IPHA · NASDAQ · Biotechnology

Innate Pharma (ADR) (IPHA)

Develops innate-immunity-based antibody therapies for cancer alongside AstraZeneca and Sanofi collaborations.

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Innate Pharma S.A.IPHA
Health Care

Develops antibody-based cancer therapies through monoclonal antibodies, ANKET NK-cell engagers, and ADCs. Its lead assets include lacutamab, IPH4502, and AstraZeneca-partnered monalizumab, while collaborations with Sanofi and AstraZeneca shape clinical development.

Develops antibody-based cancer therapies rooted in innate-immune biology and natural-killer-cell engagement. Its clinical portfolio spans monoclonal antibodies, ANKET multispecific NK-cell engagers, and antibody-drug conjugates, following an earlier anti-KIR focus.

Lacutamab, IPH4502, and AstraZeneca-partnered monalizumab are the cited lead assets. Clinical programs cover T-cell lymphomas, solid tumors, and non-small-cell lung cancer; Sanofi and AstraZeneca collaborations form a core part of the development model.

Operations are based in Marseille, with a U.S. office in Rockville, Maryland. The business depends on advancing ongoing proprietary clinical programs and partner-led development, licensing, and commercialization arrangements.

Company facts

CEOJonathan Dickinson
ListedOct 17, 2019
ExchangeNASDAQ
HeadquartersMarseille, France
CountryFrance
Employees174
CIK0001598599
ISINUS45781K2042

Market cap$169.0M
EPS (ttm)−$0.5821
P/E (ttm)−3.09
ROE
P/B
P/S136.62
Dividend yieldDiv yield
Beta1.52vs XLV 0.10

Price target$7.00+288.9%Average of 6 analysts
ConsensusBuy4 of 6 analysts
Ratings

Target rangeAs of Sep 22, 2026

Latest analyst notes

DateFirmActionPriorCurrent
Aug 12, 2026BTIGReiterate
Rating: Target:
Rating: BuyTarget: $9
Aug 11, 2026CitigroupUpgrade
Rating: Buy
Rating: Outperform
Aug 11, 2026Leerink PartnersTarget
Target: $2
Target: $4
Aug 10, 2026H.C. WainwrightReiterate
Rating: Target: $5
Rating: BuyTarget: $7
Oct 29, 2025H.C. WainwrightTarget
Target:
Target: $5

EPSReportedEstimate

Sep '23May '24Nov '24May '25Sep '25Nov '25May '26Sep '26
Reported$0.02−$0.13−$0.34−$0.35−$0.29−$0.30−$0.35−$0.24
Estimate$0.09−$0.44−$0.30−$0.27−$0.14−$0.33−$0.35−$0.29
Surprise−75.2%+70.1%−14.0%−29.5%−106.5%+9.8%+0.8%+18.1%

RevenueReportedEstimate

Sep '23May '24Nov '24May '25Sep '25Nov '25May '26Sep '26
Reported$42.9M$23.2M$13.6M$8.7M$5.7M$5.8M$4.8M$6.5M
Estimate$68.6M$18.2M$13.3M$18.2M$2.0M$2.3M$5.7M$6.4M
Surprise−37.5%+28.0%+2.5%−52.5%+192.0%+148.2%−16.1%+2.4%
Estimate−$0.29
Reported−$0.24+18.1%
Estimate$6.4M
Reported$6.5M+2.4%
View details

Current ratio59.70%

ProfitabilityRevenueNet incomeNet margin

Q4 FY22Q2 FY23Q4 FY23Q2 FY24Q4 FY24Q2 FY25Q4 FY25Q2 FY26
Revenue$9.5M$40.3M$18.9M$14.1M$314.6K$5.5M−$2.4M$3.6M
Net income−$73.4M$2.0M−$10.6M−$28.2M−$28.2M−$24.3M−$31.5M−$22.7M
Net margin0.0%4.9%0.0%0.0%0.0%0.0%0.0%

GrowthOperating income

Q4 FY22Q2 FY23Q4 FY23Q2 FY24Q4 FY24Q2 FY25Q4 FY25Q2 FY26
Operating income−$32.8M−$6.0M−$8.5M−$30.0M−$28.8M−$29.0M−$31.9M−$24.9M
YoY growthLoss narrowedTurned lossLoss narrowedLoss widenedLoss widenedLoss narrowedLoss widenedLoss narrowed

Balance sheet, Jun 30, 2026Cash & short-term investments $12.4M · Total debt $23.0M · Total assets $39.6M · Shareholders' equity −$46.1M

Revenue
$3.6M
Operating income
−$24.9M
Net income
−$22.7M

Reported in EUR, converted at the latest exchange rate

View details

No dividends on record.

Institutions0.20%192.4K ADS
10 holders · as of Jun 30, 2026
Insiders16.68%15.66M ADS
2 holders · as of May 7, 2025
Other83.12%78.05M ADS
remainder

93.90M ADS as of Sep 7, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing

The share count is from the company's Dec 2022 annual report; nothing newer is on file here.

Top shareholders13F · 13D/G · Form 4

HolderStakeSharesDate
SanofiInsider
8.89%8.35Mfiled Apr 29, 2025
Caisse des depots et consignationsInsider
7.79%7.32Mfiled May 7, 2025
Lion Point Capital, LPInstitution
0.09%81,151 ADSas of Jun 30, 2026
Morgan StanleyInstitution
0.05%43,524 ADSas of Jun 30, 2026
Smartharvest Portfolios, LLCInstitution
0.03%23,750 ADSas of Jun 30, 2026

Insider tradesForm 4

Nothing filed in the last 12 months.

View details

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Compare

CompanyPriceChange
Innate Pharma (ADR)$1.800.00%$169.0M136.6+12.9%
Pfizer$28.01+0.27%$159.19B36.910.02.5+2.6%
Eli Lilly$1,155.26−1.27%$1.10T39.328.213.8+47.7%
Corbus Pharmaceuticals$7.89+0.13%$145.9M
Median38.119.18.2+25.1%