InflaRx N.V.(IFRX) - 2023 Q3 - Quarterly Report

Revenue and Profitability - Revenues for the three months ended September 30, 2023, were €60,803, compared to €0 in the same period of 2022, marking a significant increase[5]. - Gross profit for the three months ended September 30, 2023, was a loss of €194,313, with total cost of sales amounting to €255,116[5]. - The company reported a loss of €7,451,410 for the three months ended September 30, 2023, compared to a loss of €7,921,671 in the same period of 2022[5]. - For the nine months ended September 30, 2023, the company reported a loss of €26,737,373, compared to a loss of €21,458,325 for the same period in 2022, representing an increase in loss of approximately 24%[11]. - Other income for the nine months ended September 30, 2023, amounted to €13,437,963, a decrease from €16,473,540 in the same period of 2022, primarily due to the end of the grant period on June 30, 2023[26]. Research and Development - Research and development expenses for the nine months ended September 30, 2023, were €32,957,044, an increase from €29,190,231 in the same period of 2022[5]. - Prepayments on research and development projects decreased to €3.4 million as of September 30, 2023, down from €9.8 million as of December 31, 2022[33]. - Share-based payment expense recognized for the nine months ended September 30, 2023, was €3.0 million, down from €5.6 million in the same period of 2022[46]. Cash and Financial Position - Cash and cash equivalents as of September 30, 2023, were €21,695,607, an increase from €16,265,355 as of December 31, 2022[7]. - Total assets as of September 30, 2023, were €129,485,304, compared to €102,399,660 as of December 31, 2022[7]. - Total equity as of September 30, 2023, was €117,990,262, up from €88,349,440 as of December 31, 2022[7]. - Cash and cash equivalents at the end of the period increased to €21,695,607 as of September 30, 2023, compared to €17,978,003 at the end of the same period in 2022[11]. - The company’s cash flow from financing activities for the nine months ended September 30, 2023, was €53,081,170, compared to a cash outflow of €273,092 in the same period of 2022[11]. Shareholder Information - The weighted average number of shares outstanding increased to 58,883,272 as of September 30, 2023, from 44,203,763 in the same period of 2022[5]. - Issued capital increased to €7,065,993 as of September 30, 2023, from €5,364,452 as of January 1, 2023[9]. - The company issued 3,235,723 ordinary shares under its at-the-market program in April 2023, resulting in net proceeds of €14.4 million[41]. - Through a public offering in April 2023, the company raised €38.7 million in net proceeds after deducting underwriting discounts[42]. - During the nine months ended September 30, 2023, the company issued 105,327 shares upon the exercise of share options, generating proceeds of €98,000[48]. Inventory and Costs - As of September 30, 2023, total inventory amounted to €1,639,490, with raw materials and supplies at €1,115,243, unfinished goods at €261,124, and finished goods at €263,123[30]. - Inventory write-downs of €0.3 million were recognized due to expected expiry of shelf-life during the three and nine months ended September 30, 2023[31]. - The company incurred costs of sales of €255,116 during the nine months ended September 30, 2023, related to Gohibic (vilobelimab) revenues[24]. Financial Results - The company reported a net financial result of €4,864,488 for the nine months ended September 30, 2023, an increase of €1,783,584 from €3,080,904 in the same period of 2022[29]. - The company recognized interest income of €2,732,873 for the nine months ended September 30, 2023, compared to €310,121 in the same period of 2022, reflecting a significant increase[28]. - The company reported a foreign exchange result of €1,923,274 for the nine months ended September 30, 2023, a decrease from €3,173,883 in the same period of 2022[29]. Commercialization - The company began the commercialization of Gohibic (vilobelimab) in the United States in June 2023, generating revenues of €60,803 for the nine months ended September 30, 2023, marking the first revenue since inception[22][23]. - Liabilities from commercial partners reached €2.9 million in September 2023, related to product shipments for Gohibic (vilobelimab)[39].