IFRX InflaRx N.V.

$IFRX Reminder biggest shareholder changed names. Suvretta now Montanova - they own 22.9m shares. “In July 2026, the hedge fund Suvretta Capital Management officially changed its corporate registration name to Montanova Capital.” Since they just crossed the 15% thereshold, are they considered “an insider” thus reducing float? I show float dropping down from ~105m to 93m. Either way, they’re never selling until liquidity event. **What other reasons would cause float to be 93m w insiders only having ~5%? Fidelity became a 5% holder on 06 Aug, so that explains no short covering occurred (now in 5 Fidelity funds). They were buyers through 05AUG & likely sttill are. With 147m total oustanding, a float of ~93m and institutional ownership of ~94m, 15m known retail - plus ~10m short —-cld we begin to set off some alarm bells? Note 2 x yest there were no shares to borrow - now 500k down from 2m+ earlier in week. **68 high name funds own 64% of float OR 110% (plus short)?

$IFRX Just published in Nature Reviews Nephrology. A comprehensive review on megalin ('Megalin: from structure to function' by Christensen et al., DOI: 10.1038/s41581-026-01130-9). For us as InflaRx investors, this is extremely interesting regarding kidney protection/ANCA vasculitis. It explains on a molecular level (Cryo-EM, FIB-SEM) how the proximal tubule reabsorbs proteins, when it suffers from overload/inflammation, and why preventing secondary complement damage is so important.

$IFRX The real bullish catalyst is securing an accelerated regulatory pathway for the Phase 2b/3 trial in aAV, landing a funding deal for the Phase 2b/3 in HS (before the competition devalues their data), or sealing licensing agreements (especially for China). Basically, it all comes down to InflaRx's management executing, not the science. (They used to be a bunch of incompetents, but hopefully that's changed.)

$IFRX Excellent overview from IFRX management at H.C. Wainwright conference this morning highlighting the potential for AAV and renal diseases with izicopan and best in class C5a differentiator in the market with much safer profile oral drug. Needham just initiated with $8 target buy rating and analyst has very high success rate with his targets (TipRanks 2025). We are extremely undervalued relative to the current stock price. Institutional buying has us currently at approximately 64% tute ownership and this will continue to grow. Follow the money!

$IFRX highlights from 30 page new coverage w Needham out today. $8 target Izicopan has potential advantages over Tavneos on PK/PD, safety, and dosing convenience: We think izicopan has best-in-class C5aR inhibitor potential. There have been no SAEs or TEAEs in the >180 subjects dosed with izicopan, and its more convenient dosing (BID, 2 pills total vs. BID, 6 pills total for avacopan) is possible through improved bioavailability, with the potential for once- daily maintenance dosing. AAV is the low-hanging commercial opportunity, and our base case assumes izicopan unadjusted WW peak sales of ~$1.9B (~$1.4B U.S.) in AAV alone. ■ Our recent survey of 13 US-based AAV-treating physicians highlights drawbacks of Tavneos and enthusiasm for an izicopan-like profile: Our survey identified hepatotoxicity and liver monitoring as the biggest drawbacks of Tavneos, 92% believe approval of another safe and effective oral C5aR inhibitor would lead to growth in their prescribing for AAV patient

$IFRX the number 1 highest “Fund Sentiment Score” as rated by Fintel of all US equities (10th globally). Now “29+ days to cover” short: float dry as a bone. A fund who positions off Needham cld have $3 in a blink. How to cover 12m: pay up /crazy trade.

$IFRX At EMCHD 2026, InflaRx presented new preclinical data further supporting the role of the C5a–C5aR1 axis across complement-mediated and inflammatory diseases. Atypical hemolytic uremic syndrome (aHUS) is a thrombotic microangiopathy (TMA) that leads to organ damage. Findings from an ex vivo model showed that both vilobelimab and izicopan substantially reduced endothelial thrombogenicity, further supporting the scientific rationale for targeting C5a/C5aR1 signaling in this rare complement-driven disorder. Additional preclinical data demonstrated the efficacy of oral C5aR1 inhibition with izicopan in a severe neutrophilic asthma model. Together, these findings further support the potential of C5aR1 inhibition as a broadly applicable therapeutic approach across multiple complement-mediated and neutrophil-driven inflammatory diseases.

$IFRX Interesting date for the IFRX community: At the 10th Complement-Based Drug Development Summit in Boston (December 8–10, 2026), Niels Riedemann, CEO of InflaRx, is scheduled to present on Izicopan on Wednesday, December 9, at 9:30 AM Boston time (3:30 PM German time). The title is “Izicopan: A Best-in-Class Profile C5aR Inhibitor with Potential in ANCA Associated Vasculitis & Beyond”; according to the organizers, the presentation will cover AAV and other complement-mediated diseases, the differentiation of Izicopan, and the future role of targeted complement inhibition in renal, inflammatory and immune-mediated indications. Source: 10th Complement-Based Drug Development Summit, Boston, December 9, 2026 – Niels Riedemann / InflaRx.

$IFRX For all my patience and good will, it’s starting to get to be too much... they are not able to move anything. Day for day , week for week, month for…. This sucks. If there pipeline really is that groundbreaking, why is there no evidence in stock price?

$IFRX There is a striking tension around avacopan. 1. Regulatory pressure. EU authorization was withdrawn in August. Switzerland plans revocation on 30 Nov 2026 due to GCP breaches and ADVOCATE data issues. EU: 04 Aug 2026 – EMA/EC | Switzerland: 10 Sep 2026 – Swissmedic 2. New real-world data. REVEAL, 17 Sep 2026: 387 AAV patients, 52 received avacopan. It was associated with lower severe-infection risk (HR 0.22; 95% CI 0.07–0.68) and lower prednisolone exposure. no significant relapse difference. Rheumatology – DOI: 10.1093/rheumatology/keag517. Observational- association, not causation. 3. Germany and UK reacted too. G-BA revoked its previous benefit assessment on 17 Sep. MHRA suspended avacopan for new UK patients on 1 Sep. withdrawal is planned for 1 Mar 2027. G-BA: Resolution 8021 | MHRA: 1 Sep 2026 regulatory withdrawal alongside positive real-world data. Whether anyone is trying to “save” avacopan is not established; the ADVOCATE issues remain.

$IFRX Carefully choreographed chat, very selective material covered. Totally avoided financial questions. I smell a partnership in CSU or HS limiting prearranged questions asked. Said Vilo in Europe could be interim play and referred to our "partners" with P3 data in AAV in China (Staidson P# aav readout is planned in April '27). Had to dig for any gold in this borish chat!

$IFRX It’s September 7, and InflaRx had previously stated that the specific details for the October 8 CMD (agenda, timing, speakers, etc.) were expected to be announced in early September. 👀

$IFRX The slide states that they have already "strong" preclinical evidence in respiratory, neurology and gynecology indications. Respiratory includes at least asthma. At least what we know at this moment. Let's wait for October (?) or maybe other poster and paper to see more potential indications in the other areas. InflaRx will be busy enough to bring Vilo or Izi for AAV to market. But in parallel they are quite "agressive" in identifying more and more indications (And we are talking about huge indications in comparison to AAV). This work at this point can have just one goal. A Partner!

$IFRX dear stock gods, please let this breakout be the real thing. We kindly offer Holden as a sacrificial lamb for this to materialize.

$IFRX Cantor event tomorrow. At last year’s Sept 4 event, speaking about INF904 in HS and CSU: Cantor: “Have you budgeted for both phase twos?” InflaRx: “There’s going to be two sources for that. We not only have investors interested in the data, we also have some large pharma companies that have expressed interest in seeing the data. We could imagine that partnerships could help address some of the cash needs for future activities.” Cantor: “Would you prioritize one or the other in terms of keeping wholly owned by InflaRx?” InflaRx: “I would go even further: in terms of the potential of the drug, we see areas of interest that we are not pursuing ourselves because we do not have the means to do that. If you look into the broad spectrum of what the drug could potentially do, we feel that there are certain pharma companies that fully understand, and we could imagine going even beyond the two indications that we have initially targeted.” I doubt last year InflaRx thought they

$IFRX significant institutional buyer recently appeared in IFRX. The most notable one is Spruce Street Capital LP. Its latest Form 13F shows a new position of 5,352,198 IFRX shares, representing about 3.63% of InflaRx. � MarketBeat A few other recent institutional moves are also interesting: Spruce Street Capital: +5.35 million shares — new position Verde Serviços Internacionais: +251,000 shares in Q2 Marshall Wace: +274,324 shares in Q1 Cubist Systematic Strategies: increased its position by about 34% in Q1 Overall, 13 institutions increased positions, while 16 reduced them in the latest reporting period. � Quiver Quantitative There are currently 68 institutional holders reporting IFRX positions, totaling roughly 94.5 million shares. �🤑🤑🤑

$IFRX Plan the work and work the plan. All about execution. I agree. As long as the plan is sound. InflaRx can nail every aspect of a plan and still fail, because the plan was set up to fail. That is the endpoint dilemma in a nutshell. It burned them on HS. Then the painful PG experience. And even with vilo-covid, where FDA read the data in their favor, they still lost the guidelines, because the fight was over how the result was measured and analyzed, not over the biology. Enough doubt there for NIH and IDSA to sit on the fence. InflaRx and their $150M worth of new investors are making sure the plan this time is as close to bulletproof as a trial design gets. Size a p3 to a thousand patients just to chase superiority at week 52? Not happening, and for good reason. bvas=0 means no AAV symptoms, and the longer you hold a patient to that standard, the more subjective the call becomes: is this flare old damage, or is the disease actually back? Two expert panels looked at the

$IFRX Capital Markets Day is only 4 weeks away. This long anticipated event is expected to provide investors more insights into details of their updated strategy and execution plans. Is Lexy911 still here? He was a leading advocate of the company for many years.

$IFRX Ray Jay $21 target Raymond JamesUpgraded to Strong Buy$21.00BROAD, aggressive signal-finding strategy targeting multi-indication inflammation and immunology (I&I) markets

$IFRX pts are the easiest fade in the book just sayin. It's great that all the analysts are very bullish. Now we need actions and execution from the company to help realize those lovely projections.