anticipated to experience future revenue growth over the next 2-3 years driven primarily by the advancement and commercialization of its key drug candidates. Here are 3-5 expected drivers:

1. Commercialization and Market Penetration of Vilobelimab (GOHIBIC) for Approved Indications: InflaRx has received European Commission approval for GOHIBIC (vilobelimab) for the treatment of SARS-CoV-2-induced acute respiratory distress syndrome (ARDS). While current revenues from GOHIBIC product sales are modest and primarily in the United States, the company is undertaking "cost-disciplined launch efforts to educate health care providers and implement measures to make the drug available for eligible patients". Continued efforts in market education and expansion into regions where it is approved are expected to contribute to revenue growth.
2. Successful Clinical Development and Potential Commercialization of Vilobelimab in Pyoderma Gangrenosum (PG): Vilobelimab is currently undergoing a Phase 3 clinical trial for pyoderma gangrenosum (PG). An interim analysis for this trial, which will help determine trial size adaptation or futility, is anticipated by the end of May to early June 2025. Positive outcomes from this pivotal trial could significantly de-risk the program and pave the way for regulatory submissions and commercialization in a new, sizable market, thereby expanding vilobelimab's revenue potential. Analysts note vilobelimab's promising results in improving survival rates and reducing corticosteroid use.
3. Advancement and Positive Data from INF904 Clinical Trials: InflaRx is developing INF904, an orally administered small molecule inhibitor, with topline data from its Phase 2a trial in chronic spontaneous urticaria (CSU) and hidradenitis suppurativa (HS) expected in summer 2025. These indications represent multi-billion-dollar markets, and positive trial results are considered significant catalysts that could substantially de-risk the pipeline. While full commercialization of INF904 is projected further out (analysts forecast launch in 2030), successful clinical progress and positive data within the next 2-3 years could attract strategic partnerships or further investment, influencing InflaRx's revenue outlook during this period.

Share Issuance

• In July 2020, InflaRx filed a prospectus supplement relating to an at-the-market program, allowing for the sale of up to $50 million of its common shares.
• In February 2025, InflaRx completed an underwritten public offering of ordinary shares and pre-funded warrants, generating gross proceeds of €28.7 million ($30.0 million).
• The number of outstanding shares significantly increased from 27.73 million in 2020 to 67.74 million by October 2025, with notable increases of 59.32% in 2021 and 33.21% in 2023.

Inbound Investments

• InflaRx is entitled to receive royalties on net sales from Staidson BioPharmaceuticals' product BDB-001 in China, stemming from a co-development agreement where InflaRx granted rights to use its vilobelimab cell line.
• The company commenced enrollment in the BARDA-funded JUST BREATHE Phase 2 platform clinical trial, which investigates vilobelimab for acute respiratory distress syndrome (ARDS).

Capital Expenditures

• In the last 12 months, capital expenditures for InflaRx amounted to approximately -$51,948.