olivLaw · European equity research
INNATE PHARMA IPH.PA
France · Euronext Paris · ISIN FR0010331421 · Vertical: Listed companies from France
Innate Pharma is a French biopharmaceutical company developing monoclonal antibodies for immunotherapy in oncology and other inflammatory conditions. The company relies heavily on licences and collaboration agreements to fund its development programmes, which makes managing contractual obligations and intellectual property rights essential.
At the close of 05 Nov 2026, INNATE PHARMA (IPH.PA) stock was 1.25 EUR (−0.16% on the day), with market capitalisation 101.5 m EUR, beta 0.84, 52-week range 1.06–2.19 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 40.4
- weak (30–45)
- Bollinger (20, 2)
- 1.21 – 1.35
- in the lower half of the band · %B 0.32 · band width 11.3%
- SMA 50 / 200
- 1.44 / 1.47
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.3% | −0.6% | −4.6 pp | — |
| 3 months | −17.7% | −4.2% | −13.6 pp | — |
| 6 months | −0.5% | +4.3% | −4.8 pp | — |
| Year to date | −21.8% | +7.5% | −29.4 pp | — |
| 1 year | −20.2% | +9.9% | −30.1 pp | −6.8% |
| 3 years | −46.7% | +49.8% | −96.6 pp | −15.9% |
| 5 years | −74.0% | +42.8% | −116.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 57.7 m | 61.6 m | 20.1 m |
| Revenue YoY | unavailable | +6.9% | −67.4% |
| Net income | -58.1 m | -7.6 m | -49.5 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.73 | -0.09 | -0.61 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -100.7% | -12.3% | -245.9% |
| Free cash flow | -19.7 m | -32.9 m | -7.3 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 66.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 8.8 m EUR
- Total assets
- 111.1 m EUR
- Debt / equity
- unavailable
- Current ratio
- 2.60x
- ROE
- -162.9%
- ROA
- -34.6%
- FCF margin
- -36.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 57.7 m | 61.6 m | 20.1 m | esef· 07 May 2025verified |
| Research & development | 51.7 m | 56.0 m | 52.0 m | esef· 07 May 2025verified |
| Operating income | -57.4 m | -12.7 m | -51.6 m | esef· 07 May 2025verified |
| Interest expense | 5.3 m | 1.8 m | 4.0 m | esef· 07 May 2025verified |
| Pre-tax income | -58.0 m | -7.6 m | -49.5 m | esef· 07 May 2025verified |
| Income tax | 0 | 0 | 0 | esef· 07 May 2025verified |
| Net income | -58.1 m | -7.6 m | -49.5 m | esef· 07 May 2025verified |
| Diluted EPS | -0.73 | -0.09 | -0.61 | esef· 07 May 2025verified |
| Weighted average diluted shares | 79.6 m | 80.5 m | 81.1 m | esef· 07 May 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 84.2 m | 70.6 m | 66.4 m | esef· 07 May 2025verified |
| Receivables | 38.3 m | 55.6 m | 5.0 m | esef· 07 May 2025verified |
| Current assets | 139.8 m | 148.0 m | 85.7 m | esef· 07 May 2025verified |
| Intangibles (excl. goodwill) | 1.6 m | 416.0 k | 0 | esef· 07 May 2025verified |
| Total assets | 207.9 m | 175.2 m | 111.1 m | esef· 07 May 2025verified |
| Accounts payable | 20.9 m | 17.0 m | 16.0 m | esef· 07 May 2025verified |
| Current liabilities | 41.3 m | 39.6 m | 33.0 m | esef· 07 May 2025verified |
| Equity | 54.2 m | 51.9 m | 8.8 m | esef· 07 May 2025verified |
| Shares outstanding at year end | 79.6 m | 84.1 m | 81.1 m | esef· 07 May 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -19.2 m | -32.6 m | -6.9 m | esef· 07 May 2025verified |
| Capex | 535.0 k | 351.0 k | 391.0 k | esef· 07 May 2025verified |
| Free cash flow | -19.7 m ≈ | -32.9 m ≈ | -7.3 m ≈ | esef· 07 May 2025derived |
| Investing cash flow | 1.9 m | 20.6 m | 9.2 m | esef· 07 May 2025verified |
| Financing cash flow | -1.8 m | -2.0 m | -6.0 m | esef· 07 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 101.5 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -245.9% | 10 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -13.0x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -7.2% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial10/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INNATE PHARMA (IPH.PA). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 20.1 m EUR in 2024; YoY growth -67.4%; net margin -245.9%; ROE -162.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.6x
What contradicts it
- Net margin: -245.9%
- Interest coverage: -13.0x
- FCF yield: -7.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| IPH.PAInnate Pharma | 101.5 m | — | -162.9% | -245.9% | −67.4% | −28% / −46% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for IPH.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Innate Pharma is a French biopharmaceutical company developing monoclonal antibodies for immunotherapy in oncology and other inflammatory conditions. The company relies heavily on licences and collaboration agreements to fund its development programmes, which makes managing contractual obligations and intellectual property rights essential.
SWOT
Strengths
- A portfolio of candidates based on original immunological mechanisms and experience in antibody development.
- Partnerships with large pharmaceutical companies that can bring funding and clinical capacity.
- Technologies and know-how protected partly by patents and trade secrets.
Weaknesses
Opportunities
- Expanding partnerships for programmes at early clinical stages.
- Continued industry interest in therapies that activate innate immunity.
- Monetising technologies through new licences if the patent portfolio remains solid.
Risks
- Termination of the Novo Nordisk licencehigh
Failure to meet development, payment or reporting obligations could lead to termination of the agreement, with loss of rights to the lead candidate 1.
- Intellectual property litigationhigh
Third parties may allege infringement, which could generate high costs, licensing obligations or the halting of programmes 1.
- Joint-ownership claimsmedium
Claims over patent rights could narrow the scope of the company's rights if not resolved favourably 1.
- Changes to patent lawmedium
Legislative or case-law changes could create uncertainty over the validity and enforcement of patents 1.
- Protection of trade secretslow
If confidential information is disclosed or developed independently by third parties, the competitive position could be seriously affected 1.
Investment thesis
What would need to be true (bull case)
- If clinical programmes advance favourably, existing partnerships could become a solid source of value for the company.
- Industry interest in innate immunotherapy could facilitate new licences and collaborations.
- The technology portfolio and know-how could provide a base for expanding the business.
What would break the thesis
- If the licence with the main partner is terminated, the company could lose access to its most important programme.
- Limited resources could make it difficult to sustain costly patent litigation 1.
- Clinical failures could reduce partner interest and limit financing options.
What to watch
- Development of the Novo Nordisk licence agreement and compliance with contractual obligations2025
- Clinical study results for programmes in development2025
- New partnerships or licences signed for candidate medicines2025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Innate Pharma focuses on discovering and clinically developing monoclonal antibody candidates that target innate immunity mechanisms. Its lead candidate, monalizumab, is developed and commercialised under a licence agreement with Novo Nordisk A/S, which makes the contractual relationship with this partner decisive for the company's strategy 1. The company operates with limited financial and human resources, which amplifies risks linked to intellectual property and contract enforcement 1.
Segments
Oncology candidates
Oncology programmes rely on antibodies that modulate innate immune cells in the tumour microenvironment. The value of this segment depends on clinical progress and on licensing agreements with larger pharmaceutical partners.
Licence and collaboration agreements
Revenue and access to technology rest on licences, development payments, royalties and milestone payments. Failure to meet obligations can lead to termination of agreements and loss of essential rights 1.
Market context
The market for monoclonal antibodies in immunotherapy is dominated by large pharmaceutical companies with extensive clinical and commercial capabilities. The company could benefit from collaborations with such players, but competition for licences and technology rights is intense 1.
Trends
- Patent protection under pressureheadwind
Changes to US patent legislation and recent Supreme Court case law could weaken patent protection, which could make defending the company's portfolio more difficult 1.
- Interest in immunotherapytailwind
Development of therapies that activate innate immunity remains an area of high industry interest, which may facilitate partnership agreements.
- Government funding with attached rightsmixed
When technologies are developed with public funding, the government may retain rights of use and step-in, which could limit the company's exclusivity 1.
- Intellectual property disputesmixed
Disputes over patent rights, including joint-ownership claims, can increase costs and delay programmes, but can also clarify rights over the technology 1.
Competitive position
Competition comes from larger biotechnology and pharmaceutical companies with superior capital, clinical and commercial capabilities. These companies can win the licences the company seeks and may have an advantage in obtaining technology rights 1.
- Large pharmaceutical companies with immunotherapy programmes
Competitors with greater financial and clinical resources that can compete for the same licences and partnerships 1.
- Biotechnology companies focused on oncology immunotherapy
Antibody developers with similar mechanisms competing for clinical data and partners.
- Universities and academic institutions
They may hold rights to technology arising from collaborations and can license it to third parties 1.
- Other parties claiming patent ownership
Ownership claims over certain patents have already led to arbitration and may resurface 1.
News & filings
In the press
- Innate Pharma (IPHA) Closes Sobi Deal. Can the New Funding Keep Drug Trials on Track?Yahoo Finance — News · 23 Sept 2026 · EN
- Innate Pharma (IPHA) Q2 2026 Earnings Call TranscriptYahoo Finance — News · 18 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202407 May 2025
- Annual report 202310 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / INNATE PHARMA · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.