The week ahead

The business

InflaRx goes into its Capital Markets Day as a company with no product revenue and a new lead plan. Over the last four quarters it stopped selling GOHIBIC (vilobelimab) in the United States, restructured in January 2026 to put its resources mainly into the oral drug izicopan, moved izicopan's development toward ANCA-associated vasculitis (AAV) and selected kidney diseases, and raised money in May. Management now expects that cash to fund operations and clinical development through 2029, against mid-2027 in March, and it is aiming for first data from kidney-disease proof-of-concept studies in 2027.

As described in its 20-F, InflaRx is a biopharmaceutical company based in Jena, Germany. It discovers and develops inhibitors of C5a, a factor that switches on the complement system, and of C5a's receptor, C5aR. Its lead candidate, izicopan (formerly INF904), is a small molecule taken by mouth that blocks C5aR1. In November 2025 the company reported positive Phase 2a data for izicopan in hidradenitis suppurativa (HS) and chronic spontaneous urticaria (CSU). Vilobelimab is an antibody given by infusion that binds free C5a. In April 2023 the FDA granted it an Emergency Use Authorization for critically ill, mechanically ventilated COVID-19 patients, and in January 2025 it received a European Commission marketing authorization under exceptional circumstances. In the U.S. it was sold to hospitals under the GOHIBIC name. Vilobelimab is also being tested in a BARDA-funded Phase 2 platform study in broader ARDS (acute respiratory distress syndrome). IFX002, a second anti-C5a antibody, is in preclinical development as a successor to vilobelimab. The company had 65 employees at December 31, 2025, and 51 as of the filing date.

The last four quarters

From the company's quarterly earnings releases, and its interim financial statements where the column says so. Non-GAAP rows are from the earnings releases.

Guidance on record

On August 6, 2026 the company said:

• It expects its cash, cash equivalents and marketable securities, including the net proceeds of the May offering, to fund ongoing operations and clinical development through 2029, extended from mid-2027 in March.
• It expects to start a pharmacokinetic bridging study of izicopan in China late this year, to speed up proof-of-concept studies in additional inflammation and immunology indications in China and elsewhere.
• It plans to develop izicopan in AAV; Phase 2 planning is continuing as planned.
• It plans open-label proof-of-concept studies of izicopan in atypical hemolytic uremic syndrome (aHUS), IgA nephropathy (IgAN) and C3 glomerulopathy (C3G), with the goal of producing initial data in 2027.
• It intends to engage with the European Medicines Agency on vilobelimab and izicopan to evaluate a path to approval in AAV in Europe, and it is evaluating several development approaches in AAV, including a possible expedited path to market in the United States and Europe.
• It intends to use the offering proceeds to advance its pipeline, including development in AAV and selected renal diseases, and for working capital and general corporate purposes.

On March 19, 2026 the company said:

• It targets release of the complete izicopan Phase 2a results at major scientific meetings this year.
• It expects to close out communications with the FDA on a Phase 2b trial of izicopan in HS in the upcoming months.
• It anticipates meeting the FDA to determine a possible development path for vilobelimab in pyoderma gangrenosum, and expects any future development in that disease to be conducted only with a partner.

Recent developments

On October 22, 2026 the company said:

• New preclinical data on izicopan were presented at the American Society of Nephrology's Kidney Week 2026 in Denver.
• In two hamster models of kidney injury, renal ischemia-reperfusion injury and unilateral ureteral obstruction, oral izicopan significantly reduced renal injury compared with vehicle-treated controls.
• Structural modeling compared izicopan with avacopan and gave a molecular explanation for izicopan's low potential for time-dependent inhibition of CYP3A4/5.

On August 6, 2026 the company said:

• In May it priced an underwritten registered direct offering of 75,000,000 ordinary shares at $2.00 each, for net proceeds of €119.3 million ($140.4 million).
• In May it announced that it intends to develop izicopan in AAV and that it is targeting renal diseases including aHUS, IgAN and C3G.
• It began assessing the feasibility of a broader strategy for AAV in Europe. This followed the June recommendation by the European Medicines Agency's CHMP committee to revoke the EU marketing authorization of Tavneos (avacopan).
• New in vitro data released in April and May showed that izicopan does not cause time-dependent inhibition of CYP3A4 and forms fewer reactive metabolites in human liver microsomes than avacopan.
• It announced a virtual Capital Markets Day for October 8, 2026, to cover its AAV development strategy and izicopan's profile.

The business

International Paper goes into the Capital Markets Day with its EMEA packaging business close to being separated. The EMEA leadership team is hosting the event, and the business will be known as DS Smith plc. Over the last four quarters, North American segment profit recovered. EMEA kept losing money and took two non-cash goodwill impairments, of $2,467 million in the December 2025 quarter and $1,377 million in the September 2026 quarter. The company also lowered its 2026 adjusted EBITDA target twice, from $3.5–3.7 billion in January to $3.20–3.40 billion in July. In October it moved to guidance for North America only and stopped giving EMEA guidance. Management expects full-year North American segment operating profit of $1,345 million to $1,385 million.

As described in its 10-K, International Paper makes renewable fiber-based packaging, with manufacturing in North America, Latin America, Europe and North Africa. It reports two segments, Packaging Solutions North America and Packaging Solutions EMEA. Its containerboard (linerboard, medium, whitetop and saturating kraft) is converted into corrugated boxes, bulk bins, shipping containers and specialty packaging. Customers include food and beverage, agriculture, industrial manufacturing, personal care, pharmaceuticals and consumer goods companies. The company sells directly to end users and converters, and through agents, resellers and distributors. In the United States it ran 15 packaging mills, 159 converting and packaging plants and 15 recycling plants. Its facilities in Europe, North Africa and Latin America included 14 containerboard mills, 159 converting and packaging plants and 20 recycling plants. It completed the acquisition of DS Smith in 2025 and sold its Global Cellulose Fibers business in January 2026. The company runs on what it calls the 80/20 performance system.

The last four quarters

Figures from the company's 10-Q and 10-K filings (SEC XBRL data), and its earnings release where the column says so. Non-GAAP rows are from the earnings releases.

Net sales held near the same level all year and rose in the September quarter on higher prices, partly offset by lower volumes. Special items drove the reported results: EMEA goodwill impairments caused the large losses in the December 2025 and September 2026 quarters. On an adjusted basis, EBITDA fell through the first half and then recovered in the September quarter, above the range the company set in July. The company attributed North America's improvement to higher prices, lower planned maintenance outage costs and better mill performance. EMEA stayed loss-making in what the company called a continued soft market. Free cash flow turned negative in the June and September quarters as capital spending rose.

Guidance on record

On October 28, 2026 the company said:

• It expects Packaging Solutions North America segment operating profit of $460 million to $500 million in the fourth quarter of 2026.
• It expects Packaging Solutions North America segment operating profit of $1,345 million to $1,385 million for full-year 2026.
• It expects Packaging Solutions North America adjusted EBITDA (non-GAAP) of $700 million to $740 million in the fourth quarter of 2026.
• It expects Packaging Solutions North America adjusted EBITDA (non-GAAP) of $2,270 million to $2,310 million for full-year 2026. This replaces company-wide adjusted EBITDA guidance, last set at $3,200 million to $3,400 million in July.
• Because of the planned separation and U.K. regulatory requirements, it no longer includes Packaging Solutions EMEA guidance in its guidance framework and does not expect to provide such guidance in the future.

On January 29, 2026 the company said:

• It expects to complete the separation into two independent public companies, in North America and EMEA, in 12 to 15 months, subject to customary conditions.
• It expects deferred tax benefits tied to the EMEA goodwill impairment and to capital losses on the Global Cellulose Fibers sale to offset cash taxes in 2027.

Recent developments

On October 28, 2026 the company said:

• It recorded a $1,377 million non-cash goodwill impairment charge for the Packaging Solutions EMEA segment as of September 30, 2026.
• After the separation, the EMEA packaging business will be an independent company known as DS Smith plc.
• The EMEA leadership team scheduled a Capital Markets Day in London on November 3, 2026, from 13:00 to 17:00 GMT, to cover the new company's business model, growth strategy and financial outlook after the separation. It will be webcast.
• The September quarter was the first full quarter of earnings from the NORPAC mill acquisition. Suspended operations at Pine Hill held back North American results.
• It sold assets at its permanently closed Compton, California box plant for a pre-tax gain of $30 million, and recorded a $78 million tax benefit from the settlement of tax audits.