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IPHA

Innate Pharma S.A.

IPHA

Innate Pharma S.A. • NASDAQ
$1.95 ▲ 3.17% (+0.06)
Market Cap $164.27 M
52w High $3.51
52w Low $1.41
Dividend Yield 0%
P/E -3.05
Volume 5.47K
Outstanding Shares 84.24M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $4.86M ▲ $9.767M ▼ $-21.344M ▲ -439.177% ▲ $-0.25 ▲ $-25.061M ▼
Q4-2024 $276K ▼ $54.614M ▲ $-24.707M ▲ -8.952K% ▼ $-0.3 ▲ $-21.348M ▲
Q2-2024 $12.345M ▼ $9.582M ▲ $-24.764M ▼ -200.599% ▼ $-0.31 ▼ $-25.563M ▼
Q4-2023 $16.557M ▼ $9.145M ▼ $-9.288M ▼ -56.097% ▼ $-0.12 ▼ $-10.396M ▼
Q2-2023 $35.344M $36.952M $1.718M 4.861% $0.021 $832K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $60.027M ▼ $92.937M ▼ $87.793M ▼ $5.144M ▼
Q4-2024 $80.77M ▼ $111.059M ▼ $102.225M ▼ $8.834M ▼
Q2-2024 $91.799M ▼ $151.497M ▼ $122.701M ▼ $28.796M ▼
Q4-2023 $92.456M ▲ $175.187M ▼ $123.286M ▼ $51.901M ▼
Q2-2023 $88.889M $199.049M $141.186M $57.863M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-21.344M ▲ $-31.164M ▼ $6.974M ▼ $10.476M ▲ $53.704M ▲ $-31.222M ▼
Q4-2024 $-24.707M ▲ $-9.932M ▼ $8.268M ▲ $-1.681M ▲ $-3.594M ▼ $-10.04M ▼
Q2-2024 $-24.764M ▼ $3.036M ▲ $932K ▼ $-4.327M ▼ $69.99M ▲ $2.753M ▲
Q4-2023 $-9.288M ▼ $-21.093M ▼ $20.877M ▲ $-720K ▲ $-809K ▲ $-21.135M ▼
Q2-2023 $1.718M $-11.465M $-246K $-1.246M $-12.811M $-11.777M

Five-Year Company Overview

Income Statement

Income Statement Innate Pharma’s income statement looks like a typical early-stage biotech: very little recurring revenue and consistent losses. The company is clearly in “investment mode,” spending more on research and development and operations than it brings in from partnerships or other income sources. Losses have persisted over several years, and there is no visible trend yet toward stable, self-sustaining profitability. This means the business is still highly dependent on future clinical and commercial success rather than current earnings performance.

Balance Sheet

Balance Sheet The balance sheet shows a shrinking asset base over time and a gradual erosion of shareholders’ equity. Cash remains the main asset but has been drifting down, while debt is present but not extreme. Overall, the financial cushion is narrowing, which suggests lower room for error and a higher sensitivity to setbacks or delays. The company looks reliant on external funding over time, whether from partners, grants, or capital markets, to maintain its programs at the current pace.

Cash Flow

Cash Flow Cash flow is consistently negative from operations, which is expected for a clinical-stage biotech without approved products. Free cash flow is also negative, reflecting ongoing cash burn to fund trials and platform development, though capital spending on equipment or facilities appears modest. The core message is that Innate Pharma consumes cash rather than generates it, so its runway and access to new funding are central financial questions. Any acceleration or expansion in clinical activity would likely increase cash needs further.

Competitive Edge

Competitive Edge Innate Pharma occupies a specialized niche in oncology by focusing on innate immunity and natural killer (NK) cell biology, an area where it has deep, long-standing expertise. Its proprietary ANKET® platform and antibody technologies help differentiate it from many other immuno-oncology players. Partnerships with AstraZeneca and Sanofi add external validation, shared risk, and potential access to large commercial infrastructures. On the risk side, the company operates in a crowded and fast-moving field, depends heavily on a few key programs and partners, and faces the usual binary outcomes of late-stage clinical trials. Its moat is primarily scientific know-how and intellectual property rather than commercial scale at this stage.

Innovation and R&D

Innovation and R&D Innovation is the core strength of Innate Pharma. The company is advancing multiple cutting-edge approaches: NK cell engagers through its ANKET® platform, antibody-drug conjugates, and novel monoclonal antibodies. Several lead assets are first-in-class or highly differentiated, including a Nectin-4 ADC, a KIR3DL2 antibody with breakthrough therapy designation, and a partnered NKG2A checkpoint inhibitor in Phase 3. The breadth of the pipeline, expansion into both cancer and potentially autoimmune disease, and strong scientific partnerships all point to a rich R&D engine. However, these programs are still mostly in clinical or preclinical stages, so scientific promise has not yet translated into commercial proof, and development risk remains high.

Summary

Innate Pharma is a classic high-risk biotech story: weak current financials, strong scientific foundation. The company runs ongoing losses, burns cash, and has a balance sheet that will likely require additional support over time. At the same time, it holds a differentiated position in innate immunity, has built multiple proprietary platforms, and benefits from deep collaborations with large pharmaceutical companies. Future value will hinge on clinical trial outcomes, regulatory decisions, and the ability to convert promising science into approved products or attractive licensing deals. Until then, the financial profile should be viewed as that of a research-driven, development-stage enterprise rather than a mature, earnings-focused business.

NEWS

November 28, 2025 · 1:00 AM UTC

Number of Shares and Voting Rights of Innate Pharma as of November 27, 2025

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November 13, 2025 · 1:00 AM UTC

Innate Pharma Reports Third Quarter 2025 Business Update and Financial Results

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November 10, 2025 · 1:00 AM UTC

Innate Pharma Announces FDA Clearance to Proceed With TELLOMAK 3, a Confirmatory Phase 3 Trial of Lacutamab in CTCL

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November 5, 2025 · 1:00 AM UTC

Innate Pharma Announces Conference Call and Webcast for Third Quarter 2025 Results and Business Updates

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October 14, 2025 · 1:00 AM UTC

Innate Pharma to Host Analyst and Investor Event on Lacutamab on October 28, 2025

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