Innate Pharma S.A. (IPHA) Balance Sheet

NASDAQ: IPHAAssets, liabilities, debt and equity over 10 years.

IPHA balance sheet, 2025

December 31, 2025 · euros

€62.7M assets = €84.4M liabilities + −€21.7M equity

What it owns€62.7MCash & ST investments: €34.3M (54.7%)Cash & ST investments€34.3M · 55%Receivables: €7.6M (12.1%)Receivables €7.6MOther current: €4.8M (7.6%)PP&E: €4.4M (6.9%)LT investments: €10.5M (16.7%)LT investments€10.5M · 17%Other non-current: €1.2M (1.9%)=How it is financed€84.4MCurrent liabilities: €36.6M (43.4%)Current liabilities€36.6M · 43%Long-term debt: €13.7M (16.2%)Long-term debt€13.7M · 16%Other LT liabilities: €34.1M (40.4%)Other LT liabilities€34.1M · 40%

Liabilities exceed assets: shareholders’ equity is negative (−€21.7M).

Both columns are drawn to the same scale: what IPHA owns equals what it owes plus shareholders’ equity. Hover a block for its value.

IPHA financial health

Current ratio1.27
Adequate · current assets cover current liabilities 1.27×
Equity / assets−34.6%
Thin equity · of assets funded by shareholders
Cash / debt152.0%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

IPHA balance sheet trends, 2016–2025

MetricTrendThenLatestChange
Total assets€281.6M2016€62.7M2025−15.4%/yr
Total liabilities€195.4M2016€84.4M2025−8.9%/yr
Shareholders’ equity€86.2M2016−€21.7M2025—
Cash & short-term investments€197.7M2016€34.3M2025−17.7%/yr
Total debt€5.3M2016€22.6M2025+17.4%/yr
Net cash (debt)€192.4M2016€11.7M2025−€180.6M
Working capital€153.6M2016€10.1M2025−€143.6M
Current ratio3.0120161.272025−1.74
Debt / equity0.0620163.512024+3.45
Shares outstanding53.9M201689.4M2025+5.8%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

IPHA assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

IPHA liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

IPHA debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

IPHA balance sheet in euros

2025202420232022202120202019201820172016
Assets
Cash & short-term investments€34.3M€80.8M€92.5M€101.5M€119.8M€151.6M€218.9M€167.5M€116.1M€197.7M
Cash & equivalents€28.1M€66.4M€70.6M€84.2M€103.8M€136.8M€202.9M€152.3M€99.4M€175.9M
Short-term investments€6.2M€14.4M€21.9M€17.3M€16.1M€14.8M€16.0M€15.2M€16.7M€21.8M
Receivables€7.6M€1.6M€46.5M€3.1M€1.7M€11.3M€2.8M€146.6M€15.1M€25.6M
Inventory€0€0−€3.4M−€2,000−€4.9M€3.3M€5.6M€1€6.3M€513,000
Other current assets€4.8M€3.3M€12.4M€35.2M€21.7M€7.1M€10.3M€5.5M€0€6.3M
Total current assets€46.7M€85.7M€148.0M€139.8M€138.3M€173.3M€237.6M€319.6M€137.5M€230.1M
Property, plant & equipment (net)€4.4M€5.1M€6.3M€8.5M€10.2M€11.7M€11.7M€10.2M€10.7M€9.1M
Goodwill & intangible assets€0€0€416,000€1.6M€44.2M€46.3M€97.0M€84.5M€46.2M€9.1M
Long-term investments€10.5M€10.3M€9.8M€35.1M€39.9M€38.9M€37.0M€35.2M€60.5M€33.0M
Other non-current assets€1.2M€9.9M€10.6M€22.8M€35.0M€37.2M€18.1M€1.6M€112,000€355,000
Total assets€62.7M€111.1M€175.2M€207.9M€267.5M€307.4M€401.4M€451.2M€255.0M€281.6M
Liabilities
Accounts payable€15.0M€7.9M€8.6M€13.7M€14.7M€20.7M€27.9M€28.6M€20.0M€15.6M
Short-term debt€8.8M€8.7M€8.9M€2.1M€30.7M€2.1M€2.1M€1.3M€1.3M€1.3M
Deferred revenue€2.8M€616,000€5.9M€6.6M€12.5M€12.5M€48.8M€82.1M€47.9M€54.9M
Total current liabilities€36.6M€33.0M€39.6M€41.3M€79.9M€45.5M€121.8M€196.7M€73.9M€76.4M
Long-term debt€13.7M€22.2M€30.6M€38.9M€13.5M€16.9M€0€0€0€0
Lease obligations€384,000€375,000€835,000€2.1M€2.8M€3.5M€3.1M€2.1M€3.0M€3.9M
Other long-term liabilities€34.1M€47.1M€53.0M€73.4M€66.7M€87.8M€62.1M€87.2M€95.2M€119.0M
Total liabilities€84.4M€102.2M€132.3M€153.7M€160.1M€151.4M€183.9M€284.0M€169.1M€195.4M
Shareholders' equity
Common stock & paid-in capital€4.7M€4.2M€4.0M€4.0M€4.0M€4.0M€3.9M€3.2M€2.9M€2.7M
Retained earnings (deficit)−€435.4M−€386.4M−€336.9M−€330.3M−€272.2M−€220.5M−€155.7M−€134.8M−€152.0M−€103.6M
Treasury stock——————€0€0€0€0
Accumulated other comprehensive income€1.1M€27,000€495,000€819,000€456,000€355,000−€472,000−€1.1M€180,000−€503,000
Minority interest——————€0€0€0€0
Total shareholders' equity−€21.7M€8.8M€51.9M€54.2M€107.4M€156.0M€217.4M€167.2M€86.0M€86.2M
Key figures
Total debt€22.6M€31.0M€39.9M€42.3M€44.3M€19.1M€18.7M€4.5M€5.9M€5.3M
Net cash (debt)€11.7M€49.8M€52.6M€59.2M€75.6M€132.6M€200.1M€163.0M€110.2M€192.4M
Working capital€10.1M€52.8M€108.4M€98.5M€58.4M€127.8M€115.8M€122.9M€63.6M€153.6M
Tangible book value−€21.7M€8.8M€51.5M€52.6M€63.2M€109.7M€120.4M€82.7M€39.8M€77.1M
Shares outstanding89.4M81.1M84.1M79.6M79.5M78.9M66.9M58.8M54.4M53.9M
Current ratio1.272.603.733.381.733.811.951.621.863.01
Quick ratio1.142.503.512.531.523.581.821.601.782.92
Debt / equity—3.510.770.780.410.120.090.030.070.06
Equity / assets−34.6%8.0%29.6%26.1%40.2%50.7%54.2%37.1%33.7%30.6%

Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported (latest annual report filed April 1, 2026); data from EODHD.

IPHA financial position

At the end of fiscal 2025 (December 31, 2025), Innate Pharma had total assets of €62.7 million (down 43.6% from a year earlier), total liabilities of €84.4 million and shareholders' equity of -€21.7 million. It held €34.3 million in cash and short-term investments against €22.6 million of debt, a net cash position of €11.7 million. Its current ratio was 1.27. In the latest quarter (ended June 30, 2026) total assets were €34.7 million and equity -€40.5 million.

Related: IPHA income statement, IPHA cash flow statement, IPHA key metrics. See the IPHA stock overview for the latest quote and news.

IPHA balance sheet FAQ

What are Innate Pharma's total assets?

Innate Pharma reported total assets of €62.7 million at the end of fiscal 2025 (December 31, 2025), compared with €111.1 million a year earlier.

How much debt does Innate Pharma have?

Innate Pharma had €22.6 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.

How much cash does Innate Pharma have?

Innate Pharma held €34.3 million in cash and short-term investments at the end of fiscal 2025; with €22.6 million of debt that is net cash of €11.7 million.

What is Innate Pharma's book value?

Innate Pharma's shareholders' equity (book value) was -€21.7 million at the end of fiscal 2025.

What is Innate Pharma's current ratio?

Innate Pharma had current assets of €46.7 million and current liabilities of €36.6 million, a current ratio of 1.27 (it can cover its short-term obligations).

Biotechnology: balance sheet