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Principal operating subsidiary, biopharmaceutical company
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The consolidated financial statements
of InflaRx N.V. and its subsidiaries (collectively, the ‘Group’) for the year ended December 31, 2020 were authorized
for issue in accordance with a resolution of the Board of Directors on March 24, 2021. InflaRx N.V. (the ‘Company’)
is a Dutch public company with limited liability (naamloze vennootschap) with its corporate seat in Amsterdam, The Netherlands,
and is registered in the Commercial Register of The Netherlands Chamber of Commerce Business Register under CCI number 68904312.
The Company’s registered office is at Winzerlaer Straße 2 in 07745 Jena, Germany. Since November 10, 2017, InflaRx N.V.’s
common shares have been listed on the NASDAQ Global Select Market under the symbol “IFRX”.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">InflaRx N.V. and its subsidiaries are
a clinical-stage biopharmaceutical Group focused on applying its proprietary anti-C5a technology to discover and develop first-in-class,
potent and specific inhibitors of the complement activation factor known as C5a.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Subsidiaries are all entities over which
the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement
with the entity and 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group’s subsidiaries at December
31, 2020 are set out below. Unless otherwise stated, they have share capital consisting solely of common shares that are held directly
by the Company, and the proportion of ownership interests held equals the voting rights held by the Company.</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-size: 8pt">Name</font></td>
<td style="border-top: Black 1pt solid; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Place of business/ country of incorporation</font></td>
<td style="border-top: Black 1pt solid; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Functional currency</font></td>
<td colspan="2" style="border-top: Black 1pt solid; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Ownership interest held by the Company</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">	2020	2019</p></td>
<td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Principal activities</font></td></tr>
<tr>
<td style="border-right: Black 1pt solid; width: 19%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><font style="font-size: 8pt"><b>InflaRx GmbH</b></font></td>
<td style="border-right: Black 1pt solid; width: 16%; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Germany</font></td>
<td style="border-right: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">EUR</font></td>
<td style="border-right: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">100%</font></td>
<td style="border-right: Black 1pt solid; width: 12%; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">100%</font></td>
<td style="border-right: Black 1pt solid; vertical-align: top; width: 33%; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Principal operating subsidiary, biopharmaceutical company</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><font style="font-size: 8pt"><b>InflaRx Pharmaceutical Inc.</b></font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><font style="font-size: 8pt">U.S.</font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">USD</font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">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-size: 8pt">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-size: 8pt">Subsidiary for basic research</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">2.1.</font></td><td><font style="font-size: 8pt">Basis of preparation</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The consolidated financial statements
of the Group have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting
Standards Board (herein ‘IFRS’).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The consolidated financial statements
have been prepared on a historical cost basis. Certain prior year amounts have been reclassified for consistency with the current
year presentation. ‘Right-of-use assets’ have been presented separately from ‘Property and equipment’ and
‘Income tax receivable’ has been presented separately from ‘Current other non-financial assets’ in the
statements of financial position. These reclassifications had no effect on the reported results of operations.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">These consolidated financial statements
of the Group comprise the Company and its wholly-owned subsidiaries InflaRx GmbH, and InflaRx Pharmaceutical Inc. The consolidated
financial statements are presented in Euro (€). Effective January 1, 2019, the functional currency of InflaRx N.V. has changed
to the U.S. Dollar ($ or USD) from €, as most of the income and expenses of InflaRx N.V. occur in $. 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. All financial information presented
in Euro has been rounded to the nearest Euro, unless stated otherwise.</p>
<table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">2.2.</font></td><td><font style="font-size: 8pt">Summary of significant accounting policies</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This section describes significant accounting
policies adopted in the preparation of these consolidated financial statements. These policies have been consistently applied to
all the years presented, unless otherwise stated.</p>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..1.</font></td><td><font style="font-size: 8pt">New and amended standards adopted by the Group</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The below listed amendments and interpretations
apply for the first time in 2020, but do not have a material impact on the consolidated financial statements of the Group:</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 Symbol">·</font></td><td><font style="font-size: 8pt">Conceptual Framework Amendments, References to the Conceptual Framework in IFRS Standards (IFRS
2 Share-Based Payment, IFRS 3 Business Combinations, IAS 1 Presentation of Financial Statements, IAS 8 Accounting Policies, IAS
34 Interim Financial Reporting, IAS 37 Provisions, Contingent Liabilities and Contingent Assets, IFRIC 12 Service Concession Arrangements,
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments IFRIC 22 Foreign Currency Transactions and Advance Consideration,
SIC 32 Intangible Assets — Web Site Costs,), effective as of 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 Symbol">·</font></td><td><font style="font-size: 8pt">IFRS 3 Business Combinations, Definition of a business, effective 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 Symbol">·</font></td><td><font style="font-size: 8pt">IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments Disclosures,
IFRS 9 Financial Instruments, Interest Rate Benchmark Reform — Phase 1, effective 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 Symbol">·</font></td><td><font style="font-size: 8pt">IAS 1 Presentation of Financial Statements, IAS 8 Accounting Policies, Definition of Material,
as of January 1, 2020</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..2.</font></td><td><font style="font-size: 8pt">New standard not yet adopted</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following amendments will be adopted
effective January 1, 2021 and are not expected to have a material impact on the consolidated financial statements of the Group:</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 Symbol">·</font></td><td><font style="font-size: 8pt">Interest Rate Benchmark Reform — Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and
IFRS 16</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 Symbol">·</font></td><td><font style="font-size: 8pt">COVID-19-related Rent Concessions, Amendment to IFRS 16</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following standards issued will be
adopted in a future period and the potential impact, if any, they will have on the Group’s consolidated financial statements
is being assessed:</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 Symbol">·</font></td><td><font style="font-size: 8pt">Amendments to IFRS 4 Insurance Contracts</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 Symbol">·</font></td><td><font style="font-size: 8pt">IFRS 17 Insurance Contracts, including Amendments to IFRS 17</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 Symbol">·</font></td><td><font style="font-size: 8pt">Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current
or Non-current and Classification of Liabilities as Current or Non-current</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 Symbol">·</font></td><td><font style="font-size: 8pt">Amendments to IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions,
Contingent Liabilities and Contingent Assets; Annual Improvements 2018-2020</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 Symbol">·</font></td><td><font style="font-size: 8pt">Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure
of Accounting policies</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 Symbol">·</font></td><td><font style="font-size: 8pt">Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition
of Accounting Estimates</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..3.</font></td><td><font style="font-size: 8pt">Current and non-current classification</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group presents assets and liabilities
in the statement of financial position based on current/non-current classification.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Current assets include assets that are
sold, consumed or realized as part of the normal operating cycle (operating cycle is assumed to be 12 months), or cash and cash
equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting
period. All other assets are classified as non-current.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Current liabilities, such as trade payables,
lease liabilities or employee benefits with a term of up to 12 months, and payables for operating costs or social security charges,
are part of the working capital used in the Company’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. All other liabilities are classified
as non-current.</p>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..4.</font></td><td><font style="font-size: 8pt">Foreign currency transactions</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Transactions in a foreign currency are
initially translated into the respective functional currency using the spot rate prevailing on the dates of the transaction. Monetary
items which are not denominated in the functional currency are subsequently translated using the rate applicable at the end of
the period. The resulting currency gains and losses are recognized directly in profit or loss.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On consolidation, the assets and liabilities
of operations in a currency other than Euro (the presentation currency of the Company’s) are translated into Euros at the
rate of exchange prevailing at the reporting date and their statements of operations 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.</p>
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<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..5.</font></td><td><font style="font-size: 8pt">Notes to the cash flow statement, cash, and cash equivalents</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The consolidated statements of cash flows
have been prepared using the indirect method for cash flows from operating activities. The cash disclosed in the consolidated statements
of cash flows is comprised of cash and cash equivalents. Cash comprises cash on hand and demand deposits. Cash equivalents are
short-term bank deposits that are readily convertible to a known amount of cash 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.</p>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..6.</font></td><td><font style="font-size: 8pt">Research and development expenses</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Research and development expenses comprise
third party services, wages and salaries, cost of materials, intellectual property related expenses, depreciation and amortization
of relevant equipment and intangibles as well as overhead. Research and development expenses mainly consist of costs for clinical
trials and manufacturing of the Company’s clinical drug product; additionally, costs are incurred for pre-clinical activities
as well as basic research activities.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Development expenses must be capitalized
if the criteria of IAS 38 are met. In the periods presented, no development expenses were capitalized because management does not
believe all the recognition criteria of IAS 38 had been met. This assessment is due to the general uncertainties in drug development
and the unpredictability of regulatory requirements. Therefore, research expenditure and development expenditures are expensed
when incurred.</p>
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<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..7.</font></td><td><font style="font-size: 8pt">Employee benefits</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..7.1.</font></td><td><font style="font-size: 8pt">Short-term employee benefits </font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Liabilities for wages and salaries and
cash bonuses are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as
employee benefits in the consolidated statements of financial position. A liability is recognized, if the Group has a present legal
or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated
reliably.</p>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..7.2.</font></td><td><font style="font-size: 8pt">Share-based payment transactions </font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The grant-date fair value of equity-settled
share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity,
over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which
the related service conditions are expected to be met, including an estimate of forfeitures, such that the amount ultimately recognized
is based on the number of awards that meet the related service 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
gain or loss recognized for differences between expected and actual outcomes.</p>
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<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..8.</font></td><td><font style="font-size: 8pt">Lease arrangements</font></td></tr></table>
<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 collateral for borrowing
purposes. The Group applied IFRS 16 Leases for the first time starting January 1, 2019, previous periods were not adjusted retrospectively.
See Note 4.4 for the effect of this change on amounts recognized in profit or loss. 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 January 1, 2019, 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Set forth below are the accounting policies
of the Group applied under IFRS 16 after its first-time adoption effective January 1, 2019.</p>
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<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..8.1.</font></td><td><font style="font-size: 8pt">Right-of-use assets</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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. On December 31, 2020, the remaining useful lives of the Company’s
right-of-use assets range between four and 33 months. Right-of-use assets are subject to impairment.</p>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..8.2.</font></td><td><font style="font-size: 8pt">Lease liabilities</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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
which 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In calculating the present value of lease
payments, the Group uses the incremental borrowing rate at the lease commencement date, since 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.</p>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..8.3.</font></td><td><font style="font-size: 8pt">Short-term leases and leases of low-value assets</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..8.4.</font></td><td><font style="font-size: 8pt">Determining the lease term of contracts </font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group further 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The leases which currently also result
in the capitalization of a right of use asset, do not include any renewal options. For future lease contracts with potential renewal
options the Company applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. In doing
so, management would consider all relevant factors that create an economic incentive for it to exercise the renewal.</p>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..9.</font></td><td><font style="font-size: 8pt">Interest income</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Interest income is derived from interest-bearing
financial assets, including cash equivalents. Interest income on cash and cash equivalents, financial assets at amortized cost
calculated using the effective interest rate method is recognized in the consolidated statements of operations and comprehensive
loss as part of finance income.</p>
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<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..10.</font></td><td><font style="font-size: 8pt">Intangible assets</font></td></tr></table>
<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 and accumulated impairment losses, if any. 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>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..11.</font></td><td><font style="font-size: 8pt">Property and equipment</font></td></tr></table>
<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 and accumulated impairment losses, if any. 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 recognized
in 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 laboratory and office
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="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 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="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 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’ or ‘other expenses’
in the consolidated statements of operations and comprehensive loss.</p>
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<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..12.</font></td><td><font style="font-size: 8pt">Financial assets and liabilities (financial instruments)</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..12.1.</font></td><td><font style="font-size: 8pt">Definition</font></td></tr></table>
<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. The Group’s
financial assets include predominantly quoted fixed-interest debt securities. The financial liabilities comprise trade and other
payables (incl. accrued liabilities from the R&D projects).</p>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..12.2.</font></td><td><font style="font-size: 8pt">Criteria for the recognition and derecognition, initial measurement</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In general purchases or sales of financial
assets are recognized on the settlement date, i.e., the date that the Group renders or receives the counter performance (typically
cash). The Group initially measures a financial asset at its fair value plus transaction costs.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group initially recognizes non-derivative
financial liabilities on the date that they are originated at fair value net of directly attributable transaction costs. The Group
derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expire.</p>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..12.3.</font></td><td><font style="font-size: 8pt">Subsequent measurement method</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Considering the Group’s business
model for managing the financial assets, whose objective is to hold them in order to collect contractual cash flows, and their
contractual cash flow characteristics, that are solely payments of principal and interest on the principal amount outstanding,
the Group classifies the quoted debt securities with fixed interest rates as subsequently measured at amortized cost using the
effective interest method (EIR). The financial assets are also subject to impairment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group’s financial liabilities
are classified as subsequently measured at amortized cost which is calculated by considering any discount or premium on acquisition
and fees or costs that are an integral part of the EIR.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">An analysis of the carrying amounts from
the consolidated statements of financial position by measurement category is disclosed under ‘under ‘4.7 Financial
assets and financial liabilities.’</p>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..12.4.</font></td><td><font style="font-size: 8pt">Criteria for realization of income and expenses</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Interest income is accrued using the
relevant effective interest rate. Interest expense on liabilities, if any, is also accrued based on the effective interest rate.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Gains and losses on the disposal of financial
instruments are recognized in full when all significant risks and rewards have been transferred. In the case of a partial transfer
of risks and rewards, a distinction would be made as to whether control remains with the company or is transferred.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Impairment losses on financial assets
are recognized in profit or loss. The Group recognizes an allowance for expected credit losses (ECLs) for the financial assets
held, see Note ‘3.4 Net Financial Result’.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">ECLs are based on the difference between
the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. ECLs are generally recognized in two stages. For credit exposures
for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses
that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which
there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses
expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For the quoted debt
securities with fixed interest rates, which have high credit ratings and no significant increases in credit risk since initial
recognition, the Group determines the exposure to credit default using CDS pricing information (i.e. credit default swap values)
published by credit agencies and recognizes a 12-month ECL.</p>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..13.</font></td><td><font style="font-size: 8pt">Fair Value Measurement</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group does not measure any financial
asset or liability at fair value. The carrying amount of all financial instruments approximates their fair value, with the exception
of quoted debt securities which fair values are disclosed (see ‘4.7 Financial assets and financial liabilities’).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">When measuring the fair value of an asset
or a liability, the Group would use observable market data as far as possible. Fair values are categorized into different levels
in a fair value hierarchy based on the inputs used in the valuation techniques as follows:</p>
<table cellpadding="0" cellspacing="0" style="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 Symbol">·</font></td><td><font style="font-size: 8pt">Level 1, quoted prices in active markets for identical assets or liabilities.</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="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 Symbol">·</font></td><td><font style="font-size: 8pt">Level 2, inputs other than quoted prices included within Level 1 that are observable for the instrument,
either directly (as prices) or indirectly (derived from prices).</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="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 Symbol">·</font></td><td><font style="font-size: 8pt">Level 3, inputs for instruments that are not based on observable market data (unobservable inputs).</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If the inputs used to measure the fair
value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized
in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group would recognize transfers between
levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.</p>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..14.</font></td><td><font style="font-size: 8pt">Income tax</font></td></tr></table>
<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>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..15.</font></td><td><font style="font-size: 8pt">Current income tax</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Current income tax assets and liabilities
are measured at the amount expected to be recovered from or paid to the taxation authorities. Expected tax payable or receivable
on the taxable income or loss for the year, are calculated 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">In the periods presented; the Group did
not incur income tax expense. Taxes withheld by banks and remitted to tax authorities were reimbursed after filing of the annual
tax declaration.</p>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">2.2..16.</font></td><td><font style="font-size: 8pt">Deferred income tax</font></td></tr></table>
<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 arising from tax
loss carryforwards are recognized only to the extent that the Group has sufficient taxable temporary differences or there is convincing
evidence that sufficient future taxable profit will be available against which the unused tax losses can be utilized. As of December
31, 2020 and 2019, based on management’s judgment, it was not probable that taxable profit will be available against which
the unused tax losses can be utilized; no deferred tax assets were therefore recognized in the consolidated statements of financial
position.</p>
<table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">2.3.</font></td><td><font style="font-size: 8pt">Significant accounting judgements, estimates and assumptions</font></td></tr></table>
<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. In preparing these consolidated financial statements, the critical judgments made by management
in applying the Group's accounting policies involve the following areas:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><i>Accounting for share-based payments</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">When determining the grant date fair
value of share-based payment awards, assumptions must be made regarding the key parameters of the grant (see Note ‘3.6.2
Measurement of fair values of share options granted’). In 2020, the Company kept its share price volatility assumption at
135% which has been used for the valuation of all share option grants since June 2019. Although the average volatility has decreased
to approximately 130% since June 2019, management believes that an average volatility of 135% is still appropriate as future value
inflection points will influence the share price of the Company and consequently will increase the volatility. Additionally, the
Company must estimate the number of equity instruments which will vest in future periods as awards may be forfeited prior to vesting
due to an awardee’s failure to satisfy a performance condition, including due to employment termination. An assumption of
the forfeiture rate must be made based on historical information and adjusted to reflect future expectations. Revisions to the
forfeiture rate could result in a cumulative effect of the change in estimate for current and prior periods to be recognized in
the period of change (see Note 3.6.3 ‘Change in the accounting estimate of the share options expected to vest’).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><i>Measurement of third-party R&D
clinical trial accruals and related expense </i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In measuring R&D expenses for the
reporting period, the Company estimates the amount of expense to recognize and liability to accrue as far as the invoices of third-party
service providers are not yet received (e.g. for pass-through costs charged by the Company’s contract research organizations
(‘CROs’) and exceed any prepayments made. The timing of the invoicing of project services by CROs follow contractual
billing schedules and can occur several months prior to or following a reporting period. This estimation involves determining a
percentage-of-completion whereby the degree to which services have been rendered for the individual project activities contracted
from the CRO is assessed and estimated by in-house R&D project managers and reviewed by the controlling department. This percentage-of-completion
is used to measure the amount of the unbilled project activities which have already been rendered by the reporting date and the
associated R&D expense and liability to recognize as a result.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The percentage-of-completion estimates
are based on the best information available at the time. However, additional information may become available in the future and
management may adjust the estimate in such future periods. In this event, the Company may be required to record adjustments to
research and development expenses in future periods when the actual level of activity becomes more certain. The Company considers
resulting increases or decreases in expenses as changes in estimates and reflects such changes in research and development expenses
in the period identified.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company has accrued €5,250,654
as of December 31, 2020 and €8,274,042 as of December 31, 2019 (see Note 4.10 Trade and other payables) in third-party clinical
trial accruals. As of these dates, prepayments were recorded for those payments made against which no services had yet been rendered
(2020: €1,923,365, 2019: €698,891, see Note 4.5 Other non-financial assets).</p>
<table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 21.6pt"><font style="font-size: 8pt">3.1.</font></td><td><font style="font-size: 8pt">Research and development expenses</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Research and development decreased in
2020 compared to in 2019 due to the Company’s lower activities in the area of clinical studies and manufacturing. The items
below comprise research and development expenses.</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">Research and development expenses</td>
<td style="width: 15%; 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">2020</p></td>
<td style="width: 15%; 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">2019</p></td>
<td style="width: 15%; 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">2018</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"> </td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold">(in €)</td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Third-party services</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">19,886,693</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">36,783,223</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">15,909,366</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 11.5pt; text-indent: 0in"><font style="font-size: 8pt"><i>manufacturing of clinical material</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>3,075,347</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>13,479,235</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>4,828,534</i></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="padding-left: 11.5pt; text-indent: 0in"><font style="font-size: 8pt"><i>clinical, pre-clinical</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>16,811,346</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>23,303,988</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>11,080,832</i></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt">Employee benefits expenses</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">4,480,890</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">6,231,812</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">8,037,082</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="padding-left: 11.5pt; text-indent: 0in"><font style="font-size: 8pt"><i>Equity-settled share-based payment expense</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>626,833</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>2,580,983</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>5,256,194</i></font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt">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-size: 8pt">862,364</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">668,676</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">421,041</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt">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">454,193</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">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></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt"><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>25,684,140</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>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></tr>
<tr style="vertical-align: bottom">
<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></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">3.2.</font></td><td><font style="font-size: 8pt">General and administrative expenses</font></td></tr></table>
<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 decrease is mainly caused by lower employee benefits expenses, as well as a decrease
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: 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">General and administrative expenses</td>
<td style="width: 15%; 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">2020</p></td>
<td style="width: 15%; 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">2019</p></td>
<td style="width: 15%; 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">2018</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"> </td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold">(in €)</td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Employee benefits expenses</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">3,880,349</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">7,534,073</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">9,146,955</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 11.5pt; text-indent: 0in"><font style="font-size: 8pt"><i>Equity-settled share-based payment expense</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>489,958</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>4,251,227</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>6,828,457</i></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Legal and consulting fees</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,603,711</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">2,199,640</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">2,020,447</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt">Insurance expenses</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,311,790</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">636,035</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">368,339</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt">Depreciation & amortization expense</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">556,456</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">503,683</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">115,330</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt">Compensation expense for non-executive board directors</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">283,128</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">269,030</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">238,180</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">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">831,769</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">1,358,587</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">897,618</p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt"><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>8,467,203</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>12,501,048</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></tr>
<tr style="vertical-align: bottom">
<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></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">3.3.</font></td><td><font style="font-size: 8pt">Employee benefits expenses</font></td></tr></table>
<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 expenses:</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">Employee benefits expenses</td>
<td style="width: 15%; 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">2020</p></td>
<td style="width: 15%; 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">2019</p></td>
<td style="width: 15%; 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">2018</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"> </td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold">(in €)</td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Wages and salaries</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">6,270,757</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">5,974,807</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">4,501,840</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt">Social Security contributions (employer's share)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">551,804</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">562,255</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">350,024</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Equity-settled share-based payment expenses (see Note 3.6 Share-based payments)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,116,791</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">6,832,210</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">12,084,651</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt">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">421,887</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">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></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt"><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>8,361,239</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>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></tr>
<tr style="vertical-align: bottom">
<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></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 47.3
full time equivalents (FTEs) at the end of 2020 from 43.7 FTEs at the end of 2019 and 36.8 FTEs at the end of 2018 (numbers are
as of December 31 and are not annual average numbers).</p>
<table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">3.4.</font></td><td><font style="font-size: 8pt">Net Financial Result</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">3.4..1.</font></td><td><font style="font-size: 8pt">Finance Result</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%; font-size: 8pt; text-align: left; line-height: 9pt; font-weight: bold">Finance Result</td>
<td style="width: 15%; 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">2020</p></td>
<td style="width: 15%; 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">2019</p></td>
<td style="width: 15%; 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">2018</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"> </td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold">(in €)</td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>Finance income</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: top">
<td style="text-indent: 0in"><font style="font-size: 8pt">Interest income</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">887,702</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">2,840,676</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">2,182,842</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>Finance expenses</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">
<td style="text-indent: 0in"><font style="font-size: 8pt">Interest expenses</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(18,689)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(9,500)</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="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Interest on lease liabilities</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">(7,311)</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">(12,765)</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">
<td style="text-indent: 0in"><font style="font-size: 8pt"><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>861,702</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>2,818,411</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>2,182,842</b></p></td></tr>
<tr style="vertical-align: bottom">
<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></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">3.4..2.</font></td><td><font style="font-size: 8pt">Foreign exchange result</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="width: 55%; text-indent: 0in"><font style="font-size: 8pt"><b>Foreign exchange result</b></font></td>
<td style="width: 15%; 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">2020</p></td>
<td style="width: 15%; 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">2019</p></td>
<td style="width: 15%; 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">2018</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"> </td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold">(in €)</td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>Foreign exchange result</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">
<td style="text-indent: 0in"><font style="font-size: 8pt">Foreign exchange income</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">3,656,922</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">3,379,644</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">8,249,853</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Foreign exchange expense</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">(4,433,435)</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">(2,684,700)</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">(2,623,782)</p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt"><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>(776,513)</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>694,944</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>5,626,071</b></p></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">Foreign exchange income and expense
is mainly derived from group entities that do not use the U.S. dollar as their 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 and losses are caused by a change in the exchange
rates as of the reporting dates and may not ultimately be realized.<i> </i></p>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">3.4..3.</font></td><td><font style="font-size: 8pt">Other financial result</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%; font-size: 8pt; text-align: left; line-height: 9pt; font-weight: bold"> </td>
<td style="width: 15%; 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">2020</p></td>
<td style="width: 15%; 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">2019</p></td>
<td style="width: 15%; 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">2018</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"> </td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold">(in €)</td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>Other 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>(126,000)</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>(107,182)</b></p></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Other financial result is comprised of
an expense of €126,000 (nil in 2019 and 2018) due to an adjustment to the expected credit loss allowance in 2020, which is
deducted from the Company’s current and non-current financial assets (please also refer to 4.5 ‘Other non-financial
assets’).</p>
<table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">3.5.</font></td><td><font style="font-size: 8pt">Loss per share</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Loss per common share is calculated by
dividing the loss of the period by the weighted average number of common shares outstanding during the period. The weighted number
of common shares outstanding for the financial year 2020 is 27,064,902, for 2019 is 26,004,519 and for 2018 is 25,095,027.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For the period in which the Company is
in a loss-making situation, the diluted loss per share is the same as basic loss per share, because the weighted average number
of shares to be issued upon the exercise of the stock options would produce an anti-dilutive effect.</p>
<table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">3.6.</font></td><td><font style="font-size: 8pt">Share-based payments</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">3.6..1.</font></td><td><font style="font-size: 8pt">Equity-settled share-based payment arrangements</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In the course of its historical financing
rounds prior to 2016, InflaRx GmbH established equity-settled share-based payment programs. Those InflaRx GmbH options were converted
into options for common shares of InflaRx N.V. in November 2017:</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"> </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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2020</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">Options</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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2020</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">WAEP*</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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2019</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">Options</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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2019</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">WAEP</p>
</div></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>Outstanding at January 1</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>148,433</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">€0.01</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>289,309</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">€0.01</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">—</p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">—</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">(140,876)</p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">€0.01</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt"><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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>148,433</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">€0.01</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>148,433</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">€0.01</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Exercisable at December 31</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">148,433</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">€0.01</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">148,433</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">€0.01</font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="5" style="padding-right: 5.4pt; padding-left: 1.85pt; text-align: left"><font style="font-size: 8pt">* Weighted average share price (WAEP) </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The weighted average remaining contractual
life for the share options outstanding as at 31 December 2020 was 2.43 years (2019: 3,43 years). The exercise price for all options
outstanding at the end of the year was €0.01 per share or less (2019: €0.01 or less).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Under the terms and conditions of the
share option plan of 2016 (the “2016 Plan”), InflaRx GmbH granted rights to subscribe for InflaRx GmbH’s common
shares to directors, senior management, and key employees. Those InflaRx GmbH options were converted into options for common shares
of InflaRx N.V. in November 2017:</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"> </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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2020</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">options</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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2020</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">WAEP*</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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2019</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">options</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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2019</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">WAEP*</p>
</div></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt"><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-size: 8pt"><b>1,181,484</b></font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 8pt">$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-size: 8pt"><b>1,181,484</b></font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 8pt">€7,81</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt">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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(86,632)</p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 8pt">$3.35/€2.94</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; text-align: center"><font style="font-size: 8pt">—</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt"><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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>1,094,852</b></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 8pt">$3.35/€2.73</font></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>1,181,484
</b></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 8pt">$3.35/€2.98</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt">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-size: 8pt">1,094,852</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 8pt">$3.35/€2.73</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,181,484 </font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 8pt">$3.35/€2.98</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-size: 8pt">* conversion rates used for one €: December 31, 2020 $0.8149, average rate 2020 $0.8762, January 1, 2020/December 31, 2019 $0.8902, average rate 2019 $0.8932</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The weighted average remaining contractual
life for the share options outstanding as at December 31, 2020 was 10.93 years (2019: 11.95 years).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In conjunction with the closing of its
initial public offering, InflaRx N.V. established a new incentive plan (the “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:</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"> </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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2020</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">Options</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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2020</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">WAEP*</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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2019</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">Options</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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2019</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">WAEP*</p>
</div></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>Outstanding at January 1</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>2,181,105</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$3.44 /€3.06</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>2,051,009</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$3.61/€3.16 </font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Granted during the year</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">246,188</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$4.83 /€4.23</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">242,450 </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$3.25/€2.91 </font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt">Exercised during the year</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(78,342)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$3.35 /€2.94</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">— </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="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Forfeited during the year</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">(202,473)</p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$3.61 /€3.17</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">(112.354)</p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$6.17/€5.51 </font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt"><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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>2,146,478</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$3.59 /€2.93</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>2,181,105
</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$3.44/€3.06 </font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Exercisable at December 31</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,863,790</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$3.46 /€2.82</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,319,548 </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$3.52/€3.13 </font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="5" style="padding-right: 5.4pt; padding-left: 8.95pt; text-indent: -7.1pt"><font style="font-size: 8pt">* conversion rates used for one €: December 31, 2020 $0.8149, average rate 2020 $0.8762, January 1, 2020/December 31, 2019 $0.8902, average rate 2019 $0.8932</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The weighted average remaining contractual
life for the share options outstanding as at December 31, 2020 was 5.38 years (2019: 6.21 years). For grants with unvested share
options outstanding at December 31, 2020, the options granted vest over a period of two or three years, depending on the grant,
with <font style="letter-spacing: 0.2pt">1/2 or 1/3, respectively, of the options vesting after the end of the 1st year after vesting
start and the remaining options vesting monthly </font>in equal portions thereafter. Vesting of these unvested share options is
subject to the service condition of remaining employed at the time of vesting and no market or performance conditions are applicable.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The weighted average fair value of options
granted during the year was $3.88/€3.40 (2019: $8.16/€7.29). The range of exercise prices for options outstanding at
the end of the year was $2.28/€1.86 to $22.75/€18.54 (2019: 2.28/€2.03 to $22.75/€20.25).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On July 3, 2019, the Board of Directors
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. The repricing decision on July 3, 2019 affected 1,181,484 share options from the 2016
Plan and 2,105,459 share options from the 2017 Long-Term Incentive Plan. The valuation of past grants with the new exercise price
of $3.35 resulted in an increase in fair value of the outstanding options (i.e. additional compensation expense was recognized).
Please refer to the table below regarding the measurement of fair values of share options granted.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">There were no cancellations or further
modifications to the awards in 2020, 2019 or 2018.</p>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">3.6..2.</font></td><td><font style="font-size: 8pt">Measurement of fair values of share options granted</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The fair value of options granted in
2020 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Other significant inputs into the model
are as follows (weighted average): </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">Share options granted</td>
<td style="width: 9%; 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: center; text-indent: 0in"><b>Options</b></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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Fair value per </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>option</b></p>
</div></td>
<td style="width: 9%; 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: center"><b>FX rate
as of grant date</b></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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Fair value per </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>option</b></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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Share price at grant date / </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Exercise price</b></p>
</div></td>
<td style="width: 10%; 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: center"><b>Expected
volatility</b></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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Expected life</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(midpoint based)</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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Risk-free rate</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(interpolated, U.S. sovereign strips curve)</p>
</div></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt"><b>2019</b></font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt">January 1</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">—</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$14.45</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.88</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">€12.69</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$26.02</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.65</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">4.8</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">3,00%</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">February 4</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">18,450</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$18.17</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.87</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">€15.87</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$32.63</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.65</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">4.9</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">2,60%</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">May, 14</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">36,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$22.54</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.89</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">€20.08</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$41.39</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.65</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">4.7</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">2.30%</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt">Repricing, July 3</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">—</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$0.46-$1.08</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.89</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">€0.40-€0.96</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$3.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">2.3-4.6</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">2.30%</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">October 24</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">50,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$1.96</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.90</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">€1.76</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$2.28</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">4.7</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">1,65%</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">December 16</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">38,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$3.07</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.90</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">€2.75</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$3.57</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">4.7</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">1,79%</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">December 16*</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">100,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$3.07</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.90</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">€2.75</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$3.57</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">4.7</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">1,79%</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"> </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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><b>242,450</b></p></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td colspan="9" style="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-indent: 0in"><font style="font-size: 8pt">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 was recognized in 2019.</font></td></tr>
<tr style="vertical-align: top">
<td colspan="9" style="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-indent: 0in"><font style="font-size: 8pt">* Options granted to the executive management</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt"><b>2020</b></font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt">September 18</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">71,186</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$4.16</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.85</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">€3.52</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$4.83</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">4.8</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.36%</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">September 18</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">25,002</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$4.21</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.85</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">€3.56</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$4.83</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">5.0</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.39%</font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt">October 1</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">150,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$3.69</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.85</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">€3.14</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$4.28/$4.83</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">5.0</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.36%</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"> </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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><b>246,188</b></p></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="9" style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 1.5pt; text-indent: 0in">Of the options granted in 2020, 200,000
were granted to members of the executive management. For 150,000 options out of those, the grant date, as it is defined by IFRS
2, is determined to be October 1, 2020, the start of the awardee’s employment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 1.5pt; text-indent: 0in"> </p></td></tr>
<tr style="vertical-align: bottom">
<td colspan="9" style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 1.5pt; text-indent: 0in">Expected dividends are nil for all share
options listed above.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 1.5pt; text-indent: 0in"> </p></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Expected volatility has been based on
the historical volatility of the Company’s share price. Considering a significant price drop on June 5, 2019, averages were
calculated including and excluding this trading day which results in an average volatility of 128% (124% in 2019). For grants after
June 2019 the Company has selected a volatility of 135% which accounts for expectations of the management.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The range of outcomes for the expected
life of the instruments has been based on expectations on option holder behavior in the scenarios considered.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The dividend yield has no impact due
to the anti-dilution clause as defined in the 2017 Long-Term Incentive Plan. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The annual general meeting on July 16,
2020, approved an amendment to the 2017 Long-Term Incentive Plan (LTIP) with effect from January 1, 2021:</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 Symbol">·</font></td><td><font style="font-size: 8pt">increasing the maximum annual number of common shares in the Company’s capital available
for issuance under the LTIP, starting on January 1, 2021, to 4% (from 3%) of the Company’s outstanding common shares (determined
as of December 31 of the immediately preceding year); 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: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">removing certain restrictions from the LTIP, which will allow the committee administering the
LTIP and the Board to (i) lower the exercise price per share of any options and/or share appreciation rights issued under the LTIP
or take any other action treated as a ‘repricing’ of an award and (ii) cancel any option and/or share appreciation
rights in exchange for cash or another award granted under the LTIP, in either case, without prior approval of the Company’s
shareholders.</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">3.6..3.</font></td><td><font style="font-size: 8pt">Change in the accounting estimate of the share options expected to vest</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Due to terminations in the third quarter
of 2020, effective July 1, 2020, the Company has revised its forfeiture assumptions regarding the number of equity instruments
that will vest in future quarters. As a result of this change in estimate, the Company recognized a benefit of €64.0 thousand
in research and development expenses and a benefit of €72.9 thousand in general and administrative expenses in 2020 and will
recognize €41.5 thousand less expense in research and development expenses and €27.0 thousand less expense in general
and administrative expenses from share-based payments in the remaining vesting periods until June 30, 2022. The forfeiture assumptions
will be continuously monitored and adjusted when necessary and appropriate.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">4.1.</font></td><td><font style="font-size: 8pt">Property and equipment</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: 45%; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td>
<td style="width: 20%; 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">Property
and equipment</p></td>
<td style="width: 17%; 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: 18%; 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 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="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>At January 1, 2019</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="vertical-align: top">
<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">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">313,985</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="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">(142,400)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(142,400)</font></td></tr>
<tr style="vertical-align: top">
<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">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="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Exchange differences</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">6,639</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">70</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">6,709</p></td></tr>
<tr style="vertical-align: top">
<td style="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 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>1,173,473</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>—</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>1,173,473</b></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Additions</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">66,114</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">66,114</font></td></tr>
<tr>
<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">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(5,298)</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>
<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">(5,298)</p></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">(34,750)</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>
<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">(34,750)</p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2020</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>1,199,540</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>1,199,540</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></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt"><b>Accumulated depreciation</b></font></td>
<td style="vertical-align: top; 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>
<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; text-indent: 0in"><font style="font-size: 8pt"><b>At January 1, 2019</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>(370,510)</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>(370,510)</b></font></td></tr>
<tr>
<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">(252,627)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(252,627)</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">26,235</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">26,235</font></td></tr>
<tr>
<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">(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">—</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></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"><b>(597,101)</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>(597,101)</b></p></td></tr>
<tr>
<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">(212,733)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(212,733)</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">1,793</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">—</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,793</font></td></tr>
<tr>
<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">16,764</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>
<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">16,764</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2020</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>(791,277)</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>(791,277)</b></p></td></tr>
<tr style="vertical-align: bottom">
<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></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Net book value</font></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>
<tr>
<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"><b>576,372</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>576,372</b></p></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2020</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>408,263</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>—</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>408,263</b></p></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">4.2.</font></td><td><font style="font-size: 8pt">Right-of-use assets</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 5.4pt 2pt; vertical-align: bottom; width: 45%; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td>
<td style="vertical-align: top; width: 20%; 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">Buildings</p></td>
<td style="vertical-align: top; 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">Cars</p></td>
<td style="vertical-align: bottom; width: 18%; 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 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="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>At January 1, 2019</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>695,614</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>35,058</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b> 730,672</b></font></td></tr>
<tr style="vertical-align: top">
<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">636,754</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">—</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">636,754</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="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">(266,057)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(266,057)</font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt">Exchange differences</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">1,512</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>
<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">1,512</p></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="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 0.5pt solid; 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 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>35,058</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>1,102,881</b></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Additions</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">101,993</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">101,993</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"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(28,366)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(28,366)</font></td></tr>
<tr>
<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">(7,997)</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>
<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">(7,997)</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2020</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>1,059,826</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>108,685</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>1,168,512</b></p></td></tr>
<tr style="vertical-align: bottom">
<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></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>Accumulated 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></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>At January 1, 2019</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="vertical-align: top; background-color: #D5EAEA">
<td style="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">(283,350)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(20,831)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(304,181)</font></td></tr>
<tr style="vertical-align: top">
<td style="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"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">38,008</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Exchange differences</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">216</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>
<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">216</p></td></tr>
<tr style="vertical-align: top">
<td style="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 0.5pt solid; 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 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>(20,831)</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>(265,957)</b></p></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">(335,608)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(34,410)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(370,018)</font></td></tr>
<tr>
<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"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">7,880</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">7,880</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">6,277</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>
<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">6,277</p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2020</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>(574,457)</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>(47,361)</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>(621,818)</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></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Net book value</font></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>
<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"><b>822,697</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>14,227</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>836,924</b></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2020</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>485,369</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>61,324</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>546,694</b></p></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">4.3.</font></td><td><font style="font-size: 8pt">Intangible Assets</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: 45%; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td>
<td style="width: 20%; 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">Purchased
IT-software</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">Advances
paid for software</p></td>
<td style="width: 18%; 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 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="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>At January 1, 2019</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>246,351</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>109,852</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>356,204</b></font></td></tr>
<tr style="vertical-align: top">
<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">84,449</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">251,493</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">335,942</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<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">353,155</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(353,155)</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="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt">Exchange differences</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">(64)</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>
<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">(64)</p></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="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 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>683,891</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>8,190</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>692,081</b></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Additions</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">28,075</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">28,075</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Reclassification</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">8,190</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(8,190)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td></tr>
<tr>
<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">(562)</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>
<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">(562)</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2020</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>719,593</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>719,593</b></p></td></tr>
<tr style="vertical-align: bottom">
<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></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>Accumulated 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 style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>At January 1, 2019</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>(133,337)</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>(133,337)</b></font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Amortization charge for the year*</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(106,358)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(106,358)</font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt">Exchange differences</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">14</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>
<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">14</p></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="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 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>(239,681)</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>—</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>(239,681)</b></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Amortization 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">(129,963)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(129,963)</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">234</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>
<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</p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2020</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>(369,410)</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>(369,410)</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></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Net book value</font></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>
<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"><b>444,210</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>8,190</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>452,400</b></p></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2020</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>350,184</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>—</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>350,183</b></p></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Amortization of intangible assets is
included in the line items ‘research and development expenses’ (2020: €27,937, 2019: €30,662, 2018: €5,841)
and ‘general and administrative expenses’ (2020: €102,026, 2019: €75,696, 2018: €19,414) in the consolidated
statements of operations and comprehensive loss.<br style="clear: both" />
</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">4.4.</font></td><td><font style="font-size: 8pt">Leases</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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 expire in the next 24 months: Jena, Germany in December 2022, Martinsried, Germany in May 2022 and
Ann Arbor, United States in April 2021.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Set out below, are the carrying amounts
and the movements of the Group’s lease liabilities:</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="padding: 1pt 5.4pt 2pt; vertical-align: bottom; font-size: 8pt; text-align: left; line-height: 9pt; font-weight: bold">Lease liabilities</td>
<td style="vertical-align: bottom; 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">2020</p></td>
<td colspan="2" style="vertical-align: bottom; 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">2019</p></td>
<td> </td></tr>
<tr>
<td style="padding: 1pt 5.4pt 2pt; vertical-align: bottom; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td>
<td style="padding: 1pt 5.4pt 2pt; vertical-align: bottom; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td>
<td colspan="2" style="padding: 1pt 5.4pt 2pt; vertical-align: bottom; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; text-indent: 0in"><font style="font-size: 8pt"><b>As of January 1</b></font></td>
<td style="vertical-align: bottom; background-color: #D5EAEA; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>845,948</b></font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>730,672</b></font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Additions</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">101,993</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">636,754</font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; text-indent: 0in"><font style="font-size: 8pt">Derecognition</font></td>
<td style="vertical-align: top; background-color: #D5EAEA; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(20,555)</font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(228,547)</font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; padding-right: 8.65pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 8pt">Re-payments</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(366,156)</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(296,020)</font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; text-indent: 0in"><font style="font-size: 8pt">Short-term liability for accrued interest expense</font></td>
<td style="vertical-align: top; background-color: #D5EAEA; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(388)</font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,362</font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Foreign exchange difference</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">(1,802)</p></td>
<td colspan="2" 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">1,727</p></td>
<td> </td></tr>
<tr>
<td style="vertical-align: bottom; background-color: #D5EAEA; text-indent: 0in"><font style="font-size: 8pt"><b>As of December 31</b></font></td>
<td style="vertical-align: bottom; background-color: #D5EAEA; 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>559,041</b></p></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; 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>845,948</b></p></td>
<td> </td></tr>
<tr>
<td style="width: 72%"> </td>
<td style="width: 14%"> </td>
<td style="width: 2%"> </td>
<td style="width: 11%"> </td>
<td style="width: 1%"> </td></tr>
</table>
<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: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="padding: 1pt 5.4pt 2pt; width: 61%; font-size: 8pt; text-align: left; line-height: 9pt; font-weight: bold"> </td>
<td style="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">2020*</p></td>
<td style="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">2019*</p></td>
<td style="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">2018*</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"> </td>
<td colspan="2" style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: right; line-height: 9pt; font-weight: bold">(in €)</td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Depreciation expense of right-of-use assets (see Note 4.2)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">362,137</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">265,957</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">—</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">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-size: 8pt">7,311</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">12,765</font></td>
<td style="vertical-align: bottom; 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">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-size: 8pt">6,275</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">70,451</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">213,200</font></td></tr>
<tr>
<td style="vertical-align: top; padding-left: 17.85pt; text-indent: 0in"><font style="font-size: 8pt"><i>short-term leases (included in administrative expenses)</i></font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>937</i></font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>65,348</i></font></td>
<td style="vertical-align: bottom; 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; padding-left: 17.85pt; text-indent: 0in"><font style="font-size: 8pt"><i>leases of low-value assets (included in administrative expenses)</i></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"><i>5,338</i></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"><i>5,103</i></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; text-indent: 0in"><font style="font-size: 8pt"><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>375,723</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>349,173</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>213,200</b></p></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 15.7pt; background-color: white">* in 2020 and 2019
leases under IFRS 16, in 2018 operating leases under IAS 17<br />
<br />
</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 €374,698 in 2020 (€378,035 in 2019, <font style="background-color: white">€213,200 in 2018</font>).</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">4.5.</font></td><td><font style="font-size: 8pt">Other assets</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%; font-size: 8pt; text-align: left; line-height: 9pt; font-weight: bold">Other assets</td>
<td style="width: 15%; 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">December
31, 2020</p></td>
<td style="width: 15%; 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">December
31, 2019</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"> </td>
<td colspan="2" style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold">(in €)</td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>Non-current other assets</b></font></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>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Prepaid expense</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">353,522</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">452,217</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: 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>353,522</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>452,217</b></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>Current other assets</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></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Prepayments on research & development projects</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">2,340,643</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">698,891</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Prepaid expense</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,295,682</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,467,936</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">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">98,374</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">199,088</p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt"><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>3,734,699</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>2,365,915</b></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>Total other assets</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>4,088,221</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>2,818,132</b></p></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Prepayments on research & development
projects consists of prepayments on CRO and manufacturing contracts. Prepaid expense mainly consists of prepaid insurance expense.<br style="clear: both" />
</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">4.6.</font></td><td><font style="font-size: 8pt">Income tax</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">4.6..1.</font></td><td><font style="font-size: 8pt">Income tax reconciliation</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The table below shows a reconciliation
between the product of loss before tax multiplied by the Company's applicable tax rate and current income taxes recognized in profit
or loss.</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">InflaRx Group</td>
<td style="width: 15%; 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">2020</p></td>
<td style="width: 15%; 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">2019</p></td>
<td style="width: 15%; 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">2018</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"> </td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold">(in €)</td>
<td style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt">Loss for the period (accounting profit before income tax)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(33,983,614)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(53,254,817)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(29,814,634)</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt">Tax rate</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">28.7%</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">29.6%</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">29.1%</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt">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-size: 8pt">9,761,910</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">15,815,083</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">8,715,116</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt">Tax losses for which no deferred tax asset was recognized</font></td>
<td style="vertical-align: top; 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">(9,761,910)</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">(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></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>Income tax</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 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></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The tax rate applied above represents
the weighted average of the statutory tax rates in Germany and the USA. In Germany, InflaRx N.V. and its German subsidiary InflaRx
GmbH are subject to corporate income tax (2020/2019/2018: 15%), a solidarity surcharge (2020/2019/2018: 0.8%) and trade taxes (2020:
13.0%, 2019: 13.9%, 2018: 13.4%). This equals an average total tax rate of 28.9% in 2020 (2019: 29.7%, 2018: 29.2%). InflaRx Pharmaceutical
Inc., Ann Arbor, Michigan, USA is subject an average total tax rate of 27.0% in 2020 (2019 and 2018: 27.0%), which is made up of
U.S. federal tax (2020, 2019, 2018: 21%) and state tax (2020, 2019, 2018: 6%).</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">4.6..2.</font></td><td><font style="font-size: 8pt">Tax losses carried forward </font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group has total tax loss carryforwards
of €148.9 million (2019: €114.4 million) from three areas that cannot be utilized outside these areas:</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: 0.5in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">As of December 31, 2020 the Group has €107,188,000 (2019: €75,767,524) of unrecognized
and unused tax losses carried forward attributable to the tax group formed by InflaRx N.V. since 2018; these tax losses do not
expire and may not be used to offset taxable income elsewhere in the Group. 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. </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: 0.5in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Tax losses of InflaRx GmbH until December 31, 2017 (€34,787,000) are frozen from 2018 onwards
due to the tax group with InflaRx N.V. Those losses of InflaRx GmbH do not expire and may be used to offset future taxable income
of InflaRx GmbH only. </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: 0.5in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">In addition, the Group still has tax loss carryforwards of €6,971,000 (2019: 3,816,023)
from the operations of InflaRx Pharmaceutical Inc. which can also only be utilized there, generally do not expire, but are generally
limited to 80% of taxable income.</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As of December 31, 2020 and 2019, no
deferred tax assets were recognized for the carryforward of unused tax losses.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">4.6..3.</font></td><td><font style="font-size: 8pt">Current income tax receivable</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Current income tax receivable includes
tax claims because of income tax withheld on interest income earned by the Group on the financial assets (2020: €1,026,494,
2019: €1,134,968). The Company is reimbursed for the payments after filing a tax return.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">4.7.</font></td><td><font style="font-size: 8pt">Financial assets and financial liabilities</font></td></tr></table>
<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 included in cash equivalents, held by the Group as at December
31, 2020 and December 31, 2019:</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: 70%; font-size: 8pt; text-align: left; line-height: 9pt; font-weight: bold">Financial assets and financial liabilities</td>
<td style="width: 15%; 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">December
31, 2020</p></td>
<td style="width: 15%; 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">December
31, 2019</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"> </td>
<td colspan="2" style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold">(in €)</td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>Financial assets at amortized cost</b></font></td>
<td style="vertical-align: 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; text-indent: 0in"><font style="font-size: 8pt">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-size: 8pt">272,268</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">272,614</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Current financial assets</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">47,138,738</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">82,353,867</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><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 style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Trade and other payables</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">8,258,133</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">12,413,662</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"> </p>
<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 amounted to €47,392 thousand (level 1; 2019: €82,661 thousand). The Group’s financial assets
at amortized cost consist mainly of quoted debt securities with fixed interest rates that are graded in the top investment category
(AAA) by credit rating agencies such as S&P Global and, therefore, are considered low credit risk investments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The maturities of all securities as of
December 31, 2020 are between three and eleven months (2019: between one and eleven months); they bear nominal fixed interest in
the range of 1.4% to 3.1% (2019: 1.5% to 2.1%).</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">4.8.</font></td><td><font style="font-size: 8pt">Cash and cash equivalents </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%; font-size: 8pt; text-align: left; line-height: 9pt; font-weight: bold">Cash and cash equivalents</td>
<td style="width: 15%; 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">December
31, 2020</p></td>
<td style="width: 15%; 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">December
31, 2019</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"> </td>
<td colspan="2" style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold">(in €)</td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><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; 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; text-align: right"><font style="font-size: 8pt">22,616,767</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">27,803,153</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Deposits held in Euro (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">1,800,000</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>
<td style="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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>24,416,767</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>27,803,153</b></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><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>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">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-size: 8pt">1,189,126</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,211,478</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">362,788</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">4,116,649</p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: 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>1,551,914</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>5,328,127</b></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>25,968,681</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>33,131,280</b></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"> </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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">4.9.</font></td><td><font style="font-size: 8pt">Equity</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">4.9..1.</font></td><td><font style="font-size: 8pt">Issued capital</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As of December 31, 2020, the issued capital
of the Company is divided into 28,228,415 common shares (2019: 26,105,255). The nominal value per share is €0.12. All shares
issued are fully paid and have the same rights on the distribution of dividends and the repayment of capital.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On July 8, 2020, the Company filed with
the United States Securities and Exchange Commission (SEC) a Form F-3 with respect to the offer and sale of securities of the Company.
The Company also filed with the SEC a prospectus supplement relating to an at-the-market program providing for the sales over time
of up to $50 million of its common shares pursuant a Sales Agreement with SVB Leerink LLC. As of December 31, 2020, the Company
had issued 1,958,186 common shares under this program resulting in €9.0 million in net proceeds to the Company. Following
these issuances, the remaining value authorized for sale under the at-the-market program is $38.8 million. Refer to Note 7.4 regarding
additional equity issuances subsequent to December 31, 2020.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">4.9..2.</font></td><td><font style="font-size: 8pt">Authorized capital</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">According to the articles of association
of the Company, up to 55,000,000 common shares and up to 55,000,000 preferred shares with a nominal value of €0.12 per share
are authorized to be issued. All shares are registered shares. No share certificates shall be issued.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">These preferred shares will have both
a liquidation and dividend preference over the Company’s common shares and will accrue cash dividends at a pre-determined
rate. The protective foundation would be expected to re-quire us to cancel its preferred shares once the perceived threat to the
Company and its stakeholders has been removed or sufficiently mitigated or neutralized. The Company is 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For the year ended December 31, 2020,
the Company expensed €60,000 of ongoing costs to reimburse expenses incurred by the protective foundation.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">4.9..3.</font></td><td><font style="font-size: 8pt">Nature and purpose of equity reserves</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In addition to the issued capital, the
Company discloses the following other reserves:</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 17.85pt"></td><td style="width: 17.85pt"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt"><i>Share premium</i> records the amounts paid in upon issuance of common shares in excess of nominal
value of €0.12 per share, net of related transaction costs.</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 17.85pt"></td><td style="width: 17.85pt"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">The <i>other capital reserves</i> include the expense resulting from the issue of share options.</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 17.85pt"></td><td style="width: 17.85pt"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt"><i>Accumulated deficit</i> includes the losses of previous reporting periods.	</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"><i>Other components of equity</i> exclusively include currency reserves from the conversion of
financial statements in foreign currencies</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">4.10.</font></td><td><font style="font-size: 8pt">Trade and other payables</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%; font-size: 8pt; text-align: left; line-height: 9pt; font-weight: bold">Trade and other Payables</td>
<td style="width: 15%; 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">December
31, 2020</p></td>
<td style="width: 15%; 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">December
31, 2019</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"> </td>
<td colspan="2" style="padding: 1pt 5.4pt 2pt; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold">(in €)</td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Accrued liabilities from R&D projects</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">5,250,654</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">8,274,042</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Accounts payable</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,741,251</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">3,351,100</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Other accrued liabilities and payables</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">1,266,228</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">788,520</p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>Total trade and other payables</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>8,258,133</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>12,413,662</b></p></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">Accrued liabilities from R&D projects include the services from
the Company’s ongoing projects that have not yet been invoiced to the Company as of the reporting date.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">5.1.</font></td><td><font style="font-size: 8pt">Financial risk management</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">5.1..1.</font></td><td><font style="font-size: 8pt">Financial risk management objectives and policies</font></td></tr></table>
<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 an investment policy approved by the Board of Directors. Those treasury
activities identify, evaluate and manage financial risks consistent 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">Hedging 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.</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 of AAA. Besides these financial assets, the Group has significant cash
and cash equivalents. The Group’s principal financial liabilities comprise trade and other 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; width: 13%; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"> </td>
<td style="border-top: Black 1pt solid; width: 35%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt"><b>Exposure</b></font></td>
<td style="border-top: Black 1pt solid; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt"><b>Measurement</b></font></td>
<td style="border-top: Black 1pt solid; width: 32%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt"><b>Risk Management</b></font></td></tr>
<tr>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0in"><font style="font-size: 8pt"><b>Market risk</b></font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Future development costs; Recognized financial assets and liabilities not denominated in Euro</font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Forecasted cash flows Sensitivity analysis</font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Achievement of a natural hedge</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">in the future</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0in"><font style="font-size: 8pt"><b>Credit risk</b></font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Cash and cash equivalents,</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">current and non-current financial assets</p></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Credit</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">rating</p></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Diversification of bank deposits, Investment
guidelines for</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">debt investments</p></td></tr>
<tr>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0in"><font style="font-size: 8pt"><b>Liquidity</b></font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">R&D and G&A cost, equity, trade and other payables</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">Rolling</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">cash flow forecast</p></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Availability of funds through financing rounds or public offerings</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">5.1..2.</font></td><td><font style="font-size: 8pt">Market risk</font></td></tr></table>
<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, follow-on public offering in 2018 and at-the-market program share issuances in 2020, the Group
has a significant cash and cash equivalents in U.S. dollars. Currently the Group does not hedge U.S. dollars but intends to achieve
a natural hedge by contracting suppliers in U.S. dollars in the future. In 2020, 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. dollar to 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 2020, if the Euro had weakened/strengthened
by 10% against the U.S. dollar with all other variables held constant, the Group’s loss would have been €3 million
higher/€3 million lower, mainly as a result of foreign exchange on translation of U.S. dollar-denominated assets of InflaRx
GmbH.</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; width: 70%; padding: 1pt 5.4pt 2pt; text-align: left">Cash, cash equivalents and financial assets denominated in USD of InflaRx GmbH</td>
<td style="width: 15%; 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">December
31, 2020</p></td>
<td style="width: 15%; 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">December
31, 2019</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"> </td>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center">(in €)</td>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center">(in €)</td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt">Current financial assets (securities and accrued interest)</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">8,333,240</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">32,947,491</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 and cash equivalents</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">22,530,687</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">4,123,532</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 assets exposed to the risk</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>30,863,927</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>37,071,023</b></p></td></tr>
<tr>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-indent: 0in"><font style="font-size: 8pt">Conversion rate EUR/USD at reporting date 1/1.2271</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-indent: 0in"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-indent: 0in"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </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"><br style="clear: both" />
</font>Sensitivity analysis:</td>
<td style="width: 15%; 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">Conversion
rate</p></td>
<td style="width: 15%; 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">Profit/(loss)</p></td>
<td style="width: 15%; 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">carrying
amount</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"> </td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in €)</td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">Euro weakens against U.S. dollars</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">1.2500</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">(2,805,812)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">28,058,115</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">Euro strengths against U.S. dollars</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">1.0500</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">3,429,325</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">34,293,252</font></td></tr>
</table>
<p style="font: 10pt 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; text-indent: 0.25in">Based on the exchange rate fluctuations
from the last three years, the Company expects that exchange rate fluctuations of the Euro to the U.S. dollar between 1.0500 and
1.2500 could be reasonably possible. Compared to the exchange rate on the statement of financial position date (EUR/USD at reporting
date is 1/1.2271), these rates could have a material impact on the Company’s total loss of the period.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">5.1..3.</font></td><td><font style="font-size: 8pt">Credit risk</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Credit risk is the risk that a counterparty
will not meet its obligations leading to a financial loss for the Company. The Company is exposed to credit risk mainly from its
financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial
instruments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Credit risk from balances with banks
and financial institutions is managed by the Company in accordance with the Company’s investment policy. Investment of financial
resources which are currently not used to fund R&D or G&A activities, are made only with counterparties within the credit
limits approved by the investment policy. For short-term investments in Euro or USD debt securities, a AAA credit rating is required.
Only for short-term deposits in cash and cash equivalents with the Company’s principal banks, their lower credit ratings
are accepted (credit ratings varying between A and BBB). Complex financial products as well as other investments denominated in
currencies other than USD or Euro are not permitted by the investment policy. Counterparty credit limits and the investment policy
are discussed with the Company’s Audit Committee on an annual basis and may be updated throughout the year subject to approval
of the Company’s Audit Committee. The limits are set to minimize the concentration of risks and therefore mitigate financial
loss through a counterparty’s potential failure to make payments.</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 €81.4 million at December 31, 2020 (December 31, 2019: €115.8 million). This amount equals the carrying
amount at year end of cash and cash equivalents (2020: €26.0 million; 2019: €33.1 million) and financial assets (2020:
€55.4 million; 2019: €82.6 million).</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">5.1..4.</font></td><td><font style="font-size: 8pt">Liquidity risk</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company monitors its risk of a shortage
of funds in every quarterly forecast as well as on an ongoing basis. The Company disclosed the maturities of its principal liabilities
under ‘6 Commitments’. Prudent liquidity risk management involves maintaining sufficient cash and marketable securities
and the availability of funding to meet obligations when due. 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">The Company has a history of significant
operating losses. Management expects that the Company incurs significant and increasing losses for the foreseeable future; as the
Company may not achieve or maintain profitability in the near future, it is dependent on capital contributions or other funding.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In November 2017, May 2018, and July/August
2020, the Group raised significant funding that it estimates will enable the Group to fund operating expenses and capital expenditure
requirements for at least 24 months from December 31, 2020. 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; text-indent: 0.25in">At the end of the reporting period, the
Group held the following deposits that are expected to readily generate cash inflows to meet the outstanding financial commitments.</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">Liquidity</td>
<td style="width: 15%; 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">December
31, 2020</p></td>
<td style="width: 15%; 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">December
31, 2019</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"> </td>
<td colspan="2" style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in €)</td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">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-size: 8pt">24,416,767</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">27,803,153</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">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-size: 8pt">1,551,914</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">5,328,127</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">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-size: 8pt">54,752,700</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">81,895,377</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">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-size: 8pt">272,268</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">272,614</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">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">409,333</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">458,491</p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><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>81,402,982</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>115,757,762</b></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">5.2.</font></td><td><font style="font-size: 8pt">Capital management</font></td></tr></table>
<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 liabilities, other than trade and other payables or leasing liabilities.</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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">6.1.</font></td><td><font style="font-size: 8pt">Operating contracts or services</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group enters into contracts in the
normal course of business with 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. These contracts can usually be terminated with 30
to 180 days' notice. In addition to this minimum duration, these contracts require full payment for services already commenced.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">During 2020, the Group did not enter
contracts to purchase property, plant and equipment or patents and trademarks (respectively nil in 2019).</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">6.2.</font></td><td><font style="font-size: 8pt">Lease obligations</font></td></tr></table>
<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="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">Maturity analysis for capitalized leases</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">Contractual
minimum lease obligations</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">Effect
of discounting</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">Lease
liabilities</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"> </td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in €)</td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">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-size: 8pt">346,000</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">7,485</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">338,516</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">After one year but not more than five years</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">231,715</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">11,190</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">220,525</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">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 style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><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>577,715</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>18,675</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>559,040</b></p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in; font-size: 10pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"> </p>
<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">Maturity analysis for all lease obligations in 2020</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">Total</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">Low
value leases</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">Short-term
leases</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">Capitalized
leases</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"> </td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td colspan="2" style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in €)</td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">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-size: 8pt">352,261</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">6,261</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">346,000</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">After one year but not more than five years</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">249,199</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">17,484</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">231,715</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">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; text-indent: 0in; font-size: 10pt"><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 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>601,460</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>23,745</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">—</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>577,715</b></p></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"> </p>
<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, 2020, 1 Euro = 1.2271 USD.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group applies the ‘lease of
low-value assets’ recognition exemptions. The Group also applied the ‘short-term lease’ exemption for leases
with a maturity of less than 12 months. </p>
<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">Maturity analysis for all lease obligations in 2019</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">Total</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">Low
value leases</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">Short-term
leases</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">Capitalized
leases</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"> </td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td colspan="2" style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in €)</td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">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-size: 8pt">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-size: 8pt">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-size: 8pt">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-size: 8pt">354,878</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">After one year but not more than five years</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">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-size: 8pt">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-size: 8pt">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-size: 8pt">500,062</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">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; text-indent: 0in; font-size: 10pt"><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 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>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Anticipated future lease expenses were converted with the exchange
rate as of December 31, 2019, 1 Euro = 1.1234 USD.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">7.1.</font></td><td><font style="font-size: 8pt">Segment reporting</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">All operational activities are conducted
in Germany and the United States. No revenues were generated in 2020, 2019 and 2018. The geographic location of the Group’s
non-current assets are 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">December 31, 2020: €1,712 thousand in Germany and €219 thousand in the United States,</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">December 31, 2019: €2,217 thousand in Germany and €374 thousand in the United States.</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">None of the non-current assets are in
the country where the Company is incorporated (the Netherlands).</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">7.2.</font></td><td><font style="font-size: 8pt">Related party transactions</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The compensation of the Group’s
executive management comprises the following for the twelve months ending December 31:	</p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; width: 55%; padding: 1pt 5.4pt 2pt; text-align: left">Board Compensation</td>
<td style="width: 15%; 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">2020</p></td>
<td style="width: 15%; 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">2019</p></td>
<td style="width: 15%; 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">2018</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"> </td>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"> </td>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center">(in €)</td>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"> </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>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"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">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-size: 8pt">1,995,292</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">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-size: 8pt">2,524,202</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">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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">1,139,286</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">5,218,324</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">9,801,454</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</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>3,134,578</b></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>8,011,853</b></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>12,325,656</b></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>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"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">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-size: 8pt">283,127</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">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-size: 8pt">238,180</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">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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">69,938</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">710,611</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">1,085,917</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</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>353,065</b></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>979,642</b></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>1,324,098</b></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-size: 8pt"><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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>3,487,643</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>8,991,495</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>13,649,754</b></p></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Executive Management comprises Executive
Directors of the Board and members from the C-Level of the Company.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The table above discloses short-term
employee benefits that were contractually agreed for the board and executive management. As of December 31, 2020, €1,152,416
were not paid but accrued (2019: €868,848) for executive management and €209,990 (2019: €103,040) for non-executive
members of the Board of Directors.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Remuneration of the Group’s executive
management comprises fixed and variable components and share-based payment awards. In addition, executive management receive supplementary
benefits and allowances.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company entered into indemnification
agreements with its directors and senior management. The indemnification agreements and the Company’s Articles of Association
require the Company to indemnify its directors to the fullest extent permitted by law.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company’s current and future
directors (and such other officer or employee as designated by the board of directors) have the benefit of indemnification provisions
in the Articles of Association of InflaRx N.V. These provisions give the indemnified persons the right to recover from us amounts,
including, but not limited to, litigation expenses, and any damages they are ordered to pay, in relation to acts or omissions in
the performance of their duties. However, there is no entitlement to indemnification for acts or omissions which are considered
to constitute malice, gross negligence, intentional recklessness and/or serious culpability attributable to such indemnified person.
These agreements also provide, subject to certain exceptions, for indemnification for related expenses including, among others,
attorneys’ fees, judgements, penalties, fines and settlement amounts incurred by any of these individuals in any action or
proceeding. In addition to such indemnification, the Company provides its directors with directors’ and officers’ liability
insurance.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">7.3.</font></td><td><font style="font-size: 8pt">COVID-19 Pandemic</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The COVID-19 pandemic, which began in
December 2019 has spread worldwide and continues to cause many governments to maintain measures to slow the spread of the outbreak
through quarantines, travel restrictions, closure of borders and requiring maintenance of physical distance between individuals.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0in">Since the second quarter of 2020 the Company’s
employees have been able to work from their home offices or return to the Company’s offices. The Company’s service
providers also resumed full operations in the second quarter of 2020. As the Company is currently devoting significant resources
to the development of a severe COVID-19 therapy, which is currently recruiting patients in the Phase III part of a randomized,
double-blind, placebo-controlled Phase II/III study, such development may impair the ability to timely progress other product candidates
in clinical trials. In addition, enrollment in other programs may be delayed as a result of the COVID-19 pandemic. However, the
recruitment of patients and opening of new clinical trial sites continued in the third and fourth quarter of 2020. We have taken
measures to counter the negative impact of the pandemic with respect to recruitment speed, including opening of additional sites
in different countries. <font style="letter-spacing: 0.2pt">The rapid development and fluidity of the situation presents uncertainty
and risk with respect to the Company, its performance and its financial results.</font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">7.4.</font></td><td><font style="font-size: 8pt">Significant events after the reporting date</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">7.4..1.</font></td><td><font style="font-size: 8pt">At the Market Transaction - Offering of Common Shares</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Following December 31, 2020, the Company
issued, under its at-the-market program (refer to Note 4 “Issued capital"), 610,022 common shares resulting in €2.8
million in net proceeds to the Company. Following these issuances, the remaining value authorized for sale under the Sales Agreement
was $35.2 million.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt">7.4..2.</font></td><td><font style="font-size: 8pt">Issue of common shares and accompanying warrants</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On February 25, 2021, the Company sold
an aggregate of 15,000,000 common shares through a public offering. The common shares were sold at a price of $5.00 per share and
have a nominal value of €0.12 per share. For each common share purchased, an investor also received a warrant to purchase
a common share at an exercise price of $5.80. The warrants are exercisable immediately and have a term of up to one year. The shares
were issued and the transaction closed on March 1, 2021 with gross offering proceeds to the Group from this offering being $75.0
million (€62.2 million), before deducting $4.5 million (€3.7 million) in underwriting discounts and other offering
expenses of $0.5 million (€0.5 million) and excluding the exercise of any warrants. The aforementioned Euro amounts were
calculated using the exchange rate as of March 1, 2021 (1 USD = 0.8297 EUR).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The below listed amendments and interpretations
apply for the first time in 2020, but do not have a material impact on the consolidated financial statements of the Group:</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 17.85pt"></td><td style="width: 17.85pt"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Conceptual Framework Amendments, References to the Conceptual Framework in IFRS Standards (IFRS
2 Share-Based Payment, IFRS 3 Business Combinations, IAS 1 Presentation of Financial Statements, IAS 8 Accounting Policies, IAS
34 Interim Financial Reporting, IAS 37 Provisions, Contingent Liabilities and Contingent Assets, IFRIC 12 Service Concession Arrangements,
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments IFRIC 22 Foreign Currency Transactions and Advance Consideration,
SIC 32 Intangible Assets — Web Site Costs,), effective as of January 1, 2020</font></td></tr></table>
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<td style="width: 17.85pt"></td><td style="width: 17.85pt"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">IFRS 3 Business Combinations, Definition of a business, effective January 1, 2020</font></td></tr></table>
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<td style="width: 17.85pt"></td><td style="width: 17.85pt"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments Disclosures,
IFRS 9 Financial Instruments, Interest Rate Benchmark Reform — Phase 1, effective January 1, 2020,</font></td></tr></table>
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<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">IAS 1 Presentation of Financial Statements, IAS 8 Accounting Policies, Definition of Material,
as of January 1, 2020</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following amendments will be adopted
effective January 1, 2021 and are not expected to have a material impact on the consolidated financial statements of the Group:</p>
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<td style="width: 17.85pt"></td><td style="width: 17.85pt"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Interest Rate Benchmark Reform — Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and
IFRS 16</font></td></tr></table>
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<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">COVID-19-related Rent Concessions, Amendment to IFRS 16</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following standards issued will be
adopted in a future period and the potential impact, if any, they will have on the Group’s consolidated financial statements
is being assessed:</p>
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<td style="width: 17.85pt"></td><td style="width: 17.85pt"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Amendments to IFRS 4 Insurance Contracts</font></td></tr></table>
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<td style="width: 17.85pt"></td><td style="width: 17.85pt"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">IFRS 17 Insurance Contracts, including Amendments to IFRS 17</font></td></tr></table>
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<td style="width: 17.85pt"></td><td style="width: 17.85pt"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current
or Non-current and Classification of Liabilities as Current or Non-current</font></td></tr></table>
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<td style="width: 17.85pt"></td><td style="width: 17.85pt"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Amendments to IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions,
Contingent Liabilities and Contingent Assets; Annual Improvements 2018-2020</font></td></tr></table>
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<td style="width: 17.85pt"></td><td style="width: 17.85pt"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure
of Accounting policies</font></td></tr></table>
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<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition
of Accounting Estimates</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group presents assets and liabilities
in the statement of financial position based on current/non-current classification.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Current assets include assets that are
sold, consumed or realized as part of the normal operating cycle (operating cycle is assumed to be 12 months), or cash and cash
equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting
period. All other assets are classified as non-current.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Current liabilities, such as trade payables,
lease liabilities or employee benefits with a term of up to 12 months, and payables for operating costs or social security charges,
are part of the working capital used in the Company’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. All other liabilities are classified
as non-current.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Transactions in a foreign currency are
initially translated into the respective functional currency using the spot rate prevailing on the dates of the transaction. Monetary
items which are not denominated in the functional currency are subsequently translated using the rate applicable at the end of
the period. The resulting currency gains and losses are recognized directly in profit or loss.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On consolidation, the assets and liabilities
of operations in a currency other than Euro (the presentation currency of the Company’s) are translated into Euros at the
rate of exchange prevailing at the reporting date and their statements of operations 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The consolidated statements of cash flows
have been prepared using the indirect method for cash flows from operating activities. The cash disclosed in the consolidated statements
of cash flows is comprised of cash and cash equivalents. Cash comprises cash on hand and demand deposits. Cash equivalents are
short-term bank deposits that are readily convertible to a known amount of cash 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Research and development expenses comprise
third party services, wages and salaries, cost of materials, intellectual property related expenses, depreciation and amortization
of relevant equipment and intangibles as well as overhead. Research and development expenses mainly consist of costs for clinical
trials and manufacturing of the Company’s clinical drug product; additionally, costs are incurred for pre-clinical activities
as well as basic research activities.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Development expenses must be capitalized
if the criteria of IAS 38 are met. In the periods presented, no development expenses were capitalized because management does not
believe all the recognition criteria of IAS 38 had been met. This assessment is due to the general uncertainties in drug development
and the unpredictability of regulatory requirements. Therefore, research expenditure and development expenditures are expensed
when incurred.</p>
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<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt"></font></td><td><font style="font-size: 8pt">Short-term employee benefits </font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Liabilities for wages and salaries and
cash bonuses are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as
employee benefits in the consolidated statements of financial position. A liability is recognized, if the Group has a present legal
or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated
reliably.</p>
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<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt"></font></td><td><font style="font-size: 8pt">Share-based payment transactions </font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The grant-date fair value of equity-settled
share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity,
over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which
the related service conditions are expected to be met, including an estimate of forfeitures, such that the amount ultimately recognized
is based on the number of awards that meet the related service 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
gain or loss recognized for differences between expected and actual outcomes.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group 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 collateral for borrowing
purposes. The Group applied IFRS 16 Leases for the first time starting January 1, 2019, previous periods were not adjusted retrospectively.
See Note 4.4 for the effect of this change on amounts recognized in profit or loss. 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 January 1, 2019, 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Set forth below are the accounting policies
of the Group applied under IFRS 16 after its first-time adoption effective January 1, 2019.</p>
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<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt"></font></td><td><font style="font-size: 8pt">Right-of-use assets</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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. On December 31, 2020, the remaining useful lives of the Company’s
right-of-use assets range between four and 33 months. Right-of-use assets are subject to impairment.</p>
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<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt"></font></td><td><font style="font-size: 8pt">Lease liabilities</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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
which 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In calculating the present value of lease
payments, the Group uses the incremental borrowing rate at the lease commencement date, since 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.</p>
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<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt"></font></td><td><font style="font-size: 8pt">Short-term leases and leases of low-value assets</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
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<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt"></font></td><td><font style="font-size: 8pt">Determining the lease term of contracts </font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group further 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The leases which currently also result
in the capitalization of a right of use asset, do not include any renewal options. For future lease contracts with potential renewal
options the Company applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. In doing
so, management would consider all relevant factors that create an economic incentive for it to exercise the renewal.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Interest income is derived from interest-bearing
financial assets, including cash equivalents. Interest income on cash and cash equivalents, financial assets at amortized cost
calculated using the effective interest rate method is recognized in the consolidated statements of operations and comprehensive
loss as part of finance income.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Intangible assets mainly comprise purchased
IT software. Intangible assets are initially measured at acquisition cost, including any directly attributable costs of preparing
the asset for its intended use less accumulated amortization and accumulated impairment losses, if any. 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 and accumulated impairment losses, if any. 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 recognized
in 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 laboratory and office
equipment is calculated using the straight-line method to allocate their cost over their estimated useful lives, as follows:</p>
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<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’ or ‘other expenses’
in the consolidated statements of operations and comprehensive loss.</p>
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<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt"></font></td><td><font style="font-size: 8pt">Definition</font></td></tr></table>
<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. The Group’s
financial assets include predominantly quoted fixed-interest debt securities. The financial liabilities comprise trade and other
payables (incl. accrued liabilities from the R&D projects).</p>
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<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt"></font></td><td><font style="font-size: 8pt">Criteria for the recognition and derecognition, initial measurement</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In general purchases or sales of financial
assets are recognized on the settlement date, i.e., the date that the Group renders or receives the counter performance (typically
cash). The Group initially measures a financial asset at its fair value plus transaction costs.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group initially recognizes non-derivative
financial liabilities on the date that they are originated at fair value net of directly attributable transaction costs. The Group
derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expire.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt"></font></td><td><font style="font-size: 8pt">Subsequent measurement method</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Considering the Group’s business
model for managing the financial assets, whose objective is to hold them in order to collect contractual cash flows, and their
contractual cash flow characteristics, that are solely payments of principal and interest on the principal amount outstanding,
the Group classifies the quoted debt securities with fixed interest rates as subsequently measured at amortized cost using the
effective interest method (EIR). The financial assets are also subject to impairment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group’s financial liabilities
are classified as subsequently measured at amortized cost which is calculated by considering any discount or premium on acquisition
and fees or costs that are an integral part of the EIR.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">An analysis of the carrying amounts from
the consolidated statements of financial position by measurement category is disclosed under ‘under ‘4.7 Financial
assets and financial liabilities.’</p>
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<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt"></font></td><td><font style="font-size: 8pt">Criteria for realization of income and expenses</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Interest income is accrued using the
relevant effective interest rate. Interest expense on liabilities, if any, is also accrued based on the effective interest rate.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Gains and losses on the disposal of financial
instruments are recognized in full when all significant risks and rewards have been transferred. In the case of a partial transfer
of risks and rewards, a distinction would be made as to whether control remains with the company or is transferred.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Impairment losses on financial assets
are recognized in profit or loss. The Group recognizes an allowance for expected credit losses (ECLs) for the financial assets
held, see Note ‘3.4 Net Financial Result’.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">ECLs are based on the difference between
the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. ECLs are generally recognized in two stages. For credit exposures
for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses
that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which
there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses
expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For the quoted debt
securities with fixed interest rates, which have high credit ratings and no significant increases in credit risk since initial
recognition, the Group determines the exposure to credit default using CDS pricing information (i.e. credit default swap values)
published by credit agencies and recognizes a 12-month ECL.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group does not measure any financial
asset or liability at fair value. The carrying amount of all financial instruments approximates their fair value, with the exception
of quoted debt securities which fair values are disclosed (see ‘4.7 Financial assets and financial liabilities’).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">When measuring the fair value of an asset
or a liability, the Group would use observable market data as far as possible. Fair values are categorized into different levels
in a fair value hierarchy based on the inputs used in the valuation techniques as follows:</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 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">Level 1, quoted prices in active markets for identical assets or liabilities.</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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">Level 2, inputs other than quoted prices included within Level 1 that are observable for the instrument,
either directly (as prices) or indirectly (derived from prices).</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td><font style="font-size: 8pt">Level 3, inputs for instruments that are not based on observable market data (unobservable inputs).</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If the inputs used to measure the fair
value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized
in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Group would recognize transfers between
levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.</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>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt"></font></td><td><font style="font-size: 8pt">Current income tax</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Current income tax assets and liabilities
are measured at the amount expected to be recovered from or paid to the taxation authorities. Expected tax payable or receivable
on the taxable income or loss for the year, are calculated 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">In the periods presented; the Group did
not incur income tax expense. Taxes withheld by banks and remitted to tax authorities were reimbursed after filing of the annual
tax declaration.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font-size: 8pt"></font></td><td><font style="font-size: 8pt">Deferred income tax</font></td></tr></table>
<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 arising from tax
loss carryforwards are recognized only to the extent that the Group has sufficient taxable temporary differences or there is convincing
evidence that sufficient future taxable profit will be available against which the unused tax losses can be utilized. As of December
31, 2020 and 2019, based on management’s judgment, it was not probable that taxable profit will be available against which
the unused tax losses can be utilized; no deferred tax assets were therefore recognized in the consolidated statements of financial
position.</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">Research and development expenses</td>
<td style="width: 15%; 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">2020</p></td>
<td style="width: 15%; 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">2019</p></td>
<td style="width: 15%; 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">2018</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"> </td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in €)</td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Third-party services</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">19,886,693</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">36,783,223</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">15,909,366</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 11.5pt; text-indent: 0in"><font style="font-size: 8pt"><i>manufacturing of clinical material</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>3,075,347</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>13,479,235</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>4,828,534</i></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="padding-left: 11.5pt; text-indent: 0in"><font style="font-size: 8pt"><i>clinical, pre-clinical</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>16,811,346</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>23,303,988</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>11,080,832</i></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt">Employee benefits expenses</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">4,480,890</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">6,231,812</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">8,037,082</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="padding-left: 11.5pt; text-indent: 0in"><font style="font-size: 8pt"><i>Equity-settled share-based payment expense</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>626,833</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>2,580,983</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>5,256,194</i></font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt">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-size: 8pt">862,364</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">668,676</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">421,041</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt">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">454,193</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">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></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt"><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>25,684,140</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>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></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">General and administrative expenses</td>
<td style="width: 15%; 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">2020</p></td>
<td style="width: 15%; 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">2019</p></td>
<td style="width: 15%; 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">2018</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"> </td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in €)</td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Employee benefits expenses</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">3,880,349</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">7,534,073</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">9,146,955</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 11.5pt; text-indent: 0in"><font style="font-size: 8pt"><i>Equity-settled share-based payment expense</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>489,958</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>4,251,227</i></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>6,828,457</i></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Legal and consulting fees</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,603,711</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">2,199,640</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">2,020,447</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt">Insurance expenses</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,311,790</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">636,035</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">368,339</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt">Depreciation & amortization expense</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">556,456</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">503,683</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">115,330</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt">Compensation expense for non-executive board directors</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">283,128</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">269,030</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">238,180</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">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">831,769</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">1,358,587</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">897,618</p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt"><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>8,467,203</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>12,501,048</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></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">Employee benefits expenses</td>
<td style="width: 15%; 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">2020</p></td>
<td style="width: 15%; 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">2019</p></td>
<td style="width: 15%; 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">2018</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"> </td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in €)</td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">Wages and salaries</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">6,270,757</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">5,974,807</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">4,501,840</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">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-size: 8pt">551,804</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">562,255</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">350,024</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">Equity-settled share-based payment expenses (see Note 3.6 Share-based payments)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">1,116,791</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">6,832,210</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">12,084,651</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">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">421,887</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">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></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="padding-right: 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>8,361,239</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>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></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">Finance Result</td>
<td style="width: 15%; 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">2020</p></td>
<td style="width: 15%; 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">2019</p></td>
<td style="width: 15%; 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">2018</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"> </td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in €)</td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>Finance income</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: top">
<td style="text-indent: 0in"><font style="font-size: 8pt">Interest income</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">887,702</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">2,840,676</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">2,182,842</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>Finance expenses</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">
<td style="text-indent: 0in"><font style="font-size: 8pt">Interest expenses</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(18,689)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(9,500)</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="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Interest on lease liabilities</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">(7,311)</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">(12,765)</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">
<td style="text-indent: 0in"><font style="font-size: 8pt"><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>861,702</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>2,818,411</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>2,182,842</b></p></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="width: 55%; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><b>Foreign exchange result</b></font></td>
<td style="width: 15%; 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">2020</p></td>
<td style="width: 15%; 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">2019</p></td>
<td style="width: 15%; 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">2018</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"> </td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in €)</td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><b>Foreign exchange result</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">Foreign exchange income</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">3,656,922</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">3,379,644</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">8,249,853</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">Foreign exchange expense</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">(4,433,435)</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">(2,684,700)</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">(2,623,782)</p></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><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>(776,513)</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>694,944</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>5,626,071</b></p></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; width: 55%; padding: 1pt 5.4pt 2pt; text-align: left"> </td>
<td style="width: 15%; 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">2020</p></td>
<td style="width: 15%; 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">2019</p></td>
<td style="width: 15%; 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">2018</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"> </td>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"> </td>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center">(in €)</td>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Other 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>(126,000)</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>(107,182)</b></p></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In the course of its historical financing
rounds prior to 2016, InflaRx GmbH established equity-settled share-based payment programs. Those InflaRx GmbH options were converted
into options for common shares of InflaRx N.V. in November 2017:</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%; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2020</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">Options</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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2020</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">WAEP*</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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2019</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">Options</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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2019</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">WAEP</p>
</div></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>Outstanding at January 1</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>148,433</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">€0.01</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>289,309</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">€0.01</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">—</p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">—</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">(140,876)</p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">€0.01</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0in"><font style="font-size: 8pt"><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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>148,433</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">€0.01</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>148,433</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">€0.01</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Exercisable at December 31</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">148,433</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">€0.01</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">148,433</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">€0.01</font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="5" style="padding-right: 5.4pt; padding-left: 1.85pt; text-align: left"><font style="font-size: 8pt">* Weighted average share price (WAEP) </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Under the terms and conditions
of the share option plan of 2016 (the “2016 Plan”), InflaRx GmbH granted rights to subscribe for InflaRx GmbH’s
common shares to directors, senior management, and key employees. Those InflaRx GmbH options were converted into options for common
shares of InflaRx N.V. in November 2017:</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"> </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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2020</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">options</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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2020</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">WAEP*</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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2019</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">options</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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2019</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">WAEP*</p>
</div></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt"><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-size: 8pt"><b>1,181,484</b></font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 8pt">$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-size: 8pt"><b>1,181,484</b></font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 8pt">€7,81</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt">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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(86,632)</p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 8pt">$3.35/€2.94</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; text-align: center"><font style="font-size: 8pt">—</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt"><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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>1,094,852</b></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 8pt">$3.35/€2.73</font></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>1,181,484
</b></p></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 8pt">$3.35/€2.98</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt">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-size: 8pt">1,094,852</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 8pt">$3.35/€2.73</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,181,484 </font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 8pt">$3.35/€2.98</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-size: 8pt">* conversion rates used for one €: December 31, 2020 $0.8149, average rate 2020 $0.8762, January 1, 2020/December 31, 2019 $0.8902, average rate 2019 $0.8932</font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="5" style="padding-right: 5.4pt; padding-left: 55.5pt; text-align: right"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In conjunction with the closing of its
initial public offering, InflaRx N.V. established a new incentive plan (the “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:</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"> </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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2020</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">Options</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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2020</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">WAEP*</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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2019</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">Options</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 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">2019</p>
<p style="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center">WAEP*</p>
</div></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>Outstanding at January 1</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>2,181,105</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$3.44 /€3.06</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>2,051,009</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$3.61/€3.16 </font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Granted during the year</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">246,188</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$4.83 /€4.23</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">242,450 </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$3.25/€2.91 </font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt">Exercised during the year</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(78,342)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$3.35 /€2.94</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">— </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="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Forfeited during the year</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">(202,473)</p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$3.61 /€3.17</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">(112.354)</p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$6.17/€5.51 </font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt"><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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>2,146,478</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$3.59 /€2.93</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>2,181,105
</b></p></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$3.44/€3.06 </font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Exercisable at December 31</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,863,790</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$3.46 /€2.82</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,319,548 </font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">$3.52/€3.13 </font></td></tr>
<tr style="vertical-align: bottom">
<td colspan="5" style="padding-right: 5.4pt; padding-left: 8.95pt; text-indent: -7.1pt"><font style="font-size: 8pt">* conversion rates used for one €: December 31, 2020 $0.8149, average rate 2020 $0.8762, January 1, 2020/December 31, 2019 $0.8902, average rate 2019 $0.8932</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: 19%; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold">Share options granted</td>
<td style="width: 9%; 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: center; text-indent: 0in"><b>Options</b></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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Fair value per </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>option</b></p>
</div></td>
<td style="width: 9%; 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: center"><b>FX rate
as of grant date</b></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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Fair value per </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>option</b></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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Share price at grant date / </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Exercise price</b></p>
</div></td>
<td style="width: 10%; 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: center"><b>Expected
volatility</b></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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Expected life</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(midpoint based)</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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Risk-free rate</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(interpolated, U.S. sovereign strips curve)</p>
</div></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt"><b>2019</b></font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt">January 1</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">—</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$14.45</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.88</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">€12.69</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$26.02</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.65</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">4.8</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">3,00%</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">February 4</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">18,450</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$18.17</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.87</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">€15.87</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$32.63</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.65</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">4.9</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">2,60%</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">May, 14</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">36,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$22.54</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.89</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">€20.08</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$41.39</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.65</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">4.7</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">2.30%</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt">Repricing, July 3</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">—</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$0.46-$1.08</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.89</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">€0.40-€0.96</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$3.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">2.3-4.6</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">2.30%</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">October 24</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">50,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$1.96</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.90</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">€1.76</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$2.28</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">4.7</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">1,65%</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">December 16</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">38,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$3.07</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.90</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">€2.75</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$3.57</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">4.7</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">1,79%</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">December 16*</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">100,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$3.07</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.90</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">€2.75</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$3.57</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">4.7</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">1,79%</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-top: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in; border-bottom: Black 1.5pt double"><b>242,450</b></p></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td></tr>
<tr style="vertical-align: top">
<td colspan="9" style="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-indent: 0in"><font style="font-size: 8pt">* Options granted to the executive management</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt"><b>2020</b></font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt">September 18</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">71,186</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$4.16</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.85</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">€3.52</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$4.83</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">4.8</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.36%</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">September 18</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">25,002</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$4.21</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.85</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">€3.56</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$4.83</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">5.0</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.39%</font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt">October 1</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">150,000</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$3.69</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.85</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">€3.14</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">$4.28/$4.83</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">1.35</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">5.0</font></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"><font style="font-size: 8pt">0.36%</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">
<p style="border-top: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in; border-bottom: Black 1.5pt double"><b>246,188</b></p></td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </td>
<td style="padding-left: 1.5pt; text-align: center; text-indent: 0in"> </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: 45%; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="width: 20%; 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">Property
and equipment</p></td>
<td style="width: 17%; 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: 18%; 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 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="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>At January 1, 2019</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="vertical-align: top">
<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">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">313,985</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="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">(142,400)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(142,400)</font></td></tr>
<tr style="vertical-align: top">
<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">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="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Exchange differences</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">6,639</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">70</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">6,709</p></td></tr>
<tr style="vertical-align: top">
<td style="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 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>1,173,473</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>—</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>1,173,473</b></p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Additions</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">66,114</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">66,114</font></td></tr>
<tr>
<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">
<p style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(5,298)</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>
<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">(5,298)</p></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">(34,750)</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>
<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">(34,750)</p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2020</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>1,199,540</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>1,199,540</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></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in"><font style="font-size: 8pt"><b>Accumulated depreciation</b></font></td>
<td style="vertical-align: top; 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>
<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; text-indent: 0in"><font style="font-size: 8pt"><b>At January 1, 2019</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>(370,510)</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>(370,510)</b></font></td></tr>
<tr>
<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">(252,627)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(252,627)</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">26,235</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">26,235</font></td></tr>
<tr>
<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">(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">—</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></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"><b>(597,101)</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>(597,101)</b></p></td></tr>
<tr>
<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">(212,733)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(212,733)</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">1,793</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">—</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,793</font></td></tr>
<tr>
<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">16,764</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>
<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">16,764</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2020</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>(791,277)</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>(791,277)</b></p></td></tr>
<tr style="vertical-align: bottom">
<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></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Net book value</font></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>
<tr>
<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"><b>576,372</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>576,372</b></p></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2020</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>408,263</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>—</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>408,263</b></p></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="padding: 1pt 5.4pt 2pt; vertical-align: bottom; width: 45%; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="vertical-align: top; width: 20%; 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">Buildings</p></td>
<td style="vertical-align: top; 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">Cars</p></td>
<td style="vertical-align: bottom; width: 18%; 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 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="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>At January 1, 2019</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>695,614</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>35,058</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b> 730,672</b></font></td></tr>
<tr style="vertical-align: top">
<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">636,754</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">—</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">636,754</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="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">(266,057)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(266,057)</font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt">Exchange differences</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">1,512</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>
<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">1,512</p></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="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 0.5pt solid; 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 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>35,058</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>1,102,881</b></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Additions</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">101,993</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">101,993</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"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(28,366)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(28,366)</font></td></tr>
<tr>
<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">(7,997)</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>
<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">(7,997)</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2020</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>1,059,826</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>108,685</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>1,168,512</b></p></td></tr>
<tr style="vertical-align: bottom">
<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></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>Accumulated 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></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>At January 1, 2019</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="vertical-align: top; background-color: #D5EAEA">
<td style="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">(283,350)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(20,831)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(304,181)</font></td></tr>
<tr style="vertical-align: top">
<td style="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"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">38,008</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Exchange differences</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">216</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>
<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">216</p></td></tr>
<tr style="vertical-align: top">
<td style="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 0.5pt solid; 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 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>(20,831)</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>(265,957)</b></p></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">(335,608)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(34,410)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(370,018)</font></td></tr>
<tr>
<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"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">7,880</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">7,880</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">6,277</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>
<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">6,277</p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2020</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>(574,457)</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>(47,361)</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>(621,818)</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></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Net book value</font></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>
<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"><b>822,697</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>14,227</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>836,924</b></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2020</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>485,369</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>61,324</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>546,694</b></p></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: 45%; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="width: 20%; 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">Purchased
IT-software</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">Advances
paid for software</p></td>
<td style="width: 18%; 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 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="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>At January 1, 2019</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>246,351</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>109,852</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>356,204</b></font></td></tr>
<tr style="vertical-align: top">
<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">84,449</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">251,493</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">335,942</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<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">353,155</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(353,155)</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="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt">Exchange differences</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">(64)</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>
<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">(64)</p></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="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 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>683,891</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>8,190</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>692,081</b></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Additions</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">28,075</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">28,075</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Reclassification</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">8,190</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(8,190)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td></tr>
<tr>
<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">(562)</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>
<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">(562)</p></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2020</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>719,593</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>719,593</b></p></td></tr>
<tr style="vertical-align: bottom">
<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></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>Accumulated 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 style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>At January 1, 2019</b></font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>(133,337)</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>(133,337)</b></font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="text-indent: 0in"><font style="font-size: 8pt">Amortization charge for the year*</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(106,358)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(106,358)</font></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt">Exchange differences</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">14</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>
<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">14</p></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
<td style="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 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>(239,681)</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>—</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>(239,681)</b></p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Amortization 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">(129,963)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"> —</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(129,963)</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">234</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>
<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</p></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2020</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>(369,410)</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>(369,410)</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></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Net book value</font></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>
<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"><b>444,210</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>8,190</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>452,400</b></p></td></tr>
<tr style="vertical-align: top">
<td style="text-indent: 0in"><font style="font-size: 8pt"><b>At December 31, 2020</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>350,184</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>—</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>350,183</b></p></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="padding: 1pt 5.4pt 2pt; vertical-align: bottom; font-size: 8pt; text-align: left; line-height: 9pt; font-weight: bold">Lease liabilities</td>
<td style="vertical-align: bottom; 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">2020</p></td>
<td colspan="2" style="vertical-align: bottom; 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">2019</p></td>
<td> </td></tr>
<tr>
<td style="padding: 1pt 5.4pt 2pt; vertical-align: bottom; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td>
<td style="padding: 1pt 5.4pt 2pt; vertical-align: bottom; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td>
<td colspan="2" style="padding: 1pt 5.4pt 2pt; vertical-align: bottom; font-size: 8pt; text-align: center; line-height: 9pt; font-weight: bold"> </td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; text-indent: 0in"><font style="font-size: 8pt"><b>As of January 1</b></font></td>
<td style="vertical-align: bottom; background-color: #D5EAEA; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>845,948</b></font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><b>730,672</b></font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Additions</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">101,993</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">636,754</font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; text-indent: 0in"><font style="font-size: 8pt">Derecognition</font></td>
<td style="vertical-align: top; background-color: #D5EAEA; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(20,555)</font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(228,547)</font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; padding-right: 8.65pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 8pt">Re-payments</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(366,156)</font></td>
<td colspan="2" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(296,020)</font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; background-color: #D5EAEA; text-indent: 0in"><font style="font-size: 8pt">Short-term liability for accrued interest expense</font></td>
<td style="vertical-align: top; background-color: #D5EAEA; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">(388)</font></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">1,362</font></td>
<td> </td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Foreign exchange difference</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">(1,802)</p></td>
<td colspan="2" 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">1,727</p></td>
<td> </td></tr>
<tr>
<td style="vertical-align: bottom; background-color: #D5EAEA; text-indent: 0in"><font style="font-size: 8pt"><b>As of December 31</b></font></td>
<td style="vertical-align: bottom; background-color: #D5EAEA; 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>559,041</b></p></td>
<td colspan="2" style="vertical-align: top; background-color: #D5EAEA; 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>845,948</b></p></td>
<td> </td></tr>
<tr>
<td style="width: 72%"> </td>
<td style="width: 14%"> </td>
<td style="width: 2%"> </td>
<td style="width: 11%"> </td>
<td style="width: 1%"> </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: 61%; text-align: left; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="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">2020*</p></td>
<td style="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">2019*</p></td>
<td style="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">2018*</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"> </td>
<td colspan="2" style="padding: 1pt 5.4pt 2pt; text-align: right; line-height: 9pt; font-size: 8pt; font-weight: bold">(in €)</td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Depreciation expense of right-of-use assets (see Note 4.2)</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">362,137</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">265,957</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">—</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">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-size: 8pt">7,311</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">12,765</font></td>
<td style="vertical-align: bottom; 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">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-size: 8pt">6,275</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">70,451</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">213,200</font></td></tr>
<tr>
<td style="vertical-align: top; padding-left: 17.85pt; text-indent: 0in"><font style="font-size: 8pt"><i>short-term leases (included in administrative expenses)</i></font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>937</i></font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt"><i>65,348</i></font></td>
<td style="vertical-align: bottom; 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; padding-left: 17.85pt; text-indent: 0in"><font style="font-size: 8pt"><i>leases of low-value assets (included in administrative expenses)</i></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"><i>5,338</i></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"><i>5,103</i></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; text-indent: 0in"><font style="font-size: 8pt"><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>375,723</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>349,173</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>213,200</b></p></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 15.7pt; background-color: white">* in 2020 and 2019
leases under IFRS 16, in 2018 operating leases under IAS 17<br />
<br />
</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; width: 70%; padding: 1pt 5.4pt 2pt; text-align: left">Other assets</td>
<td style="width: 15%; 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">December
31, 2020</p></td>
<td style="width: 15%; 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">December
31, 2019</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"> </td>
<td colspan="2" style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center">(in €)</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>Non-current other assets</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"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Prepaid expense</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">353,522</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">452,217</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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>353,522</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>452,217</b></p></td></tr>
<tr style="vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Current other assets</b></font></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </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">Prepayments on research & development projects</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">2,340,643</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">698,891</font></td></tr>
<tr>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">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-size: 8pt">1,295,682</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">1,467,936</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-size: 8pt">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">98,374</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">199,088</p></td></tr>
<tr style="vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><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>3,734,699</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>2,365,915</b></p></td></tr>
<tr style="vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Total other assets</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>4,088,221</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>2,818,132</b></p></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">InflaRx Group</td>
<td style="width: 15%; 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">2020</p></td>
<td style="width: 15%; 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">2019</p></td>
<td style="width: 15%; 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">2018</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"> </td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in €)</td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">Loss for the period (accounting profit before income tax)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">(33,983,614)</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">(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-size: 8pt">(29,814,634)</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">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-size: 8pt">28.7%</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">29.6%</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">29.1%</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: bottom; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">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-size: 8pt">9,761,910</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">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-size: 8pt">8,715,116</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">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">(9,761,910)</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">(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></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
<td style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><b>Income tax</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>
</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">Financial assets and financial liabilities</td>
<td style="width: 15%; 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">December
31, 2020</p></td>
<td style="width: 15%; 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">December
31, 2019</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"> </td>
<td colspan="2" style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in €)</td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><b>Financial assets at amortized cost</b></font></td>
<td style="vertical-align: 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; text-indent: 0in"><font style="font-size: 8pt">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-size: 8pt">272,268</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">272,614</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Current financial assets</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">47,138,738</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">82,353,867</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt"><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 style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Trade and other payables</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">8,258,133</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">12,413,662</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; width: 70%; padding: 1pt 5.4pt 2pt; text-align: left">Cash and cash equivalents</td>
<td style="width: 15%; 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">December
31, 2020</p></td>
<td style="width: 15%; 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">December
31, 2019</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"> </td>
<td colspan="2" style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center">(in €)</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"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </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="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">22,616,767</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">27,803,153</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">Deposits held in Euro (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">1,800,000</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>
<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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>24,416,767</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>27,803,153</b></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>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"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </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 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">1,189,126</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">1,211,478</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 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">362,788</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">4,116,649</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</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>1,551,914</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>5,328,127</b></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 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>25,968,681</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>33,131,280</b></p></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; width: 70%; padding: 1pt 5.4pt 2pt; text-align: left">Trade and other Payables</td>
<td style="width: 15%; 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">December
31, 2020</p></td>
<td style="width: 15%; 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">December
31, 2019</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"> </td>
<td colspan="2" style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center">(in €)</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">Accrued liabilities from R&D projects</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">5,250,654</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">8,274,042</font></td></tr>
<tr>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">Accounts payable</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">1,741,251</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">3,351,100</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-size: 8pt">Other accrued liabilities and payables</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">1,266,228</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">788,520</p></td></tr>
<tr style="vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><font style="font-size: 8pt"><b>Total trade and other payables</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>8,258,133</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>12,413,662</b></p></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">Maturity analysis for capitalized leases</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">Contractual
minimum lease obligations</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">Effect
of discounting</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">Lease
liabilities</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"> </td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold">(in €)</td>
<td style="padding: 1pt 5.4pt 2pt; text-align: center; line-height: 9pt; font-size: 8pt; font-weight: bold"> </td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">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-size: 8pt">346,000</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">7,485</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">338,516</font></td></tr>
<tr>
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">After one year but not more than five years</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">231,715</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">11,190</font></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><font style="font-size: 8pt">220,525</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="vertical-align: top; text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt">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 style="text-indent: 0in; font-size: 10pt"><font style="font-size: 8pt"><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>577,715</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>18,675</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>559,040</b></p></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; vertical-align: bottom; width: 48%; padding: 1pt 5.4pt 2pt; text-align: left">Maturity analysis for all lease obligations in 2020</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">Total</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">Low
value leases</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">Short-term
leases</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">Capitalized
leases</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"> </td>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"> </td>
<td colspan="2" style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center">(in €)</td>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"> </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">Within one year</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">352,261</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">6,261</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: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 8pt">346,000</font></td></tr>
<tr>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">After one year but not more than five years</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">249,199</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">17,484</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>
<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">231,715</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">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="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 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>601,460</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>23,745</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">—</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>577,715</b></p></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; vertical-align: bottom; width: 48%; padding: 1pt 5.4pt 2pt; text-align: left">Maturity analysis for all lease obligations in 2019</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">Total</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">Low
value leases</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">Short-term
leases</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">Capitalized
leases</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"> </td>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"> </td>
<td colspan="2" style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center">(in €)</td>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"> </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">Within one year</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">371,105</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">5,387</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">10,841</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">354,878</font></td></tr>
<tr>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">After one year but not more than five years</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">532,845</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">12,779</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">20,005</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">500,062</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">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="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 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>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: #D5EAEA">
<td style="border: Black 1pt solid; text-align: center; text-indent: 0in"><font style="font-size: 8pt">Name</font></td>
<td style="border-top: Black 1pt solid; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Place of business/ country of incorporation</font></td>
<td style="border-top: Black 1pt solid; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Functional currency</font></td>
<td colspan="2" style="border-top: Black 1pt solid; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Ownership interest held by the Company</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">	2020	2019</p></td>
<td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Principal activities</font></td></tr>
<tr>
<td style="border-right: Black 1pt solid; width: 19%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><font style="font-size: 8pt"><b>InflaRx GmbH</b></font></td>
<td style="border-right: Black 1pt solid; width: 16%; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Germany</font></td>
<td style="border-right: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">EUR</font></td>
<td style="border-right: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">100%</font></td>
<td style="border-right: Black 1pt solid; width: 12%; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">100%</font></td>
<td style="border-right: Black 1pt solid; vertical-align: top; width: 33%; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">Principal operating subsidiary, biopharmaceutical company</font></td></tr>
<tr style="background-color: #D5EAEA">
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><font style="font-size: 8pt"><b>InflaRx Pharmaceutical Inc.</b></font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><font style="font-size: 8pt">U.S.</font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">USD</font></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><font style="font-size: 8pt">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-size: 8pt">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-size: 8pt">Subsidiary for basic research</font></td></tr>
</table>
3 to 13 years
1 to 5 years
2340643
698891
246188
242450
0
140876
86632
0
78342
0
202473
112354
0
0
0
0
1173473
1199540
-597101
-791277
0
995179
0
-370510
1173473
1199540
995179
-597101
-791277
-370510
0
0
-34750
16764
70
6709
0
-198
-34750
6639
16764
-198
-54408
0
54408
0
66114
54338
313985
66114
259647
0
212733
0
252627
212733
252627
0
0
5298
-1793
0
142400
0
-26235
5298
142400
-1793
-26235
<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; width: 55%; padding: 1pt 5.4pt 2pt; text-align: left">Board Compensation</td>
<td style="width: 15%; 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">2020</p></td>
<td style="width: 15%; 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">2019</p></td>
<td style="width: 15%; 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">2018</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"> </td>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"> </td>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center">(in €)</td>
<td style="font: bold 8pt/9pt Times New Roman, Times, Serif; padding: 1pt 5.4pt 2pt; text-align: center"> </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>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"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">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-size: 8pt">1,995,292</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">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-size: 8pt">2,524,202</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">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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">1,139,286</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">5,218,324</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">9,801,454</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</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>3,134,578</b></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>8,011,853</b></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>12,325,656</b></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>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"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0in"><font style="font-size: 8pt">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-size: 8pt">283,127</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">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-size: 8pt">238,180</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">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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">69,938</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">710,611</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">1,085,917</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</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>353,065</b></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>979,642</b></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>1,324,098</b></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-size: 8pt"><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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>3,487,643</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>8,991,495</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>13,649,754</b></p></td></tr>
</table>
1067823
1059826
-245126
-574457
1102881
1168512
-265957
-621818
695614
730672
0
0
35058
108685
-20831
-47361
35058
0
7997
-6277
7997
-6277
-1512
-1512
-216
-216
0
0
0
0
0
0
28366
-7880
266057
266057
-38008
-38008
28366
-7880
0
0
0
101993
636754
636754
101993
0
559041
845948
730672
-1802
1727
-388
1362
-366156
-296020
-20555
-228547
101993
636754
1551914
5328127
362788
4116649
1189126
1211478
27937
30662
102026
75696
19414
5841
374698
378035
213200
Future development costs; Recognized financial assets and liabilities not denominated in Euro
Cash and cash equivalents, current and non-current financial assets
R&D and G&A cost, equity, trade and other 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
30863927
37071023
22530687
4123532
8333240
32947491
1.2500
1.0500
-2805812
3429325
28058115
34293252
559040
338516
220525
0
18675
7485
11190
0
577715
346000
231715
0
577715
854940
346000
231715
0
354878
500062
0
0
30845
0
0
0
10841
20005
0
23745
18166
6261
17484
0
5387
12779
0
601460
903951
352261
249199
0
371105
532845
0
28228415
47138738
82353867
1026494
1134968
Please refer to Note 2.1 regarding certain presentational reclassifications.
Weighted average share price (WAEP).
Conversion rates used for one Euro: December 31, 2020 $0.8149, average rate 2020 $0.8762, January 1, 2020/December 31, 2019 $0.8902, average rate 2019 $0.8932.
Options granted to the executive management.
In 2020 and 2019 leases under IFRS 16, in 2018 operating leases under IAS 17.