Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information Line Items | |
Entity Registrant Name | InflaRx N.V. |
Trading Symbol | IFRX |
Document Type | 20-F |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 58,883,272 |
Amendment Flag | false |
Entity Central Index Key | 0001708688 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | true |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-38283 |
Entity Incorporation, State or Country Code | P7 |
Entity Address, Address Line One | Winzerlaer Str. 2 |
Entity Address, Address Line Two | 07745 |
Entity Address, City or Town | Jena |
Entity Address, Country | DE |
Title of 12(b) Security | Ordinary Shares, nominal value €0.12 per share |
Security Exchange Name | NASDAQ |
Entity Interactive Data Current | Yes |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Firm ID | 1251 |
Auditor Name | EY GmbH & Co. KG Wirtschaftsprüfungsgesellschaft |
Auditor Location | Munich, Germany |
Entity Address, Postal Zip Code | 00000 |
Business Contact | |
Document Information Line Items | |
Entity Address, Address Line One | Winzerlaer Str. 2 |
Entity Address, Address Line Two | 07745 |
Entity Address, City or Town | Jena |
Entity Address, Country | DE |
Contact Personnel Name | Dr. Thomas Taapken |
City Area Code | +49 |
Local Phone Number | (3641) 508 180 |
Entity Address, Postal Zip Code | 00000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
Revenues | € 63,089 | ||
Cost of sales | (532,262) | ||
Gross profit | (469,173) | ||
Sales and marketing expenses | (4,001,299) | ||
Research and development expenses | (41,024,131) | (37,526,090) | (35,697,935) |
General and administrative expenses | (12,628,756) | (14,869,564) | (11,984,722) |
Other income | 13,219,704 | 20,159,169 | 54,221 |
Other expenses | (4,440) | (1,381) | (6,381) |
Operating result | (44,908,096) | (32,237,866) | (47,634,817) |
Finance income | 3,804,827 | 608,679 | 109,391 |
Finance expenses | (35,628) | (45,250) | (24,769) |
Foreign exchange result | (1,841,872) | 2,442,297 | 1,964,135 |
Other financial result | 313,240 | (252,471) | (44,000) |
Income taxes | |||
Loss for the period | (42,667,529) | (29,484,611) | (45,630,059) |
Other comprehensive income (loss) that may be reclassified to profit or loss in subsequent periods: | |||
Exchange differences on translation of foreign currency | 125,085 | 4,206,810 | 6,777,061 |
Total comprehensive loss | € (42,542,444) | € (25,277,801) | € (38,852,998) |
Share information (based on loss for the period) | |||
Weighted average number of shares outstanding (in Shares) | 54,940,137 | 44,207,873 | 41,629,974 |
Loss per share (basic/diluted) (in Euro per share) | € (0.78) | € (0.67) | € (1.1) |
Loss for the period | € (42,667,529) | € (29,484,611) | € (45,630,059) |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) - € / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
Loss per share diluted | € (0.78) | € (0.67) | € (1.10) |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) | Dec. 31, 2023 | Dec. 31, 2022 |
Non-current assets | ||
Property and equipment | € 289,577 | € 328,920 |
Right-of-use assets | 1,071,666 | 1,311,809 |
Intangible assets | 68,818 | 138,905 |
Other assets | 257,267 | 308,066 |
Financial assets | 9,052,741 | 2,900,902 |
Total non-current assets | 10,740,069 | 4,988,602 |
Current assets | ||
Inventories | 11,367,807 | |
Current other assets | 4,036,650 | 14,170,510 |
Tax receivable | 3,791,564 | 1,432,087 |
Financial assets from government grants | 732,971 | |
Other financial assets | 77,504,518 | 64,810,135 |
Cash and cash equivalents | 12,767,943 | 16,265,355 |
Total current assets | 109,468,483 | 97,411,058 |
TOTAL ASSETS | 120,208,552 | 102,399,660 |
Equity | ||
Issued capital | 7,065,993 | 5,364,452 |
Share premium | 334,211,338 | 282,552,633 |
Other capital reserves | 40,050,053 | 36,635,564 |
Accumulated deficit | (286,127,819) | (243,460,290) |
Other components of equity | 7,382,166 | 7,257,081 |
Total equity | 102,581,730 | 88,349,440 |
Non-current liabilities | ||
Lease liabilities | 745,716 | 987,307 |
Other liabilities | 36,877 | 36,877 |
Total non-current liabilities | 782,593 | 1,024,184 |
Current liabilities | ||
Trade and other payables | 11,974,362 | 4,987,538 |
Liabilities from government grants | 6,209,266 | |
Lease liabilities | 374,329 | 369,376 |
Employee benefits | 1,609,766 | 1,312,248 |
Other liabilities | 2,885,772 | 147,608 |
Total current liabilities | 16,844,229 | 13,026,036 |
Total liabilities | 17,626,822 | 14,050,220 |
TOTAL EQUITY AND LIABILITIES | € 120,208,552 | € 102,399,660 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - EUR (€) | Shares outstanding | Issued capital | Share premium | Other capital reserves | Accumulated deficit | Other components of equity | Total |
Balance at Dec. 31, 2020 | € 3,387,410 | € 220,289,876 | € 26,259,004 | € (168,345,620) | € (3,726,791) | € 77,863,880 | |
Balance (in Shares) at Dec. 31, 2020 | 28,228,415 | ||||||
Loss for the period | (45,630,059) | (45,630,059) | |||||
Exchange differences on translation of foreign currency | 6,777,061 | 6,777,061 | |||||
Total comprehensive loss | (45,630,059) | 6,777,061 | (38,852,998) | ||||
Issuance of ordinary shares | 1,873,203 | 63,269,346 | 65,142,549 | ||||
Issuance of ordinary shares (in Shares) | 15,610,022 | ||||||
Transaction costs | (4,219,222) | (4,219,222) | |||||
Equity-settled share-based payments | 4,332,205 | 4,332,205 | |||||
Share options exercised | 43,839 | 970,744 | 1,014,583 | ||||
Share options exercised (in Shares) | 365,326 | ||||||
Balance at Dec. 31, 2021 | 5,304,452 | 280,310,744 | 30,591,209 | (213,975,679) | 3,050,270 | 105,280,996 | |
Balance (in Shares) at Dec. 31, 2021 | 44,203,763 | ||||||
Loss for the period | (29,484,611) | (29,484,611) | |||||
Exchange differences on translation of foreign currency | 4,206,810 | 4,206,810 | |||||
Total comprehensive loss | (29,484,611) | 4,206,810 | (25,277,801) | ||||
Issuance of ordinary shares | 60,000 | 2,289,624 | 2,349,624 | ||||
Issuance of ordinary shares (in Shares) | 500,000 | ||||||
Transaction costs | (47,735) | (47,735) | |||||
Equity-settled share-based payments | 6,044,356 | 6,044,356 | |||||
Equity-settled share-based payments (in Shares) | |||||||
Share options exercised | |||||||
Share options exercised (in Shares) | |||||||
Balance at Dec. 31, 2022 | 5,364,452 | 282,552,633 | 36,635,564 | (243,460,290) | 7,257,080 | 88,349,440 | |
Balance (in Shares) at Dec. 31, 2022 | 44,703,763 | ||||||
Loss for the period | (42,667,529) | (42,667,529) | |||||
Exchange differences on translation of foreign currency | 125,085 | 125,085 | |||||
Total comprehensive loss | (42,667,529) | 125,085 | (42,542,444) | ||||
Issuance of ordinary shares | 1,687,110 | 54,796,819 | 56,483,929 | ||||
Issuance of ordinary shares (in Shares) | 14,059,252 | ||||||
Transaction costs | (3,360,626) | (3,360,626) | |||||
Equity-settled share-based payments | 3,414,489 | € 3,414,489 | |||||
Equity-settled share-based payments (in Shares) | 120,257 | ||||||
Share options exercised | 14,431 | 222,512 | € 236,943 | ||||
Share options exercised (in Shares) | 120,257 | ||||||
Balance at Dec. 31, 2023 | € 7,065,993 | € 334,211,338 | € 40,050,053 | € (286,127,819) | € 7,382,166 | € 102,581,730 | |
Balance (in Shares) at Dec. 31, 2023 | 58,883,272 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Loss for the Period | € (42,667,529) | € (29,484,611) | € (45,630,059) |
Adjustments for: | |||
Depreciation & amortization of property and equipment, right-of-use assets and intangible assets | 567,780 | 596,597 | 669,434 |
Net finance income | (2,240,566) | (2,753,255) | (2,004,757) |
Share-based payment expense | 3,414,489 | 6,044,356 | 4,332,205 |
Net foreign exchange differences | 413,017 | 385,359 | 111,606 |
Changes in: | |||
Financial assets from government grants | 732,971 | (732,971) | |
Other assets | 7,825,182 | (3,308,485) | (7,094,467) |
Employee benefits | 297,518 | (64,024) | (3,290) |
Other liabilities | 2,738,164 | 9,403 | 19,863 |
Liabilities from government grants received | (6,209,266) | (2,090,734) | 8,300,000 |
Trade and other payables | 6,986,824 | (3,586,706) | 316,112 |
Inventories | (11,367,807) | ||
Interest received | 1,732,284 | 1,287,200 | 1,070,235 |
Interest paid | (36,025) | (44,946) | (23,633) |
Net cash used in operating activities | (37,812,966) | (33,742,817) | (39,936,751) |
Investing activities | |||
Purchase of intangible assets and property and equipment | (81,100) | (162,391) | (37,778) |
Purchase of current and non-current financial assets | (104,051,972) | (64,474,543) | (97,516,417) |
Proceeds from the maturity of current financial assets | 86,436,456 | 83,995,029 | 71,603,310 |
Net cash from/ (used in) investing activities | (17,696,616) | 19,358,095 | (25,950,885) |
Financing activities | |||
Proceeds from issuance of ordinary shares | 56,483,929 | 2,349,624 | 65,142,549 |
Transaction costs from issuance of ordinary shares | (3,360,626) | (47,735) | (4,219,222) |
Proceeds from exercise of share options | 236,943 | 1,014,583 | |
Repayment of lease liabilities | (373,977) | (364,430) | (360,644) |
Net cash from financing activities | 52,986,269 | 1,937,459 | 61,577,266 |
Net decrease in cash and cash equivalents | (2,523,313) | (12,447,262) | (4,310,369) |
Effect of exchange rate changes on cash and cash equivalents | (974,099) | 2,462,622 | 4,591,683 |
Cash and cash equivalents at beginning of period | 16,265,355 | 26,249,995 | 25,968,681 |
Cash and cash equivalents at end of period | € 12,767,943 | € 16,265,355 | € 26,249,995 |
Corporate Information
Corporate Information | 12 Months Ended |
Dec. 31, 2023 | |
Corporate Information [Abstract] | |
Corporate information | 1. Corporate information The consolidated financial statements of InflaRx N.V. and its subsidiaries (collectively, the “Group”) for the year ended December 31, 2023 were authorized for issue in accordance with a resolution of the Board of Directors on March 20, 2024. InflaRx N.V. (the “Company”) is a Dutch public company with limited liability ( naamloze vennootschap The Company and its subsidiaries, collectively, are a biotechnology group pioneering anti-inflammatory therapeutics by applying its proprietary anti-C5a and anti-C5aR technologies to discover, develop and commercialize highly potent and specific inhibitors of the complement activation factor known as C5a and its receptor C5aR. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and could affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is obtained by the Group. They are deconsolidated from the date control ceases. The acquisition method of accounting is used to account for business combinations by the Group. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. The Group’s subsidiaries as at December 31, 2023 are set out below. Unless otherwise stated, such subsidiaries have share capital consisting solely of ordinary shares that are held directly by the Company, and the proportion of ownership interests held equals the voting rights held by the Company. Place of business/ Functional Ownership interest Name incorporation currency 2023 2022 Principal activities InflaRx GmbH Jena and Munich, Germany EUR 100 % 100 % Operating subsidiary, R&D, holder of all IP InflaRx Pharmaceuticals, Inc. Ann Arbor, MI, United States USD 100 % 100 % Operating subsidiary, R&D, US commercialization |
Material Accounting Policies
Material Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Material Accounting Policies [Abstract] | |
Material accounting policies | B. Material accounting policies 1. Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (herein “IFRS”). The consolidated financial statements have been prepared on a historical cost basis. These consolidated financial statements of the Group comprise the Company and its wholly owned subsidiaries, InflaRx GmbH and InflaRx Pharmaceuticals, Inc. The consolidated financial statements are presented in Euro (€). The presentation currency of the Group is the Euro, as the functional currency of the largest operating company, InflaRx GmbH, continues to be the Euro. Effective January 1, 2023, the functional currency of InflaRx N.V. changed from the U.S. dollar to the Euro due to a change in the Company’s operational function and, in turn, a change in the primary currency of its underlying transactions. This change in functional currency has been accounted for prospectively. The functional currency of InflaRx Pharmaceuticals, Inc. is the U.S. dollar ($), as most of their income and expenses occurred in U.S. dollars in 2023. All financial information presented in Euro has been rounded to the nearest Euro, unless stated otherwise. 2. Summary of material accounting policies This section describes material accounting policies adopted in the preparation of these consolidated financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated. (a) New and amended standards adopted by the Group The following amendments were adopted effective January 1, 2023, and do not have a material impact on the consolidated financial statements of the Group: ● IFRS 17 insurance contracts ● Amendments to IAS 8 accounting policies, changes in accounting estimates and errors: definition of accounting estimates ● Amendments to IAS 12 deferred tax related to assets and liabilities arising from a single transaction ● Amendments to IAS 1 and IFRS practice statement 2 - disclosure of accounting policies Accounting policies for the following IFRS standards have been applied starting in Q2 2023 for the first time, as no transactions in the scope of these IFRS standards had been previously recognized. ● IAS 2 inventories According to IAS 2, inventories are stated at the lower amount of their cost or at their net realizable value. Cost comprises direct material cost and, where applicable, direct labor costs and those overhead costs that have been incurred in bringing the inventories to their present location and condition. Cost is calculated using the weighted average cost method. Net realizable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Recognizing inventories at net realizable value includes writing down inventories considered excess or obsolete. ● IFRS 15 revenue from contracts with customers At present, the Company exclusively uses distributors to sell its products to end customers (e.g., hospitals). The end customers (e.g. hospitals) have been determined to be the customer in these sales arrangements. As such, payments received from the distributors are not contract liabilities but are rather “other liabilities” recognized in “other accrued liabilities.” Revenue is therefore recognized when a performance obligation has been satisfied through the transfer of a promised good or service to a customer, that is, when the customer obtains control of that asset and is measured considering estimated return liabilities and expected rebates or cash discounts. (b) New standard not yet adopted The following standards issued will be adopted in a future period, and the potential impact on the Group’s consolidated financial statements, if any, is being assessed: ● Amendments to IFRS 16 leases: leases on sale and leaseback ● Amendments to IAS 1 presentation of financial statements: classification of liabilities as current or non-current and non-current liabilities with covenants ● Amendments to IAS 21 effects of changes in foreign exchange rates: lack of exchangeability (c) Current and non-current classification The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. Current assets include assets that are sold, consumed or realized as part of the normal operating cycle (operating cycle is assumed to be 12 months), or cash and cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. Current liabilities, such as trade payables, lease liabilities or employee benefits with a term of up to 12 months, and payables for operating costs or social security charges, are part of the working capital used in the Company’s normal operating cycle. Such operating items are classified as current liabilities even if they are due to be settled more than 12 months after the reporting period. All other liabilities are classified as non-current. (d) Foreign currency transactions Transactions in a foreign currency are initially translated into the respective functional currency using the spot rate prevailing on the dates of the transaction. Monetary items which are not denominated in the functional currency are subsequently translated using the rate applicable at the end of the period. The resulting currency gains and losses are recognized directly in profit or loss. On consolidation, the assets and liabilities of operations in a currency other than Euro (the presentation currency of the Company) are translated into Euros at the rate of exchange prevailing at the reporting date and their statements of operations are translated with monthly average exchange rates during the reporting period. The exchange differences arising on translation for consolidation are recognized in ‘other comprehensive income’ (OCI). On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to profit or loss. OCI is disclosed as ‘other components of equity’ in consolidated statements of financial position. (e) Grants from government and similar bodies The Group receives grants from government agencies and similar bodies for the active participation in specific research and development projects. The grants are recognized when there is reasonable assurance that the grant will be received and all grant conditions will be met. If grant funds are received prior to qualifying expenses being incurred or assets purchased or prior to all grant conditions have been met, such amounts are recorded as a liability in other liabilities. If the funds reimburse expenses, the liability is amortized into other operating income in the period in which the corresponding expenses are incurred (or, for expenses incurred prior to all grant conditions being met, in the period in which reasonable assurance that all grant conditions will be met is attained). If the funds reimburse purchased assets, the liability is reduced with a corresponding amount deducted from the asset’s carrying amount upon recording of the qualified asset. According to the terms of the grants, grantors generally have the right to audit qualifying expenses submitted by the Group up to five years after concluding the project sponsored by the government. In October 2021, the Group announced that it received a grant of up to €43.7 million from the German Ministry of Education and Research and the German Ministry of Health to support its development of vilobelimab for the treatment of severe COVID-19 patients. Due to subsequent changes in the Group’s research and development plan and fewer costs projected within the timeframe of the grant, it was notified that the amount available to it was €41.4 million. The grant is structured as a reimbursement of 80% of certain pre-specified expenses related to the clinical development and manufacturing of vilobelimab. The grant period ended on June 30, 2023. In total, during the duration of the grant period through December 31, 2023, the Group received €33.3 million to support its activities regarding the development of vilobelimab as a new therapeutic agent for the treatment of critically ill COVID-19 patients and for the establishment of a commercial scale manufacturing process to ensure the ability of being able to provide such treatment to the broader population. (f) Notes to the cash flow statement, cash, and cash equivalents The consolidated statements of cash flows have been prepared using the indirect method for cash flows from operating activities. The cash disclosed in the consolidated statements of cash flows is comprised of cash and cash equivalents. Cash comprises cash on hand and demand deposits. Cash equivalents are short-term bank deposits that are readily convertible to a known amount of cash and are not subject to a significant risk of changes in value with an original maturity of three months or less. Interest paid and received is included in the cash from operating activities. (g) Research and development expenses Research and development expenses comprise third party services, wages and salaries, cost of materials, intellectual property related expenses, depreciation and amortization of relevant equipment and intangibles as well as overhead. Research and development expenses mainly consist of costs for clinical trials and manufacturing of the Company’s clinical drug products; additionally, costs are incurred for pre-clinical activities as well as basic research activities. Development expenses must be capitalized if the criteria of IAS 38 are met. In the periods presented, no development expenses were capitalized because management assessed that not all the recognition criteria of IAS 38 had been met. This assessment is due to the general uncertainties in drug development and the unpredictability of regulatory requirements. Therefore, research and development expenditures are expensed when incurred. (h) Employee benefits (i) Short-term employee benefits Liabilities for wages and salaries and cash bonuses are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as employee benefits in the consolidated statements of financial position. A liability is recognized if the Group has a present legal or constructive obligation to pay such amount as a result of past service provided by the employee and if such obligation can be estimated reliably. (ii) Share-based payment transactions The grant-date fair value of equity-settled share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service conditions are expected to be met, including an estimate of forfeitures, such that the amount ultimately recognized is based on the number of awards that meet the related service conditions at the vesting date. For share-based payment awards with immediate vesting, the grant-date fair value of the share-based payment is measured to reflect such conditions and there is no gain or loss recognized for differences between expected and actual outcomes. (i) Lease arrangements The Group leases various properties, laboratory and office equipment and cars. Rental contracts are typically made for fixed periods of one to three years but may have renewal options. The lease agreements do not impose any covenants, but leased assets may not be used as collateral for borrowing purposes. (i) Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. On December 31, 2023, the remaining useful lives of the Company’s right-of-use assets ranged between 3 and 41 months. Right-of-use assets are subject to impairment. (ii) Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments which depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date, since the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. (iii) Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. (iv) Determining the lease term of contracts After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise the option to renew. The Group further determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The leases which currently also result in the capitalization of a right of use asset, do not include any renewal options. For future lease contracts with potential renewal options the Company applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. In doing so, management would consider all relevant factors that create an economic incentive for it to exercise the renewal. (j) Interest income Interest income is derived from interest-bearing financial assets, including cash equivalents. Interest income on cash and cash equivalents, financial assets at amortized cost calculated using the effective interest rate method is recognized in the consolidated statements of operations and comprehensive loss as part of finance income. (k) Intangible assets Intangible assets mainly comprise purchased IT software. Intangible assets are initially measured at acquisition cost, including any directly attributable costs of preparing the asset for its intended use less accumulated amortization and accumulated impairment losses, if any. Amortization begins when an asset is available for use and amortization is calculated using the straight-line method to allocate cost over the estimated useful lives. The useful lives of intangible assets are reviewed at each reporting date. Software is amortized over three years. The effect of any adjustment to useful lives is recognized prospectively as a change of accounting estimate. The Group only owns intangible assets with a definite useful life. (l) Property and equipment Laboratory and office equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items. All repairs and maintenance are recognized in profit or loss during the financial period in which they are incurred, because they do not constitute a separate asset. Depreciation on laboratory and office equipment is calculated using the straight-line method to allocate their cost over their estimated useful lives, as follows: ● Laboratory equipment: three to 13 years ● Office equipment: one to five years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within ‘other income’ or ‘other expenses’ in the consolidated statements of operations and comprehensive loss. (m) Impairment of assets At each reporting date, the Group assesses whether there is an indication that an asset may be impaired. If there is any indication of impairment or if an annual impairment test is required, the Group estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of the asset’s fair value less costs of disposal and its value-in-use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case it is determined at the level of the cash-generating unit. If the carrying amount of an asset exceeds its recoverable amount, the asset is impaired and written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. When there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized, any impairment loss previously recognized is reversed. The reversal may not exceed the carrying amount that would have been determined after amortization or depreciation had no impairment loss been recognized for the asset in prior periods. The amount of the reversal is recognized in profit or loss for the period. There were no impairments or reversals of impairments in 2021, 2022 or 2023. (n) Financial assets and liabilities (financial instruments) (i) Definition A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. The Group’s financial assets include predominantly quoted fixed-interest debt securities. The financial liabilities comprise trade and other payables (incl. accrued liabilities from the R&D projects). (ii) Criteria for the recognition and derecognition, initial measurement In general purchases or sales of financial assets are recognized on the settlement date, i.e., the date that the Group renders or receives the counter performance (typically cash). The Group initially measures a financial asset at its fair value plus transaction costs. The Group initially recognizes non-derivative financial liabilities on the date that they are originated at fair value net of directly attributable transaction costs. The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expire. (iii) Subsequent measurement method Considering the Group’s business model for managing the financial assets, with an objective to hold them in order to collect contractual cash flows, and their contractual cash flow characteristics, that are solely payments of principal and interest on the principal amount outstanding, the Group classifies the quoted debt securities with fixed interest rates as subsequently measured at amortized cost using the effective interest method (EIR). The financial assets are also subject to impairment. The Group’s financial liabilities are classified as subsequently measured at amortized cost which is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. An analysis of the carrying amounts from the consolidated statements of financial position by measurement category is disclosed under ‘3.8 Financial assets and financial liabilities.’ (iv) Criteria for realization of income and expenses Interest income is accrued using the relevant effective interest rate. Interest expense on liabilities, if any, is also accrued based on the effective interest rate. Gains and losses on the disposal of financial instruments are recognized in full when all significant risks and rewards have been transferred. In the case of a partial transfer of risks and rewards, a distinction would be made as to whether control remains with the company or is transferred. Impairment losses on financial assets are recognized in profit or loss. The Group recognizes an allowance for expected credit losses (ECLs) for the financial assets held, see Note ‘C.8. Net Financial Result’. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. ECLs are generally recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For the quoted debt securities with fixed interest rates, which have high credit ratings and no significant increases in credit risk since initial recognition, the Group determines the exposure to credit default using CDS pricing information (i.e., credit default swap values) published by credit agencies and recognizes a 12-month ECL. (o) Fair Value Measurement The Group does not measure any financial asset or liability at fair value. The carrying amount of all financial instruments approximates their fair value, with the exception of quoted debt securities for which fair values are disclosed (see Note ‘D.8. Financial assets and financial liabilities’). When measuring the fair value of an asset or a liability, the Group would use observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: ● Level 1, quoted prices in active markets for identical assets or liabilities. ● Level 2, inputs other than quoted prices included within Level 1 that are observable for the instrument, either directly (as prices) or indirectly (derived from prices). ● Level 3, inputs for instruments that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group would recognize transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. (p) Income tax Income taxes comprise current and deferred taxes. Current and deferred taxes are recognized in profit or loss except to the extent that they relate to items recognized directly in equity or in other comprehensive loss. (i) Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. Expected tax payable or receivable on the taxable income or loss for the year, are calculated using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. In the periods presented; the Group did not incur income tax expense. Taxes withheld by banks and remitted to tax authorities were reimbursed after filing of the annual tax declaration. (ii) Deferred income tax Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for temporary differences associated with assets and liabilities if the transaction which led to their initial recognition is a transaction that is not a business combination and that affects neither accounting nor tax profit or loss. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets arising from tax loss carryforwards are recognized only to the extent that the Group has sufficient taxable temporary differences or there is convincing evidence that sufficient future taxable profit will be available against which the unused tax losses can be utilized. As of December 31, 2023 and 2022, based on management’s judgment, it was not probable that taxable profit will be available against which the unused tax losses can be utilized; no deferred tax assets were therefore recognized in the consolidated statements of financial position. 3. Significant accounting judgements, estimates and assumptions The preparation of the consolidated 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 consolidated financial statements, the critical judgments made by management in applying the Group’s accounting policies involve the following areas: (a) Accounting for share-based payments When determining the grant date fair value of share-based payment awards, assumptions must be made regarding the key parameters of the calculation (see Note ‘C.10.(b). Measurement of fair values of share options granted’). In 2023, the Company’s share price volatility for the purposes of the calculation was determined on the basis of the 5-year annualized average share price, which management believes will be indicative of the share price development of the Company in future periods. This led to a range of applied volatility rates in 2023 of 135% to 145.66% for the different options granted during the year of this report. Additionally, the Company must estimate the number of equity instruments which will vest in future periods as awards may be forfeited prior to vesting due to an awardee’s failure to satisfy a performance condition, including due to employment termination. An assumption of the forfeiture rate is regularly made on the basis of historical information and adjusted to reflect future expectations. Revisions to the forfeiture rate could result in a cumulative effect of the change in estimate for current and prior periods to be recognized in the period of change. (b) Measurement of third-party R&D clinical trial and contracted manufacturing expense In measuring R&D expenses for the reporting period, the Company estimates the amount of expense to recognize and liability to accrue to the extent that invoices of the Company’s contract research organizations (“CROs”) and contract manufacturing organizations (“CDMOs”) are not yet received and exceed any prepayments made. The timing of the invoicing of project services by CROs follow contractual billing schedules and can occur several months prior to or following a reporting period. This estimation involves determining a percentage-of-completion whereby the degree to which services have been rendered for the individual project activities contracted from the CRO and CDMOs is assessed and estimated by in-house R&D project managers and reviewed by the controlling department. This percentage-of-completion is used to measure the amount of the unbilled project activities which have already been rendered by the reporting date and the associated R&D expense and liability to recognize as a result. The percentage-of-completion estimates are based on the best information available at the time. However, additional information may become available in the future and management may adjust the estimate in such future periods. In this event, the Company may be required to record adjustments to research and development expenses in future periods when the actual level of activity becomes more certain. The Company considers resulting increases or decreases in expenses as changes in estimates and reflects such changes in research and development expenses in the period identified. The Company accrued €4.4 million as of December 31, 2023 and €2.3 million as of December 31, 2022 (see Note ‘D.11. Trade and other payables’) in third-party accruals in relation to its ongoing clinical trials and manufacturing activities. As of these dates, prepayments were recorded for those payments made against which no services had yet been rendered (2023: €3.7 million, 2022: €9.8 million, see Note ‘D.6. Other assets’). (c) Realizability of Inventories Inventories are valued at the lower of cost and net realizable value. Net realizable value comprises the estimated sales proceeds less the necessary expected costs up to the time of sale. For determining the net realizable value, at each reporting date, the Company estimates excess and obsolete inventory primarily using a model of expected future sales and using assumptions with significant estimation uncertainty such as expected medical need and expected market penetration. Additionally, these estimates rely, in part, on management’s assumptions about future events outside of the Company’s control, such as continuation of the emergency use authorization in the United States and granting of marketing authorization in the European Union. In making these assumptions, management assesses the probability of these authorizations remaining in place or being granted, as applicable, by considering correspondence with the relevant regulatory authorities and the Company’s actions to achieve any required conditions for the authorizations. Furthermore, the possible alternative uses for raw materials, unfinished and finished products is taken into consideration. Management regularly assesses market and sales trends, market conditions, disease prevalence, competitive landscape, and regulatory environment to refine estimates for excess and obsolete inventory. Based on these assessments, and taking manufacturing lead-times into consideration, management takes operational decisions to order inventory based on inventory aging and the criteria mentioned above. Inventory write-downs for the year ended December 31, 2023 amounted to €521k (prior year: €0k) and were mainly due to the expiration of shelf life of finished goods. Assumptions included in the model of expected future demand may require revision in future periods which could result in changes to the estimate of excess and obsolete inventory and in in |
Consolidated Statements of Op_3
Consolidated Statements of Operations and Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Consolidated Statements of Operations and Comprehensive Loss [Abstract] | |
Consolidated statements of operations and comprehensive loss | C. Consolidated statements of operations and comprehensive loss 1. Revenues 2023 2022 2021 (in €) Revenues 63,089 — — Total 63,089 — — In June 2023, the Group began the commercialization of GOHIBIC (vilobelimab) in the United States. In connection with the start of the commercialization, the Group entered into agreements with certain subsidiaries of Cencora Inc. (“Cencora”) (formerly known as AmerisourceBergen Corp.) to act as the Group’s U.S. distributor and make GOHIBIC (vilobelimab) available for order by U.S. hospital customers. Cencora provides cold storage, cold-chain distribution services, inventory management and secondary labeling/packaging, among other services. In 2023, the Company realized revenues from the product sales for the first time since its inception. Revenues reported are sales to end customers (hospitals). Sales to distributors do not constitute completion of a performance obligation towards a customer and, thus, do not result in the recognition of revenue for the Company under IFRS 15. 2. Cost of sales 2023 2022 2021 (in €) Cost of Sales 532,262 — — Total 532,262 — — Cost of sales recognized during the twelve months ended December 31, 2023, are related to GOHIBIC (vilobelimab) revenues in the United States and to write-downs of inventory. Costs of sales for products sold in these periods do not include costs of materials, as the associated costs of these materials were incurred in prior periods, before the U.S. Food and Drug Administration (the “FDA”) granted an Emergency Use Authorization (the “EUA”) for GOHIBIC (vilobelimab) in April 2023. These materials were recorded as ‘research and development expenses’ in the periods they were incurred. The cost of sales during the twelve months ended December 31, 2023 mainly consists of write-downs of inventories that will expire prior to their expected sale. 3. Sales and marketing expenses 2023 2022 2021 (in €) Third-party expenses 1,851,158 — — Employee benefits expenses 1,040,587 — — of which equity-settled share-based payment expense 67,462 Legal and consulting fees 1,054,971 — — Other expenses 54,583 — — Total sales and marketing expenses 4,001,299 — — During the twelve months ended December 31, 2023 the Group incurred €4.0 million of sales and marketing expenses in the United States of America. These expenses are mainly composed of €1.0 million in personnel costs and €1.9 million in external services for distribution of GOHIBIC (vilobelimab). The Group started with its commercialization activities when the EUA was granted in April 2023. Prior to that, no sales and marketing expenses had been incurred. 4. Research and development expenses Research and development expenses increased in 2023 compared to 2022 by €3.5 million. The table below shows the composition of research and development expenses. 2023 2022 2021 (in €) Third-party services 31,802,983 28,543,503 28,247,081 of which clinical material and related manufacturing services 18,109,345 16,194,152 6,615,840 of which clinical, pre-clinical studies 13,693,638 12,349,351 21,631,240 Employee benefits expenses 6,776,853 6,957,866 5,941,813 of which equity-settled share-based payment expense 1,500,670 2,456,571 1,622,898 Legal and consulting fees 1,758,283 1,690,448 1,074,710 Other expenses 686,012 334,273 434,331 Total 41,024,131 37,526,090 35,697,935 5. General and administrative expenses General and administrative expenses decreased by €2.2 million in 2023 from the prior year, predominantly due to lower costs from equity-settled share-based payments. 2023 2022 2021 (in €) Employee benefits expenses 5,392,905 7,125,798 6,500,680 of which equity-settled share-based payment expense 1,846,356 3,587,785 2,709,307 Legal and consulting fees 3,239,809 3,104,624 2,065,423 Insurance expenses 1,934,880 2,330,624 1,615,920 Depreciation & amortization expense 507,905 526,325 551,566 Compensation expense for non-executive directors 305,984 248,724 271,248 Other expenses 1,247,273 1,533,469 979,884 Total 12,628,756 14,869,564 11,984,722 6. Other income Other income was €13.2 million, which is primarily attributable to income recognized from grant payments received from the German federal government for the development of vilobelimab in severe COVID-19 patients, including expenses related to clinical development and manufacturing process development. Other income decreased in 2023, compared to the prior year, due to the incurrence of less expenses eligible for reimbursement under the grant and the end of the grant period on June 30, 2023. 2023 2022 2021 (in €) Other income from government grants 13,155,250 20,116,542 — Further other income 64,454 42,627 54,221 Total 13,219,704 20,159,169 54,221 7. Employee benefits expenses The following table shows the items of employee benefits expenses: 2023 2022 2021 (in €) Wages and salaries 8,192,143 6,863,423 6,919,166 Social security contributions (employer’s share) 944,712 672,534 671,697 Equity-settled share-based payment expenses (see Note C.10. Share-based payments) 3,414,488 6,044,356 4,332,205 Other 659,002 503,351 519,425 Total 13,210,345 14,083,664 12,442,493 The number of employees as of December 31, 2023 increased to 66 (equivalent to 62.2 full time equivalents (FTEs)) from 48 employees (equivalent to 44.3 FTEs) at the end of 2022 and 59 employees (equivalent to 55.9 FTEs) at the end of 2021. These numbers are as of December 31 and do not constitute annual average numbers. 8. Net financial result 2023 2022 2021 (in €) Interest income 3,804,827 608,679 109,391 Interest expenses (16,538 ) (23,303 ) (10,714 ) Interest on lease liabilities (19,090 ) (21,947 ) (14,055 ) Financial result 3,769,199 563,429 84,622 Foreign exchange income 5,529,389 6,924,697 5,569,836 Foreign exchange expense (7,371,261 ) (4,482,399 ) (3,605,701 ) Foreign exchange result (1,841,872 ) 2,442,298 1,964,135 Other financial result 313,240 (252,471 ) (44,000 ) Net financial result 2,240,566 2,753,256 2,004,757 Net financial result decreased by €0.5 million from 2022 to 2023. This overall decrease was comprised of higher interest income of €3.2 million from marketable securities and short-term deposits in U.S. dollars held by the Company and its subsidiaries (from €0.6 million in 2022 to €3.8 million in 2023), a reduction in foreign exchange by €4.3 million (from a gain of €2.4 million in 2022 to a loss of €1.8 million in 2023) and higher other financial result of €0.6 million (from a loss of €0.3 million in 2022 to a gain of €0.3 million in 2023) due to an adjustment to the expected credit loss allowance in 2023, which is deducted from the Company’s current and non-current financial assets (please also refer to Note D.6. ‘Other assets’). Foreign currency income and expenses arise from the translation of cash and cash equivalents, marketable securities and other financial assets and liabilities denominated in foreign currencies at the exchange rates prevailing at the balance sheet date. All resulting translation differences are recognized in the income statement. These gains and losses are caused by a change in exchange rates at the reporting dates and may not ultimately be realized. 9. Loss per share Loss per ordinary share is calculated by dividing the loss of the period by the weighted average number of ordinary shares outstanding during the period. The weighted number of ordinary shares outstanding for the financial year 2023 was 54,940,137, for 2022 it amounted to 44,207,873 and for 2021 it was 41,629,974. Loss per share was €0.78, €0.67 and €1.10 in 2023, 2022 and 2021, respectively. As the Company is in a loss-making situation, the diluted loss per share is the same as basic loss per share, because the weighted average number of shares to be issued upon the exercise of the stock options, the only dilutive instruments issued, would produce an anti-dilutive effect. Refer to Note ‘C.10. for the balances of outstanding share options.’ 10. Share-based payments a) Equity-settled share-based payment arrangements In the course of its historical financing rounds prior to 2016, InflaRx GmbH established equity-settled share-based payment programs. Those InflaRx GmbH options were converted into options for ordinary shares of InflaRx N.V. in November 2017: 2023 2023 2022 2022 Outstanding at January 1 148,433 € 0.01 148,433 € 0.01 Exercised during the year — — — — Outstanding at December 31 148,433 € 0.01 148,433 € 0.01 Exercisable at December 31 148,433 € 0.01 148,433 € 0.01 * Weighted average share price (WAEP) The exercise price for all options granted prior to 2016 outstanding at the end of the year was €0.01 per share or less (2022: €0.01 or less). Under the terms and conditions of the share option plan of 2016 (the “2016 Plan”), InflaRx GmbH granted rights to subscribe for InflaRx GmbH’s common shares to directors, senior management, and key employees. Those InflaRx GmbH options were converted into options for ordinary shares of the Company in November 2017: 2023 2023 2022 2022 Outstanding at January 1 888,632 $1.86/€1.74 888,632 $3.35/€2.96 Exercised during the year — — Outstanding at December 31 888,632 $1.86/€1.68 888,632 $1.86/€1.74 Exercisable at December 31 888,632 $1.86/€1.68 888,632 $1.86/€1.74 * Conversion rates used for one €: December 31,2023 $0.9050, average rate 2023 $0.9246, December 31,2022 $0.9376, average rate 2022 $0.9489 The weighted average remaining contractual life for the share options outstanding under the 2016 Plan as of December 31, 2023 was 7.94 years (2022: 8.94 years). In conjunction with the closing of its initial public offering, InflaRx N.V. established a new incentive plan (the “2017 Plan”). The initial maximum number of ordinary shares available for issuance under equity incentive awards granted pursuant to the 2017 Plan equals 2,341,097 ordinary shares. On January 1, 2021 and on January 1 of each calendar year thereafter, an additional number of shares equal to 4% of the total outstanding ordinary 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: 2023 2023 2022 2022 Outstanding at January 1 4,985,523 $1.97 /€1.84 3,170,046 $3.95 /€3.49 Granted during the year 1,735,750 $2.58/€2.39 1,966,666 $1.98 / €1.88 Forfeited during the year (31,000 ) $2.70/€2.50 (136,259 ) $2.22 /€2.11 Exercised during the year (105,327 ) $2.16/€2.00 (14,930 ) $1.86 /€1.76 Outstanding at December 31 6,584,946 $2.12/€1.92 4,985,523 $1.97 /€1.84 Exercisable at December 31 5,577,384 $2.01/€1.82 4,157,148 $1.93 /€1.81 * Conversion rates used for one €: December 31,2023 $0.9050, average rate 2023 $0.9246, December 31, 2022 $0.9376, average rate 2022 $0.9489 The weighted average remaining contractual life for the share options outstanding under the 2017 Plan as of December 31, 2023 was 6.61 years (2022: 6.70 years). All Options granted in 2023 vest over one year except for options granted on July 7, 2023 which partially vest over three years. Options granted before 2023 vest over a period of one, two or three years, depending on the grant, with 1/2 or 1/3, respectively, of the options vesting after the end of the 1st year from vesting start and the remaining options vesting quarterly in equal portions thereafter. Vesting of these unvested share options is subject to a service condition at the time of vesting, and no market or performance conditions are applicable. The weighted average fair value of options granted during 2023 was $2.58/€2.39 (2022 after repricing: $1.70/€1.61). The range of exercise prices for options outstanding at the end of the year was $1.86/€1.74 to $5.14/€4.82 (after repricing in 2022: $1.86/€1.74 to $5.14/€4.82). All shares issued for share options exercised during the year were recorded to the commercial register by December 31, 2023. b) Measurement of fair values of share options granted under the 2017 Plan The fair value of options granted under the 2017 Plan was determined using the Black-Scholes valuation model. As the Company’s ordinary shares are listed on the Nasdaq Global Select Market, the closing price of the ordinary shares at grant date was used. Other significant inputs into the model are as follows (weighted average): Share options granted Options Fair value option FX rate as Fair value option Share price Expected Expected life (midpoint Risk-free 2021 January 4 839,260 $ 4.53 0.8133 € 3.68 $ 5.14 1.35 5.31 0.5 % January 4 31,668 $ 4.57 0.8133 € 3.72 $ 5.14 1.35 5.50 0.5 % July 2 327,436 $ 2.64 0.8458 € 2.23 $ 2.99 1.35 5.31 0.98 % July 2 20,710 $ 2.66 0.8458 € 2.25 $ 2.99 1.35 5.49 1.01 % 1,219,074 Of the 1,219,074 options granted in 2021, 1,134,436 were granted to members of the executive management or the Board of Directors. In 2021, 36,400 options were forfeited. Share options granted Options Fair value per share option FX rate as of grant date Fair value per share option Share price at grant date/ Exercise price Expected volatility Expected life (midpoint based) Risk-free rate (interpolated, U.S. sovereign strips curve) 2022 January 12 1,516,666 $ 3.66 0.8795 €3.22 $ 4.13 1.35 5.31 1.57% January 12 45,000 $ 3.68 0.8795 €3.24 $ 4.13 1.35 5.50 1.59% Repricing, April 13 — $1.20-$1.63 0.9237 €1.11-€1.50 $ 1.86 1.35 1.83-4.94 2.60% November 21 405,000 $ 2.04 0.9760 €1.99 $ 2.44 1.35 4.0 4.15% 1,966,666 Of the 1,966,666 options granted in 2022, 1,223,500 were granted to members of the executive management or the Board of Directors. In 2022, 136,259 options were forfeited, 14,930 were exercised. Share options granted Number Fair value option FX rate as of Fair value option Share Exercise Expected Expected (midpoint based) Risk-free 2023 January 24 1,454,250 $ 2.11 0.9008 € 1.90 $ 2.37 1.35 5.30 3.571 % January 24 52,500 $ 2.13 0.9008 € 1.92 $ 2.37 1.35 5.50 3.565 % May 31 60,500 $ 3.61 0.9361 € 3.38 $ 4.19 1.35 4.50 3.820 % July 7 57,000 $ 3.59 0.9184 € 3.30 $ 3.89 1.46 5.50 4.320 % July 7 100,000 $ 3.64 0.9184 € 3.34 $ 3.89 1.46 6.10 4.286 % July 19 4,000 $ 3.55 0.8911 € 3.16 $ 3.99 1.46 5.50 4.320 % September 18 7,500 $ 3.15 0.9378 € 2.95 $ 3.54 1.46 5.50 4.320 % 1,735,750 Of the 1,735,750 options granted in 2023, 1,136,000 were granted to members of the executive management or the Board of Directors. In 2023, 31,000 options were forfeited, 105,327 were exercised. Expected dividends are nil Share price volatility is calculated on the basis of annualized monthly volatility rate of the Company’s share price over the last five years preceding the valuation date. The range of outcomes for the expected life of the instruments has been based on expectations on option holder behavior in the scenarios considered. The dividend yield has no impact due to the anti-dilution clause as defined in the 2017 Plan. |
Notes to the Consolidated State
Notes to the Consolidated Statements of Financial Position | 12 Months Ended |
Dec. 31, 2023 | |
Notes to the Consolidated Statements of Financial Position [Abstract] | |
Notes to the consolidated statements of financial position | D. Notes to the consolidated statements of financial position 1. Property and equipment Property Advance Total Cost (in €) At January 1, 2022 1,267,611 — 1,267,611 Additions 160,491 — 160,491 Exchange differences 25,236 — 25,236 At December 31, 2022 1,453,339 — 1,453,339 Additions 55,123 — 55,123 Disposals (2,595 ) — (2,595 ) Exchange differences (14,342 ) — (14,342 ) At December 31, 2023 1,491,525 — 1,491,525 Accumulated depreciation At January 1, 2022 (993,238 ) — (993,238 ) Depreciation charge for the year (113,894 ) — (113,894 ) Exchange differences (17,286 ) — (17,286 ) At December 31, 2022 (1,124,419 ) — (1,124,419 ) Depreciation charge for the year (93,791 ) — (93,791 ) Disposals 2,594 — 2,594 Exchange differences 13,668 — 13,668 At December 31, 2023 (1,201,948 ) — (1,201,948 ) Net book value At December 31, 2022 328,920 — 328,920 At December 31, 2023 289,577 — 289,577 2. Right-of-use assets Buildings Cars Total Cost (in €) At January 1, 2022 2,284,269 125,130 2,409,399 Additions 281,429 — 281,429 Exchange differences 13,645 — 13,645 At December 31, 2022 2,579,342 125,130 2,704,473 Additions 91,125 49,004 140,128 Exchange differences (9,349 ) — (9,349 ) At December 31, 2023 2,661,118 174,134 2,835,253 Accumulated depreciation At January 1, 2022 (925,306 ) (76,015 ) (1,001,321 ) Depreciation charge for the year (354,408 ) (30,024 ) (384,432 ) Exchange differences (6,911 ) — (6,911 ) At December 31, 2022 (1,286,625 ) (106,039 ) (1,392,664 ) Depreciation charge for the year (353,398 ) (24,527 ) (377,925 ) Exchange differences 7,003 — 7,003 At December 31, 2023 (1,633,020 ) (130,566 ) (1,763,586 ) Net book value At December 31, 2022 1,292,717 19,092 1,311,809 At December 31, 2023 1,028,098 43,568 1,071,666 3. Intangible Assets Purchased Advances Total Cost (in €) At January 1, 2022 720,942 — 720,942 Additions 1,900 — 1,900 Exchange differences 408 — 408 At December 31, 2022 723,250 — 723,250 Additions — 25,977 25,977 Disposals (7,009 ) — (7,009 ) Exchange differences (111 ) — (111 ) At December 31, 2023 716,130 25,977 742,107 Accumulated amortization At January 1, 2022 (485,726 ) — (485,726 ) Amortization charge for the year* (98,271 ) — (98,271 ) Exchange differences (348 ) — (348 ) At December 31, 2022 (584,345 ) — (584,345 ) Amortization charge for the year (96,063 ) — (96,063 ) Disposals 7,009 — 7,009 Exchange differences 111 — 111 At December 31, 2023 (673,289 ) — (673,289 ) Net book value At December 31, 2022 138,905 — 138,905 At December 31, 2023 42,841 25,977 68,818 Amortization of intangible assets is included in the line items ‘research and development expenses’ (2023: €858, 2022: €858, 2021: €10,192) and ‘general and administrative expenses’ (2023: €95,205, 2022: €97,413, 2021: €105,790) in the consolidated statements of operations and comprehensive loss. 4. Leases Lease obligations consist of payments pursuant to non-cancellable lease agreements mainly relating to the Company’s leases of office space. The lease terms of the Company’s premises expire as follows: Jena, Germany in December 2025, Martinsried, Germany in May 2027 and Ann Arbor, Michigan, United States in April 2026. Set out below, are the carrying amounts and the movements of the Group’s lease liabilities: Lease liabilities 2023 2022 (in €) As of January 1 1,356,684 1,432,526 Additions 140,128 281,429 Derecognition (20,555 ) (20,555 ) Payments (353,422 ) (343,874 ) Short-term liability for accrued interest expense (396 ) 304 Foreign exchange difference (2,391 ) 6,854 As of December 31 1,120,048 1,356,684 The following are the amounts recognized in profit or loss: 2023 2022 2021 (in €) Depreciation expense of right-of-use assets (see Note E.2.) 377,925 384,432 371,551 Interest expense on lease liabilities 19,090 21,947 14,055 Rental expense from leases 6,261 6,261 6,261 Thereof short-term leases (included in administrative expenses) — — Thereof leases of low-value assets (included in administrative expenses) 6,261 6,261 6,261 Total amounts recognized in profit or loss 403,276 412,640 391,867 The Group had total cash outflows for leases of €0.4 million in 2023 (€0.4 million in 2022, €0.4 million in 2021). 5. Inventory 2023 2022 2021 (in €) Raw material and supplies 423,560 — — Unfinished goods 10,614,159 — — Finished goods 330,087 — — Total 11,367,807 — — The Company’s inventory consists of materials relating to GOHIBIC (vilobelimab) primarily manufactured following the EUA for the US market at the beginning of April 2023 (refer to Note A.2.) In the year ended December 31, 2023, inventory write-downs of €0.5 million were recognized due to the expected expiry of the shelf-life, prior to sale, of the related inventories and are included in cost of sales. 6. Other assets December 31, December 31, 2022 (in €) Non-current other assets — — Prepaid expenses 257,267 308,066 Total 257,267 308,066 Current other assets Prepayments on research & development projects 3,670,167 9,776,505 Prepaid expenses 272,999 1,841,935 Others 93,482 2,552,071 Total 4,036,648 14,170,511 Total other assets 4,293,915 14,478,577 Prepayments on research & development projects consists of prepayments on CRO and manufacturing contracts. Prepaid expenses mainly consist of prepaid insurance expenses. 7. Income tax Income tax reconciliation The table below shows a reconciliation between the product of loss before tax multiplied by the Company’s applicable tax rate and current income taxes recognized in profit or loss. InflaRx Group 2023 2022 2021 (in €) Loss for the period (accounting profit before income tax) (42,667,529 ) (29,484,611 ) (45,630,059 ) Tax rate 28.6 % 29.2 % 28.5 % Tax benefits at tax rate 12,160,545 8,610,381 13,001,984 Temporary differences and tax losses for which no deferred tax asset was recognized (12,127,977 ) (7,480,169 ) (10,988,805 ) Non-recognition of tax effect on share-based payments (32,182 ) (1,251,830 ) (1,959,606 ) Non-deductible expenses for tax purposes (46,907 ) (22,067 ) (3,758 ) Other differences due to tax rate 46,521 143,686 (49,815 ) Income tax — — — The tax rate applied above represents the weighted average of the statutory tax rates in Germany and the United States. In Germany, InflaRx N.V. and its subsidiary InflaRx GmbH are subject to corporate income tax (2023/2022/2021: 15%), a solidarity surcharge (2023/2022/2021: 0.8%) and trade taxes (2023: 13.065%; 2022: 13.7%; 2021: 12.8%). This equals an average total tax rate of 28.99 % in 2023 (2022: 29.5%; 2021: 28.6%). InflaRx Pharmaceuticals, Inc., Ann Arbor, Michigan, United States is subject to an average total tax rate of 25.74% in 2023 (2022 25.74%; 2021: 25.74%), which is made up of U.S. federal tax (2023, 2022, 2021: 21%) and state tax of 4.74% in 2023 (2022 and 2021: 4.74%). a) Tax losses carried forward The Group has total tax loss carryforwards of €243.8 million (2022: €211.3 million) from three areas that cannot be utilized outside these areas: As of December 31, 2023 the Group had €196 million (2022: €163.4 million) for corporate income purposes and €164 million (2022: €131.6 million) for trade tax purposes of unrecognized and unused tax losses carried forward attributable to the tax group formed by InflaRx N.V. since 2018; these tax losses do not expire and may not be used to offset taxable income elsewhere in the Group. Since January 1, 2018, InflaRx GmbH has distributed its losses to the parent Company InflaRx N.V. under a profit and loss transfer agreement. This tax group was formed in Germany and is subject to German tax legislation. ● Tax losses of InflaRx GmbH until December 31, 2017 (€34.8 million) are frozen from 2018 onwards due to the creation of a tax group with InflaRx N.V. Those losses of InflaRx GmbH do not expire and may be used to offset future taxable income of InflaRx GmbH only. ● In addition, the Group still has tax loss carryforwards of $14.3 million or €12.97 million (2022: $14.1 million or €13.2 million) from the operations of InflaRx Pharmaceuticals, Inc. which can also only be utilized there, generally do not expire, but are generally limited to offset tax obligation for 80% of taxable income. As of December 31, 2023, 2022 and 2021, no deferred tax assets were recognized for the carryforward of unused tax losses. b) Current income tax receivable Current income tax receivable includes tax claims because of income tax withheld on interest income earned by the Group on the financial assets (2023: €1,390,280, 2022: €791,344). The Company is reimbursed for the payments after filing a tax return. 8. Financial assets and financial liabilities Set out below is an overview of financial assets and liabilities, other than cash and short-term deposits included in cash equivalents, held by the Group as at December 31, 2023 and December 31, 2022: Financial assets and financial liabilities December 31, December 31, (in €) Financial assets at amortized cost Non-current financial assets 9,052,741 2,900,902 Financial assets from government grants — 732,971 Other current financial assets 77,504,518 64,791,088 Financial liabilities at amortized cost Liabilities from government grants — 6,209,266 Trade and other payables 14,716,441 4,987,538 The fair value of current and non-current financial assets amounted to €85.5 million (level 1; 2022: €68.5 million). The Group’s financial assets at amortized cost consist mainly of quoted debt securities with fixed interest rates with high credit rating (investment grade securities) by international rating agencies such as S&P Global and, therefore, are considered low credit risk investments. The maturities of all securities held as of December 31, 2023 are between one and seventeen months (2022: between one and sixteen months); they bear nominal fixed interest in the range of 0.3% to 4.125% (2022: 0.0% to 4.125%). As of December 31, 2023, financial assets and liabilities from government grants amount to € nil million 9. Cash and cash equivalents December 31, December 31, (in €) Short-term deposits — — Deposits held in U.S. dollars 4,120,951 3,422 Deposits held in Euro 1,020,000 — Total 5,140,951 3,422 Cash at banks Cash held in U.S. dollars 5,041,802 8,645,014 Cash held in Euro 2,585,190 7,616,918 Total 7,626,991 16,261,932 Total cash and cash equivalents 12,767,942 16,265,354 10. Equity a) Issued capital As of December 31, 2023, the issued capital of the Company is divided into 58,883,272 ordinary shares (2022: 44,703,763). The nominal value per share is €0.12. All shares issued are fully paid and have the same rights on the distribution of dividends and the repayment of capital. On July 8, 2020, the Company filed a Form F-3 (2020-Registration Statement) with the U.S. Securities and Exchange Commission (the “SEC”) with respect to the offer and sale of securities of the Company. The Company also filed with the SEC a prospectus supplement relating to an at-the-market program providing for the sale of up to $50.0 million of its ordinary shares over time pursuant a Sales Agreement with SVB Leerink LLC (the “Sales Agreement”). As of December 31, 2022, the Company had issued 2,568,208 ordinary shares resulting in €11.8 million in net proceeds to the Company with a remaining value authorized for sale under the Sales Agreement of $35.2 million. During the fiscal year 2023, the Company issued 3,235,723 ordinary shares under its at-the-market program resulting in €14.4 million or $15.7 million in net proceeds. Following these and previous issuances under this program, the remaining value authorized for sale under the Sales Agreement amounted to $19.0 million as of July 8, 2023; the term of the at-the-market program expired on July 8, 2023. Through an underwritten public offering in April 2023, the Company sold and issued an aggregate of 10,823,529 ordinary shares, of which 1,411,764 were sold pursuant to the exercise of an overallotment option by the underwriters. The ordinary shares were sold at a price of $4.25 per share and have a nominal value of €0.12 per share. Proceeds of this offering after deducting €2.5 million ($2.8 million) in underwriting discounts amounted to €39.1 million ($43.2 million). Other offering expenses amounted to €0.4 million, resulting in a total of €38.7 million in net proceeds from this offering. In connection with amending the Co-Development Agreement with Staidson (Beijing) BioPharmaceuticals Co., Ltd. (“Staidson”) on December 21, 2022, the Company entered into a share purchase agreement with Staidson pursuant to which Staidson purchased ordinary shares of the Company for an aggregate amount of $2.5 million (€2.3 million) at a price of $5.00 per share, resulting in the sale of 500,000 additional shares. Under the terms of the share purchase agreement, at the Company’s option, Staidson may purchase additional shares for an aggregate purchase price of $7.5 million, which is subject to certain conditions. The accounting impact of this put option is not material. On June 30, 2023, the Company filed a Form F-3 (2023 Registration Statement) with the SEC with respect to the offer and sale of securities of the Company, which became effective on July 11, 2023. The aggregate initial offering price of the securities that the Company may offer and sell under this prospectus will not exceed $250 million. No ordinary shares were issued by the Company under the 2023 Registration Statement in the fiscal year 2023. During 2023, the Company issued a total of 120,257 ordinary shares after former employees exercised stock option rights granted under the 2017 Long-Term Incentive Plan. The ordinary shares have a nominal value of €0.12 per share. Therefrom, 98,754 ordinary shares were sold at a price of $1.85 per share, and 21,503 ordinary shares were sold at a price of $3.35. The ordinary shares were registered in 2023, except 14,930 stock options which were exercised in December 2022 with resulting ordinary shares having been registered in January 2023. b) Authorized capital According to the articles of association of the Company, up to 110,000,000 ordinary shares and up to 110,000,000 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. In order to deter acquisition bids, the Company’s general meeting of shareholders approved the right of an independent foundation under Dutch law, or protective foundation, to exercise a call option pursuant to the call option agreement, upon which preferred shares will be issued by the Company to the protective foundation of up to 100% of the Company’s issued capital held by others than the protective foundation, minus one share. 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 the Company to provide, or cause the Company’s 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 the Company’s ordinary shares and will accrue cash dividends at a pre-determined rate. The protective foundation would be expected to require the Company to cancel its preferred shares once the perceived threat to the Company and its stakeholders has been removed or sufficiently mitigated or neutralized. The Company believes that the call option does not represent a significant fair value based on a level 3 valuation since the preferred shares are restricted in use and can be cancelled by the Company. For the year ended December 31, 2023, the Company expensed €70,000 of ongoing costs to reimburse expenses incurred by the protective foundation. c) Nature and purpose of equity reserves In addition to the issued capital, the Company discloses the following other reserves: ● Share premium ● The other capital reserves ● Accumulated deficit Other components of equity 11. Trade and other payables December 31, December 31, (in €) Accrued liabilities from R&D projects 4,414,143 2,254,550 Accrued liabilities from commercial activities 1,400,382 — Accounts payable 5,102,700 1,566,400 Other accrued liabilities and payables 3,942,909 1,314,196 Total trade and other payables 14,860,134 5,135,146 Accrued liabilities from R&D projects include services from the Company’s ongoing projects that have not yet been invoiced to the Company as of the reporting date. Accrued liabilities from commercial activities include services provided by commercial manufacturing partners that have not yet been invoiced to the Company as of the reporting date. Other accrued liabilities and payables include payments for GOHIBIC (vilobelimab) received from our distribution partner under the title distribution model, against which revenue will be recognized at the time of final sale and delivery to hospital customers. These accrued liabilities payments amount to €2.7 million as of December 31, 2023. 12. Financial risk management a) Financial risk management objectives and policies The Group’s financial risks are predominantly controlled by central treasury activities under an investment policy approved by the Board of Directors on November 3, 2022, as revised on October, 27, 2023. Those treasury activities identify, evaluate and manage financial risks consistent with the Group’s operating needs. The Board of Directors provides policies for overall risk management, covering specific areas, such as foreign exchange risk and credit risk. The Company does not intend to use derivative financial instruments because the Group’s future risk exposures cannot be reliably forecasted (volume of business activity, liquidity needs, foreign exchange exposure). Hedging is not applied as most of the business activity is intended to be executed in U.S. dollars and paid with the U.S. dollars funds raised in public offerings. The foreign exchange exposure from costs incurred in currencies other than Euro is deemed immaterial. The Group’s principal financial assets comprise quoted debt securities with high credit ratings. Besides these financial assets, the Group has significant cash and cash equivalents. The Group’s principal financial liabilities comprise trade and other payables. The main purpose of these financial assets, cash/cash equivalents and liabilities are to finance the Group’s development activities. The Group is exposed to market risk, credit risk and liquidity risk. The Board of Directors reviews and adopts policies for managing each of these risks, which are summarized below. The Group’s senior management oversees the management of these risks. Exposure Measurement Risk Management Market risk Future development costs; Recognized financial assets and liabilities not denominated in Euro Forecasted cash flows Sensitivity analysis Achievement of a natural hedge in the future Credit risk Cash and cash equivalents, current and non-current Credit rating Diversification of bank deposits, Investment guidelines for debt investments Liquidity R&D and G&A cost, equity, trade and other payables Rolling cash flow forecast Availability of funds through financing rounds or public offerings b) Market risk Market risk is the risk that changes in market prices (e.g., due to foreign exchange rates) will affect the Group’s income, expenses or the value of its holdings of financial instruments. The objective of market risk management is to identify, manage and control market risk exposures within acceptable parameters. Foreign exchange risk arises when commercial transactions or recognized assets or liabilities are denominated in a currency that is not an entity’s functional currency. The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which costs and purchases are denominated and the respective functional currencies of Group companies. The functional currencies of Group companies are primarily the Euro and U.S. dollars. The currencies in which these transactions and financial assets are primarily denominated are Euro and U.S. dollars. The Group is exposed to the exchange rate between the Euro and the U.S. dollars. Due to the Company’s various registered offerings of ordinary shares in U.S. dollars, the Group has significant cash and cash equivalents in U.S. dollars. Currently the Group does not hedge U.S. dollars but intends to achieve a natural hedge by contracting suppliers in U.S. dollars in the future. In 2023, the Group recognized significant foreign exchange gains and losses as the natural hedge is not yet achieved and the functional currency for InflaRx N.V. and InflaRx GmbH is Euro. The Group is primarily exposed to changes in U.S. dollar to Euro exchange rates. The sensitivity of profit or loss to changes in the exchange rates arises mainly from U.S. dollar denominated financial instruments at InflaRx N.V. and InflaRx GmbH. In 2023, if the Euro had weakened/strengthened by 10% against the U.S. dollar with all other variables held constant, the Group’s loss would have been €1 million higher/€1 million lower, mainly as a result of foreign exchange on translation of U.S. dollar-denominated assets of InflaRx N.V. and InflaRx GmbH. Cash, cash equivalents and financial assets denominated in U.S. dollars, InflaRx N.V. and InflaRx GmbH December 31, December 31, (in €) Current and non current financial assets (securities and accrued interest) 80,935,197 7,376,866 Cash and cash equivalents 8,051,366 4,356,512 Total assets exposed to the risk 88,986,563 11,733,378 Conversion rate Euro to U.S. dollars at reporting date 1/1.1050 * The 2022 figures do not include InflaRx N.V. given the 2022 functional currency was in USD. Sensitivity analysis: Conversion Profit/(loss) carrying (in €) Euro weakens against U.S. dollars 1.2155 9,887,396 98,873,959 Euro strengths against U.S. dollars 0.9945 (8,089,688 ) 80,896,875 Based on the exchange rate fluctuations from the last three years, the Company expects that exchange rate fluctuations of the Euro to the U.S. dollar between 0.9945 and 1.2155 could be reasonably possible. Compared to the exchange rate on the statement of financial position date (Euro to U.S. dollar at reporting date is 1/1.1050), these rates could have a material impact on the Company’s total loss of the period. c) Credit risk Credit risk is the risk that a counterparty will not meet its obligations leading to a financial loss for the Company. The Company is exposed to credit risk mainly from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. Credit risk from balances with banks and financial institutions is managed by the Company in accordance with the Company’s investment policy. Investment of financial resources which are currently not used to fund R&D or G&A activities, are made only with counterparties within the credit limits approved by the investment policy. For investments in Euro or U.S. dollar debt securities, a BBB+ to AAA credit rating (Standard & Poors and Fitch ratings; or equivalent ratings by Moody’s and DBRS) is required. Complex financial products as well as other investments denominated in currencies other than Euros or U.S. dollars are not permitted by the investment policy. Counterparty credit limits and the investment policy are discussed with the Company’s Audit Committee on an annual basis and may be updated throughout the year subject to approval of the Company’s Audit Committee. The limits are set to minimize the concentration of risks and therefore mitigate financial loss through a counterparty’s potential failure to make payments. The maximum exposure to counterparty credit risk is €99.3 million at December 31, 2023 (December 31, 2022: €84.0 million). This amount equals the carrying amount at year end of cash and cash equivalents (2023: €12.8 million; 2022: €16.3 million) and financial assets (2023: €86.6 million; 2022: €67.7 million). d) Liquidity risk The Company monitors its risk of a shortage of funds in every quarterly forecast as well as on an ongoing basis. The Company disclosed the maturities of its principal liabilities under Note E ‘Commitments’. Prudent liquidity risk management involves maintaining sufficient cash and marketable securities and the availability of funding to meet obligations when due. The Group continually monitors its risk of a shortage of funds using short and mid-term liquidity planning. This takes into account of the expected cash flows from all activities. The management team performs regular reviews of the budget. The Company has a history of significant operating losses. Management expects that the Company incurs significant and increasing losses for the foreseeable future; as the Company may not achieve or maintain profitability in the near future, it is dependent on capital contributions or other funding. The Group raised significant funding from various registered offerings that it estimates will enable the Group to fund operating expenses and capital expenditure requirements for at least 24 months from December 31, 2023. The Group expects to require additional funding to continue to advance the development of product candidates. In the event regulatory approval is received and the Company implements a strategy to commercialize the products itself, the Group would require additional capital. In 2023, as a result of the BMBF agreements (see Notes C.6.) the Company received €8.8 million in cash from the German Federal Government grant which contributes to its financing of its operations. Such funds were used for finalizing the Company’s COVID-19 clinical research and development program, support regulatory activities, establish a fully validated manufacturing process and to transfer the fill and finish process from China to Germany to ensure future security of supply in Germany. At the end of the reporting period, the Group held the following deposits that are expected to readily generate cash inflows to meet the outstanding financial commitments. Liquidity December 31, December 31, (in €) Short-term deposits 5,140,951 3,422 Cash at banks 7,626,992 16,261,932 Marketable Securities (current and non-current) 85,727,461 67,175,879 Other (non-current portion) 237,621 237,296 Other (current) 701,407 278,815 Total funds available 99,434,432 83,957,344 13. Capital management The Group’s policy for capital management is to ensure that it maintains its liquidity in order to finance its operating activities, future business development and meet its liabilities when due. The Group manages its capital structure primarily through equity. The Group does not have any financial liabilities, other than trade and other payables or leasing liabilities. No changes were made in the objectives, policies or processes for managing capital during the year. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Commitments [Abstract] | |
Commitments | E. Commitments 1. Operating contracts or services The Group enters into contracts in the normal course of business with CROs and clinical sites for the conduct of clinical trials, professional consultants for expert advice and other vendors for clinical supply manufacturing or other services. These contracts can usually be terminated with 30 to 180 days’ notice. In addition to this minimum duration, these contracts require full payment for services already rendered. During 2023, the Group did not have any commitments to purchase property, plant and equipment or patents and trademarks (respectively nil 2. Lease obligations The maturity analysis of lease liabilities is disclosed in the following table: Maturity analysis for capitalized leases in 2023 Contractual Effect of Lease liabilities (in €) Within one year 391,158 16,829 374,329 After one year but not more than five years 760,275 14,559 745,716 More than five years — — — Total 1,151,434 31,389 1,120,045 Maturity analysis for capitalized leases in 2022 Contractual Effect of Lease (in €) Within one year 380,518 11,142 369,376 After one year but not more than five years 999,482 12,175 987,307 More than five years — — — Total 1,380,000 23,317 1,356,683 Maturity analysis for all lease obligations in 2023 Total Low value leases Short-term Capitalized Within one year 397,942 4,816 1,968 391,158 After one year but not more than five years 760,421 146 — 760,275 More than five years — — — — Total 1,158,363 4,962 1,968 1,151,434 Maturity analysis for all lease obligations in 2022 Total Low value Short-term Capitalized (in €) Within one year 386,779 6,261 — 380,518 After one year but not more than five years 1,004,444 4,962 — 999,482 More than five years — — — — Total 1,391,223 11,223 — 1,380,000 Anticipated future lease expenses were converted with the exchange rate as of December 31, 2023, 1 Euro = 1.1050 U.S. dollar. The Group applies the ‘lease of low-value assets’ recognition exemptions. The Group also applied the ‘short-term lease’ exemption for leases with a maturity of less than 12 months. |
Other Information
Other Information | 12 Months Ended |
Dec. 31, 2023 | |
Other Information [Abstract] | |
Other information | F. Other information 1. Segment reporting The Group predominantly operates as a R&D focused biopharmaceutical company applying its proprietary anti-C5a and C5aR technologies towards the development of novel therapeutic products targeting diseases of high unmet medical need. However, since the EUA of its lead product vilobelimab for the treatment of severe COVID-19 patient in April 2023, it also has commercial activities around the sales and marketing of GOHIBIC (vilobelimab) in the U.S. The Group is not steered by segments. The Board of Directors is the chief operating decision maker. Management of resources and reporting to the decision maker is based on the Group as a whole. All operational activities are conducted in Germany and the United States. Revenues in the amount of $63,089 were generated in 2023 ( Nil ● December 31, 2023: €10.6 million in Germany and €0.1 million in the United States; and ● December 31, 2022: €4.9 million in Germany and €0.1 million in the United States. None of the non-current assets are in the country where the Company is incorporated (the Netherlands). 2. Related party transactions Compensation of the Group’s executive management for the 12 months ending December 31, 2023: Executive and Board compensation 2023 2022 2021 (in €) Executive management Short-term employee benefits 2,783,675 2,774,485 2,817,792 Share-based payments 2,507,453 4,808,094 3,347,203 Sub-total 5,291,128 7,582,579 6,164,995 Non-executive Board of Directors members Short-term employee benefits 305,983 248,725 271,248 Share-based payments 285,177 529,859 488,937 Sub-total 591,160 778,584 760,185 Total compensation 5,882,288 8,361,163 6,925,180 Executive management comprises executive Directors of the Board of Directors and members of the Senior management of the Company. The table above discloses short-term employee benefits that were contractually agreed for the Board of Directors and executive management. As of December 31, 2023, €0.8 million were not paid but accrued (2022: €0.9 million) for executive management and €0.1 million (2022: €0.1 million) for non-executive members of the Board of Directors. Remuneration of the Group’s executive management comprises fixed and variable components and share-based payment awards. In addition, executive management receive supplementary benefits and allowances. The Company entered into indemnification agreements with its directors and senior management. The indemnification agreements and the Company’s Articles of Association require the Company to indemnify its directors to the fullest extent permitted by law. The Company’s current and future directors (and such other officer or employee as designated by the Board of Directors) have the benefit of indemnification provisions in the Articles of Association of InflaRx N.V. These provisions give the indemnified persons the right to recover from the Company amounts, including, but not limited to, litigation expenses, and any damages they are ordered to pay, in relation to acts or omissions in the performance of their duties. However, there is no entitlement to indemnification for acts or omissions which are considered to constitute malice, gross negligence, intentional recklessness and/or serious culpability attributable to such indemnified person. These agreements also provide, subject to certain exceptions, for indemnification for related expenses including, among others, attorneys’ fees, judgements, penalties, fines and settlement amounts incurred by any of these individuals in any action or proceeding. In addition to such indemnification, the Company provides its directors with directors’ and officers’ liability insurance. |
Significant Events After the Re
Significant Events After the Reporting Date | 12 Months Ended |
Dec. 31, 2023 | |
Significant events after the reporting date [Abstract] | |
Significant events after the reporting date | G. Significant events after the reporting date None. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of preparation | 1. Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (herein “IFRS”). The consolidated financial statements have been prepared on a historical cost basis. These consolidated financial statements of the Group comprise the Company and its wholly owned subsidiaries, InflaRx GmbH and InflaRx Pharmaceuticals, Inc. The consolidated financial statements are presented in Euro (€). The presentation currency of the Group is the Euro, as the functional currency of the largest operating company, InflaRx GmbH, continues to be the Euro. Effective January 1, 2023, the functional currency of InflaRx N.V. changed from the U.S. dollar to the Euro due to a change in the Company’s operational function and, in turn, a change in the primary currency of its underlying transactions. This change in functional currency has been accounted for prospectively. The functional currency of InflaRx Pharmaceuticals, Inc. is the U.S. dollar ($), as most of their income and expenses occurred in U.S. dollars in 2023. All financial information presented in Euro has been rounded to the nearest Euro, unless stated otherwise. |
Summary of material accounting policies | 2. Summary of material accounting policies This section describes material accounting policies adopted in the preparation of these consolidated financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated. |
New and amended standards adopted by the Group | (a) New and amended standards adopted by the Group The following amendments were adopted effective January 1, 2023, and do not have a material impact on the consolidated financial statements of the Group: ● IFRS 17 insurance contracts ● Amendments to IAS 8 accounting policies, changes in accounting estimates and errors: definition of accounting estimates ● Amendments to IAS 12 deferred tax related to assets and liabilities arising from a single transaction ● Amendments to IAS 1 and IFRS practice statement 2 - disclosure of accounting policies Accounting policies for the following IFRS standards have been applied starting in Q2 2023 for the first time, as no transactions in the scope of these IFRS standards had been previously recognized. ● IAS 2 inventories According to IAS 2, inventories are stated at the lower amount of their cost or at their net realizable value. Cost comprises direct material cost and, where applicable, direct labor costs and those overhead costs that have been incurred in bringing the inventories to their present location and condition. Cost is calculated using the weighted average cost method. Net realizable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Recognizing inventories at net realizable value includes writing down inventories considered excess or obsolete. ● IFRS 15 revenue from contracts with customers At present, the Company exclusively uses distributors to sell its products to end customers (e.g., hospitals). The end customers (e.g. hospitals) have been determined to be the customer in these sales arrangements. As such, payments received from the distributors are not contract liabilities but are rather “other liabilities” recognized in “other accrued liabilities.” Revenue is therefore recognized when a performance obligation has been satisfied through the transfer of a promised good or service to a customer, that is, when the customer obtains control of that asset and is measured considering estimated return liabilities and expected rebates or cash discounts. |
New standard not yet adopted | (b) New standard not yet adopted The following standards issued will be adopted in a future period, and the potential impact on the Group’s consolidated financial statements, if any, is being assessed: ● Amendments to IFRS 16 leases: leases on sale and leaseback ● Amendments to IAS 1 presentation of financial statements: classification of liabilities as current or non-current and non-current liabilities with covenants ● Amendments to IAS 21 effects of changes in foreign exchange rates: lack of exchangeability |
Current and non-current classification | (c) Current and non-current classification The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. Current assets include assets that are sold, consumed or realized as part of the normal operating cycle (operating cycle is assumed to be 12 months), or cash and cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. Current liabilities, such as trade payables, lease liabilities or employee benefits with a term of up to 12 months, and payables for operating costs or social security charges, are part of the working capital used in the Company’s normal operating cycle. Such operating items are classified as current liabilities even if they are due to be settled more than 12 months after the reporting period. All other liabilities are classified as non-current. |
Foreign currency transactions | (d) Foreign currency transactions Transactions in a foreign currency are initially translated into the respective functional currency using the spot rate prevailing on the dates of the transaction. Monetary items which are not denominated in the functional currency are subsequently translated using the rate applicable at the end of the period. The resulting currency gains and losses are recognized directly in profit or loss. On consolidation, the assets and liabilities of operations in a currency other than Euro (the presentation currency of the Company) are translated into Euros at the rate of exchange prevailing at the reporting date and their statements of operations are translated with monthly average exchange rates during the reporting period. The exchange differences arising on translation for consolidation are recognized in ‘other comprehensive income’ (OCI). On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to profit or loss. OCI is disclosed as ‘other components of equity’ in consolidated statements of financial position. |
Grants from government and similar bodies | (e) Grants from government and similar bodies The Group receives grants from government agencies and similar bodies for the active participation in specific research and development projects. The grants are recognized when there is reasonable assurance that the grant will be received and all grant conditions will be met. If grant funds are received prior to qualifying expenses being incurred or assets purchased or prior to all grant conditions have been met, such amounts are recorded as a liability in other liabilities. If the funds reimburse expenses, the liability is amortized into other operating income in the period in which the corresponding expenses are incurred (or, for expenses incurred prior to all grant conditions being met, in the period in which reasonable assurance that all grant conditions will be met is attained). If the funds reimburse purchased assets, the liability is reduced with a corresponding amount deducted from the asset’s carrying amount upon recording of the qualified asset. According to the terms of the grants, grantors generally have the right to audit qualifying expenses submitted by the Group up to five years after concluding the project sponsored by the government. In October 2021, the Group announced that it received a grant of up to €43.7 million from the German Ministry of Education and Research and the German Ministry of Health to support its development of vilobelimab for the treatment of severe COVID-19 patients. Due to subsequent changes in the Group’s research and development plan and fewer costs projected within the timeframe of the grant, it was notified that the amount available to it was €41.4 million. The grant is structured as a reimbursement of 80% of certain pre-specified expenses related to the clinical development and manufacturing of vilobelimab. The grant period ended on June 30, 2023. In total, during the duration of the grant period through December 31, 2023, the Group received €33.3 million to support its activities regarding the development of vilobelimab as a new therapeutic agent for the treatment of critically ill COVID-19 patients and for the establishment of a commercial scale manufacturing process to ensure the ability of being able to provide such treatment to the broader population. |
Notes to the cash flow statement, cash, and cash equivalents | (f) Notes to the cash flow statement, cash, and cash equivalents The consolidated statements of cash flows have been prepared using the indirect method for cash flows from operating activities. The cash disclosed in the consolidated statements of cash flows is comprised of cash and cash equivalents. Cash comprises cash on hand and demand deposits. Cash equivalents are short-term bank deposits that are readily convertible to a known amount of cash and are not subject to a significant risk of changes in value with an original maturity of three months or less. Interest paid and received is included in the cash from operating activities. |
Research and development expenses | (g) Research and development expenses Research and development expenses comprise third party services, wages and salaries, cost of materials, intellectual property related expenses, depreciation and amortization of relevant equipment and intangibles as well as overhead. Research and development expenses mainly consist of costs for clinical trials and manufacturing of the Company’s clinical drug products; additionally, costs are incurred for pre-clinical activities as well as basic research activities. Development expenses must be capitalized if the criteria of IAS 38 are met. In the periods presented, no development expenses were capitalized because management assessed that not all the recognition criteria of IAS 38 had been met. This assessment is due to the general uncertainties in drug development and the unpredictability of regulatory requirements. Therefore, research and development expenditures are expensed when incurred. |
Employee benefits | (h) Employee benefits (i) Short-term employee benefits Liabilities for wages and salaries and cash bonuses are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as employee benefits in the consolidated statements of financial position. A liability is recognized if the Group has a present legal or constructive obligation to pay such amount as a result of past service provided by the employee and if such obligation can be estimated reliably. (ii) Share-based payment transactions The grant-date fair value of equity-settled share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service conditions are expected to be met, including an estimate of forfeitures, such that the amount ultimately recognized is based on the number of awards that meet the related service conditions at the vesting date. For share-based payment awards with immediate vesting, the grant-date fair value of the share-based payment is measured to reflect such conditions and there is no gain or loss recognized for differences between expected and actual outcomes. (i) Lease arrangements The Group leases various properties, laboratory and office equipment and cars. Rental contracts are typically made for fixed periods of one to three years but may have renewal options. The lease agreements do not impose any covenants, but leased assets may not be used as collateral for borrowing purposes. (i) Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. On December 31, 2023, the remaining useful lives of the Company’s right-of-use assets ranged between 3 and 41 months. Right-of-use assets are subject to impairment. (ii) Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments which depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date, since the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. (iii) Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. (iv) Determining the lease term of contracts After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise the option to renew. The Group further determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The leases which currently also result in the capitalization of a right of use asset, do not include any renewal options. For future lease contracts with potential renewal options the Company applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. In doing so, management would consider all relevant factors that create an economic incentive for it to exercise the renewal. (j) Interest income Interest income is derived from interest-bearing financial assets, including cash equivalents. Interest income on cash and cash equivalents, financial assets at amortized cost calculated using the effective interest rate method is recognized in the consolidated statements of operations and comprehensive loss as part of finance income. (k) Intangible assets Intangible assets mainly comprise purchased IT software. Intangible assets are initially measured at acquisition cost, including any directly attributable costs of preparing the asset for its intended use less accumulated amortization and accumulated impairment losses, if any. Amortization begins when an asset is available for use and amortization is calculated using the straight-line method to allocate cost over the estimated useful lives. The useful lives of intangible assets are reviewed at each reporting date. Software is amortized over three years. The effect of any adjustment to useful lives is recognized prospectively as a change of accounting estimate. The Group only owns intangible assets with a definite useful life. (l) Property and equipment Laboratory and office equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items. All repairs and maintenance are recognized in profit or loss during the financial period in which they are incurred, because they do not constitute a separate asset. Depreciation on laboratory and office equipment is calculated using the straight-line method to allocate their cost over their estimated useful lives, as follows: ● Laboratory equipment: three to 13 years ● Office equipment: one to five years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within ‘other income’ or ‘other expenses’ in the consolidated statements of operations and comprehensive loss. (m) Impairment of assets At each reporting date, the Group assesses whether there is an indication that an asset may be impaired. If there is any indication of impairment or if an annual impairment test is required, the Group estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of the asset’s fair value less costs of disposal and its value-in-use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case it is determined at the level of the cash-generating unit. If the carrying amount of an asset exceeds its recoverable amount, the asset is impaired and written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. When there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized, any impairment loss previously recognized is reversed. The reversal may not exceed the carrying amount that would have been determined after amortization or depreciation had no impairment loss been recognized for the asset in prior periods. The amount of the reversal is recognized in profit or loss for the period. There were no impairments or reversals of impairments in 2021, 2022 or 2023. (n) Financial assets and liabilities (financial instruments) (i) Definition A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. The Group’s financial assets include predominantly quoted fixed-interest debt securities. The financial liabilities comprise trade and other payables (incl. accrued liabilities from the R&D projects). (ii) Criteria for the recognition and derecognition, initial measurement In general purchases or sales of financial assets are recognized on the settlement date, i.e., the date that the Group renders or receives the counter performance (typically cash). The Group initially measures a financial asset at its fair value plus transaction costs. The Group initially recognizes non-derivative financial liabilities on the date that they are originated at fair value net of directly attributable transaction costs. The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expire. (iii) Subsequent measurement method Considering the Group’s business model for managing the financial assets, with an objective to hold them in order to collect contractual cash flows, and their contractual cash flow characteristics, that are solely payments of principal and interest on the principal amount outstanding, the Group classifies the quoted debt securities with fixed interest rates as subsequently measured at amortized cost using the effective interest method (EIR). The financial assets are also subject to impairment. The Group’s financial liabilities are classified as subsequently measured at amortized cost which is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. An analysis of the carrying amounts from the consolidated statements of financial position by measurement category is disclosed under ‘3.8 Financial assets and financial liabilities.’ (iv) Criteria for realization of income and expenses Interest income is accrued using the relevant effective interest rate. Interest expense on liabilities, if any, is also accrued based on the effective interest rate. Gains and losses on the disposal of financial instruments are recognized in full when all significant risks and rewards have been transferred. In the case of a partial transfer of risks and rewards, a distinction would be made as to whether control remains with the company or is transferred. Impairment losses on financial assets are recognized in profit or loss. The Group recognizes an allowance for expected credit losses (ECLs) for the financial assets held, see Note ‘C.8. Net Financial Result’. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. ECLs are generally recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For the quoted debt securities with fixed interest rates, which have high credit ratings and no significant increases in credit risk since initial recognition, the Group determines the exposure to credit default using CDS pricing information (i.e., credit default swap values) published by credit agencies and recognizes a 12-month ECL. (o) Fair Value Measurement The Group does not measure any financial asset or liability at fair value. The carrying amount of all financial instruments approximates their fair value, with the exception of quoted debt securities for which fair values are disclosed (see Note ‘D.8. Financial assets and financial liabilities’). When measuring the fair value of an asset or a liability, the Group would use observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: ● Level 1, quoted prices in active markets for identical assets or liabilities. ● Level 2, inputs other than quoted prices included within Level 1 that are observable for the instrument, either directly (as prices) or indirectly (derived from prices). ● Level 3, inputs for instruments that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group would recognize transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. (p) Income tax Income taxes comprise current and deferred taxes. Current and deferred taxes are recognized in profit or loss except to the extent that they relate to items recognized directly in equity or in other comprehensive loss. (i) Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. Expected tax payable or receivable on the taxable income or loss for the year, are calculated using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. In the periods presented; the Group did not incur income tax expense. Taxes withheld by banks and remitted to tax authorities were reimbursed after filing of the annual tax declaration. (ii) Deferred income tax Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for temporary differences associated with assets and liabilities if the transaction which led to their initial recognition is a transaction that is not a business combination and that affects neither accounting nor tax profit or loss. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets arising from tax loss carryforwards are recognized only to the extent that the Group has sufficient taxable temporary differences or there is convincing evidence that sufficient future taxable profit will be available against which the unused tax losses can be utilized. As of December 31, 2023 and 2022, based on management’s judgment, it was not probable that taxable profit will be available against which the unused tax losses can be utilized; no deferred tax assets were therefore recognized in the consolidated statements of financial position. 3. Significant accounting judgements, estimates and assumptions The preparation of the consolidated 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 consolidated financial statements, the critical judgments made by management in applying the Group’s accounting policies involve the following areas: (a) Accounting for share-based payments |
Lease arrangements | (i) Lease arrangements The Group leases various properties, laboratory and office equipment and cars. Rental contracts are typically made for fixed periods of one to three years but may have renewal options. The lease agreements do not impose any covenants, but leased assets may not be used as collateral for borrowing purposes. (i) Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. On December 31, 2023, the remaining useful lives of the Company’s right-of-use assets ranged between 3 and 41 months. Right-of-use assets are subject to impairment. (ii) Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments which depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date, since the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. (iii) Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. (iv) Determining the lease term of contracts After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise the option to renew. The Group further determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The leases which currently also result in the capitalization of a right of use asset, do not include any renewal options. For future lease contracts with potential renewal options the Company applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. In doing so, management would consider all relevant factors that create an economic incentive for it to exercise the renewal. |
Interest income | (j) Interest income Interest income is derived from interest-bearing financial assets, including cash equivalents. Interest income on cash and cash equivalents, financial assets at amortized cost calculated using the effective interest rate method is recognized in the consolidated statements of operations and comprehensive loss as part of finance income. |
Intangible assets | (k) Intangible assets Intangible assets mainly comprise purchased IT software. Intangible assets are initially measured at acquisition cost, including any directly attributable costs of preparing the asset for its intended use less accumulated amortization and accumulated impairment losses, if any. Amortization begins when an asset is available for use and amortization is calculated using the straight-line method to allocate cost over the estimated useful lives. The useful lives of intangible assets are reviewed at each reporting date. Software is amortized over three years. The effect of any adjustment to useful lives is recognized prospectively as a change of accounting estimate. The Group only owns intangible assets with a definite useful life. |
Property and equipment | (l) Property and equipment Laboratory and office equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items. All repairs and maintenance are recognized in profit or loss during the financial period in which they are incurred, because they do not constitute a separate asset. Depreciation on laboratory and office equipment is calculated using the straight-line method to allocate their cost over their estimated useful lives, as follows: ● Laboratory equipment: three to 13 years ● Office equipment: one to five years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within ‘other income’ or ‘other expenses’ in the consolidated statements of operations and comprehensive loss. |
Impairment of assets | (m) Impairment of assets At each reporting date, the Group assesses whether there is an indication that an asset may be impaired. If there is any indication of impairment or if an annual impairment test is required, the Group estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of the asset’s fair value less costs of disposal and its value-in-use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case it is determined at the level of the cash-generating unit. If the carrying amount of an asset exceeds its recoverable amount, the asset is impaired and written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. When there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized, any impairment loss previously recognized is reversed. The reversal may not exceed the carrying amount that would have been determined after amortization or depreciation had no impairment loss been recognized for the asset in prior periods. The amount of the reversal is recognized in profit or loss for the period. There were no impairments or reversals of impairments in 2021, 2022 or 2023. |
Financial assets and liabilities (financial instruments) | (n) Financial assets and liabilities (financial instruments) (i) Definition A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. The Group’s financial assets include predominantly quoted fixed-interest debt securities. The financial liabilities comprise trade and other payables (incl. accrued liabilities from the R&D projects). (ii) Criteria for the recognition and derecognition, initial measurement In general purchases or sales of financial assets are recognized on the settlement date, i.e., the date that the Group renders or receives the counter performance (typically cash). The Group initially measures a financial asset at its fair value plus transaction costs. The Group initially recognizes non-derivative financial liabilities on the date that they are originated at fair value net of directly attributable transaction costs. The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expire. (iii) Subsequent measurement method Considering the Group’s business model for managing the financial assets, with an objective to hold them in order to collect contractual cash flows, and their contractual cash flow characteristics, that are solely payments of principal and interest on the principal amount outstanding, the Group classifies the quoted debt securities with fixed interest rates as subsequently measured at amortized cost using the effective interest method (EIR). The financial assets are also subject to impairment. The Group’s financial liabilities are classified as subsequently measured at amortized cost which is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. An analysis of the carrying amounts from the consolidated statements of financial position by measurement category is disclosed under ‘3.8 Financial assets and financial liabilities.’ (iv) Criteria for realization of income and expenses Interest income is accrued using the relevant effective interest rate. Interest expense on liabilities, if any, is also accrued based on the effective interest rate. Gains and losses on the disposal of financial instruments are recognized in full when all significant risks and rewards have been transferred. In the case of a partial transfer of risks and rewards, a distinction would be made as to whether control remains with the company or is transferred. Impairment losses on financial assets are recognized in profit or loss. The Group recognizes an allowance for expected credit losses (ECLs) for the financial assets held, see Note ‘C.8. Net Financial Result’. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. ECLs are generally recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For the quoted debt securities with fixed interest rates, which have high credit ratings and no significant increases in credit risk since initial recognition, the Group determines the exposure to credit default using CDS pricing information (i.e., credit default swap values) published by credit agencies and recognizes a 12-month ECL. |
Fair Value Measurement | (o) Fair Value Measurement The Group does not measure any financial asset or liability at fair value. The carrying amount of all financial instruments approximates their fair value, with the exception of quoted debt securities for which fair values are disclosed (see Note ‘D.8. Financial assets and financial liabilities’). When measuring the fair value of an asset or a liability, the Group would use observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: ● Level 1, quoted prices in active markets for identical assets or liabilities. ● Level 2, inputs other than quoted prices included within Level 1 that are observable for the instrument, either directly (as prices) or indirectly (derived from prices). ● Level 3, inputs for instruments that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group would recognize transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. |
Income tax | (p) Income tax Income taxes comprise current and deferred taxes. Current and deferred taxes are recognized in profit or loss except to the extent that they relate to items recognized directly in equity or in other comprehensive loss. (i) Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. Expected tax payable or receivable on the taxable income or loss for the year, are calculated using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. In the periods presented; the Group did not incur income tax expense. Taxes withheld by banks and remitted to tax authorities were reimbursed after filing of the annual tax declaration. (ii) Deferred income tax Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for temporary differences associated with assets and liabilities if the transaction which led to their initial recognition is a transaction that is not a business combination and that affects neither accounting nor tax profit or loss. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets arising from tax loss carryforwards are recognized only to the extent that the Group has sufficient taxable temporary differences or there is convincing evidence that sufficient future taxable profit will be available against which the unused tax losses can be utilized. As of December 31, 2023 and 2022, based on management’s judgment, it was not probable that taxable profit will be available against which the unused tax losses can be utilized; no deferred tax assets were therefore recognized in the consolidated statements of financial position. |
Significant accounting judgements, estimates and assumptions | 3. Significant accounting judgements, estimates and assumptions The preparation of the consolidated 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 consolidated financial statements, the critical judgments made by management in applying the Group’s accounting policies involve the following areas: (a) Accounting for share-based payments When determining the grant date fair value of share-based payment awards, assumptions must be made regarding the key parameters of the calculation (see Note ‘C.10.(b). Measurement of fair values of share options granted’). In 2023, the Company’s share price volatility for the purposes of the calculation was determined on the basis of the 5-year annualized average share price, which management believes will be indicative of the share price development of the Company in future periods. This led to a range of applied volatility rates in 2023 of 135% to 145.66% for the different options granted during the year of this report. Additionally, the Company must estimate the number of equity instruments which will vest in future periods as awards may be forfeited prior to vesting due to an awardee’s failure to satisfy a performance condition, including due to employment termination. An assumption of the forfeiture rate is regularly made on the basis of historical information and adjusted to reflect future expectations. Revisions to the forfeiture rate could result in a cumulative effect of the change in estimate for current and prior periods to be recognized in the period of change. (b) Measurement of third-party R&D clinical trial and contracted manufacturing expense In measuring R&D expenses for the reporting period, the Company estimates the amount of expense to recognize and liability to accrue to the extent that invoices of the Company’s contract research organizations (“CROs”) and contract manufacturing organizations (“CDMOs”) are not yet received and exceed any prepayments made. The timing of the invoicing of project services by CROs follow contractual billing schedules and can occur several months prior to or following a reporting period. This estimation involves determining a percentage-of-completion whereby the degree to which services have been rendered for the individual project activities contracted from the CRO and CDMOs is assessed and estimated by in-house R&D project managers and reviewed by the controlling department. This percentage-of-completion is used to measure the amount of the unbilled project activities which have already been rendered by the reporting date and the associated R&D expense and liability to recognize as a result. The percentage-of-completion estimates are based on the best information available at the time. However, additional information may become available in the future and management may adjust the estimate in such future periods. In this event, the Company may be required to record adjustments to research and development expenses in future periods when the actual level of activity becomes more certain. The Company considers resulting increases or decreases in expenses as changes in estimates and reflects such changes in research and development expenses in the period identified. The Company accrued €4.4 million as of December 31, 2023 and €2.3 million as of December 31, 2022 (see Note ‘D.11. Trade and other payables’) in third-party accruals in relation to its ongoing clinical trials and manufacturing activities. As of these dates, prepayments were recorded for those payments made against which no services had yet been rendered (2023: €3.7 million, 2022: €9.8 million, see Note ‘D.6. Other assets’). (c) Realizability of Inventories Inventories are valued at the lower of cost and net realizable value. Net realizable value comprises the estimated sales proceeds less the necessary expected costs up to the time of sale. For determining the net realizable value, at each reporting date, the Company estimates excess and obsolete inventory primarily using a model of expected future sales and using assumptions with significant estimation uncertainty such as expected medical need and expected market penetration. Additionally, these estimates rely, in part, on management’s assumptions about future events outside of the Company’s control, such as continuation of the emergency use authorization in the United States and granting of marketing authorization in the European Union. In making these assumptions, management assesses the probability of these authorizations remaining in place or being granted, as applicable, by considering correspondence with the relevant regulatory authorities and the Company’s actions to achieve any required conditions for the authorizations. Furthermore, the possible alternative uses for raw materials, unfinished and finished products is taken into consideration. Management regularly assesses market and sales trends, market conditions, disease prevalence, competitive landscape, and regulatory environment to refine estimates for excess and obsolete inventory. Based on these assessments, and taking manufacturing lead-times into consideration, management takes operational decisions to order inventory based on inventory aging and the criteria mentioned above. Inventory write-downs for the year ended December 31, 2023 amounted to €521k (prior year: €0k) and were mainly due to the expiration of shelf life of finished goods. Assumptions included in the model of expected future demand may require revision in future periods which could result in changes to the estimate of excess and obsolete inventory and in inventory write-downs. |
Corporate Information (Tables)
Corporate Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Corporate Information [Abstract] | |
Schedule of Share Capital Consisting Solely of Ordinary Shares | Unless otherwise stated, such subsidiaries have share capital consisting solely of ordinary shares that are held directly by the Company, and the proportion of ownership interests held equals the voting rights held by the Company. Place of business/ Functional Ownership interest Name incorporation currency 2023 2022 Principal activities InflaRx GmbH Jena and Munich, Germany EUR 100 % 100 % Operating subsidiary, R&D, holder of all IP InflaRx Pharmaceuticals, Inc. Ann Arbor, MI, United States USD 100 % 100 % Operating subsidiary, R&D, US commercialization |
Consolidated Statements of Op_4
Consolidated Statements of Operations and Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Consolidated Statements of Operations and Comprehensive Loss (Tables) [Line Items] | |
Schedule of Revenues | Revenues 2023 2022 2021 (in €) Revenues 63,089 — — Total 63,089 — — |
Schedule of Cost of sales | Cost of sales 2023 2022 2021 (in €) Cost of Sales 532,262 — — Total 532,262 — — |
Schedule of Sales and Marketing Expenses | Sales and marketing expenses 2023 2022 2021 (in €) Third-party expenses 1,851,158 — — Employee benefits expenses 1,040,587 — — of which equity-settled share-based payment expense 67,462 Legal and consulting fees 1,054,971 — — Other expenses 54,583 — — Total sales and marketing expenses 4,001,299 — — |
Schedule of Research and Development Expenses | Research and development expenses increased in 2023 compared to 2022 by €3.5 million. The table below shows the composition of research and development expenses. 2023 2022 2021 (in €) Third-party services 31,802,983 28,543,503 28,247,081 of which clinical material and related manufacturing services 18,109,345 16,194,152 6,615,840 of which clinical, pre-clinical studies 13,693,638 12,349,351 21,631,240 Employee benefits expenses 6,776,853 6,957,866 5,941,813 of which equity-settled share-based payment expense 1,500,670 2,456,571 1,622,898 Legal and consulting fees 1,758,283 1,690,448 1,074,710 Other expenses 686,012 334,273 434,331 Total 41,024,131 37,526,090 35,697,935 |
Schedule of General and Administrative Expenses | General and administrative expenses decreased by €2.2 million in 2023 from the prior year, predominantly due to lower costs from equity-settled share-based payments. 2023 2022 2021 (in €) Employee benefits expenses 5,392,905 7,125,798 6,500,680 of which equity-settled share-based payment expense 1,846,356 3,587,785 2,709,307 Legal and consulting fees 3,239,809 3,104,624 2,065,423 Insurance expenses 1,934,880 2,330,624 1,615,920 Depreciation & amortization expense 507,905 526,325 551,566 Compensation expense for non-executive directors 305,984 248,724 271,248 Other expenses 1,247,273 1,533,469 979,884 Total 12,628,756 14,869,564 11,984,722 |
Schedule of Other Income | Other income decreased in 2023, compared to the prior year, due to the incurrence of less expenses eligible for reimbursement under the grant and the end of the grant period on June 30, 2023. 2023 2022 2021 (in €) Other income from government grants 13,155,250 20,116,542 — Further other income 64,454 42,627 54,221 Total 13,219,704 20,159,169 54,221 |
Schedule of Employee Benefits Expenses | The following table shows the items of employee benefits expenses: 2023 2022 2021 (in €) Wages and salaries 8,192,143 6,863,423 6,919,166 Social security contributions (employer’s share) 944,712 672,534 671,697 Equity-settled share-based payment expenses (see Note C.10. Share-based payments) 3,414,488 6,044,356 4,332,205 Other 659,002 503,351 519,425 Total 13,210,345 14,083,664 12,442,493 |
Schedule of Net Financial Result | Net financial result 2023 2022 2021 (in €) Interest income 3,804,827 608,679 109,391 Interest expenses (16,538 ) (23,303 ) (10,714 ) Interest on lease liabilities (19,090 ) (21,947 ) (14,055 ) Financial result 3,769,199 563,429 84,622 Foreign exchange income 5,529,389 6,924,697 5,569,836 Foreign exchange expense (7,371,261 ) (4,482,399 ) (3,605,701 ) Foreign exchange result (1,841,872 ) 2,442,298 1,964,135 Other financial result 313,240 (252,471 ) (44,000 ) Net financial result 2,240,566 2,753,256 2,004,757 |
Schedule of Share-Based payments | In the course of its historical financing rounds prior to 2016, InflaRx GmbH established equity-settled share-based payment programs. Those InflaRx GmbH options were converted into options for ordinary shares of InflaRx N.V. in November 2017: 2023 2023 2022 2022 Outstanding at January 1 148,433 € 0.01 148,433 € 0.01 Exercised during the year — — — — Outstanding at December 31 148,433 € 0.01 148,433 € 0.01 Exercisable at December 31 148,433 € 0.01 148,433 € 0.01 * Weighted average share price (WAEP) |
Schedule of Share-based payments | Other significant inputs into the model are as follows (weighted average): Share options granted Options Fair value option FX rate as Fair value option Share price Expected Expected life (midpoint Risk-free 2021 January 4 839,260 $ 4.53 0.8133 € 3.68 $ 5.14 1.35 5.31 0.5 % January 4 31,668 $ 4.57 0.8133 € 3.72 $ 5.14 1.35 5.50 0.5 % July 2 327,436 $ 2.64 0.8458 € 2.23 $ 2.99 1.35 5.31 0.98 % July 2 20,710 $ 2.66 0.8458 € 2.25 $ 2.99 1.35 5.49 1.01 % 1,219,074 Share options granted Options Fair value per share option FX rate as of grant date Fair value per share option Share price at grant date/ Exercise price Expected volatility Expected life (midpoint based) Risk-free rate (interpolated, U.S. sovereign strips curve) 2022 January 12 1,516,666 $ 3.66 0.8795 €3.22 $ 4.13 1.35 5.31 1.57% January 12 45,000 $ 3.68 0.8795 €3.24 $ 4.13 1.35 5.50 1.59% Repricing, April 13 — $1.20-$1.63 0.9237 €1.11-€1.50 $ 1.86 1.35 1.83-4.94 2.60% November 21 405,000 $ 2.04 0.9760 €1.99 $ 2.44 1.35 4.0 4.15% 1,966,666 Share options granted Number Fair value option FX rate as of Fair value option Share Exercise Expected Expected (midpoint based) Risk-free 2023 January 24 1,454,250 $ 2.11 0.9008 € 1.90 $ 2.37 1.35 5.30 3.571 % January 24 52,500 $ 2.13 0.9008 € 1.92 $ 2.37 1.35 5.50 3.565 % May 31 60,500 $ 3.61 0.9361 € 3.38 $ 4.19 1.35 4.50 3.820 % July 7 57,000 $ 3.59 0.9184 € 3.30 $ 3.89 1.46 5.50 4.320 % July 7 100,000 $ 3.64 0.9184 € 3.34 $ 3.89 1.46 6.10 4.286 % July 19 4,000 $ 3.55 0.8911 € 3.16 $ 3.99 1.46 5.50 4.320 % September 18 7,500 $ 3.15 0.9378 € 2.95 $ 3.54 1.46 5.50 4.320 % 1,735,750 |
2016 Plan [Member] | |
Consolidated Statements of Operations and Comprehensive Loss (Tables) [Line Items] | |
Schedule of Share-based payments | Those InflaRx GmbH options were converted into options for ordinary shares of the Company in November 2017: 2023 2023 2022 2022 Outstanding at January 1 888,632 $1.86/€1.74 888,632 $3.35/€2.96 Exercised during the year — — Outstanding at December 31 888,632 $1.86/€1.68 888,632 $1.86/€1.74 Exercisable at December 31 888,632 $1.86/€1.68 888,632 $1.86/€1.74 * Conversion rates used for one €: December 31,2023 $0.9050, average rate 2023 $0.9246, December 31,2022 $0.9376, average rate 2022 $0.9489 |
2017 Plan [Member] | |
Consolidated Statements of Operations and Comprehensive Loss (Tables) [Line Items] | |
Schedule of Share-Based payments | In conjunction with the closing of its initial public offering, InflaRx N.V. established a new incentive plan (the “2017 Plan”). The initial maximum number of ordinary shares available for issuance under equity incentive awards granted pursuant to the 2017 Plan equals 2,341,097 ordinary shares. On January 1, 2021 and on January 1 of each calendar year thereafter, an additional number of shares equal to 4% of the total outstanding ordinary 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: 2023 2023 2022 2022 Outstanding at January 1 4,985,523 $1.97 /€1.84 3,170,046 $3.95 /€3.49 Granted during the year 1,735,750 $2.58/€2.39 1,966,666 $1.98 / €1.88 Forfeited during the year (31,000 ) $2.70/€2.50 (136,259 ) $2.22 /€2.11 Exercised during the year (105,327 ) $2.16/€2.00 (14,930 ) $1.86 /€1.76 Outstanding at December 31 6,584,946 $2.12/€1.92 4,985,523 $1.97 /€1.84 Exercisable at December 31 5,577,384 $2.01/€1.82 4,157,148 $1.93 /€1.81 * Conversion rates used for one €: December 31,2023 $0.9050, average rate 2023 $0.9246, December 31, 2022 $0.9376, average rate 2022 $0.9489 |
Notes to the Consolidated Sta_2
Notes to the Consolidated Statements of Financial Position (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to the Consolidated Statements of Financial Position [Abstract] | |
Schedule of Property and Equipment | Property and equipment Property Advance Total Cost (in €) At January 1, 2022 1,267,611 — 1,267,611 Additions 160,491 — 160,491 Exchange differences 25,236 — 25,236 At December 31, 2022 1,453,339 — 1,453,339 Additions 55,123 — 55,123 Disposals (2,595 ) — (2,595 ) Exchange differences (14,342 ) — (14,342 ) At December 31, 2023 1,491,525 — 1,491,525 Accumulated depreciation At January 1, 2022 (993,238 ) — (993,238 ) Depreciation charge for the year (113,894 ) — (113,894 ) Exchange differences (17,286 ) — (17,286 ) At December 31, 2022 (1,124,419 ) — (1,124,419 ) Depreciation charge for the year (93,791 ) — (93,791 ) Disposals 2,594 — 2,594 Exchange differences 13,668 — 13,668 At December 31, 2023 (1,201,948 ) — (1,201,948 ) Net book value At December 31, 2022 328,920 — 328,920 At December 31, 2023 289,577 — 289,577 |
Schedule of Right-of-Use Assets | Right-of-use assets Buildings Cars Total Cost (in €) At January 1, 2022 2,284,269 125,130 2,409,399 Additions 281,429 — 281,429 Exchange differences 13,645 — 13,645 At December 31, 2022 2,579,342 125,130 2,704,473 Additions 91,125 49,004 140,128 Exchange differences (9,349 ) — (9,349 ) At December 31, 2023 2,661,118 174,134 2,835,253 Accumulated depreciation At January 1, 2022 (925,306 ) (76,015 ) (1,001,321 ) Depreciation charge for the year (354,408 ) (30,024 ) (384,432 ) Exchange differences (6,911 ) — (6,911 ) At December 31, 2022 (1,286,625 ) (106,039 ) (1,392,664 ) Depreciation charge for the year (353,398 ) (24,527 ) (377,925 ) Exchange differences 7,003 — 7,003 At December 31, 2023 (1,633,020 ) (130,566 ) (1,763,586 ) Net book value At December 31, 2022 1,292,717 19,092 1,311,809 At December 31, 2023 1,028,098 43,568 1,071,666 |
Schedule of Intangible Assets | Intangible Assets Purchased Advances Total Cost (in €) At January 1, 2022 720,942 — 720,942 Additions 1,900 — 1,900 Exchange differences 408 — 408 At December 31, 2022 723,250 — 723,250 Additions — 25,977 25,977 Disposals (7,009 ) — (7,009 ) Exchange differences (111 ) — (111 ) At December 31, 2023 716,130 25,977 742,107 Accumulated amortization At January 1, 2022 (485,726 ) — (485,726 ) Amortization charge for the year* (98,271 ) — (98,271 ) Exchange differences (348 ) — (348 ) At December 31, 2022 (584,345 ) — (584,345 ) Amortization charge for the year (96,063 ) — (96,063 ) Disposals 7,009 — 7,009 Exchange differences 111 — 111 At December 31, 2023 (673,289 ) — (673,289 ) Net book value At December 31, 2022 138,905 — 138,905 At December 31, 2023 42,841 25,977 68,818 |
Schedule of Lease Liabilities | Set out below, are the carrying amounts and the movements of the Group’s lease liabilities: Lease liabilities 2023 2022 (in €) As of January 1 1,356,684 1,432,526 Additions 140,128 281,429 Derecognition (20,555 ) (20,555 ) Payments (353,422 ) (343,874 ) Short-term liability for accrued interest expense (396 ) 304 Foreign exchange difference (2,391 ) 6,854 As of December 31 1,120,048 1,356,684 |
Schedule of Amounts Recognized in Profit or Loss | The following are the amounts recognized in profit or loss: 2023 2022 2021 (in €) Depreciation expense of right-of-use assets (see Note E.2.) 377,925 384,432 371,551 Interest expense on lease liabilities 19,090 21,947 14,055 Rental expense from leases 6,261 6,261 6,261 Thereof short-term leases (included in administrative expenses) — — Thereof leases of low-value assets (included in administrative expenses) 6,261 6,261 6,261 Total amounts recognized in profit or loss 403,276 412,640 391,867 |
Schedule of Inventory | Inventory 2023 2022 2021 (in €) Raw material and supplies 423,560 — — Unfinished goods 10,614,159 — — Finished goods 330,087 — — Total 11,367,807 — — |
Schedule of Other Assets | Other assets December 31, December 31, 2022 (in €) Non-current other assets — — Prepaid expenses 257,267 308,066 Total 257,267 308,066 Current other assets Prepayments on research & development projects 3,670,167 9,776,505 Prepaid expenses 272,999 1,841,935 Others 93,482 2,552,071 Total 4,036,648 14,170,511 Total other assets 4,293,915 14,478,577 |
Schedule of Applicable Tax Rate and Current Income Taxes Recognized in Profit or Loss | The table below shows a reconciliation between the product of loss before tax multiplied by the Company’s applicable tax rate and current income taxes recognized in profit or loss. InflaRx Group 2023 2022 2021 (in €) Loss for the period (accounting profit before income tax) (42,667,529 ) (29,484,611 ) (45,630,059 ) Tax rate 28.6 % 29.2 % 28.5 % Tax benefits at tax rate 12,160,545 8,610,381 13,001,984 Temporary differences and tax losses for which no deferred tax asset was recognized (12,127,977 ) (7,480,169 ) (10,988,805 ) Non-recognition of tax effect on share-based payments (32,182 ) (1,251,830 ) (1,959,606 ) Non-deductible expenses for tax purposes (46,907 ) (22,067 ) (3,758 ) Other differences due to tax rate 46,521 143,686 (49,815 ) Income tax — — — |
Schedule of Financial Assets and Liabilities | Set out below is an overview of financial assets and liabilities, other than cash and short-term deposits included in cash equivalents, held by the Group as at December 31, 2023 and December 31, 2022: Financial assets and financial liabilities December 31, December 31, (in €) Financial assets at amortized cost Non-current financial assets 9,052,741 2,900,902 Financial assets from government grants — 732,971 Other current financial assets 77,504,518 64,791,088 Financial liabilities at amortized cost Liabilities from government grants — 6,209,266 Trade and other payables 14,716,441 4,987,538 |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents December 31, December 31, (in €) Short-term deposits — — Deposits held in U.S. dollars 4,120,951 3,422 Deposits held in Euro 1,020,000 — Total 5,140,951 3,422 Cash at banks Cash held in U.S. dollars 5,041,802 8,645,014 Cash held in Euro 2,585,190 7,616,918 Total 7,626,991 16,261,932 Total cash and cash equivalents 12,767,942 16,265,354 |
Schedule of Trade and Other Payables | Trade and other payables December 31, December 31, (in €) Accrued liabilities from R&D projects 4,414,143 2,254,550 Accrued liabilities from commercial activities 1,400,382 — Accounts payable 5,102,700 1,566,400 Other accrued liabilities and payables 3,942,909 1,314,196 Total trade and other payables 14,860,134 5,135,146 |
Schedule of Market Risk, Credit Risk and Liquidity Risk | The Group is exposed to market risk, credit risk and liquidity risk. The Board of Directors reviews and adopts policies for managing each of these risks, which are summarized below. The Group’s senior management oversees the management of these risks. Exposure Measurement Risk Management Market risk Future development costs; Recognized financial assets and liabilities not denominated in Euro Forecasted cash flows Sensitivity analysis Achievement of a natural hedge in the future Credit risk Cash and cash equivalents, current and non-current Credit rating Diversification of bank deposits, Investment guidelines for debt investments Liquidity R&D and G&A cost, equity, trade and other payables Rolling cash flow forecast Availability of funds through financing rounds or public offerings |
Schedule of Cash, Cash Equivalents and Financial Assets | In 2023, if the Euro had weakened/strengthened by 10% against the U.S. dollar with all other variables held constant, the Group’s loss would have been €1 million higher/€1 million lower, mainly as a result of foreign exchange on translation of U.S. dollar-denominated assets of InflaRx N.V. and InflaRx GmbH. Cash, cash equivalents and financial assets denominated in U.S. dollars, InflaRx N.V. and InflaRx GmbH December 31, December 31, (in €) Current and non current financial assets (securities and accrued interest) 80,935,197 7,376,866 Cash and cash equivalents 8,051,366 4,356,512 Total assets exposed to the risk 88,986,563 11,733,378 Conversion rate Euro to U.S. dollars at reporting date 1/1.1050 * The 2022 figures do not include InflaRx N.V. given the 2022 functional currency was in USD. |
Schedule of Sensitivity Analysis | Sensitivity analysis: Conversion Profit/(loss) carrying (in €) Euro weakens against U.S. dollars 1.2155 9,887,396 98,873,959 Euro strengths against U.S. dollars 0.9945 (8,089,688 ) 80,896,875 |
Schedule of Outstanding Financial Commitments | At the end of the reporting period, the Group held the following deposits that are expected to readily generate cash inflows to meet the outstanding financial commitments. Liquidity December 31, December 31, (in €) Short-term deposits 5,140,951 3,422 Cash at banks 7,626,992 16,261,932 Marketable Securities (current and non-current) 85,727,461 67,175,879 Other (non-current portion) 237,621 237,296 Other (current) 701,407 278,815 Total funds available 99,434,432 83,957,344 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments [Abstract] | |
Schedule of Maturity Analysis of Lease Liabilities | The maturity analysis of lease liabilities is disclosed in the following table: Maturity analysis for capitalized leases in 2023 Contractual Effect of Lease liabilities (in €) Within one year 391,158 16,829 374,329 After one year but not more than five years 760,275 14,559 745,716 More than five years — — — Total 1,151,434 31,389 1,120,045 Maturity analysis for capitalized leases in 2022 Contractual Effect of Lease (in €) Within one year 380,518 11,142 369,376 After one year but not more than five years 999,482 12,175 987,307 More than five years — — — Total 1,380,000 23,317 1,356,683 Maturity analysis for all lease obligations in 2023 Total Low value leases Short-term Capitalized Within one year 397,942 4,816 1,968 391,158 After one year but not more than five years 760,421 146 — 760,275 More than five years — — — — Total 1,158,363 4,962 1,968 1,151,434 Maturity analysis for all lease obligations in 2022 Total Low value Short-term Capitalized (in €) Within one year 386,779 6,261 — 380,518 After one year but not more than five years 1,004,444 4,962 — 999,482 More than five years — — — — Total 1,391,223 11,223 — 1,380,000 |
Other Information (Tables)
Other Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Information [Abstract] | |
Schedule of Compensation of the Group’s Executive Management | Compensation of the Group’s executive management for the 12 months ending December 31, 2023: Executive and Board compensation 2023 2022 2021 (in €) Executive management Short-term employee benefits 2,783,675 2,774,485 2,817,792 Share-based payments 2,507,453 4,808,094 3,347,203 Sub-total 5,291,128 7,582,579 6,164,995 Non-executive Board of Directors members Short-term employee benefits 305,983 248,725 271,248 Share-based payments 285,177 529,859 488,937 Sub-total 591,160 778,584 760,185 Total compensation 5,882,288 8,361,163 6,925,180 |
Corporate Information (Details)
Corporate Information (Details) - Schedule of Share Capital Consisting Solely of Ordinary Shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
InflaRx GmbH [Member] | ||
Corporate Information (Details) - Schedule of Share Capital Consisting Solely of Ordinary Shares [Line Items] | ||
Place of business/country of incorporation | Jena and Munich, Germany | |
Functional currency | EUR | |
Ownership interest held by the Company | 100% | 100% |
Principal activities | Operating subsidiary, R&D, holder of all IP | |
InflaRx Pharmaceuticals, Inc. [Member] | ||
Corporate Information (Details) - Schedule of Share Capital Consisting Solely of Ordinary Shares [Line Items] | ||
Place of business/country of incorporation | Ann Arbor, MI, United States | |
Functional currency | USD | |
Ownership interest held by the Company | 100% | 100% |
Principal activities | Operating subsidiary, R&D, US commercialization |
Material Accounting Policies (D
Material Accounting Policies (Details) - EUR (€) | 1 Months Ended | 12 Months Ended | |
Oct. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Material Accounting Policies (Details) [Line Items] | |||
German federal government | € 43,700,000 | ||
Grant payment received | € 41,400,000 | ||
Percentage of grant | 80% | ||
Received grant amount | € 6,209,266 | ||
Amortized period | 3 years | ||
Annualized average share price year | 5 years | ||
Accrued payment | € 4,400,000 | 2,300,000 | |
Other assets | 3,700,000 | 9,800,000 | |
Inventory write-downs | € 521,000 | € 0 | |
Bottom of Range [Member] | |||
Material Accounting Policies (Details) [Line Items] | |||
Rental contracts fixed period | 1 year | ||
Top of Range [Member] | |||
Material Accounting Policies (Details) [Line Items] | |||
Rental contracts fixed period | 3 years | ||
German Ministry of Education and Research [Member] | |||
Material Accounting Policies (Details) [Line Items] | |||
Received grant amount | € 33,300,000 | ||
Options Granted [Member] | Bottom of Range [Member] | |||
Material Accounting Policies (Details) [Line Items] | |||
Volatility rates | 135% | ||
Options Granted [Member] | Top of Range [Member] | |||
Material Accounting Policies (Details) [Line Items] | |||
Volatility rates | 145.66% | ||
Laboratory Equipment [Member] | Bottom of Range [Member] | |||
Material Accounting Policies (Details) [Line Items] | |||
Estimated useful lives | 3 years | ||
Laboratory Equipment [Member] | Top of Range [Member] | |||
Material Accounting Policies (Details) [Line Items] | |||
Estimated useful lives | 13 years | ||
Office Equipment [Member] | Bottom of Range [Member] | |||
Material Accounting Policies (Details) [Line Items] | |||
Estimated useful lives | 1 year | ||
Office Equipment [Member] | Top of Range [Member] | |||
Material Accounting Policies (Details) [Line Items] | |||
Estimated useful lives | 5 years |
Consolidated Statements of Op_5
Consolidated Statements of Operations and Comprehensive Loss (Details) | 12 Months Ended | ||||
Dec. 31, 2023 EUR (€) € / shares shares | Dec. 31, 2023 EUR (€) $ / shares shares | Dec. 31, 2022 EUR (€) € / shares shares | Dec. 31, 2022 EUR (€) $ / shares shares | Dec. 31, 2021 EUR (€) € / shares shares | |
Consolidated Statements of Operations and Comprehensive Loss (Details) [Line Items] | |||||
Sales and marketing expense | € 4,001,299 | ||||
Expense | 1,000,000 | ||||
Personnel cost | 1,900,000 | ||||
Research and development expense | 41,024,131 | 37,526,090 | 35,697,935 | ||
General and administrative expenses | 12,628,756 | 14,869,564 | 11,984,722 | ||
Other income | 13,219,704 | 20,159,169 | € 54,221 | ||
Net financial cost | 500,000 | € 500,000 | |||
Interest income increased | 3,200,000 | ||||
Short term marketable securities | 3,800,000 | 600,000 | |||
Foreign exchange | 4,300,000 | ||||
Gain on foreign exchange | 2,400,000 | ||||
Loss on foreign exchange | 1,800,000 | ||||
Other financial amount | 77,504,518 | € 77,504,518 | 64,810,135 | € 64,810,135 | |
Allowance for credit loss | € 300,000 | € 300,000 | |||
Weighted number of common shares outstanding | shares | 54,940,137 | 54,940,137 | 44,207,873 | 44,207,873 | 41,629,974 |
Loss per share | € / shares | € 0.78 | € 0.67 | € 1.1 | ||
Exercise price for options outstanding | € / shares | 0.01 | 0.01 | |||
weighted average fair value of options granted | (per share) | € 2.39 | € 2.58 | |||
Weighted average fair value options granted | (per share) | € 1.61 | € 1.7 | |||
Options granted | shares | 1,735,750 | 1,966,666 | 1,219,074 | ||
Options forfeited | shares | 31,000 | 36,400 | |||
Options exercised | shares | 105,327 | 14,930 | |||
Expected dividends | shares | |||||
Research and Development Expense [Member] | |||||
Consolidated Statements of Operations and Comprehensive Loss (Details) [Line Items] | |||||
Research and development expense | € 3,500,000 | ||||
General and Administrative Expenses [Member] | |||||
Consolidated Statements of Operations and Comprehensive Loss (Details) [Line Items] | |||||
General and administrative expenses | € 2,200,000 | ||||
2017 [Member] | |||||
Consolidated Statements of Operations and Comprehensive Loss (Details) [Line Items] | |||||
Conversion rate | € / shares | € 0.905 | € 0.9376 | |||
Average rate | € / shares | € 0.9246 | € 0.9489 | |||
Weighted average remaining contractual life | 2016 years | ||||
Weighted average remaining contractual life | 6 years 7 months 9 days | 6 years 8 months 12 days | |||
Maximum number of common shares available for grant | shares | 2,341,097 | ||||
Ordinary shares percentage | 4% | ||||
2016 Plan [Member] | |||||
Consolidated Statements of Operations and Comprehensive Loss (Details) [Line Items] | |||||
Weighted average remaining contractual life | 7 years 11 months 8 days | 8 years 11 months 8 days | |||
Bottom of Range [Member] | |||||
Consolidated Statements of Operations and Comprehensive Loss (Details) [Line Items] | |||||
Exercise price range | (per share) | € 1.74 | 1.86 | € 1.74 | 1.86 | |
Top of Range [Member] | |||||
Consolidated Statements of Operations and Comprehensive Loss (Details) [Line Items] | |||||
Exercise price range | (per share) | € 4.82 | 5.14 | € 4.82 | 5.14 | |
InflaRx GmbH [Member] | |||||
Consolidated Statements of Operations and Comprehensive Loss (Details) [Line Items] | |||||
Conversion rate | $ / shares | 0.905 | 0.9376 | |||
Average rate | $ / shares | € 0.9246 | € 0.9489 | |||
Executive Management [Member] | |||||
Consolidated Statements of Operations and Comprehensive Loss (Details) [Line Items] | |||||
Options granted | shares | 1,136,000 | 1,223,500 | 1,134,436 | ||
Options forfeited | shares | 136,259 | ||||
Credit risk [Member] | |||||
Consolidated Statements of Operations and Comprehensive Loss (Details) [Line Items] | |||||
Other financial amount | € 600,000 | € 600,000 |
Consolidated Statements of Op_6
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Revenues - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Revenues Abstract | |||
Revenues | € 63,089 | ||
Total | € 63,089 |
Consolidated Statements of Op_7
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Cost of sales - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Cost Of Sales Abstract | |||
Cost of Sales | € 532,262 | ||
Total | € 532,262 |
Consolidated Statements of Op_8
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Sales and Marketing Expenses - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Sales and Marketing Expenses [Line Items] | |||
Sales and marketing expenses | € 4,001,299 | ||
Third-party expenses [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Sales and Marketing Expenses [Line Items] | |||
Sales and marketing expenses | 1,851,158 | ||
Employee benefits expenses [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Sales and Marketing Expenses [Line Items] | |||
Sales and marketing expenses | 1,040,587 | ||
equity-settled share-based payment expense [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Sales and Marketing Expenses [Line Items] | |||
Sales and marketing expenses | 67,462 | ||
Legal and consulting fees [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Sales and Marketing Expenses [Line Items] | |||
Sales and marketing expenses | 1,054,971 | ||
Other expenses [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Sales and Marketing Expenses [Line Items] | |||
Sales and marketing expenses | € 54,583 |
Consolidated Statements of Op_9
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Research and Development Expenses - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Research and Development Expenses [Line Items] | |||
Research and development expenses | € 41,024,131 | € 37,526,090 | € 35,697,935 |
Third-party services [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Research and Development Expenses [Line Items] | |||
Research and development expenses | 31,802,983 | 28,543,503 | 28,247,081 |
Clinical material and related manufacturing services [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Research and Development Expenses [Line Items] | |||
Research and development expenses | 18,109,345 | 16,194,152 | 6,615,840 |
Clinical, pre-clinical studies [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Research and Development Expenses [Line Items] | |||
Research and development expenses | 13,693,638 | 12,349,351 | 21,631,240 |
Employee benefits expenses [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Research and Development Expenses [Line Items] | |||
Research and development expenses | 6,776,853 | 6,957,866 | 5,941,813 |
Equity-settled share-based payment expense [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Research and Development Expenses [Line Items] | |||
Research and development expenses | 1,500,670 | 2,456,571 | 1,622,898 |
Legal and consulting fees [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Research and Development Expenses [Line Items] | |||
Research and development expenses | 1,758,283 | 1,690,448 | 1,074,710 |
Other expenses [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Research and Development Expenses [Line Items] | |||
Research and development expenses | € 686,012 | € 334,273 | € 434,331 |
Consolidated Statements of O_10
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of General and Administrative Expenses - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of General and Administrative Expenses [Line Items] | |||
General and administrative expenses | € 12,628,756 | € 14,869,564 | € 11,984,722 |
Employee benefits expenses [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of General and Administrative Expenses [Line Items] | |||
General and administrative expenses | 5,392,905 | 7,125,798 | 6,500,680 |
Equity-settled share-based payment expense [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of General and Administrative Expenses [Line Items] | |||
General and administrative expenses | 1,846,356 | 3,587,785 | 2,709,307 |
Legal and consulting fees [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of General and Administrative Expenses [Line Items] | |||
General and administrative expenses | 3,239,809 | 3,104,624 | 2,065,423 |
Insurance expenses [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of General and Administrative Expenses [Line Items] | |||
General and administrative expenses | 1,934,880 | 2,330,624 | 1,615,920 |
Depreciation & amortization expense [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of General and Administrative Expenses [Line Items] | |||
General and administrative expenses | 507,905 | 526,325 | 551,566 |
Compensation expense for non-executive directors [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of General and Administrative Expenses [Line Items] | |||
General and administrative expenses | 305,984 | 248,724 | 271,248 |
Other expenses [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of General and Administrative Expenses [Line Items] | |||
General and administrative expenses | € 1,247,273 | € 1,533,469 | € 979,884 |
Consolidated Statements of O_11
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Other Income - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of other income [Abstract] | |||
Other income from government grants | € 13,155,250 | € 20,116,542 | |
Further other income | 64,454 | 42,627 | 54,221 |
Total | € 13,219,704 | € 20,159,169 | € 54,221 |
Consolidated Statements of O_12
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Employee Benefits Expenses - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Employee Benefits Expenses [Line Items] | |||
Employee benefits expenses | € 13,210,345 | € 14,083,664 | € 12,442,493 |
Wages and salaries [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Employee Benefits Expenses [Line Items] | |||
Employee benefits expenses | 8,192,143 | 6,863,423 | 6,919,166 |
Social security contributions (employer's share) [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Employee Benefits Expenses [Line Items] | |||
Employee benefits expenses | 944,712 | 672,534 | 671,697 |
Equity-settled share-based payment expenses [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Employee Benefits Expenses [Line Items] | |||
Employee benefits expenses | 3,414,488 | 6,044,356 | 4,332,205 |
Other [Member] | |||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Employee Benefits Expenses [Line Items] | |||
Employee benefits expenses | € 659,002 | € 503,351 | € 519,425 |
Consolidated Statements of O_13
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Net Financial Result - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Net Financial Result Abstract | |||
Interest income | € 3,804,827 | € 608,679 | € 109,391 |
Interest expenses | (16,538) | (23,303) | (10,714) |
Interest on lease liabilities | (19,090) | (21,947) | (14,055) |
Financial result | 3,769,199 | 563,429 | 84,622 |
Foreign exchange income | 5,529,389 | 6,924,697 | 5,569,836 |
Foreign exchange expense | (7,371,261) | (4,482,399) | (3,605,701) |
Foreign exchange result | (1,841,872) | 2,442,298 | 1,964,135 |
Other financial result | 313,240 | (252,471) | (44,000) |
Net financial result | € 2,240,566 | € 2,753,256 | € 2,004,757 |
Consolidated Statements of O_14
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Share-based Payments | 12 Months Ended | ||||
Dec. 31, 2023 € / shares | Dec. 31, 2022 € / shares | Dec. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares | ||
Options [Member] | |||||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Share-based Payments [Line Items] | |||||
Outstanding at January 1 | 148,433 | 148,433 | |||
Exercised during the year | |||||
Outstanding at December 31 | 148,433 | 148,433 | |||
Exercisable at December 31 (in Euro per share and Dollars per share) | $ / shares | $ 148,433 | $ 148,433 | |||
WAEP [Member] | |||||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Share-based Payments [Line Items] | |||||
Outstanding at January 1 | [1] | 0.01 | 0.01 | ||
Exercised during the year | [1] | ||||
Outstanding at December 31 | [1] | 0.01 | 0.01 | ||
Exercisable at December 31 (in Euro per share and Dollars per share) | € / shares | [1] | € 0.01 | € 0.01 | ||
[1] Weighted average share price (WAEP) |
Consolidated Statements of O_15
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Share-based payments - 2016 Plan [Member] | 12 Months Ended | ||||
Dec. 31, 2023 € / shares shares | Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 € / shares shares | Dec. 31, 2022 $ / shares shares | ||
Options [Member] | |||||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Share-based payments [Line Items] | |||||
Options, Outstanding beginning | 888,632 | 888,632 | 888,632 | 888,632 | |
Options, Exercised during the year | |||||
Options, Outstanding ending | 888,632 | 888,632 | 888,632 | 888,632 | |
Options, Exercisable at December 31 | 888,632 | 888,632 | 888,632 | 888,632 | |
WAEP [Member] | |||||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Share-based payments [Line Items] | |||||
WAEP, Outstanding beginning | (per share) | [1] | € 1.74 | $ 1.86 | € 2.96 | $ 3.35 |
WAEP, Exercised during the year | (per share) | |||||
WAEP, Outstanding ending | (per share) | [1] | 1.68 | 1.86 | 1.74 | 1.86 |
WAEP,Exercisable at December 31 | (per share) | [1] | € 1.68 | $ 1.86 | € 1.74 | $ 1.86 |
[1] Conversion rates used for one €: December 31,2023 $0.9050, average rate 2023 $0.9246, December 31,2022 $0.9376, average rate 2022 $0.9489 |
Consolidated Statements of O_16
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Share-Based payments - Long-Term Incentive Plan 2017 [Member] | 12 Months Ended | ||||
Dec. 31, 2023 € / shares shares | Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 € / shares shares | Dec. 31, 2022 $ / shares shares | ||
Options [Member] | |||||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Share-Based payments [Line Items] | |||||
Options, Outstanding beginning | shares | 4,985,523 | 4,985,523 | 3,170,046 | 3,170,046 | |
Options, Granted during the year | shares | 1,735,750 | 1,735,750 | 1,966,666 | 1,966,666 | |
Options, Forfeited during the year | shares | (31,000) | (31,000) | (136,259) | (136,259) | |
Options, Exercised during the year | shares | (105,327) | (105,327) | (14,930) | (14,930) | |
Options, Outstanding ending | shares | 6,584,946 | 6,584,946 | 4,985,523 | 4,985,523 | |
Options, Exercisable at December 31 | shares | 5,577,384 | 5,577,384 | 4,157,148 | 4,157,148 | |
WAEP [Member] | Top of range [Member] | |||||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Share-Based payments [Line Items] | |||||
WAEP, Outstanding beginning | $ / shares | [1] | $ 1.97 | $ 3.95 | ||
WAEP, Granted during the year | $ / shares | [1] | 2.58 | 1.98 | ||
WAEP, Forfeited during the year | $ / shares | [1] | 2.7 | 2.22 | ||
WAEP, Exercised during the year | $ / shares | [1] | 2.16 | 1.86 | ||
WAEP, Outstanding ending | $ / shares | [1] | 2.12 | 1.97 | ||
WAEP,Exercisable at December 31 | $ / shares | [1] | $ 2.01 | $ 1.93 | ||
WAEP [Member] | Bottom of range [Member] | |||||
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Share-Based payments [Line Items] | |||||
WAEP, Outstanding beginning | € / shares | [1] | € 1.84 | € 3.49 | ||
WAEP, Granted during the year | € / shares | [1] | 2.39 | 1.88 | ||
WAEP, Forfeited during the year | € / shares | [1] | 2.5 | 2.11 | ||
WAEP, Exercised during the year | € / shares | [1] | 2 | 1.76 | ||
WAEP, Outstanding ending | € / shares | [1] | 1.92 | 1.84 | ||
WAEP,Exercisable at December 31 | € / shares | [1] | € 1.82 | € 1.81 | ||
[1] Conversion rates used for one €: December 31,2023 $0.9050, average rate 2023 $0.9246, December 31, 2022 $0.9376, average rate 2022 $0.9489 |
Consolidated Statements of O_17
Consolidated Statements of Operations and Comprehensive Loss (Details) - Schedule of Weighted Average | 12 Months Ended | |||||
Dec. 31, 2023 € / shares shares | Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 € / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 € / shares shares | Dec. 31, 2021 $ / shares shares | |
2021 | ||||||
Options (in Shares) | shares | 1,735,750 | 1,735,750 | 1,966,666 | 1,966,666 | 1,219,074 | 1,219,074 |
January 4 [Member] | ||||||
2021 | ||||||
Options (in Shares) | shares | 839,260 | 839,260 | ||||
Fair value per option | $ 4.53 | |||||
FX rate as of grant date | $ 0.8133 | |||||
Fair value per option (in Euro per share) | € / shares | € 3.68 | |||||
Expected volatility | 1.35% | 1.35% | ||||
Expected life (midpoint based) | 5 years 3 months 21 days | 5 years 3 months 21 days | ||||
Risk-free rate (interpolated, U.S. sovereign strips curve) | 0.50% | 0.50% | ||||
January 4 [Member] | Bottom of range [Member] | ||||||
2021 | ||||||
Share price at grant date / Exercise price | $ 5.14 | |||||
January 4 [Member] | ||||||
2021 | ||||||
Options (in Shares) | shares | 31,668 | 31,668 | ||||
Fair value per option | $ 4.57 | |||||
FX rate as of grant date | $ 0.8133 | |||||
Fair value per option (in Euro per share) | € / shares | € 3.72 | |||||
Expected volatility | 1.35% | 1.35% | ||||
Expected life (midpoint based) | 5 years 6 months | 5 years 6 months | ||||
Risk-free rate (interpolated, U.S. sovereign strips curve) | 0.50% | 0.50% | ||||
January 4 [Member] | Bottom of range [Member] | ||||||
2021 | ||||||
Share price at grant date / Exercise price | $ 5.14 | |||||
July 2 [Member] | ||||||
2021 | ||||||
Options (in Shares) | shares | 327,436 | 327,436 | ||||
Fair value per option | $ 2.64 | |||||
FX rate as of grant date | $ 0.8458 | |||||
Fair value per option (in Euro per share) | € / shares | € 2.23 | |||||
Expected volatility | 1.35% | 1.35% | ||||
Expected life (midpoint based) | 5 years 3 months 21 days | 5 years 3 months 21 days | ||||
Risk-free rate (interpolated, U.S. sovereign strips curve) | 0.98% | 0.98% | ||||
July 2 [Member] | Bottom of range [Member] | ||||||
2021 | ||||||
Share price at grant date / Exercise price | $ 2.99 | |||||
July 2 [Member] | ||||||
2021 | ||||||
Options (in Shares) | shares | 20,710 | 20,710 | ||||
Fair value per option | $ 2.66 | |||||
FX rate as of grant date | $ 0.8458 | |||||
Fair value per option (in Euro per share) | € / shares | € 2.25 | |||||
Expected volatility | 1.35% | 1.35% | ||||
Expected life (midpoint based) | 5 years 5 months 26 days | 5 years 5 months 26 days | ||||
Risk-free rate (interpolated, U.S. sovereign strips curve) | 1.01% | 1.01% | ||||
July 2 [Member] | Bottom of range [Member] | ||||||
2021 | ||||||
Share price at grant date / Exercise price | $ 2.99 | |||||
January 12 [Member] | ||||||
2021 | ||||||
Options (in Shares) | shares | 1,516,666 | 1,516,666 | ||||
Fair value per option | $ 3.66 | |||||
FX rate as of grant date | $ 0.8795 | |||||
Fair value per option (in Euro per share) | € / shares | € 3.22 | |||||
Expected volatility | 1.35% | 1.35% | ||||
Expected life (midpoint based) | 5 years 3 months 21 days | 5 years 3 months 21 days | ||||
Risk-free rate (interpolated, U.S. sovereign strips curve) | 1.57% | 1.57% | ||||
January 12 [Member] | Bottom of range [Member] | ||||||
2021 | ||||||
Share price at grant date / Exercise price | $ 4.13 | |||||
January 12 [Member] | ||||||
2021 | ||||||
Options (in Shares) | shares | 45,000 | 45,000 | ||||
Fair value per option | $ 3.68 | |||||
FX rate as of grant date | $ 0.8795 | |||||
Fair value per option (in Euro per share) | € / shares | € 3.24 | |||||
Expected volatility | 1.35% | 1.35% | ||||
Expected life (midpoint based) | 5 years 6 months | 5 years 6 months | ||||
Risk-free rate (interpolated, U.S. sovereign strips curve) | 1.59% | 1.59% | ||||
January 12 [Member] | Bottom of range [Member] | ||||||
2021 | ||||||
Share price at grant date / Exercise price | $ 4.13 | |||||
Repricing, April 13 [Member] | ||||||
2021 | ||||||
Options (in Shares) | shares | ||||||
FX rate as of grant date | $ 0.9237 | |||||
Expected volatility | 1.35% | 1.35% | ||||
Risk-free rate (interpolated, U.S. sovereign strips curve) | 2.60% | 2.60% | ||||
Repricing, April 13 [Member] | Bottom of range [Member] | ||||||
2021 | ||||||
Fair value per option | $ 1.2 | |||||
Fair value per option (in Euro per share) | € / shares | € 1.11 | |||||
Share price at grant date / Exercise price | $ 1.86 | |||||
Expected life (midpoint based) | 1 year 9 months 29 days | 1 year 9 months 29 days | ||||
Repricing, April 13 [Member] | Top of range [Member] | ||||||
2021 | ||||||
Fair value per option | $ 1.63 | |||||
Fair value per option (in Euro per share) | € / shares | € 1.5 | |||||
Expected life (midpoint based) | 4 years 11 months 8 days | 4 years 11 months 8 days | ||||
November 21 [Member] | ||||||
2021 | ||||||
Options (in Shares) | shares | 405,000 | 405,000 | ||||
Fair value per option | $ 2.04 | |||||
FX rate as of grant date | $ 0.976 | |||||
Fair value per option (in Euro per share) | € / shares | € 1.99 | |||||
Expected volatility | 1.35% | 1.35% | ||||
Expected life (midpoint based) | 4 years | 4 years | ||||
Risk-free rate (interpolated, U.S. sovereign strips curve) | 4.15% | 4.15% | ||||
November 21 [Member] | Bottom of range [Member] | ||||||
2021 | ||||||
Share price at grant date / Exercise price | $ 2.44 | |||||
January 24 [Member] | ||||||
2021 | ||||||
Options (in Shares) | shares | 1,454,250 | 1,454,250 | ||||
Fair value per option | $ 2.11 | |||||
FX rate as of grant date | $ 0.9008 | |||||
Fair value per option (in Euro per share) | € / shares | € 1.9 | |||||
Expected volatility | 1.35% | 1.35% | ||||
Expected life (midpoint based) | 5 years 3 months 18 days | 5 years 3 months 18 days | ||||
Risk-free rate (interpolated, U.S. sovereign strips curve) | 3.571% | 3.571% | ||||
January 24 [Member] | Bottom of range [Member] | ||||||
2021 | ||||||
Share price at grant date / Exercise price | $ 2.37 | |||||
January 24 [Member] | ||||||
2021 | ||||||
Options (in Shares) | shares | 52,500 | 52,500 | ||||
Fair value per option | $ 2.13 | |||||
FX rate as of grant date | $ 0.9008 | |||||
Fair value per option (in Euro per share) | € / shares | € 1.92 | |||||
Expected volatility | 1.35% | 1.35% | ||||
Expected life (midpoint based) | 5 years 6 months | 5 years 6 months | ||||
Risk-free rate (interpolated, U.S. sovereign strips curve) | 3.565% | 3.565% | ||||
January 24 [Member] | Bottom of range [Member] | ||||||
2021 | ||||||
Share price at grant date / Exercise price | $ 2.37 | |||||
May 31 [Member] | ||||||
2021 | ||||||
Options (in Shares) | shares | 60,500 | 60,500 | ||||
Fair value per option | $ 3.61 | |||||
FX rate as of grant date | $ 0.9361 | |||||
Fair value per option (in Euro per share) | € / shares | € 3.38 | |||||
Expected volatility | 1.35% | 1.35% | ||||
Expected life (midpoint based) | 4 years 6 months | 4 years 6 months | ||||
Risk-free rate (interpolated, U.S. sovereign strips curve) | 3.82% | 3.82% | ||||
May 31 [Member] | Bottom of range [Member] | ||||||
2021 | ||||||
Share price at grant date / Exercise price | $ 4.19 | |||||
July 7 [Member] | ||||||
2021 | ||||||
Options (in Shares) | shares | 57,000 | 57,000 | ||||
Fair value per option | $ 3.59 | |||||
FX rate as of grant date | $ 0.9184 | |||||
Fair value per option (in Euro per share) | € / shares | € 3.3 | |||||
Expected volatility | 1.46% | 1.46% | ||||
Expected life (midpoint based) | 5 years 6 months | 5 years 6 months | ||||
Risk-free rate (interpolated, U.S. sovereign strips curve) | 4.32% | 4.32% | ||||
July 7 [Member] | Bottom of range [Member] | ||||||
2021 | ||||||
Share price at grant date / Exercise price | $ 3.89 | |||||
July 7 [Member] | ||||||
2021 | ||||||
Options (in Shares) | shares | 100,000 | 100,000 | ||||
Fair value per option | $ 3.64 | |||||
FX rate as of grant date | $ 0.9184 | |||||
Fair value per option (in Euro per share) | € / shares | € 3.34 | |||||
Expected volatility | 1.46% | 1.46% | ||||
Expected life (midpoint based) | 6 years 1 month 6 days | 6 years 1 month 6 days | ||||
Risk-free rate (interpolated, U.S. sovereign strips curve) | 4.286% | 4.286% | ||||
July 7 [Member] | Bottom of range [Member] | ||||||
2021 | ||||||
Share price at grant date / Exercise price | $ 3.89 | |||||
July 19 [Member] | ||||||
2021 | ||||||
Options (in Shares) | shares | 4,000 | 4,000 | ||||
Fair value per option | $ 3.55 | |||||
FX rate as of grant date | $ 0.8911 | |||||
Fair value per option (in Euro per share) | € / shares | € 3.16 | |||||
Expected volatility | 1.46% | 1.46% | ||||
Expected life (midpoint based) | 5 years 6 months | 5 years 6 months | ||||
Risk-free rate (interpolated, U.S. sovereign strips curve) | 4.32% | 4.32% | ||||
July 19 [Member] | Bottom of range [Member] | ||||||
2021 | ||||||
Share price at grant date / Exercise price | $ 3.99 | |||||
September 18 [Member] | ||||||
2021 | ||||||
Options (in Shares) | shares | 7,500 | 7,500 | ||||
Fair value per option | $ 3.15 | |||||
FX rate as of grant date | $ 0.9378 | |||||
Fair value per option (in Euro per share) | € / shares | € 2.95 | |||||
Expected volatility | 1.46% | 1.46% | ||||
Expected life (midpoint based) | 5 years 6 months | 5 years 6 months | ||||
Risk-free rate (interpolated, U.S. sovereign strips curve) | 4.32% | 4.32% | ||||
September 18 [Member] | Bottom of range [Member] | ||||||
2021 | ||||||
Share price at grant date / Exercise price | $ 3.54 |
Notes to the Consolidated Sta_3
Notes to the Consolidated Statements of Financial Position (Details) € / shares in Units, $ / shares in Units, $ in Millions | 12 Months Ended | ||||||||
Jul. 08, 2023 USD ($) | Dec. 31, 2023 EUR (€) € / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 EUR (€) | Dec. 31, 2017 EUR (€) | Apr. 30, 2023 € / shares shares | Apr. 30, 2023 $ / shares shares | |
Notes to the Consolidated Statements of Financial Position (Details) [Line Items] | |||||||||
Research and development expenses | € 858 | € 858 | € 10,192 | ||||||
General and administrative expense | 95,205 | 97,413 | 105,790 | ||||||
Cash outflow for leases | 0.4 | € 0.4 | € 0.4 | ||||||
Inventory write-downs | € 500,000 | ||||||||
Corporate Income Tax | 15% | 15% | 15% | 15% | 15% | ||||
Solidarity surcharge | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% | ||||
Trade taxes | 13.065% | 13.065% | 13.70% | 13.70% | 12.80% | ||||
Average total tax rate | 29.50% | 29.50% | 28.60% | ||||||
Total tax rate | 25.74% | 25.74% | 25.74% | 25.74% | 25.74% | ||||
Federal tax | 21% | 21% | 21% | 21% | 21% | ||||
State tax | 4.74% | 4.74% | 4.74% | 4.74% | 4.74% | ||||
Total tax loss carryforwards | € 243,800,000 | € 211,300,000 | |||||||
Unused tax losses carried forward | 196,000,000 | 163,400,000 | |||||||
Corporate income and trade tax | 164,000,000 | 131,600,000 | |||||||
Tax losses | € 34,800,000 | ||||||||
Tax loss carryforwards | € 12,970,000 | $ 14.3 | 13,200,000 | $ 14.1 | |||||
Taxable income | 80% | 80% | |||||||
Current income tax receivable | € 1,390,280 | 791,344 | |||||||
Current and non-current financial assets | 85.5 | 68,500,000 | |||||||
Financial assets from government grants amount | |||||||||
Due amount | € 6,200,000 | ||||||||
Capital ordinary shares issued (in Shares) | shares | 58,883,272 | 44,703,763 | |||||||
Nominal value per share | (per share) | € 0.12 | € 0.12 | $ 4.25 | ||||||
Common shares over time (in Dollars) | $ | $ 50 | ||||||||
Ordinary shares issued (in Shares) | shares | 120,257 | 120,257 | |||||||
Common shares issued | € 11,800,000 | ||||||||
Sales agreement amounts (in Dollars) | $ | $ 19 | $ 35.2 | |||||||
Net proceeds | € 14,400,000 | $ 15.7 | |||||||
Aggregate ordinary shares sold (in Shares) | shares | 10,823,529 | 10,823,529 | |||||||
share sold (in Shares) | shares | 1,411,764 | 1,411,764 | |||||||
Proceeds offering cost | 2,500,000 | 2.8 | |||||||
Underwriting Discounts | 39,100,000 | 43.2 | |||||||
Other offering expenses | 400,000 | ||||||||
Net proceeds from offering | 38,700,000 | ||||||||
Ordinary share purchase | € 2,300,000 | $ 2.5 | |||||||
Price per share (in Dollars per share) | $ / shares | $ 5 | ||||||||
Sale of additional shares (in Shares) | shares | 500,000 | 500,000 | |||||||
Aggregate purchase price (in Dollars) | $ | $ 7.5 | ||||||||
Aggregate public offering (in Dollars) | $ | $ 250 | ||||||||
Nominal value (in Euro per share) | € / shares | € 0.12 | ||||||||
Ordinary shares (in Shares) | shares | 98,754 | ||||||||
Ordinary shares sold at price (in Dollars per share) | $ / shares | $ 1.85 | ||||||||
Ordinary shares (in Shares) | shares | 21,503 | ||||||||
Price sold (in Dollars per share) | $ / shares | $ 3.35 | ||||||||
Ordinary share purchase (in Shares) | shares | 110,000,000 | ||||||||
Preferred shares (in Shares) | shares | 110,000,000 | ||||||||
Nominal value per shares | € 0.12 | ||||||||
Company issued capital | 100% | 100% | |||||||
Reimburse expenses | € 70,000 | ||||||||
Common shares in excess of nominal value (in Euro per share) | € / shares | € 0.12 | ||||||||
Payments for accrued liabilities | € 2,700,000 | ||||||||
Variables held constant, percentage | 10% | 10% | |||||||
Credit risk | € 99,300,000 | 84,000,000 | |||||||
cash and cash equivalents | 12,800,000 | € 16,300,000 | |||||||
Cash received | € 8,800,000 | ||||||||
Minimum [Member] | |||||||||
Notes to the Consolidated Statements of Financial Position (Details) [Line Items] | |||||||||
Nominal fixed interest | 0.30% | 0.30% | 0% | 0% | |||||
Maximum [Member] | |||||||||
Notes to the Consolidated Statements of Financial Position (Details) [Line Items] | |||||||||
Nominal fixed interest | 4.125% | 4.125% | 4.125% | 4.125% | |||||
Top of Range [Member] | |||||||||
Notes to the Consolidated Statements of Financial Position (Details) [Line Items] | |||||||||
Foreign exchange on translation | € 1,000,000 | ||||||||
Exchange rate fluctuations (in Euro per share) | € / shares | € 1.2155 | ||||||||
Bottom of Range [Member] | |||||||||
Notes to the Consolidated Statements of Financial Position (Details) [Line Items] | |||||||||
Foreign exchange on translation | € 1,000,000 | ||||||||
Exchange rate fluctuations (in Euro per share) | € / shares | € 0.9945 | ||||||||
Market Program [Member] | |||||||||
Notes to the Consolidated Statements of Financial Position (Details) [Line Items] | |||||||||
Ordinary shares issued (in Shares) | shares | 3,235,723 | 3,235,723 | 2,568,208 | 2,568,208 | |||||
Stock Option [Member] | |||||||||
Notes to the Consolidated Statements of Financial Position (Details) [Line Items] | |||||||||
Ordinary shares issued (in Shares) | shares | 14,930 | 14,930 | |||||||
Credit Risk [Member] | |||||||||
Notes to the Consolidated Statements of Financial Position (Details) [Line Items] | |||||||||
Financial assets | € 86,600,000 | € 67,700,000 |
Notes to the Consolidated Sta_4
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Property and Equipment - EUR (€) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accumulated depreciation | ||
Net book value | € 289,577 | € 328,920 |
Cost [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Property and Equipment [Line Items] | ||
Balance at beginning | 1,453,339 | 1,267,611 |
Additions | 55,123 | 160,491 |
Disposals | (2,595) | |
Exchange differences | (14,342) | 25,236 |
Balance at ending | 1,491,525 | 1,453,339 |
Accumulated depreciation [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Property and Equipment [Line Items] | ||
Balance at beginning | (1,124,419) | (993,238) |
Disposals | 2,594 | |
Exchange differences | 13,668 | (17,286) |
Balance at ending | (1,201,948) | (1,124,419) |
Accumulated depreciation | ||
Depreciation charge for the year | (93,791) | (113,894) |
Property and equipment [Member] | ||
Accumulated depreciation | ||
Net book value | 289,577 | 328,920 |
Property and equipment [Member] | Cost [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Property and Equipment [Line Items] | ||
Balance at beginning | 1,453,339 | 1,267,611 |
Additions | 55,123 | 160,491 |
Disposals | (2,595) | |
Exchange differences | (14,342) | 25,236 |
Balance at ending | 1,491,525 | 1,453,339 |
Property and equipment [Member] | Accumulated depreciation [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Property and Equipment [Line Items] | ||
Balance at beginning | (1,124,419) | (993,238) |
Disposals | 2,594 | |
Exchange differences | 13,668 | (17,286) |
Balance at ending | (1,201,948) | (1,124,419) |
Accumulated depreciation | ||
Depreciation charge for the year | (93,791) | (113,894) |
Advance payments [Member] | ||
Accumulated depreciation | ||
Net book value | ||
Advance payments [Member] | Cost [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Property and Equipment [Line Items] | ||
Balance at beginning | ||
Additions | ||
Disposals | ||
Exchange differences | ||
Balance at ending | ||
Advance payments [Member] | Accumulated depreciation [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Property and Equipment [Line Items] | ||
Balance at beginning | ||
Disposals | ||
Exchange differences | ||
Balance at ending | ||
Accumulated depreciation | ||
Depreciation charge for the year |
Notes to the Consolidated Sta_5
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Right-of-Use Assets - EUR (€) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Right-of-Use Assets [Line Items] | ||
Net book value | € 1,071,666 | € 1,311,809 |
Building [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Right-of-Use Assets [Line Items] | ||
Net book value | 1,028,098 | 1,292,717 |
Cars [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Right-of-Use Assets [Line Items] | ||
Net book value | 43,568 | 19,092 |
Cost [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Right-of-Use Assets [Line Items] | ||
Balance, beginning | 2,704,473 | 2,409,399 |
Additions | 140,128 | 281,429 |
Exchange differences | (9,349) | 13,645 |
Balance, ending | 2,835,253 | 2,704,473 |
Cost [Member] | Building [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Right-of-Use Assets [Line Items] | ||
Balance, beginning | 2,579,342 | 2,284,269 |
Additions | 91,125 | 281,429 |
Exchange differences | (9,349) | 13,645 |
Balance, ending | 2,661,118 | 2,579,342 |
Cost [Member] | Cars [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Right-of-Use Assets [Line Items] | ||
Balance, beginning | 125,130 | 125,130 |
Additions | 49,004 | |
Exchange differences | ||
Balance, ending | 174,134 | 125,130 |
Accumulated depreciation [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Right-of-Use Assets [Line Items] | ||
Balance, beginning | (1,392,664) | (1,001,321) |
Depreciation charge for the year | (377,925) | (384,432) |
Exchange differences | 7,003 | (6,911) |
Balance, ending | (1,763,586) | (1,392,664) |
Accumulated depreciation [Member] | Building [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Right-of-Use Assets [Line Items] | ||
Balance, beginning | (1,286,625) | (925,306) |
Depreciation charge for the year | (353,398) | (354,408) |
Exchange differences | 7,003 | (6,911) |
Balance, ending | (1,633,020) | (1,286,625) |
Accumulated depreciation [Member] | Cars [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Right-of-Use Assets [Line Items] | ||
Balance, beginning | (106,039) | (76,015) |
Depreciation charge for the year | (24,527) | (30,024) |
Exchange differences | ||
Balance, ending | € (130,566) | € (106,039) |
Notes to the Consolidated Sta_6
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Intangible Assets - EUR (€) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Intangible Assets [Line Items] | ||
Net book value | € 68,818 | € 138,905 |
Purchased IT-software [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Intangible Assets [Line Items] | ||
Net book value | 42,841 | 138,905 |
Advances paid for software [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Intangible Assets [Line Items] | ||
Net book value | 25,977 | |
Cost [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Intangible Assets [Line Items] | ||
Balance beginning | (723,250) | 720,942 |
Additions | 25,977 | 1,900 |
Disposals | (7,009) | |
Exchange differences | (111) | 408 |
Balance ending | 742,107 | 723,250 |
Cost [Member] | Purchased IT-software [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Intangible Assets [Line Items] | ||
Balance beginning | (723,250) | 720,942 |
Additions | 1,900 | |
Disposals | (7,009) | |
Exchange differences | (111) | 408 |
Balance ending | 716,130 | 723,250 |
Cost [Member] | Advances paid for software [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Intangible Assets [Line Items] | ||
Balance beginning | ||
Additions | 25,977 | |
Disposals | ||
Exchange differences | ||
Balance ending | 25,977 | |
Accumulated amortization [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Intangible Assets [Line Items] | ||
Balance beginning | 584,345 | (485,726) |
Amortization charge for the year | (96,063) | (98,271) |
Disposals | 7,009 | |
Exchange differences | 111 | (348) |
Balance ending | (673,289) | (584,345) |
Accumulated amortization [Member] | Purchased IT-software [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Intangible Assets [Line Items] | ||
Balance beginning | 584,345 | (485,726) |
Amortization charge for the year | (96,063) | (98,271) |
Disposals | 7,009 | |
Exchange differences | 111 | (348) |
Balance ending | (673,289) | (584,345) |
Accumulated amortization [Member] | Advances paid for software [Member] | ||
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Intangible Assets [Line Items] | ||
Balance beginning | ||
Amortization charge for the year | ||
Disposals | ||
Exchange differences | ||
Balance ending |
Notes to the Consolidated Sta_7
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Lease Liabilities - EUR (€) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Lease Liabilities [Abstract] | ||
As of January 1 | € 1,356,684 | € 1,432,526 |
Additions | 140,128 | 281,429 |
Derecognition | (20,555) | (20,555) |
Payments | (353,422) | (343,874) |
Short-term liability for accrued interest expense | (396) | 304 |
Foreign exchange difference | (2,391) | 6,854 |
As of December 31 | € 1,120,048 | € 1,356,684 |
Notes to the Consolidated Sta_8
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Amounts Recognized in Profit or Loss - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Amounts Recognized In Profit Or Loss Abstract | |||
Depreciation expense of right-of-use assets (see Note E.2.) | € 377,925 | € 384,432 | € 371,551 |
Interest expense on lease liabilities | 19,090 | 21,947 | 14,055 |
Rental expense from leases | 6,261 | 6,261 | 6,261 |
Thereof short-term leases (included in administrative expenses) | |||
Thereof leases of low-value assets (included in administrative expenses) | 6,261 | 6,261 | 6,261 |
Total amounts recognized in profit or loss | € 403,276 | € 412,640 | € 391,867 |
Notes to the Consolidated Sta_9
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Inventory - EUR (€) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Inventory [Abstract] | |||
Raw material and supplies | € 423,560 | ||
Unfinished goods | 10,614,159 | ||
Finished goods | 330,087 | ||
Total | € 11,367,807 |
Notes to the Consolidated St_10
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Other Assets - EUR (€) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Other Assets Abstract | ||
Other non-current assets | € 257,267 | € 308,066 |
Prepaid expenses | 257,267 | 308,066 |
Total | 257,267 | 308,066 |
Current other assets | ||
Prepayments on research & development projects | 3,670,167 | 9,776,505 |
Prepaid expenses | 272,999 | 1,841,935 |
Others | 93,482 | 2,552,071 |
Total | 4,036,648 | 14,170,511 |
Total other assets | € 4,293,915 | € 14,478,577 |
Notes to the Consolidated St_11
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Applicable Tax Rate and Current Income Taxes Recognized in Profit or Loss - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Applicable Tax Rate and Current Income Taxes Recognized in Profit or Loss [Abstract] | |||
Loss for the period (accounting profit before income tax) | € (42,667,529) | € (29,484,611) | € (45,630,059) |
Tax rate | 28.60% | 29.20% | 28.50% |
Tax benefits at tax rate | € 12,160,545 | € 8,610,381 | € 13,001,984 |
Temporary differences and tax losses for which no deferred tax asset was recognized | (12,127,977) | (7,480,169) | (10,988,805) |
Non-recognition of tax effect on share-based payments | (32,182) | (1,251,830) | (1,959,606) |
Non-deductible expenses for tax purposes | (46,907) | (22,067) | (3,758) |
Other differences due to tax rate | 46,521 | 143,686 | (49,815) |
Income tax |
Notes to the Consolidated St_12
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Financial Assets and Liabilities - EUR (€) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Financial Assets and Liabilities [Abstract] | ||
Non-current financial assets | € 9,052,741 | € 2,900,902 |
Financial assets from government grants | 732,971 | |
Other current financial assets | 77,504,518 | 64,791,088 |
Liabilities from government grants | 6,209,266 | |
Trade and other payables | € 14,716,441 | € 4,987,538 |
Notes to the Consolidated St_13
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Cash and Cash Equivalents - EUR (€) | Dec. 31, 2023 | Dec. 31, 2022 |
Short-term deposits | ||
Short-term deposits | € 5,140,951 | € 3,422 |
Cash at banks | ||
Cash at banks | 7,626,991 | 16,261,932 |
Total cash and cash equivalents | 12,767,942 | 16,265,354 |
Deposits held in U.S. dollars [Member] | ||
Short-term deposits | ||
Short-term deposits | 4,120,951 | 3,422 |
Deposits held in Euro [Member] | ||
Short-term deposits | ||
Short-term deposits | 1,020,000 | |
Cash held in U.S. dollars [Member] | ||
Cash at banks | ||
Cash at banks | 5,041,802 | 8,645,014 |
Cash held in U.S. Euro [Member] | ||
Cash at banks | ||
Cash at banks | € 2,585,190 | € 7,616,918 |
Notes to the Consolidated St_14
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Trade and Other Payables - EUR (€) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule Of Trade And Other Payables Abstract | ||
Accrued liabilities from R&D projects | € 4,414,143 | € 2,254,550 |
Accrued liabilities from commercial activities | 1,400,382 | |
Accounts payable | 5,102,700 | 1,566,400 |
Other accrued liabilities and payables | 3,942,909 | 1,314,196 |
Total trade and other payables | € 14,860,134 | € 5,135,146 |
Notes to the Consolidated St_15
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Market Risk, Credit Risk and Liquidity Risk | 12 Months Ended |
Dec. 31, 2023 | |
Market risk [Member] | |
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Market Risk, Credit Risk and Liquidity Risk [Line Items] | |
Exposure | Future development costs; Recognized financial assets and liabilities not denominated in Euro |
Measurement | Forecasted cash flows Sensitivity analysis |
Risk Management | Achievement of a natural hedge in the future |
Credit risk [Member] | |
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Market Risk, Credit Risk and Liquidity Risk [Line Items] | |
Exposure | Cash and cash equivalents, current and non-current financial assets |
Measurement | Credit rating |
Risk Management | Diversification of bank deposits, Investment guidelines for debt investments |
Liquidity [Member] | |
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Market Risk, Credit Risk and Liquidity Risk [Line Items] | |
Exposure | R&D and G&A cost, equity, trade and other payables |
Measurement | Rolling cash flow forecast |
Risk Management | Availability of funds through financing rounds or public offerings |
Notes to the Consolidated St_16
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Cash, Cash Equivalents and Financial Assets - EUR (€) | Dec. 31, 2023 | Dec. 31, 2022 | [1] |
Schedule of Cash, Cash Equivalents and Financial Assets [Abstract] | |||
Current and non current financial assets (securities and accrued interest) | € 80,935,197 | € 7,376,866 | |
Cash and cash equivalents | 8,051,366 | 4,356,512 | |
Total assets exposed to the risk | € 88,986,563 | € 11,733,378 | |
[1]The 2022 figures do not include InflaRx N.V. given the 2022 functional currency was in USD. |
Notes to the Consolidated St_17
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Sensitivity Analysis | 12 Months Ended |
Dec. 31, 2023 EUR (€) € / shares | |
Euro weakens against U.S. dollars [Member] | |
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Sensitivity Analysis [Line Items] | |
Conversion rate (in Euro per share) | € / shares | € 1.2155 |
Profit/(loss) | € 9,887,396 |
carrying amount | € 98,873,959 |
Euro strengths against U.S. dollars [Member] | |
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Sensitivity Analysis [Line Items] | |
Conversion rate (in Euro per share) | € / shares | € 0.9945 |
Profit/(loss) | € (8,089,688) |
carrying amount | € 80,896,875 |
Notes to the Consolidated St_18
Notes to the Consolidated Statements of Financial Position (Details) - Schedule of Outstanding Financial Commitments - EUR (€) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Outstanding Financial Commitments [Abstract] | ||
Short-term deposits | € 5,140,951 | € 3,422 |
Cash at banks | 7,626,992 | 16,261,932 |
Marketable Securities (current and non-current) | 85,727,461 | 67,175,879 |
Other (non-current portion) | 237,621 | 237,296 |
Other (current) | 701,407 | 278,815 |
Total funds available | € 99,434,432 | € 83,957,344 |
Commitments (Details)
Commitments (Details) | 12 Months Ended | ||
Dec. 31, 2023 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Commitments (Details) [Line Items] | |||
Plant and equipment or patents and trademark | |||
Euro [Member] | |||
Commitments (Details) [Line Items] | |||
Converted with the exchange rate | € | € 1 | ||
USD [Member] | |||
Commitments (Details) [Line Items] | |||
Converted with the exchange rate | $ 1.105 |
Commitments (Details) - Schedul
Commitments (Details) - Schedule of Maturity Analysis of Lease Liabilities - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Commitments (Details) - Schedule of Maturity Analysis of Lease Liabilities [Line Items] | ||
Contractual minimum lease obligations | $ 1,151,434 | $ 1,380,000 |
Effect of discounting | 31,389 | 23,317 |
Lease liabilities | 1,120,045 | 1,356,683 |
Total | 1,158,363 | 1,391,223 |
Low value leases | 4,962 | 11,223 |
Short-term leases | 1,968 | |
Capitalized leases | 1,151,434 | 1,380,000 |
Within one year [Member] | ||
Commitments (Details) - Schedule of Maturity Analysis of Lease Liabilities [Line Items] | ||
Contractual minimum lease obligations | 391,158 | 380,518 |
Effect of discounting | 16,829 | 11,142 |
Lease liabilities | 374,329 | 369,376 |
Total | 397,942 | 386,779 |
Low value leases | 4,816 | 6,261 |
Short-term leases | 1,968 | |
Capitalized leases | 391,158 | 380,518 |
After one year but not more than five years [Member] | ||
Commitments (Details) - Schedule of Maturity Analysis of Lease Liabilities [Line Items] | ||
Contractual minimum lease obligations | 760,275 | 999,482 |
Effect of discounting | 14,559 | 12,175 |
Lease liabilities | 745,716 | 987,307 |
Total | 760,421 | 1,004,444 |
Low value leases | 146 | 4,962 |
Short-term leases | ||
Capitalized leases | 760,275 | 999,482 |
More than five years [Member] | ||
Commitments (Details) - Schedule of Maturity Analysis of Lease Liabilities [Line Items] | ||
Contractual minimum lease obligations | ||
Effect of discounting | ||
Lease liabilities | ||
Total | ||
Low value leases | ||
Short-term leases | ||
Capitalized leases |
Other Information (Details)
Other Information (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Information (Details) [Line Items] | |||
Revenues | € 63,089 | ||
Non current assets | 10,740,069 | 4,988,602 | |
Germany [Member] | |||
Other Information (Details) [Line Items] | |||
Non current assets | 10,600,000 | 4,900,000 | |
United State [Member] | |||
Other Information (Details) [Line Items] | |||
Non current assets | 100,000 | 100,000 | |
Executive [Members] | |||
Other Information (Details) [Line Items] | |||
Executive management, non-executive members | 800,000 | 900,000 | |
Non-executive [Member] | |||
Other Information (Details) [Line Items] | |||
Executive management, non-executive members | € 100,000 | € 100,000 |
Other Information (Details) - S
Other Information (Details) - Schedule of Compensation of the Group’s Executive Management - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Executive management | |||
Total Compensation | € 5,882,288 | € 8,361,163 | € 6,925,180 |
Executive Management [Member] | |||
Executive management | |||
Short-term employee benefits | 2,783,675 | 2,774,485 | 2,817,792 |
Share-based payments | 2,507,453 | 4,808,094 | 3,347,203 |
Total | 5,291,128 | 7,582,579 | 6,164,995 |
Non-executive Board of Directors [Member] | |||
Executive management | |||
Short-term employee benefits | 305,983 | 248,725 | 271,248 |
Share-based payments | 285,177 | 529,859 | 488,937 |
Total | € 591,160 | € 778,584 | € 760,185 |