InflaRx N : H.C. Wainwright virtual BioConnect Conference

CONTROLLING INFLAMMATION

CORPORATE PRESENTATION

January 2022

IMPORTANT NOTICE AND DISCLAIMER

This presentation has been prepared by InflaRx N.V. ("InflaRx"), a US-Nasdaq publicly listed Dutch company having its principal place of business in Germany. This presentation is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities. The information set forth herein does not purport to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this presentation unless stated otherwise, and neither the delivery of this presentation at any time, nor any sale of securities, shall under any circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof.

This presentation may contain forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, our clinical results and other future conditions. All statements other than statements of historical facts contained in this presentation, including statements regarding future results of operations and financial position, business strategy, current and prospective product candidates, planned clinical trials and preclinical activities, product approvals, research and development costs, current and prospective collaborations, timing and likelihood of success, expectations regarding market acceptance and size, plans and objectives of management for future operations, and future results of anticipated product candidates, are forward-looking statements. These risks and uncertainties include those described under the heading "Risk Factors" in InflaRx's periodic filings with the Securities and Exchange Commission. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.

Certain information contained in this presentation relates to or is based on studies, publications, surveys and other data obtained from third-party sources and InflaRx's own internal estimates and research. While InflaRx believes these third-party sources to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while we believe our own internal research is reliable, such research has not been verified by any independent source.

InflaRx N.V. has an effective shelf registration statement (including a prospectus) on file with the SEC. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any of the Company's securities. Any offering of securities will be made only by means of a prospectus supplement, which will be filed with the SEC. In the event that, the Company conducts an offering, you may obtain a copy of the prospectus supplement and accompanying prospectus for the offering for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company will arrange to send such information if you request it.

INFLARX N.V. | Winzerlaer Str. 2, 07745 Jena, Germany, Email: [e-mail], Tel: [phone], www.inflarx.com

InflaRx N.V.

Targeting Complement to Control Inflammatory Diseases

LEAD PRODUCT CANDIDATE WITH PIVOTAL PROGRAM FOCUS ON IMMUNODERMATOLOGICAL DISEASES

Clinical Efficacy and Clean Safety Profile enabling Vilobelimab to Advance in Multiple Indications

• Hidradenitis Suppurativa (HS): Initiated pivotal study program in Q1 2022 after receiving no comments from the FDA in the 30-dayreview period
• Pyoderma Gangraenosum (PG): Positive Phase IIa data reported - gathering regulatory input on next steps for a pivotal program
• Severe COVID-19:Phase III enrollment completed; topline data expected in Q1 2022
• ANCA-associatedvasculitis (AAV): Positive Phase II data enabling further development
• Cutaneous squamous cell carcinoma (cSCC): Phase II study ongoing

New Program: Oral C5aR Inhibitor INF904 to Enter Clinic in H2 2022

• INF904 shows promising activity and clean safety profile in animals
• Best-in-classpotential
• US patent issued in October 2021

Page 3

Pipeline with Multiple Opportunities

		FRANCHISE	INDICATIONS	PRE-CLINICAL	PHASE I	PHASE II	PHASE III	UPDATE
			Hidradenitis					Pivotal trial initiated with new
			Suppurativa (HS)					primary endpoint
		Immunodermatology	Pyoderma					Positive preliminary Phase IIa open
			Gangraenosum (PG)					label results
Vilobelimab								Phase II/III study: Phase II results
		Severe COVID-19					published; Phase III fully enrolled,
C5a Inhibitor		Life-threatening
						topline data expected Q1 2022
		Inflammatory
		Diseases	ANCA-Associated
							Positive data in two Phase II trials
			Vasculitis (AAV)
		Oncology	Cutaneous Squamous					Phase II trial ongoing: first patient
		Cell Carcinoma (cSCC)					dosed in June 2021
IFX002		Undisclosed Chronic						Developing for optimized use for
	Inflammatory and						other chronic inflammatory
C5a Inhibitor
	Autoimmune Diseases						indications
INF904		Undisclosed Chronic						First-in-human study to be initiated
Oral		Inflammatory and
						in H2 2022
C5aR inhibitor		Autoimmune Diseases

Page 4

The Terminal Complement Pathway

C5a concentration in blood:

10 ~ 30 ng/ml (~1-2.5 nM)

C5

C5 concentration in blood: ~75 µg/ml (~400 nM)

C5aC5b

other ligands:

C3a, ASP, C4a etc

Membrane Attack Complex (MAC)

strong amplifiertriggers lysis of pathogens

of inflammation

C5b-9 = MAC

upregulated in many tissues during inflammation

	C5aR			C5L2
				other signalling involved e.g. in
❖ cell activation		triglyceride synthesis, etc.
❖ PKC-signaling
❖ cytokine generation	❖ HMGB-1 induction* (Inflammasome)

C5L2 has a different binding pocket for C5a compared to other ligands like C3a, ASP, etc. and this causes different cell signaling.* The C5a signaling has been shown to be pro-inflammatory.**

INFLAMMATION

* Kalant D. et. al. J. Biol. Chem. 2003, 278 (13) 11123-11129

**Rittirsch et al. Nat Med. 2008 May ; 14(5): 551; Colley et al. MABS. 2018,10 (1), 104Songlin et. al. J. Biol. Chem. 2019; 294(21) 8384-839 Muenstermann et al.. Virulence, 2020; 10(1) 677-694

Page 5