Exhibit 99.1
InflaRx N.V.
Amsterdam
Condensed Consolidated Interim
Financial Statements
InflaRx N.V. and subsidiaries
Unaudited condensed consolidated statements of comprehensive loss
For the three months ended September 30, | For the nine months ended September 30, | |||||||||
in € thousand | Note | 2017 | 2018 | 2017 | 2018 | |||||
Other income and expenses (net) | 81 | 59 | 111 | 176 | ||||||
Research and development expenses | (2,606) | (5,451) | (8,108) | (15,955) | ||||||
General and administrative expenses | (692) | (3,042) | (2,038) | (9,200) | ||||||
Loss before interest and income taxes | (3,216) | (8,434) | (10,035) | (24,979) | ||||||
Finance income | 8 | 2,101 | 8 | 8,107 | ||||||
Finance expense | (849) | (441) | (2,504) | (2,666) | ||||||
Finance result | 9 | (841) | 1,660 | (2,496) | 5,441 | |||||
Loss for the period | (4,057) | (6,774) | (12,530) | (19,538) | ||||||
Other comprehensive loss for the period | 2 | 42 | 0 | 26 | ||||||
Total comprehensive loss | (4,055) | (6,732) | (12,530) | (19,512) | ||||||
Loss per common share in € (basic/diluted) | (1.7) | (0.3) | (5.3) | (0.8) | ||||||
Number of common shares (in thousand) used | ||||||||||
to calculate the loss per common share, | ||||||||||
basic & diluted | 2,363 | 25,662 | 2,363 | 24,804 |
The notes are an integral part of these condensed consolidated financial statements.
InflaRx N.V. and subsidiaries
Condensed consolidated statements of financial position
in € thousand | Note | 31.12.2017 | 30.09.2018 | ||||
ASSETS | |||||||
Non-current assets | |||||||
Intangible assets | 41 | 45 | |||||
Laboratory and office equipment | 173 | 602 | |||||
Securities | 4 | 0 | 51,628 | ||||
Other financial assets | 4 | 20 | 202 | ||||
Total non-current assets | 233 | 52,477 | |||||
Current assets | |||||||
Other assets | 3 | 697 | 863 | ||||
Other financial assets | 4 | 0 | 799 | ||||
Securities and other Investments | 4 | 0 | 54,142 | ||||
Cash and cash equivalents | 5 | 123,282 | 56,349 | ||||
Total current assets | 123,979 | 112,153 | |||||
Total assets | 124,212 | 164,630 | |||||
EQUITY AND LIABILITIES | |||||||
Equity | |||||||
Issued capital | 6 | 2,858 | 3,112 | ||||
Other reserves | 8 | 167,864 | 226,279 | ||||
Accumulated deficit | (51,293) | (70,830) | |||||
Total equity | 119,429 | 158,561 | |||||
Non-current liabilities | |||||||
Deferred income | 15 | 12 | |||||
Provisions | 2 | 54 | |||||
Total non-current liabilities | 17 | 66 | |||||
Current liabilities | |||||||
Trade payables | 4,464 | 1,383 | |||||
Other liabilities, provisions | 302 | 4,619 | |||||
Total current liabilities | 4,766 | 6,003 | |||||
Total equity and liabilities | 124,212 | 164,630 |
The notes are an integral part of these condensed consolidated financial statements.
InflaRx N.V. and subsidiaries
Unaudited condensed consolidated statements of changes in equity
Other reserves | |||||||||||||||||
in € thousand | Note | Issued capital | Capital reserve | currency translation | share-based payments | Accumulated deficit | Own shares | Total equity | |||||||||
Balance as of January 1, 2017 | 31 | 0 | 9 | 1,675 | (27,055) | (350) | (25,690) | ||||||||||
Comprehensive loss | |||||||||||||||||
Loss for the period | 0 | 0 | 0 | 0 | (12,530) | 0 | (12,530) | ||||||||||
Other comprehensive income / Exchange differences | 0 | 0 | (9) | 0 | 0 | 0 | (9) | ||||||||||
Total comprehensive loss | 0 | 0 | (9) | 0 | (12,530) | 0 | (12,539) | ||||||||||
Recognition of equity-settled share-based payments | 8 | 0 | 0 | 0 | 2,081 | 0 | 0 | 2,081 | |||||||||
Balance as of September 30, 2017 | 31 | 0 | 0 | 3,756 | (39,585) | (350) | (36,148) | ||||||||||
Balance as of January 1, 2018 | 2,858 | 161,639 | 0 | 6,225 | (51,293) | 0 | 119,429 | ||||||||||
Comprehensive loss | |||||||||||||||||
Loss for the period | 0 | 0 | 0 | 0 | (19,538) | 0 | (19,538) | ||||||||||
Exchange differences | 0 | 0 | 25 | 0 | 0 | 0 | 25 | ||||||||||
Total comprehensive loss | 0 | 0 | 25 | 0 | (19,538) | 0 | (19,512) | ||||||||||
Recognition of equity-settled share-based payments | 8 | 0 | 0 | 0 | 9,004 | 0 | 0 | 9,004 | |||||||||
Issue of share capital | |||||||||||||||||
Issued shares | 6 | 255 | 53,188 | 0 | 0 | 0 | 0 | 53,443 | |||||||||
Transaction costs | 6 | 0 | (3,801) | 0 | 0 | 0 | 0 | (3,801) | |||||||||
Total issue of share capital | 255 | 49,386 | 0 | 0 | 0 | 0 | 49,641 | ||||||||||
Balance as of September 30, 2018 | 3,113 | 211,025 | 25 | 15,229 | (70,830) | 0 | 158,561 |
The notes are an integral part of these condensed consolidated financial statements.
InflaRx N.V. and subsidiaries
Unaudited condensed consolidated statement of cash flows
For the nine months ended September 30, | ||||||
in € thousand | Note | 2017 | 2018 | |||
Cash flow from Operations | ||||||
Loss for the period before taxes | (12,530) | (19,538) | ||||
Reconciliation from result before taxes to net cash flows | ||||||
Depreciation/amortization of intangible assets, laboratory and office equipment | 52 | 104 | ||||
Share based payment expense | 8 | 2,081 | 9,004 | |||
Finance income | 9 | (8) | (8,107) | |||
Finance costs | 9 | 2,504 | 2,690 | |||
other non-cash adjustments | (23) | (689) | ||||
Change in Provisions and Government Grants | 1,659 | 1,605 | ||||
Working capital adjustments | ||||||
Change in Trade payables and other liabilities | (696) | (319) | ||||
Change in other assets | (1,471) | (965) | ||||
Interest received | 8 | 980 | ||||
Cash flow from Operations | (8,426) | (15,235) | ||||
Cash flow from investing activities | ||||||
Cash outflow from the purchase of intangible assets, laboratory and office equipment | (87) | (538) | ||||
Cash outflow for the investment in non-current other financial assets | (19) | (201) | ||||
Proceeds from the disposal of non-current other financial assets | 0 | 19 | ||||
Proceeds from the disposal of current other investments | 0 | 6,161 | ||||
Purchase of securities and current other investments | 0 | (110,852) | ||||
Net cash flows used in investing activities | (106) | (105,411) | ||||
Financing activities | ||||||
Proceeds from issuance of stock | 0 | 53,443 | ||||
Transaction cost from issuance of stock | 0 | (3,801) | ||||
Proceeds from issuance of preferred shares | 1,500 | 0 | ||||
Net cash flows from financing activities | 1,500 | 49,641 | ||||
Effect of exchange rate changes | 0 | 4,073 | ||||
Change in cash and cash equivalents | (7,032) | (66,933) | ||||
Net change in cash and cash equivalents | (7,031) | (66,933) | ||||
Cash and cash equivalents at beginning of period | 29,117 | 123,282 | ||||
Cash and cash equivalents at end of period | 22,086 | 56,349 |
The notes are an integral part of these condensed consolidated financial statements.
InflaRx N.V. and subsidiaries
Index to notes to the condensed consolidated interim financial statements
(1) | Reporting entity | 2 |
(2) | Basis for preparation and changes to Group’s accounting policies | 2 |
(3) | Other assets | 2 |
(4) | Financial assets and financial liabilities | 2 |
(5) | Cash and cash equivalents | 2 |
(6) | Issue of share capital | 2 |
(7) | Protective foundation | 2 |
(8) | Share-based payments | 2 |
(9) | Finance result | 2 |
(10) | Related parties | 2 |
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InflaRx N.V. and subsidiaries
Notes to the condensed consolidated interim financial statements
(1) | Reporting entity |
The condensed consolidated interim financial statements of InflaRx N.V. (in the following, “InflaRx” or the “Company”) and its subsidiaries for the nine months ended September 30, 2018 were authorized for issue in accordance with a resolution of the directors on November 20, 2018.
InflaRx N.V., is a Dutch public company with limited liability (naamloze vennootschap), incorporated in the Netherlands (Commercial Register of The Netherlands Chamber of Commerce Business Register under CCI number 68904312) and domiciled in Jena, Germany. The registered office is located in Jena, Germany, Winzerlaer Straße 2. The Company`s shares are publicly traded on the Nasdaq Global Select Market under the symbol IFRX.
InflaRx is a clinical-stage biopharmaceutical company focused on applying its proprietary technology to discover and develop first-in-class potent and specific inhibitors of the complement activation factor known as C5a.
These condensed consolidated interim financial statements (in the following “financial statements”) of InflaRx comprise the Company and its wholly-owned subsidiaries InflaRx GmbH and InflaRx Pharmaceutical Inc., a Delaware corporation (together, the “Group”).
(2) | Basis for preparation and changes to Group’s accounting policies |
a) | Statement of compliance |
The financial statements for the three and nine months ended September 30, 2018 have been prepared in accordance with IAS 34Interim Financial Reporting. The financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s annual consolidated financial statements as at December 31, 2017.
This is the first set of the Group’s financial statements where IFRS 15 and IFRS 9 have been applied, as described in section e).
b) | Critical judgements and accounting estimates |
The preparation of the financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.
In preparing these financial statements, the critical judgments made by management in applying the Group’s accounting policies and the key accounting estimates were the same as those that applied to the annual consolidated financial statements as at and for the year ended December 31, 2017.
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c) | Functional and presentation currency |
These financial statements are presented in thousands of Euro, which is also the functional currency of InflaRx N.V. and InflaRx GmbH. All financial information presented in Euro has been rounded to the nearest thousand (abbreviated € thousand) or million (abbreviated € million).
d) | Rounding |
We have presented financial information in thousand and million euros. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that precede them or may deviate from other tables by one thousand euros at a maximum.
e) | Significant accounting policies |
The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December, 31 2017, except for the adoption of new standards effective as of January 1, 2018.
The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
The Group applies in the financial statements, for the first time, IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments, that require restatement of previous financial statements. As required by IAS 34, the nature and effect of these changes are disclosed below. Several other amendments and interpretations apply for the first time in 2018, but do not have an impact on the financial statements of the Group.
IFRS 15, Revenue from Contracts with Customers, replaces all current standards and interpretations dealing with revenue recognition and introduces a five-step model to account for revenue. As the Group is currently not generating revenues, the Group may only be affected by IFRS 15 in the future when entering into collaboration arrangements or similar transactions.
IFRS 9 contains a new classification and measurement approach for financial assets that reflects the business model in which assets are managed and their cash flow characteristics. IFRS 9 further replaces the ‘incurred loss’ model in IAS 39 with a forward-looking ‘expected credit loss’ (ECL) model. This will require considerable judgement about how changes in economic factors affect ECLs, which will be determined on a probability-weighted basis. IFRS 9 will require extensive new disclosures, in particular about hedge accounting, credit risk and ECLs.
The Group applies IFRS 9 with an initial application date of January 1, 2018. Because the Group held on the initial application date only immaterial non-current financial assets, cash and cash equivalents, no trade receivables and no derivative financial instruments or financial liabilities, the impact of IFRS 9 is determined to be nil, except for the disclosures required. Classification for other receivables and cash and cash equivalents changed from “loans and receivables” (IAS 39) to “amortized cost” (IFRS 9).
The consolidated statement of financial position as at January 1, 2018 was not restated, as the impact of IFRS 9 in the absence of material financial instruments was nil.
The following amendments, applicable to reporting periods started January 1, 2018, do not have any impact on the Group’s financial statements:
· | Amendments to IFRS 2Classification and Measurement of Share - based Payment Transactions |
· | IFRIC Interpretation 22Foreign Currency Transactions and Advance Considerations |
· | Amendments to IAS 40Transfers of Investment Property |
· | Amendments to IFRS 4,Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts |
· | Amendments to IFRS 1First-time Adoption of International Financial Reporting Standards -Deletion of short-term exemptions for first-time adopters |
· | IFRIC 22Foreign Currency Transactions and Advance Considerations |
· | Improvements to IFRS (2014-2016) |
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The following standards and amendments, applicable to reporting periods starting January 1, 2019, and later, are not expected to have any material impact on the Group’s financial statements, except as described below the table:
· | IAS 19 Amendments -Plan Amendment, Curtailmentor Settlement |
· | IAS 28 Amendments -Long-term Interests in Associates and Joint Ventures |
· | IFRIC 23Uncertainty over Income TaxTreatments |
· | Improvements to IFRS (2015-2017)IFRS 3, 11 IAS 12, 23 |
· | FRS 3 Amendment Definition of a business |
IFRS 16 Leases replaces existing guidance, including IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC-15 Operating Leases – Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. The standard is effective for annual periods beginning on or after January 1, 2019. Early adoption is permitted for entities that apply IFRS 15 at or before the date of initial application of IFRS 16. So far, the most significant impact identified is that the Group will recognize new assets and liabilities for its operating leases. As at December 31, 2017, the Group’s future minimum lease payments under non-cancellable operating leases amounted €0.7 million, which is the currently estimated impact on the consolidated statement of financial position of the Group.
(3) | Other assets |
in € thousand | 31.12.2017 | 30.09.2018 | ||
Other assets | ||||
Prepaid expenses | 504 | 697 | ||
Others | 193 | 166 | ||
Other assets | 697 | 863 |
(4) | Financial assets and financial liabilities |
Set out below, is an overview of financial assets and liabilities, other than cash and short-term deposits, held by the Group as at September 30, 2018 and December 31, 2017:
in € thousand | 31.12.2017 | 30.09.2018 | ||
Financial assets at amortised cost: | ||||
Other Assets | ||||
Quoted debt securities | 0 | 103,940 | ||
Other financial assets | 20 | 1,001 | ||
Financial assets at fair value through profit or loss: | ||||
Other assets | ||||
Other investments | 0 | 1,830 | ||
Total | 20 | 106,771 | ||
Total current | 0 | 54,941 | ||
Total non-current | 20 | 51,830 | ||
Financial liabilities at amortised cost: | ||||
Trade payables | (4,464) | (1,383) | ||
Other financial liabilities | (262) | (1,089) | ||
Total | (4,726) | (2,472) | ||
Total current | (4,724) | (2,418) | ||
Total non-current | (2) | (54) |
Other investments are investments in publicly traded funds that invest in various floating rate notes. These other investments are classified and measured at fair value through profit or loss (level 1). The net loss incurred since acquisition amounts to €24 thousand and is included in other finance costs. The fair value of the quoted debt securities (credit ratings range from AA- to AAA) amounts to €103,628 thousand (level 1) and the fair value of the other financial assets at amortized cost amounts to €1,001 thousand (level 1).
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The Group’s debt instruments at amortized cost comprised solely of quoted securities that are graded in the top investment category (AA- to AAA) by credit rating agencies as S&P Global and, therefore, are considered to be low credit risk investments. Based on statistical historical probabilities of default, adjusted for forward-looking factors specific to the debtors and the economic environment, the Group believes that the expected credit losses for these debt instruments are clearly immaterial. Furthermore, since acquisition of these debt securities, their credit ratings have remain stable.
(5) | Cash and cash equivalents |
in € thousand | 31.12.2017 | 30.09.2018 | ||
Deposits held at banks | 3,177 | 4,825 | ||
Money market funds | 38,876 | 43,927 | ||
USD term deposits (1-30 days) | 81,229 | 7,598 | ||
Cash and cash equivalents | 123,282 | 56,349 |
(6) | Issue of share capital |
On May 8, 2018, a public offering of common shares was completed pursuant to which we sold an aggregate of 1,850,000 common shares with a nominal value of €0.12 per share, resulting in gross proceeds from the sale of common shares of €53.0 million. Directly attributable transaction costs of €3.8 million were incurred and paid in connection with the sale of these common shares and deducted from capital reserves. Certain of our selling shareholders sold an aggregate of 1,600,000 common shares. All of these common shares were sold at a price to the public of $34.00 per share.
In August and September, 2018 stock options were executed, 274,584 common shares were issued accordingly in the third quarter of 2018.
30.09.2018 | ||
Common shares | ||
As of January 1rst, 2018 | 23,812,100 | |
May 8, 2018, public offering | 1,850,000 | |
Share options exercised | 274,584 | |
Total shares outstanding | 25,936,684 |
(7) | Protective foundation |
According to the articles of association of the Company, up to 55,000,000 common shares and up to 55,000,000 preferred shares with a nominal value of €0.12 per share are authorized to be issued. All shares are registered shares. No share certificates shall be issued.
At our general meeting of shareholders on May 17, 2018, shareholders approved the right of an independent foundation under Dutch law, or protective foundation, to acquire up to 100% of our issued share capital held by others than the protective foundation, minus one share, pursuant to a call option agreement entered into between us and such foundation, in order to deter acquisition bids. The protective foundation is expected to enter into a finance arrangement with a bank or, subject to applicable restrictions under Dutch law, the protective foundation may request us to provide, or cause our subsidiaries to provide, sufficient funding to the protective foundation to enable it to satisfy its payment obligation under the call option agreement.
These preferred shares will have both a liquidation and dividend preference over our common shares and will accrue cash dividends at a pre-determined rate. The protective foundation would be expected to require us to cancel its preferred shares once the perceived threat to the Company and its stakeholders has been removed or sufficiently mitigated or neutralized. We are of the opinion that the call option does not represent a significant fair value based on a level 3 valuation, due to the fact that the preference shares are restricted in use and can be cancelled by us as stated above.
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As of September 30, 2018, the Company expensed €68 thousand of ongoing costs to reimburse expenses incurred by the protective foundation.
(8) | Share-based payments |
2016 Option Plan
Under the Stock Option Plan 2016 Terms and Conditions, or the 2016 Plan, InflaRx GmbH granted rights to subscribe for InflaRx GmbH’s common shares to directors, senior management and key employees. Prior to the initial public offering, the outstanding awards under the 2016 Plan covered an aggregate of 1,239,252 common shares and the exercise price for each outstanding award was €7.81 per share (in each case after giving effect to the corporate reorganization). Any additional awards available under the 2016 Plan lapsed upon the closing of the Series D financing in October 2017.
2016 Other share-based awards
In 2016, InflaRx also established a share-based payment plan for its non-executive board members (the “Board Plan”) and granted 484 shares of common stock. Grants under the Board Plan are not subject to service or performance conditions.
2017 long-term incentive plan
In conjunction with the closing of our initial public offering, we established a new omnibus plan (‘the 2017 Plan’ or ‘LTI’) with the purpose of advancing the interests of our shareholders by enhancing our ability to attract, retain and motivate individuals who are expected to make important contributions to us. The 2017 Plan governs issuances of equity incentive awards from and after the closing of our initial public offering. The initial maximum number of common shares available for issuance under equity incentive awards granted pursuant to the 2017 Plan equals 2,341,097 common shares. On January 1, 2021 and on January 1 of each calendar year thereafter, an additional number of shares equal to 3% of the total outstanding common shares on December 31 of the immediately preceding year (or any lower number of shares as determined by the board of directors) will become available for issuance under equity incentive awards granted pursuant to the 2017 Plan.
The fair value of options granted in 2018 under the 2017 Plan program was determined using the Black-Scholes valuation model. As the Company’s common shares are listed on the Nasdaq Global Select Market, the closing price of the common shares at grant date was used. Other significant inputs into the model are as follows (weighted average):
2018 | Q1 | Q2 | Q3 | |||
Fair value per share in USD | 22.75 | 37.85 | 32.4 | / | 33.06 | |
Exercise price in USD | 22.75 | 37.85 | 32.4 | / | 33.06 | |
Volatility expected | 73% | 73% | 73% | |||
Expected life (midpoint based) | 4.9 | 4.6 | 4.9 | |||
Dividend yield expected | - | - | - | |||
Risk-free rate (interpolated, US sovereign strips curve) | 2.58% | 2.71% | 2.83% | / | 2.99% | |
Fair Value per option (in USD) | 13.79 | 22.37 | 19.80 | / | 20.17 | |
FX rate (EUR/USD) as of grant date | 0.82 | 0.86 | 0.86 | / | 0.85 | |
Fair Value per option (in EUR) | 11.24 | 19.23 | 16.96 | / | 17.15 |
Expected volatility has been based on an evaluation of the historical and implied volatility of a peer group of companies The range of outcomes for the expected life of the instruments has been based on expectations on option holder behavior in the scenarios considered.
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The number of share options under the 2017 Plan was as follows:
Granted in 2017 | 1,869,192 |
Granted in HY1 2018 | 48,002 |
Granted in Q3 2018 | 72,450 |
Forfeited in Q3 | -26,256 |
Outstanding at September 30, 2018 | 1,963,388 |
Thereof vested | 0 |
The dividend yield has no impact due to the anti-dilution clause as defined in the LTI.
Expenses are determined based on the number of stock options granted within a tranche and the vesting period of a tranche. This implies two effects:
(i) | the more options granted within a tranche, the higher expense of a tranche, and |
(ii) | the shorter the vesting period of a tranche, the higher expense of a tranche. |
For example, 33.33% of all stock options granted are allocated to the first tranche which vests over 1 year after the Grant Date, whereas 8.33% of all stock options granted are allocated to the ninth tranche which vests over three years.
Therefore the expenses recognized from the granted share options under the 2017 Plan were €0.6 million in 2017 and are anticipated to be €11.9 million for 2018, €4.9 million for 2019 and €1.5 million for 2020.
In the three and nine month periods ending September 30, 2018, and 2017, compensation expenses of €3.1 million and €9.0 million (resulting solely from the LTI) and €0.6 million and €2.1 million (resulting solely from 2016 Option plan and other share-based awards) were recognized, respectively.
None of the share-based payments awards were dilutive in determining earnings per share due to the Group’s loss position.
(9) | Finance result |
For the three months ended September 30, | For the nine months ended September 30, | |||||||
in € thousand | 2017 | 2018 | 2017 | 2018 | ||||
Finance income | ||||||||
Unrealized FX-gains | 0 | 1,347 | 0 | 6,651 | ||||
Interest and other finance income | 8 | 754 | 8 | 1,456 | ||||
8 | 2,101 | 8 | 8,107 | |||||
Finance costs | ||||||||
Interest on preferred shares | (758) | 0 | (2,229) | 0 | ||||
Cost of issuing preferred shares | (87) | 0 | (260) | 0 | ||||
Unrealized FX-losses | 0 | (416) | 0 | (2,578) | ||||
Other finance costs | (5) | (25) | (15) | (88) | ||||
(849) | (441) | (2,504) | (2,666) | |||||
Finance result | (841) | 1,660 | (2,496) | 5,441 |
InflaRx GmbH issued voting preferred shares for cash to investors in several financing rounds to fund its development activities. All of the preferred shares of InflaRx GmbH were exchanged for common shares of InflaRx N.V. in the corporate reorganization in 2017. InflaRx did not elect to recognize the preferred shares at fair value through profit or loss. In the three and nine months ended September 30, 2017, interest expense of €0.8 million and €2.2 million was recognized for all outstanding preferred shares.
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(10) | Related parties |
The Group’s executive management comprises the following persons:
· | Professor Niels C. Riedemann, Chief Executive Officer |
· | Professor Renfeng Guo, Chief Scientific Officer |
· | Arnd Christ, Chief Financial Officer |
· | Othmar Zenker, Chief Medical Officer |
The Group’s board of directors comprises the following persons:
Executive Directors
· | Professor Niels C. Riedemann (CEO) |
· | Professor Renfeng Guo (CSO) |
Non-executive Directors
· | Nicolas Fulpius, (Chairman, Chairman of the Audit Committee) |
· | Jens Holstein, since September 21, 2018 (Member of the Audit Committee) |
· | Katrin Uschmann (Member of the Audit Committee until February 6, 2018) |
· | Lina Ma |
· | Anthony Gibney, since February 6, 2018 (Member of the Audit Committee) |
· | Mark Kübler (Member of the Audit Committee until September 21, 2018) |
The compensation of the Group’s executive management comprises of the following for the three and nine months periods ending September 30:
For the three months ended September 30, | |||||||||
Executive Management | non-executive Board of Directors | ||||||||
in € thousand | 30.09.2017 | 30.09.2018 | 30.09.2017 | 30.09.2018 | |||||
Short-term employee benefits | 308 | 589 | 15 | 59 | |||||
Share-based payments | 0 | 2,475 | 0 | 273 | |||||
Total | 308 | 3,064 | 15 | 332 |
For the nine months ended September 30, | ||||||||
Executive Management | non-executive Board of Directors | |||||||
in € thousand | 30.09.2017 | 30.09.2018 | 30.09.2017 | 30.09.2018 | ||||
Short-term employee benefits | 924 | 1,755 | 45 | 172 | ||||
Share-based payments | 1,486 | 7,424 | 0 | 787 | ||||
Total | 2,410 | 9,178 | 45 | 959 |
Remuneration of InflaRx executive management comprises fixed and variable components and share-based payment awards. In addition, the executive management receives supplementary benefits such as fringe benefits and allowances.
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