As previously reported, Raymond James analyst Steven Seedhouse downgraded InflaRx (IFRX) to Market Perform from Outperform as it is now trading below cash and thereby baking in what he believes is an appropriate value, which is zero value for hidradenitis suppurativa and risk to all follow-on indications in the pipeline for IFX-1. The analyst acknowledges that HS may not be a viable indication for C5a pathway inhibition, which seems "quite clear from InflaRx's failed study." Seedhouse adds that there is "obvious negative read-through" to Chemocyntrx (CCXI), which is running a large Phase 2 randomized study in HS for avacopan. He expects that study to at a minimum fail or maybe even be stopped early given the complete lack of signal demonstrated by IFX-1.