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-53254817
-29814634
-24237748
-53254817
-29814634
-24237748
-2177602
-1891058
0
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
financial statements comply with IFRS as issued by the International Accounting Standards Board (IASB).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
financial statements have been prepared on a historical cost basis except for share-based payments which are measured at fair
value.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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 (€). USD ($) is also the functional currency of InflaRx N.V. since January 2019.
The functional currency of InflaRx N.V. has changed to U.S. Dollars from €, as most of the income and expenses of InflaRx
N.V. occur in U.S. Dollar. The presentation currency of the Group did not change and continues to be €, as the functional
currency of the largest operating company InflaRx GmbH continues to be the €. The functional currency of InflaRx Pharmaceutical
Inc is USD.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">All
financial information presented in Euro has been rounded to the nearest Euro. 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 euro
at a maximum.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">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 could 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</font></p>
<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(a)
Lease obligations</font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; width: 70%; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
31, 2019</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
31, 2018</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">(in
€)</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Commitments
for minimum lease payments in relation to                       non-cancellable
leases</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Within
one year</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">371,105</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">282,711</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">After
one year but not more than five years</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">532,845</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">292,300</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">More
than five years</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>903,951</b></font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>575,011</b></font></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Anticipated
future lease expenses were converted with the exchange rate as of December 31, 2019, 1 Euro = 1.1234 USD.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Lease
obligations consist of payments pursuant to non-cancellable lease agreements mainly relating to the Company`s leases of office
space. The lease terms of the Company`s premises expires in the next three years: Jena, Germany December, 2022, Martinsried, Germany
May, 2022 and Ann Arbor, United States April, 2021.</font></p>
<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(b)
Other Commitments</font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; width: 70%; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
31, 2019</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
31, 2018</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">(in
€)</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Commitments
for minimum payments in relation to non-cancellable operating contracts or services:</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Within
one year</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10,602,651</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">19,623,790</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">After
one year but not more than five years</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">13,844,857</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,683,700</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">More
than five years</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>24,447,508</b></font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>29,307,490</b></font></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Anticipated
future expenses were converted with the exchange rate as of December 31, 2019, 1 Euro = 1.1234 USD.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Group enters into contracts in the normal course of business with 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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">During
2019, the Group did not enter into contracts to purchase property, plant and equipment or patents and trademarks (respectively
nil in 2018).</font></p>
<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(a)
Reporting entity and Group’s structure</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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’).</font></p>
<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(b)
Material subsidiaries</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Group’s principal subsidiaries at December 31, 2019 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.</font></p>
<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: 8pt Times New Roman, Times, Serif">Name</font></td>
<td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">Place
of business/ country of incorporation</font></td>
<td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">Functional
currency</font></td>
<td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Ownership
interest held by the Group</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">	2019
	2018</font></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: 8pt Times New Roman, Times, Serif">Principal
activities</font></td></tr>
<tr>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 19%; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>InflaRx
GmbH</b></font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 16%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">Germany</font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">EUR</font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">100%</font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">100%</font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; width: 33%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><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; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><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: 8pt Times New Roman, Times, Serif">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: 8pt Times New Roman, Times, Serif">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: 8pt Times New Roman, Times, Serif">100%</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: 8pt Times New Roman, Times, Serif">100%</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: 8pt Times New Roman, Times, Serif">Subsidiary
for basic research</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">InflaRx
Pharmaceutical Inc., a Delaware corporation, was founded on January 5, 2018 by InflaRx N.V.</font></p>
<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(c)
Segment reporting</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Group has one Segment. The Group is a clinical-stage biopharmaceutical Group focused on applying its proprietary anti-C5a technology.
These activities are conducted as own project development. The Executive Board of Directors is the chief operating decision maker.
Management of resources and reporting to the decision maker is based on the Group as a whole.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">All
operational activities are conducted in Germany and the United States. No revenues were generated in 2019, 2018 and 2017. The
geographic location of the Group’s non-current assets are as follows:</font></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">31
December 2019: €2,217 thousand in Germany and €374 thousand in the United
States,</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">31
December 2018: €704 thousand in Germany and €351 thousand in the United States.</font></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b><i> </i></b></font></p>
<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(d)
Related party transactions</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Group’s executive management comprises the following persons:</font></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 7.1pt"></td><td style="width: 10.75pt"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Professor
Niels C. Riedemann, Chief Executive Officer (CEO)</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 7.1pt"></td><td style="width: 10.75pt"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Professor
Renfeng Guo, Chief Scientific Officer (CSO)</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 7.1pt"></td><td style="width: 10.75pt"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Arnd
Christ, Chief Financial Officer (CFO)</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 7.1pt"></td><td style="width: 10.75pt"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td><td><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: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Group’s board of directors comprises the following persons:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Executive
Directors</font></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 7.1pt"></td><td style="width: 10.75pt"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Professor
Niels C. Riedemann, CEO</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 7.1pt"></td><td style="width: 10.75pt"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Professor
Renfeng Guo, CSO</font></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Non-executive
Directors</font></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 7.1pt"></td><td style="width: 10.75pt"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Nicolas
Fulpius, Chairman, Chairman of the Audit Committee</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 7.1pt"></td><td style="width: 10.75pt"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Jens
Holstein, Member of the Audit Committee</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 7.1pt"></td><td style="width: 10.75pt"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Richard
Brudnick, Member of the Audit Committee since May 2019</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 7.1pt"></td><td style="width: 10.75pt"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Katrin
Uschmann</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 7.1pt"></td><td style="width: 10.75pt"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Lina
Ma</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 7.1pt"></td><td style="width: 10.75pt"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Mark
Kübler</font></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
compensation of the Group’s executive management comprises the following for the twelve months ending December 31:	</font></p>
<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="padding: 1pt 5.4pt 2pt; width: 55%; font-size: 8pt; text-align: left; line-height: 9pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">Board
Compensation</font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2017</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">(in
€)</font></td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Executive
Management</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Short-term
employee benefits</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,793,529</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,524,202</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,986,973</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Share-based
payments</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5,218,324</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,801,454</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,187,438</font></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>8,011,853</b></font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12,325,656</b></font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>5,174,411</b></font></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><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: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Short-term
employee benefits</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">269,031</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">238,180</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">80,735</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Share-based
payments</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">710,611</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,085,917</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">42,860</font></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>979,642</b></font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>1,324,098</b></font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>123,596</b></font></p></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total Compensation</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>8,991,495</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>13,649,754</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>5,298,007</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Remuneration
of InflaRx’s executive management comprises fixed and variable components and share-based payment awards. In addition, executive
management receive supplementary benefits and allowances.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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” in the Annual Report on Form 20-F
for a description of these indemnification agreements.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(e)
Share-based payments</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">1.       Equity-settled
share-based payment arrangements</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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 to senior management and key employees. In addition, 267 options were granted to members of
the Supervisory Board of InflaRx GmbH. All 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, plus the 22,428 options of the Supervisory
Board of InflaRx GmbH. In 2019 140,876 shares were issued following the exercise of share options, resulting in proceeds to the
Company of €1.7 thousand (2018: €9.8 thousand). The following table illustrates the number and weighted average exercise
prices (WAEP) of, and movements in, share options during the year:</font></p>
<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="padding: 1pt 5.4pt 2pt; width: 41%; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">number</font></p>
</div></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">WAEP</font></p>
</div></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">number</font></p>
</div></td>
<td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">WAEP</font></p>
</div></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Outstanding at January
1</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">289.309</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">€0.01</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">533.820</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">€0.01</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Exercised during the
year (1)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">140.876</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">€0.01</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">244.511</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">€0.01</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Outstanding at December
31</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>148.433</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">€0.01</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>289.309
</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">€0.01</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Exercisable at December
31</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">148.433</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">€0.01</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">289.309</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">€0.01</font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="5" style="padding-right: 5.4pt; padding-left: 16.05pt; text-align: right; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">(1) 
The weighted average share price at the date of exercise of these options was $3.02/€2.70* (2018: $33,82/ €28,62*).</font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="5" style="padding-right: 5.4pt; padding-left: 16.05pt; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">*
average conversion rates used for one $: 2019 $0.8932, 2018 $0.8464</font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="5" style="padding-right: 5.4pt; padding-left: 16.05pt; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
weighted average remaining contractual life for the share options outstanding as at 31 December 2019 was 3.43 years (2018: 4,16
years). The exercise price for all options outstanding at the end of the year was €0.01 per share or less (2018: €0.01
or less).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Under
the terms and conditions of the share 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. In 2018 57,768 shares were issued following the exercise of share options, resulting in
proceeds to the Company of €442.2 thousand. The following table illustrates the number and weighted average exercise prices
of, and movements in, share options during the year:</font></p>
<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="padding: 1pt 5.4pt 2pt; width: 40%; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">number</font></p>
</div></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">WAEP</font></p>
</div></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">number</font></p>
</div></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">WAEP</font></p>
</div></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Outstanding
at January 1</b></font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.181.484</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">€7,81</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.239.252</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">€7,81</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Exercised
during the year (1)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">57.768</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">€7,81</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Outstanding
at December 31</b></font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>1.181.484
</b></font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">$3,35/€2.98*</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>1.181.484
</b></font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">€7,81</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Exercisable
at December 31</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.181.484</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">$3,35/€2.98*</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.181.484</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">€7,81</font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="5" style="padding-right: 5.4pt; padding-left: 16.05pt; text-align: right; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">(1) 
The weighted average share price at the date of exercise in 2018 for these options was $32,82/€27.78*.</font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="5" style="padding-right: 5.4pt; padding-left: 16.05pt; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">*
conversion rates used for one €: December 31, 2019 $0.8902, average rate 2018 $0.8464</font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="5" style="padding-right: 5.4pt; padding-left: 55.5pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
weighted average remaining contractual life for the share options outstanding as at 31 December 2019 was 11,95 years (2018: 12,95
years). The exercise price for all options outstanding at the end of the year was $3,35/€2.98 (2018: €7,81).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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. 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.‘ The following table illustrates the
number and weighted average exercise prices of, and movements in, share options during the year:</font></p>
<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="padding: 1pt 5.4pt 2pt; width: 40%; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">number</font></p>
</div></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">WAEP</font></p>
</div></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">number</font></p>
</div></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">WAEP</font></p>
</div></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Outstanding at January
1</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2.051.009</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$3,61/€3.16*</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.869.192</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$3,35/€2.79*</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Granted during the year</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">242.450</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$3,25/€2.91*</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">208.073</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$5,96/€5.05*</font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Forfeited during the
year</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">112.354</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$6,17/€5.51*</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">26.256</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$3,35/€2.84*</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Outstanding at December
31</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2.181.105</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$3,44/€3.06*</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2.051.009</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$3,61/€3.16*</font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Exercisable at December
31</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.319.548</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$3,52/€3.13*</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">626.933</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$3,35/€2.93*</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td colspan="5" style="padding-right: 5.4pt; padding-left: 8.95pt; text-indent: -7.1pt"><font style="font: 8pt Times New Roman, Times, Serif">*
conversion rates used for one €: December 31, 2019 $0.8902, average rate 2019 $0.8932, January 1, 2019/December 31,
2018 $0.8734, average rate 2018 $0.8464</font></td></tr>
<tr style="vertical-align: top">
<td colspan="5" style="padding-right: 5.4pt; padding-left: 55.5pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
weighted average remaining contractual life for the share options outstanding as at 31 December 2019 was 6.21 years (2018: 6.74
years).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
weighted average fair value of options granted during the year was € 7.29 (2018: €15.63). The range of exercise prices
for options outstanding at the end of the year was $2.28/€2.03 to $22.75/€20.25 (2018: $3.35/€2.93 to $22.75/€19.87).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">On
July 3, 2019, the board approved an amendment of the 2016 Share Option Plan and the 2017 Long-Term Incentive Plan. Following the
amendment, the exercise price of all vested and unvested options, other than those held by persons who were not employees or directors
at the time of the amendment, was reduced to $3.35 per share.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
repricing decision on July 3, 2019 affected the 2016 Plan and the 2017 Long-Term Incentive Plan. 1,181,484 share options from
the 2016 plan and 2,105,459 share options from the 2017 long-term incentive plan were affected. The valuation of past grants with
the new exercise price of $3.35 resulted in incremental fair values of the outstanding options, i.e. additional compensation expense
had to be recognized. We refer to the table below regarding the measurement of fair values of share options granted.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">There
were no cancellations or further modifications to the awards in 2019 or 2018.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">2.       Measurement
of fair values of share options granted</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
fair value of options granted in 2019 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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
modification, resulting from the repricing as described above, increased the fair value of the equity instruments granted under
the 2017 Long-Term Incentive Plan and the 2016 Plan. In accordance with IFRS 2.B43, the incremental fair value is recognized over
the remaining vesting period, whereas the balance of the grant-date fair value is recognized immediately for fully vested options,
or over the remaining original vesting period. The incremental fair value is the difference between the fair value of the modified
share-based payment and that of the original share-based payment, both measured at the date of the modification - i.e. July 3,
2019.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Other
significant inputs into the model are as follows (weighted average):</font></p>
<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="padding: 1pt 5.4pt 2pt; width: 19%; font-size: 8pt; text-align: left; line-height: 9pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">Share
options granted</font></td>
<td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Number</b></font></p></td>
<td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Per
</b></font></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>option</b></font></p>
</div></td>
<td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>FX
rate as of grant date</b></font></p></td>
<td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Per
</b></font></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>option</b></font></p>
</div></td>
<td style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Share
price at grant date / </b></font></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Exercise
price</b></font></p>
</div></td>
<td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Expected
volatility</b></font></p></td>
<td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Expected
life</b></font></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">(midpoint
based)</font></p>
</div></td>
<td style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Risk-free
rate</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">(interpolated,
U.S. sovereign strips curve)</font></p>
</div></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="vertical-align: bottom; padding-left: 1.5pt; text-align: right; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-left: 1.5pt; text-align: right; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-left: 1.5pt; text-align: right; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-left: 1.5pt; text-align: right; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-left: 1.5pt; text-align: right; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-left: 1.5pt; text-align: right; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-left: 1.5pt; text-align: right; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; padding-left: 1.5pt; text-align: right; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">February 7*</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">28,002</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$13.79</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.82</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€11.24</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$22.75</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.73</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.9</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2.60%</font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">May 30</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">20,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$22.37</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.86</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€19.23</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$37.85</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.73</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.6</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2.70%</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">July 20</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">54,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$19.80</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.86</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€16.96</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$32.40</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.73</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.9</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2.80%</font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Sept. 21*</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">18,450</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$20.17</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.85</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€17.15</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$33.06</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.73</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.9</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">3.00%</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Nov. 20*</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">12,621</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$13.39</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.88</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€11.75</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$26.02</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.65</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.0</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2.93%</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">November
20/ Jan. 1, 2019*</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">75,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$14.45</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.88</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€12.69</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$26.02</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.65</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.8</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">3,00%</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-top: Black 0.5pt solid; border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>208,073</b></font></p></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">January
1</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$14.45</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.88</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€12.69</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$26.02</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.65</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.8</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">3,00%</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">February
4</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">18,450</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$18.17</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.87</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€15.87</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$32.63</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.65</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.9</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2,60%</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">May,
14</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">36,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$22.54</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.89</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€20.08</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$41.39</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.65</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.7</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2.30%</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Repricing,
July 3</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$0.46-$1.08</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.89</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€0.40-€0.96</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$3.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2.3-4.6</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2.30%</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">October
24</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">50,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$1.96</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.90</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€1.76</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$2.28</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.7</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">1,65%</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">December
16</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">38,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$3.07</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.90</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€2.75</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$3.57</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.7</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">1,79%</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">December
16*</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">100,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$3.07</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.90</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€2.75</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$3.57</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.7</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">1,79%</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-top: Black 0.5pt solid; border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>242,450</b></font></p></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td colspan="9" style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5pt; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Expected
dividends are nil for all share options listed above.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5pt; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">*
Options granted to the executive management or board of directors</font></p></td></tr>
<tr style="vertical-align: bottom">
<td colspan="9" style="padding-left: 1.5pt; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">On
November 20, 2018 75,000 stock options were awarded subject to a specified condition, which was satisfied on January 1, 2019,
therefore, the expense for these share options occurred in 2019.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Expected
volatility has been based on the historical volatility of InflaRx’ share price. Considering a significant price drop on
June 5, 2019, we calculated averages including and excluding said trading day which results in an average volatility of 124%.
For grants after June 2019 we have selected a volatility of 135% that accounts for expectations of the management.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
range of outcomes for the expected life of the instruments has been based on expectations on option holder behavior in the scenarios
considered.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
dividend yield has no impact due to the anti-dilution clause as defined in the 2017 Long-Term Incentive Plan.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.85pt"><font style="font: 8pt Times New Roman, Times, Serif">Expenses
are determined based on the number of share options granted within a tranche and the vesting period of a tranche. This implies
two effects:</font></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 7.1pt"></td><td style="width: 10.75pt"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">the
more options are granted within a tranche, the higher the expense of a tranche is, and</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 7.1pt"></td><td style="width: 10.75pt"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">the
shorter the vesting period of a tranche is, the higher the expense of a tranche is.</font></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">For
example, 33.33% of all share options granted are allocated to the first tranche which vests over 1 year after the grant date,
whereas 8.33% of all share options granted are allocated to the ninth tranche which vests over three years.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
following table shows the recognized compensation expenses per share option plan and the repricing of share options, consummated
on July 3, 2019 for the twelve-month period ended December 31, 2019, 2018 and 2017. Anticipated expenses for the twelve-month
period ending December 31, 2022, 2021 and 2020 were converted with the exchange rate as of December 31, 2019, 1 Euro = 1.1234
USD:</font></p>
<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="padding: 1pt 5.4pt 2pt; width: 40%; font-size: 8pt; text-align: left; line-height: 9pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2022</font></p></td>
<td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2021</font></p></td>
<td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2020</font></p></td>
<td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p></td>
<td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></p></td>
<td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2017</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">(in
million €)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2016 Plan</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4.0</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2017 Long-Term Incentive
plan</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.3</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2.1</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5.2</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12.1</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.6</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Repricing consummated
on July 3, 2019</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 17.85pt; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2016
Plan</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.5</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="padding-left: 17.85pt; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2017
Long-Term Incentive plan</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.3</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.1</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total compensation
expense</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.3</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2.4</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6.8</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12.1</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4.6</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">None
of the equity-settled share-based payments awards were dilutive in determining earnings per share due to the Group’s loss
position.</font></p>
<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(f)
Loss per share</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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 2019 is 26,004,519, for 2018 is 25,095,027
and for 2017 is 9,410,524.</font></p>
<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(g)
Protective foundation</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">In
order to deter acquisition bids, the Company`s general meeting of shareholders approved the right of an independent foundation
under Dutch law, or protective foundation, to exercise a call option pursuant to the call option agreement, upon which preferred
shares will be issued by the Company to the protective foundation of up to 100% of the Company’s issued capital held by
others than the protective foundation, minus one share. 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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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, since the preference shares are restricted
in use and can be cancelled by us as stated above.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">As
of December 31, 2019, the Company expensed €70,000 of ongoing costs to reimburse expenses incurred by the protective foundation.</font></p>
<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(h)
Summary of significant accounting policies</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">1.       New
and amended standards adopted by the Group</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 17.85pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Group has applied the following standards and amendments for the first time for its annual reporting period commencing January
1, 2019. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
Most of the new standards and amendments listed below did not have any impact on the amounts recognized in prior periods and are
not expected to significantly affect the current or future periods, except for IFRS 16 Leases:</font></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">IFRS
16 Leases</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">IFRIC
23 Uncertainty over Tax Treatments.</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Prepayment
Features with Negative Compensation (Amendments to IFRS 9).</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><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>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Plan
Amendment, Curtailment or Settlement (Amendments to IAS 19).</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 17.85pt"></td><td style="width: 17.85pt"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td><td><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: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Group applies IFRS 16 Leases for the first time in its financial statements. The Group has lease contracts for various items of
property, vehicles and other equipment. Before the adoption of IFRS 16, the Group classified each of its leases (as lessee) at
the inception date as either a finance lease or an operating lease. A lease was classified as a finance lease if it transferred
substantially all of the risks and rewards incidental to ownership of the leased asset to the Group; otherwise it was classified
as an operating lease. Before the adoption of IFRS 16, the Group did not identify any finance leases. For an operating lease,
the leased property was not capitalized, and the lease payments were recognized as rent expense in profit or loss on a straight-line
basis over the lease term. Any prepaid rent and accrued rent were recognized under prepayments and trade and other payables, respectively.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Upon
adoption of IFRS 16, the Group applied a single recognition and measurement approach for all leases, except for short-term leases
and leases of low-value assets. The standard provides specific transition requirements and practical expedients, which have been
applied by the Group.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 17.85pt"><font style="font: 8pt Times New Roman, Times, Serif">The
Group recognized right-of-use assets and lease liabilities for those leases previously classified as operating leases, except
for short-term leases and leases of low-value assets. The right-of-use assets were recognized based on the amount equal to the
lease liabilities, adjusted for any related prepaid and accrued lease payments previously recognized. Lease liabilities were recognized
based on the present value of the remaining lease payments, discounted using the incremental borrowing rate at the date of initial
application. The Group also applied the available practical expedients wherein it:</font></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Applied
the short-term leases exemptions to leases with a lease term that ends within 12 months
at the date of initial application</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Excluded
the initial direct costs from the measurement of the right-of-use asset at the date of
initial application</font></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="padding: 1pt 2.9pt 2pt; width: 86%; font-size: 8pt; text-align: left; line-height: 9pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 14%; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="padding-right: 9.35pt; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Operating
lease commitments disclosed as of December 31, 2018</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">575,000</font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Short-term leases recognized
on a straight-line basis as expense</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(17,765)</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Low-value leases recognized
on a straight-line basis as expense</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(5,993)</font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Adjustments as a result
of a different treatment of extension and termination options</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">201,127</font></p></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>752,369</b></font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Discount using the lessee’s
incremental borrowing rate of at the date of initial application</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(21,697)</font></p></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Lease liability recognized
as of January 1, 2019</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>730,672</b></font></p></td></tr>
<tr style="vertical-align: top">
<td style="padding-left: 0.25in; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><i>thereof
current lease liability</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>215,312</i></font></td></tr>
<tr style="vertical-align: top">
<td style="padding-left: 0.25in; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><i>thereof
non-current lease liabilities</i></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>515,360</i></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
weighted average lessee’s incremental borrowing rate applied to the lease liabilities on January 1, 2019 was 1.8%.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">2.       New
standards and interpretations not yet adopted</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Certain
new accounting standards and interpretations have been published that are not mandatory for December 31, 2019 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.</font></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Amendments
to References to Conceptual Framework in IFRS Standards, effective on January 1, 2020</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Definition
of a Business (Amendments to IFRS 3), effective on January 1, 2020</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Definition
of Material (Amendments to IAS 1 and IAS 8), effective on January 1, 2020</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">IFRS 17
Insurance Contracts, effective on January 1, 2021</font></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">These
new standards and interpretations are not expected to have a material impact on the Group’s consolidated financial statements.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">3.       Current
and non-current distinction</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">4.       Foreign
currency transactions</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">On
consolidation, the assets and liabilities of operations in foreign currency 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. OCI is disclosed as ‘other components of equity’ in Consolidated Statements of Financial Position.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">5.       Notes
to the cash flow statement</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
cash flow statement has been prepared using the indirect method for cash flows from operating activities. The cash disclosed in
the cash flow statement is comprised of cash and cash equivalents. Cash comprises cash on hand and demand deposits. Cash equivalents
are short-term bank deposits and money market investment funds and are not subject to a significant risk of changes in value with
an original maturity of three month or less. Interest paid and received is included in the cash from operating activities.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">6.       Research
and development</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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 costs for clinical trials and manufacturing of our clinical drug product, additionally costs are incurred by pre-clinical
activities as well as basic research activities.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">As
research expenditure and development expenditure does not meet the recognition criteria they are treated as an expense when incurred.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">7.       Employee
benefits</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><i>(i)
Short-term employee benefits </i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><i>(ii)
Share-based payment transactions </i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">8.       Government
grants</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">9.       Lease
arrangements</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Set
forth below are the new accounting policies of the Group upon adoption of IFRS 16, which have been applied from the date of initial
application:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Right-of-use
assets</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for
use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial
direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the
Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use
assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use
assets are subject to impairment.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Lease
liabilities</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">At
the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to
be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease
incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual
value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by
the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate.
The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event
or condition that triggers the payment occurs.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">In
calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date
if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities
is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of
lease liabilities is re-measured if there is a modification, a change in the lease term, a change in the in-substance fixed lease
payments or a change in the assessment to purchase the underlying asset.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Short-term
leases and leases of low-value assets</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases
that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies
the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments
on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Significant
judgement in determining the lease term of contracts with renewal options</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend
the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably
certain not to be exercised. Some of the Group’s lease arrangements provide it the option to extend or renew the lease term.
The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. In doing so, management
considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date,
the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and
affects its ability to exercise the option to renew.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">10.       Interest
income</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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 rate method is recognized in the
statement of profit or loss as part of finance income.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">11.       Intangible
assets</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">12.       Laboratory
and office equipment</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Depreciation
on leasehold improvements and equipment is calculated using the straight-line method to allocate their cost over their estimated
useful lives, as follows:</font></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Laboratory
equipment: three to 13 years</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Office
equipment: one to five years</font></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">13.       Financial
assets and liabilities (financial instruments)</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">14.       Income
taxes</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Deferred
tax assets and liabilities are presented net if there is a legally enforceable right to offset.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Due
to its stage of development, the Company does not report net deferred tax assets on its consolidated statement of financial position.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">15.       Fair
Value Measurement</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Several
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:</font></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><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>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><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>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><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: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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”.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
carrying amount of all financial instruments approximates their fair value.</font></p>
<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(i)
Significant events after the reporting date</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">COVID-19
could adversely impact our business, including our supply chain, clinical trials and commercialization of our product candidates</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">See
‘Item 3. Key Information — D. Risk factors — Risks related to global environment’ in the Annual Report
on Form 20-F for a description of this risk.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Collaboration
agreement with MSD</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">On
March 20, 2020 InflaRx GmbH entered into a clinical trial collaboration and supply agreement with MSD International GmbH, Luzern,
Suisse. Following the agreement MSD will deliver a specified compound for a clinical study administered by InflaRx GmbH. The study
shall investigate the effect of the MSD`s compound together with IFX-1. Any results or intellectual property directly derived
from this clinical study will be equally shared between both parties. The collaboration is limited to this study and will end
after the study.</font></p>
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Clinical
Study AAV</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">As
of October 2018, 19 patients have been recruited in the randomized, triple blind, placebo-controlled US Phase II IXPLORE study
with IFX-1 in patients with AAV. The main objective of the study is to evaluate the efficacy and safety of two dose regimens of
IFX-1 in patients with moderate to severe AAV, when dosed on top of standard of care, which includes treatment with high dose
glucocorticoids. The trial originally planned to enroll approximately 36 patients at centers in the US. Based on a blinded interim
analysis and assessment of the potential impact of the COVID-19 pandemic, the Company has decided to stop the study and read out
the existing results earlier than initially planned as part of a strategy to align and streamline the US and EU AAV development
program.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">In
May 2019, the Company initiated a randomized, double-blind, placebo-controlled European Phase II IXCHANGE study with IFX-1 in
patients with AAV. The main objective of the study is to evaluate the efficacy and safety of IFX-1 in patients with moderate to
severe AAV. The primary endpoint of the study is a 50% reduction in Birmingham Vasculitis Activity Score (BVAS) at week 16. The
study was originally planned to enroll approximately 80 patients at about 60 sites in up to 12 European countries and Russia.
The study is being conducted in two parts. In Part 1, patients are being randomized to receive either IFX-1 plus a reduced dose
of glucocorticoids, or placebo plus a standard dose of glucocorticoids. Patients in both arms receive the standard of care dosing
of immunosuppressive therapy (rituximab or cyclophosphamide). In Part 2 of the study, patients will be randomized to receive either
IFX-1 plus placebo glucocorticoids or placebo plus a standard dose of glucocorticoids (both on top of standard of care immunosuppressive
therapy with rituximab or cyclophosphamide). The first part of the study has been fully enrolled. After analyzing the impact of
COVID-19 on the study, a blinded interim analysis of Part 1 has been completed. Based on the analysis, the Company intends to
continue with Part 2 of the study but decrease the number of enrolled patients.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt 17.85pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Group has applied the following standards and amendments for the first time for its annual reporting period commencing January
1, 2019. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
Most of the new standards and amendments listed below did not have any impact on the amounts recognized in prior periods and are
not expected to significantly affect the current or future periods, except for IFRS 16 Leases:</font></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">IFRS
16 Leases</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">IFRIC
23 Uncertainty over Tax Treatments.</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Prepayment
Features with Negative Compensation (Amendments to IFRS 9).</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><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>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Plan
Amendment, Curtailment or Settlement (Amendments to IAS 19).</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 17.85pt"></td><td style="width: 17.85pt"><font style="font: 8pt Times New Roman, Times, Serif">·</font></td><td><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: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Group applies IFRS 16 Leases for the first time in its financial statements. The Group has lease contracts for various items of
property, vehicles and other equipment. Before the adoption of IFRS 16, the Group classified each of its leases (as lessee) at
the inception date as either a finance lease or an operating lease. A lease was classified as a finance lease if it transferred
substantially all of the risks and rewards incidental to ownership of the leased asset to the Group; otherwise it was classified
as an operating lease. Before the adoption of IFRS 16, the Group did not identify any finance leases. For an operating lease,
the leased property was not capitalized, and the lease payments were recognized as rent expense in profit or loss on a straight-line
basis over the lease term. Any prepaid rent and accrued rent were recognized under prepayments and trade and other payables, respectively.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Upon
adoption of IFRS 16, the Group applied a single recognition and measurement approach for all leases, except for short-term leases
and leases of low-value assets. The standard provides specific transition requirements and practical expedients, which have been
applied by the Group.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 17.85pt"><font style="font: 8pt Times New Roman, Times, Serif">The
Group recognized right-of-use assets and lease liabilities for those leases previously classified as operating leases, except
for short-term leases and leases of low-value assets. The right-of-use assets were recognized based on the amount equal to the
lease liabilities, adjusted for any related prepaid and accrued lease payments previously recognized. Lease liabilities were recognized
based on the present value of the remaining lease payments, discounted using the incremental borrowing rate at the date of initial
application. The Group also applied the available practical expedients wherein it:</font></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Applied
the short-term leases exemptions to leases with a lease term that ends within 12 months
at the date of initial application</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Excluded
the initial direct costs from the measurement of the right-of-use asset at the date of
initial application</font></td></tr></table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 2.9pt 2pt; width: 86%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 14%; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 9.35pt; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Operating
lease commitments disclosed as of December 31, 2018</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: 8pt Times New Roman, Times, Serif">575,000</font></td></tr>
<tr style="vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Short-term
leases recognized on a straight-line basis as expense</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: 8pt Times New Roman, Times, Serif">(17,765)</font></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: 8pt Times New Roman, Times, Serif">Low-value
leases recognized on a straight-line basis as expense</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: 8pt Times New Roman, Times, Serif">(5,993)</font></td></tr>
<tr style="vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Adjustments
as a result of a different treatment of extension and termination options</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">201,127</font></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: 8pt Times New Roman, Times, Serif"><b>Total</b></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: 8pt Times New Roman, Times, Serif"><b>752,369</b></font></td></tr>
<tr style="vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Discount
using the lessee’s incremental borrowing rate of at the date of initial application</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(21,697)</font></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: 8pt Times New Roman, Times, Serif"><b>Lease
liability recognized as of January 1, 2019</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>730,672</b></font></p></td></tr>
<tr style="vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><i>thereof
current lease liability</i></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: 8pt Times New Roman, Times, Serif"><i>215,312</i></font></td></tr>
<tr style="vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><i>thereof
non-current lease liabilities</i></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: 8pt Times New Roman, Times, Serif"><i>515,360</i></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
weighted average lessee’s incremental borrowing rate applied to the lease liabilities on January 1, 2019 was 1.8%.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Certain
new accounting standards and interpretations have been published that are not mandatory for December 31, 2019 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.</font></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Amendments
to References to Conceptual Framework in IFRS Standards, effective on January 1, 2020</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Definition
of a Business (Amendments to IFRS 3), effective on January 1, 2020</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Definition
of Material (Amendments to IAS 1 and IAS 8), effective on January 1, 2020</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">IFRS 17
Insurance Contracts, effective on January 1, 2021</font></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">These
new standards and interpretations are not expected to have a material impact on the Group’s consolidated financial statements.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">On
consolidation, the assets and liabilities of operations in foreign currency 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. OCI is disclosed as ‘other components of equity’ in Consolidated Statements of Financial Position.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
cash flow statement has been prepared using the indirect method for cash flows from operating activities. The cash disclosed in
the cash flow statement is comprised of cash and cash equivalents. Cash comprises cash on hand and demand deposits. Cash equivalents
are short-term bank deposits and money market investment funds and are not subject to a significant risk of changes in value with
an original maturity of three month or less. Interest paid and received is included in the cash from operating activities.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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 costs for clinical trials and manufacturing of our clinical drug product, additionally costs are incurred by pre-clinical
activities as well as basic research activities.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">As
research expenditure and development expenditure does not meet the recognition criteria they are treated as an expense when incurred.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><i>(i)
Short-term employee benefits </i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><i>(ii)
Share-based payment transactions </i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Set
forth below are the new accounting policies of the Group upon adoption of IFRS 16, which have been applied from the date of initial
application:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Right-of-use
assets</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for
use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial
direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the
Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use
assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use
assets are subject to impairment.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Lease
liabilities</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">At
the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to
be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease
incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual
value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by
the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate.
The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event
or condition that triggers the payment occurs.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">In
calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date
if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities
is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of
lease liabilities is re-measured if there is a modification, a change in the lease term, a change in the in-substance fixed lease
payments or a change in the assessment to purchase the underlying asset.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Short-term
leases and leases of low-value assets</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases
that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies
the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments
on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Significant
judgement in determining the lease term of contracts with renewal options</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend
the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably
certain not to be exercised. Some of the Group’s lease arrangements provide it the option to extend or renew the lease term.
The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. In doing so, management
considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date,
the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and
affects its ability to exercise the option to renew.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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 rate method is recognized in the
statement of profit or loss as part of finance income.</font></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: 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">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: 0.25in"></td><td style="width: 0.25in"><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 net deferred tax assets on its consolidated statement of financial position.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Several
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:</font></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><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>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><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>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 Times New Roman, Times, Serif">·</font></td><td><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 Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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”.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
carrying amount of all financial instruments approximates their fair value.</font></p>
<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="padding: 1pt 5.4pt 2pt; width: 55%; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: normal 8pt Times New Roman, Times, Serif">Research
and development expenses</font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: normal 8pt Times New Roman, Times, Serif">2019</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: normal 8pt Times New Roman, Times, Serif">2018</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: normal 8pt Times New Roman, Times, Serif">2017</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">(in
€)</font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Third-party services</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">36,783,223</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,909,366</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,856,431</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 11.5pt; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><i>manufacturing
of clinical material</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>13,479,235</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>4,828,534</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>5,558,719</i></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="padding-left: 11.5pt; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><i>clinical,
pre-clinical</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>23,303,988</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>11,080,832</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>3,297,712</i></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Personnel expenses</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,231,812</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,037,082</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,680,877</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="padding-left: 11.5pt; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><i>share-based
compensation expense</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,580,983</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>5,256,194</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>3,070,707</i></font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Legal
and consulting fees</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">668,676</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">421,041</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">643,074</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Other
expenses</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">898,425</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">661,065</font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">234,129</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>44,582,136</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>25,028,554</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>14,414,511</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; width: 55%; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">General
and administrative expenses</font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2017</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">(in
€)</font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Personnel
expenses</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,534,073</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,146,955</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,948,229</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 11.5pt; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><i>share-based
compensation expense</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>4,251,227</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>6,828,457</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>1,479,398</i></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Legal
and consulting fees</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,199,640</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,020,447</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,478,210</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Other
expenses</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,767,335</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,619,467</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">712,059</font></p></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12,501,048</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12,786,869</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>5,138,498</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 8.65pt; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; width: 55%; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">Employee
benefits</font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2017</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">(in
€)</font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Wages
and salaries</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5,974,807</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,501,840</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,896,929</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Social
Security contributions (employer's share)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">562,255</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">350,024</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">182,189</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Equity-settled
share-based payments</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,832,210</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,084,651</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,550,105</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">396,613</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">247,522</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>13,765,885</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>17,184,037</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>7,629,223</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; width: 55%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">Finance
income</font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2017</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">(in
€)</font></td>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></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: 8pt Times New Roman, Times, Serif">Foreign
exchange income</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,379,644</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,249,853</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td></tr>
<tr style="vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Interest
income</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,840,676</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,182,842</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">130,032</font></p></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: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>6,220,320</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>10,432,695</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>130,032</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Finance
costs</b></font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></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: 8pt Times New Roman, Times, Serif">Foreign
exchange expense</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,684,699</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,623,782</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,358,631</font></td></tr>
<tr style="vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">22,265</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">107,182</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,563,904</font></p></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: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2,706,964</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2,730,964</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>4,922,535</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Net
Financial Result</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>3,513,356</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>7,701,731</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(4,792,503)</b></font></p></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr>
<td style="padding: 1pt 2.9pt 2pt; vertical-align: bottom; width: 66%; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; width: 17%; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
31, 2019</font></p></td>
<td style="vertical-align: bottom; width: 17%; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
31, 2018</font></p></td></tr>
<tr>
<td style="padding: 1pt 2.9pt 2pt; vertical-align: bottom; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="padding: 1pt 2.9pt 2pt; vertical-align: top; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">(in
€)</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt 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; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>75,767,524</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>33,571,438</b></font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">InflaRx
GmbH</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">34,786,686</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">34,787,686</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">InflaRx
Pharmaceutical Inc.</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,816,023</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,651,579</font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; width: 55%; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">InflaRx
in Germany</font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2017</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">(in
€)</font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Loss
before taxes</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(53,254,817)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(29,814,634)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(24,237,748)</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Tax
rate</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">29.7%</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">29.2%</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31.2%</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Tax
benefits at tax rate</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,815,083</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,715,116</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,559,754</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Tax
losses for which no deferred tax asset was recognized</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(15,815,083)</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(8,715,116)</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(7,559,754)</font></p></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Income
taxes</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
applicable tax rate on income in the U.S. is composed of 21% federal tax and 6% state tax:</font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; width: 55%; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">InflaRx
in the U.S.</font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2017</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">(in
U.S. dollars)</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Loss
before taxes</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,177,602)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,891,058)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Tax
rate</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">27%</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">27%</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Tax
benefits at tax rate</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">587,953</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">510,586</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Tax
losses for which no deferred tax asset was recognized</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(587,953)</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(510,586)</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></p></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Income
taxes</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; width: 43%; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt">
<div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">Buildings,</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">Office properties</p>
</div></td>
<td style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">Laboratory,
office and other equipment</p></td>
<td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">
<div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt">
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">Advance</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">payments</p>
</div></td>
<td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">Total</p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>Cost</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>(in €)</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>At January 1, 2018</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>394,609</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b> —</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>394,609</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt">Additions</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">504,423</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">86,068</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">590,491</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Disposals</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,544</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,544</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt">Reclassification</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">86,068</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(86,068)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Exchange differences</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">8,534</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">8,534</p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2018</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>995,179</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>995,179</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Right-of-use assets at January 1, 2019, see note 1. (e)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">695,614</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">35,058</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">730,672</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><font style="font-size: 8pt">Additions</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">636,754</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">259,647</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">54,338</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">950,740</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Disposals</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(266,057)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(142,400)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(408,457)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><font style="font-size: 8pt">Reclassification</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">54,408</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(54,408)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Exchange differences</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">1,512</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">6,639</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">70</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">8,221</p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2019</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>1,067,823</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>1,208,531</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>2,276,355</b></p></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><font style="font-size: 8pt"><b>Depreciation</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>At January 1, 2018</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>(221,970)</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>(221,970)</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><font style="font-size: 8pt">Depreciation charge for the year</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(148,375)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(148,375)</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Exchange differences</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(166)</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(166)</p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2018</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>(370,510)</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>(370,510)</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Depreciation charge for the year</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(283,350)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(273,458)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(556,808)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><font style="font-size: 8pt">Disposals</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">38,008</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">26,235</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">64,243</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Exchange differences</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">216</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(198)</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">18</p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2019</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>(245,126)</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>(617,932)</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>(863,058)</b></p></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><font style="font-size: 8pt">Net book value</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>—</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2019</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">822,697</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">590,600</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">1,413,297</p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2018</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">624,668</p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">624,668</p></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="padding-right: 8.65pt; text-indent: 0in"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
</table>
<p style="margin: 0pt"></p>
<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="padding: 1pt 5.4pt 2pt; width: 48%; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Patents
and licenses with definite useful life</font></p></td>
<td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Construction
in progress</font></p></td>
<td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in
€)</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>At
January 1, 2018</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>148,749</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b> —</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>148,749</b></font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Additions</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">97,620</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">97,620</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Disposals</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(17)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(17)</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Reclassification</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">109,852</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">109,852</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Exchange
differences</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>At
December 31, 2018</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>246,351</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>109,852</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>356,204</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Additions</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">84,449</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">251,493</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">335,942</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Disposals</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Reclassification</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">353,155</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(353,155)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Exchange
differences</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(64)</font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(64)</font></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>At
December 31, 2019</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>683,891</b></font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>8,190</b></font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>692,081</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortization</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>At
January 1, 2018</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(108,083)</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(108,083)</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Depreciation
charge for the year</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(25,255)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(25,255)</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Exchange
differences</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>At
December 31, 2018</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(133,337)</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(133,337)</b></font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Depreciation
charge for the year</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(106,358)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(106,358)</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Disposals</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Exchange
differences</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14</font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14</font></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>At
December 31, 2019</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(239,681)</b></font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(239,681)</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Net
book value</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>At
December 31, 2019</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">444,210</font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,190</font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">452,400</font></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>At
December 31, 2018</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">113,014</font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">109,852</font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">222,866</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 8.65pt; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="padding: 1pt 2.9pt 2pt; vertical-align: bottom; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="padding: 1pt 2.9pt 2pt; vertical-align: top; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">Right-of-use
assets</font></td>
<td style="padding: 1pt 2.9pt 2pt; vertical-align: top; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
exchange</font></td>
<td colspan="2" style="padding: 1pt 2.9pt 2pt; vertical-align: top; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 2.9pt 2pt; vertical-align: top; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr>
<td style="padding: 1pt 2.9pt 2pt; vertical-align: bottom; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Property</font></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Cars</font></p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">difference</font></p></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Lease
liabilities</font></p></td></tr>
<tr>
<td style="padding: 1pt 2.9pt 2pt; vertical-align: bottom; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 2.9pt 2pt; vertical-align: top; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 2.9pt 2pt; vertical-align: top; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 2.9pt 2pt; vertical-align: top; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">(in
€)</font></td>
<td colspan="2" style="padding: 1pt 2.9pt 2pt; vertical-align: top; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 2.9pt 2pt; vertical-align: top; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>As
of January 1, 2019</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>695,614</b></font></p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>35,058</b></font></p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></p></td>
<td colspan="2" style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>730,672</b></font></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>730,672</b></font></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Additions</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">636,754</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,512</font></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">638,266</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">636,754</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Depreciation
charge for the year</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(245,342)</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(20,831)</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">216</font></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(265,957)</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Derecognition</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(266,057)</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; 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; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(266,057)</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(228,547)</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Interest
expense</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; 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; 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; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; 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; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(12,765)</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Payments
(incl. interest and foreign exchange difference)</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(281,535)</font></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>As
of December 31, 2019</b></font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>820,969</b></font></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>14,227</b></font></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>1,728</b></font></p></td>
<td colspan="2" style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>836,924</b></font></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>844,579</b></font></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt 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"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; width: 49%; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">Maturity
analysis for capitalized leases</font></td>
<td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Contractual
minimum lease obligations</font></p></td>
<td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Effect
of discounting</font></p></td>
<td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Lease
liabilities</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">(in
€)</font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Within
one year</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">354,878</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,175</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">347,703</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">After
one year but not more than five years</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">500,062</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,185</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">496,877</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">More
than five years</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>854,940</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>10,361</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>844,579</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr>
<td style="padding: 1pt 5.4pt 2pt; vertical-align: bottom; width: 48%; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">Maturity
analysis for all lease obligations</font></td>
<td style="vertical-align: bottom; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></p></td>
<td style="vertical-align: top; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Low
value leases</font></p></td>
<td style="vertical-align: top; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Short-term
leases</font></p></td>
<td style="vertical-align: top; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Capitalized
leases</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">(in
€)</font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Within
one year</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">371,105</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5,387</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10,841</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">354,878</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">After
one year but not more than five years</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">532,845</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,779</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">20,005</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">500,062</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">More
than five years</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>903,951</b></font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>18,166</b></font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>30,845</b></font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>854,940</b></font></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; width: 70%; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
31, 2019*</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
31, 2018*</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">(in
€)</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Depreciation
expense of right-of-use assets</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">265,957</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Interest
expense on lease liabilities</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,765</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Rental
expense from leases</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">70,451</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">213,200</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-left: 17.85pt; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><i>short-term
leases (included in administrative expenses)</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>65,348</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>—</i></font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="padding-left: 17.85pt; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><i>leases
of low-value assets (included in administrative expenses)</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>5,103</i></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>—</i></font></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
amounts recognized in profit or loss</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>349,173</b></font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>213,200</b></font></p></td></tr>
<tr>
<td style="vertical-align: top; padding-top: 6pt; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">	*
in 2019 leases under IFRS 16, in 2018 operating leases under IAS 17</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></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="padding: 1pt 5.4pt 2pt; width: 70%; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">Financial
assets and financial liabilities</font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
31, 2019</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
31, 2018</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">(in
€)</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Financial
assets at amortized cost</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Non-current
financial assets</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">272,614</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">207,444</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Current
financial assets</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">82,353,867</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">101,184,240</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Financial
liabilities at amortized cost</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Trade
and other payables</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,413,662</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,657,312</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Interest
bearing loans and borrowings</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr>
<td style="vertical-align: top; padding-left: 17.85pt; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Non-current
lease liabilities</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">330,745</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; padding-left: 17.85pt; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Current
lease liabilities</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">513,834</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td></tr>
<tr>
<td style="vertical-align: top; padding-left: 17.85pt; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; width: 70%; text-align: left"><font style="font-size: 8pt">Cash
and cash equivalents</font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font-size: 8pt">December
31, 2019</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font-size: 8pt">December
31, 2018</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"><font style="font-size: 8pt">(in
€)</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>Short-term
deposits</b></font></td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> </font></td></tr>
<tr>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Deposits
held in U.S. dollars (3 months original maturity and less)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font-size: 8pt">27,803,153</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font-size: 8pt">32,918,604</font></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font-size: 8pt"><b>27,803,153</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font-size: 8pt"><b>32,918,604</b></font></p></td></tr>
<tr>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>Cash
at banks</b></font></td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> </font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Cash
held in euro</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,211,478</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">21,719,699</font></td></tr>
<tr>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Cash
held in U.S. dollars</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font-size: 8pt">4,116,649</font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font-size: 8pt">747,937</font></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font-size: 8pt"><b>5,328,127</b></font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font-size: 8pt"><b>22,467,636</b></font></p></td></tr>
<tr>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>Total
cash and cash equivalents</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font-size: 8pt"><b>33,131,280</b></font></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font-size: 8pt"><b>55,386,240</b></font></p></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 13%; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 35%; 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="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; 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="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; 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: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><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: 8pt Times New Roman, Times, Serif">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: 8pt Times New Roman, Times, Serif">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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Achievement
of a natural hedge</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">in
the future</font></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: 8pt Times New Roman, Times, Serif"><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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Cash
and cash equivalents,</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">debt
investments</font></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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Credit</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">rating</font></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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Diversification
of bank deposits, Investment guidelines for</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">debt
investments</font></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: 8pt Times New Roman, Times, Serif"><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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">R&D
and G&A cost</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">and
trade payables</font></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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Rolling</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">cash
flow forecast</font></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: 8pt Times New Roman, Times, Serif">Availability
of funds through financing rounds or public offerings</font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; width: 70%; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">Cash,
cash equivalents and financial assets that belong to InflaRx GmbH</font></td>
<td style="padding: 1pt 5.4pt 2pt; width: 15%; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
31, 2019</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">(in
€)</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Current
financial assets (securities and accrued interest)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">32,947,491</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Cash
and cash equivalents</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,123,532</font></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
assets exposed to the risk</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>37,071,023</b></font></p></td></tr>
<tr>
<td style="vertical-align: top; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Conversion
rate EUR/USD at reporting date 1/1.1234</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></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="padding: 1pt 5.4pt 2pt; width: 55%; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">Sensitivity
analysis:</font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Conversion
rate</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Profit/(loss)</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">carrying
amount</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">(in
€)</font></td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Euro
weakens by 1% against U.S. dollars</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.1346</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(367,040)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">36,703,983</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><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: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.1122</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">374,455</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">37,445,478</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Euro
weakens by 5% against U.S. dollars</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.1796</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,765,287)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">35,305,736</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><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: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.0672</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,951,106</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">39,022,129</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Euro
weakens by 10% against U.S. dollars</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.2357</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,370,093)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">33,700,930</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><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: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.0111</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,119,003</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">41,190,026</font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; width: 70%; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">Liquidity</font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
31, 2019</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
31, 2018</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">(in
€)</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Short-term
deposits</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">27,803,153</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">32,918,604</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Cash
at banks</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5,328,127</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">22,467,636</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Marketable
Securities (current)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">81,895,377</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">100,868,129</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Other
(non-current portion)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">272,614</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">207,444</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Other
(current)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">458,491</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">316,112</font></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
funds available</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>115,757,762</b></font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>156,777,925</b></font></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; width: 70%; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
31, 2019</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
31, 2018</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">(in
€)</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Commitments
for minimum lease payments in relation to                       non-cancellable
leases</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Within
one year</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">371,105</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">282,711</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">After
one year but not more than five years</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">532,845</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">292,300</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">More
than five years</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>903,951</b></font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>575,011</b></font></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; width: 70%; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
31, 2019</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
31, 2018</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">(in
€)</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Commitments
for minimum payments in relation to non-cancellable operating contracts or services:</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Within
one year</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10,602,651</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">19,623,790</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">After
one year but not more than five years</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">13,844,857</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,683,700</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">More
than five years</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>24,447,508</b></font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>29,307,490</b></font></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></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: 8pt Times New Roman, Times, Serif">Name</font></td>
<td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">Place
of business/ country of incorporation</font></td>
<td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">Functional
currency</font></td>
<td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Ownership
interest held by the Group</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">	2019
	2018</font></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: 8pt Times New Roman, Times, Serif">Principal
activities</font></td></tr>
<tr>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 19%; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>InflaRx
GmbH</b></font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 16%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">Germany</font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">EUR</font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">100%</font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">100%</font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; width: 33%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><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; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><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: 8pt Times New Roman, Times, Serif">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: 8pt Times New Roman, Times, Serif">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: 8pt Times New Roman, Times, Serif">100%</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: 8pt Times New Roman, Times, Serif">100%</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: 8pt Times New Roman, Times, Serif">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="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; width: 55%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">Board
Compensation</font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2017</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">(in
€)</font></td>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Executive
Management</b></font></td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Short-term
employee benefits</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,793,529</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,524,202</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,986,973</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Share-based
payments</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5,218,324</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,801,454</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,187,438</font></p></td></tr>
<tr>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>8,011,853</b></font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12,325,656</b></font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>5,174,411</b></font></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Non-executive
Board of Directors</b></font></td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Short-term
employee benefits</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">269,031</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">238,180</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">80,735</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Share-based
payments</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">710,611</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,085,917</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">42,860</font></p></td></tr>
<tr>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>979,642</b></font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>1,324,098</b></font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>123,596</b></font></p></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: 8pt Times New Roman, Times, Serif"><b>Total
Compensation</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>8,991,495</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>13,649,754</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>5,298,007</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; width: 41%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">number</font></p>
</div></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">WAEP</font></p>
</div></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">number</font></p>
</div></td>
<td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">WAEP</font></p>
</div></td></tr>
<tr style="vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Outstanding
at January 1</b></font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">289.309</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">€0.01</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">533.820</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">€0.01</font></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: 8pt Times New Roman, Times, Serif">Exercised
during the year (1)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">140.876</font></p></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">€0.01</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">244.511</font></p></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">€0.01</font></td></tr>
<tr style="vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Outstanding
at December 31</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>148.433</b></font></p></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">€0.01</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>289.309
</b></font></p></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">€0.01</font></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: 8pt Times New Roman, Times, Serif">Exercisable
at December 31</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">148.433</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">€0.01</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">289.309</font></p></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">€0.01</font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 16.05pt; text-align: right; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">(1) 
The weighted average share price at the date of exercise of these options was $3.02/€2.70* (2018: $33,82/ €28,62*).</font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 16.05pt; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">*
average conversion rates used for one $: 2019 $0.8932, 2018 $0.8464</font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="5" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 16.05pt; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 10pt 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 style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; width: 40%; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">number</font></p>
</div></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">WAEP</font></p>
</div></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">number</font></p>
</div></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">WAEP</font></p>
</div></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Outstanding
at January 1</b></font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.181.484</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">€7,81</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.239.252</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">€7,81</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Exercised
during the year (1)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">57.768</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">€7,81</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Outstanding
at December 31</b></font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>1.181.484
</b></font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">$3,35/€2.98*</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>1.181.484
</b></font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">€7,81</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Exercisable
at December 31</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.181.484</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">$3,35/€2.98*</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.181.484</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">€7,81</font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="5" style="padding-right: 5.4pt; padding-left: 16.05pt; text-align: right; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">(1) 
The weighted average share price at the date of exercise in 2018 for these options was $32,82/€27.78*.</font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="5" style="padding-right: 5.4pt; padding-left: 16.05pt; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">*
conversion rates used for one €: December 31, 2019 $0.8902, average rate 2018 $0.8464</font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="5" style="padding-right: 5.4pt; padding-left: 55.5pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0pt"></p>
<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="padding: 1pt 5.4pt 2pt; width: 40%; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">number</font></p>
</div></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">WAEP</font></p>
</div></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">number</font></p>
</div></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></p>
<p style="font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">WAEP</font></p>
</div></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Outstanding at January
1</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2.051.009</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$3,61/€3.16*</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.869.192</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$3,35/€2.79*</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Granted during the year</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">242.450</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$3,25/€2.91*</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">208.073</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$5,96/€5.05*</font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Forfeited during the
year</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">112.354</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$6,17/€5.51*</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">26.256</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$3,35/€2.84*</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Outstanding at December
31</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2.181.105</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$3,44/€3.06*</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2.051.009</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$3,61/€3.16*</font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Exercisable at December
31</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.319.548</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$3,52/€3.13*</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">626.933</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">$3,35/€2.93*</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td colspan="5" style="padding-right: 5.4pt; padding-left: 8.95pt; text-indent: -7.1pt"><font style="font: 8pt Times New Roman, Times, Serif">*
conversion rates used for one €: December 31, 2019 $0.8902, average rate 2019 $0.8932, January 1, 2019/December 31,
2018 $0.8734, average rate 2018 $0.8464</font></td></tr>
<tr style="vertical-align: top">
<td colspan="5" style="padding-right: 5.4pt; padding-left: 55.5pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0pt"></p>
<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="padding: 1pt 5.4pt 2pt; width: 19%; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif">Share
options granted</font></td>
<td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Number</b></font></p></td>
<td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Per
</b></font></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>option</b></font></p>
</div></td>
<td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>FX
rate as of grant date</b></font></p></td>
<td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Per
</b></font></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>option</b></font></p>
</div></td>
<td style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Share
price at grant date / </b></font></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Exercise
price</b></font></p>
</div></td>
<td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Expected
volatility</b></font></p></td>
<td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Expected
life</b></font></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">(midpoint
based)</font></p>
</div></td>
<td style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Risk-free
rate</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">(interpolated,
U.S. sovereign strips curve)</font></p>
</div></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="vertical-align: bottom; padding-left: 1.5pt; text-align: right; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-left: 1.5pt; text-align: right; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-left: 1.5pt; text-align: right; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-left: 1.5pt; text-align: right; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-left: 1.5pt; text-align: right; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-left: 1.5pt; text-align: right; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: top; padding-left: 1.5pt; text-align: right; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; padding-left: 1.5pt; text-align: right; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">February 7*</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">28,002</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$13.79</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.82</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€11.24</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$22.75</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.73</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.9</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2.60%</font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">May 30</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">20,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$22.37</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.86</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€19.23</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$37.85</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.73</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.6</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2.70%</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">July 20</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">54,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$19.80</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.86</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€16.96</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$32.40</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.73</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.9</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2.80%</font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Sept. 21*</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">18,450</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$20.17</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.85</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€17.15</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$33.06</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.73</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.9</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">3.00%</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Nov. 20*</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">12,621</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$13.39</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.88</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€11.75</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$26.02</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.65</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.0</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2.93%</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">November
20/ Jan. 1, 2019*</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">75,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$14.45</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.88</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€12.69</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$26.02</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.65</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.8</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">3,00%</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-top: Black 0.5pt solid; border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>208,073</b></font></p></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">January
1</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$14.45</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.88</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€12.69</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$26.02</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.65</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.8</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">3,00%</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">February
4</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">18,450</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$18.17</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.87</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€15.87</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$32.63</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.65</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.9</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2,60%</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">May,
14</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">36,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$22.54</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.89</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€20.08</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$41.39</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.65</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.7</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2.30%</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Repricing,
July 3</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$0.46-$1.08</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.89</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€0.40-€0.96</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$3.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2.3-4.6</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2.30%</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">October
24</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">50,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$1.96</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.90</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€1.76</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$2.28</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.7</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">1,65%</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">December
16</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">38,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$3.07</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.90</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€2.75</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$3.57</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.7</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">1,79%</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">December
16*</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">100,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$3.07</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">0.90</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">€2.75</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">$3.57</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">4.7</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">1,79%</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-top: Black 0.5pt solid; border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>242,450</b></font></p></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td colspan="9" style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5pt; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Expected
dividends are nil for all share options listed above.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5pt; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">*
Options granted to the executive management or board of directors</font></p></td></tr>
<tr style="vertical-align: bottom">
<td colspan="9" style="padding-left: 1.5pt; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></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="padding: 1pt 5.4pt 2pt; width: 40%; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2022</font></p></td>
<td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2021</font></p></td>
<td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2020</font></p></td>
<td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p></td>
<td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></p></td>
<td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2017</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">(in
million €)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2016 Plan</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4.0</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2017 Long-Term Incentive
plan</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.3</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2.1</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5.2</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12.1</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.6</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Repricing consummated
on July 3, 2019</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 17.85pt; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2016
Plan</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.5</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="padding-left: 17.85pt; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">2017
Long-Term Incentive plan</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.3</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.1</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total compensation
expense</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.0</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.3</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2.4</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6.8</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12.1</font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4.6</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 2.9pt 2pt; width: 86%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 14%; padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></p></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 9.35pt; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Operating
lease commitments disclosed as of December 31, 2018</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: 8pt Times New Roman, Times, Serif">575,000</font></td></tr>
<tr style="vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Short-term
leases recognized on a straight-line basis as expense</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: 8pt Times New Roman, Times, Serif">(17,765)</font></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: 8pt Times New Roman, Times, Serif">Low-value
leases recognized on a straight-line basis as expense</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: 8pt Times New Roman, Times, Serif">(5,993)</font></td></tr>
<tr style="vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Adjustments
as a result of a different treatment of extension and termination options</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">201,127</font></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: 8pt Times New Roman, Times, Serif"><b>Total</b></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: 8pt Times New Roman, Times, Serif"><b>752,369</b></font></td></tr>
<tr style="vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Discount
using the lessee’s incremental borrowing rate of at the date of initial application</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(21,697)</font></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: 8pt Times New Roman, Times, Serif"><b>Lease
liability recognized as of January 1, 2019</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>730,672</b></font></p></td></tr>
<tr style="vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><i>thereof
current lease liability</i></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: 8pt Times New Roman, Times, Serif"><i>215,312</i></font></td></tr>
<tr style="vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><i>thereof
non-current lease liabilities</i></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: 8pt Times New Roman, Times, Serif"><i>515,360</i></font></td></tr>
</table>
0.2970
.2920
.3120
.2700
.2700
.0000
356204
692081
148749
246351
683891
109852
8190
-133337
-239681
0
0
-133337
-239681
148749
0
-108083
0
-108083
335942
97620
84449
251493
97620
0
0
-17
0
0
0
0
0
-17
0
0
0
0
0
109852
353155
-353155
0
109852
-64
0
-64
0
14
0
14
0
0
0
0
0
106358
0
106358
25255
0
25255
452400
222866
444210
8190
113014
109852
836924
730672
0
1728
730672
844579
695614
820969
35058
14227
0
0
12765
0
0
266057
0
228547
266057
0
638266
1512
636754
636754
0
844579
347703
496877
0
10361
7175
3185
0
18166
5387
12779
0
30845
10841
20005
0
854940
354878
500062
0
265957
0
-216
0
245342
20831
12765
0
70451
213200
65348
0
5103
0
349173
213200
3953100
1588702
1920153
1032676
1334056
541419
698891
14067
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
32947491
4123532
37071023
1.1122
1.1346
1.0672
1.1796
1.0111
1.2357
37445478
36703983
39022129
35305736
41190026
33700930
374455
-367040
1951106
-1765287
4119003
-3370093
14.45
18.17
22.54
1.96
3.07
3.07
.46
1.08
13.79
22.37
19.80
20.17
13.39
14.45
12.69
15.87
20.08
1.76
2.75
2.75
.40
.96
11.24
19.23
16.96
17.15
11.75
12.69
575000
400253
303860
115525
85242
4802
7644
3513355
7701731
-4792503
26004519
25095027
9410524
-2.05
-1.19
-2.58
2177033
50196
0
44582136
25028554
898425
661065
36783223
15909366
6231812
8037082
668676
421041
14414628
234129
8856431
4680877
643074
13479235
4828534
5558719
23303988
11080832
3297712
2580983
5256194
3070707
12501048
12786869
2767335
1619467
7534073
9146955
2199640
2020447
5138498
712059
2948229
1478210
4251227
6828457
1479398
6220320
10432695
130032
3379644
2840676
2182842
130032
0
8249853
0
0
0
2706964
2730964
4922535
2684699
22265
2623782
107182
2358631
2563904
107146673
151390571
2857452
3115725
3132631
-51292555
-81107188
-134362006
119428816
6225353
18310003
25142213
31428
1325006
-27054806
-25689533
161638566
211021835
211006606
0
0
50196
2227228
8839
-53254817
-29814634
-29814634
-53254817
-24237748
-24237748
2177033
50196
0
50196
2177033
-51077785
-29764438
-29814634
-53254817
-24237748
-24237748
50196
2177033
6832210
12084651
4550105
12084651
6832210
4550105
2152279
140876
23550200
6833886
61726194
258273
16905
169356099
12084651
6832210
2826024
4900347
49383269
-15229
161638566
-8839
1850000
7068129
52990733
222000
90903488
848175
52768733
90055312
0
-3801265
-9114770
-3801265
-9114770
302279
140876
1676
452075
36273
16905
415801
-15229
663166
173630
70910
3513355
7701731
-4792503
-307849
196699
24076
235500
494837
132305
-209948
304627
-30024
5734795
2243137
2912740
3001109
1679250
66391
20903
0
0
-43204492
-21549248
-12151962
594889
806531
148542
0
21811
0
82547409
106445120
0
20341554
-99449341
-167023
0
-52990733
-90903488
1676
452075
0
0
0
27012050
296020
0
0
-294344
49641542
108800767
902321
3461399
-2316631
-22254960
-71357047
94165152
33131280
55386240
123281888
29116737
13765885
17184037
396613
247522
5974807
4501840
562255
350024
7629223
0
2896929
182189
6832210
12084651
4550105
75767524
33571438
34786686
34787686
3816023
1651579
272614
207444
82353867
101184240
12413662
6657312
330745
0
515203
0
27803153
32918604
1211478
21719699
4116649
747937
27803153
32918604
5328127
22467636
81895377
100868129
272614
207444
458491
316112
115757762
156777925
2524202
2793529
1986973
238180
269031
80735
9801454
5218324
3187438
1085917
710611
42860
8991495
13649754
5298007
12325656
8011853
5174411
1324098
979642
123596
0
0
0
0
0
4000000
0
300000
2100000
5200000
12100000
600000
0
0
0
500000
0
0
0
0
300000
1100000
0
0
26105255
57083184
37815422
19553126
-56768173
-37516364
-19445245
39013
67945
23812100
25964379
26105255
2362500
16482071
83026115
1977849
350242
80698025
-8839
-8839
16482071
83017276
1977849
350242
80698025
-8839
6832210
12084651
4550105
0
300000
2400000
6800000
12100000
4600000
-2364399
-893602
-522818
0
-316112
89599
75543
209705
18481
103559395
7990204
0
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; width: 70%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">Other
non-financial assets</font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
31, 2019</font></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: bold 10pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
31, 2018</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">(in
€)</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Prepaid
expense</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,920,153</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,032,676</font></td></tr>
<tr>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Pre-payments</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">698,891</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,607</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,334,056</font></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">541,419</font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>3,953,100</b></font></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>1,588,702</b></font></p></td></tr>
<tr style="vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
3513355
7701731
-4792503
0
1067823
995179
1208531
0
0
0
-245126
-370510
-617932
0
0
995179
2276355
-370510
-863058
0
394609
0
394609
0
-221970
0
-221970
1512
6639
70
216
-198
0
8221
18
0
8534
0
8534
0
-166
0
-166
0
54408
-54408
0
0
86068
-86068
0
-266057
-142400
0
38008
26235
0
-408457
64243
0
1544
0
1544
1332368
294705
54338
1681412
0
504423
86068
590491
1413297
624668
0
822697
590600
624668
0
0
5328127
22467636
854940
354878
500062
0
242450
208073
0
18450
36000
0
50000
38000
100000
28002
20000
54000
18450
12621
75000
.88
.87
.89
.89
.90
.90
.90
0.82
0.86
0.86
0.85
0.88
0.88
26.02
32.63
41.39
3.35
2.28
3.57
3.57
22.75
37.85
32.40
33.06
26.02
26.02
.6500
.6500
.6500
1.3500
1.3500
1.3500
1.3500
.73
.73
.73
.73
.65
.65
.0300
.0260
.0230
.0230
.0165
.0179
.0179
.0260
.0270
.0280
.0300
.0293
.0300
515360
215312
730672
-21697
752369
201127
-5993
-17765
289309
148433
533820
1181484
1181484
1239252
2051009
2181105
1869192
140876
244511
0
57768
289309
148433
1181484
1181484
626933
1319548
0.01
0.01
.01
7.81
7.81
0.01
.01
7.81
.01
.01
7.81
242450
208073
112354
26256
2227228
50196
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><b><i>(a) Material profit or loss items</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt">1. Research and development expenses</p>
<p style="font: 8pt 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 style="vertical-align: bottom">
<td style="width: 55%; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Research and development expenses</b></font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>2019</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>2018</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>2017</b></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in €)</b></font></td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td><font style="font: 8pt Times New Roman, Times, Serif">Third-party services</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">36,783,223</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,909,366</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,856,431</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 11.5pt"><font style="font: 8pt Times New Roman, Times, Serif"><i>manufacturing of clinical material</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>13,479,235</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>4,828,534</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>5,558,719</i></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="padding-left: 11.5pt"><font style="font: 8pt Times New Roman, Times, Serif"><i>clinical, pre-clinical</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>23,303,988</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>11,080,832</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>3,297,712</i></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Personnel expenses</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,231,812</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,037,082</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,680,877</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="padding-left: 11.5pt"><font style="font: 8pt Times New Roman, Times, Serif"><i>share-based compensation expense</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,580,983</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>5,256,194</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>3,070,707</i></font></td></tr>
<tr>
<td style="vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">Legal and consulting fees</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">668,676</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">421,041</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">643,074</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">Other expenses</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">898,425</p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">661,065</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">234,129</p></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>44,582,136</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>25,028,554</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>14,414,511</b></p></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><i>2. General and administrative expenses</i></p>
<p style="font: 8pt 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 style="vertical-align: bottom">
<td style="width: 55%; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>General and administrative expenses</b></font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>2019</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>2018</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>2017</b></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in €)</b></font></td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td><font style="font: 8pt Times New Roman, Times, Serif">Personnel expenses</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,534,073</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,146,955</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,948,229</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 11.5pt"><font style="font: 8pt Times New Roman, Times, Serif"><i>share-based compensation expense</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>4,251,227</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>6,828,457</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>1,479,398</i></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td><font style="font: 8pt Times New Roman, Times, Serif">Legal and consulting fees</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,199,640</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,020,447</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,478,210</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Other expenses</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">2,767,335</p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">1,619,467</p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">712,059</p></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>12,501,048</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>12,786,869</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>5,138,498</b></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 8.65pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Besides numerous smaller line items other
expenses mainly include €894 thousands insurance expense (2018: €441 thousands. 2017: €111 thousands) and €504
thousands depreciation and amortization expense (2018: €115 thousands. 2017: €71 thousands).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><i>3. Employee benefits</i></p>
<p style="font: 8pt 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 style="vertical-align: bottom">
<td style="width: 55%; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Employee benefits</b></font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>2019</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>2018</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>2017</b></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in €)</b></font></td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td><font style="font: 8pt Times New Roman, Times, Serif">Wages and salaries</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5,974,807</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,501,840</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,896,929</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Social Security contributions (employer's share)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">562,255</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">350,024</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">182,189</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td><font style="font: 8pt Times New Roman, Times, Serif">Equity-settled share-based payments</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,832,210</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,084,651</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,550,105</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">396,613</p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">247,522</p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">—</p></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>13,765,885</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>17,184,037</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>7,629,223</b></p></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">	The number of employees rose to 43.7
full time equivalents (FTE) at the end of 2019 from 36.8 FTE at the end of 2018, respectively 20.0 FTE at the end of 2017 (numbers
as of balance sheet date, not an average number).</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"><i>4. Net Financial Result</i></p>
<p style="font: 8pt 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 style="vertical-align: bottom">
<td style="width: 55%; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Finance income</b></font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>2019</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>2018</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>2017</b></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in €)</b></font></td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td><font style="font: 8pt Times New Roman, Times, Serif">Foreign exchange income</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,379,644</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,249,853</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 8pt Times New Roman, Times, Serif">Interest income</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">2,840,676</p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">2,182,842</p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">130,032</p></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>6,220,320</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>10,432,695</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>130,032</b></p></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Finance costs</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td><font style="font: 8pt Times New Roman, Times, Serif">Foreign exchange expense</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,684,699</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,623,782</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,358,631</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">22,265</p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">107,182</p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">2,563,904</p></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>2,706,964</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>2,730,964</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>4,922,535</b></p></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Net Financial Result</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>3,513,356</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>7,701,731</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>(4,792,503)</b></p></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt 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 group entities that do not use U.S. dollar as functional currency. Those
entities translate U.S. dollar cash, cash equivalents and marketable securities at the exchange rates prevailing on the
reporting date. Any resulting translation differences are recognized in profit and loss. These gains (€3,380
thousand in 2019, €8,250 thousand in 2018 and € nil in 2017) and losses (€2,685 thousand in 2019,
€2,624 thousand in 2018 and €2,358 thousand in 2017) 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 Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Other finance cost in 2017 was mainly
driven by interest expense for preferred shares (€2,229 thousand).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><b><i>(b) Income tax expense</i></b></p>
<p style="font: 8pt 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. InflaRx Pharmaceutical Inc. is subject to
U.S. federal and state tax. 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. The same applies for the year 2019. 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: 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: 15%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>December
31, 2019</b></p></td>
<td style="vertical-align: bottom; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><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: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in €)</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt 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"><font style="font: 8pt Times New Roman, Times, Serif"><b>75,767,524</b></font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>33,571,438</b></font></td></tr>
<tr style="vertical-align: top">
<td><font style="font: 8pt Times New Roman, Times, Serif">InflaRx GmbH</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">34,786,686</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">34,787,686</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td><font style="font: 8pt Times New Roman, Times, Serif">InflaRx Pharmaceutical Inc.</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,816,023</font></td>
<td style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,651,579</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.85pt"> </p>
<p style="font: 8pt 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. This tax group was formed
in Germany and is subject to German tax legislation.</p>
<p style="font: 8pt 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.</p>
<p style="font: 8pt 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, 2019, management’s judgment is that such convincing evidence is currently not sufficiently available and
a deferred tax asset is therefore not recognized. Furthermore, current tax assets and liabilities would be offset only if certain
criteria are met.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The tables below show 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The applicable tax rate is composed of
15% corporate income tax and 0.8% solidarity surcharge plus 13.9% trade tax (trade tax is the sum of the Company`s two German locations,
9.7 percentage points must be paid in Jena and 4.2 percentage points in Martinsried respectively; the split between Jena and Martinsried
is based on salary costs, therefore the tax rate decreased as the Company hired new personnel in Martinsried):</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: 55%; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>InflaRx in Germany</b></font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>2019</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>2018</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>2017</b></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in €)</b></font></td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">Loss before taxes</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(53,254,817)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(29,814,634)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(24,237,748)</font></td></tr>
<tr>
<td style="vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">Tax rate</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">29.7%</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">29.2%</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31.2%</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">Tax benefits at tax rate</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,815,083</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,715,116</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,559,754</font></td></tr>
<tr>
<td style="vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">Tax losses for which no deferred tax asset was recognized</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(15,815,083)</p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(8,715,116)</p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(7,559,754)</p></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Income taxes</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The applicable tax rate on income in
the U.S. is composed of 21% federal tax and 6% state tax:</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: 55%; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>InflaRx in the U.S.</b></font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>2019</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>2018</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>2017</b></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td>
<td colspan="3" style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in U.S. dollars)</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">Loss before taxes</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,177,602)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,891,058)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td></tr>
<tr>
<td style="vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">Tax rate</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">27%</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">27%</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">Tax benefits at tax rate</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">587,953</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">510,586</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td></tr>
<tr>
<td style="vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">Tax losses for which no deferred tax asset was recognized</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(587,953)</p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(510,586)</p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Income taxes</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><b><i>(c) Property, plant and equipment</i></b></p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="width: 48%; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td>
<td style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>Buildings,</b></p>
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>Office properties</b></p></td>
<td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>Laboratory,
office and other equipment</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>Advance</b></p>
<p style="font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>payments</b></p></td>
<td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>Total</b></p></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in €)</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>At January 1, 2018</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>394,609</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b> —</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>394,609</b></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Additions</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">504,423</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">86,068</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">590,491</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Disposals</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,544</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,544</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Reclassification</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">86,068</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(86,068)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Exchange differences</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">8,534</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">8,534</p></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>At December 31, 2018</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>995,179</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>995,179</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Right-of-use assets at January 1, 2019, see note 1. (e)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">695,614</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">35,058</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">730,672</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Additions</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">636,754</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">259,647</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">54,338</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">950,740</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Disposals</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(266,057)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(142,400)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(408,457)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Reclassification</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">54,408</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(54,408)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Exchange differences</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">1,512</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">6,639</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">70</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">8,221</p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>At December 31, 2019</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>1,067,823</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>1,208,531</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>2,276,355</b></p></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Depreciation</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>At January 1, 2018</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(221,970)</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(221,970)</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Depreciation charge for the year</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(148,375)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(148,375)</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Exchange differences</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(166)</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(166)</p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>At December 31, 2018</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(370,510)</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(370,510)</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Depreciation charge for the year</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(283,350)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(273,458)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(556,808)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Disposals</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">38,008</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">26,235</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">64,243</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Exchange differences</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">216</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(198)</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">18</p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>At December 31, 2019</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>(245,126)</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>(617,932)</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>(863,058)</b></p></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Net book value</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>At December 31, 2019</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">822,697</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">590,600</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">1,413,297</p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>At December 31, 2018</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">624,668</p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">624,668</p></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="padding-right: 8.65pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><b><i> </i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><b><i>(d) Intangible assets</i></b></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: 54%; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td>
<td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>Patents
and licenses with definite useful life</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>Construction
in progress</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>Total</b></p></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in €)</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>At January 1, 2018</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>148,749</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b> —</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>148,749</b></font></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Additions</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">97,620</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">97,620</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Disposals</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(17)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(17)</font></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Reclassification</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">109,852</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">109,852</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Exchange differences</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>At December 31, 2018</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>246,351</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>109,852</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>356,204</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Additions</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">84,449</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">251,493</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">335,942</font></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Disposals</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Reclassification</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">353,155</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(353,155)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> —</font></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Exchange differences</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(64)</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(64)</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>At December 31, 2019</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>683,891</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>8,190</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>692,081</b></p></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortization</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>At January 1, 2018</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(108,083)</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(108,083)</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Depreciation charge for the year</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(25,255)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(25,255)</font></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Exchange differences</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>At December 31, 2018</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(133,337)</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(133,337)</b></font></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Depreciation charge for the year</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(106,358)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(106,358)</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Disposals</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Exchange differences</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">14</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">14</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>At December 31, 2019</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>(239,681)</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>(239,681)</b></p></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Net book value</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>At December 31, 2019</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">444,210</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">8,190</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">452,400</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>At December 31, 2018</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">113,014</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">109,852</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">222,866</p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 8.65pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><b><i>(e) Leases</i></b></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. Property and cars are part of the balance sheet line ‘Property, plant and equipment.’ Set out below, are
the carrying amounts of the Group’s right-of-use assets and lease liabilities and the movements during the period:</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-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Right-of-use assets</b></font></td>
<td style="vertical-align: top; padding-top: 1pt; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Foreign exchange</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></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 style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>Property</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>Cars</b></p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>difference</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>Total</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>Lease
liabilities</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 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: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in €)</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></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>As of January 1, 2019</b></font></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>695,614</b></p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>35,058</b></p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>—</b></p></td>
<td style="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>730,672</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>730,672</b></p></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Additions</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">636,754</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>—</b></font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,512</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">638,266</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">636,754</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Depreciation charge for the year</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(245,342)</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(20,831)</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">216</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(265,957)</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Derecognition</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(266,057)</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; 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; 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; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(266,057)</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(228,547)</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Interest expense</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; 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; 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; 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; 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; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(12,765)</font></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Payments (incl. interest and foreign exchange difference)</font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">—</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">—</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">—</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">—</p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(281,535)</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>As of December 31, 2019</b></font></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>820,969</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>14,227</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>1,728</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>836,924</b></p></td>
<td style="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>844,579</b></p></td></tr>
<tr>
<td style="vertical-align: top"> </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: 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>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The line “Derecognition”
refers to leased office premises, which were replaced by a new office (see line “Additions”).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The maturity analysis of lease liabilities
is disclosed in the following table:</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: 55%; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Maturity analysis for capitalized leases</b></font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>Contractual
minimum lease obligations</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>Effect
of discounting</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>Lease
liabilities</b></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in €)</b></font></td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Within one year</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">354,878</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,175</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">347,703</font></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">After one year but not more than five years</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">500,062</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,185</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">496,877</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">More than five years</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">—</p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">—</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">—</p></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>854,940</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>10,361</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>844,579</b></p></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Anticipated future lease expenses were
converted with the exchange rate as of December 31, 2019, 1 Euro = 1.1234 USD.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group also has certain leases of
cars and office equipment with lease terms of 12 months or less and leases of office equipment with low value. The Group applies
the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for these leases.</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: 60%; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Maturity analysis for all lease obligations</b></font></td>
<td style="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>Total</b></p></td>
<td style="vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>Low
value leases</b></p></td>
<td style="vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>Short-term
leases</b></p></td>
<td style="vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>Capitalized
leases</b></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td>
<td colspan="2" style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in €)</b></font></td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Within one year</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">371,105</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5,387</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10,841</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">354,878</font></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">After one year but not more than five years</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">532,845</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,779</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">20,005</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">500,062</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">More than five years</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">—</p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">—</p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">—</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">—</p></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>903,951</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>18,166</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>30,845</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>854,940</b></p></td></tr>
<tr>
<td style="vertical-align: top"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; 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 following are the amounts recognized
in profit or loss:</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: 70%; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"> </td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>December
31, 2019*</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>December
31, 2018*</b></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td>
<td colspan="2" style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in €)</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Depreciation expense of right-of-use assets</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">265,957</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Interest expense on lease liabilities</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,765</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Rental expense from leases</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">70,451</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">213,200</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-left: 17.85pt"><font style="font: 8pt Times New Roman, Times, Serif"><i>short-term leases (included in administrative expenses)</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>65,348</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><i>—</i></font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="padding-left: 17.85pt"><font style="font: 8pt Times New Roman, Times, Serif"><i>leases of low-value assets (included in administrative expenses)</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><i>5,103</i></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><i>—</i></p></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total amounts recognized in profit or loss</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>349,173</b></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>213,200</b></p></td></tr>
<tr>
<td style="vertical-align: top; padding-top: 6pt"><font style="font: 8pt Times New Roman, Times, Serif">	* in 2019 leases under IFRS 16, in 2018 operating leases under IAS 17</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; 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 had total cash outflows for
leases of €378,035 in 2019 (€213,200 in 2018). The future cash outflows relating to leases that have not yet commenced
are disclosed in ‘3.(a) Lease obligations.’</p>
<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"><b><i>(f) Other non-financial assets</i></b></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: 70%; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Other non-financial assets</b></font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>December
31, 2019</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>December
31, 2018</b></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td>
<td colspan="2" style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in €)</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Prepaid expense</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,920,153</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,032,676</font></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Pre-payments</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">698,891</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,607</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">1,334,056</p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">541,419</p></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>3,953,100</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>1,588,702</b></p></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Prepaid expense mainly consists of accrued
insurance expense, the non-current portion is € 452,217 in 2019 (nil in 2018). All other non-financial assets are current.
Pre-payments mainly relate to prepayments under CRO or manufacturing contracts.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><b><i>(g) Financial assets and financial liabilities</i></b></p>
<p style="font: 8pt 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, 2019 and December 31, 2018:</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: 70%; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Financial assets and financial liabilities</b></font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>December
31, 2019</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>December
31, 2018</b></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td>
<td colspan="2" style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in €)</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>Financial assets at amortized cost</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Non-current financial assets</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">272,614</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">207,444</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Current financial assets</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">82,353,867</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">101,184,240</font></td></tr>
<tr>
<td style="vertical-align: top"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>Financial liabilities at amortized cost</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Trade and other payables</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,413,662</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,657,312</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Interest bearing loans and borrowings</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: top; padding-left: 17.85pt"><font style="font: 8pt Times New Roman, Times, Serif">Non-current lease liabilities</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">330,745</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; padding-left: 17.85pt"><font style="font: 8pt Times New Roman, Times, Serif">Current lease liabilities</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">513,834</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—</font></td></tr>
<tr>
<td style="vertical-align: top; padding-left: 17.85pt"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
</table>
<p style="font: 8pt 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) amounted to €82,661 thousand (level 1). The Group’s debt instruments
at amortized cost consist 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 the acquisition of these debt securities,
their credit ratings have remained stable.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The maturities of all securities are
between one and eleven months (2018: between six and eleven months), the beard nominal interests range between 1.5% and 2.1% (2018:
between 1.0% and 4.9%).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><b><i>(h) Equity</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As of December 31, 2019, the issued capital
of the Company is divided into 26,105,255 common shares. Refer to ‘Consolidated Statements of Changes in Shareholders’
Equity for the Years Ended December 31, 2019, 2018 and 2017.’</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><b><i>(i) Cash and cash equivalents information</i></b></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: 70%; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cash and cash equivalents</b></font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>December
31, 2019</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>December
31, 2018</b></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 107%"> </td>
<td colspan="2" style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in €)</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>Short-term deposits</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Deposits held in U.S. dollars (3 months original maturity and less)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">27,803,153</p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">32,918,604</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>27,803,153</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>32,918,604</b></p></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cash at banks</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Cash held in euro</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,211,478</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">21,719,699</font></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Cash held in U.S. dollars</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">4,116,649</p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">747,937</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>5,328,127</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>22,467,636</b></p></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total cash and cash equivalents</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>33,131,280</b></p></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>55,386,240</b></p></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><b><i>(a) Critical estimates and judgements</i></b></p>
<p style="font: 8pt 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 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 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 Note ‘Other information — (e) 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 Contract Research Organizations (‘CROs’)).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><b><i>(b) Financial risk management</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><i>1. Financial risk management objectives and policies</i></p>
<p style="font: 8pt 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 the Investment Policy approved by the Board of Directors. Those treasury
activities identify, evaluate and hedge financial risks consistently 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 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 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 are to finance the Group’s development activities.</p>
<p style="font: 8pt 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="border: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; width: 10%"> </td>
<td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; width: 40%; 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="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; width: 20%; 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="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; width: 30%; 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 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-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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-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: 11pt 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-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: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><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: 11pt Calibri, Helvetica, Sans-Serif; 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 Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><i>2. Market risk</i></p>
<p style="font: 8pt 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 Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Foreign exchange risk arises when commercial
transactions or recognized assets or liabilities are denominated in a currency that is not an entity’s functional currency.
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 U.S. dollars and euro. The currencies in which these transactions and financial assets are primarily
denominated are U.S. dollars and euro. The Group is exposed to the exchange rate between the euro and the U.S. dollars. Due to
the initial public offering in 2017 and public offering in 2018, the Group has a significant U.S. dollar amount on its statements
of financial position. 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 2019 the Group recognized significant foreign exchange gains and losses as the natural hedge
is not yet achieved and the functional currency for InflaRx GmbH is euro.</p>
<p style="font: 8pt 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 at InflaRx GmbH.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In 2019, 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 €3.4 million higher/€4.1
million lower, mainly as a result of foreign exchange on translation of U.S. dollars-denominated assets of InflaRx GmbH.</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: 70%; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cash, cash equivalents and financial assets that belong to InflaRx GmbH</b></font></td>
<td style="width: 15%; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>December
31, 2019</b></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in €)</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Current financial assets (securities and accrued interest)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">32,947,491</font></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Cash and cash equivalents</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">4,123,532</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total assets exposed to the risk</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>37,071,023</b></p></td></tr>
<tr>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Conversion rate EUR/USD at reporting date 1/1.1234</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </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"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </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: 55%; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Sensitivity analysis:</b></font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>Conversion
rate</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>Profit/(loss)</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>carrying
amount</b></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in €)</b></font></td>
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">Euro weakens by 1% against U.S. dollars</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.1346</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(367,040)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">36,703,983</font></td></tr>
<tr>
<td style="vertical-align: bottom"><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: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.1122</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">374,455</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">37,445,478</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">Euro weakens by 5% against U.S. dollars</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.1796</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,765,287)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">35,305,736</font></td></tr>
<tr>
<td style="vertical-align: bottom"><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: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.0672</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,951,106</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">39,022,129</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">Euro weakens by 10% against U.S. dollars</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.2357</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,370,093)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">33,700,930</font></td></tr>
<tr>
<td style="vertical-align: bottom"><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: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.0111</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,119,003</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">41,190,026</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><i>3. Credit risk</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The maximum exposure to counterparty
credit risk is €115.8 million at December 31, 2019 (December 31, 2018: €156.8 million). This amount equals the carrying
amount at year end of cash and cash equivalents (2019: €33.1 million; 2018: €55.4 million) plus financial assets (2019:
€82.6 million; 2018: €101.4 million).</p>
<p style="font: 8pt 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 Times New Roman, Times, Serif; margin: 0 0 10pt"><i>4. Liquidity risk</i></p>
<p style="font: 8pt 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 style="vertical-align: bottom">
<td style="width: 70%; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Liquidity</b></font></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>December
31, 2019</b></p></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center"><b>December
31, 2018</b></p></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td colspan="2" style="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 9pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>(in €)</b></font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Short-term deposits</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">27,803,153</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">32,918,604</font></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Cash at banks</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5,328,127</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">22,467,636</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Marketable Securities (current)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">81,895,377</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">100,868,129</font></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Other (non-current portion)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">272,614</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">207,444</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif">Other (current)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">458,491</p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">316,112</p></td></tr>
<tr>
<td style="vertical-align: top"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total funds available</b></font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>115,757,762</b></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-bottom: black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>156,777,925</b></p></td></tr>
<tr>
<td style="vertical-align: top"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
</table>
<p style="font: 8pt 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 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, 2019.</p>
<p style="font: 8pt 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 Times New Roman, Times, Serif; margin: 0 0 10pt"><b><i>(c) Capital management</i></b></p>
<p style="font: 8pt 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 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 share option plan set up in 2017, please refer to Note ‘Other information - (e) Share-based payments.’</p>
<p style="font: 8pt 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/105% Times New Roman, Times, Serif; margin: 0 0 8pt"> </p>
<p style="font: 8pt/105% Times New Roman, Times, Serif; margin: 0 0 8pt"> </p>
<p style="font: 11pt/106% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"> </p>
<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"> </p>
283350
273458
0
556808
0
148375
0
148375
0
0
-281535
0
0
903951
371105
532845
0
903951
575011
371105
0
532845
282711
292300
0
24447508
29307490
10602651
0
13844857
19623790
9683700
0
4.8
4.9
4.7
4.7
4.7
4.7
2.3
4.6
4.9
4.6
4.9
4.9
4
4.8
Yes
P7
true
false
false
2152279
140876
7068129
6833886
61726194
258273
16905
86338823
12084651
6832210
848175
4550105
49383269
-15229
80940542
$3.35
$5.96
$3.61
$3.25
$6.17
$3.44
$3.52