InflaRx N.V. (NASDAQ: IFRX) shares were destroyed on Wednesday after the firm announced results from its midstage trial in patients suffering from moderate to severe hidradenitis suppurativa (HS).

Prior to these results, this company was just shy of a $1 billion market cap — $968 million to be specific. Now, following the results, the market cap sits at roughly $102 million.

HS is a painful and debilitating chronic inflammatory skin disease with limited treatment options.

The primary endpoint of the trial was a dose-response signal, assessed by the Hidradenitis Suppurativa Clinical Response (HiSCR) score at week 16. Unfortunately, the primary statistical analysis by multiple-comparison procedure modeling showed no significant dose response for the IFX-1 treatment.

IFX-1 was well tolerated. Overall, 72% of placebo-treated patients experienced a treatment-emergent adverse event when compared to 66% of the combined IFX-1 treated groups. The most common treatment-emergent adverse events were exacerbation of hidradenitis suppurativa and nasopharyngitis.

Othmar Zenker, chief medical officer of InflaRx, commented:

We are disappointed that we were not able to demonstrate a significant signal on dose response for the treatment with IFX-1. While we are still analyzing additional data, we note that the trial demonstrated an unusually high placebo HiSCR rate at week 16.

Shares of InflaRx traded down about 90% to $3.94 Wednesday morning. The 52-week range is $3.30 to $53.10, and the consensus price target is $56.75.

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