The company lacks a viable commercial revenue stream, with quarterly top-line figures often near zero and operating losses remaining substantial, such as the $7.0 million loss reported in 2026Q1.
| Sales/Revenue | 28.17K | 28.17K | 165.79K | 63.09K | 0 | 0 | 0 | 0 | 0 | 231K | 0 | 0 |
| Revenue Growth % | -78.29% | -83.01% | 162.79% | - | - | - | - | - | -100% | - | - | - |
| Cost of Goods Sold | 7.46M | 7.38M | 3.32M | 532.26K | 627.01K | 791.26K | 812.47K | 742.25K | 179.57K | 66.69K | 35.66K | 40.83K |
| COGS % of Revenue | - | 26208.47% | 2000.76% | 843.67% | - | - | - | - | - | 28.87% | - | - |
| Gross Profit | -7.43M | -7.36M | -3.15M | -469.17K | -627.01K | -791.26K | -812.47K | -742.25K | -179.57K | 164.31K | -35.66K | -40.83K |
| Gross Margin % | -26390.03% | -26108.47% | -1900.76% | -743.67% | - | - | - | - | - | 71.13% | - | - |
| Gross Profit Growth % | - | -133.42% | -571.66% | 25.17% | 20.76% | 2.61% | -9.46% | -313.35% | -209.29% | 560.79% | 12.67% | - |
| Operating Expenses | 35.44M | 41.55M | 49.86M | 44.44M | 54.44M | 55.57M | 38.12M | 63.15M | 37.52M | 19.45M | 6.89M | 3.78M |
| OpEx % of Revenue | - | 147485.56% | 30072.93% | 70438.46% | - | - | - | - | - | 8418.18% | - | - |
| Selling, General & Admin | 14M | 16.85M | 19.33M | 16.12M | 15.07M | 13.51M | 9.02M | 13.43M | 12.79M | 5.14M | 1.84M | 438K |
| SG&A % of Revenue | - | 59792.89% | 11656.71% | 25554.61% | - | - | - | - | - | 2224.24% | - | - |
| Research & Development | 21.52M | 24.71M | 35.36M | 41.02M | 39.37M | 42.05M | 29.1M | 49.72M | 25.03M | 14.41M | 5.28M | 3.48M |
| R&D % of Revenue | - | 87692.67% | 21330.67% | 65025.81% | - | - | - | - | - | 6240.26% | - | - |
| Other Operating Expenses | -373.8K | 0 | -4.83M | -12.71M | 0 | 0 | 0 | 0 | -299K | -107K | -236K | -134K |
| Operating Income | -42.87M | -48.91M | -53.01M | -44.91M | -55.07M | -56.36M | -38.93M | -63.89M | -37.52M | -19.45M | -6.89M | -3.78M |
| Operating Margin % | -152168.08% | -173594.03% | -31973.69% | -71182.13% | - | - | - | - | - | -8417.75% | - | - |
| Operating Income Growth % | - | 7.74% | -18.04% | 18.45% | 2.3% | -44.77% | 39.06% | -70.3% | -92.93% | -182.18% | -82.21% | - |
| EBITDA | -42.49M | -48.5M | -52.52M | -44.34M | -54.44M | -55.57M | -38.12M | -63.15M | -37.34M | -19.38M | -6.86M | -3.74M |
| EBITDA Margin % | -150827.3% | -172163.84% | -31681.08% | -70282.17% | - | - | - | - | - | -8388.88% | - | - |
| EBITDA Growth % | 19.9% | 7.65% | -18.46% | 18.55% | 2.03% | -45.78% | 39.64% | -69.13% | -92.67% | -182.67% | -83.2% | - |
| D&A (Non-Cash Add-back) | 377.74K | 402.93K | 485.11K | 567.78K | 627.01K | 791.26K | 812.47K | 742.25K | 179.57K | 66.69K | 35.66K | 40K |
| EBIT | -47.57M | -48.91M | -46.04M | -42.63M | -30.94M | -53.9M | -38.71M | -59.58M | 0 | -22.01M | -7.1M | -3.73M |
| Net Interest Income | 1.57M | 1.73M | 3.18M | 3.77M | 563.43K | 84.62K | 861.7K | 2.82M | 0 | -2.1M | -1.83M | -1.05M |
| Interest Income | 1.62M | 1.77M | 3.2M | 3.8M | 608.68K | 109.39K | 887.7K | 2.84M | 2.18M | 130K | 1K | 5K |
| Interest Expense | 48.66K | 37.69K | 20.66K | 35.63K | 45.25K | 24.77K | 26K | 22.2K | 0 | 2.23M | 1.84M | 1.06M |
| Other Income/Expense | 1.66M | 5.06M | 6.95M | 2.24M | 24.08M | 2.43M | 191.21K | 4.28M | 7.7M | -4.79M | -2.05M | -1.14M |
| Pretax Income | -41.22M | -43.84M | -46.06M | -42.67M | -30.99M | -53.93M | -38.74M | -59.61M | -29.81M | -24.24M | -8.94M | -4.92M |
| Pretax Margin % | -146293% | -155626.07% | -27781.81% | -67630.69% | - | - | - | - | - | -10492.64% | - | - |
| Income Tax | -11.8K | -11.8K | 5.22K | 0 | 0 | 0 | 0 | 0 | 7.7M | 0 | 0 | 0 |
| Effective Tax Rate % | 0.03% | 0.03% | -0.01% | 0% | 0% | 0% | 0% | 0% | -25.83% | 0% | 0% | 0% |
| Net Income | -41.2M | -43.83M | -46.06M | -42.67M | -30.99M | -53.93M | -38.74M | -59.61M | -29.82M | -24.24M | -8.94M | -4.92M |
| Net Margin % | -146251.11% | -155584.2% | -27784.96% | -67630.69% | - | - | - | - | - | -10492.64% | - | - |
| Net Income Growth % | 7.87% | 4.84% | -7.96% | -37.69% | 42.55% | -39.22% | 35.01% | -99.92% | -23.01% | -171.15% | -81.8% | - |
| Net Income (Continuing) | -41.2M | -43.83M | -46.06M | -42.67M | -30.99M | -53.93M | -38.74M | -59.61M | -29.82M | -24.24M | -8.94M | -4.92M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.57 | -0.66 | -0.78 | -0.78 | -0.61 | -1.10 | -1.26 | -1.91 | -1.19 | -1.03 | -0.38 | -0.21 |
| EPS Growth % | 19.58% | 15.38% | 0% | -27.87% | 44.55% | 12.7% | 34.03% | -60.5% | -15.53% | -171.05% | -80.95% | - |
| EPS (Basic) | - | -0.66 | -0.78 | -0.78 | -0.61 | -1.10 | -1.26 | -1.91 | -1.19 | -1.03 | -0.38 | -0.21 |
| Diluted Shares Outstanding | 72.29M | 67.29M | 58.92M | 54.94M | 44.21M | 41.63M | 27.06M | 26M | 25.1M | 23.61M | 23.41M | 23.41M |
| Basic Shares Outstanding | 72.29M | 67.29M | 58.92M | 54.94M | 44.21M | 41.63M | 27.06M | 26M | 25.09M | 23.61M | 23.41M | 23.41M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution
As indicated by the company's recent financial filings, InflaRx lacks a sustainable commercial revenue stream, with quarterly top-line figures frequently hovering near zero or showing negative values, reflecting the absence of product sales and a reliance on sporadic, non-recurring income sources that fail to support operations.
The erratic revenue profile confirms that the business remains entirely in a pre-commercial, clinical-stage phase. Investors should note that the lack of consistent top-line growth renders traditional revenue-based valuation metrics inapplicable at this stage of the company's lifecycle.
According to the reported income statements, the company's cost structure is dominated by heavy R&D spending, which consistently dwarfs negligible revenue and underscores the firm's reliance on external capital to fund the ongoing clinical development of its pipeline candidates like vilobelimab and INF904.
Operating expenses remain elevated due to the high costs associated with late-stage clinical trial execution and personnel requirements. This persistent expenditure level suggests that the company's survival is tethered to its ability to manage its burn rate until a potential regulatory or commercial milestone is achieved.
Based on the provided financial data, InflaRx exhibits no evidence of operating leverage, as operating losses remain substantial and show no clear path to narrowing, with quarterly operating income consistently deep in the red due to the lack of a scalable commercial manufacturing or distribution model.
The absence of positive operating margins highlights the structural challenge of a biotech firm that has yet to transition from a research-heavy entity to a commercial enterprise. Without a significant shift in the revenue-to-expense ratio, the company will likely continue to experience severe operating margin compression.
As reported in recent financial statements, the company's cash position of approximately $16 million against a backdrop of high quarterly operating losses suggests a precarious liquidity profile that may necessitate dilutive equity financing or restrictive licensing agreements to maintain its ongoing clinical trial programs.
The current cash runway appears insufficient to support long-term development without external capital infusion, which poses a significant risk to existing shareholders. Market participants should monitor the timing of future capital raises, as the company's inability to generate internal cash flow leaves it highly vulnerable to market volatility.
Quick answers to the most common questions about buying IFRX stock.
For fiscal year 2025, InflaRx N.V. (IFRX) reported total revenue of $0.0M.
InflaRx N.V. (IFRX) reported a net loss of $43.8M for the fiscal year ending 2025.
InflaRx N.V. (IFRX) reported an operating income of $-48.9M, resulting in an operating profit margin of -173594.0%. This margin reflects the operational efficiency of the business before interest and taxes.
InflaRx N.V. (IFRX) generated $-7.4M in gross profit for the year, representing a gross profit margin of -26108.5%. This demonstrates the company's core pricing power and production efficiency.