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Innate Pharma
(NASDAQ:IPHA)
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Rating:51Neutral
Price Target:
$1.50
▼(-33.92% Downside)
Action:Reiterated
Date:09/22/26
The score is held back primarily by weak financial performance—sharp revenue contraction, ongoing heavy losses and cash burn, and negative shareholders’ equity. The latest earnings call meaningfully offsets this with positive guidance, multiple upcoming clinical catalysts, and an extended cash runway into Q1 2028. Technical signals remain soft (negative MACD and below key moving averages), while valuation is difficult to assess with a negative P/E and no dividend support.
Positive Factors
Funding runway
Recent partner funding and equity proceeds materially extend the company’s ability to finance clinical development through early 2028. This gives Innate more time to generate trial data, pursue milestones, and advance its pipeline without an immediate need for additional financing.
Negative Factors
Revenue contraction
Sharp revenue volatility and the approximately 48% decline in 2025 show that Innate lacks a stable recurring product-sales base. Because income depends heavily on partner payments, grants, and development milestones, operating performance may remain uneven over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Funding runway
Recent partner funding and equity proceeds materially extend the company’s ability to finance clinical development through early 2028. This gives Innate more time to generate trial data, pursue milestones, and advance its pipeline without an immediate need for additional financing.
Read all positive factors
Innate Pharma (IPHA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$158.06M
Dividend YieldN/A
Average Volume (3M)50.00K
Price to Earnings (P/E)―
Beta (1Y)0.72
Revenue Growth-24.21%
EPS Growth1.17%
CountryUS
Employees163
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.51
Shares Outstanding111,718,925
10 Day Avg. Volume14,914
30 Day Avg. Volume49,996
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)-6.14
Price to Sales (P/S)47.79
P/FCF Ratio-3.81
Enterprise Value/Market Cap1.16
Enterprise Value/Revenue169.09
Enterprise Value/Gross Profit9.94
Enterprise Value/Ebitda-3.53
Forecast
1Y Price Target
$6.67Price Target Upside193.69% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.17
Revenue Forecast (FY)$56.82M
Innate Pharma Business Overview & Revenue Model
Company Description
Innate Pharma S.A. is a biotechnology firm, founded in 1999 and headquartered in Marseille, France, that specializes in the discovery, development, and market introduction of therapeutic antibodies. The company primarily targets oncology indicatio...
How the Company Makes Money
Innate Pharma primarily makes money through (1) collaboration and licensing agreements for its drug candidates and technology, and (2) to a lesser extent, grants and other operating income; it does not have a broad portfolio of marketed products g...
Innate Pharma Earnings Call Summary
Earnings Call Date:Sep 17, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 25, 2027
Earnings Call Sentiment Positive
The call conveyed a strongly positive outlook, with the lacutamab partnership closing, Phase 3 initiation, preliminary IPH4.5 thousand objective responses and favorable safety observations, completed monalizumab enrollment, multiple upcoming catalysts, and a cash runway expected through the end of the first quarter of 2028. The main qualifications were that IPH4.5 thousand data remain early, the post-enfortumab vedotin urothelial cancer setting lacks an established second-line standard, and broader development could require additional funding.Positive Updates
Lacutamab Partnership Closed and Phase 3 Initiated
The strategic partnership with Sobi to advance lacutamab in T-cell lymphoma has closed and become effective. The TELLOMAK-3 confirmatory Phase 3 study has been initiated, with the first patient expected in the first quarter of 2027.
Negative Updates
Early-Stage Status of IPH4.5 thousand Data
The company emphasized that the observed activity in IPH4.5 thousand consists of early Phase 1 observations. Data cleaning is ongoing, and the upcoming dataset is needed to determine how best to advance the program.
Read all updates
Q2-2026 Updates
Positive
Negative
Lacutamab Partnership Closed and Phase 3 Initiated
The strategic partnership with Sobi to advance lacutamab in T-cell lymphoma has closed and become effective. The TELLOMAK-3 confirmatory Phase 3 study has been initiated, with the first patient expected in the first quarter of 2027.
Read all positive updates
Company Guidance
Innate is targeting the first patient in TELLOMAK-3 in Q1 2027, with the first patient expected in the first quarter of 2027 and a filing for accelerated approval in Sezary Syndrome currently planned for the second half of 2027; initial Phase 1 dose escalation data for IPH4.5 thousand are expected on November 18, 2026, with approximately 15 patients enrolled in both post TB urothelial cancer, head and neck cancer, and somewhat lower enrollment in the non-small cell lung cancer cohort; the PACIFIC-9 Phase 3 readout remains expected in the second half of 2026, with a press release from AstraZeneca and Innate also looking to press release that as well and potentially do some calls; the $75 million Sobi upfront payment and €30 million equity offering, representing €28 million in expected net proceeds, are expected to extend cash runway through the end of the first quarter of 2028; lacutamab pricing research established a range of $500 thousand to $650 thousand per patient per annum; and the €30 million raise funds the initial steps into dose optimization, while broadening the program across additional tumor types would require additional funding.Innate Pharma Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
22
Negative
Cash Flow
17
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.08M | 2.79M | 12.62M | 51.90M | 57.67M | 12.11M |
| Gross Profit | 18.45M | 2.79M | 12.62M | 5.62M | 6.01M | -22.30M |
| EBITDA | -51.94M | -43.65M | -46.91M | -1.84M | -12.28M | -43.23M |
| Net Income | -47.51M | -49.18M | -49.47M | -7.57M | -58.10M | -52.81M |
Balance Sheet | ||||||
| Total Assets | 34.71M | 62.69M | 111.06M | 175.19M | 207.86M | 267.50M |
| Cash, Cash Equivalents and Short-Term Investments | 10.89M | 34.30M | 80.77M | 92.46M | 101.48M | 119.84M |
| Total Debt | 20.20M | 22.56M | 31.00M | 39.89M | 42.25M | 44.25M |
| Total Liabilities | 75.20M | 84.39M | 102.22M | 132.29M | 153.71M | 160.06M |
| Stockholders Equity | -40.49M | -21.69M | 8.83M | 51.90M | 54.15M | 107.44M |
Cash Flow | ||||||
| Free Cash Flow | -44.90M | -34.91M | -7.29M | -34.91M | -20.28M | -59.79M |
| Operating Cash Flow | -44.72M | -32.56M | -6.90M | -32.56M | -19.15M | -58.46M |
| Investing Cash Flow | 2.81M | 20.63M | 9.20M | 20.63M | 1.88M | -917.00K |
| Financing Cash Flow | -6.11M | -1.97M | -6.01M | -1.97M | -1.83M | 26.82M |
Innate Pharma Technical Analysis
Negative
2.27
Price Trends
1.80
Negative
1.82
Negative
1.72
Negative
Market Momentum
-0.08
Negative
40.96
Neutral
36.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IPHA, the sentiment is Negative. The current price of 2.27 is above the 20-day moving average (MA) of 1.52, above the 50-day MA of 1.80, and above the 200-day MA of 1.72, indicating a bearish trend. The MACD of -0.08 indicates Negative momentum. The RSI at 40.96 is Neutral, neither overbought nor oversold. The STOCH value of 36.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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% | |
51 Neutral | $158.06M | -2.49 | 152.56% | ― | -24.21% | 1.17% | |
42 Neutral | $2.46B | -57.35 | -35.91% | ― | ― | 35.38% | |
42 Neutral | $49.58M | -0.86 | -1266.43% | ― | ― | 49.43% | |
41 Neutral | $1.16B | 0.11 | -91.63% | ― | ― | 69.48% |
* Healthcare Sector Average
IPHA
Innate Pharma
1.48
-0.61
-29.19%
SLS
SELLAS Life Sciences Group
12.17
10.17
508.50%
ELTX
Elicio Therapeutics
1.83
-7.91
-81.21%
VOR
Vor Biopharma
19.54
-7.38
-27.41%
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.