Persistent negative free cash flow remains a critical concern, as evidenced by quarterly outflows frequently exceeding $7 million, which continues to deplete the company's cash reserves.
| Cash from Operations | -28.81M | -33.92M | -48.56M | -37.81M | -33.74M | -39.94M | -36.53M | -43.2M | -23.71M | -12.15M | -4.99M | -3.31M |
| Operating CF Margin % | - | -120400.97% | -29288.25% | -59935.91% | - | - | - | - | - | -5260.61% | - | - |
| Operating CF Growth % | 150.99% | 30.14% | -28.41% | -12.06% | 15.51% | -9.33% | 15.45% | -82.21% | -95.13% | -143.38% | -50.94% | - |
| Net Income | -41.2M | -43.83M | -46.06M | -42.67M | -29.48M | -45.63M | -33.98M | -53.25M | -29.82M | -24.24M | -8.94M | -4.92M |
| Depreciation & Amortization | 377.74K | 402.93K | 485.11K | 567.78K | 596.6K | 669.43K | 712.71K | 663.17K | 174K | 71K | 33K | 40K |
| Stock-Based Compensation | -2.48M | 0 | 4.07M | 3.41M | 6.04M | 4.33M | 1.12M | 6.83M | 12.09M | 4.55M | 868K | 243K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 1.16M | 927.84K | 0 | -1.88M | 66K | 0 | 5K |
| Other Non-Cash Items | 6.04M | 4.84M | -4.76M | -131.29K | -1.13M | -2M | 44.25K | 4.89M | -6.11M | 4.82M | 1.84M | 1.05M |
| Working Capital Changes | 8.45M | 4.66M | -2.28M | 1M | -9.77M | 1.54M | -5.35M | -2.34M | 1.83M | 2.58M | 1.21M | 270K |
| Change in Receivables | 1.95M | 2.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 6.62M | 6.63M | 4.47M | -11.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -6.32M | -5.76M | 0 | 0 | -3.52M | 316.11K | -3.87M | 0 | 2.19M | 3.09M | 1.37M | 389K |
| Cash from Investing | -8.18M | 3.11M | 52.36M | -17.7M | 19.36M | -25.95M | 21.36M | 20.34M | -99.45M | -167K | -53K | -13K |
| Capital Expenditures | -110.3K | -111.13K | -46.87K | -81.1K | -162.39K | -37.78K | -94.19K | -594.89K | -806K | -149K | -53K | -13K |
| CapEx % of Revenue | 391.52% | 394.44% | 28.27% | 128.55% | - | - | - | - | - | 64.5% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -19.52M | 37.78K | 94.19K | 0 | 806K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 127.6K | -3 | 1 | 0 | 19.52M | -37.78K | -94.19K | 20.94M | -808K | 1K | 0 | 0 |
| Cash from Financing | 6.23M | 32M | 386.45K | 52.99M | 1.94M | 61.58M | 9.17M | -294.34K | 49.64M | 108.8M | 30.86M | 0 |
| Debt Issued (Net) | 100.1K | -357.58K | -388.11K | -373.98K | -364.43K | -360.64K | -366.16K | -296.02K | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 16.2M | 32.35M | 1.1M | 56.48M | 2.35M | 65.14M | 9.77M | 0 | 52.99M | 117.92M | 30.86M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -10.07M | 14.11K | -323.73K | -3.12M | -47.73K | -3.2M | -232.9K | 1.68K | -3.35M | -9.11M | 0 | 0 |
| Net Change in Cash | -22.84M | -179.66K | 5.61M | -3.5M | -9.98M | 281.31K | -7.16M | -22.25M | -67.9M | 94.17M | 25.82M | -3.32M |
| Free Cash Flow | -28.93M | -34.03M | -48.6M | -37.89M | -33.91M | -39.97M | -36.62M | -43.8M | -24.52M | -12.3M | -5.05M | -3.32M |
| FCF Margin % | -102677.86% | -120795.42% | -29316.52% | -60064.46% | - | - | - | - | - | -5325.11% | - | - |
| FCF Growth % | 39.41% | 29.98% | -28.26% | -11.76% | 15.18% | -9.15% | 16.39% | -78.64% | -99.32% | -143.78% | -51.94% | - |
| FCF per Share | -0.40 | -0.51 | -0.82 | -0.69 | -0.77 | -0.96 | -1.35 | -1.68 | -0.98 | -0.52 | -0.22 | -0.14 |
| FCF Conversion (FCF/Net Income) | 0.70x | 0.77x | 1.05x | 0.89x | 1.09x | 0.74x | 0.94x | 0.72x | 0.80x | 0.50x | 0.56x | 0.67x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.9K | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
According to the provided financial data, the relationship between net income and operating cash flow remains highly volatile, with OCF/NI ratios fluctuating significantly, such as the 2.33x observed in 2024Q4, which highlights the disconnect between accounting losses and the actual cash burn required for clinical operations.
The lack of a consistent correlation between net income and operating cash flow suggests that accruals and non-cash adjustments are heavily influenced by the timing of clinical trial expenditures. Investors should monitor this divergence, as it indicates that GAAP net income is a poor proxy for the company's actual cash-based operational requirements.
As reported in quarterly financial statements, InflaRx consistently generates negative free cash flow, with quarterly outflows frequently exceeding $7 million, reflecting a business model that remains entirely dependent on external capital to sustain its ongoing research and development activities without any meaningful offsetting commercial revenue.
The persistent negative FCF trajectory underscores the company's status as a pre-commercial entity where cash burn is the primary operational metric. This trend appears unlikely to reverse until the company achieves a successful regulatory milestone or commercial launch, which remains speculative at this stage.
Based on the reported figures, working capital changes have been erratic, swinging from a $6.8 million inflow in 2025Q4 to a $5.3 million outflow in 2025Q1, which suggests that the company's cash position is highly sensitive to the timing of vendor payments and clinical trial-related accruals.
This volatility in working capital may indicate management's attempts to manage cash outflows in response to tightening liquidity. Such fluctuations warrant further investigation, as they may mask the underlying structural burn rate of the clinical programs.
Analysis of the cash flow statement reveals that while capital expenditures remain negligible, the company's reliance on equity-based compensation and external financing, as evidenced by historical data, suggests that the true cost of operations is significantly higher than the reported operating cash flow figures imply.
The cash flow statement obscures the dilutive impact of financing activities required to bridge the gap between operating losses and cash reserves. Investors should be wary that the reported cash burn does not fully capture the long-term cost of capital required to sustain the current pipeline.
Quick answers to the most common questions about buying IFRX stock.
InflaRx N.V. (IFRX) generated $-33.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
InflaRx N.V. (IFRX) reported negative free cash flow of $34.0M in 2025, indicating capital requirements exceeded cash from operations.
InflaRx N.V. (IFRX) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.