InflaRx N.V.
IFRXHealthcare|Biotechnology|DE
$1.30
-0.05 (-3.69%)
DCF Value
$0.19
Tangible Book / Share
$0.98
Cash / Share
$0.78
Financials
Financial Snapshot
Market Cap
$192.3M
Enterprise Value
$91.8M
Revenue (TTM)
-$33.9K
Net Income (TTM)
-$29.3M
Cash & Investments
$114.5M
Net Cash
$113.7M
Free Cash Flow (TTM)
-$18.9M
Operating CF (TTM)
-$18.8M
Debt/Equity
0.01
Cash Runway & Burn Rate
Cash on Hand
$114.5M
Quarterly Burn
$4.7M
Monthly Burn
$1.6M
Est. Runway
~24.3 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $29.1M | $123.3M | $156.6M | $115.5M | $81.1M | $83.4M | $81.8M | $12.8M | $18.4M | $46.4M | $114.5M | |
| Operating Cash Flow | -$5.0M | -$12.2M | -$23.7M | -$43.2M | -$36.5M | -$39.9M | -$33.7M | -$37.8M | -$48.6M | -$33.9M | -$18.8M | |
| Free Cash Flow | -$5.0M | -$12.3M | -$24.5M | -$43.8M | -$36.6M | -$40.0M | -$33.9M | -$37.9M | -$48.6M | -$34.0M | -$18.9M | |
| Capital Expenditure | -$53.0K | -$149.0K | -$806.0K | -$594.9K | -$94.2K | -$37.8K | -$162.4K | -$81.1K | -$46.9K | -$111.1K | -$103.5K | |
| Financing Cash Flow | $30.9M | $108.8M | $49.6M | -$294.3K | $9.2M | $61.6M | $1.9M | $53.0M | $386.4K | $32.0M | $127.6M |
R&D Spending
R&D (TTM)
$17.2M
R&D Intensity
—
R&D Growth vs Prior
-33.1%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $63.1K | $165.8K | $29.3K | -$33.9K | |
| R&D Expense | $5.3M | $14.4M | $25.0M | $44.6M | $25.7M | $35.7M | $37.5M | $41.0M | $35.4M | $25.7M | $17.2M | |
| R&D % of Revenue | — | — | — | — | — | — | — | 65025.8% | 21330.7% | 87691.5% | -50706.7% | |
| SG&A | $1.8M | $5.1M | $12.8M | $12.5M | $7.9M | $11.4M | $14.3M | $16.1M | $19.3M | $17.6M | $11.6M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $63.1K | $165.8K | $29.3K | -$33.9K | |
| Cost of Revenue | $35.7K | $66.7K | $179.6K | $0.00 | $0.00 | $0.00 | $0.00 | $532.3K | $3.3M | $7.3M | $4.9M | |
| Gross Profit | -$35.7K | -$68.4K | -$179.6K | $0.00 | $0.00 | $0.00 | $0.00 | -$469.2K | -$3.2M | -$7.2M | -$5.0M | |
| R&D | $5.3M | $14.4M | $25.0M | $44.6M | $25.7M | $35.7M | $37.5M | $41.0M | $35.4M | $25.7M | $17.2M | |
| SG&A | $1.8M | $5.1M | $12.8M | $12.5M | $7.9M | $11.4M | $14.3M | $16.1M | $19.3M | $17.6M | $11.6M | |
| Operating Income | -$6.9M | -$19.4M | -$37.5M | -$56.8M | -$33.9M | -$47.6M | -$32.2M | -$44.6M | -$52.9M | -$48.3M | -$32.7M | |
| Interest Expense | $1.8M | $2.2M | $0.00 | $22.2K | $26.0K | $24.8K | $45.3K | $35.6K | $20.7K | $37.7K | $59.7K | |
| Pretax Income | -$8.9M | -$24.2M | -$29.8M | -$53.3M | -$34.0M | -$45.6M | -$29.5M | -$42.7M | -$46.1M | -$45.6M | -$29.3M | |
| Net Income | -$8.9M | -$24.2M | -$29.8M | -$53.3M | -$34.0M | -$45.6M | -$29.5M | -$42.7M | -$46.1M | -$45.6M | -$29.3M | |
| EPS (Diluted) | -0.38 | -1.03 | -1.19 | -1.91 | -1.26 | -1.10 | -0.61 | -0.78 | -0.78 | -0.66 | -0.33 | |
| EBITDA | -$7.1M | -$21.9M | -$37.3M | -$56.1M | -$33.2M | -$44.9M | -$28.8M | -$42.1M | -$45.6M | -$45.2M | -$28.9M | |
| Shares Out. (M) | 23.41 | 23.61 | 25.10 | 26.00 | 27.06 | 41.63 | 44.21 | 54.94 | 58.92 | 67.29 | 147.37 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $29.1M | $123.3M | $55.4M | $33.1M | $26.0M | $26.2M | $16.3M | $12.8M | $18.4M | $16.0M | $81.3M | |
| Short-Term Investments | $0.00 | $0.00 | $101.2M | $82.4M | $55.2M | $57.2M | $65.5M | $0.00 | $0.00 | $30.4M | $33.1M | |
| Total Current Assets | $29.4M | $124.0M | $158.2M | $119.0M | $86.3M | $95.7M | $97.4M | $109.5M | $71.7M | $53.6M | $121.0M | |
| Total Assets | $29.5M | $124.2M | $159.2M | $121.6M | $88.2M | $125.1M | $102.4M | $120.2M | $76.0M | $55.2M | $161.3M | |
| Total Current Liabilities | $1.7M | $4.8M | $7.8M | $14.1M | $10.1M | $18.8M | $13.0M | $16.8M | $14.2M | $13.0M | $16.7M | |
| Long-Term Debt | $53.4M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $55.2M | $4.8M | $7.8M | $14.4M | $10.4M | $19.9M | $14.1M | $17.6M | $14.6M | $13.7M | $17.2M | |
| Stockholders' Equity | -$25.7M | $119.4M | $151.4M | $107.1M | $77.9M | $105.3M | $88.3M | $102.6M | $61.4M | $41.5M | $144.1M | |
| Retained Earnings | -$27.1M | -$51.3M | -$81.1M | -$134.4M | -$168.3M | -$214.0M | -$243.5M | -$286.1M | -$332.2M | -$377.7M | -$396.5M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.0M | -$12.2M | -$23.7M | -$43.2M | -$36.5M | -$39.9M | -$33.7M | -$37.8M | -$48.6M | -$33.9M | -$18.8M | |
| Capital Expenditure | -$53.0K | -$149.0K | -$806.0K | -$594.9K | -$94.2K | -$37.8K | -$162.4K | -$81.1K | -$46.9K | -$111.1K | -$103.5K | |
| Free Cash Flow | -$5.0M | -$12.3M | -$24.5M | -$43.8M | -$36.6M | -$40.0M | -$33.9M | -$37.9M | -$48.6M | -$34.0M | -$18.9M | |
| Investing Cash Flow | -$53.0K | -$167.0K | -$99.5M | $20.3M | $21.4M | -$26.0M | $19.4M | -$17.7M | $52.4M | $3.1M | -$33.6M | |
| Financing Cash Flow | $30.9M | $108.8M | $49.6M | -$294.3K | $9.2M | $61.6M | $1.9M | $53.0M | $386.4K | $32.0M | $127.6M | |
| Issuance of Stock | $32.4M | $90.9M | $53.0M | $0.00 | $9.8M | $65.1M | $2.3M | $56.5M | $1.1M | $32.3M | $136.3M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | -$296.0K | -$366.2K | -$360.6K | -$364.4K | -$374.0K | -$388.1K | -$357.6K | $66.1K | |
| Stock Based Comp. | $868.0K | $4.5M | $12.1M | $6.8M | $1.1M | $4.3M | $6.0M | $3.4M | $4.1M | $0.00 | -$3.2M | |
| Net Change in Cash | $25.8M | $94.2M | -$67.9M | -$22.3M | -$7.2M | $281.3K | -$10.0M | -$3.5M | $5.6M | -$179.7K | $84.2M |
Dilution Tracker
Shares outstanding grew 148.6% over 5 years — significant dilution
Shares Outstanding
147M
5-Year Share Growth
+148.6%
Stock Issuance (TTM)
$136.3M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 23.41 | 23.61 | 25.10 | 26.00 | 27.06 | 41.63 | 44.21 | 54.94 | 58.92 | 67.29 | 147.37 | |
| Change vs Prior % | — | 0.9% | 6.3% | 3.6% | 4.1% | 53.8% | 6.2% | 24.3% | 7.2% | 14.2% | 119.0% | |
| Stock Issuance | $32.4M | $90.9M | $53.0M | $0.00 | $9.8M | $65.1M | $2.3M | $56.5M | $1.1M | $32.3M | $136.3M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $868.0K | $4.5M | $12.1M | $6.8M | $1.1M | $4.3M | $6.0M | $3.4M | $4.1M | $0.00 | -$3.2M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | — | — | — | -743.7% | -1900.8% | -24677.9% | 14669.4% | |
| Operating Margin % | — | — | — | — | — | — | — | -70685.6% | -31911.4% | -164525.5% | 96251.8% | |
| Net Margin % | — | — | — | — | — | — | — | -67630.7% | -27785.0% | -155582.1% | 86420.9% | |
| EBITDA Margin % | — | — | — | — | — | — | — | -66674.3% | -27476.7% | -153976.3% | 85192.5% | |
| FCF Margin % | — | — | — | — | — | — | — | -60064.5% | -29316.5% | -116026.4% | 55766.3% | |
| ROE % | 34.8% | -20.3% | -19.7% | -49.7% | -43.6% | -43.3% | -33.4% | -41.6% | -75.0% | -109.9% | -31.8% | |
| ROA % | -30.3% | -19.5% | -18.7% | -43.8% | -38.5% | -36.5% | -28.8% | -35.5% | -60.6% | -82.7% | -18.2% | |
| ROIC % | -24.8% | -16.3% | -24.8% | -52.5% | -43.3% | -44.6% | -35.9% | -43.0% | -85.0% | -113.6% | -22.5% | |
| R&D / Revenue % | — | — | — | — | — | — | — | 65025.8% | 21330.7% | 87691.5% | -50706.7% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 162.8% | -82.3% | |
| Gross Profit | 12.7% | -91.9% | -162.5% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | -571.7% | -129.7% | |
| Operating Income | -82.2% | -182.2% | -92.9% | -51.3% | 40.2% | -40.3% | 32.3% | -38.3% | -18.6% | 8.8% | |
| Net Income | -81.8% | -171.1% | -23.0% | -78.6% | 36.2% | -34.3% | 35.4% | -44.7% | -8.0% | 0.9% | |
| EPS (Diluted) | -81.0% | -171.1% | -15.5% | -60.5% | 34.0% | 12.7% | 44.5% | -27.9% | 0.0% | 15.4% | |
| Operating Cash Flow | -50.9% | -143.4% | -95.1% | -82.2% | 15.5% | -9.3% | 15.5% | -12.1% | -28.4% | 30.1% | |
| Free Cash Flow | -51.9% | -143.8% | -99.3% | -78.6% | 16.4% | -9.2% | 15.2% | -11.8% | -28.3% | 30.0% | |
| R&D Expense | 51.8% | 173.1% | 73.6% | 78.1% | -42.4% | 39.0% | 5.1% | 9.3% | -13.8% | -27.3% | |
| SG&A Expense | 321.0% | 178.6% | 148.9% | -2.2% | -36.7% | 44.5% | 25.5% | 12.4% | 19.9% | -9.1% | |
| Total Assets | 723.1% | 320.8% | 28.2% | -23.6% | -27.4% | 41.9% | -18.2% | 17.4% | -36.8% | -27.4% | |
| Book Value / Share | -45.8% | 561.0% | 19.3% | -31.7% | -30.2% | -12.1% | -21.0% | -6.6% | -44.2% | -40.8% | |
| Debt | 157.6% | -100.0% | 0.0% | 0.0% | -33.9% | 156.2% | -5.3% | -17.4% | -28.1% | 11.5% | |
| Diluted Shares | 0.0% | 0.9% | 6.3% | 3.6% | 4.1% | 53.8% | 6.2% | 24.3% | 7.2% | 14.2% |
Valuation
P/E (TTM)At Loss
P/S-5080.08
10Y Low / Med / High847.69 / 1284.19 / 1972.04
P/B1.20
10Y Low / Med / High0.79 / 1.45 / 5.26
EV/EBITDAAt Loss
EV/Revenue-2706.60
10Y Low / Med / High741.71 / 1099.56 / 1456.61
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.19
Tangible Book / Share
$0.98
Net Current Assets / Share
$0.70
Graham Net-Net
$0.67
Cash / Share
$0.78
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -37.48 | -16.94 | -26.65 | -1.85 | -3.27 | -3.81 | -4.75 | -1.89 | -3.06 | -1.30 | -3.60 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1284.19 | 847.69 | 1972.04 | -5080.08 | |
| P/B Ratio | -12.98 | 3.45 | 5.26 | 0.86 | 1.43 | 1.66 | 1.45 | 0.79 | 2.29 | 1.39 | 1.20 | |
| EV/EBITDA | -50.61 | -13.16 | -19.83 | -1.06 | -2.59 | -3.33 | -3.92 | -1.65 | -2.70 | -0.95 | -3.18 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1099.56 | 741.71 | 1456.61 | -2706.60 |
Analyst Estimates & Quality
Altman Z-Score
2.75
Grey Zone
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $12.8K | $16.8K | $11.9K |
| Net Income | -$15.3M | -$21.2M | -$26.5M |
| EPS | $-0.23 | $-0.32 | $-0.39 |
| # Analysts (EPS) | 4 | 4 | 2 |
Revenue Segments
By Geography
| Segment | 2022 |
|---|---|
| GERMANY | $4.9M |
| UNITED STATES | $100.0K |