Innate Pharma SA
IPHA, IPHYF · Biological Products, (No Diagnostic Substances) · EDGAR filings ↗
Grade
D44Clinical-stage immuno-oncology biotech running deep losses with a short cash runway and a recent restructuring.
Strengths
- Partnerships with AstraZeneca and Sanofi providing milestone optionality (up to ~$2.8B contingent) and prior cash inflows
- Prioritized pipeline (IPH4502, lacutamab, monalizumab) after a ~30% headcount cut to conserve cash
Risks
- Cash ~$33M with only ~2.1 quarters of runway (16th pct); deeply negative operating/net margins
- Collaboration revenue down ~49% YoY and Sanofi deprioritized IPH6401 — lumpy, fragile top line
- No approved products; ROE percentile is a low/negative-equity artifact, not real profitability
Notable findings
- No interest coverageInterest coverage -122.75 (cannot cover interest)
- Net lossNet loss (net margin -546.1%)
- Cash burnNegative free cash flow (-62.2M)
- Revenue declineRevenue -49.5% YoY
- Notable holderHeld by 1 notable fund(s): CITADEL ADVISORS LLC (as of 2025-09-30)
Key metrics
Operating margin
-599.8%
Net margin
-546.1%
Return on equity
226.6%
Return on assets
-78.4%
Revenue growth (QoQ)
-49.5%
Interest coverage
-122.7×
Current ratio
1.3×
Free cash flow
-$62M
Tangible book value
-$26M
Cash & investments
$33M
Cash runway
2q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-01 | 2025-12-31 | 0001598599-26-000005 ↗ |
| 20-F | 2025-04-30 | 2024-12-31 | 0001598599-25-000042 ↗ |
| 20-F | 2024-04-04 | 2023-12-31 | 0001598599-24-000020 ↗ |
| 20-F | 2023-04-06 | 2022-12-31 | 0001628280-23-010946 ↗ |
| 20-F | 2022-04-04 | 2021-12-31 | 0001628280-22-008197 ↗ |
| 20-F | 2021-04-27 | 2020-12-31 | 0001628280-21-007629 ↗ |
| 20-F | 2020-04-24 | 2019-12-31 | 0001171843-20-002847 ↗ |