Key Highlights

  • Shares fell 11.05% to USD 1.57 in regular trading on November 3, 2026, a drop of USD 0.1950.
  • Cash and marketable securities were EUR 153.3 million at September 30, 2026, with runway expected through 2029.
  • Nine-month net loss narrowed to EUR 18.68 million from EUR 34.99 million a year earlier.
  • Two Phase 2 AAV trials are planned, with first data expected in 2028.
  • The company estimates izicopan peak sales potential in AAV at USD 1.5 billion to USD 2.0 billion.

What Moved InflaRx Today (down USD 0.1950, 11.05%)

InflaRx N.V. (NASDAQ:IFRX) declined 11.05% to USD 1.57 in regular trading on November 3, 2026, versus a Monday, November 2, 2026 close of about USD 1.765 (calculated from the screen figures). Volume was 549.16K shares, with a Market Capitalisation of about USD 231.37 million per the screen.

The move came on the day the company reported third quarter results before the open and held a virtual Capital Markets Event on ANCA-associated vasculitis (AAV). The company did not describe the share reaction. The long timeline to first Phase 2 data in 2028 may have tempered enthusiasm, though no single cause can be confirmed.

Priced below USD 5, the stock is a penny stock, so Volatility is high, Liquidity can thin quickly and Equity raises can dilute holders.

The Izicopan Plan in Detail

In a press release dated November 3, 2026, InflaRx outlined plans for izicopan, an oral small-molecule C5a receptor inhibitor. It said izicopan does not show time-dependent CYP3A4/5 inhibition, unlike the marketed C5a receptor inhibitor, and reported no safety signals of concern across 197 human subjects dosed.

The first study is a randomized, double-blind, placebo-controlled Phase 2 trial in AAV patients with renal involvement, testing two doses on top of standard of care. It plans about 35 patients per arm, 12 months of treatment and key readouts at 24 weeks. The second is an open-label Phase 2 study testing whether izicopan can replace glucocorticoids. Site initiation is expected in early 2027.

Pilots in atypical hemolytic uremic syndrome (initial data second half of 2027) and IgA nephropathy (start 2027, early data 2028) are also planned. The USD 1.5 billion to USD 2.0 billion peak sales estimate is a company projection and carries substantial uncertainty.

Business Background and Recent Results

InflaRx is a biopharmaceutical company developing complement-targeting anti-inflammatory therapies, with offices in Jena, Munich and Ann Arbor, Michigan. It also developed vilobelimab, an intravenous anti-C5a antibody.

For the nine months ended September 30, 2026, the net loss was EUR 18.68 million, against EUR 34.99 million a year earlier. Research and Development expenses were EUR 11.94 million, and sales and Marketing costs fell by EUR 3.37 million because active GOHIBIC sales ended in December 2025. Operating cash outflow was EUR 14 million, versus EUR 30.61 million.

Balance Sheet, Risks and What to Watch

Available funds of EUR 153.3 million include EUR 119.3 million of net proceeds from a May 2026 share offering, and management expects that to fund operations through 2029. Risks include clinical failure, regulatory uncertainty, the long wait for data and possible future financing.

Upcoming events include a fireside chat at the Guggenheim healthcare conference on November 10, 2026, the Jefferies conference in London from November 16 to 19, 2026, and any European Medicines Agency feedback on the AAV path.