InflaRx N : News Conference Call March 2024

CORPORATE PRESENTATION

MARCH 2024

IMPORTANT NOTICE AND DISCLAIMER

This presentation has been prepared by InflaRx N.V. ("InflaRx" or the "Company"). 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. This

presentation may not be relied upon in connection with the purchase or sale of any security and should not be construed as investment advice.

Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "estimate," "believe," "predict," "potential" or "continue," among others. Forward-looking statements appear in a number of places throughout this release and may include statements regarding our intentions, beliefs, projections, outlook, analyses and current expectations concerning, among other things, the receptiveness of GOHIBIC (vilobelimab) as a treatment for COVID-19 by COVID-19 patients and U.S. hospitals and related treatment recommendations by medical/healthcare institutes and other third-party organizations, our ability to successfully commercialize and the receptiveness of GOHIBIC (vilobelimab) as a treatment for COVID-19 by COVID-19 patients and U.S. hospitals or our other product candidates; our expectations regarding the size of the patient populations for, market opportunity for, coverage and reimbursement for, estimated returns and return accruals for, and clinical utility of GOHIBIC (vilobelimab) in its approved or authorized indication or for vilobelimab and any other product candidates, under an EUA and in the future if approved for commercial use in the U.S. or elsewhere; our ability to successfully implement The InflaRx Commitment Program, the success of our future clinical trials for vilobelimab's treatment of COVID-19 and other debilitating or life- threatening inflammatory indications, including PG, and any other product candidates, including INF904, and whether such clinical results will reflect results seen in previously conducted pre-clinical studies and clinical trials; the timing, progress and results of pre-clinical studies and clinical trials of our product candidates and statements regarding the timing of initiation and completion of studies or trials and related preparatory work, the period during which the results of the trials will become available, the costs of such trials and our research and development programs generally; our interactions with regulators regarding the results of clinical trials and potential regulatory approval pathways, including related to our MAA submission for vilobelimab and our biologics license application submission for GOHIBIC (vilobelimab), and our ability to obtain and maintain full regulatory approval of vilobelimab or GOHIBIC (vilobelimab) for any indication; whether the FDA, the EMA or any comparable foreign regulatory authority will accept or agree with the number, design, size, conduct or implementation of our clinical trials, including any proposed primary or secondary endpoints for such trials; our expectations regarding the scope of any approved indication for vilobelimab; our ability to leverage our proprietary anti-C5a and C5aR technologies to discover and develop therapies to treat complement-mediated autoimmune and inflammatory diseases; our ability to protect, maintain and enforce our intellectual property protection for vilobelimab and any other product candidates, and the scope of such protection; our manufacturing capabilities and strategy, including the scalability and cost of our manufacturing methods and processes and the optimization of our manufacturing methods and processes, and our ability to continue to rely on our existing third-party manufacturers and our ability to engage additional third-party manufacturers for our planned future clinical trials and for commercial supply of vilobelimab and for the finished product GOHIBIC (vilobelimab); our estimates of our expenses, ongoing losses, future revenue, capital requirements and our needs for or ability to obtain additional financing; our ability to defend against liability claims resulting from the testing of our product candidates in the clinic or, if approved, any commercial sales; if any of our product candidates obtain regulatory approval, our ability to comply with and satisfy ongoing obligations and continued regulatory overview; our ability to comply with enacted and future legislation in seeking marketing approval and commercialization; our future growth and ability to compete, which depends on our retaining key personnel and recruiting additional qualified personnel; and our competitive position and the development of and projections relating to our competitors in the development of C5a and C5aR inhibitors or our industry; and the risks, uncertainties and other factors described under the heading "Risk Factors" in our periodic filings with the SEC. These statements speak only as of the date of this press release and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements, and we assume no obligation to update these forward-looking statements, even if new information becomes available in the future, except as required by law.

IMPORTANT NOTICE AND DISCLAIMER

Information and Sources

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. Further, while we believe our own internal research is reliable, such research has not been verified by any independent source.

Avacopan Data

We have not conducted a head-to-head comparison of Avacopan to INF904 in a clinical trial but have compared the published data for Avacopan to data from our Phase 1 clinical trial of INF904. For the purpose of conducting pre- clinical studies (hamster neutropenia study), we synthesized Avacopan and did a side-by-side comparison. While we believe this comparison to Avacopan to be useful and appropriate, the value of this and other comparisons to Avacopan in this presentation may be limited because they are not derived from a head-to-head trial and they are from trials that were conducted under different protocols at different sites and at different times. Without head-to- head data, we are unable to make comparative claims between INF904 and Avacopan.

About InflaRx

InflaRx GmbH (Germany) and InflaRx Pharmaceuticals Inc. (USA) are wholly owned subsidiaries of InflaRx N.V. (together, "InflaRx").

InflaRx (Nasdaq: IFRX) is a biotechnology company pioneering anti-inflammatory therapeutics by applying its proprietary anti-C5a and anti-C5aR technologies to discover, develop and commercialize first-in-class, potent and specific inhibitors of the complement activation factor C5a and its receptor C5aR. C5a is a powerful inflammatory mediator involved in the progression of a wide variety of inflammatory diseases. InflaRx's lead product candidate, vilobelimab, is a novel, intravenously delivered, first-in-class,anti-C5a monoclonal antibody that selectively binds to free C5a and has demonstrated disease-modifying clinical activity and tolerability in multiple clinical studies in different indications. InflaRx was founded in 2007, and the group has offices and subsidiaries in Jena and Munich, Germany, as well as Ann Arbor, MI, USA. For further information, please visit www.inflarx.com.

Harnessing C5a/C5aR for Controlling Inflammation in the I&I Space

InflaRx Highlights

Uniquely targeting complement C5a/C5aR, a validated mechanism and critical part of the inflammation cascade with:

• First-in-classand highly potent anti-C5a monoclonal antibody (vilobelimab + second generation IFX-2)
• Best-in-classpotential oral C5aR inhibitor INF904:
• • Addressing limitations of marketed comparator (clearly differentiated plasma PK profile and inhibitory potential in phase I study)
  • Pipeline-in-a-drug with potential to address several large markets in immuno-dermatology and broader I&I

A targeted development focus on immuno-dermatology where InflaRx can drive pipeline value in larger markets and has strong core IP and medical use IP coverage

• Vilobelimab in late-stagedevelopment for PG an unmet need with no approved drug in the US or Europe
• INF904 to initially demonstrate pipeline-in-a-drug potential in large markets of CSU and HS; expected to start Phase II development in 2024

Large upside potential in additional indications in I&I for proprietary drugs with options for collaborations

Strong balance sheet with enough cash to fund operations into at least 2026 and advance programs toward next milestones

Team with proven track record of delivering clinical and regulatory successes

CSU [chronic spontaneous urticaria. HS [hidradenitis suppurativa]. PG [pyoderma gangrenosum]. I&I [inflammation and immunology].

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Significant Opportunity in Immuno-Dermatology

Why Immuno-Dermatology

• Potential to target several attractive, billion-dollar+ commercial markets
• InflaRx has identified unmet medical needs that INF904 could strongly address
• Strong rationale for the role of C5a/C5aR based on mechanism of action, pre-clinical and clinical data
• Established endpoints with the ability of INF904 to potentially achieve a clinical edge and prove to be a differentiated competitor
• INF904 is an oral drug with no known safety concerns and potential broad therapeutic index
• As a C5aR antagonist, INF904 acts on a differentiated pathway with a MoA not currently addressed by any other treatment approaches in the immuno-dermatology field
• Established network of experts and in-house trial expertise
• Strong IP coverage for C5aR inhibition in certain immuno-dermatological diseases

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Focus INF904 on Immuno-Dermatology: I&I Pipeline-in-a-Drug Potential

Immuno-

dermatology

Neurology

Nephrology & Hematology

• Chronic spontaneous urticaria (CSU)
• Hidradenitis suppurativa (HS)
• others
• Chronic inflammatory demyelinating polyneuropathy (CIDP)
• Dermatomyositis
• Anti-C3glomerulopathy (C3G)
• Atypical haemolytic uraemia syndrome (aHUS)
• Immunoglobulin A nephropathy (IgAN)
• ANCA-associatedvasculitis (AAV)

Key initial development focus and area to demonstrate potential of INF904

Potential for future development or development in collaboration with a partner

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Late-Stage Pipeline Targets Multiple Sizable Markets

IMMUNO-DERMATOLOGY

	INDICATIONS	PRECLIN PHASE I PHASE II	PHASE III	MARKET STATUS & MILESTONES
vilobelimab	pyoderma				Enrollment ongoing
			Interim analysis for adaptation and futility
C5a Inhibitor	gangrenosum
			anticipated in 2025
	chronic spontaneous				Phase IIa "basket study" anticipated by YE 2024
	urticaria				Data anticipated in 2025
INF904	hidradenitis				Phase IIa "basket study" anticipated by YE 2024
Oral C5aR Inhibitor	suppurativa				Data anticipated in 2025
	other immuno-				Additional indications in immuno-dermatology
	dermatology
IFX002	vilobelimab				For optimized use in chronic inflammatory
C5a Inhibitor	life-cycle approach				indications

OTHER

INF904	various
Oral C5aR Inhibitor

vilobelimab	critical COVID-19
broader ARDS
C5a Inhibitor

Additional chronic indications in I&I including neurology, nephrology and hematology and others

US EUA granted; EU MAA under review

ARDS "Phase III ready"

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C5a/C5aR: A Strategic Position in the Inflammatory Cascade

Vilobelimab [C5a monoclonal antibody]

INF904 [oral C5aR inhibitor]

C5a/C5aR are Validated Targets Promoting Inflammation

C5

Targeting C5 (e.g. marketed C5 blockers) does not prevent enzymatic C5a formation, but only complement pathway mediated cleavage (classic, lectin, alternative)

not suitable for tightly controlling C5a/C5aR1-driven inflammation

Targeting strong pro-inflammatory mechanisms

vilobelimab	INF904
intravenous mAB	oral small molecule
C5a	C5aR

strong amplifier	expressed on many immune cells
and upregulated in many tissues under disease
of inflammation
conditions

Anaphylatoxin C5a is upstream of the cytokine network

• Boosting effect on various pro-inflammatory cytokines
• IL-17,IL-6,IL-8,IL-1 and others

Strong activator of neutrophils and macrophages

• Chemotaxis of neutrophils
• O2 radical generation + granular enzyme release
• NETosis (neutrophil extracellular traps)

Essential role in many inflammatory conditions

• Acute and chronic inflammation and other conditions
• Over 6,000 publications on role in numerous diseases

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Vilobelimab for Ulcerative Pyoderma Gangrenosum (PG)