Exhibit 99.1
 
INFLARX N.V.
 
UNAUDITED CONDENSED CONSOLIDATED
 
FINANCIAL STATEMENTS – June 30, 2026
 
These unaudited condensed financial statements are consolidated financial statements for the group consisting of InflaRx N.V. and its wholly-owned subsidiaries InflaRx GmbH, Jena, Germany, and InflaRx Pharmaceuticals Inc., Ann Arbor, Michigan, United States (together, the “Group”). The financial statements are presented in euros (€).
 
InflaRx N.V. is a company limited by shares, incorporated and domiciled in Amsterdam, The Netherlands.
Its registered office and principal place of business is in Germany, 07745 Jena, Winzerlaer Str. 2
 
Index to unaudited condensed consolidated financial statements
for the six months ended June 30, 2026
 
3
4
5
6
7

1.
7


a)
7


b)
7

2.
8

3.
8

4.
8

5.
8

6.
8

7.
8

8.
9

9.
9

10.
10

11.
10

12.
11

13.
11

14.
11

15.
12


a)
12


b)
13


c)
13

16.
13
InflaRx N.V. and subsidiaries

Unaudited condensed consolidated statements of operations and comprehensive loss for the three months and six months ended June 30, 2026 and 2025
 
         
For the three months
ended June 30,
    
For the six months
ended June 30,
  
   
Note
    
2026
(unaudited)
    
2025
(unaudited)
    
2026
(unaudited)
    
2025
(unaudited)
  
         
(in €, except for share data)
  















 
Revenues
    
2
      
—
      
39,432
      
—
      
39,432
  
Cost of sales
    
3
      
—
      
(2,399,583
)
    
—
      
(2,408,874
)
Gross profit (loss)
            
—
      
(2,360,151
)
    
—
      
(2,369,442
)
Sales and marketing expenses
    
4
      
(30,175
)
    
(1,013,347
)
    
(138,247
)
    
(2,471,326
)
Research and development expenses
    
5
      
(4,739,126
)
    
(7,202,942
)
    
(8,909,671
)
    
(14,219,279
)
General and administrative expenses
    
6
      
(2,548,319
)
    
(3,279,485
)
    
(5,725,763
)
    
(8,342,090
)
Other income
    
7
      
266,574
      
937,938
      
514,552
      
1,479,035
  
Other expenses
            
—
      
—
      
(66
)
    
(26
)
Operating result
            
(7,051,045
)
    
(12,917,988
)
    
(14,259,195
)
    
(25,923,127
)
Finance income
    
8
      
770,661
      
522,221
      
1,105,429
      
1,015,985
  
Finance expenses
    
8
      
(14,643
)
    
(3,355
)
    
(29,452
)
    
(7,441
)
Foreign exchange result
    
8
      
3,558,919
      
(2,869,983
)
    
4,051,301
      
(4,778,812
)
Other financial result
    
8
      
(7,912,375
)
    
852,834
      
(7,109,214
)
    
6,963,097
  
Income taxes
            
—
      
—
      
—
      
—
  
Income (loss) for the period
            
(10,648,484
)
    
(14,416,271
)
    
(16,241,132
)
    
(22,730,298
)
Other comprehensive income (loss) that may be reclassified to profit or loss in subsequent periods:
                                        
Exchange differences on translation of foreign currency
            
(19,274
)
    
(113,604
)
    
(34,301
)
    
(264,271
)
Total comprehensive income (loss)
            
(10,667,758
)
    
(14,529,876
)
    
(16,275,433
)
    
(22,994,569
)
                                         
Share information
                                        
Weighted average number of shares outstanding
            
117,663,937
      
67,747,130
      
95,103,732
      
65,542,269
  
Income (loss) per share (basic/diluted)
            
(0.09
)
    
(0.21
)
    
(0.17
)
    
(0.35
)
   
The accompanying notes are an integral part of these condensed consolidated financial statements.
F-3
InflaRx N.V. and subsidiaries
 
Unaudited condensed consolidated statements of financial position as of June 30, 2026 and December 31, 2025
 
   
Note
    
June 30, 2026
(unaudited)
    
December 31, 2025
  
         
(in €)
  
ASSETS
                  
Non-current assets
                  
Property and equipment
          
267,714
      
289,317
  
Right-of-use assets
          
802,608
      
861,667
  
Intangible assets
          
78,123
      
42,255
  
Other assets
    
9
      
126,201
      
151,198
  
Financial assets
    
11
      
237,020
      
237,373
  
Total non-current assets
            
1,511,667
      
1,581,810
  
Current assets
                        
Current other assets
    
9
      
2,331,968
      
3,261,038
  
Other assets from government grants and research allowance
    
9
      
2,997,282
      
2,487,763
  
Tax receivables
    
10
      
1,551,922
      
1,428,428
  
Financial assets
    
11
      
11,946,598
      
30,435,088
  
Cash and cash equivalents
    
13
      
146,567,894
      
16,022,171
  
Total current assets
            
165,395,665
      
53,634,487
  
TOTAL ASSETS
            
166,907,332
      
55,216,297
  
                         
EQUITY AND LIABILITIES
                        
Equity
                        
Issued capital
    
14
      
17,684,187
      
8,675,143
  
Share premium
            
465,336,467
      
354,975,760
  
Other capital reserves
            
50,092,973
      
48,560,500
  
Accumulated deficit
            
(394,067,134
)
    
(377,826,001
)
Other components of equity
            
7,137,079
      
7,171,379
  
Total equity
            
146,183,572
      
41,556,781
  
Non-current liabilities
                        
Lease liabilities
            
560,494
      
640,973
  
Other liabilities
    
12
      
36,877
      
36,877
  
Total non-current liabilities
            
597,371
      
677,850
  
Current liabilities
                        
Trade and other payables
    
11
      
5,303,862
      
5,399,383
  
Lease liabilities
            
272,685
      
256,943
  
Employee benefits
            
907,425
      
1,164,259
  
Liabilities to warrant holders
            
13,270,142
      
5,802,128
  
Other liabilities
    
12
      
372,275
      
358,954
  
Total current liabilities
            
20,126,389
      
12,981,666
  
Total Liabilities
            
20,723,760
      
13,659,516
  
TOTAL EQUITY AND LIABILITIES
            
166,907,332
      
55,216,297
  
    
The accompanying notes are an integral part of these condensed consolidated financial statements.
 
F-4
InflaRx N.V. and subsidiaries
 
Unaudited condensed consolidated statements of changes in shareholders’ equity for the six months ended June 30, 2026 and 2025
 
(in €, except for share data)
  
Note
    
Shares
outstanding
    
Issued
capital
    
Share
premium
    
Other capital
reserves
    
Accumulated
deficit
    
Other compo-
nents of equity
    
Total equity
  
                                                 
Balance as of January 1, 2026
          
72,292,859
      
8,675,143
      
354,975,760
      
48,560,500
      
(377,826,001
)
    
7,171,379
      
41,556,781
  
Loss for the period
          
—
      
—
      
—
      
—
      
(16,241,132
)
    
—
      
(16,241,132
)
Exchange differences on
translation of foreign currency
          
—
      
—
      
—
      
—
      
—
      
(34,301
)
    
(34,301
)
Total comprehensive loss
          
—
      
—
      
—
      
—
      
(16,241,132
)
    
(34,301
)
    
(16,275,433
)
Issuance of ordinary shares
          
75,000,000
      
9,000,000
      
118,442,651
      
—
      
—
      
—
      
127,442,651
  
Transaction costs for ordinary shares
          
—
      
—
      
(8,185,666
)
    
—
      
—
      
—
      
(8,185,666
)
Equity-settled share-based payments
    
15
      
—
      
—
      
—
      
1,532,473
      
—
      
—
      
1,532,473
  
Share options exercised
            
75,362
      
9,043
      
103,722
      
—
      
—
      
—
      
112,766
  
Balance as of June 30, 2026
            
147,368,221
      
17,684,186
      
465,336,467
      
50,092,973
      
(394,067,133
)
    
7,137,078
      
146,183,572
  
                                                                 
Balance as of January 1, 2025
            
59,351,710
      
7,122,205
      
334,929,685
      
44,115,861
      
(332,192,221
)
    
7,440,510
      
61,416,039
  
Loss for the period
            
—
      
—
      
—
      
—
      
(22,730,298
)
    
—
      
(22,730,298
)
Exchange differences on
translation of foreign currency
            
—
      
—
      
—
      
—
      
—
      
(264,271
)
    
(264,271
)
Total comprehensive loss
            
—
      
—
      
—
      
—
      
(22,730,298
)
    
(264,271
)
    
(22,994,569
)
Issuance of common shares
            
8,395,420
      
1,007,450
      
15,136,235
      
—
      
—
      
—
      
16,143,686
  
Transaction costs
            
—
      
—
      
(1,109,305
)
    
—
      
—
      
—
      
(1,109,305
)
Equity-settled share-based payments
    
15
      
—
      
—
      
—
      
3,588,514
      
—
      
—
      
3,588,514
  
Balance as of June 30, 2025
            
67,747,130
      
8,129,656
      
348,956,615
      
47,704,375
      
(354,922,519
)
    
7,176,239
      
57,044,364
  
*unaudited
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
 
F-5
InflaRx N.V. and subsidiaries
 
Unaudited condensed consolidated statements of cash flows for the six months ended June 30, 2026 and 2025
 
         
For the six months
ended June 30,
  
   
Note
    
2026
(unaudited)
    
2025
(unaudited)
  
         
(in €)
  
Operating activities
                  
Loss for the period
          
(16,241,132
)
    
(22,730,298
)
Adjustments for:
                      
Depreciation & amortization of property and equipment, right-of-use assets and intangible assets
          
179,263
      
228,801
  
Net finance income
    
8
      
1,981,937
      
(3,192,828
)
Share-based payment expense
    
15
      
1,532,473
      
3,588,514
  
Net foreign exchange differences and other adjustments
            
1,621,940
      
1,518,421
  
Changes in:
                        
Other assets from government grants and research allowances
            
(509,519
)
    
(782,175
)
Other assets and trade receivables
    
9
      
830,572
      
(408,339
)
Employee benefits
            
(256,834
)
    
(950,043
)
Other liabilities
    
12
      
13,321
      
60,068
  
Trade and other payables
    
12
      
(95,521
)
    
(1,658,576
)
Inventories
            
—
      
1,859,251
  
Interest received
    
8
      
1,009,374
      
906,087
  
Interest paid
            
(30,100
)
    
(7,652
)
Net cash used in operating activities
            
(9,964,225
)
    
(21,568,767
)
Investing activities
                        
Purchase of intangible assets, property and equipment
            
(45,919
)
    
(25,673
)
Purchase of current and non-current financial assets
            
(2,115,712
)
    
(35,514,042
)
Proceeds from sale of current financial assets
            
21,154,151
      
28,288,912
  
Net cash from / (used in) investing activities
            
18,992,521
      
(7,250,803
)
Financing activities
                        
Proceeds from issuance of ordinary shares
            
127,442,651
      
16,143,686
  
Proceeds from pre-funded warrants
            
—
      
12,915,909
  
Transaction costs from issuance of ordinary shares and pre-funded warrants
            
(8,185,666
)
    
(1,949,998
)
Proceeds from exercise of share options
            
112,766
      
—
  
Repayment of lease liabilities
            
(151,530
)
    
(199,904
)
Net cash from / (used in) financing activities
            
119,218,221
      
26,909,693
  
Net increase/decrease in cash and cash equivalents
            
128,246,517
      
(1,909,878
)
Effect of exchange rate changes on cash and cash equivalents
            
2,299,207
      
(3,462,651
)
Cash and cash equivalents at beginning of period
            
16,022,171
      
18,375,979
  
Cash and cash equivalents at end of period
    
13
      
146,567,894
      
13,003,450
  
   
The accompanying notes are an integral part of these condensed consolidated financial statements.
 
F-6
InflaRx N.V. and subsidiaries
 
Notes to the unaudited condensed consolidated financial statements
 
  1.
Summary of significant accounting policies and other disclosures
 

 c)
Reporting entity and the Group’s structure
 
InflaRx N.V. (the “Company” or “InflaRx”) is a Dutch public company with limited liability (naamloze vennootschap) with its corporate seat in Amsterdam, the Netherlands, and is registered in the Commercial Register of the Netherlands Chamber of Commerce Business Register under CCI number 68904312. The Company’s registered office is at Winzerlaer Straße 2 in 07745 Jena, Germany. Since November 10, 2017, InflaRx N.V.’s ordinary shares have been listed on the Nasdaq Global Select Market under the symbol IFRX.
 
InflaRx is a biopharmaceutical company pioneering anti-inflammatory therapeutics targeting the complement system by  applying its proprietary anti-C5a/C5aR technologies to discover, develop and commercialize first-in-class, potent and specific inhibitors of the complement activation factor known as C5a and its receptor C5aR. These consolidated financial statements of InflaRx comprise the Group.
 

 d)
Basis of preparation
 
These interim condensed consolidated financial statements for the six-month periods ended June 30, 2026 and 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting. These condensed consolidated financial statements do not include all of the information and disclosures required in the annual financial statements. The condensed consolidated financial statements require management to make judgments, estimates and assumptions that are the same as at year-end. Estimates and underlying assumptions are reviewed on an ongoing basis. Accordingly, this report is to be read in conjunction with the financial statements in the Company’s annual report for the year ended December 31, 2025, on Form 20–F.
 
The Group’s primary sources of funds are proceeds from the sale of its shares including the initial public offering, following offerings and government grants.
 
The interim condensed consolidated financial statements were authorized for issue by the board of directors of the Company (the “Board of Directors”) on August 5, 2026.
 
The financial statements are presented in euros (€). The euro is the functional currency of InflaRx N.V. and InflaRx GmbH. The functional currency of InflaRx Pharmaceuticals Inc. is the U.S. dollar.
 
All financial information presented in euros has been rounded to the nearest euro. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that precede them or may deviate from other tables.
 
The accounting policies adopted are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2025, except for the adoption of new standards effective as of January 1, 2026, as set out below. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
 
The following amendments were adopted effective January 1, 2026, and do not have a material impact on the consolidated financial statements of the Group:
 

 •
Amendments to IAS 21 Effects of Changes in Foreign Exchange Rates: Lack of exchangeability
 
The following standards issued will be adopted in a future period, and the potential impact, if any, they will have on the Group’s consolidated financial statements is being assessed:
 

 •
Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, Classification and Measurement of Financial Instruments
 

 •
Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, Contracts Referencing Nature-dependent Electricity
 

 •
IFRS 18 Presentation and Disclosure in Financial Statements
 
F-7

 •
Annual Improvements Volume 11
 

 2.
Revenues
 
For the three and six months ended June 30, 2026, the Company realized no revenues due to the discontinuation of sales activities in the United States.
 
For the three and six months ended June 30, 2025, the Company realized revenues from product sales of GOHIBIC (vilobelimab) in the amount of €39.4 thousand.
 

 3.
Cost of sales
 
During the three and six months ended June 30, 2026, the Group did not incur any cost of sales.
 
For the three and six months ended June 30, 2025, the Company’s cost of sales amounted to €2.4 million for both periods. Cost of sales primarily includes write-downs of unfinished goods held in inventory that exceed expected sales quantities and are likely to expire before they can be sold.
 

 4.
Sales and marketing expenses
 
During the three months ended June 30, 2026, the Group incurred €30.2 thousand of sales and marketing expenses in the United States. During the six months ended June 30, 2026, the Group incurred €138.2 thousand of sales and marketing expenses in the United States.
 
During  the three and six months ended June 30, 2025, the Group incurred €1.0 million and €2.5 million of sales and marketing expenses in the United States, respectively.
 
This decrease is attributable to the discontinuation of sales activities at the end of 2025. The expenses during the three and six months ended June 30, 2026 relate to processing costs associated with closing down sales operations.
 

 5.
Research and development expenses
 
During the three months ended June 30, 2026, the Group incurred €4.7 million (2025: €7.2 million) of research and development expenses. These expenses are mainly composed of €2.0 million (2025: €2.3 million) in personnel costs due to lower share-based payment expense and €2.3 million (2025: €4.4 million) in external services for the Group’s research and development projects.
 
During the six months ended June 30, 2026 the Group incurred €8.9 million (2025: €14.2 million) of research and development expenses. These expenses are mainly composed of  €4.0 million (2025: €5.0 million) in personnel costs due to lower share-based payment expenses and €4.2 million (2025: €8.4 million) in external services for the Group’s research and development projects.
 

 6.
General and administrative expenses
 
During the three months ended June 30, 2026, the Group incurred €2.5 million (2025: €3.3 million) of general and administrative expenses. These expenses are mainly composed of  €1.4 million (2025: €1.7 million) in personnel costs due to lower share-based payment expenses, €0.5 million (2025: €0.8 million) in legal, consulting and audit fees, and €0.6 million (2025: €0.8 million) in other general and administrative expenses.
 
During the six months ended June 30, 2026, the Group incurred €5.7 million (2025: €8.3 million) of general and administrative expenses. These expenses are mainly composed of €3.2 million (2025: €4.3 million) in personnel costs due to lower share-based payment expenses, €1.1 million (2025: €2.4 million) in legal, consulting and audit fees, and €1.4 million (2025: €1.6 million) in other general and administrative expenses.
 

 7.
Other income
 
Other income for the three months ended June 30, 2026 amounted to €0.3 million (2025: €0.9 million). For the six months ended June 30, 2026 other income amounted to €0.5 million (2025: €1.5 million), and primarily relates to research allowances recognized in connection with eligible research and development expenditures incurred during the period.
 
F-8

 8.
Net financial result
 
   
For the three months
ended June 30,
    
For the six months
ended June 30,
  
   
2026
(unaudited)
    
2025
(unaudited)
    
2026
(unaudited)
    
2025
(unaudited)
  
         
(in €)
        
                         
Interest income
    
770,661
      
522,221
      
1,105,429
      
1,015,985
  
Interest expenses
    
(105
)
    
(323
)
    
(105
)
    
(766
)
Interest on lease liabilities
    
(14,538
)
    
(3,032
)
    
(29,347
)
    
(6,675
)
Financial result
    
756,017
      
518,866
      
1,075,976
      
1,008,545
  
                                 
Foreign exchange income
    
4,510,209
      
1,892,850
      
5,274,991
      
3,121,858
  
Foreign exchange expense
    
(951,290
)
    
(4,762,833
)
    
(1,223,690
)
    
(7,900,671
)
Foreign exchange result
    
3,558,919
      
(2,869,983
)
    
4,051,301
      
(4,778,812
)
                                 
Result from the revaluation of pre-funded warrants at fair value
    
(7,912,375
)
    
852,834
      
(7,109,214
)
    
6,963,097
  
Other financial result
    
(7,912,375
)
    
852,834
      
(7,109,214
)
    
6,963,097
  
Net financial result
    
(3,597,439
)
    
(1,498,284
)
    
(1,981,937
)
    
3,192,829
  

For the three months ended June 30, 2026, the net financial result decreased by €2.1 million to a loss of €3.6 million, compared with a loss of €1.5 million for the three months ended June 30, 2025. The decrease is mainly attributable to an €8.8 million higher fair value adjustment of pre-funded warrants issued in February 2025, partially offset by a €6.4 million improvement in foreign exchange results due to the short-term strength of the U.S. dollar.
 
For the six months ended June 30, 2026, the net financial result decreased by €5.2 million to a loss of €2.0 million compared with a gain of €3.2 million for the six months ended June 30, 2025. The decrease is mainly attributable to a €14.1 million higher fair value adjustment of pre-funded warrants issued in February 2025, partially offset by an €8.8 million improvement in foreign exchange results due to the short-term strength of the U.S. dollar.
 

 9.
Other assets
 
   
As of
June 30, 2026
(unaudited)
    
As of
December 31, 2025
  
   
(in €)
  
Non-current other assets
            
Prepaid expenses
    
126,201
      
151,198
  
Total non-current other assets
    
126,201
      
151,198
  
Current other assets
                
Prepayments on research & development projects
    
1,425,993
      
2,222,380
  
Prepaid expenses
    
681,256
      
923,832
  
Others
    
224,719
      
114,826
  
Total current other assets
    
2,331,968
      
3,261,038
  
Other assets from research allowances
                
Current other assets from research allowances
    
2,997,282
      
2,487,763
  
Total other assets from research allowances
    
2,997,282
      
2,487,763
  
Total other assets
    
5,455,452
      
5,899,999
  

F-9
As of June 30, 2026, prepayments on research and development projects amounted to €1.4 million compared to €2.2 million as of December 31, 2025, and consist of prepayments on CRO contracts.
 
Prepaid expenses consist mainly of prepaid D&O insurance expense for the year 2026, which will be recognized into general and administrative expenses pro rata over the year.
 
As of June 30, 2026, other assets from research allowances were €3.0 million compared to €2.5 million as of  December 31, 2025, which represents reimbursements the Company qualifies for under the German Research Allowance Act (government grant). The increase is due to additional receivables recognized for eligible expenses incurred in the six months ended June 30, 2026 in the amount of  €0.5 million.
 

 10.
Tax receivables
 
As of June 30, 2026, tax receivables amounted to €1.6 million (VAT: €0.2 million,
income tax receivables: €1.3 million) compared to €1.4 million (VAT: €0.3 million, income tax receivables: €1.1 million) as of  December 31, 2025.
 

 11.
Financial assets and financial liabilities
 
Set out below is an overview of financial assets and liabilities, other than cash and cash equivalents, held by the Group as of June 30, 2026 and December 31, 2025:
 
   
As of
June 30, 2026
(unaudited)
    
As of
December 31, 2025
  
   
(in €)
  
Financial assets at amortized cost
            
Non-current financial assets
    
237,020
      
237,373
  
Thereof marketable securities
    
—
      
—
  
Current financial assets
    
11,946,598
      
30,435,088
  
Thereof marketable securities
    
11,821,967
      
30,211,169
  
Financial liabilities at amortized cost
                
Trade and other payables
    
5,517,856
      
5,608,204
  
Financial liabilities at fair value
                
Current liabilities to warrant holders
    
13,270,142
      
5,802,128
  

In February 2025, the Company issued 6,750,000 pre-funded warrants to certain investors in the context of a public offering of securities. As of June 30, 2026, the fair value of the warrants amounted to €13.3 million (Level 1).
 
As of June 30, 2026, the fair value of current and non-current financial assets (primarily quoted debt securities) amounted to €12.2 million (as of December 31, 2025: €33.5 million) (Level 1). The Group’s debt instruments at amortized cost consist solely of quoted securities that are graded highly by credit rating agencies such as S&P Global and, therefore, are considered low credit risk investments.
 
As of June 30, 2026, current and non-current financial assets decreased by €18.5 million to €12.2 million compared to €30.7 million as of December 31, 2025. The decrease is mainly due to the financing of day-to-day operations. As of June 30, 2026, trade and other payables decreased by €0.1 million to €5.5 million compared to €5.6 million as of December 31, 2025. As of December 31, 2025, the Company temporarily had higher trade payables from CROs.
 
F-10

 12.
Trade payables and other accrued liabilities
 
   
As of
June 30, 2026
(unaudited)
    
As of
December 31, 2025
  
   
(in €)
  
             
Accrued liabilities from R&D projects
    
3,347,873
      
3,424,362
  
Accrued liabilities from commercial activities
    
—
      
8,000
  
Accounts payable
    
832,885
      
972,383
  
Other accrued liabilities and payables
    
1,495,380
      
1,353,593
  
Total
    
5,676,137
      
5,758,338
  
   
Accrued liabilities from R&D projects include third-party services from the Company’s ongoing R&D projects that have not yet been invoiced to the Company as of the reporting date.
 

 13.
Cash and cash equivalents
 
   
As of
June 30, 2026
(unaudited)
    
As of
December 31, 2025
  
   
(in €)
  
Short-term deposits
            
Money market funds held in U.S. dollars
    
16,709,150
      
—
  
Money market funds held in euros
    
2,402,588
      
—
  
Bank-deposits held in U.S. dollars
    
93,202,839
      
7,510,452
  
Bank-deposits held in euros
    
29,900,000
      
7,235,080
  
Total
    
142,214,577
      
14,745,532
  
Cash at banks
                
Cash held in U.S. dollars
    
3,525,223
      
843,915
  
Cash held in euros
    
828,094
      
432,724
  
Total
    
4,353,317
      
1,276,639
  
Total cash and cash equivalents
    
146,567,894
      
16,022,171
  
 
As of June 30, 2026, cash and cash equivalents increased by €130.5 million to €146.6 million compared to €16.0 million as of December 31, 2025, as a result of a registered direct offering of 75,000,000 ordinary shares at an offering price of $2.00 per ordinary share and net proceeds of €119.3 million ($140.4 million) in May 2026.
 
In mid-June, the Company purchased money market funds. These funds are highly liquid, readily convertible into known amounts of cash at any time, and are subject to an insignificant risk of changes in value. Consequently, the investments meet the criteria for classification as cash equivalents and are therefore presented as cash and cash equivalents by the Company.
 

 14.
Equity
 
On June 30, 2023, the Company filed a registration statement on Form F-3, or the 2023 Registration Statement, with the Securities and Exchange Commission, or the SEC, with respect to the offer and sale of securities of the Company, which became effective on July 11, 2023. The aggregate initial offering price of the securities that the Company could offer and sell under the related prospectus was not to exceed $250.0 million. In 2024, the Company subsequently filed a prospectus supplement with the SEC relating to an at-the-market program providing for the sale of up to $75.0 million of our ordinary shares over time pursuant to a sales agreement with Leerink Partners LLC, or the Sales Agreement. The 2023 Registration Statement expired on July 11, 2026, and no further sales may be made under the 2023 Registration Statement or the related at-the-market prospectus supplement after that date.
 
F-11
We did not issue any ordinary shares under the at-the-market program during the six months ended June 30, 2026. As of June 30, 2026, before the expiration of the 2023 Registration Statement, the remaining value authorized for sale under the Sales Agreement amounted to $65.7 million. In May 2026, the Company completed an underwritten registered direct offering of 75,000,000 ordinary shares at an offering price of $2.00 per ordinary share. Net proceeds from the offering were €119.3 million ($140.4 million).
 
During the six months ended June 30, 2026, 75,362 shares (six months ended June 30, 2025: 0) were issued upon the exercise of share options, resulting in proceeds to the Company in the amount of  €112.8 thousand ($132.3 thousand) (six months ended June 30, 2025: 0). All share options exercised during the six months ended June 30, 2026 were granted under the 2017 LTIP.
 

 15.
Share-based payments
 

 a)
Equity settled share-based payment arrangements
 
InflaRx GmbH granted options under the 2012 Stock Option Plan. Those InflaRx GmbH options were converted into options for ordinary shares of InflaRx N.V. at the time of its IPO in November 2017:
 
Number of share options
  
2026
    
2025
  
Outstanding as of January 1,
    
148,433
      
148,433
  
Exercised during the three months ended June 30,
    
—
      
—
  
Outstanding as of June 30,
    
148,433
      
148,433
  
thereof vested / exercisable
    
148,433
      
148,433
  
   
Under the terms and conditions of the share option plan 2016, InflaRx GmbH granted rights to subscribe for InflaRx GmbH’s ordinary shares to directors, senior management, and key employees. Those InflaRx GmbH options were converted into options for ordinary shares of InflaRx N.V. at the time of its IPO in November 2017:
 
Number of share options
  
2026
    
2025
  
Outstanding as of January 1,
    
888,632
      
888,632
  
Exercised during the six months ended June 30,
    
—
      
—
  
Outstanding as of June 30,
    
888,632
      
888,632
  
thereof vested / exercisable
    
888,632
      
888,632
  
    
InflaRx also granted share options under the 2017 Long-Term Incentive Plan, or 2017 LTIP, subsequently to its IPO in November 2017. The total number of share options granted during the six months ended June 30, 2026 under the 2017 LTIP was as follows:
 
Number of share options
  
2026
    
2025
  
Outstanding as of January 1,
    
11,122,320
      
8,905,446
  
Granted during the six months ended June 30,
    
2,848,925
      
2,452,000
  
Exercised during the six months ended June 30,
    
(75,362
)
    
—
  
Expired during the six months ended June 30,
    
(20,000
)
    
—
  
Forfeited during the six months ended June 30,
    
(25,000
)
    
(110,500
)
Outstanding as of June 30,
    
13,850,883
      
11,246,946
  
thereof vested / exercisable
    
11,582,451
      
9,375,196
  
   
F-12
The key information and assumptions related to share options granted during the six months ended June 30, 2026 under the 2017 LTIP were as follows:
 
Share options granted
2026
  
Number
  
Fair
value
per
option
  
FX rate
as of
grant
date
  
Fair
value per
option
  
Share
price at
grant
date /
Exercise
price
  
Expected
volatility
  
Expected
life
(midpoint
based)
  
Risk-free
rate
(interpola
ted,U.S.
sovereign
strips
curve)
                                 
January 06
  
2,373,975
  
$0.930
  
0.8542
  
0.790 €
  
$1.17
  
1.02
  
5.50
  
3.772%
January 06
  
454,950
  
$0.796
  
0.8542
  
0.680 €
  
$1.17
  
1.02
  
5.49
  
3.771%
May 29
  
20,000
  
$1.847
  
0.8588
  
1.586 €
  
$2.40
  
1.03
  
5.50
  
4.165%

 
2,848,925
                            
   
Of the 2,848,925 options granted in the six months ended June 30, 2026 (ended June 30, 2025: 2,452,000), 2,136,450 options (June 30, 2025: 1,700,000) were granted to members of the executive management or Board of Directors. From these options 454,950 options were granted as performance options (ended June 30, 2025: 0). The awards are subject to two independent performance conditions, each covering 50% of the grant. The funding condition is a non-market condition valued using Black-Scholes, with expected vesting adjusted for probability. The share price condition is a market condition valued using a Monte Carlo simulation, with the probability embedded in fair value. Each tranche vests separately, with cliff vesting on December 31, 2026.
 
Expected dividends are nil for all share options listed above.
 

 b)
Share-based payment expense recognized
 
For the six months ended June 30, 2026, the Company recognized €1.5 million of share-based payment expense in the statements of operations and comprehensive loss.
 
For the six months ended June 30, 2025, the Company recognized €3.6 million of share-based payment expense in the statements of operations and comprehensive loss, including €356 thousand for the extension of certain option terms from eight years to ten years.
 
None of the share-based payment awards were dilutive in determining earnings per share due to the Group’s loss position.
 
For the three months ended June 30, 2026, the Company recognized €0.6 million (2025: €1.1 million) of share-based payment expense in the statements of operations and comprehensive loss.
 

 c)
Share options exercised
 
During the six months ended June 30, 2026, 75,362 shares (six months ended June 30, 2025: 0) were issued upon the exercise of share options, resulting in proceeds to the Company in the amount of  €112.8 thousand ($132.3 thousand) (six months ended June 30, 2025: 0).  All share options exercised during the six months ended June 30, 2026 were granted under the 2017 LTIP.
 

 16.
Protective foundation
 
According to the articles of association of the Company as approved by the annual general meeting in April 2026, up to 180,730,000 ordinary shares and up to 180,730,000 preferred shares with a nominal value of €0.12 per share are authorized to be issued. All shares are registered shares. No share certificates shall be issued.
 
In order to deter acquisition bids, the Company’s general meeting of shareholders approved the right of an independent foundation under Dutch law, or protective foundation, to exercise a call option pursuant to the call option agreement, upon which preferred shares will be issued by the Company to the protective foundation of up to 100% of the Company’s issued capital held by persons other than the protective foundation, minus one share. The protective foundation is expected to enter into a finance arrangement with a bank or, subject to applicable restrictions under Dutch law, the protective foundation may request the Company to provide, or cause the Company’s subsidiaries to provide, sufficient funding to the protective foundation to enable it to satisfy its payment obligation under the call option agreement.
 
F-13
These preferred shares will have both a liquidation and dividend preference over the Company’s ordinary shares and will accrue cash dividends at a pre-determined rate. The protective foundation would be expected to require the Company to cancel its preferred shares once the perceived threat to the Company and its stakeholders has been removed or sufficiently mitigated or neutralized. The Company believes that the call option does not represent a significant fair value based on a level 3 valuation since the preferred shares are restricted in use and can be cancelled by the Company.
 
During the six months ended June 30, 2026, the Company expensed €22.5 thousand (2025: €30.0 thousand) of ongoing costs to reimburse expenses incurred by the protective foundation.
 

F-14