InflaRx holders report stakes up to 15.6%

InflaRx N.V. received an updated Schedule 13G/A from Montanova Capital, LLC, Averill Master Fund, Ltd., and Aaron Cowen reporting significant ownership of the company’s common shares, nominal value (euro)0.12 per share.

Rhea-AI Filing Summary

InflaRx N.V. received an updated Schedule 13G/A from Montanova Capital, LLC, Averill Master Fund, Ltd., and Aaron Cowen reporting significant ownership of the company’s common shares, nominal value (euro)0.12 per share. Montanova Capital and Aaron Cowen each report beneficial ownership of 22,933,910 common shares, representing 15.6% of the class, with shared voting and dispositive power over these shares and no sole power. Averill Master Fund, Ltd. reports beneficial ownership of 18,460,710 common shares, representing 12.5% of the class, also with shared voting and dispositive power only. All securities reported are directly owned by advisory clients of Montanova Capital, and, other than Averill Master Fund, no advisory client is stated to beneficially own more than 5% of the common shares. The reporting persons each disclaim beneficial ownership except to the extent of their pecuniary interest.

Key Figures

Montanova Capital beneficial ownership: 22,933,910 shares Montanova Capital percent of class: 15.6% Averill Master Fund beneficial ownership: 18,460,710 shares +3 more

6 metrics

Montanova Capital beneficial ownership 22,933,910 shares InflaRx common shares beneficially owned; 15.6% of class with shared voting and dispositive power

Montanova Capital percent of class 15.6% Percentage of InflaRx common share class reported as beneficially owned

Averill Master Fund beneficial ownership 18,460,710 shares InflaRx common shares beneficially owned; 12.5% of class with shared voting and dispositive power

Averill Master Fund percent of class 12.5% Percentage of InflaRx common share class reported as beneficially owned

Aaron Cowen beneficial ownership 22,933,910 shares InflaRx common shares beneficially owned; 15.6% of class with shared voting and dispositive power

Sole voting power 0 shares Each reporting person reports zero sole power to vote or dispose of InflaRx shares

Key Terms

beneficially owned, shared voting power, shared dispositive power, pecuniary interest, +1 more

5 terms

beneficially owned financial

"Amount beneficially owned: Montanova Capital, LLC - 22,933,910"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared voting power financial

"Shared Voting Power 22,933,910.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 22,933,910.00"

pecuniary interest financial

"disclaims beneficial ownership... except to the extent of his, her or its pecuniary interest"

parent holding company financial

"Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What ownership stake in InflaRx N.V. (IFRX) does Montanova Capital report?

Montanova Capital, LLC reports beneficial ownership of 22,933,910 InflaRx common shares, representing 15.6% of the class, with only shared voting and dispositive power and no sole power over these shares.

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

Averill Master Fund, Ltd. reports beneficial ownership of 18,460,710 InflaRx common shares, equal to 12.5% of the class. It has shared voting and dispositive power over these shares and no sole voting or dispositive power.

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

Aaron Cowen reports beneficial ownership of 22,933,910 InflaRx common shares, representing 15.6% of the class, with shared voting and dispositive power and no sole voting or dispositive authority over the shares.

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

All securities reported are directly owned by advisory clients of Montanova Capital, LLC. Other than Averill Master Fund, Ltd., no advisory client is stated to beneficially own more than 5% of InflaRx’s common shares.

Do the reporting persons on this InflaRx (IFRX) Schedule 13G/A admit full beneficial ownership?

Each reporting person disclaims beneficial ownership of the reported InflaRx securities except to the extent of their pecuniary interest, stating that the report is not an admission of beneficial ownership for any purpose.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 04:29 PM Accepted by SEC EDGAR 08/14/2026 - 04:21 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

InflaRx N.V.

(Name of Issuer)

Common Shares, nominal value (euro)0.12 per share

(Title of Class of Securities)

N44821101

(CUSIP Number)

06/30/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): N44821101

1

Names of Reporting Persons

Montanova Capital, 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 22,933,910.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 22,933,910.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

22,933,910.00

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)

15.6 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP Number(s): 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 18,460,710.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 18,460,710.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

18,460,710.00

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)

12.5 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP Number(s): 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 22,933,910.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 22,933,910.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

22,933,910.00

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)

15.6 %

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: Montanova Capital, LLC Averill Master Fund, Ltd. Aaron Cowen
(b)	Address or principal business office or, if none, residence: Montanova Capital, LLC: 11 E 26th Street, 16th Floor New York, New York 10010 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 Montanova Capital, LLC 11 E 26th Street, 16th Floor New York, New York 10010 United States of America
(c)	Citizenship: Montanova Capital, LLC - Delaware Averill Master Fund, Ltd. - Cayman Islands Aaron Cowen - United States
(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: Montanova Capital, LLC - 22,933,910 Averill Master Fund, Ltd. - 18,460,710 Aaron Cowen - 22,933,910
(b)	Percent of class: Montanova Capital, LLC - 15.6% Averill Master Fund, Ltd. - 12.5% Aaron Cowen - 15.6%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Montanova Capital, LLC - 0 Averill Master Fund, Ltd. - 0 Aaron Cowen - 0
	(ii) Shared power to vote or to direct the vote: Montanova Capital, LLC - 22,933,910 Averill Master Fund, Ltd. - 18,460,710 Aaron Cowen - 22,933,910
	(iii) Sole power to dispose or to direct the disposition of: Montanova Capital, LLC - 0 Averill Master Fund, Ltd. - 0 Aaron Cowen - 0
	(iv) Shared power to dispose or to direct the disposition of: Montanova Capital, LLC - 22,933,910 Averill Master Fund, Ltd. - 18,460,710 Aaron Cowen - 22,933,910
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. 2 are directly owned by advisory clients of Montanova Capital, 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.

Montanova Capital, LLC

Signature:	/s/ Andrew Nathanson
Name/Title:	Andrew Nathanson, General Counsel and Chief Compliance Officer
Date:	08/14/2026

Averill Master Fund, Ltd.

Signature:	/s/ Andrew Nathanson
Name/Title:	Andrew Nathanson, Authorized Signatory
Date:	08/14/2026

Aaron Cowen

Signature:	/s/ Aaron Cowen
Name/Title:	Aaron Cowen
Date:	08/14/2026

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