Innate Pharma (IPHA)
NASDAQ:IPHA
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Innate Pharma
(NASDAQ:IPHA)
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Rating:47Neutral
Price Target:
$1.50
▲(3.45% Upside)
Action:ReiteratedDate:04/02/26
The score is held down primarily by weak financial performance (sharp revenue contraction, heavy cash burn, and negative equity). Technicals also remain soft with the stock trading below key moving averages and negative MACD. The earnings call adds partial support due to meaningful clinical/regulatory milestones and cost control, but near-term funding needs and execution risk limit the upside. Valuation provides only modest support because negative earnings and no dividend reduce valuation clarity.
Positive Factors
High-value partnerships & milestone upside
Material milestone structures with AstraZeneca create large potential non-dilutive cash inflows and long-term upside, de‑risking internal R&D spend. These agreements also provide commercialization optionality (royalties, co-promotion) and align partner incentives to advance late‑stage programs.
Negative Factors
Negative shareholders' equity
Negative equity signals cumulative losses that materially weaken solvency and financial flexibility. Over 2–6 months this heightens refinancing and covenant risk, likely increases cost of capital, and raises the probability of dilutive financings or restructuring to sustain development programs.
Read all positive and negative factors
Positive Factors
Negative Factors
High-value partnerships & milestone upside
Material milestone structures with AstraZeneca create large potential non-dilutive cash inflows and long-term upside, de‑risking internal R&D spend. These agreements also provide commercialization optionality (royalties, co-promotion) and align partner incentives to advance late‑stage programs.
Read all positive factors
Innate Pharma (IPHA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$130.56M
Dividend YieldN/A
Average Volume (3M)386.19K
Price to Earnings (P/E)―
Beta (1Y)0.43
Revenue Growth-75.77%
EPS Growth-31.24%
CountryUS
Employees181
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.36
Shares Outstanding93,768,590
10 Day Avg. Volume29,239
30 Day Avg. Volume386,189
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)-6.14
Price to Sales (P/S)47.79
P/FCF Ratio-2.62
Enterprise Value/Market Cap0.82
Enterprise Value/Revenue38.18
Enterprise Value/Gross Profit38.18
Enterprise Value/Ebitda-1.91
Forecast
1Y Price Target
$6.50Price Target Upside348.28% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.23
Revenue Forecast (FY)$41.73M
Innate Pharma 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 generates revenue primarily through collaboration and licensing arrangements with pharmaceutical partners rather than from product sales (it is a clinical-stage company). Key revenue streams typically include: (1) upfront payments re...
Innate Pharma 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 featured multiple meaningful clinical and regulatory milestones (FDA clearance for lacutamab Phase III, completed PACIFIC-9 enrollment, encouraging early IPH4502 data, and high-value partnership milestone potential) and demonstrated cost discipline with lower R&D spend. Offsetting these positives are material near-term financing and execution risks: modest reported revenue (EUR 9M), a high burn rate (EUR 63M operating expenses), and a limited cash runway (EUR 44.8M through Q3 2026) that makes initiation of late-stage programs dependent on partner deals or other financing. Clinical data are promising but still early and need confirmation. Overall, the company shows strong programmatic momentum and partnership upside, but material funding and timing risks balance that optimism.Positive Updates
Regulatory Progress for Lacutamab
FDA cleared the TELLOMAK-3 Phase III protocol; lacutamab has Breakthrough Therapy Designation (relapsed/refractory Sezary syndrome), Fast Track, PRIME and Orphan Drug Designations. TELLOMAK-3 initiation is planned for H2 2026 (financing under discussion).
Negative Updates
Tight Cash Runway
Cash, cash equivalents and financial assets were EUR 44.8M at Dec 31, 2025, providing funding visibility only until the end of Q3 2026 based on the current operating plan — creating near-term financing risk for late-stage development activities.
Read all updates
Q4-2025 Updates
Positive
Negative
Regulatory Progress for Lacutamab
FDA cleared the TELLOMAK-3 Phase III protocol; lacutamab has Breakthrough Therapy Designation (relapsed/refractory Sezary syndrome), Fast Track, PRIME and Orphan Drug Designations. TELLOMAK-3 initiation is planned for H2 2026 (financing under discussion).
Read all positive updates
Company Guidance
Management provided clear near‑term timelines and numeric guidance: TELLOMAK‑3 (lacutamab) has FDA clearance with Phase III initiation planned in H2 2026 and a confirmatory/registrational design (two 1:1 randomized cohorts vs. romidepsin and mogamulizumab; primary endpoint PFS by BICR; SS secondary OS; MF secondary QoL/pruritus); PACIFIC‑9 (monalizumab +/− oleclumab with durvalumab) has completed enrollment (~999 patients randomized 1:1:1) with top‑line data expected H2 2026; IPH4502 is in a BOIN Phase I (MTD established, cohorts being enriched at pharmacologically active doses) with preliminary antitumor activity including post‑EV urothelial cancer and plans to select a RP2D; MATISSE interim (IPH5201) will report the first 40 of up to 70 patients at AACR. Financially, 2025 revenue was EUR 9.0M (EUR 2.8M licensing, EUR 6.2M grants), operating expenses EUR 63M (R&D EUR 43.6M, 73% of OpEx, down 16% YoY), G&A EUR 19.4M, cash EUR 44.8M providing runway to end‑Q3 2026. Partner economics include monalizumab milestones up to $1.275B ( $450M received, $825M remaining) and IPH5201 up to $885M ($60M received, $825M remaining), and commercial sizing for lacutamab estimates ~300 incident U.S. SS patients/year (prevalence ~1,000) and ~3,000 incident MF patients/year (prevalence ~12,000) with a near‑term U.S. second‑line opportunity modeled at up to $150M in SS expanding to >$500M across SS+MF (mogamulizumab benchmark ~$300M sales in 2025, ~$350M projected in 2026); a lean in‑house launch would need ~20 sales reps + ~5–6 medical staff.Innate Pharma Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
22
Negative
Cash Flow
17
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.79M | 12.62M | 51.90M | 57.67M | 12.11M |
| Gross Profit | 2.79M | 12.62M | 5.62M | 6.01M | -22.30M |
| EBITDA | -43.65M | -46.91M | -1.84M | -12.28M | -43.23M |
| Net Income | -47.24M | -49.47M | -7.57M | -58.10M | -52.81M |
Balance Sheet | |||||
| Total Assets | 62.69M | 111.06M | 175.19M | 207.86M | 267.50M |
| Cash, Cash Equivalents and Short-Term Investments | 34.30M | 80.77M | 92.46M | 101.48M | 119.84M |
| Total Debt | 22.56M | 31.00M | 39.89M | 42.25M | 44.25M |
| Total Liabilities | 84.39M | 102.22M | 132.29M | 153.71M | 160.06M |
| Stockholders Equity | -21.69M | 8.83M | 51.90M | 54.15M | 107.44M |
Cash Flow | |||||
| Free Cash Flow | -50.81M | -7.29M | -34.91M | -20.28M | -59.79M |
| Operating Cash Flow | -50.67M | -6.90M | -32.56M | -19.15M | -58.46M |
| Investing Cash Flow | 7.00M | 9.20M | 20.63M | 1.88M | -917.00K |
| Financing Cash Flow | 5.83M | -6.01M | -1.97M | -1.83M | 26.82M |
Innate Pharma Technical Analysis
Neutral
1.45
Price Trends
1.56
Negative
1.69
Negative
1.85
Negative
Market Momentum
-0.06
Negative
52.25
Neutral
70.25
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IPHA, the sentiment is Neutral. The current price of 1.45 is above the 20-day moving average (MA) of 1.35, below the 50-day MA of 1.56, and below the 200-day MA of 1.85, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 52.25 is Neutral, neither overbought nor oversold. The STOCH value of 70.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IPHA.
Innate Pharma Risk Analysis
Innate Pharma disclosed 89 risk factors in its most recent earnings report. Innate Pharma reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
The Company relies on certain independent organizations, partners, advisors and consultants to provide certain services and needs to hire new employees and expand its use of service providers. Q4, 2023
Innate Pharma Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $186.35M | -3.95 | -977.67% | ― | ― | 17.36% | |
49 Neutral | $809.92M | ― | -63.06% | ― | ― | 59.04% | |
47 Neutral | $130.56M | -1.23 | -271.32% | ― | -75.77% | -31.24% | |
47 Neutral | $105.52M | -0.96 | -813.95% | ― | -37.13% | 40.47% | |
47 Neutral | $769.10M | 0.02 | 72.70% | ― | ― | -1072.48% |
* Healthcare Sector Average
IPHA
Innate Pharma
1.45
-0.37
-20.11%
SLS
SELLAS Life Sciences Group
4.86
3.74
333.93%
SGMO
Sangamo Therapeutics
0.25
-0.44
-63.61%
ELTX
Elicio Therapeutics
10.13
4.84
91.49%
VOR
Vor Biopharma
15.75
4.18
36.20%
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.