InflaRx N.V. (IFRX) Balance Sheet

NASDAQ: IFRXAssets, liabilities, debt and equity over 10 years.

IFRX balance sheet, 2025

December 31, 2025 · euros

€55.2M assets = €13.7M liabilities + €41.5M equity

What it owns€55.2MCash & ST investments: €46.4M (84.1%)Cash & ST investments€46.4M · 84%Receivables: €1.4M (2.6%)Other current: €5.7M (10.4%)Other current €5.7MPP&E: €1.2M (2.1%)Goodwill & intangibles: €42,236 (0.1%)LT investments: €237,373 (0.4%)Other non-current: €151,034 (0.3%)=How it is financed€55.2MCurrent liabilities: €13.0M (23.5%)Current liabilities€13.0M · 24%Other LT liabilities: €677,560 (1.2%)Shareholders’ equity: €41.5M (75.3%)Shareholders’ equity€41.5M · 75%

Both columns are drawn to the same scale: what IFRX owns equals what it owes plus shareholders’ equity. Hover a block for its value.

IFRX financial health

Current ratio4.13
Comfortable · current assets cover current liabilities 4.13×
Debt / equity0.02
Low leverage · €0.02 of debt for each $1 of equity
Equity / assets75.3%
Equity-funded · of assets funded by shareholders
Cash / debt5,173.9%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles0.1%
Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

IFRX balance sheet trends, 2016–2025

MetricTrendThenLatestChange
Total assets€29.5M2016€55.2M2025+7.2%/yr
Total liabilities€55.2M2016€13.7M2025−14.4%/yr
Shareholders’ equity−€25.7M2016€41.5M2025—
Cash & short-term investments€29.1M2016€46.4M2025+5.3%/yr
Total debt€53.4M2016€897,5322025−36.5%/yr
Net cash (debt)−€24.3M2016€45.5M2025+€69.9M
Working capital€27.6M2016€40.6M2025+€13.0M
Current ratio16.8320164.132025−12.70
Debt / equity0.0020170.022025+0.02
Shares outstanding23.4M201667.3M2025+12.4%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

IFRX assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

IFRX liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

IFRX debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

IFRX balance sheet in euros

2025202420232022202120202019201820172016
Assets
Cash & short-term investments€46.4M€18.4M€12.8M€81.8M€83.4M€81.1M€115.5M€156.6M€123.3M€29.1M
Cash & equivalents€16.0M€18.4M€12.8M€16.3M€26.2M€26.0M€33.1M€55.4M€123.3M€29.1M
Short-term investments€30.4M€34.5M€77.5M€65.5M€57.2M€55.2M€82.4M€101.2M€0€0
Receivables€1.4M€1.7M€3.8M€1.4M€1.3M€1.4M€1.1M€0€120,000€220,000
Inventory€0€6.9M€11.4M€0€0€0€0€0€504,000€31,000
Other current assets€5.7M€44.6M€81.5M€14.2M€11.0M€3.7M€2.4M€1.6M€73,000€13,000
Total current assets€53.6M€71.7M€109.5M€97.4M€95.7M€86.3M€119.0M€158.2M€124.0M€29.4M
Property, plant & equipment (net)€1.2M€1.0M€1.4M€1.6M€1.7M€954,957€1.4M€625,000€173,000€131,000
Goodwill & intangible assets€42,236€7,263€42,841€138,905€235,216€350,183€452,400€223,000€41,000€5,000
Long-term investments€237,373€3.1M€9.1M€2.9M€27.2M€272,268€272,614€207,000€20,000€1,000
Other non-current assets€151,034€247,750€283,246€308,067€336,567€353,522€452,215€0€0€0
Total assets€55.2M€76.0M€120.2M€102.4M€125.1M€88.2M€121.6M€159.2M€124.2M€29.5M
Liabilities
Accounts payable€5.4M€3.4M€5.1M€5.0M€1.7M€1.7M€12.4M€6.7M€4.5M€1.5M
Short-term debt€256,833€406,020€374,329€369,376€366,171€338,516€515,203€0€287,000€0
Deferred revenue——€1€6.2M€8.3M€1.4M——€15,000—
Total current liabilities€13.0M€14.2M€16.8M€13.0M€18.8M€10.1M€14.1M€7.8M€4.8M€1.7M
Long-term debt€0€0€0€0€0€0€330,750€0€0€53.4M
Lease obligations€897,916€805,086€1.1M€1.4M€1.4M€559,041€845,948€0€0€0
Other long-term liabilities€677,560€435,944€782,593€1.0M€1.1M€253,847€39,007€67,000€17,000€21,000
Total liabilities€13.7M€14.6M€17.6M€14.1M€19.9M€10.4M€14.4M€7.8M€4.8M€55.2M
Shareholders' equity
Common stock & paid-in capital€8.7M€7.1M€7.1M€5.4M€5.3M€3.4M€3.1M€3.1M€2.9M€31,000
Retained earnings (deficit)−€377.7M−€332.2M−€286.1M−€243.5M−€214.0M−€168.3M−€134.4M−€81.1M−€51.3M−€27.1M
Treasury stock———————€0€0−€51.78B
Accumulated other comprehensive income€48.5M€51.6M€47.4M€36.6M€30.6M€22.5M€25.1M€18.3M€167.9M€1.7M
Minority interest———————€0€0€0
Total shareholders' equity€41.5M€61.4M€102.6M€88.3M€105.3M€77.9M€107.1M€151.4M€119.4M−€25.7M
Key figures
Total debt€897,532€805,086€1.1M€1.4M€1.4M€559,041€845,953€0€287,000€53.4M
Net cash (debt)€45.5M€17.6M€11.6M€80.5M€82.0M€80.6M€114.6M€156.6M€123.0M−€24.3M
Working capital€40.6M€57.5M€92.6M€84.4M€76.9M€76.2M€104.9M€150.4M€119.2M€27.6M
Tangible book value€41.5M€61.4M€102.5M€88.2M€105.0M€77.5M€106.7M€151.2M€119.4M−€25.7M
Shares outstanding67.3M58.9M54.9M44.2M41.6M27.1M26.0M25.1M9.4M23.4M
Current ratio4.135.066.507.485.108.548.4620.3926.0116.83
Quick ratio3.691.420.986.394.528.178.2920.1925.8916.80
Debt / equity0.020.010.010.020.010.010.010.000.00—
Equity / assets75.3%80.8%85.3%86.3%84.1%88.3%88.1%95.1%96.1%−87.0%

Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported (latest annual report filed March 20, 2026); data from EODHD.

IFRX financial position

At the end of fiscal 2025 (December 31, 2025), InflaRx had total assets of €55.2 million (down 27.4% from a year earlier), total liabilities of €13.7 million and shareholders' equity of €41.5 million. It held €46.4 million in cash and short-term investments against €0.9 million of debt, a net cash position of €45.5 million. Its current ratio was 4.13. In the latest quarter (ended June 30, 2026) total assets were €166.8 million and equity €146.1 million.

Related: IFRX income statement, IFRX cash flow statement, IFRX key metrics. See the IFRX stock overview for the latest quote and news.

IFRX balance sheet FAQ

What are InflaRx's total assets?

InflaRx reported total assets of €55.2 million at the end of fiscal 2025 (December 31, 2025), compared with €76.0 million a year earlier.

How much debt does InflaRx have?

InflaRx had €0.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.02.

How much cash does InflaRx have?

InflaRx held €46.4 million in cash and short-term investments at the end of fiscal 2025; with €0.9 million of debt that is net cash of €45.5 million.

What is InflaRx's book value?

InflaRx's shareholders' equity (book value) was €41.5 million at the end of fiscal 2025.

What is InflaRx's current ratio?

InflaRx had current assets of €53.6 million and current liabilities of €13.0 million, a current ratio of 4.13 (it can cover its short-term obligations).

How much goodwill does InflaRx have?

InflaRx carried €0.0 million of goodwill and intangible assets, 0.1% of total assets, at the end of fiscal 2025.

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