InflaRx (IFRX) Jefferies Global Healthcare Conference 2025 summary

Strategic focus and pipeline overview

• Targeting the C5a/C5aR pathway with two drugs, focusing on the oral C5aR inhibitor INF-904 for immunodermatology indications.

• INF-904 aims to address chronic spontaneous urticaria (CSU) and hidradenitis suppurativa (HS), both large markets with unmet needs.

• Company is funded into 2027 and seeks collaborations for indications outside dermatology.

• Emergency use authorization and recent European approval for Gohibic (vilobelimab) in COVID-19.

• Strong intellectual property coverage and expert network established in the US and Europe.

Scientific rationale and differentiation

• C5a/C5aR pathway is a key upstream immune activator, not fully controlled by upstream complement inhibitors.

• INF-904 shows superior PK/PD profile and broader therapeutic index compared to avacopan, with higher drug strength and less CYP3A4/5 inhibition.

• Animal and human studies demonstrate tighter receptor blockade and potential for increased efficacy.

• Oral administration and no known safety concerns on the mechanism.

Clinical development and market potential

• Ongoing phase 2a studies in CSU and HS, with multiple dosing arms to assess efficacy, safety, and optimal dosing.

• CSU affects a broad patient population, with significant unmet need especially in those unresponsive to antihistamines and omalizumab.

• INF-904 could address both IgE-mediated and type 2B autoimmune CSU subtypes, offering a new oral option.

• Market potential for CSU exceeds $1 billion annually.

• HS is a severe, under-addressed disease with preference for oral therapies and need for durable response.