Want to see FR:IPH full AI Analyst Report?
Top Page
Innate Pharma SA
(IPH)
Select Model
Select Model
Rating:47Neutral
Price Target:
€1.50
▼(-18.48% Downside)
Action:Reiterated
Date:09/22/26
Overall score is held down primarily by weak financial performance (shrinking revenue, widening losses, ongoing cash burn, and negative equity). Technicals also reflect a weak trend (below key moving averages with negative MACD). Offsetting these, the latest earnings call was broadly positive with defined clinical/regulatory catalysts and runway guidance extended to Q1 2028, but execution and funding risks remain.
Positive Factors
Strategic partnerships and royalty potential
The Sobi partnership provides non-dilutive upfront capital, external development support, and potential milestone and royalty income. This structure can reduce Innate’s standalone commercialization burden while preserving meaningful economic participation if lacutamab advances successfully.
Negative Factors
Sharp revenue contraction
The steep revenue decline shows that Innate’s collaboration-driven income can be highly uneven and dependent on agreement timing and development milestones. Lower operating scale makes it harder to absorb research costs and increases reliance on future partnerships, approvals, or financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic partnerships and royalty potential
The Sobi partnership provides non-dilutive upfront capital, external development support, and potential milestone and royalty income. This structure can reduce Innate’s standalone commercialization burden while preserving meaningful economic participation if lacutamab advances successfully.
Read all positive factors
Innate Pharma SA (IPH) vs. iShares MSCI France ETF (EWQ)
Market Cap
€161.07M
Dividend YieldN/A
Average Volume (3M)394.41K
Price to Earnings (P/E)―
Beta (1Y)0.84
Revenue Growth-29.48%
EPS Growth7.91%
CountryFR
Employees163
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.51
Shares Outstanding111,718,925
10 Day Avg. Volume330,589
30 Day Avg. Volume394,410
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)-0.19
Revenue Forecast (FY)€48.94M
Innate Pharma SA Business Overview & Revenue Model
Company Description
Innate Pharma S.A. is a biotechnology firm dedicated to the discovery, development, and commercialization of innovative antibody-based therapies, primarily for cancer indications, operating both in France and internationally. The company's pipelin...
How the Company Makes Money
Innate Pharma primarily makes money through a combination of (1) collaboration and licensing revenue from pharmaceutical partnerships and (2) other operating income associated with such agreements; as a clinical-stage biotech, it typically has lim...
Innate Pharma SA 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 was broadly positive, with significant progress across the portfolio, including the closing of the Sobi partnership, initiation of lacutamab's Phase 3 study, completion of IPH4.5 thousand dose escalation, completion of PACIFIC-9 enrollment, positive preliminary IPH4.5 thousand activity and safety observations, and a projected cash runway through the end of the first quarter of 2028. The main constraints were that IPH4.5 thousand data remain early, enrollment in its non-small cell lung cancer cohort was somewhat lower, 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 became effective following deal closing. Innate initiated the TELLOMAK-3 Phase 3 study, with the first patient expected in the first quarter of 2027.
Negative Updates
Early-Stage Nature of IPH4.5 thousand Data
Management emphasized that the objective responses and other activity observed for IPH4.5 thousand in heavily pretreated post-enfortumab vedotin urothelial cancer patients remain early Phase 1 observations. The upcoming dataset is intended to help 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 became effective following deal closing. Innate initiated the TELLOMAK-3 Phase 3 study, 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 a filing for accelerated approval in Sezary Syndrome currently planned for the second half of 2027; the company expects lacutamab to be listed in the NCCN guidelines for both Sezary Syndrome and mycosis fungoides and expects some off label usage in the first line setting. PACIFIC-9 enrollment is complete, with the Phase 3 readout expected in the second half of 2026, and IPH4.5 thousand initial Phase 1 dose escalation data are scheduled for November 18, 2026; the company expects relevant and informative safety data and response data from 11 different indications and 76 patients. 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, and the company is funded to take IPH4.5 thousand forward seamlessly into dose optimization, while broadening the program across additional tumor types would require additional funding. Pricing research established that lacutamab can be priced between $500 thousand and $650 thousand per patient per annum, and the monalizumab agreement includes up to $825 million in additional potential milestones, double digit royalties outside Europe, and 50% profit sharing in Europe.Innate Pharma SA Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
22
Negative
Cash Flow
20
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.04M | 2.79M | 12.62M | 51.90M | 49.64M | 12.11M |
| Gross Profit | 18.45M | 2.79M | -31.86M | 5.62M | 6.01M | -34.89M |
| EBITDA | -51.86M | -55.97M | -50.99M | -1.84M | -61.30M | -43.23M |
| Net Income | -47.46M | -49.18M | -49.47M | -7.57M | -58.10M | -52.81M |
Balance Sheet | ||||||
| Total Assets | 34.73M | 62.72M | 111.06M | 184.19M | 207.86M | 267.50M |
| Cash, Cash Equivalents and Short-Term Investments | 10.90M | 34.31M | 80.77M | 92.46M | 101.48M | 119.84M |
| Total Debt | 20.21M | 22.57M | 31.37M | 39.89M | 42.25M | 44.25M |
| Total Liabilities | 75.23M | 84.42M | 102.22M | 132.29M | 153.71M | 160.06M |
| Stockholders Equity | -40.51M | -21.70M | 8.83M | 51.90M | 54.15M | 107.44M |
Cash Flow | ||||||
| Free Cash Flow | -42.81M | -52.90M | -7.29M | -34.91M | -20.28M | -59.79M |
| Operating Cash Flow | -42.63M | -52.76M | -6.90M | -32.56M | -19.15M | -58.46M |
| Investing Cash Flow | 2.34M | 7.29M | 9.20M | 20.63M | 1.88M | -917.00K |
| Financing Cash Flow | -6.77M | 6.07M | -6.01M | -1.97M | -1.83M | 26.82M |
Innate Pharma SA Technical Analysis
Negative
1.84
Price Trends
1.68
Negative
1.64
Negative
1.51
Negative
Market Momentum
-0.08
Positive
28.16
Positive
7.13
Positive
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 1.84 is above the 20-day moving average (MA) of 1.61, above the 50-day MA of 1.68, and above the 200-day MA of 1.51, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 28.16 is Positive, neither overbought nor oversold. The STOCH value of 7.13 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:IPH.
Innate Pharma SA Risk Analysis
Innate Pharma SA disclosed 89 risk factors in its most recent earnings report. Innate Pharma SA 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 SA 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% | |
47 Neutral | €161.07M | -2.78 | 152.56% | ― | -29.48% | 7.91% | |
47 Neutral | €211.49M | -4.37 | -29.36% | ― | 189.81% | 38.50% | |
46 Neutral | €1.48B | -25.35 | 89.71% | ― | ― | ― | |
44 Neutral | €7.15B | -17.80 | -85.88% | ― | ― | ― | |
41 Neutral | €52.75M | -1.40 | -96.73% | ― | -96.25% | -197.89% | |
41 Neutral | €90.26M | -2.22 | -94.14% | ― | -5.98% | -8.67% |
* Healthcare Sector Average
FR:IPH
Innate Pharma SA
1.42
-0.22
-13.20%
FR:ABVX
Abivax SA
83.85
12.95
18.27%
FR:NANO
Nanobiotix
27.88
13.78
97.73%
FR:TNG
Transgene
0.73
-0.41
-35.96%
FR:OSE
OSE Immunotherapeutics SA
2.37
-3.58
-60.20%
FR:ALCLS
Cellectis SA
1.28
-0.99
-43.53%
Innate Pharma SA Corporate Events
Innate Pharma Secures Sobi Partnership Cash and Extends Runway as Key Oncology Trials Advance
Sep 17, 2026
Innate Pharma has made its strategic partnership with Sobi for lacutamab effective, unlocking an initial $75 million payment and enabling the launch of the Phase 3 TELLOMAK‑3 trial in cutaneous T‑cell lymphoma, with first patient enrol...
Innate Pharma-Sobi Partnership Closes, Unlocks $75 Million and Phase 3 Lacutamab Trial
Sep 16, 2026
Innate Pharma has confirmed that its previously announced strategic partnership with Sobi has become effective, following the expiration of antitrust waiting periods and fulfillment of closing conditions. The transaction’s completion trigger...
Innate Pharma to deliver H1 2026 business update via investor webcast
Sep 10, 2026
Innate Pharma SA said it will host a conference call and webcast on September 17, 2026, to present a business update for the first half of 2026 to investors and other stakeholders. The event will feature senior executives including the chief execu...
Innate Pharma to Highlight Oncology Pipeline at H.C. Wainwright Investment Conference
Sep 2, 2026
Innate Pharma SA said members of its management team will participate in a fireside chat and one‑on‑one meetings at the H.C. Wainwright 28th Annual Global Investment Conference in New York from September 14 to 16, 2026. The discussion,...
Innate Pharma to Spotlight Oncology Pipeline at H.C. Wainwright Investor Conference
Sep 2, 2026
Innate Pharma SA said members of its executive team will join a fireside chat and hold one-on-one investor meetings at the H.C. Wainwright 28th Annual Global Investment Conference in New York from September 14 to 16, 2026. The company will webcast...
Innate Pharma Schedules Investor Call as Oncology Pipeline Advances
Aug 14, 2026
Innate Pharma SA will hold a conference call on August 14, 2026, led by senior management including the CEO, COO, CFO and head of investor relations, with live access and replay available through its website and dedicated online links. The event u...
Innate Pharma Raises €30 Million in Share Offering to Extend Cash Runway
Aug 14, 2026
Innate Pharma SA has priced a private placement of 17,647,059 new ordinary shares at €1.70 per share, raising gross proceeds of about €30 million, or €27.6 million net, through an offering to qualified and institutional investors...
Innate Pharma launches €22.5m share placement to fund ADC pipeline and extend runway
Aug 13, 2026
Innate Pharma has launched a roughly €22.5 million private placement of new ordinary shares in Europe, the U.S. and other markets to qualified and institutional investors, with Stifel as sole global coordinator and BTIG as joint bookrunner. ...
Innate Pharma Secures Funding and Advances Lacutamab to Phase 3 With New CMO
Aug 10, 2026
Innate Pharma plans to advance its first-in-class antibody lacutamab into the TELLOMAK-3 Phase 3 confirmatory trial in cutaneous T-cell lymphoma, following its strategic partnership with Sobi. The study is intended to underpin an accelerated appro...
Innate Pharma CMO to Spotlight Cancer Pipeline at BTIG Bladder Cancer Panel
Jul 23, 2026
Innate Pharma’s chief medical officer, Sonia Quaratino, will join a panel on the evolving treatment landscape in bladder cancer at the BTIG Virtual Biotechnology Conference 2026 on July 28. Her participation underscores the company’s e...
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.