v3.26.1
Consolidated Statements of Operations and Comprehensive Loss (Tables)
 12 Months Ended
Dec. 31, 2025
Consolidated Statements of Operations and Comprehensive Loss [Line Items]  
Schedule of Revenues Revenues
   2025   2024   2023 
       (in €)     
Revenues   29,331    165,789    63,089 
Total   29,331    165,789    63,089 
Schedule of Cost of sales Cost of sales
   2025   2024   2023 
       (in €)     
Cost of Sales   7,267,618    3,317,039    532,262 
Total   7,267,618    3,317,039    532,262 
Schedule of Sales and Marketing Expenses The table below shows the composition of marketing and sales expenses.
   2025   2024   2023 
       (in €)     
Third-party expenses   206,881    2,010,120    1,021,082 
Marketing expenses   1,469,627    1,573,628    830,076 
Employee related expenses   1,956,319    1,806,151    1,040,587 
of which equity-settled share-based payment expense   145,158    191,111    67,462 
Legal and consulting fees   479,449    910,146    1,054,971 
Other expenses   369,735    456,550    54,583 
Total marketing and sales expenses   4,482,011    6,756,595    4,001,299 
Schedule of Research and Development Expenses

The following table illustrates the general composition of research and development.

 

   2025   2024   2023 
   (in €) 
Third-party expenses   15,878,926    23,113,874    31,802,983 
Personnel expenses   8,215,944    8,390,010    6,776,853 
of which equity-settled share-based payment expenses   1,723,421    1,873,958    1,500,670 
Other expenses   1,625,918    3,860,013    2,444,295 
Total research and development expenses   25,720,788    35,363,897    41,024,131 
Schedule of General and Administrative Expenses The table below shows the composition of general and administrative expenses.
   2025   2024   2023 
       (in €)     
Employee related expenses   6,659,436    6,339,421    5,392,905 
of which equity-settled share-based payment expense   2,576,059    2,000,739    1,846,356 
Legal and consulting fees   3,489,320    2,851,390    3,239,809 
Insurance expenses   930,654    1,570,343    1,934,880 
Depreciation & amortization expense   392,316    455,497    507,905 
Compensation expense for non-executive directors   321,500    321,500    305,984 
Other expenses   1,681,860    1,486,290    1,247,273 
Total   13,475,085    13,024,441    12,628,756 
Schedule of Other Income In 2023 the group recognized €13.2 million in income relating to the German federal government grant of GOHIBIC (vilobelimab) in severe COVID 19 patients.
   2025   2024   2023 
       (in €)     
Other income from government grants and research allowances   2,630,750    5,081,772    13,155,250 
Further other income   40,631    205,844    64,453 
Total   2,671,380    5,287,616    13,219,704 
Schedule of Employee Related Expenses

The following table shows the items of employee related expenses:

 

   2025   2024   2023 
       (in €)     
Wages and salaries   10,247,581    10,416,490    8,192,143 
Social security contributions (employer's share)   1,388,357    1,282,973    944,712 
Equity-settled share-based payment expenses (see Note C.10. Share-based payments)   4,444,639    4,065,807    3,414,488 
Other   751,122    770,311    659,002 
Total   16,831,699    16,535,582    13,210,345 
Schedule of Net Financial Result Net financial result
   2025   2024   2023 
   (in €) 
             
Interest income   1,845,428    3,196,813    3,804,827 
Interest expenses   (2,692)   (885)   (16,538)
Interest on lease liabilities   (36,547)   (19,770)   (19,090)
Financial result   1,806,189    3,176,159    3,769,199 
                
Foreign exchange income   4,217,941    6,876,161    5,529,389 
Foreign exchange expense   (9,070,144)   (3,205,926)   (7,371,261)
Foreign exchange result   (4,852,203)   3,670,235    (1,841,872)
                
Result of expected credit loss adjustment on marketable securities   2,446    103,285    313,240 
Result from the revaluation of pre-funded warrants at fair value   5,681,489    
—
    
—
 
Other financial result   5,683,935    103,285    313,240 
Net financial result   2,637,922    6,949,680    2,240,566 
Schedule of Options for Ordinary Shares Those InflaRx GmbH options were converted into options for ordinary shares of InflaRx N.V. in November 2017:
   2025
Options		   2025
WAEP*		   2024
Options		   2024
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 Weighted Average

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)		 
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                                    

 

Of the 1,735,750 options granted in 2023, 1,136,000 were granted to members of the executive management or the Board of Directors. In 2023, 31,000 options were forfeited, 105,327 were exercised.

 

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)		 
2024                                
January 05   2,245,000   $1.65          0.9160   €1.51   $      1.79    1.47    5.30-5.50    4.023-4.025%
February 21   30,000   $1.40    0.9250   €1.30   $1.51    1.47    5.50    4.308%
October 30   57,500   $1.44    0.9246   €1.33   $1.57    1.43    5.50    4.155%
    2,332,500                                    

 

Of the 2,332,500 options granted in 2024, 1,300,000 were granted to members of the executive management or the Board of Directors. In 2024, 12,000 options were forfeited, no options were exercised.

 

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)		 
2025                                
January 03   2,452,000   $1.86          0.9710   €1.81   $ 2.41    0.97    5.50    4.435%
    2,452,000                                    
2016 Plan [Member]  
Consolidated Statements of Operations and Comprehensive Loss [Line Items]  
Schedule of Weighted Average Those InflaRx GmbH options were converted into options for ordinary shares of the Company in November 2017:
   2025
Options		   2025
WAEP*		   2024
Options		   2024
WAEP*		 
Outstanding at January 1   888,632   $1.86/€1.79    888,632   $1.86/€1.68 
Exercised during the year   
—
    
 
    
—
    
 
 
Outstanding at December 31   888,632   $1.86/€1.58    888,632   $1.86/€1.79 
Exercisable at December 31   888,632   $1.86/€1.58    888,632   $1.86/€1.79 

 

*Conversion rates used for one €: December 31,2025 $0.8511, average rate 2025 $0.8855, December 31,2024 $0.9626, average rate 2024 $0.9242
2017 Plan [Member]  
Consolidated Statements of Operations and Comprehensive Loss [Line Items]  
Schedule of Options for Ordinary Shares
   2025
Options		   2025
WAEP*		   2024
Options		   2024
WAEP*		 
Outstanding at January 1   8,905,446   $2.03/€1.95    6,584,946   $2.12/€1.92 
Granted during the year   2,452,000   $2.41/€2.13    2,332,500   $1.78/€1.65 
Forfeited during the year   (136,250)  $2.21/€1.96    (12,000)  $3.02/€2.79 
Expired during the year   (98,876)  $3.03/€2.69    
—
    0 
Outstanding at December 31   11,122,320   $2.10/€1.79    8,905,446   $2.03/€1.95 
Exercisable at December 31   10,505,820   $2.08/€1.77    8,129,196   $2.03/€1.96 

 

*Conversion rates used for one December 31,2025 $0.8511, average rate 2025 $0.8855, December 31,2024 $0.9626, average rate 2024 $0.9242