Innate Pharma SA (FR:IPH)
:IPH
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Innate Pharma SA
(IPH)
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Rating:44Neutral
Price Target:
€1.50
▼(-7.41% Downside)
Action:ReiteratedDate:04/09/26
The score is primarily constrained by weak financial performance (shrinking revenue, widening losses, sustained cash burn, and negative equity) and a bearish technical setup. The earnings call adds partial support via meaningful pipeline progress and upcoming clinical catalysts, but near-term financing risk materially tempers that upside; valuation provides limited help due to a negative P/E and no dividend.
Positive Factors
Material partnership cash and milestone upside
Large, structured partnerships with AstraZeneca provide durable non-dilutive capital and contingent value via milestones/royalties. Already-received payments reduce near-term financing dependence, create optionality for co-funding or co-promotion, and align a deep-pocket partner with late-stage development and commercialization execution.
Negative Factors
Negative equity and weakened balance sheet
Negative equity is a structural weakness that reduces solvency buffers and increases refinancing difficulty. It heightens counterparty risk, limits the firm's ability to raise debt on favorable terms, and makes the company more reliant on partner-funded milestones or dilutive financing to sustain late-stage programs over the coming months.
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Positive Factors
Negative Factors
Material partnership cash and milestone upside
Large, structured partnerships with AstraZeneca provide durable non-dilutive capital and contingent value via milestones/royalties. Already-received payments reduce near-term financing dependence, create optionality for co-funding or co-promotion, and align a deep-pocket partner with late-stage development and commercialization execution.
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Innate Pharma SA (IPH) vs. iShares MSCI France ETF (EWQ)
Market Cap
€108.55M
Dividend YieldN/A
Average Volume (3M)260.36K
Price to Earnings (P/E)―
Beta (1Y)1.19
Revenue Growth-77.92%
EPS Growth11.11%
CountryFR
Employees181
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.31
Shares Outstanding93,921,860
10 Day Avg. Volume105,422
30 Day Avg. Volume260,359
Financial Highlights & Ratios
PEG Ratio0.30
Price to Book (P/B)-6.59
Price to Sales (P/S)51.33
P/FCF Ratio-2.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.26
Revenue Forecast (FY)€31.13M
Innate Pharma SA Business Overview & Revenue Model
Company Description
Innate Pharma S.A., a biotechnology company, discovers, develops, and commercializes therapeutic antibodies for the treatment of oncology indications in France and internationally. The company's products include Lacutamab (IPH4102), an anti-KIR3DL...
How the Company Makes Money
Innate Pharma primarily makes money through (1) collaboration and licensing agreements with larger pharmaceutical companies and (2) to a lesser extent, research-related income and other operating revenue typical for clinical-stage biotech companie...
Innate Pharma SA Earnings Call Summary
Earnings Call Date:Mar 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 10, 2026
Earnings Call Sentiment Neutral
The call presents meaningful clinical and strategic progress across three prioritized programs (lacutamab Phase III clearance and regulatory designations, IPH4502 early activity and differentiated preclinical profile, and monalizumab PACIFIC-9 enrollment complete), and significant partnership upside with AstraZeneca. However, near-term financial constraints are material: low reported revenue (EUR 9M), operating expenses of EUR 63M, and a cash runway only through end-Q3 2026 create an urgent need for financing and execution on partnership or royalty deals. Clinical catalysts in H2 2026 (PACIFIC-9 readout, lacutamab Phase III initiation) are potentially value‑creating but also introduce binary risks. Overall, positives on R&D progress and partnership scale are substantially tempered by immediate funding and execution risks.Positive Updates
Lacutamab: Phase III Clearance and Regulatory Designations
FDA cleared the TELLOMAK-3 Phase III protocol for lacutamab in CTCL with planned initiation in H2 2026; lacutamab holds Breakthrough Therapy, Fast Track, PRIME and Orphan Drug designations and the Phase II data support a potential accelerated approval path in Sezary syndrome.
Negative Updates
Limited Cash Runway / Near-Term Financing Need
Cash, cash equivalents and financial assets were EUR 44.8M at 12/31/2025, providing funding visibility only through the end of Q3 2026 under the current operating plan, indicating a material near-term financing need to support late-stage development and launches.
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Q4-2025 Updates
Positive
Negative
Lacutamab: Phase III Clearance and Regulatory Designations
FDA cleared the TELLOMAK-3 Phase III protocol for lacutamab in CTCL with planned initiation in H2 2026; lacutamab holds Breakthrough Therapy, Fast Track, PRIME and Orphan Drug designations and the Phase II data support a potential accelerated approval path in Sezary syndrome.
Read all positive updates
Company Guidance
The company gave clear near‑term clinical and financial guidance: lacutamab has FDA clearance for the TELLOMAK‑3 Phase III (randomized 1:1 SS vs romidepsin; MF vs mogamulizumab; primary endpoint PFS by BICR) with initiation planned in H2 2026 and regulatory/accelerated approval paths in Sezary syndrome and registrational intent in Mycosis Fungoides; monalizumab’s global PACIFIC‑9 Phase III (≈999 patients randomized 1:1:1) has a primary PFS readout expected in H2 2026; IPH4502 (first‑in‑human Phase I, BOIN design) has an established MTD, cohorts being enriched at pharmacologically active doses with preliminary antitumor activity including post‑PADCEV urothelial cancer; MATISSE (IPH5201) will present an interim analysis (first 40 of up to 70 pts) at AACR. Financials and commercialization metrics: 2025 revenue €9.0m (licensing €2.8m, government funding €6.2m), operating expenses €63m (73% R&D), R&D €43.6m (‑16% YoY), G&A €19.4m, cash/financial assets €44.8m giving runway to end‑Q3 2026; partnership milestones total up to $1.275bn for monalizumab (already received $450m; $825m remaining) and up to $885m for IPH5201 (received $60m; $825m remaining). Commercial assumptions: Sezary ≈300 incident/yr and ≈1,000 prevalent US patients, MF ≈3,000 incident/yr and ≈12,000 prevalent US patients; mogamulizumab ~$300m sales in 2025 (projected $350m in 2026) as a benchmark, with an initial Sezary opportunity up to $150m expanding to >$500m across SS+MF in 2L; planned organizational restructuring to be completed end‑April and a lean in‑house launch footprint (≈20 sales reps, 5–6 medical) if self‑commercialized, while non‑dilutive pharma partnerships/royalty financing remain under negotiation.Innate Pharma SA Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
22
Negative
Cash Flow
20
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.79M | 12.62M | 51.90M | 49.64M | 12.11M |
| Gross Profit | 2.79M | -31.86M | 5.62M | 6.01M | -34.89M |
| EBITDA | -55.97M | -50.99M | -1.84M | -61.30M | -43.23M |
| Net Income | -49.18M | -49.47M | -7.57M | -58.10M | -52.81M |
Balance Sheet | |||||
| Total Assets | 62.72M | 111.06M | 184.19M | 207.86M | 267.50M |
| Cash, Cash Equivalents and Short-Term Investments | 34.31M | 80.77M | 92.46M | 101.48M | 119.84M |
| Total Debt | 22.57M | 31.37M | 39.89M | 42.25M | 44.25M |
| Total Liabilities | 84.42M | 102.22M | 132.29M | 153.71M | 160.06M |
| Stockholders Equity | -21.70M | 8.83M | 51.90M | 54.15M | 107.44M |
Cash Flow | |||||
| Free Cash Flow | -52.90M | -7.29M | -34.91M | -20.28M | -59.79M |
| Operating Cash Flow | -52.76M | -6.90M | -32.56M | -19.15M | -58.46M |
| Investing Cash Flow | 7.29M | 9.20M | 20.63M | 1.88M | -917.00K |
| Financing Cash Flow | 6.07M | -6.01M | -1.97M | -1.83M | 26.82M |
Innate Pharma SA Technical Analysis
Positive
1.62
Price Trends
1.31
Positive
1.45
Negative
1.60
Negative
Market Momentum
0.01
Negative
60.16
Neutral
77.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:IPH, the sentiment is Positive. The current price of 1.62 is above the 20-day moving average (MA) of 1.18, above the 50-day MA of 1.31, and above the 200-day MA of 1.60, indicating a neutral trend. The MACD of 0.01 indicates Negative momentum. The RSI at 60.16 is Neutral, neither overbought nor oversold. The STOCH value of 77.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:IPH.
Innate Pharma SA Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
53 Neutral | €251.11M | -7.03 | -30.75% | ― | 66.75% | -103.90% | |
53 Neutral | €1.37B | -38.59 | ― | ― | ― | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | €208.49M | -3.69 | -634.16% | ― | 291.43% | 12.24% | |
49 Neutral | €82.05M | -1.87 | -52.76% | ― | -96.92% | -175.84% | |
46 Neutral | €7.66B | -24.91 | ― | ― | ― | ― | |
44 Neutral | €108.55M | -2.91 | -658.91% | ― | -77.92% | 11.11% |
* Healthcare Sector Average
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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.