The firm's financial position is deteriorating, with total assets declining from $120.2 million in 2023Q4 to $48.9 million by 2026Q1, while the accumulated deficit has reached $383.8 million.
| Total Current Assets | 47.45M | 53.61M | 71.66M | 109.47M | 97.41M | 95.68M | 86.28M | 118.99M | 158.16M | 123.98M | 29.38M | 3.47M |
| Cash & Short-Term Investments | 39.84M | 46.44M | 18.38M | 12.77M | 81.81M | 83.41M | 81.13M | 115.49M | 156.57M | 123.28M | 29.12M | 3.3M |
| Cash Only | 15.01M | 16.02M | 18.38M | 12.77M | 16.27M | 26.25M | 25.97M | 33.13M | 55.39M | 123.28M | 29.12M | 3.3M |
| Short-Term Investments | 24.83M | 30.42M | 0 | 0 | 65.54M | 57.16M | 55.16M | 82.35M | 101.18M | 0 | 0 | 0 |
| Accounts Receivable | 1.65M | 1.43M | 0 | 0 | 1.43M | 1.28M | 0 | 0 | 0 | 120K | 0 | 128K |
| Days Sales Outstanding | 9.98K | 18.5K | - | - | - | - | - | - | - | 189.61 | - | - |
| Inventory | 0 | 0 | 6.9M | 11.37M | 0 | 0 | 0 | 0 | 0 | 504K | 31K | 28K |
| Days Inventory Outstanding | 123.61 | - | 759 | 7.8K | - | - | - | - | - | 2.76K | 317.32 | 250.29 |
| Other Current Assets | 2.91M | 5.75M | 46.03M | 85.06M | 2.55M | 0 | 3.86M | 1.33M | 541.42K | 73K | 13K | 11K |
| Total Non-Current Assets | 1.49M | 1.58M | 4.36M | 10.74M | 4.99M | 29.46M | 1.93M | 2.59M | 1.05M | 234K | 137K | 117K |
| Property, Plant & Equipment | 1.07M | 1.15M | 1.01M | 1.36M | 1.64M | 1.68M | 954.96K | 1.41M | 625K | 173K | 131K | 109K |
| Fixed Asset Turnover | 0.03x | 0.02x | 0.16x | 0.05x | - | - | - | - | - | 1.34x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 45.64K | 42.24K | 7.26K | 42.84K | 138.91K | 235.22K | 350.18K | 452.4K | 223K | 41K | 5K | 7K |
| Long-Term Investments | 6.95M | 237.27K | 3.09M | 9.05M | 2.9M | 27.21M | 272.27K | 272.61K | 207K | 20K | 1K | 1K |
| Other Non-Current Assets | 139.34K | 151.13K | 247.75K | 283.25K | 308.07K | 336.57K | 353.52K | 452.22K | 0 | 193K | 0 | 0 |
| Total Assets | 48.94M | 55.19M | 76.02M | 120.21M | 102.4M | 125.14M | 88.22M | 121.58M | 159.21M | 124.21M | 29.52M | 3.59M |
| Asset Turnover | 0.00x | 0.00x | 0.00x | 0.00x | - | - | - | - | - | 0.00x | - | - |
| Asset Growth % | -110.44% | -27.4% | -36.76% | 17.39% | -18.17% | 41.86% | -27.44% | -23.64% | 28.18% | 320.8% | 723.15% | - |
| Total Current Liabilities | 11.4M | 12.98M | 14.17M | 16.84M | 13.03M | 18.76M | 10.1M | 14.06M | 7.76M | 4.77M | 1.75M | 436K |
| Accounts Payable | 367.06K | 5.4M | 3.41M | 5.1M | 4.99M | 1.69M | 1.74M | 12.41M | 6.66M | 4.47M | 1.53M | 370K |
| Days Payables Outstanding | 302.35 | 266.79 | 375.57 | 3.5K | 2.9K | 777.29 | 782.25 | 6.1K | 13.53K | 24.46K | 15.7K | 3.31K |
| Short-Term Debt | 251.55K | 256.83K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 6.21M | 8.3M | 0 | 0 | 0 | 15K | 0 | 0 |
| Other Current Liabilities | 10.13M | 6.16M | 301.54K | 2.89M | -1.96M | 1.52M | 132.73K | 1.13M | 1.1M | 298K | 212K | 66K |
| Current Ratio | 4.16x | 4.13x | 5.06x | 6.50x | 7.48x | 5.10x | 8.54x | 8.46x | 20.39x | 26.01x | 16.83x | 7.96x |
| Quick Ratio | 4.16x | 4.13x | 4.57x | 5.82x | 7.48x | 5.10x | 8.54x | 8.46x | 20.39x | 25.90x | 16.81x | 7.89x |
| Cash Conversion Cycle | 9.8K | - | - | - | - | - | - | - | - | -21.51K | - | - |
| Total Non-Current Liabilities | 609.25K | 677.56K | 435.94K | 782.59K | 1.02M | 1.1M | 253.85K | 369.76K | 67K | 17K | 53.46M | 20.77M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 53.44M | 20.74M |
| Capital Lease Obligations | 2.12M | 640.7K | 399.07K | 745.72K | 987.31K | 1.07M | 220.53K | 330.75K | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -53.44M | -20.74M |
| Other Non-Current Liabilities | 36.91K | 36.86K | 36.88K | 36.88K | 36.88K | 35.02K | 33.32K | 39.01K | 56K | 2K | 21K | 25K |
| Total Liabilities | 12.01M | 13.65M | 14.6M | 17.63M | 14.05M | 19.86M | 10.35M | 14.43M | 7.82M | 4.78M | 55.21M | 21.2M |
| Total Debt | 823.88K | 897.53K | 805.09K | 1.12M | 1.36M | 1.43M | 559.04K | 845.95K | 0 | 0 | 53.44M | 20.74M |
| Net Debt | -14.19M | -15.12M | -17.57M | -11.65M | -14.91M | -24.82M | -25.41M | -32.29M | -55.39M | -123.28M | 24.32M | 17.44M |
| Debt / Equity | 0.02x | 0.02x | 0.01x | 0.01x | 0.02x | 0.01x | 0.01x | 0.01x | - | - | - | - |
| Debt / EBITDA | -0.02x | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.33x | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -977.59x | -1297.60x | -2228.93x | -1196.58x | -683.76x | -2176.29x | -1488.88x | -2683.80x | - | -9.87x | -3.87x | -3.53x |
| Total Equity | 36.93M | 41.54M | 61.42M | 102.58M | 88.35M | 105.28M | 77.86M | 107.15M | 151.39M | 119.43M | -25.69M | -17.62M |
| Equity Growth % | -141.03% | -32.36% | -40.13% | 16.11% | -16.08% | 35.21% | -27.33% | -29.23% | 26.76% | 564.9% | -45.8% | - |
| Book Value per Share | 0.51 | 0.62 | 1.04 | 1.87 | 2.00 | 2.53 | 2.88 | 4.12 | 6.03 | 5.06 | -1.10 | -0.75 |
| Total Shareholders' Equity | 36.93M | 41.54M | 61.42M | 102.58M | 88.35M | 105.28M | 77.86M | 107.15M | 151.39M | 119.43M | -25.69M | -17.62M |
| Common Stock | 8.68M | 8.67M | 7.12M | 7.07M | 5.36M | 5.3M | 3.39M | 3.13M | 3.12M | 2.86M | 31K | 31K |
| Retained Earnings | -383.82M | -377.67M | -332.19M | -286.13M | -243.46M | -213.98M | -168.35M | -134.36M | -81.11M | -51.29M | -27.05M | -18.12M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -350K | -350K |
| Accumulated OCI | 56.72M | 48.54M | 51.56M | 47.43M | 36.64M | 30.59M | 22.53M | 25.14M | 18.31M | 167.86M | 1.69M | 816K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in quarterly financial statements, InflaRx has seen its total assets decline from $120.2 million in 2023Q4 to $48.9 million by 2026Q1, a trend that highlights the rapid consumption of capital to fund clinical development in the absence of meaningful commercial revenue generation.
The consistent contraction of the asset base suggests that the company is effectively liquidating its balance sheet to sustain ongoing R&D operations. Investors should monitor this trajectory, as the depletion of assets without a corresponding commercial breakthrough may indicate a narrowing window for strategic pivots.
Based on the most recent 2026Q1 filings, the company holds $15.0 million in cash, which represents a significant reduction from the $47.3 million reported in 2025Q1, signaling that the firm's liquidity buffer is rapidly diminishing relative to its historical quarterly operating cash burn.
While the current ratio of 4.16 appears superficially healthy, it is heavily influenced by the remaining cash balance rather than operational efficiency. This liquidity profile suggests that the company may face an urgent requirement for external financing to avoid a breach of operational viability in the near term.
According to historical balance sheet data, the company's retained earnings have deteriorated to a deficit of $383.8 million as of 2026Q1, reflecting the persistent and substantial losses incurred during the multi-year development of its clinical pipeline and the lack of commercial product success.
The erosion of equity quality is a direct consequence of sustained R&D spending that has yet to yield a marketable asset. This trend implies that future capital raises will likely be highly dilutive to existing shareholders, as the company lacks the internal earnings power to replenish its capital base.
As indicated by the provided financial data, the company's asset mix is almost entirely devoid of tangible productive capacity, with net PPE of only $1.1 million, suggesting that the firm's value is tied exclusively to intangible clinical assets that are subject to high impairment risk.
The reliance on intangible value makes the balance sheet particularly sensitive to clinical trial outcomes, as any failure in the pipeline could lead to a rapid write-down of the company's primary asset base. This structural reality warrants further investigation into the valuation assumptions underlying these intangible holdings.
Quick answers to the most common questions about buying IFRX stock.
As of 2025, InflaRx N.V. (IFRX) had total assets of $55.2M including $53.6M in current assets.
InflaRx N.V. (IFRX) carries total debt of $0.9M, offset by $46.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
InflaRx N.V. (IFRX) has total shareholders' equity (book value) of $41.5M ($0.62 book value per share). Book value represents the net worth of the company belonging to common stock holders.
InflaRx N.V. (IFRX) reported a current ratio of 4.13x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.