Suvretta Capital reveals 11.7% InflaRx (IFRX) stake in Schedule 13G/A

Rhea-AI Filing Summary

InflaRx N.V. received an updated ownership disclosure showing Suvretta Capital–related entities holding a significant passive stake in the company’s common shares. As of December 31, 2025, Suvretta Capital Management, LLC and its founder Aaron Cowen each report beneficial ownership of 7,933,910 common shares, representing 11.7% of the class, while Averill Master Fund, Ltd. reports 7,723,710 shares, or 11.4%.

The shares are directly owned by advisory clients of Suvretta, with Averill as the only client holding more than 5% individually. The filers certify the holdings were not acquired for the purpose of changing or influencing control of InflaRx and are reported on a passive Schedule 13G/A basis.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

InflaRx N.V.

(Name of Issuer)

Common Shares, nominal value (euro)0.12 per share

(Title of Class of Securities)

N44821101

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. N44821101

1

Names of Reporting Persons

SUVRETTA CAPITAL MANAGEMENT, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,933,910.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,933,910.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,933,910.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

11.7 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. N44821101

1

Names of Reporting Persons

AVERILL MASTER FUND, LTD.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,723,710.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,723,710.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,723,710.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

11.4 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. N44821101

1

Names of Reporting Persons

AARON COWEN

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,933,910.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,933,910.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,933,910.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

11.7 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: InflaRx N.V.
(b)	Address of issuer's principal executive offices: Winzerlaer Str. 2, 07745 Jena, Germany
Item 2.
(a)	Name of person filing: Suvretta Capital Management, LLC - Delaware Averill Master Fund, Ltd. - Cayman Islands Aaron Cowen - U.S.A.
(b)	Address or principal business office or, if none, residence: Suvretta Capital Management, LLC: 540 Madison Avenue, 7th Floor New York, New York 10022 United States of America Averill Master Fund, Ltd.: c/o Maples Corporate Services Limited P.O. Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands Aaron Cowen: c/o Suvretta Capital Management, LLC 540 Madison Avenue, 7th Floor New York, New York 10022
(c)	Citizenship: Suvretta Capital Management, LLC - Delaware Averill Master Fund, Ltd. - Cayman Islands Aaron Cowen - U.S.A.
(d)	Title of class of securities: Common Shares, nominal value (euro)0.12 per share
(e)	CUSIP No.: N44821101
Item 4.	Ownership
(a)	Amount beneficially owned: Suvretta Capital Management, LLC - 7,933,910 Averill Master Fund, Ltd. - 7,723,710 Aaron Cowen - 7,933,910
(b)	Percent of class: Suvretta Capital Management, LLC - 11.7% Averill Master Fund, Ltd. - 11.4% Aaron Cowen - 11.7%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Suvretta Capital Management, LLC - 0 Averill Master Fund, Ltd. - 0 Aaron Cowen - 0
	(ii) Shared power to vote or to direct the vote: Suvretta Capital Management, LLC - 7,933,910 Averill Master Fund, Ltd. - 7,723,710 Aaron Cowen - 7,933,910
	(iii) Sole power to dispose or to direct the disposition of: Suvretta Capital Management, LLC - 0 Averill Master Fund, Ltd. - 0 Aaron Cowen - 0
	(iv) Shared power to dispose or to direct the disposition of: Suvretta Capital Management, LLC - 7,933,910 Averill Master Fund, Ltd. - 7,723,710 Aaron Cowen - 7,933,910
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. All of the securities reported in this Schedule 13G Amendment No. 1 are directly owned by advisory clients of Suvretta Capital Management, LLC. None of those advisory clients, other than Averill Master Fund, Ltd., may be deemed to beneficially own more than 5% of the Common Shares, nominal value (euro)0.12 per share.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit B attached hereto.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

SUVRETTA CAPITAL MANAGEMENT, LLC

Signature:	By: /s/ Andrew Nathanson
Name/Title:	Andrew Nathanson, General Counsel and Chief Compliance Officer
Date:	02/13/2026

AVERILL MASTER FUND, LTD.

Signature:	By: /s/ Andrew Nathanson
Name/Title:	Andrew Nathanson, Authorized Signatory
Date:	02/13/2026

AARON COWEN

Signature:	By: /s/ Aaron Cowen
Name/Title:	Aaron Cowen
Date:	02/13/2026

Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.

Exhibit Information

[Exhibit A - Joint Filing Agreement] [Exhibit B - Control Person Identification]

FAQ

What ownership stake in InflaRx (IFRX) is reported by Suvretta Capital?

Suvretta Capital Management, LLC reports beneficial ownership of 7,933,910 InflaRx common shares, or 11.7% of the class. These shares are held for its advisory clients and reported on a passive basis under Schedule 13G/A as of December 31, 2025.

How many InflaRx (IFRX) shares does Averill Master Fund, Ltd. beneficially own?

Averill Master Fund, Ltd. reports beneficial ownership of 7,723,710 InflaRx common shares, equal to 11.4% of the outstanding class. Averill is identified as the only Suvretta advisory client that individually holds more than 5% of InflaRx’s common shares.

What is Aaron Cowen’s reported beneficial ownership in InflaRx (IFRX)?

Aaron Cowen reports beneficial ownership of 7,933,910 InflaRx common shares, representing 11.7% of the class. The filing notes that all securities are directly owned by Suvretta advisory clients, and Cowen disclaims beneficial ownership except to the extent of his pecuniary interest.

Is the Suvretta stake in InflaRx (IFRX) filed as passive or active?

The stake is reported as passive under Schedule 13G/A, not as an activist position. The filers certify the InflaRx securities were not acquired and are not held to change or influence control, nor as part of any control-related transaction.

Who directly owns the InflaRx (IFRX) shares reported in this Schedule 13G/A?

All InflaRx shares in this filing are directly owned by advisory clients of Suvretta Capital Management, LLC. The filing specifies that no client other than Averill Master Fund, Ltd. may be deemed to beneficially own more than 5% of the company’s common shares.

What disclaimer about beneficial ownership do the InflaRx (IFRX) reporting persons make?

Each reporting person disclaims beneficial ownership of the reported InflaRx securities beyond their pecuniary interest. They state the report should not be deemed an admission of beneficial ownership for Section 16 of the Exchange Act or for any other legal purpose.