Innate Pharma S.A. (IPHA) AI Stock Analysis

Innate Pharma S.A. is a commercial-stage and clinical-stage biotechnology company based in Marseille, France, specializing in the discovery, development, and commercialization of therapeutic antibodies primarily for treating oncology indications worldwide. Its pipeline includes Lacutamab (IPH4102), an anti-KIR3DL2 antibody in Phase II trials for cutaneous and peripheral T-cell lymphoma, and Monalizumab, an immune checkpoint inhibitor in Phase III trials for advanced solid tumors. It is also testing Avdoralimab (IPH5401) in Phase II for inflammatory diseases, alongside early-stage candidates IPH5201 and IPH5301. The company has forged strategic partnerships with AstraZeneca, Novo Nordisk A/S, Sanofi, and Orega Biotech.

Innate Pharma experienced significant top-line volatility, with revenue dropping from $57.7M in FY2022 to $12.6M in FY2024 and $2.8M in FY2025, translating to a 5-year revenue CAGR of -47.5%. Operating margin stood at -1916.9% in FY2025 alongside a net loss of -$49.2M, driven partly by $43.6M in research and development expenses. Over the trailing twelve months, revenue reached $9.8M with an operating margin of -335.7% and EPS of -$0.59. For the latest quarter ended June 30, 2026, quarterly revenue grew 16.5% year-over-year, while quarterly earnings growth dropped 74.7%.

As of June 30, 2026, Innate Pharma held $10.9M in cash and short-term investments against total debt of $20.2M, resulting in net debt of $9.3M. Total assets stood at $34.7M, while shareholders' equity was -$40.5M and the current ratio was 0.60. The company generated operating cash flow of -$32.6M and free cash flow of -$34.9M in FY2025, alongside capital expenditures of $2.4M. Its share count expanded by 18.0% over five years.

With a market cap of $159.7M and an enterprise value of $205.5M, Innate Pharma trades at a price-to-sales ratio of 16.3x and an EV-to-revenue ratio of 42.4x. Its price-to-sales multiple trades above the 4.1x median of its US-listed Healthcare peers. The company has a price-to-book ratio of 20.1x. Over the past year, IPHA shares fell 33.2%, compared to a 16.8% gain for the S&P 500 (SPY). Over five years, the stock dropped 75.6%, while SPY rose 83.0%.

All 3 covering analysts rate Innate Pharma as a Strong Buy, with a mean price target of $6.67 compared to the last close of $1.43, representing an implied upside of 366.2%. For the fiscal year ending December 31, 2026, consensus estimates project an EPS of -$0.18 on revenue of $44.2M. For FY2027, 2 analysts project revenue of $107.4M and an EPS of -$0.47. Over the last four quarters, the company beat EPS estimates 3 times.

This page is an AI-written research summary of Innate Pharma S.A. (IPHA). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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