IPHA · NasdaqGS
Biotechnology · France
Snapshot 2026-09-20 · Latest financial period 2025-12-31 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Next earnings: 2026-11-05 (provider estimate, not issuer-confirmed).
Innate Pharma S.A. operates as a biotechnology company that develops immunotherapies for cancer patients 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; IPH4502, a novel and differentiated topoisomerase I inhibitor ADC conjugated to exatecan targeting Nectin-4; and Monalizumab, a dual checkpoint inhibitor that targets T Cells and NK Cells. It also develops IPH5201, a blocking antibody that is in Phase II clinical trials targeting the CD39 immunosuppressive pathway; IPH5301, an anti-CD73 antibody targeting the immunosuppressive adenosine pathway; IPH6401, an BCMA-targeting NK cell engager; IPH6101, a NKp46-based NK cell engager that targets CD123 proprietary multi-specific antibody format; and IPH62, an B7-H3-targeting NK cell engager. In addition, the company develops IPH6501, a tetra-specific NK cell engager to activate receptors, NKp46 and CD16, tumor antigen (CD20) and an interleukin-2 receptor. The company has licensing and collaboration agreements with AstraZeneca, Novo Nordisk A/S, Sanofi, and Orega Biotech. Innate Pharma S.A. was incorporated in 1999 and is based in Marseille, France.
Company websiteH1 2026
Published 2026-09-17
H1 2026 REPORT HIGHLIGHTS
Sobi closed, new shares arrived and runway extended; a careful cash-and-pipeline valuation explains our HOLD at $1.80 base value.
Sobi conditions were fulfilled September 16; $75M is triggered, but the release still describes payment as expected.
August added 17.647M ordinary shares. Disclosed post-placement ordinary shares are 111.719M; our valuation uses 117.822M fully diluted.
The €3.115M licensing line includes €2.5M from an expired Sanofi option; research financing brings combined income to €5.663M.
€21.376M includes €10.480M noncurrent financial assets; separate financial and collaboration obligations also matter.
PACIFIC-9 is expected in H2 2026; IPH4502 initial data in 2026; TELLOMAK-3 first patient in Q1 2027.
Comparable businesses
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
No suitable peers with fresh, comparable size data are available. We have not substituted unrelated companies.
| Metric | IPHAInnate Pharma S.A.Snapshot 2026-09-20Financial period: 2025-12-31 |
|---|---|
| Market capMarket value, converted to USD | US$212.23M |
| Forward P/EProvider forward earnings estimate | — |
| EV / EBITDAEnterprise value / trailing EBITDA | — |
| Revenue growthLatest quarter vs prior-year quarter | -46.7% |
| Operating marginLatest reported quarter | -689.6% |
| Free cash flow yieldTrailing cash flow / market cap | — |
| Net debt / EBITDANet debt / trailing EBITDA | — |
| Debt / equityTotal debt / positive book equity | — |
| Trailing P/ETrailing twelve-month earnings | — |
| Price / bookPrice / positive book equity per share | — |
| EV / salesEnterprise value / trailing revenue | — |
| Earnings growthLatest quarter vs prior-year quarter | — |
| Gross marginTrailing twelve months | 0.0% |
| Net marginTrailing twelve months | 0.0% |
| Return on equityProvider trailing return; positive equity only | — |
| Free cash flow marginTrailing free cash flow / revenue | -378.4% |
| Dividend yieldIndicated annual dividend / price | — |
| Earnings payoutProvider trailing dividend payout | 0.0% |
| Current ratioCurrent assets / current liabilities | 1.27x |
| BetaProvider historical market sensitivity | 0.88 |
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Price history loads separately.
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-09-20. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
FREE RESEARCH PACKET · H1 2026
Sobi closed, new shares arrived and runway extended; a careful cash-and-pipeline valuation explains our HOLD at $1.80 base value.
Research published September 17, 2026 · Download original report
Read Research PacketPresentation · 2026-09-17 · YouTube
Verify material figures against company filings. Market data and AI-assisted analysis may contain errors.
