Innate Pharma S.A.
IPHAHealthcare|Biotechnology|FR
$1.44
+0.04 (+2.86%)
Cash / Share
$0.12
Financials
Financial Snapshot
Market Cap
$157.3M
Enterprise Value
$154.0M
Revenue (TTM)
$8.7M
Net Income (TTM)
-$93.3M
Cash & Investments
$10.9M
Net Cash
-$9.3M
Free Cash Flow (TTM)
-$86.2M
Operating CF (TTM)
-$85.8M
Debt/Equity
-0.50
Cash Runway & Burn Rate
Cash on Hand
$10.9M
Quarterly Burn
$21.5M
Monthly Burn
$7.2M
Est. Runway
~0.5 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $197.7M | $116.1M | $167.5M | $218.9M | $151.6M | $119.8M | $101.5M | $92.5M | $80.8M | $34.3M | $10.9M | |
| Operating Cash Flow | -$36.9M | -$48.1M | -$32.5M | $34.9M | -$51.8M | -$58.5M | -$19.2M | -$32.6M | -$6.9M | -$32.6M | -$85.8M | |
| Free Cash Flow | -$46.2M | -$54.1M | -$34.0M | -$30.5M | -$63.1M | -$59.4M | -$20.3M | -$32.9M | -$7.3M | -$34.9M | -$86.2M | |
| Capital Expenditure | -$9.4M | -$6.0M | -$1.4M | -$65.4M | -$11.3M | -$929.0K | -$1.1M | -$351.0K | -$391.0K | -$2.4M | -$342.3K | |
| Financing Cash Flow | -$602.0K | $915.0K | $61.2M | $77.8M | -$1.1M | $26.8M | -$1.8M | -$2.0M | -$6.0M | -$2.0M | $2.7M |
R&D Spending
R&D (TTM)
$83.2M
R&D Intensity
953.8%
R&D Growth vs Prior
+90.8%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $56.2M | $32.6M | $79.9M | $69.0M | $69.8M | $12.1M | $57.7M | $51.9M | $12.6M | $2.8M | $8.7M | |
| R&D Expense | $48.6M | $67.0M | $69.6M | $1.6M | $49.7M | $47.0M | $51.7M | $56.0M | $52.0M | $43.6M | $83.2M | |
| R&D % of Revenue | 86.6% | 205.3% | 87.1% | 2.3% | 71.2% | 388.1% | 89.6% | 107.9% | 411.9% | 1565.1% | 953.8% | |
| SG&A | $9.3M | $16.2M | $19.3M | $49.6M | $19.0M | $25.5M | $14.5M | $11.7M | $11.9M | $11.0M | $21.1M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $56.2M | $32.6M | $79.9M | $69.0M | $69.8M | $12.1M | $57.7M | $51.9M | $12.6M | $2.8M | $8.7M | |
| Cost of Revenue | $48.6M | $67.0M | $69.6M | $45.2M | $49.7M | $47.0M | $51.7M | $56.0M | $52.0M | $0.00 | -$8.6M | |
| Gross Profit | $7.5M | -$34.4M | $10.3M | $23.8M | $20.1M | -$22.3M | $6.0M | $5.6M | $12.6M | $2.8M | $37.8M | |
| R&D | $48.6M | $67.0M | $69.6M | $1.6M | $49.7M | $47.0M | $51.7M | $56.0M | $52.0M | $43.6M | $83.2M | |
| SG&A | $9.3M | $16.2M | $19.3M | $49.6M | $19.0M | $25.5M | $14.5M | $11.7M | $11.9M | $11.0M | $21.1M | |
| Operating Income | $7.6M | -$40.0M | $5.1M | -$27.1M | $1.1M | -$47.8M | -$57.4M | -$12.7M | -$51.6M | -$53.4M | -$97.7M | |
| Interest Expense | $124.0K | $113.0K | $102.0K | $229.4K | $341.0K | $312.0K | $288.0K | $640.0K | $566.0K | $440.0K | $3.1M | |
| Pretax Income | $12.9M | -$48.0M | $2.7M | -$20.8M | -$829.0K | -$45.5M | -$58.0M | -$7.6M | -$49.5M | -$49.2M | -$93.5M | |
| Net Income | $12.6M | -$48.4M | $3.0M | -$20.8M | -$64.0M | -$52.8M | -$58.1M | -$7.6M | -$49.5M | -$49.2M | -$93.3M | |
| EPS (Diluted) | 0.23 | -0.89 | 0.05 | -0.31 | -0.01 | -0.57 | -0.73 | -0.09 | -0.61 | -0.53 | -1.06 | |
| EBITDA | $10.8M | -$35.6M | $12.5M | $18.1M | $57.9M | -$43.2M | -$12.3M | -$1.8M | -$46.9M | -$43.6M | -$96.0M | |
| Shares Out. (M) | 53.87 | 54.35 | 58.78 | 66.91 | 78.93 | 79.54 | 79.64 | 84.11 | 81.05 | 89.41 | 93.44 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $175.9M | $99.4M | $152.3M | $202.9M | $136.8M | $103.8M | $84.2M | $70.6M | $66.4M | $28.1M | $6.5M | |
| Short-Term Investments | $21.8M | $16.7M | $15.2M | $16.0M | $14.8M | $16.1M | $17.3M | $21.9M | $14.4M | $6.2M | $4.4M | |
| Total Current Assets | $230.1M | $137.5M | $319.6M | $237.6M | $173.3M | $138.3M | $139.8M | $148.0M | $85.7M | $46.7M | $19.6M | |
| Total Assets | $281.6M | $255.0M | $451.2M | $401.4M | $307.4M | $267.5M | $207.9M | $175.2M | $111.1M | $62.7M | $34.7M | |
| Total Current Liabilities | $76.4M | $73.9M | $196.7M | $121.8M | $45.5M | $79.9M | $41.3M | $39.6M | $33.0M | $36.6M | $32.8M | |
| Long-Term Debt | $1.1M | $2.4M | $2.0M | $14.1M | $14.2M | $11.5M | $38.9M | $30.6M | $22.2M | $13.7M | $9.4M | |
| Total Liabilities | $195.4M | $169.1M | $284.0M | $183.9M | $151.4M | $160.1M | $153.7M | $132.3M | $102.2M | $84.4M | $75.2M | |
| Stockholders' Equity | $86.2M | $86.0M | $167.2M | $217.4M | $156.0M | $107.4M | $54.2M | $51.9M | $8.8M | -$21.7M | -$40.5M | |
| Retained Earnings | -$103.6M | -$152.0M | -$134.8M | -$155.7M | -$220.5M | -$272.2M | -$330.3M | -$336.9M | -$386.4M | -$435.4M | -$455.0M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$36.9M | -$48.1M | -$32.5M | $34.9M | -$51.8M | -$58.5M | -$19.2M | -$32.6M | -$6.9M | -$32.6M | -$85.8M | |
| Capital Expenditure | -$9.4M | -$6.0M | -$1.4M | -$65.4M | -$11.3M | -$929.0K | -$1.1M | -$351.0K | -$391.0K | -$2.4M | -$342.3K | |
| Free Cash Flow | -$46.2M | -$54.1M | -$34.0M | -$30.5M | -$63.1M | -$59.4M | -$20.3M | -$32.9M | -$7.3M | -$34.9M | -$86.2M | |
| Investing Cash Flow | $60.5M | -$29.5M | $24.3M | -$62.1M | -$13.4M | -$917.0K | $1.9M | $20.6M | $9.2M | $20.6M | $18.1M | |
| Financing Cash Flow | -$602.0K | $915.0K | $61.2M | $77.8M | -$1.1M | $26.8M | -$1.8M | -$2.0M | -$6.0M | -$2.0M | $2.7M | |
| Issuance of Stock | $14.0K | $491.0K | $62.6M | $66.0M | $49.0K | $499.0K | $198.0K | $395.0K | $2.9M | $395.0K | $15.7M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$685.0K | $537.0K | -$1.3M | $11.9M | -$885.0K | $26.6M | -$2.0M | -$2.4M | -$8.9M | -$2.4M | -$20.5M | |
| Stock Based Comp. | $1.0M | $9.8M | $2.7M | $3.8M | $2.5M | $2.6M | $4.2M | $4.3M | $3.9M | $4.3M | $3.8M | |
| Net Change in Cash | $23.0M | -$76.5M | $52.9M | $50.6M | -$66.1M | -$33.0M | -$19.5M | -$13.6M | -$4.2M | -$13.6M | -$64.1M |
Dilution Tracker
Shares Outstanding
109M
5-Year Share Growth
+13.3%
Stock Issuance (TTM)
$15.7M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 53.87 | 54.35 | 58.78 | 66.91 | 78.93 | 79.54 | 79.64 | 84.11 | 81.05 | 89.41 | 93.44 | |
| Change vs Prior % | — | 0.9% | 8.1% | 13.8% | 18.0% | 0.8% | 0.1% | 5.6% | -3.6% | 10.3% | 4.5% | |
| Stock Issuance | $14.0K | $491.0K | $62.6M | $66.0M | $49.0K | $499.0K | $198.0K | $395.0K | $2.9M | $395.0K | $15.7M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.0M | $9.8M | $2.7M | $3.8M | $2.5M | $2.6M | $4.2M | $4.3M | $3.9M | $4.3M | $3.8M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 13.4% | -105.3% | 12.9% | 34.5% | 28.8% | -184.1% | 10.4% | 10.8% | 100.0% | 100.0% | 433.2% | |
| Operating Margin % | 13.5% | -122.5% | 6.4% | -39.2% | 1.5% | -394.9% | -99.6% | -24.4% | -408.6% | -1916.9% | -1119.6% | |
| Net Margin % | 22.5% | -148.3% | 3.8% | -30.1% | -91.7% | -436.0% | -100.7% | -14.6% | -392.0% | -1764.5% | -1069.2% | |
| EBITDA Margin % | 19.3% | -109.1% | 15.7% | 26.2% | 82.9% | -356.9% | -21.3% | -3.5% | -371.7% | -1566.1% | -1100.5% | |
| FCF Margin % | -82.3% | -165.8% | -42.5% | -44.2% | -90.4% | -490.3% | -35.2% | -63.4% | -57.7% | -1252.6% | -987.4% | |
| ROE % | 14.7% | -56.3% | 1.8% | -9.5% | -41.0% | -49.2% | -107.3% | -14.6% | -560.0% | 226.7% | 152.6% | |
| ROA % | 4.5% | -19.0% | 0.7% | -5.2% | -20.8% | -19.7% | -28.0% | -4.3% | -44.5% | -78.4% | -136.7% | |
| ROIC % | 3.6% | -21.9% | 2.0% | -9.6% | 0.4% | -21.9% | -34.1% | -8.8% | -59.4% | -153.3% | -380.7% | |
| R&D / Revenue % | 86.6% | 205.3% | 87.1% | 2.3% | 71.2% | 388.1% | 89.6% | 107.9% | 411.9% | 1565.1% | 953.8% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 213.6% | -41.9% | 144.8% | -13.7% | 1.2% | -82.6% | 376.2% | -10.0% | -75.7% | -77.9% | |
| Gross Profit | 162.8% | -556.3% | 130.1% | 130.4% | -15.7% | -211.1% | 127.0% | -6.5% | 124.6% | -77.9% | |
| Operating Income | 170.3% | -628.1% | 112.9% | -625.7% | 104.0% | -4532.3% | -20.1% | 77.9% | -307.1% | -3.6% | |
| Net Income | 288.5% | -482.8% | 106.3% | -780.8% | -208.2% | 17.5% | -10.0% | 87.0% | -553.5% | 0.6% | |
| EPS (Diluted) | 276.9% | -487.0% | 105.8% | -697.3% | 96.6% | -5328.6% | -28.1% | 87.7% | -577.8% | 13.1% | |
| Operating Cash Flow | -117.7% | -30.4% | 32.3% | 207.4% | -248.3% | -12.8% | 67.2% | -70.0% | 78.8% | -372.1% | |
| Free Cash Flow | -123.1% | -17.0% | 37.2% | 10.3% | -107.0% | 5.9% | 65.9% | -62.3% | 77.9% | -379.1% | |
| R&D Expense | 62.6% | 37.8% | 3.8% | -97.7% | 3014.5% | -5.4% | 9.9% | 8.4% | -7.2% | -16.1% | |
| SG&A Expense | 58.7% | 73.5% | 19.0% | 157.6% | -61.7% | 34.4% | -43.3% | -18.8% | 1.6% | -7.8% | |
| Total Assets | -8.0% | -9.4% | 76.9% | -11.0% | -23.4% | -13.0% | -22.3% | -15.7% | -36.6% | -43.6% | |
| Book Value / Share | 14.5% | -1.1% | 79.9% | 14.2% | -39.2% | -31.6% | -49.6% | -25.0% | -78.6% | -322.6% | |
| Debt | 41.9% | 10.1% | -22.9% | 314.0% | 1.9% | 131.8% | -4.5% | -5.6% | -22.3% | -27.2% | |
| Diluted Shares | 0.9% | 0.9% | 8.1% | 13.8% | 18.0% | 0.8% | 0.1% | 5.6% | -3.6% | 10.3% |
Valuation
P/E (TTM)At Loss
P/S134.64
10Y Low / Med / High3.79 / 5.57 / 47.79
P/B-2.91
10Y Low / Med / High1.69 / 3.19 / 16.30
EV/EBITDAAt Loss
10Y Low / Med / High2.53 / 12.82 / 12.93
EV/Revenue147.83
10Y Low / Med / High2.03 / 4.08 / 45.81
P/FCFAt Loss
Intrinsic Value Models (per share)
Cash / Share
$0.12
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | 24.98 | -5.66 | 101.65 | -18.52 | -318.71 | -7.04 | -4.77 | -28.15 | -2.91 | -2.81 | -2.46 | |
| P/S Ratio | 5.51 | 8.39 | 3.88 | 5.57 | 3.79 | 26.34 | 4.81 | 4.11 | 11.41 | 47.79 | 134.64 | |
| P/B Ratio | 3.59 | 3.19 | 1.85 | 1.77 | 1.69 | 2.97 | 5.12 | 4.11 | 16.30 | -6.14 | -2.91 | |
| EV/EBITDA | 12.82 | -5.07 | 12.93 | 11.05 | 2.53 | -6.00 | -19.16 | -99.16 | -2.32 | -2.92 | -2.95 | |
| EV/Revenue | 2.47 | 5.53 | 2.03 | 2.90 | 2.10 | 21.42 | 4.08 | 3.51 | 8.61 | 45.81 | 147.83 |
Analyst Estimates & Quality
Altman Z-Score
-22.41
Distress
Piotroski F-Score
4
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $52.3M | $62.5M | $111.5M |
| Net Income | -$7.7M | -$14.4M | $37.9M |
| EPS | $-0.09 | $-0.16 | $0.42 |
| # Analysts (EPS) | 1 | 1 | 1 |