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Innate Pharma SA (FR:IPH)
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Innate Pharma SA (IPH) AI Stock Analysis

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FR:IPH

Innate Pharma SA

(IPH)

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Neutral 47 (OpenAI - 4o)
Rating:47Neutral
Price Target:
€1.50
▼(-13.29% Downside)
Innate Pharma SA's overall stock score is primarily impacted by its challenging financial performance, with significant declines in revenue and profitability. While the strategic focus on high-value clinical assets offers potential, the technical indicators and valuation metrics reflect ongoing financial difficulties and limited investor returns. The earnings call provided some positive strategic insights, but concerns over reduced R&D spending and leadership changes add to the risks.
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)

Innate Pharma SA Business Overview & Revenue Model

Company DescriptionInnate 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-KIR3DL2 antibody, which is in Phase II clinical trials for the treatment of cutaneous T-cell and peripheral T-cell lymphoma, as well as in Phase II clinical trials to treat refractory sézary syndrome; Monalizumab, an immune checkpoint inhibitor that is in Phase III clinical trial to treat advanced solid tumors comprising colorectal and lung cancer, as well as head and neck cancer; Avdoralimab (IPH5401), a monoclonal antibody blocking C5a binding to C5aR1 that is in Phase II clinicals trials for the treatment of COVID-19, bullous pemphigoid, chronic spontaneous urticaria, and other inflammatory diseases; IPH5201, a blocking antibody that is in Phase 1 clinical trials targeting the CD39 immunosuppressive pathway; IPH5301, an anti-CD73 antibody targeting the immunosuppressive adenosine pathway to promote antitumor immunity; and IPH6101, a NKp46-based NK cell engager for the generation and evaluation of up to two bispecific NK cell engagers. Its products in preclinical trials are IPH43, an anti-MICA/B antibody drug conjugate; Anti-Siglec-9, an antibody program; IPH65, a tetraspecific proprietary antibody; IPH25, a checkpoint inhibitor; and IPH62 and IPH64 programs. Innate Pharma S.A. has licensing and collaboration agreements with AstraZeneca, Novo Nordisk A/S, Sanofi, and Orega Biotech; and co-development and license agreement with MedImmune Limited. The company was incorporated in 1999 and is headquartered in Marseille, France.
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)
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% 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
Income Statement
Balance Sheet
Cash Flow
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue12.64M12.62M51.90M49.64M12.11M69.77M
Gross Profit-30.79M-31.86M5.62M6.01M-34.89M20.07M
EBITDA-48.11M-50.99M-1.84M-61.30M-43.23M13.30M
Net Income-46.05M-49.47M-7.57M-58.10M-52.81M-63.98M
Balance Sheet
Total Assets92.94M111.06M184.19M207.86M267.50M307.42M
Cash, Cash Equivalents and Short-Term Investments60.03M80.77M92.46M101.48M119.84M151.64M
Total Debt27.03M31.00M39.89M42.25M44.25M19.09M
Total Liabilities87.79M102.22M132.29M153.71M160.06M151.45M
Stockholders Equity5.14M8.83M51.90M54.15M107.44M155.97M
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 Flow15.24M9.20M20.63M1.88M-917.00K-13.37M
Financing Cash Flow8.79M-6.01M-1.97M-1.83M26.82M-1.14M

Innate Pharma SA Technical Analysis

Technical Analysis Sentiment
Negative
Last Price1.73
Price Trends
50DMA
1.78
Negative
100DMA
1.74
Negative
200DMA
1.82
Negative
Market Momentum
MACD
0.02
Positive
RSI
43.23
Neutral
STOCH
36.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:IPH, the sentiment is Negative. The current price of 1.73 is below the 20-day moving average (MA) of 1.79, below the 50-day MA of 1.78, and below the 200-day MA of 1.82, indicating a bearish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 43.23 is Neutral, neither overbought nor oversold. The STOCH value of 36.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:IPH.

Innate Pharma SA Peers Comparison

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
$7.86B-0.30-43.30%2.27%22.53%-2.21%
$170.51M-3.37-271.32%-75.86%-30.54%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
FR:IPH
Innate Pharma SA
1.73
0.00
0.00%
GNFTF
Genfit
3.72
-1.92
-34.04%
GB:0QAJ
DBV Technologies
2.48
1.72
226.32%
GB:0QAV
Nanobiotix
15.40
11.43
287.91%
DE:6OP
OSE Immunotherapeutics SA
5.92
-4.20
-41.50%
DE:RFM
Sensorion SAS
0.33
-0.34
-50.75%

Innate Pharma SA Corporate Events

Innate Pharma to Host Event on Lacutamab’s Progress and Market Potential
Oct 15, 2025

Innate Pharma announced it will host an analyst and investor event on October 28, 2025, focusing on its lead product, lacutamab, which is progressing towards potential accelerated approval in Sézary syndrome (SS) and the initiation of a confirmatory Phase 3 trial. The event will feature insights from T-cell lymphoma expert Dr. Pierluigi Porcu on the Phase 2 TELLOMAK trial results and market analysis from ZS Associates. Innate Pharma’s management will discuss the regulatory pathway and commercial opportunities for lacutamab, highlighting its potential to improve outcomes for patients with cutaneous T-cell lymphoma (CTCL) and create value for shareholders.

The most recent analyst rating on (FR:IPH) stock is a Hold with a EUR1.50 price target. To see the full list of analyst forecasts on Innate Pharma SA stock, see the FR:IPH Stock Forecast page.

Innate Pharma Reports First Half 2025 Earnings
Sep 18, 2025

Innate Pharma S.A. is a clinical-stage biotechnology company focused on developing immunotherapy treatments against cancer, leveraging the innate immune system through monoclonal antibodies, NK Cell Engagers, and antibody-drug conjugates. Based in Marseille, France, it is publicly traded on Euronext Paris and Nasdaq.

Innate Pharma’s Strategic Shift in Earnings Call
Sep 18, 2025

In the recent earnings call, Innate Pharma S.A. conveyed a strategic pivot towards prioritizing high-value clinical assets, reflecting a positive outlook for future growth. The sentiment was largely optimistic, focusing on promising progress in key trials. However, there were underlying concerns regarding reduced R&D spending and the departure of a key scientific leader, which could impact future innovation. Despite these challenges, the company maintains a stable financial position, supporting its strategic objectives.

Innate Pharma Reports H1 2025 Progress and Strategic Focus
Sep 17, 2025

Innate Pharma SA reported its first half 2025 business update and financial results, highlighting significant progress in its clinical pipeline. The company is advancing its IPH4502 Nectin-4 ADC through Phase 1 trials and preparing for a Phase 3 trial of lacutamab following its FDA Breakthrough Therapy Designation. Strategic priorities include focusing on high-value clinical assets and streamlining operations, with a planned 30% reduction in staffing. A €15 million equity investment by Sanofi and a strong cash position of €70.4 million as of June 30, 2025, support Innate’s continued development efforts.

The most recent analyst rating on (FR:IPH) stock is a Hold with a EUR3.10 price target. To see the full list of analyst forecasts on Innate Pharma SA stock, see the FR:IPH Stock Forecast page.

Innate Pharma Releases H1 2025 Financial Report
Sep 17, 2025

On September 16, 2025, Innate Pharma SA’s Board of Directors approved the interim condensed consolidated financial statements for the first half of 2025, which were subsequently reviewed by the company’s statutory auditors. The report highlights the company’s ongoing efforts in developing its portfolio of drug candidates, including ANKET® and IPH4502, aimed at treating multiple tumor types. This financial update provides stakeholders with insights into Innate Pharma’s current financial health and strategic direction in the competitive biotechnology industry.

The most recent analyst rating on (FR:IPH) stock is a Hold with a EUR3.10 price target. To see the full list of analyst forecasts on Innate Pharma SA stock, see the FR:IPH Stock Forecast page.

Innate Pharma to Participate in European Midcap Event
Sep 15, 2025

Innate Pharma announced its participation in the 25th European Midcap Event from September 30 to October 1, 2025, in Paris, France. This event is significant for fostering strategic meetings and financing opportunities, potentially impacting Innate Pharma’s industry positioning and stakeholder engagement.

The most recent analyst rating on (FR:IPH) stock is a Hold with a EUR3.10 price target. To see the full list of analyst forecasts on Innate Pharma SA stock, see the FR:IPH Stock Forecast page.

Innate Pharma S.A. to Host Conference Call on 2025 Financial Results
Sep 10, 2025

Innate Pharma S.A. announced a conference call and webcast scheduled for September 17, 2025, to discuss its financial results and business updates for the first half of 2025. The event will feature key executives, including CEO Jonathan Dickinson, and will provide insights into the company’s progress and strategic initiatives. This announcement is significant for stakeholders as it reflects Innate Pharma’s ongoing commitment to transparency and engagement with investors, potentially impacting its market positioning and investor confidence.

The most recent analyst rating on (FR:IPH) stock is a Hold with a EUR3.10 price target. To see the full list of analyst forecasts on Innate Pharma SA stock, see the FR:IPH Stock Forecast page.

Innate Pharma Reports Share and Voting Rights Update as of September 1, 2025
Sep 2, 2025

On September 2, 2025, Innate Pharma S.A. announced its total number of shares and voting rights as of September 1, 2025. The company reported 92,185,473 ordinary shares, 6,419 Preferred Shares 2016, and 7,581 Preferred Shares 2017, with a total of 93,962,943 theoretical voting rights and 93,944,368 exercisable voting rights. This update ensures market transparency and informs stakeholders about the company’s current shareholding structure.

The most recent analyst rating on (FR:IPH) stock is a Hold with a EUR3.10 price target. To see the full list of analyst forecasts on Innate Pharma SA stock, see the FR:IPH Stock Forecast page.

Innate Pharma Announces Share and Voting Rights Update as of August 2025
Aug 4, 2025

On August 4, 2025, Innate Pharma S.A. released its total number of shares and voting rights as of August 1, 2025, as part of its regulatory obligations under French and AMF regulations. The company reported 92,184,823 ordinary shares, 6,424 Preferred Shares 2016, and 7,581 Preferred Shares 2017, with a total of 93,962,943 theoretical voting rights and 93,944,368 exercisable voting rights. This disclosure ensures transparency and informs the market about the company’s shareholding structure, which is crucial for stakeholders and potential investors.

The most recent analyst rating on (FR:IPH) stock is a Buy with a EUR5.70 price target. To see the full list of analyst forecasts on Innate Pharma SA stock, see the FR:IPH Stock Forecast page.

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.Date of analysis: Oct 30, 2025