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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt">(a) Operating lease obligations</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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 security for borrowing
purposes.</p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: bottom; width: 78%; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="vertical-align: top; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
31, 2017</p></td>
<td style="vertical-align: bottom; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
31, 2018</p></td></tr>
<tr>
<td style="vertical-align: bottom; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: top; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in thousands of €)</td></tr>
<tr style="background-color: #D5EAEA">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><b>Commitments for minimum lease payments in relation to non-cancellable operating leases:</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td></tr>
<tr>
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">Within one year</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">244</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">283</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">After one year but not more than five years</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">473</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">292</font></td></tr>
<tr>
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">More than five years</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">—</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">—</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>717</b></p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>575</b></p></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><b>Rental expense relating to operating leases</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">Minimum lease payments</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">162</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">213</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">Contingent rentals</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">—</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">—</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt"><font style="font-size: 8pt">Sub-lease income</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">—</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">—</p></td></tr>
<tr>
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>162</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>213</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in; font-size: 10pt"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Operating lease obligations consist of
payments pursuant to non-cancellable operating lease agreements mainly relating to the Company`s leases of office space. The lease
term of the Company`s premises expires in the next three years: Jena, Germany in December 2019, Planegg, Germany in July 31, 2021
respectively June 30, 2022 and Ann Arbor, United States in April 14, 2021.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt">(b) Other Commitments</p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: bottom; width: 78%; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="vertical-align: top; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
31, 2017</p></td>
<td style="vertical-align: bottom; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
31, 2018</p></td></tr>
<tr>
<td style="vertical-align: bottom; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: top; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in thousands of €)</td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><b>Commitments for minimum payments in relation to non-cancellable operating contracts or services:</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">Within one year</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">4,437</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">19,624</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">After one year but not more than five years</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">88</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">9,684</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">More than five years</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">7</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">—</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>4,532</b></p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>29,307</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in; font-size: 10pt"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group enters into contracts in the
normal course of business with Contract Research Organizations (‘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. Most
of these contracts are not included in the table above as they provide for termination on notice, and therefore are cancelable
contracts and do not include any minimum purchase commitments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">During 2018, the Group did not enter
into contracts to purchase property, plant and equipment or patents and trademarks (respectively nil in 2017).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The consolidated financial statements
of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations issued
by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS. The financial statements comply with
IFRS as issued by the International Accounting Standards Board (IASB).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The financial statements have been prepared
on a historical cost basis except for share-based payments which are measured at fair value.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">These financial statements are consolidated
financial statements for the Group consisting of InflaRx N.V. and its subsidiaries. The financial statements are presented in euro
(€). Euro is also the functional currency of InflaRx N.V.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">All financial information presented in
Euro has been rounded to the nearest thousand. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic
aggregation of the figures that precede them or may deviate from other tables by one thousand euros at a maximum.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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 has the ability to 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. Accounting policies of subsidiaries have been changed where necessary
to ensure consistency with the accounting policies adopted by the Group.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The financial statements were authorized
for issue by the board of directors on March [•], 2019. All press releases, financial reports and other information are available
on the Investor on the Company`s website: www.inflarx.com</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group has applied the following standards
and amendments for the first time for their annual reporting period commencing January 1, 2018:</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">IFRS 9 Financial Instruments</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">IFRS 15 Revenue from Contracts with Customers</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Amendments to IFRS 2 - Classification and Measurement of Share-based Payments</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Annual Improvements 2014-2016 cycle</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Transfers to Investment Property – Amendments to IAS 40</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Interpretation 22 Foreign Currency Transactions and Advance Consideration</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group has not early adopted any other
standard, interpretation or amendment that has been issued but is not yet effective.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group applies in the financial statements,
for the first time, IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments, which require restatement of
previous financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">IFRS 15, Revenue from Contracts with
Customers, replaces all current standards and interpretations dealing with revenue recognition and introduces a five-step model
to account for revenue. As the Group is currently not generating revenues, the Group may only be affected by IFRS 15 in the future
when entering into collaboration arrangements or similar transactions.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">IFRS 9 contains a new classification
and measurement approach for financial assets that reflects the business model in which assets are managed and their cash flow
characteristics. IFRS 9 further replaces the ‘incurred loss’ model in IAS 39 with a forward<font style="font-family: Cambria Math,serif">-</font>looking
‘expected credit loss’ (ECL) model. This will require considerable judgement about how changes in economic factors
affect ECLs, which will be determined on a probability<font style="font-family: Cambria Math,serif">-</font>weighted basis. IFRS
9 requires new disclosures, in particular about credit risk and expected credit losses.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group applies IFRS 9 with an initial
application date of January 1, 2018. Because the Group held on the initial application date only immaterial non-current financial
assets, cash and cash equivalents, no trade receivables and no derivative financial instruments or financial liabilities, the impact
of IFRS 9 is determined to be nil, except for the disclosures required. Classification for other receivables and cash and cash
equivalents changed from “loans and receivables” (IAS 39) to “amortized cost” (IFRS 9).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The impact of IFRS 9 in the absence
of material financial instruments was nil. A restatement of the consolidated statement of financial position as at January 1, 2018
was not necessary.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Most of the other amendments listed above
did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or
future periods.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Certain new accounting standards and
interpretations have been published that are not mandatory for December 31, 2018 reporting periods and have not been early adopted
by the Group. The Group’s assessment of the impact of these new standards and interpretations is set out below.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 17.85pt"></td><td style="width: 17.85pt"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">IFRIC 23 Uncertainty over Tax Treatments.</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Prepayment Features with Negative Compensation (Amendments to IFRS 9).</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28).</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Plan Amendment, Curtailment or Settlement (Amendments to IAS 19).</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Annual Improvements to IFRS Standards 2015–2017 Cycle – various standards.</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Amendments to References to Conceptual Framework in IFRS Standards.</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">IFRS 17 Insurance Contracts.</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">IFRS 16 Leases.</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">IFRS 16 was issued in January 2016. It
will result in almost all leases being recognized on the balance sheet by lessees, as the distinction between operating and finance
leases is removed. Under the new standard, an asset (the right to use the leased item) and a financial liability to pay rentals
are recognized. The only exceptions are short-term and low-value leases.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group has analyzed all of the Group’s
leasing arrangements over the last year in light of the new lease accounting rules in IFRS 16.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As at the reporting date, the Group has
non-cancellable operating lease commitments of €575 thousand (see ‘3. Unrecognized items - (a) Operating lease
obligations’). Of these commitments, approximately €10 thousand relate to short-term leases and €6 thousand to
low value leases which will both be recognized on a straight-line basis as expense in profit or loss. For the remaining lease commitments,
the Group expects to recognize right-of-use assets of approximately €791 thousand on January 1, 2019, lease liabilities of
€791 thousand (after adjustments for prepayments and accrued lease payments recognized as at December 31, 2018). Overall
net assets will stay approximately the same, and net current assets will be €240 thousand lower due to the presentation of
a portion of the liability as a current liability.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group expects that net loss will
decrease by approximately €5 thousand for 2019 as a result of adopting IFRS 16. Operating cash flows will increase and
financing cash flows decrease by approximately €240 thousand as repayment of the principal portion of the lease liabilities
will be classified as cash flows from financing activities.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group presents current and non-current
assets and current and non-current liabilities as separate classifications in its balance sheet. Current assets include assets
that are sold, consumed or realized as part of the normal operating cycle. The operating cycle of an entity is the time between
the acquisition of assets for processing and their realization in the form of cash or cash equivalents. The Groups operating cycle
is assumed to be 12 months. Some current liabilities, such as trade payables and some accruals for employee and other operating
costs, are part of the working capital used in the entity’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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On consolidation, the assets and liabilities
of foreign operations are translated into euros at the rate of exchange prevailing at the reporting date and their statements of
profit or loss 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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 cost for clinical
trials and manufacturing of our clinical drug product, additionally cost are incurred by pre-clinical activities as well as basic
research activities.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Development expenses must be capitalized
if the criteria of IAS 38 are met. In the periods presented, no development expenses were capitalized because management does not
believe 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As research expenditure and development
expenditure does not meet the recognition criteria they are treated as an expense when incurred. Development costs previously recognized
as an expense are not recognized as an asset in a subsequent period.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><i>(i) Short-term employee benefits </i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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
current employee benefit obligations in the balance sheet. A liability is recognized, if the Group has a present legal or constructive
obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><i>(ii) Share-based payment transactions </i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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 and non-market performance conditions are expected to be met, such that the amount ultimately recognized is
based on the number of awards that meet the related service and non- market performance 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 true-up for differences between expected and actual outcomes.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group received government grants
in 2018 and prior years on certain investments in non-current assets and the Group still receives grant funds on specified research
and development activities. Income from government grants is recognized under ‘other income’ in the consolidated statement
of comprehensive loss.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Income from the government grants is
recognized at fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all
attached terms and conditions. In prior years grants were collected together with investments in non-current assets, the income
was deferred on a straight-line basis over the useful lives of the respective assets. Contributions supporting certain costs of
research and development are recognized as income when respective reimbursable costs also are incurred.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i> </i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group leases various properties,
laboratory and office equipment and cars. Rental contracts are typically made for fixed periods of one to five years but may have
renewal options.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The lease is classified at the inception
date as a finance lease or an operating lease. A lease that transfers substantially all the risks and rewards incidental to ownership
to the Group is classified as a finance lease. Typically the Group’s contracts are falling under the criteria of operate
leases.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">An operating lease is a lease other than
a finance lease. Operating lease payments are recognized as an operating expense in the statement of profit or loss on a straight-line
basis over the lease term.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Finance leases are capitalized at the
commencement of the lease at the inception date fair value of the leased property or, if lower, at the present value of the minimum
lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability so as to achieve a
constant rate of interest on the remaining balance of the liability. Finance charges are recognized in finance costs in the statement
of profit or loss.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A leased asset is depreciated over the
useful life of the asset. However, if there is no reasonable certainty that the Group will obtain ownership by the end of the lease
term, the asset is depreciated over the shorter of the estimated useful life of the asset and the lease term.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Interest income is derived from interest-bearing
financial assets, including cash equivalents. Interest income from financial assets at fair value through profit and loss is included
in the net fair value gains/(losses) on these assets. Interest income on cash and cash equivalents, financial assets at amortized
cost calculated using the effective interest method is recognized in the statement of profit or loss as part of finance income.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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. 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. Software is amortized over three
years. The useful lives of intangible assets are reviewed at each reporting date. 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Laboratory and office equipment are stated
at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition
of the items.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">All repairs and maintenance are charged
to profit or loss during the financial period in which they are incurred, because they do not constitute a separate asset.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Depreciation on leasehold improvements
and equipment is calculated using the straight-line method to allocate their cost over their estimated useful lives, as follows:</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 8.8pt"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Laboratory equipment: three to 13 years</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 8.8pt"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Office equipment: one to five years</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The assets’ residual values and
useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Gains and losses on disposals are determined
by comparing the proceeds with the carrying amount and are recognized within ‘other income and expenses (net)’ in the
consolidated statement of other comprehensive loss.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group’s financial liabilities
comprise trade and other payables. The Group initially recognizes non- derivative financial liabilities on the date that they are
originated and measures them at amortized cost using the effective interest rate method. The Group derecognizes a financial liability
when its contractual obligations are discharged, cancelled or expire.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Current tax is the expected tax payable
or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date,
and any adjustment to tax payable in respect of previous years.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Deferred tax assets and liabilities are
presented net if there is a legally enforceable right to offset.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A deferred tax asset is recognized for
unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits
will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to
the extent that it is no longer probable that the related tax benefit will be realized. Unrecognized deferred tax assets are reassessed
at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against
which they can be used.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Due to its stage of development, the
Company does not report deferred tax assets on its consolidated statement of financial position.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i> </i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A number of the Group’s accounting
policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When
measuring the fair value of an asset or a liability, the Group uses 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:</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 8.8pt"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Level 1, quoted prices in active markets for identical assets or liabilities.</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 8.8pt"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">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).</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 8.8pt"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Level 3, inputs for instruments that are not based on observable market data (unobservable inputs).</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group recognizes transfers between
levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information
about the assumptions made in measuring fair values of share-based payments is included in “1.	Equity settled share-based
payment arrangements”.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The carrying amount of all financial
instruments approximates their fair value.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 70%; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="vertical-align: top; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2016</p></td>
<td style="vertical-align: top; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2017</p></td>
<td style="vertical-align: bottom; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2018</p></td></tr>
<tr>
<td style="vertical-align: bottom; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="vertical-align: top; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in thousands of €)</td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; padding-right: 9.35pt; text-indent: 0in"><font style="font-size: 8pt">Research and development expenses</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt">Third-party services</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">3,757</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">8,856</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">15,909</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; padding-left: 11.5pt; text-indent: 0in"><font style="font-size: 8pt"><i>manufacturing</i></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt"><i>—*</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt"><i>5,559</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt"><i>4,829</i></font></td></tr>
<tr>
<td style="vertical-align: top; padding-left: 11.5pt; text-indent: 0in"><font style="font-size: 8pt"><i>clinical, pre-clinical</i></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt"><i>—*</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt"><i>3,297</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt"><i>11,080</i></font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Personnel expenses</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">1,293</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">4,681</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">8,037</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-left: 11.5pt; text-indent: 0in"><font style="font-size: 8pt"><i>stock-based compensation expense</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt"><i>302</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt"><i>3,071</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt"><i>5,256</i></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Legal and consulting fees</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">95</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">643</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">421</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Other expenses</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">132</p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">235</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">661</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>5,278</b></p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>14,415</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>25,028</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 8.65pt; text-indent: 0in"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 67%; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="vertical-align: top; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2016</p></td>
<td style="vertical-align: top; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2017</p></td>
<td style="vertical-align: bottom; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2018</p></td></tr>
<tr>
<td style="vertical-align: bottom; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="vertical-align: top; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in thousands of €)</td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">General and administrative expenses</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt">Personnel expenses</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">1,134</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">2,948</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">9,147</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; padding-left: 11.5pt; text-indent: 0in"><font style="font-size: 8pt"><i>stock-based compensation expense</i></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt"><i>566</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt"><i>1,479</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt"><i>6,828</i></font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Legal and consulting fees</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">394</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">1,478</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">2,020</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Other expenses</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">316</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">712</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">1,619</p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>1,844</b></p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>5,138</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>12,787</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 8.65pt; text-indent: 0in"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 67%; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="vertical-align: top; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2016</p></td>
<td style="vertical-align: top; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2017</p></td>
<td style="vertical-align: bottom; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2018</p></td></tr>
<tr>
<td style="vertical-align: bottom; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td colspan="3" style="vertical-align: top; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in thousands of €)</td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>Employee benefits</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt">Wages and salaries</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">1,467</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">2,897</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">4,501</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Social Security contributions*</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">126</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">182</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">350</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Stock-based compensation expense</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">868</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">4,550</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">12,085</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Other</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">—</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">—</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">248</p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>2,462</b></p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>7,629</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>17,184</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 8.65pt; text-indent: 0in"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2016</p></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2017</p></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2018</p></td>
<td> </td></tr>
<tr>
<td style="vertical-align: bottom; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td colspan="6" style="vertical-align: top; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in thousands of €)</td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; text-indent: 0in"><font style="font-size: 8pt"><b>Finance income</b></font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td colspan="2" style="background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Foreign exchange income</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">—</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">—</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">8,250</font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; text-indent: 0in"><font style="font-size: 8pt">Interest income</font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">—</font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">130</font></td>
<td colspan="2" style="background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">2,183</font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Other</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">1</p></td>
<td colspan="2" style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">—</p></td>
<td colspan="2" style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">-</p></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; text-indent: 0in"><font style="font-size: 8pt"><b>Total</b></font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>1</b></p></td>
<td colspan="2" style="background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>130</b></p></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>10,433</b></p></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>Finance costs</b></font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; text-indent: 0in"><font style="font-size: 8pt">Foreign exchange expense</font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">3</font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">2,358</font></td>
<td colspan="2" style="vertical-align: bottom; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">2,624</font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Other</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">2,046</p></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">2,565</p></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">107</p></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; text-indent: 0in"><font style="font-size: 8pt"><b>Total</b></font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>2,049</b></p></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>4,923</b></p></td>
<td colspan="2" style="vertical-align: bottom; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>2,731</b></p></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>Net financial result</b></font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>(2,048)</b></p></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>(4,793)</b></p></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>7,702</b></p></td>
<td> </td></tr>
<tr>
<td colspan="2" style="vertical-align: bottom; padding-right: 8.65pt; text-indent: 0in"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: bottom; width: 78%; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="vertical-align: top; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
31, 2017</p></td>
<td style="vertical-align: bottom; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
31, 2018</p></td></tr>
<tr>
<td style="vertical-align: bottom; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: top; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in thousands of €)</td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><b>InflaRx N.V.</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt"><b>7,923</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt"><b>33,571</b></font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">InflaRx GmbH</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">34,787</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">34,787</font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in; font-size: 10pt"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2016</p></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2017</p></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2018</p></td>
<td> </td></tr>
<tr>
<td style="vertical-align: bottom; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td colspan="5" style="vertical-align: top; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in thousands of €)</td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; text-indent: 0in"><font style="font-size: 8pt"><b>InflaRx </b></font></td>
<td style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Loss before taxes</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">(8,939)</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">(24,238)</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">(29,815)</font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; text-indent: 0in"><font style="font-size: 8pt">Tax rate</font></td>
<td style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">30.5%</font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">31.2%</font></td>
<td colspan="2" style="background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">29.2%</font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Tax benefits at tax rate</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">2,729</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">7,560</font></td>
<td colspan="2" style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">8,715</font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; text-indent: 0in"><font style="font-size: 8pt">Tax losses for which no deferred tax asset was recognized</font></td>
<td style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">(2,729)</p></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">(7,560)</p></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">(8,715)</p></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>Income taxes</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">—</p></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">—</p></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">—</p></td>
<td> </td></tr>
<tr>
<td colspan="3" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 78%; padding: 1pt 2.9pt 2pt; font: bold 8pt/9pt Times New Roman, Times, Serif; text-align: center"> </td>
<td style="vertical-align: top; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
31, 2017</p></td>
<td style="vertical-align: bottom; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
31, 2018</p></td></tr>
<tr>
<td style="vertical-align: bottom; font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 2.9pt 2pt; text-align: center"> </td>
<td colspan="2" style="vertical-align: top; font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 2.9pt 2pt; text-align: center">(in thousands of €)</td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Current other assets</b></font></td>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt">Prepaid expense</font></td>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">504</font></td>
<td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">1,047</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt">Other</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">192</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">542</p></td></tr>
<tr>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>696</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>1,589</b></p></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 78%; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="vertical-align: top; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
31, 2017</p></td>
<td style="vertical-align: bottom; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
31, 2018</p></td></tr>
<tr>
<td style="vertical-align: bottom; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: top; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in thousands of €)</td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>Financial assets at amortized cost</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt">Non-current financial assets</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">20</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">207</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Current financial assets</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">0</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">101,184</font></td></tr>
<tr>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt"><font style="font-size: 8pt"><b>Financial liabilities at amortized cost</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Trade and other payables</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">(4,469)</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">(6,657)</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 78%; padding: 1pt 2.9pt 2pt; font: bold 8pt/9pt Times New Roman, Times, Serif; text-align: center"> </td>
<td style="vertical-align: top; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
31, 2017</p></td>
<td style="vertical-align: bottom; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
31, 2018</p></td></tr>
<tr>
<td style="vertical-align: bottom; font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 2.9pt 2pt; text-align: center"> </td>
<td colspan="2" style="vertical-align: top; font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 2.9pt 2pt; text-align: center">(in thousands of €)</td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Short-term deposits</b></font></td>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt">Deposits held in U.S. dollars</font></td>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">81,229</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">32,919</font></td></tr>
<tr style="vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt">Deposits held in euro</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">38,876</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">—</p></td></tr>
<tr>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">120,105</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">32,919</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Cash at banks</b></font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
<tr style="vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt">Money held in euro</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">2,842</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">21,720</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt">Money held in U.S. dollars</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">335</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">748</p></td></tr>
<tr>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>3,177</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>22,468</b></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Total cash and cash equivalents</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>123,282</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>55,386</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 8.65pt; text-indent: 0in"> </td>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="width: 13%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"> </td>
<td style="width: 35%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt"><b>Exposure</b></font></td>
<td style="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt"><b>Measurement</b></font></td>
<td style="width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt"><b>Risk Management</b></font></td></tr>
<tr>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0in"><font style="font-size: 8pt"><b>Market risk</b></font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Future development costs; Recognized financial assets and liabilities not denominated in euro</font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Forecasted cash flows Sensitivity analysis</font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Achievement of a natural hedge</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">in the future</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0in"><font style="font-size: 8pt"><b>Credit risk</b></font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Cash and cash equivalents,</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">debt investments</p></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Credit</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">rating</p></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Diversification of bank deposits, Investment
guidelines for</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">debt investments</p></td></tr>
<tr>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0in"><font style="font-size: 8pt"><b>Liquidity</b></font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">R&D and G&A cost</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">and trade payables</p></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Rolling</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">cash flow forecast</p></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Availability of funds through financing rounds or public offerings</font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="width: 89%; padding: 1pt 2.9pt 2pt; font: bold 8pt/9pt Times New Roman, Times, Serif; text-align: center"> </td>
<td style="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
31, 2018</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 9.35pt; text-indent: 0in"><font style="font-size: 8pt">Non-current financial assets</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">207</font></td></tr>
<tr style="vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt">Current financial assets</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">101,184</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt">Cash and cash equivalents</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">55,386</p></td></tr>
<tr>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Total assets exposed to the risk</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">156,777</p></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt">Conversion rate EUR/USD at reporting date 1/1.1450</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 8.65pt; text-indent: 0in"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: top; padding: 1pt 2.9pt 2pt; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Conversion
rate</p></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Profit/(loss)
in P&L</p></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">carrying
amount</p></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; padding-right: -2.85pt; text-indent: 0in"><font style="font-size: 8pt">Euro weakens by 1% against U.S. dollars</font></td>
<td style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">1.1565</font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">(1,552)</font></td>
<td colspan="2" style="background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">155,225</font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; padding-right: -2.85pt; text-indent: 0in"><font style="font-size: 8pt">Euro strengths by 1% against U.S. dollars</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">1.1336</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">1,584</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">158,361</font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; padding-right: -2.85pt; text-indent: 0in"><font style="font-size: 8pt">Euro weakens by 5% against U.S. dollars</font></td>
<td style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">1.2023</font></td>
<td colspan="2" style="background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">(7,466) </font></td>
<td colspan="2" style="background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">149,311</font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; padding-right: -2.85pt; text-indent: 0in"><font style="font-size: 8pt">Euro strengths by 5% against U.S. dollars</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">1.0878</font></td>
<td colspan="2" style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">8,251</font></td>
<td colspan="2" style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">165,028</font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; padding-right: -2.85pt; text-indent: 0in"><font style="font-size: 8pt">Euro weakens by 10% against U.S. dollars</font></td>
<td style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">1.2595</font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">(14,252)</font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">142,525</font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; padding-right: -2.85pt; text-indent: 0in"><font style="font-size: 8pt">Euro strengths by 10% against U.S. dollars</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">1.0305</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">17,420</font></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">174,197</font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 8.65pt; text-indent: 0in"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 78%; padding: 1pt 2.9pt 2pt; font: bold 8pt/9pt Times New Roman, Times, Serif; text-align: center"> </td>
<td style="vertical-align: top; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
31, 2017</p></td>
<td style="vertical-align: bottom; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
31, 2018</p></td></tr>
<tr>
<td style="vertical-align: bottom; font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 2.9pt 2pt; text-align: center"> </td>
<td colspan="2" style="vertical-align: top; font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 2.9pt 2pt; text-align: center">(in thousands of €)</td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Cash and cash equivalents</b></font></td>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
<tr style="vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt">Short-term deposits</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">120,105</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">32,919</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt">Cash at banks</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">3,177</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">22,468</p></td></tr>
<tr>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>123,282</b></p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><b>55,386</b></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Marketable Securities</b></font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
<tr style="vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt">Securities and other Investments (current)</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">—</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">100,868</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>—</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>100,868</b></p></td></tr>
<tr>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Other financial assets</b></font></td>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt"><font style="font-size: 8pt">Other (non-current portion)</font></td>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">20</font></td>
<td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">207</font></td></tr>
<tr>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt">Other (current)</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">—</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">316</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>20</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>523</b></p></td></tr>
<tr>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Total funds available</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>123,302</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>156,777</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"> </td>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: bottom; width: 78%; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="vertical-align: top; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
31, 2017</p></td>
<td style="vertical-align: bottom; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
31, 2018</p></td></tr>
<tr>
<td style="vertical-align: bottom; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: top; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in thousands of €)</td></tr>
<tr style="background-color: #D5EAEA">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><b>Commitments for minimum lease payments in relation to non-cancellable operating leases:</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td></tr>
<tr>
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">Within one year</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">244</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">283</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">After one year but not more than five years</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">473</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">292</font></td></tr>
<tr>
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">More than five years</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">—</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">—</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>717</b></p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>575</b></p></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><b>Rental expense relating to operating leases</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">Minimum lease payments</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">162</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">213</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">Contingent rentals</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">—</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">—</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt"><font style="font-size: 8pt">Sub-lease income</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">—</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">—</p></td></tr>
<tr>
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>162</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>213</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in; font-size: 10pt"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: bottom; width: 78%; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="vertical-align: top; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
31, 2017</p></td>
<td style="vertical-align: bottom; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
31, 2018</p></td></tr>
<tr>
<td style="vertical-align: bottom; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: top; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in thousands of €)</td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><b>Commitments for minimum payments in relation to non-cancellable operating contracts or services:</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">Within one year</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">4,437</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">19,624</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">After one year but not more than five years</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">88</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">9,684</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">More than five years</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">7</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">—</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>4,532</b></p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>29,307</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in; font-size: 10pt"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: #D5EAEA">
<td style="border: Black 1pt solid; text-align: center; text-indent: 0in"><font style="font-size: 8pt">Name</font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Place of business/ country of incorporation</font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Functional currency</font></td>
<td colspan="2" style="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Ownership interest held by the Group</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">	2017 	2018</p></td>
<td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Principal activities</font></td></tr>
<tr>
<td style="width: 19%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><font style="font-size: 8pt"><b>InflaRx GmbH</b></font></td>
<td style="width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Germany</font></td>
<td style="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">EUR</font></td>
<td style="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">100%</font></td>
<td style="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">100%</font></td>
<td style="vertical-align: top; width: 33%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Principal operating subsidiary, biopharmaceutical company</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><font style="font-size: 8pt"><b>InflaRx Pharmaceutical Inc.</b></font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><font style="font-size: 8pt">U.S.</font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">USD</font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">—</font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">100%</font></td>
<td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Subsidiary for basic research</font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="width: 67%; padding: 1pt 2.9pt 2pt; font: bold 8pt/9pt Times New Roman, Times, Serif; text-align: center"> </td>
<td style="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2016</p></td>
<td style="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2017</p></td>
<td style="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2018</p></td></tr>
<tr>
<td style="vertical-align: bottom; font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 2.9pt 2pt; text-align: center"> </td>
<td colspan="3" style="vertical-align: top; font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 2.9pt 2pt; text-align: center">(in thousands of €)</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Executive Management</b></font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt">Short-term employee benefits</font></td>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">604</font></td>
<td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">1,987</font></td>
<td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">2,524</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt">Share-based payments</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">660</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">3,187</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">9,801</p></td></tr>
<tr>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>1,264</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>5,174</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>12,325</b></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Non-executive Board of Directors</b></font></td>
<td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt">Short-term employee benefits</font></td>
<td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">—</font></td>
<td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">81</font></td>
<td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">238</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt">Share-based payments</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">208</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">43</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">1,086</p></td></tr>
<tr>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>208</b></p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>124</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><b>1,324</b></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Total Compensation</b></font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><b>1,472</b></p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><b>5,298</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><b>13,649</b></p></td></tr>
<tr>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"> </td>
<td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="width: 50%; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Q1-2018</p></td>
<td style="width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Q2-2018</p></td>
<td style="width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Q3-2018</p></td>
<td style="width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Q3-2018</p></td>
<td style="width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Q4-2018</p></td></tr>
<tr>
<td style="vertical-align: bottom; padding: 1pt 2.9pt 2pt; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold">Parameters</td>
<td style="vertical-align: top; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="vertical-align: top; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="vertical-align: top; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="vertical-align: top; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="vertical-align: top; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Fair value at grant date</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> </td></tr>
<tr style="vertical-align: top">
<td style="padding-left: 11.5pt; text-indent: 0in"><font style="font-size: 8pt">Per option (USD)</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">13.79</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">22.37</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">19.80</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">20.17</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">13.39</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="padding-left: 11.5pt; text-indent: 0in"><font style="font-size: 8pt">FX rate as of grant date</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">0.82</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">0.86</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">0.86</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">0.85</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">0.88</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-left: 11.5pt; text-indent: 0in"><font style="font-size: 8pt">Per option (EUR)</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">11.24</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">19.23</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">16.96</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">17.15</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">11.75</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Share price at grant date (USD)</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">22.75</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">37.85</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">32.40</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">33.06</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">26.02</font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt">Exercise price (USD)</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">22.75</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">37.85</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">32.40</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">33.06</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">26.02</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Expected volatility</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">0.73</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">0.73</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">0.73</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">0.73</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">0.65</font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt">Expected life (midpoint based)</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">4.9</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">4.6</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">4.9</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">4.9</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">4</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Expected dividends</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">—</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">—</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">—</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">—</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">—</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Risk-free rate</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">(interpolated, U.S. sovereign strips curve)</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">2.6%</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">2.7%</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">2.8%</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">3.0%</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">2.9%</font></td></tr>
</table>
22000
0
0
7990000
0
0
-2387000
-61000
0
-894000
-523000
-74000
-316000
154000
-22000
55000
0
0
-4000
-4000
-4000
493000
129000
113000
310000
-30000
18000
61727000
169355000
2826000
258000
868000
4900000
12085000
868000
161638000
49384000
-9000
83017000
1978000
350000
80698000
-9000
207000
20000
101184000
0
-6657000
-4469000
0
38876000
32919000
120105000
21720000
2842000
748000
335000
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: bottom; width: 78%; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="vertical-align: top; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
31, 2017</p></td>
<td style="vertical-align: bottom; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
31, 2018</p></td></tr>
<tr>
<td style="vertical-align: bottom; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td colspan="2" style="vertical-align: top; padding: 1pt 2.9pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in thousands of €)</td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><b>InflaRx N.V.</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt"><b>7,923</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt"><b>33,571</b></font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">InflaRx GmbH</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">34,787</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">34,787</font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in; font-size: 10pt"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"> </td></tr>
</table>
Future development costs; Recognized financial assets and liabilities not denominated in euro
Cash and cash equivalents, debt investments
R&D and G&A cost and trade payables
Forecasted cash flows Sensitivity analysis
Credit rating
Rolling cash flow forecast
Achievement of a natural hedge in the future
Diversification of bank deposits, Investment guidelines for debt investments
Availability of funds through financing rounds or public offerings
156777000
1.1336
1.1565
1.0878
1.2023
1.0305
1.2595
1584000
-1552000
8251000
-7466000
17420000
-14252000
158361000
155225000
165028000
149311000
174197000
142525000
22468000
3177000
316000
0
523000
20000
156777000
123302000
575000
717000
283000
0
292000
244000
473000
0
29307000
4532000
19624000
0
9684000
4437000
88000
7000
213000
162000
213000
0
162000
0
0
0
Germany
U.S.
EUR
USD
1.00
1.00
1.00
Principal operating subsidiary, biopharmaceutical company
Subsidiary for basic research
626933
2051009
1869192
26256
208073
0.0073
0.0073
0.0073
0.0073
0.0065
22.75
37.85
32.4
33.06
26.02
22.75
37.85
32.4
33.06
26.02
11.24
19.23
16.96
17.15
11.75
0.0082
0.0086
0.0086
0.0085
0.0088
13.79
22.37
19.8
20.17
13.39
0.0260
0.0270
0.0280
0.0300
0.0290
4.9
4.6
4.9
4.9
4
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">(a) Critical estimates and judgements</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In preparing these financial statements,
the critical judgments made by management in applying the Group's accounting policies involve the determination of the grant date
fair value of share-based payment awards see section ‘4. Other information — (d) Share-based payments’ as well
as the measurement of R&D expenses that have to be accrued at period end for outstanding invoices (e.g. for pass-through costs
charged by the Company’s CROs).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">(b) Financial risk management</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">1.       Financial
risk management objectives and policies</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group’s risk management
is predominantly controlled by central treasury activities under policies approved by the Board of Directors. Those treasury activities
identify, evaluate and hedge financial risks in close co-operation with the Group’s operating needs. The board 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).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Hedge accounting 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 and not worth hedging.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group’s principal financial
assets comprise quoted debt securities with credit ratings range from AA- to AAA. Besides these financial assets, the Group has
significant cash and cash equivalents. The Group’s principal financial liabilities comprise trade payables. The main purpose
of these financial assets, cash/cash equivalents and liabilities is to finance the Group’s development activities.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="width: 12%; border: black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif"> </td>
<td style="width: 37%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Exposure</b></font></td>
<td style="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Measurement</b></font></td>
<td style="width: 31%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Risk Management</b></font></td></tr>
<tr>
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Market risk</b></font></td>
<td style="border-bottom: black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">Future development costs; Recognized financial assets and liabilities not denominated in euro</font></td>
<td style="border-bottom: black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">Forecasted cash flows Sensitivity analysis</font></td>
<td style="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Achievement of a natural hedge</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">in the future</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Credit risk</b></font></td>
<td style="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Cash and cash equivalents,</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">debt investments</p></td>
<td style="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Credit</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">rating</p></td>
<td style="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Diversification of bank deposits, Investment
guidelines for</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">debt investments</p></td></tr>
<tr>
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Liquidity</b></font></td>
<td style="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">R&D and G&A cost</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">and trade payables</p></td>
<td style="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Rolling</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">cash flow forecast</p></td>
<td style="border-bottom: black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">Availability of funds through financing rounds or public offerings</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">2.       Market
risk</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.
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 2018 the Group recognized significant foreign exchange gains and losses as the natural hedge is not yet achieved
and the functional currency for the major part of entities is euro.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group is primarily exposed
to changes in U.S. dollars/euro exchange rates. The sensitivity of profit or loss to changes in the exchange rates arises mainly
from U.S. dollar denominated financial instruments.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In 2018, if the euro had weakened/strengthened
by 10% against U.S. dollars with all other variables held constant, the Group`s loss would have been €14.3 million higher/€17.4
million lower, mainly as a result of foreign exchange on translation of U.S. dollars-denominated assets.</p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="width: 90%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"> </td>
<td style="width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>December
31, 2018</b></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; padding-right: 9.35pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">Non-current financial assets</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">207</font></td></tr>
<tr style="vertical-align: top">
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">Current financial assets</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">101,184</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">Cash and cash equivalents</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">55,386</p></td></tr>
<tr>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total assets exposed to the risk</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">156,777</p></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">Conversion rate EUR/USD at reporting date 1/1.1450</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 8.65pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Sensitivity analysis:</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; line-height: 107%"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>Conversion
rate</b></p></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>Profit/(loss)
in P&L</b></p></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>carrying
amount</b></p></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Euro weakens by 1% against U.S. dollars</font></td>
<td style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1.1565</font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(1,552)</font></td>
<td colspan="2" style="background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">155,225</font></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Euro strengths by 1% against U.S. dollars</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1.1336</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,584</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">158,361</font></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Euro weakens by 5% against U.S. dollars</font></td>
<td style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1.2023</font></td>
<td colspan="2" style="background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(7,466) </font></td>
<td colspan="2" style="background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">149,311</font></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Euro strengths by 5% against U.S. dollars</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1.0878</font></td>
<td colspan="2" style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">8,251</font></td>
<td colspan="2" style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">165,028</font></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Euro weakens by 10% against U.S. dollars</font></td>
<td style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1.2595</font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(14,252)</font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">142,525</font></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Euro strengths by 10% against U.S. dollars</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1.0305</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">17,420</font></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">174,197</font></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 8.65pt; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
<tr>
<td style="width: 64%; line-height: 107%"> </td>
<td style="width: 10%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 10%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 13%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">3.       Credit
risk</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The maximum exposure to counterparty
credit risk is €156.8 million in 2018 (2017: €123.3 million). This amount equals the carrying amount of cash and cash
equivalents (2018: €55.4 million; 2017: €123.3 million) plus. financial assets (2018: €101.4 million; 2017: €0
million).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The cash and cash equivalents
are held with banks, what are rated BBB to A based on Standard & Poor’s and Moody’s. The issuer of the money-market
funds and other securities are graded in the top investment category (AA- to AAA) by credit rating agencies as S&P Global.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">4.       Liquidity
risk</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Prudent liquidity risk management
involves maintaining sufficient cash and marketable securities and the availability of funding to meet obligations when due. At
the end of the reporting period the Group held the following deposits that are expected to readily generate cash inflows for managing
liquidity risk.</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 80%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td style="vertical-align: top; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>December
31, 2017</b></p></td>
<td style="vertical-align: bottom; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>December
31, 2018</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in thousands of €)</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cash and cash equivalents</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Short-term deposits</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">120,105</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">32,919</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Cash at banks</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">3,177</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">22,468</p></td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>123,282</b></p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><b>55,386</b></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Marketable Securities</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Securities and other Investments (current)</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">—</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">100,868</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>—</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>100,868</b></p></td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Other financial assets</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Other (non-current portion)</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">20</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">207</font></td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Other (current)</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">—</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">316</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>20</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>523</b></p></td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total funds available</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>123,302</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>156,777</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; line-height: 107%"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In November 2017 and May 2018,
InflaRx raised significant funding that it estimates will enable the Group to fund operating expenses and capital expenditure requirements
for at least the 12 months from December 31, 2018.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">(c) Capital management</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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 debt, besides trade and other payables.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Under the 2017 long-term incentive
plan the board and key employees may participate in the Group’s share price development through long-term remuneration consisting
of a stock option plan set up in 2017, please refer to ‘4. Other information - (d) Share-based payments’.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">No changes were made in the objectives,
policies or processes for managing capital during the year.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">(a) Reporting entity and Group’s structure</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">InflaRx N.V. is a Dutch public
company with limited liability (naamloze vennootschap) with its corporate seat in Amsterdam, The Netherlands, and is registered
in the Commercial Register of The Netherlands Chamber of Commerce Business Register under CCI number 68904312. The Company’s
registered office is at Winzerlaer Straße 2 in 07745 Jena, Germany. Since November 10, 2017, InflaRx N.V.’s common shares
have been listed on The NASDAQ Global Select Market under the symbol IFRX.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">InflaRx is a clinical-stage biopharmaceutical
Group focused on applying its proprietary anti-C5a technology to discover and develop first-in-class, potent and specific inhibitors
of the complement activation factor known as C5a.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">These consolidated financial statements
of InflaRx comprise the Company and its subsidiaries InflaRx GmbH, and, since January 5th, 2018, InflaRx Pharmaceutical Inc., Ann
Arbor, Michigan/USA (together, the ‘Group’).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">(b) Material subsidiaries</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group’s principal subsidiaries
at December 31, 2018 are set out below. Unless otherwise stated, they have share capital consisting solely of common shares that
are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. The
country of incorporation or registration is also their principal place of business.</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: #D5EAEA">
<td style="border: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Name</font></td>
<td style="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Place of business/ country of incorporation</font></td>
<td style="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Functional currency</font></td>
<td colspan="2" style="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Ownership interest held by the Group</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">2017        2018</p></td>
<td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Principal activities</font></td></tr>
<tr>
<td style="width: 18%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>InflaRx GmbH</b></font></td>
<td style="width: 15%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Germany</font></td>
<td style="width: 10%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">EUR</font></td>
<td style="width: 10%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">100%</font></td>
<td style="width: 11%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">100%</font></td>
<td style="vertical-align: top; width: 36%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Principal operating subsidiary, biopharmaceutical company</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>InflaRx Pharmaceutical Inc.</b></font></td>
<td style="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">U.S.</font></td>
<td style="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">USD</font></td>
<td style="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td style="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">100%</font></td>
<td style="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Subsidiary for basic research</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">InflaRx GmbH is a clinical-stage
biopharmaceutical company founded in 2008. In 2017, InflaRx N.V. became the sole shareholder of InflaRx GmbH through the contribution
of the subsidiary’s shares to InflaRx N.V. by its existing shareholders in exchange of new shares issued by InflaRx N.V.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">InflaRx Pharmaceutical Inc., a
Delaware corporation, was founded on January 5, 2018 by InflaRx N.V.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">(c) Related party transactions</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group’s executive management
comprises the following persons:</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 9px"> </td>
<td style="width: 14px; padding-top: 6pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="padding-top: 6pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Professor Niels C. Riedemann, Chief Executive Officer (CEO)</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 9px"> </td>
<td style="width: 14px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Professor Renfeng Guo, Chief Scientific Officer (CSO)</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 9px"> </td>
<td style="width: 14px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Arnd Christ, Chief Financial Officer (CFO)</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 9px"> </td>
<td style="width: 14px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Jason Marks, Chief Legal Officer, General Counsel (CLO), since January 1, 2019</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 9px"> </td>
<td style="width: 14px; padding-bottom: 10pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="padding-bottom: 10pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Othmar Zenker, Chief Medical Officer (CMO)</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group’s board of directors
comprises the following persons:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Executive Directors</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 9px"> </td>
<td style="width: 14px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Professor Niels C. Riedemann, CEO</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 9px"> </td>
<td style="width: 14px; padding-bottom: 10pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="padding-bottom: 10pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Professor Renfeng Guo, CSO </font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Non-executive Directors</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 9px"> </td>
<td style="width: 14px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Nicolas Fulpius, Chairman, Chairman of the Audit Committee</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 9px"> </td>
<td style="width: 14px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Jens Holstein, since September 21, 2018 Member of the Audit Committee</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 9px"> </td>
<td style="width: 14px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">Anthony Gibney, since February 6, 2018 Member of the Audit Committee</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 9px"> </td>
<td style="width: 14px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">Katrin Uschmann, Member of the Audit Committee until February 6, 2018</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 9px"> </td>
<td style="width: 14px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">Lina Ma</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 9px"> </td>
<td style="width: 14px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">Mark Kübler, Member of the Audit Committee until September 21, 2018</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 9px"> </td>
<td style="width: 14px; padding-bottom: 10pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="padding-bottom: 10pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">Richard Brudnick, Non-Voting Observer Director since February 14, 2019 , subject to the approval at the Annual General Meeting of Shareholders in May 2019. </font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The compensation of the Group’s
executive management comprises the following for the twelve months ending December 31:</p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="width: 70%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"> </td>
<td style="width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>2016</b></p></td>
<td style="width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>2017</b></p></td>
<td style="width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>2018</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"> </td>
<td colspan="3" style="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in thousands of €)</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Executive Management</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">Short-term employee benefits</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">604</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,987</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,524</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">Share-based payments</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">660</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">3,187</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">9,801</p></td></tr>
<tr>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>1,264</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>5,174</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>12,325</b></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Non-executive Board of Directors</b></font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">Short-term employee benefits</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">81</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">238</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">Share-based payments</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">208</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">43</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">1,086</p></td></tr>
<tr>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>208</b></p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>124</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>1,324</b></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total Compensation</b></font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 1.5pt double"><b>1,472</b></p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 1.5pt double"><b>5,298</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 1.5pt double"><b>13,649</b></p></td></tr>
<tr>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 17.85pt"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Remuneration of InflaRx’s
executive management comprises fixed and variable components and share-based payment awards. In addition, the executive management
receive supplementary benefits and allowances.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We entered into indemnification
agreements with our directors and senior management. The indemnification agreements and our Articles of Association require us
to indemnify our directors to the fullest extent permitted by law. See “Item 6. Directors, Senior Management and Employees—B.
Compensation—Insurance and indemnification” for a description of these indemnification agreements.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">(d) Share-based payments</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">1.       Equity
settled share-based payment arrangements</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In the course of its historical
financing rounds InflaRx GmbH established equity-settled share-based payment programs. Under these programs, the Company granted
to its managing directors and senior executives options to acquire common shares. In total options covering 6,088 shares were granted.
All of the options have vested. Those InflaRx GmbH options were converted into options covering 511,392 common shares of InflaRx
N.V. at the initial public offering in November 2017. The exercise prices for each outstanding award is 0.01 € per share
or less.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Under the terms and conditions
of the stock option plan 2016 InflaRx GmbH granted rights to subscribe for InflaRx GmbH’s common shares to directors, senior
management and key employees. Prior to the initial public offering, the outstanding awards under the 2016 plan covered an aggregate
of 1,239,252 common shares and the exercise price for each outstanding award was €7.81 per share (in each case after giving
effect to the corporate reorganization in November 2017). Any additional awards available under the 2016 plan lapsed upon the closing
of the Series D financing in October 2017. In 2016, InflaRx also established a share-based payment plan for its non-executive board
members and granted options covering 484 shares. Grants under this plan were not subject to service or performance conditions.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In conjunction with the closing
of its initial public offering, InflaRx N.V. established a new plan (‘2017 long-term incentive plan‘).The initial maximum
number of common shares available for issuance under equity incentive awards granted pursuant to the 2017 long term incentive plan
equals 2,341,097 common shares. The number of share options under the plan was as follows:</p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="width: 90%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"> </td>
<td style="width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>2018</b></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; padding-right: 9.35pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Number of stock options:</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt"> </td></tr>
<tr style="vertical-align: top">
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Outstanding at January 1, 2018</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>1,869,192</b></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">Granted in 2018</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">208,073</font></td></tr>
<tr>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">Forfeited in 2018</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">(26,256)</p></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Outstanding at December 31, 2018</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>2,051,009</b></p></td></tr>
<tr style="vertical-align: top">
<td style="padding-left: 0.25in; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><i>thereof vested</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>626,933</i></font></td></tr>
<tr style="vertical-align: top">
<td style="padding-left: 0.25in; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><i>thereof exercised</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>-</i>—</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In the fourth quarter, of 2018
75,000 stock options were awarded subject to a specified condition, which was satisfied in the first quarter of 2019, therefore,
the expense for these stock options will occur in 2019.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On January 1, 2021 and on January
1 of each calendar year thereafter, an additional number of shares equal to 3% of the total outstanding common 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 long-term incentive plan.‘</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">2.       Stock options
exercised</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In 2018 302,279 shares were issued
following the exercise of stock options, resulting in proceeds to the Company of €452.0 thousand. All stock options exercised
were granted under the stock option plan 2016 and before.<i> </i></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">3.       Measurement
of fair values of stock options granted</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The fair value of options granted
in 2018 under the 2017 long-term incentive plan was determined using the Black-Scholes valuation model. As the Company’s
common shares are listed on the Nasdaq Global Select Market, the closing price of the common shares at grant date was used. Other
significant inputs into the model are as follows (weighted average):</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="width: 50%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td style="width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>Q1-2018</b></p></td>
<td style="width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>Q2-2018</b></p></td>
<td style="width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>Q3-2018</b></p></td>
<td style="width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>Q3-2018</b></p></td>
<td style="width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>Q4-2018</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Parameters</b></font></td>
<td style="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td style="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td style="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td style="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td style="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Fair value at grant date</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top">
<td style="padding-left: 11.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Per option (USD)</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">13.79</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">22.37</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">19.80</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">20.17</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">13.39</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="padding-left: 11.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">FX rate as of grant date</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.82</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.86</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.86</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.85</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.88</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-left: 11.5pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Per option (EUR)</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">11.24</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">19.23</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">16.96</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">17.15</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">11.75</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Share price at grant date (USD)</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">22.75</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">37.85</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">32.40</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">33.06</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">26.02</font></td></tr>
<tr style="vertical-align: top">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Exercise price (USD)</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">22.75</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">37.85</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">32.40</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">33.06</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">26.02</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Expected volatility</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.73</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.73</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.73</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.73</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.65</font></td></tr>
<tr style="vertical-align: top">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Expected life (midpoint based)</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4.9</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4.6</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4.9</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4.9</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Expected dividends</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">Risk-free rate</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">(interpolated, U.S. sovereign strips curve)</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2.6%</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2.7%</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2.8%</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3.0%</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2.9%</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Expected volatility has been based
on an evaluation of the historical and implied volatility of a peer Group of companies The range of outcomes for the expected life
of the instruments has been based on expectations on option holder behavior in the scenarios considered.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The dividend yield has no impact
due to the anti-dilution clause as defined in the LTI.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 17.85pt">Expenses are determined based on the
number of stock options granted within a tranche and the vesting period of a tranche. This implies two effects:</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 9px"> </td>
<td style="width: 14px; padding-top: 6pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="padding-top: 6pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">the more options granted within a tranche, the higher expense of a tranche, and</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 9px"> </td>
<td style="width: 14px; padding-bottom: 10pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="padding-bottom: 10pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">the shorter the vesting period of a tranche, the higher expense of a tranche.</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For example, 33.33% of all stock
options granted are allocated to the first tranche which vests over 1 year after the Grant Date, whereas 8.33% of all stock options
granted are allocated to the ninth tranche which vests over three years. Therefore the expenses recognized from the granted share
options under the 2017 long-term incentive plan were € nil in 2016, €0.6 million in 2017, €12.1 million for 2018
and are anticipated to be €4.9 million for 2019 and €1.5 million for 2020.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In the twelve month periods ending
December 31, 2018, 2017 and 2016, compensation expense was recognized from the following plans:</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 9px"> </td>
<td style="width: 14px; padding-top: 6pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="padding-top: 6pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">in 2018, €12.1 million resulting solely from the 2017 long-term incentive plan,</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 9px"> </td>
<td style="width: 14px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">in 2017, €0.6 million from the 2017 long-term incentive plan and another €4.0 million resulting from 2016 option plan and the plans before,</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 9px"> </td>
<td style="width: 14px; padding-bottom: 10pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="padding-bottom: 10pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">In 2016, €0.9 million from 2016 option plan and the plans before.</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">None of the share-based payments
awards were dilutive in determining earnings per share due to the Group’s loss position.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">(e) Loss per share</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Loss per common share is calculated
by dividing the loss of the period by the weighted average number of common shares outstanding during the period. The weighted
number of common shares outstanding for the financial year 2016 is 2,362,500, for 2017 is 9,410,524 common shares and for the financial
year 2018 25,095,027 common shares.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">(f) Protective foundation</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">According to the articles of association
of the Company, up to 55,000,000 common shares and up to 55,000,000 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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company`s general meeting
of shareholders approved the right of an independent foundation under Dutch law, or protective foundation, to acquire up to 100%
of the Company`s issued share capital held by others than the protective foundation, minus one share, pursuant to a call option
agreement entered into between us and such foundation, in order to deter acquisition bids. 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 us 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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">These preferred shares will have
both a liquidation and dividend preference over the Company`s common shares and will accrue cash dividends at a pre-determined
rate. The protective foundation would be expected to re-quire us to cancel its preferred shares once the perceived threat to the
Company and its stake-holders has been removed or sufficiently mitigated or neutralized. We are of the opinion that the call option
does not represent a significant fair value based on a level 3 valuation, due to the fact that the preference shares are restricted
in use and can be cancelled by us as stated above.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As of December 31, 2018, the Company
expensed €83 thousand of ongoing costs to reimburse expenses incurred by the protective foundation.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">(g) Summary of significant accounting policies</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This section describes significant
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. The financial statements are for the Group consisting of InflaRx N.V.
and its subsidiaries.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">1.       Basis of
preparation</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The consolidated financial statements
of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations issued
by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS. The financial statements comply with
IFRS as issued by the International Accounting Standards Board (IASB).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The financial statements have
been prepared on a historical cost basis except for share-based payments which are measured at fair value.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">These financial statements are
consolidated financial statements for the Group consisting of InflaRx N.V. and its subsidiaries. The financial statements are presented
in euro (€). Euro is also the functional currency of InflaRx N.V.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">All financial information presented
in Euro has been rounded to the nearest thousand. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic
aggregation of the figures that precede them or may deviate from other tables by one thousand euros at a maximum.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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 has the ability to 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. Accounting policies of subsidiaries
have been changed where necessary to ensure consistency with the accounting policies adopted by the Group.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The financial statements were
authorized for issue by management on March 26, 2019. All press releases, financial reports and other information
are available on the Investor on the Company`s website: www.inflarx.com</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">2.       New and
amended standards adopted by the Group</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group has applied the following
standards and amendments for the first time for their annual reporting period commencing January 1, 2018:</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; padding-top: 6pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="padding-top: 6pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">IFRS 9 Financial Instruments</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">IFRS 15 Revenue from Contracts with Customers</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Amendments to IFRS 2 - Classification and Measurement of Share-based Payments</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Annual Improvements 2014-2016 cycle</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Transfers to Investment Property – Amendments to IAS 40</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; padding-bottom: 10pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="padding-bottom: 10pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Interpretation 22 Foreign Currency Transactions and Advance Consideration</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group has not early adopted
any other standard, interpretation or amendment that has been issued but is not yet effective.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group applies in the financial
statements, for the first time, IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments, which require restatement
of previous financial statements.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">IFRS 15, Revenue from Contracts
with Customers, replaces all current standards and interpretations dealing with revenue recognition and introduces a five-step
model to account for revenue. As the Group is currently not generating revenues, the Group may only be affected by IFRS 15 in the
future when entering into collaboration arrangements or similar transactions.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">IFRS 9 contains a new classification
and measurement approach for financial assets that reflects the business model in which assets are managed and their cash flow
characteristics. IFRS 9 further replaces the ‘incurred loss’ model in IAS 39 with a forward-looking ‘expected
credit loss’ (ECL) model. This will require considerable judgement about how changes in economic factors affect ECLs, which
will be determined on a probability-weighted basis. IFRS 9 requires new disclosures, in particular about credit risk and expected
credit losses.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group applies IFRS 9 with
an initial application date of January 1, 2018. Because the Group held on the initial application date only immaterial non-current
financial assets, cash and cash equivalents, no trade receivables and no derivative financial instruments or financial liabilities,
the impact of IFRS 9 is determined to be nil, except for the disclosures required. Classification for other receivables and cash
and cash equivalents changed from “loans and receivables” (IAS 39) to “amortized cost” (IFRS 9).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The impact of IFRS 9 in the
absence of material financial instruments was nil. A restatement of the consolidated statement of financial position as at January
1, 2018 was not necessary.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Most of the other amendments listed
above did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current
or future periods.<i> </i></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">3.       New standards
and interpretations not yet adopted</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Certain new accounting standards
and interpretations have been published that are not mandatory for December 31, 2018 reporting periods and have not been early
adopted by the Group. The Group’s assessment of the impact of these new standards and interpretations is set out below.</p>
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<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">IFRIC 23 Uncertainty over Tax Treatments.</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
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<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Prepayment Features with Negative Compensation (Amendments to IFRS 9).</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28).</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Plan Amendment, Curtailment or Settlement (Amendments to IAS 19).</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Annual Improvements to IFRS Standards 2015–2017 Cycle – various standards.</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Amendments to References to Conceptual Framework in IFRS Standards.</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
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<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">IFRS 17 Insurance Contracts.</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; padding-bottom: 10pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="padding-bottom: 10pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">IFRS 16 Leases.</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">IFRS 16 was issued in January
2016. It will result in almost all leases being recognized on the balance sheet by lessees, as the distinction between operating
and finance leases is removed. Under the new standard, an asset (the right to use the leased item) and a financial liability to
pay rentals are recognized. The only exceptions are short-term and low-value leases.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group has analyzed all of
the Group’s leasing arrangements over the last year in light of the new lease accounting rules in IFRS 16.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As at the reporting date, the
Group has non-cancellable operating lease commitments of €575 thousand (see ‘3. Unrecognized items - (a) Operating
lease obligations’). Of these commitments, approximately €10 thousand relate to short-term leases and €6 thousand
to low value leases which will both be recognized on a straight-line basis as expense in profit or loss. For the remaining lease
commitments, the Group expects to recognize right-of-use assets of approximately €791 thousand on January 1, 2019, lease
liabilities of €791 thousand (after adjustments for prepayments and accrued lease payments recognized as at December 31,
2018). Overall net assets will stay approximately the same, and net current assets will be €240 thousand lower due to the
presentation of a portion of the liability as a current liability.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group expects that net loss
will decrease by approximately €5 thousand for 2019 as a result of adopting IFRS 16. Operating cash flows will increase
and financing cash flows decrease by approximately €240 thousand as repayment of the principal portion of the lease liabilities
will be classified as cash flows from financing activities.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">4.       Current
and non-current distinction</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group presents current and
non-current assets and current and non-current liabilities as separate classifications in its balance sheet. Current assets include
assets that are sold, consumed or realized as part of the normal operating cycle. The operating cycle of an entity is the time
between the acquisition of assets for processing and their realization in the form of cash or cash equivalents. The Groups operating
cycle is assumed to be 12 months. Some current liabilities, such as trade payables and some accruals for employee and other operating
costs, are part of the working capital used in the entity’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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">5.       Foreign
currency transactions</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On consolidation, the assets and
liabilities of foreign operations are translated into euros at the rate of exchange prevailing at the reporting date and their
statements of profit or loss 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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">6.       Research
and development</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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 cost
for clinical trials and manufacturing of our clinical drug product, additionally cost are incurred by pre-clinical activities as
well as basic research activities.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Development expenses must be capitalized
if the criteria of IAS 38 are met. In the periods presented, no development expenses were capitalized because management does not
believe 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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As research expenditure and development
expenditure does not meet the recognition criteria they are treated as an expense when incurred. Development costs previously recognized
as an expense are not recognized as an asset in a subsequent period.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">7.       Employee
benefits</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt"><i>(i) Short-term employee benefits </i></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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 current employee benefit obligations in the balance sheet. A liability is recognized, if the Group has a present legal or constructive
obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt"><i>(ii) Share-based payment transactions </i></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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 and non-market performance conditions are expected to be met, such that the amount ultimately recognized is
based on the number of awards that meet the related service and non- market performance 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 true-up for differences between expected and actual outcomes.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">9.       Government
grants</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group received government
grants in 2018 and prior years on certain investments in non-current assets and the Group still receives grant funds on specified
research and development activities. Income from government grants is recognized under ‘other income’ in the consolidated
statement of comprehensive loss.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Income from the government grants
is recognized at fair value where there is a reasonable assurance that the grant will be received and the Group will comply with
all attached terms and conditions. In prior years grants were collected together with investments in non-current assets, the income
was deferred on a straight-line basis over the useful lives of the respective assets. Contributions supporting certain costs of
research and development are recognized as income when respective reimbursable costs also are incurred.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">10.       Lease
arrangements</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group leases various properties,
laboratory and office equipment and cars. Rental contracts are typically made for fixed periods of one to five years but may have
renewal options.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The lease is classified at the
inception date as a finance lease or an operating lease. A lease that transfers substantially all the risks and rewards incidental
to ownership to the Group is classified as a finance lease. Typically the Group’s contracts are falling under the criteria
of operate leases.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">An operating lease is a lease
other than a finance lease. Operating lease payments are recognized as an operating expense in the statement of profit or loss
on a straight-line basis over the lease term.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Finance leases are capitalized
at the commencement of the lease at the inception date fair value of the leased property or, if lower, at the present value of
the minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability so as to
achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognized in finance costs
in the statement of profit or loss.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A leased asset is depreciated
over the useful life of the asset. However, if there is no reasonable certainty that the Group will obtain ownership by the end
of the lease term, the asset is depreciated over the shorter of the estimated useful life of the asset and the lease term.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">11.       Interest
income</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Interest income is derived from
interest-bearing financial assets, including cash equivalents. Interest income from financial assets at fair value through profit
and loss is included in the net fair value gains/(losses) on these assets. Interest income on cash and cash equivalents, financial
assets at amortized cost calculated using the effective interest method is recognized in the statement of profit or loss as part
of finance income.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">12.       Intangible
assets</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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. 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. Software is amortized
over three years. The useful lives of intangible assets are reviewed at each reporting date. 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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">13.       Laboratory
and office equipment</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Laboratory and office equipment
are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable
to the acquisition of the items.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">All repairs and maintenance are
charged to profit or loss during the financial period in which they are incurred, because they do not constitute a separate asset.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Depreciation on leasehold improvements
and equipment is calculated using the straight-line method to allocate their cost over their estimated useful lives, as follows:</p>
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<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="width: 12px; padding-top: 6pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="padding-top: 6pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Laboratory equipment: three to 13 years</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="width: 12px; padding-bottom: 10pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="padding-bottom: 10pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Office equipment: one to five years</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The assets’ residual values
and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Gains and losses on disposals
are determined by comparing the proceeds with the carrying amount and are recognized within ‘other income and expenses (net)’
in the consolidated statement of other comprehensive loss.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">14.       Financial
assets and liabilities (financial instruments)</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group’s financial liabilities
comprise trade and other payables. The Group initially recognizes non- derivative financial liabilities on the date that they are
originated and measures them at amortized cost using the effective interest rate method. The Group derecognizes a financial liability
when its contractual obligations are discharged, cancelled or expire.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">15.       Income
taxes</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Current tax is the expected tax
payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting
date, and any adjustment to tax payable in respect of previous years.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Deferred tax assets and liabilities
are presented net if there is a legally enforceable right to offset.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A deferred tax asset is recognized
for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable
profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced
to the extent that it is no longer probable that the related tax benefit will be realized. Unrecognized deferred tax assets are
reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be
available against which they can be used.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Due to its stage of development,
the Company does not report deferred tax assets on its consolidated statement of financial position.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">16.       Fair Value
Measurement</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A number of the Group’s
accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities.
When measuring the fair value of an asset or a liability, the Group uses 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:</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="width: 12px; padding-top: 6pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="padding-top: 6pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Level 1, quoted prices in active markets for identical assets or liabilities.</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="width: 12px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">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).</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="width: 12px; padding-bottom: 10pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td>
<td style="padding-bottom: 10pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Level 3, inputs for instruments that are not based on observable market data (unobservable inputs).</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group recognizes transfers
between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information
about the assumptions made in measuring fair values of share-based payments is included in “1.	Equity settled share-based
payment arrangements”.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The carrying amount of all financial
instruments approximates their fair value.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"> </p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">(a) Material profit or loss items</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">1.       Research
and development expenses</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Research and development increased
compared to the prior year due to the Company’s expanded activities in the area of clinical studies and manufacturing. The
items below drive research and development expenses.</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 70%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td style="vertical-align: top; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>2016</b></p></td>
<td style="vertical-align: top; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>2017</b></p></td>
<td style="vertical-align: bottom; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>2018</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td colspan="3" style="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>(in thousands of €)</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; padding-right: 9.35pt; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Research and development expenses</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top">
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Third-party services</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">3,757</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">8,856</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">15,909</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; padding-left: 11.5pt; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><i>manufacturing</i></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><i>—*</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><i>5,559</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><i>4,829</i></font></td></tr>
<tr>
<td style="vertical-align: top; padding-left: 11.5pt; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><i>clinical, pre-clinical</i></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><i>—*</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><i>3,297</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><i>11,080</i></font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Personnel expenses</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">1,293</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">4,681</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">8,037</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-left: 11.5pt; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><i>stock-based compensation expense</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><i>302</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><i>3,071</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><i>5,256</i></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Legal and consulting fees</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">95</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">643</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">421</font></td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Other expenses</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">132</p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">235</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">661</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>5,278</b></p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>14,415</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>25,028</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 8.65pt; line-height: 107%"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">* Detailed cost accounting was
introduced in 2017.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">2.       General
and administrative expenses</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">General and administrative expenses
include the items below. Compared to the prior year the increase is mainly caused by higher personnel expenses, as well as expansion
of the Company’s business activities and the expense of operating as a public company in the United States.</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 70%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td style="vertical-align: top; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>2016</b></p></td>
<td style="vertical-align: top; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>2017</b></p></td>
<td style="vertical-align: bottom; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>2018</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td colspan="3" style="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>(in thousands of €)</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">General and administrative expenses</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top">
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Personnel expenses</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">1,134</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">2,948</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">9,147</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; padding-left: 11.5pt; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><i>stock-based compensation expense</i></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><i>566</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><i>1,479</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><i>6,828</i></font></td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Legal and consulting fees</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">394</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">1,478</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">2,020</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Other expenses</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">316</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">712</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">1,619</p></td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>1,844</b></p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>5,138</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>12,787</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 8.65pt; line-height: 107%"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">3.       Employee
benefits</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following table shows the
items of employee benefits:	</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 70%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td style="vertical-align: top; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>2016</b></p></td>
<td style="vertical-align: top; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>2017</b></p></td>
<td style="vertical-align: bottom; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>2018</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td colspan="3" style="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>(in thousands of €)</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Employee benefits</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top">
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Wages and salaries</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">1,467</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">2,897</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">4,501</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Social Security contributions*</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">126</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">182</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">350</font></td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Stock-based compensation expense</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">868</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">4,550</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">12,085</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Other</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">—</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">—</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">248</p></td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>2,462</b></p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>7,629</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>17,184</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 8.65pt; line-height: 107%"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">* Employer's share of social security contributions	</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The number of employees rose from
20.0 FTE (full time equivalents) at the end of 2017 to 36.8 FTE at the end of 2018 (numbers as of balance sheet date, not an average
number).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">4.       Net Financial
Result</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The net financial result is comprised
of the following items:	</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>2016</b></p></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>2017</b></p></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>2018</b></p></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td colspan="6" style="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>(in thousands of €)</b></font></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Finance income</b></font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td colspan="2" style="background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Foreign exchange income</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">—</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">—</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">8,250</font></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Interest income</font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">—</font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">130</font></td>
<td colspan="2" style="background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">2,183</font></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Other</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">1</p></td>
<td colspan="2" style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">—</p></td>
<td colspan="2" style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">-</p></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Total</b></font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>1</b></p></td>
<td colspan="2" style="background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>130</b></p></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>10,433</b></p></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Finance costs</b></font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Foreign exchange expense</font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">3</font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">2,358</font></td>
<td colspan="2" style="vertical-align: bottom; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">2,624</font></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Other</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">2,046</p></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">2,565</p></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">107</p></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Total</b></font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>2,049</b></p></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>4,923</b></p></td>
<td colspan="2" style="vertical-align: bottom; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>2,731</b></p></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Net financial result</b></font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>(2,048)</b></p></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>(4,793)</b></p></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>7,702</b></p></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td colspan="2" style="vertical-align: bottom; padding-right: 8.65pt; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
<tr>
<td style="width: 69%; line-height: 107%"> </td>
<td style="width: 2%; line-height: 107%"> </td>
<td style="width: 8%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 8%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 10%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif">Foreign
exchange income and expense is mainly derived from the translation of the Company’s U.S. dollar cash, cash equivalents and
marketable securities. These funds are translated at the exchange rates prevailing on the reporting date. Any resulting translation
differences
are recognized in profit and loss. These gains (€ 8,250 thousand in 2018, € nil for 2017 and 2016) and losses
(€ 2,624 thousand in 2018, respectively € 2,358 thousand for 2017 and €3 thousand for 2016) are caused by the
exchange rates on the reporting dates, and may not ultimately be realized. Any such gains or losses ultimately will be realized
when U.S. dollar funds are used for R&D expenses or other activities.</font></p>
<p style="font: 8pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif">On
the reporting date, assets and liabilities are translated at the closing rate. Any foreign exchange rate differences derived from these translations are recognized in the consolidated
statement of profit or loss as part of finance income.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Other finance cost in 2017 and
2016 was mainly driven by interest expense for preferred shares (€2,229 thousand, €1,836 thousand respectively).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">(b) Income tax expense</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">InflaRx N.V. and its German subsidiary
InflaRx GmbH are subject to corporate taxes, a solidarity surcharge and trade taxes. In prior years as well as in 2017 and 2018
the Group did not incur any income tax. Taxes paid were reimbursed after annual tax declaration.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In Germany, the Group has the
following tax carry forwards:</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 80%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td style="vertical-align: top; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>December
31, 2017</b></p></td>
<td style="vertical-align: bottom; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>December
31, 2018</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>(in thousands of €)</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>InflaRx N.V.</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>7,923</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>33,571</b></font></td></tr>
<tr style="vertical-align: top">
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">InflaRx GmbH</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">34,787</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">34,787</font></td></tr>
<tr style="vertical-align: top">
<td style="line-height: 107%"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Since January 1, 2018 InflaRx
GmbH has distributed its losses to the parent Company InflaRx N.V. under a profit and loss transfer agreement.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">German tax loss carried forwards
are available indefinitely for offsetting against future taxable profits. Tax losses of InflaRx GmbH are frozen from 2018 onwards
due to the tax Group with InflaRx N.V. Future losses of InflaRx GmbH will be transferred to InflaRx N.V. Losses at the level of
InflaRx N.V. can be offset in future years considering rules extinguishing tax losses and minimum taxation rules.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group recognizes deferred
tax assets arising from tax loss carried forwards only to the extent that the Group has sufficient taxable temporary differences
or there is convincing evidence that sufficient taxable profit will be available against which the unused tax losses can be utilized.
As of December 31, 2018 and 2017, management’s judgment is that such convincing evidence is currently not sufficiently available
and a deferred tax asset is therefore not recognized.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The table below shows a reconciliation
between current income taxes recognized in profit or loss and the product of loss before tax multiplied by the Company's applicable
tax rate. The applicable tax rate is composed of 15% corporate income tax and 0.8% solidarity surcharge plus 13.4% trade tax (trade
tax is the sum of the Company`s two German locations, 8.2 percentage points must be paid in Jena and 5.2 percentage points in Planegg
respectively; the split between Jena and Planegg is based on salary costs, therefore the tax rate decreased as the Company hired
new personnel in Planegg):</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>2016</b></p></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>2017</b></p></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>2018</b></p></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td colspan="5" style="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>(in thousands of €)</b></font></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>InflaRx </b></font></td>
<td style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Loss before taxes</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">(8,939)</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">(24,238)</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">(29,815)</font></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Tax rate</font></td>
<td style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">30.5%</font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">31.2%</font></td>
<td colspan="2" style="background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">29.2%</font></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Tax benefits at tax rate</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">2,729</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">7,560</font></td>
<td colspan="2" style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">8,715</font></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Tax losses for which no deferred tax asset was recognized</font></td>
<td style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">(2,729)</p></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">(7,560)</p></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">(8,715)</p></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Income taxes</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">—</p></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">—</p></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">—</p></td>
<td style="line-height: 107%"> </td></tr>
<tr>
<td colspan="3" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
<tr>
<td style="width: 67%; line-height: 107%"> </td>
<td style="width: 10%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 10%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 10%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">(c) Other non-financial assets</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 80%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td style="vertical-align: top; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>December
31, 2017</b></p></td>
<td style="vertical-align: bottom; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>December
31, 2018</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>(in thousands of €)</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Current other assets</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Prepaid expense</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">504</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">1,047</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Other</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">192</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">542</p></td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>696</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>1,589</b></p></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Prepaid expense mainly consists
of accrued insurance expense for D&O and insurance expenses together with the placement of shares in May 2018.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">(d) Financial assets and financial liabilities</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Set out below is an overview of
financial assets and liabilities, other than cash and short-term deposits, held by the Group as at December 31, 2018 and December
31, 2017:</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 80%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td style="vertical-align: top; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>December
31, 2017</b></p></td>
<td style="vertical-align: bottom; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>December
31, 2018</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>(in thousands of €)</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Financial assets at amortized cost</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top">
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Non-current financial assets</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">20</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">207</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Current financial assets</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">0</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">101,184</font></td></tr>
<tr>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Financial liabilities at amortized cost</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Trade and other payables</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">(4,469)</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">(6,657)</font></td></tr>
<tr>
<td style="vertical-align: bottom; line-height: 107%"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The fair value of current and
non-current financial assets (primarily quoted debt securities with, credit ratings ranging from AA- to AAA) amounted to €100,723
thousand (level 1). The Group’s debt instruments at amortized cost comprised solely of quoted securities that are graded
in the top investment category (AA- to AAA) by credit rating agencies such as S&P Global and, therefore, are considered low
credit risk investments. Based on statistical historical probabilities of default, adjusted for forward-looking factors specific
to the debtors and the economic environment, the Group believes that the expected credit losses for these debt instruments are
immaterial. Furthermore, since acquisition of these debt securities, their credit ratings have remained stable.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">(e) Equity</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">1.       Issue of
share capital</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On May 8, 2018, a public offering
of common shares was completed pursuant to which the Company sold an aggregate of 1,850,000 common shares with a nominal value
of €0.12 per share, resulting in gross proceeds from the sale of common shares of €53.0 million. Directly attributable
transaction costs of €3.8 million were incurred and paid in connection with the sale of these common shares and deducted
from capital reserves.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">2.       Shares
Outstanding</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As of December 31, 2018, following
the public offering in May 2018 and the exercise of stock options in the third and fourth quarters, the issued capital of the Company
is divided into 25,964,379 common shares. Refer to ‘Consolidated Statements of Changes in Shareholders’ Equity for
the Years Ended December 31, 2018, 2017 and 2016’.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">(f) Cash and cash equivalents information</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 80%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td style="vertical-align: top; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>December
31, 2017</b></p></td>
<td style="vertical-align: bottom; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>December
31, 2018</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"> </td>
<td colspan="2" style="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>(in thousands of €)</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Short-term deposits</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Deposits held in U.S. dollars</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">81,229</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">32,919</font></td></tr>
<tr style="vertical-align: top">
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Deposits held in euro</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">38,876</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">—</p></td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">120,105</p></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">32,919</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Cash at banks</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
<tr style="vertical-align: top">
<td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Money held in euro</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">2,842</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">21,720</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Money held in U.S. dollars</font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">335</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">748</p></td></tr>
<tr>
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>3,177</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>22,468</b></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>Total cash and cash equivalents</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>123,282</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>55,386</b></p></td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 8.65pt; line-height: 107%"> </td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right; line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt"> </p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"> </p>
5000
8000
7000
106445000
0
0
100868000
0
100868000
0
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="width: 90%; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"> </td>
<td style="width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: black 0.5pt solid"><b>2018</b></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; padding-right: 9.35pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Number of stock options:</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt"> </td></tr>
<tr style="vertical-align: top">
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Outstanding at January 1, 2018</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>1,869,192</b></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">Granted in 2018</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">208,073</font></td></tr>
<tr>
<td style="vertical-align: top; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">Forfeited in 2018</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">(26,256)</p></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Outstanding at December 31, 2018</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid"><b>2,051,009</b></p></td></tr>
<tr style="vertical-align: top">
<td style="padding-left: 0.25in; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><i>thereof vested</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>626,933</i></font></td></tr>
<tr style="vertical-align: top">
<td style="padding-left: 0.25in; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><i>thereof exercised</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>-</i>—</font></td></tr>
</table>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"> </p>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"> </p>
101400000
0
156800000
123300000
25964379
-37815000
-19553000
-7122000
-37516000
-19445000
-6891000
7702000
-4793000
-2048000
1589000
696000
1047000
504000
542000
192000
12085000
4550000
868000
4550000
12085000
868000
61727000
86338000
848000
258000
868000
4550000
12085000
868000
80940000
49384000
51000
2000
51000
452000
36000
416000
-67896000
94165000
25815000
false
-53443000
90904000
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This Amendment No. 1 on Form 20-F/A (the “Amendment”) amends the Annual Report on Form 20-F for the year ended December 31, 2018 of InflaRx N.V. (the “Company,” “we,” “our” or “us”), as originally filed with the U.S. Securities and Exchange Commission on March 28, 2019 (the “Original Annual Report”). We are filing this Amendment solely to (i) change the date of the Report of Independent Registered Accounting Firm (the “Accountants’ Report”) on page F-2 hereof to March 26, 2018 (from March 28, 2019); (ii) revise the penultimate sentence of Item 1 in Note 4(g) to our audited annual consolidated financial statements, appearing on page F-20, to read as follows: “The financial statements were authorized for issue by management on March 26, 2019.”; and (iii) in the Consolidated Statements of Cash Flows on page F-6, amend (x) the line item for “other non-cash adjustments” to read “421” instead of “(83)” and (y) the line item for “Interest received” to read “1,679” instead of “504.” This Amendment does not reflect events occurring after the filing of the Original Annual Report and does not modify, update or restate the disclosure therein in any way other than to reflect the amendments described above. No other changes have been made in the Original Annual Report. The filing of this Amendment should not be understood to mean that any statements contained herein are true or complete as of any date subsequent to the date of filing of the Original Annual Report. The exhibits to this Amendment include updated certificates in Exhibits 12.1, 12.2, 13.1 and 13.2, in each case to reflect the date of this Amendment.