The most controversial biotech stock you’ve never heard of

Jena, Germany, has been home to Johann Wolfgang Goethe, Friedrich Nietzsche, and Karl Marx. Now it’s the site of a little-known but hotly debated biotech company whose fate could swing hundreds of millions of dollars on Wall Street.

InflaRx, headquartered in Jena, is at work on drug called IFX-1, meant to treat the skin disease hidradenitis suppurativa. And that, STAT’s Adam Feuerstein reports, is the only thing on which bulls and bears agree.

InflaRx believes IFX-1 can work, pointing to data from a 12-patient trial in which the response exceeded 80%. But investors betting against the stock say those numbers are inflated or even impossible.

Here’s everything you need to know.