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Innate Pharma SA (FR:IPH)
:IPH
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Innate Pharma SA
(IPH)
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Rating:47Neutral
Price Target:
€1.50
▼(-7.41% Downside)
Innate Pharma SA's overall stock score is primarily impacted by its poor financial performance, characterized by declining revenues and high leverage. While the strategic focus on high-value clinical assets is promising, concerns over reduced R&D spending and leadership changes present additional risks. The technical indicators suggest a neutral to slightly bearish outlook, and the valuation metrics reflect the company's current unprofitability.
Positive Factors
Strategic Focus on High-Value Clinical Assets
Focusing on high-value clinical assets can lead to breakthrough therapies, enhancing long-term growth potential and competitive positioning in oncology.
Financial Stability
A strong cash position provides financial stability, enabling continued investment in strategic initiatives and clinical trials, supporting long-term growth.
Lacutamab's Potential in CTCL
FDA breakthrough designation for lacutamab enhances its market potential, accelerating development and approval processes, boosting long-term revenue prospects.
Negative Factors
Reduction in R&D Expenses
Reduced R&D spending may slow innovation and development of new therapies, potentially impacting future growth and competitive edge in the biotech industry.
CSO Eric Vivier's Departure
The departure of a key scientific leader could disrupt strategic continuity and innovation, affecting the company's ability to advance its research agenda.
Strategic Deprioritization of NK Cell Programs
Deprioritizing NK cell programs may limit future innovation in a promising area of cancer treatment, potentially reducing long-term competitive advantage.
Innate Pharma SA (IPH) vs. iShares MSCI France ETF (EWQ)
Market Cap
€148.96M
Dividend YieldN/A
Average Volume (3M)260.36K
Price to Earnings (P/E)―
Beta (1Y)1.04
Revenue Growth-75.86%
EPS Growth-30.54%
CountryFR
Employees181
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.25
Shares Outstanding92,197,820
10 Day Avg. Volume105,422
30 Day Avg. Volume260,359
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)13.31
Price to Sales (P/S)9.32
P/FCF Ratio-16.14
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€2.23Price Target Upside37.87% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Innate Pharma SA Business Overview & Revenue Model
Company DescriptionInnate Pharma SA (IPH) is a biotechnology company based in France that specializes in the development of innovative immunotherapy treatments for cancer. The company focuses on harnessing the immune system to fight cancer through its proprietary antibody technology, particularly in the development of monoclonal antibodies and other therapeutic agents targeting various cancer indications. Innate Pharma aims to provide breakthrough therapies that improve patient outcomes in oncology.
How the Company Makes MoneyInnate Pharma generates revenue primarily through collaborations and partnerships with pharmaceutical companies, which may include upfront payments, milestone payments, and royalties on sales of products developed from their technology. The company also engages in clinical trial collaborations, licensing agreements, and may receive grant funding for specific research projects. Key revenue streams include the monetization of its drug candidates, particularly those in late-stage development or with promising clinical trial results, as well as any potential sales of products that successfully reach the market. Significant partnerships with larger pharmaceutical firms enhance its financial stability and growth prospects.
Innate Pharma SA Earnings Call Summary
Earnings Call Date:Sep 17, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Mar 19, 2026
Earnings Call Sentiment Neutral
The earnings call reflected a strategic shift towards prioritizing high-value clinical assets with promising progress in key trials. However, there were concerns over reduced R&D spending and the deprioritization of certain research areas, alongside the departure of a key scientific leader. The company's financial position remains stable, providing support for its strategic objectives.Q2-2025 Updates
Positive Updates
Strategic Focus on High-Value Clinical Assets
Innate Pharma has decided to focus its investment on three high-value clinical assets: IPH4502, lacutamab, and monalizumab, which are expected to create meaningful value for patients and shareholders.
IPH4502 Phase I Enrollment Progress
Enrollment in the first-in-human Phase I study of IPH4502 is progressing well, with completion expected by the end of Q1 2026. Preliminary safety and activity data are anticipated in the first half of 2026.
Lacutamab's Potential in CTCL
Lacutamab has received FDA breakthrough therapy designation for relapsed or refractory Sézary syndrome, with strong long-term follow-up data presented at ASCO 2025, supporting its potential for accelerated approval.
Monalizumab Phase III Trial Progress
The Phase III PACIFIC-9 trial for monalizumab, conducted by AstraZeneca, is fully recruited with primary completion expected in the first half of 2026 and data expected in the second half of 2026.
Financial Stability
Innate Pharma reported EUR 70.4 million in cash and financial assets as of June 30, 2025, providing a cash runway until the end of Q3 2026.
Negative Updates
Reduction in R&D Expenses
R&D expenses decreased by 29% compared to the previous year, reflecting the phasing of certain clinical programs, indicating a potential slowdown in broader research activities.
CSO Eric Vivier's Departure
CSO Eric Vivier is leaving his full-time position to return to academic research, although he will continue to support the company in an advisory role.
Strategic Deprioritization of NK Cell Programs
The ANKET programs and NK cell targeting have been deprioritized in the company's strategy, potentially affecting future innovation in this area.
Company Guidance
During the Innate Pharma conference call on September 17, 2025, the company provided guidance on its strategic focus and financial outlook. The company will concentrate its investments on three high-value clinical assets: IPH4502, lacutamab, and monalizumab, which have the potential to transform cancer care. Innate Pharma is undertaking a strategic refocus and organizational streamlining with a cash runway extending to the end of the third quarter of 2026. Financial results for the first half of 2025 included total revenue of EUR 4.9 million and operating expenses of EUR 30.3 million. The company reported EUR 70.4 million in cash, cash equivalents, and financial assets as of June 30, 2025. Innate Pharma aims to complete enrollment in the IPH4502 Phase I trial by Q1 2026, with preliminary data expected in the first half of 2026. Meanwhile, they plan to advance lacutamab to Phase III, targeting a potential accelerated approval in 2027, and anticipate Phase III data for monalizumab in H2 2026.Innate Pharma SA Financial Statement Overview
Summary
Innate Pharma SA faces significant financial challenges, including a substantial decline in revenue, negative profit margins, and high leverage. The company's ability to generate cash flow is under pressure, although there is some capacity to cover net income with free cash flow. Overall, the financial health of the company is concerning, with substantial risks related to profitability and debt management.Income Statement
Innate Pharma SA has experienced a significant decline in revenue, with a revenue growth rate of -62.64% in the most recent year. The company also shows negative profit margins across the board, including a net profit margin of -391.94% and an EBIT margin of -419.77%. These figures indicate substantial challenges in generating profits and managing costs effectively.Balance Sheet
The company's balance sheet reveals a high debt-to-equity ratio of 3.51, indicating a heavy reliance on debt financing. Return on equity is negative at -560.01%, reflecting poor profitability relative to shareholder equity. However, the equity ratio stands at 7.95%, suggesting some level of asset financing through equity.Cash Flow
Cash flow analysis shows a negative free cash flow growth rate of -60.36%, indicating declining cash generation capabilities. The operating cash flow to net income ratio is -0.21, highlighting challenges in converting income into cash flow. However, the free cash flow to net income ratio is slightly positive at 1.06, suggesting some ability to cover net income with free cash flow.| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.64M | 12.62M | 51.90M | 49.64M | 12.11M | 69.77M |
| Gross Profit | -30.79M | -31.86M | 5.62M | 6.01M | -34.89M | 20.07M |
| EBITDA | -48.11M | -50.99M | -1.84M | -61.30M | -43.23M | 13.30M |
| Net Income | -46.05M | -49.47M | -7.57M | -58.10M | -52.81M | -63.98M |
Balance Sheet | ||||||
| Total Assets | 92.94M | 111.06M | 184.19M | 207.86M | 267.50M | 307.42M |
| Cash, Cash Equivalents and Short-Term Investments | 60.03M | 80.77M | 92.46M | 101.48M | 119.84M | 151.64M |
| Total Debt | 27.03M | 31.37M | 39.89M | 42.25M | 44.25M | 19.09M |
| Total Liabilities | 87.79M | 102.22M | 132.29M | 153.71M | 160.06M | 151.45M |
| Stockholders Equity | 5.14M | 8.83M | 51.90M | 54.15M | 107.44M | 155.97M |
Cash Flow | ||||||
| Free Cash Flow | -41.26M | -7.29M | -34.91M | -20.28M | -59.79M | -63.09M |
| Operating Cash Flow | -41.10M | -6.90M | -32.56M | -19.15M | -58.46M | -51.81M |
| Investing Cash Flow | 15.24M | 9.20M | 20.63M | 1.88M | -917.00K | -13.37M |
| Financing Cash Flow | 8.79M | -6.01M | -1.97M | -1.83M | 26.82M | -1.14M |
Innate Pharma SA Technical Analysis
Neutral
1.62
Price Trends
1.65
Negative
1.72
Negative
1.75
Negative
Market Momentum
-0.02
Negative
50.21
Neutral
82.68
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:IPH, the sentiment is Neutral. The current price of 1.62 is above the 20-day moving average (MA) of 1.61, below the 50-day MA of 1.65, and below the 200-day MA of 1.75, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 50.21 is Neutral, neither overbought nor oversold. The STOCH value of 82.68 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FR:IPH.
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.