Newly funded complement platform bets its 2029 runway on izicopan in AAV, with vilobelimab's HS path partner-gated and no revenue base

InflaRx is a clinical-stage biotechnology company that has wound down sales of its one past approved drug, for a COVID-19-related condition, to focus entirely on a new, unapproved drug for kidney and blood-vessel inflammation.

InflaRx raised roughly €127M in mid-2026, extending runway to 2029, after winding down GOHIBIC sales and pivoting entirely to izicopan, a C5aR inhibitor, in ANCA-associated vasculitis and complement-driven kidney diseases. The thesis resolves on whether izicopan generates convincing Phase 2 efficacy in AAV before the 2029 cash horizon, since proof-of-concept in aHUS, IgAN, and C3G remains pre-data. The HS program, despite positive Phase 2a signals, advances only with a partner, making the entire internal case a single-program bet on AAV.