MeritValue

InflaRx N.V.

IFRXdata completeness 75%11 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

InflaRx N.V. earns about -747% on equity, but has diluted owners by 64% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue——€63,0891€165,7891€29,3311
Net income−€45.6M2−€29.5M3−€42.7M4−€46.1M4−€45.6M4
Operating cash flow−€39.9M5−€33.7M6−€37.8M7−€48.6M7−€35.3M7
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents€26.2M8€16.3M9€12.8M9€18.4M9€16M9
Diluted shares44.2M44.7M58.9M59.4M72.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
€0.99
your share of equity
Profit it earned you last year
−€6.31
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on €0.99 of net worth that earned you −€6.31 last year.

iii. Is this a good business?
Moat signal · return on equity
-747% avg · 5y
FY21 -1496%FY22 -406%FY23 -578%FY24 -619%FY25 -636%

It earned an average -747% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+64% shares · 5y

Share count is up 64% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2023-12-31 · accession 0001213900-26-032065 (Revenue)
  2. 20-F · period ending 2021-12-31 · accession 0001213900-24-024500 (ProfitLoss)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-25-025292 (ProfitLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001213900-26-032065 (ProfitLoss)
  5. 20-F · period ending 2021-12-31 · accession 0001213900-24-024500 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2022-12-31 · accession 0001213900-25-025292 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F · period ending 2023-12-31 · accession 0001213900-26-032065 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001213900-25-025292 (CashAndCashEquivalents)
  9. 20-F · period ending 2022-12-31 · accession 0001213900-26-032065 (CashAndCashEquivalents)