DUBLIN – Inflarx NV's stock collapsed during early trading Wednesday on news that its lead drug IFX-1 missed the primary endpoint of a phase IIb trial in patients with hidradenitis suppurativa (HS). The stock was down over 90% during early morning trading, as the antibody-based Complement factor C5a inhibitor appeared to be no better than placebo. The news is a big shock for investors, who had pushed the stock to an all-time high as recently as April, in the expectation of positive news. The top-line data are anything but.