IPHA

MKT CAP:$133M

Innate Pharma S.A.

Market Cap

$133M

Healthcare·Biotechnology·🇫🇷 France·NASDAQ

Healthcare·Biotechnology·🇫🇷·NASDAQ

Stock Price

$1.37-$0.45 (-24.73%)

Apr 23, 2026

Company Details

Innate Pharma S.A., a biotechnology company, discovers, develops, and commercializes therapeutic antibodies for the treatment of oncology indications in France and internationally. The company's products include Lacutamab (IPH4102), an anti...

CEO

Jonathan E. Dickinson

IPO Date

Oct 17, 2019

Website

www.innate-pharma.com

Key Metrics TTM

Revenue

$18M

-77.8% YoY

Net Income

-$115M

EPS (Diluted)

-$1.33

Free Cash Flow

-$72M

Revenue / Share

$0.20

Gross Margin

100.0%

Operating Margin

-681.5%

Net Margin

-638.9%

FCF Margin

-402.3%

P/S

7.4x

P/E

—

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Apr 1, 2026

$3M-77.9%EPS -$0.62

Q4 2025

Apr 1, 2026

-$2M-851.1%EPS -$0.33

Q2 2025

Sep 17, 2025

$6M-60.6%EPS -$0.29

FY 2024

Apr 30, 2025

$15M-75.7%EPS -$0.71

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 17	$25M	-$12M	-$21M
Q4 17	$27M	-$15M	-$25M
Q2 18	$27M	-$11M	-$17M
Q4 18	$83M	$39M	$23M
Q2 19	$60M	$39M	$7M
Q4 19	$20M	$14M	-$48M
Q2 20	$43M	$6M	-$10M
Q4 20	$32M	$26M	-$20M
Q2 21	$11M	-$2M	-$31M
Q4 22	$10M	-$6M	-$34M
Q2 23	$41M	$23M	-$6M
Q4 23	$19M	-$4M	-$9M
Q2 24	$14M	-$20M	-$31M
Q4 24	$322.7K	$34M	-$30M
Q2 25	$6M	-$18M	-$30M
Q4 25	-$2M	$22M	-$33M

Valuation

Quarter	P/S	P/E
Q2 17	3.2x	—
Q4 17	3.2x	—
Q2 18	3.1x	—
Q4 18	2.5x	—
Q2 19	2.1x	—
Q4 19	2.2x	—
Q2 20	2.4x	—
Q4 20	164.5x	—
Q2 21	2.6x	—
Q4 22	2.8x	—
Q2 23	2.6x	—
Q4 23	2.9x	—
Q2 24	2.0x	—
Q4 24	2.1x	—
Q2 25	3.7x	—
Q4 25	8.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 17	-$27M	-$29M
Q4 17	-$29M	-$31M
Q2 18	-$40M	-$40M
Q4 18	$2M	$1M
Q2 19	$71M	-$5M
Q4 19	-$29M	-$29M
Q2 20	-$67M	-$79M
Q4 20	$7M	$6M
Q2 21	-$37M	-$37M
Q4 22	-$24M	-$24M
Q2 23	-$13M	-$14M
Q4 23	-$25M	-$25M
Q2 24	$4M	$3M
Q4 24	-$12M	-$12M
Q2 25	-$36M	-$37M
Q4 25	-$27M	-$27M

Capital Expenditures

Quarter	CapEx
Q2 17	$2M
Q4 17	$2M
Q2 18	$828.9K
Q4 18	$191.7K
Q2 19	$76M
Q4 19	$634.9K
Q2 20	$12M
Q4 20	$2M
Q2 21	$392.8K
Q4 22	$820.8K
Q2 23	$364.8K
Q4 23	$49.1K
Q2 24	$330.9K
Q4 24	$126.3K
Q2 25	$67.8K
Q4 25	$99.4K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 17	+358.5%	+155.2%
Q4 17	+11.0%	+117.8%
Q2 18	+11.2%	+60.5%
Q4 18	+57.6%	+47.4%
Q2 19	+142.5%	+16.1%
Q4 19	-23.6%	+32.2%
Q2 20	+59.8%	+19.0%
Q4 20	-62.0%	-12.8%
Q2 21	-81.9%	-21.8%
Q4 22	-52.2%	-36.9%
Q2 23	-3.8%	-10.0%
Q4 23	-38.7%	-46.0%
Q2 24	+32.5%	+7.7%
Q4 24	-96.7%	-31.2%
Q2 25	-86.2%	-25.4%
Q4 25	-112.5%	+8.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 17	$6M	24.3%
Q4 17	$6M	21.1%
Q2 18	$1M	4.6%
Q4 18	$2M	2.3%
Q2 19	$1M	1.9%
Q4 19	$1M	5.3%
Q2 20	$481.7K	1.1%
Q4 20	$965.2K	3.1%
Q2 21	$498.7K	4.6%
Q4 22	$966.3K	9.9%
Q2 23	$819.0K	2.0%
Q4 23	$3M	17.2%
Q2 24	$2M	13.8%
Q4 24	$3M	810.9%
Q2 25	$2M	32.0%
Q4 25	$0	—

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 17	$37M	$9M	$236.2K
Q4 17	$41M	$29M	$996.1K
Q2 18	$38M	$6M	$249.0K
Q4 18	$44M	$6M	$217.5K
Q2 19	$35M	$10M	$151.4K
Q4 19	$39M	$19M	$160.8K
Q2 20	$37M	$16M	$847.7K
Q4 20	$25M	$19M	$192.3K
Q2 21	$24M	$7M	$67.2K
Q4 22	$29M	$6M	$90.6K
Q2 23	$33M	$5M	$83.0K
Q4 23	$29M	$10M	$203.4K
Q2 24	$34M	$11M	$191.7K
Q4 24	$27M	$3M	—
Q2 25	$24M	$11M	$182.4K
Q4 25	$27M	$2M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 18	$93M	$20M	$113M
Q4 18	$178M	$18M	$196M
Q2 19	$175M	$18M	$193M
Q4 19	$237M	$19M	$256M
Q2 20	$154M	$19M	$173M
Q4 20	$160M	$17M	$177M
Q2 21	$122M	$18M	$140M
Q4 21	$121M	$19M	$140M
Q2 22	$120M	$24M	$144M
Q4 22	$98M	$20M	$119M
Q2 23	$83M	$20M	$104M
Q4 23	$83M	$26M	$108M
Q2 24	$82M	$25M	$107M
Q4 24	$78M	$17M	$94M
Q2 25	$63M	$7M	$70M
Q4 25	$33M	$7M	$40M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 17	54M	-2.5%	+0.6%
Q4 17	55M	+1.5%	+2.1%
Q2 18	58M	+5.2%	+7.0%
Q4 18	60M	+4.1%	+8.4%
Q2 19	65M	+9.0%	+21.1%
Q4 19	66M	+0.6%	+20.1%
Q2 20	79M	+20.0%	+37.0%
Q4 20	79M	+0.1%	+31.7%
Q2 21	79M	+0.1%	+20.9%
Q4 22	80M	+1.5%	+22.0%
Q2 23	84M	+4.5%	+6.2%
Q4 23	81M	-3.8%	+2.1%
Q2 24	81M	+0.4%	+2.4%
Q4 24	81M	+0.2%	+1.1%
Q2 25	87M	+7.3%	+3.8%
Q4 25	91M	+5.1%	+13.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 17	—	—
Q4 17	—	—
Q2 18	—	—
Q4 18	—	—
Q2 19	—	—
Q4 19	$86.5K	235
Q2 20	$182.8K	235
Q4 20	$128.8K	245
Q2 21	$44.5K	245
Q4 22	$46.0K	211
Q2 23	$195.8K	211
Q4 23	$108.1K	179
Q2 24	$80.6K	179
Q4 24	$1.8K	181
Q2 25	$31.4K	181
Q4 25	-$12	200K

Revenue / Employee