Healthcare · Biotechnology
Price
$1.79
Market Cap
$168.1M
Employees
181
Beta
0.89
Avg Volume
73,625
CEO
Jonathan E. Dickinson
Business Description
Innate Pharma S.A. is a biotechnology firm, founded in 1999 and headquartered in Marseille, France, that specializes in the discovery, development, and market introduction of therapeutic antibodies. The company primarily targets oncology indications across France and internationally, with some programs also addressing inflammatory diseases and viral infections. Its clinical-stage pipeline features several key assets: Lacutamab (IPH4102): An anti-KIR3DL2 antibody undergoing Phase II trials for cutaneous T-cell and peripheral T-cell lymphoma, and also for refractory Sézary syndrome. Monalizumab: An immune checkpoint inhibitor currently in Phase III clinical trials for various advanced solid tumors, including colorectal, lung, and head and neck cancers. Avdoralimab (IPH5401): A monoclonal antibody designed to block C5a binding to C5aR1, which is in Phase II development for COVID-19, bullous pemphigoid, chronic spontaneous urticaria, and other inflammatory conditions. IPH5201: A blocking antibody in Phase I trials, focused on the CD39 immunosuppressive pathway. IPH5301: An anti-CD73 antibody developed to enhance anti-tumor immunity by targeting the immunosuppressive adenosine pathway. IPH6101: An NKp46-based NK cell engager being evaluated for the generation of up to two bispecific NK cell engagers. Innate Pharma also maintains an active preclinical pipeline, including IPH43 (an anti-MICA/B antibody drug conjugate), an Anti-Siglec-9 antibody program, IPH65 (a proprietary tetraspecific antibody), IPH25 (a checkpoint inhibitor), and the IPH62 and IPH64 programs. The company has established strategic licensing and collaboration agreements with major industry players such as AstraZeneca, Novo Nordisk A/S, Sanofi, and Orega Biotech, alongside a co-development and license agreement with MedImmune Limited.
Business History
Price Overview
Last updated: Jun 27, 2026 10:02am (just now)$1.79
+0.00 (+0.00%)
Day Range
$1.76 – $1.91
52-Week Range
$1.17 – $2.63
50-Day MA
$1.69
200-Day MA
$1.75
Volume
10,509.00
Analyst Price Targets
Low
$2.00
Consensus
$3.50
High
$5.00
(2 analysts)
Share Structure
Outstanding
93,903,284.00
Float
70,544,181.00
Free Float
75.1%
Normal free float
— 75.1% of shares trade freely, ~24.9% held by insiders/institutions
Healthy float typical of established companies. Good liquidity for entering and exiting positions without major price impact.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-3.38
Stock Price: $1.79
EPS (Diluted): -0.53
EPS (Diluted): -0.53
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
-6.14
Stock Price: $1.79
Total Equity: -$21.69M
Shares: 89,415,000
Total Equity: -$21.69M
Shares: 89,415,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-2.55
Market Cap: $168.09M
Total Debt: $22.19M
Cash: $28.08M
EBITDA: -$43.65M
Total Debt: $22.19M
Cash: $28.08M
EBITDA: -$43.65M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$127.7M
Market Cap: $168.09M
Total Debt: $22.19M
Cash: $28.08M
Total Debt: $22.19M
Cash: $28.08M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
47.79
Stock Price: $1.79
Revenue: $2.79M
Shares: 89,415,000
Revenue: $2.79M
Shares: 89,415,000
EV/Sales (Total value vs revenue — works when P/E can't)
API45.81
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
100.0%
Gross Profit: $2.79M
Revenue: $2.79M
Revenue: $2.79M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
-1,916.9%
Operating Income: -$53.43M
Revenue: $2.79M
Revenue: $2.79M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
-1,764.5%
Net Income: -$49.18M
Revenue: $2.79M
Revenue: $2.79M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
593.9%
Net Income: -$49.18M
Total Equity: -$21.69M
Total Equity: -$21.69M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
-155.5%
Operating Income: -$53.43M
Tax Rate: 0.0%
Equity: -$21.69M
Total Debt: $22.19M
Cash: $28.08M
Tax Rate: 0.0%
Equity: -$21.69M
Total Debt: $22.19M
Cash: $28.08M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.27
Current Assets: $46.69M
Current Liabilities: $36.63M
Current Liabilities: $36.63M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
-1.02
Short-Term Debt: $8.52M
Long-Term Debt: $13.67M
Total Debt: $22.19M
Total Equity: -$21.69M
Long-Term Debt: $13.67M
Total Debt: $22.19M
Total Equity: -$21.69M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$0.03
Revenue: $2.79M
Shares: 89,415,000
Shares: 89,415,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$-0.24
Total Equity: -$21.69M
Shares: 89,415,000
Shares: 89,415,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-0.57
Operating CF: -$50.67M
CapEx: -$134,474
Shares: 89,415,000
CapEx: -$134,474
Shares: 89,415,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $1.79
Stock Price: $1.79
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$49.18M
Net Income: -$49.18M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares IPHA against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 24, 2026 2:35pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $12.1M | $57.7M | $51.9M | $12.6M | $2.8M |
| Cost of Revenue | $47.0M | $51.7M | $56.0M | $52.0M | $0 |
| Gross Profit | -$22.3M | $6.0M | $5.6M | $12.6M | $2.8M |
| Operating Expenses | $25.5M | $63.4M | $18.3M | $64.2M | $56.2M |
| Operating Income | -$47.8M | -$57.4M | -$12.7M | -$51.6M | -$53.4M |
| Net Income | -$52.8M | -$58.1M | -$7.6M | -$49.5M | -$49.2M |
| EBITDA | -$43.2M | -$12.3M | -$1.8M | -$46.9M | -$43.6M |
| EPS | $-0.57 | $-0.73 | $-0.09 | $-0.61 | $-0.53 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 24, 2026 2:35pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $103.8M | $84.2M | $70.6M | $66.4M | $28.1M |
| Total Current Assets | $138.3M | $139.8M | $148.0M | $85.7M | $46.7M |
| Total Assets | $267.5M | $207.9M | $175.2M | $111.1M | $62.7M |
| Current Liabilities | $79.9M | $41.3M | $39.6M | $33.0M | $36.6M |
| Long-Term Debt | $11.5M | $38.9M | $30.6M | $22.2M | $13.7M |
| Total Liabilities | $160.1M | $153.7M | $132.3M | $102.2M | $84.4M |
| Total Equity | $107.4M | $54.2M | $51.9M | $8.8M | -$21.7M |
| Retained Earnings | -$272.2M | -$330.3M | -$336.9M | -$386.4M | -$435.4M |
Cash Flow (Annual)
Last updated: Jun 24, 2026 2:35pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$58.5M | -$19.2M | -$32.6M | -$6.9M | -$50.7M |
| Capital Expenditure | -$1.3M | -$1.1M | -$2.4M | $-391,000 | $-134,474 |
| Free Cash Flow | -$59.8M | -$20.3M | -$34.9M | -$7.3M | -$50.8M |
| Acquisitions (net) | $7,000 | $0 | $0 | $0 | $4,802 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$33.0M | -$19.5M | -$13.6M | -$4.2M | -$30.4M |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 8:57am (1h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$63.8M $40.8M – $86.8M
|
$40.7M $11.0M – $124.4M
|
$190.0M $51.3M – $581.6M
|
$346.6M $93.5M – $1.1B
|
| EBITDA |
-$41.5M -$56.4M – -$26.5M
|
-$26.4M -$80.8M – -$7.1M
|
-$123.5M -$377.8M – -$33.3M
|
-$225.2M -$689.1M – -$60.8M
|
| Net Income |
$3.8M $2.9M – $4.8M
|
-$36.4M -$134.0M – -$1.8M
|
$30.2M $1.5M – $111.2M
|
$97.3M $4.9M – $358.0M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 24, 2026 2:35pm (2d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +376.2% | -10.0% | -75.7% | -77.9% |
| Gross Profit Growth | +127.0% | -6.5% | +124.6% | -77.9% |
| Operating Income Growth | -20.1% | +77.9% | -307.1% | -3.6% |
| Net Income Growth | -10.0% | +87.0% | -553.5% | +0.6% |
| EBITDA Growth | +71.6% | +85.0% | -2,450.9% | +7.0% |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for IPHA — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30