Lets talk EV of InflaRx $IFRX

Disclaimer: Shareholders since 2019.

Hard facts:

• Shares outstanding – 44.20M
• Market cap – $100.98M
• Cash – $90M
• Can keep doing what they do until end of 2024 without any fresh money.

Pipeline:

• Pyoderma Gangraenosum (PG)
• Critical COVID-19
• Cutaneous squamous cell carcinoma (cSCC)
• Oral C5aR inhibitor

About Vilobelimab (IFX-1):

• Monoclonal antibody targeting C5a
• Blocks C5a biological effects up to 100% in human blood
• Leaves MAC formation intact
• Binds with high affinity to the discovered epitope

About the Pyoderma Gangraenosum (PG) (P2-P3):

• An autoimmune condition with high unmet need
• Rare but potential life threatening
• No drugs currently approved

High dose group 85.7% rate of target ulcer closure and clinical remission. With Vilobelimab or initially called IFX-1 there were a no infusion-related reactions observed (safety). InflaRx got a P3 in preparation and orphan drug and fast track status with FDA.

About critical COVID-19 (P3):

• Encouraging P3 topline data. P2 and P3 results published. 43% relative mortality reduction (intubated patients). Drug well tolerated (safety). Possible emergency use authorisation (EUA)imminent.

About Cutaneous squamous cell carcinoma (cSCC) (P2):

C5a induces an immunosuppressive tumor microenvironment. C5a promotes metastases. C5a is readily available in the tumor environment and may promote tumor growth directly. No treatment is currently available for PD-1 or PD-L1 resistant or refractory patients.

Ongoing clinical collaboration with Merck ($MRK) and the anti-PD-1 therapy KEYTRUDA (pembrolizumab) combined with vilobelimab in patients with a PD-1 or PD-L1 inhibitor resistant/refractory locally advanced or metastatic cutaneous squamous cell carcinoma (cSCC). Encouraging data about decrease disease progression or reverse resistance to PD-1 or PD-L1 could lead to a buyout of InflaRx ($IFRX).

About Oral C5aR inhibitor (Pre clinical-P1):

Designed to address chronic inflammatory indications with oral drug intake. Better potency vs. avacopan. Read patients handle the treatment (for the masses).

Enterprise value (EV):

With a $100M market cap and about $90M cash the enterprise value is about $10M. Current share price is 100% backed by cash on hand. With two indications in P3 and a collaboration with Merck in P2 a $10M enterprise value looks cheap from every perspective. Raymond James raised the price target to $8 and that would still be a low enterprise value at $260M but better reflect the value hidden in the pipeline of the company.