IPHA Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2017βFY2025
Innate Pharma SA had $10.2M of revenue in fiscal 2025, down 53.3% on the year before. Over five years, revenue changed β33.7% a year on average.
Hi! I read Innate Pharma SAβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β53.3%
No. Sales fell 53.3% last year.
Does it make a profit?
β546.1%
No. It lost money last year.
Does profit turn into cash?
β587.4%
No. It spent more cash than it brought in.
How healthy are the accounts?
0 / 7
Weak. It passes 0 of 7 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Innate Pharma SA did it, and the next one. Share prices often move a lot on those days.
Next results
November 5, 2026
Thursday Β· in 11 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Apr 1, 2026 | Period ended Dec 31, 2025 | Before the market opens | 20-F β |
| Apr 30, 2025 | Period ended Dec 31, 2024 | Before the market opens | 20-F β |
| Apr 4, 2024 | Period ended Dec 31, 2023 | Before the market opens | 20-F β |
| Apr 6, 2023 | Period ended Dec 31, 2022 | Before the market opens | 20-F β |
| Apr 4, 2022 | Period ended Dec 31, 2021 | Before the market opens | 20-F β |
| Apr 27, 2021 | Period ended Dec 31, 2020 | Before the market opens | 20-F β |
| Apr 24, 2020 | Period ended Dec 31, 2019 | During market hours | 20-F β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Innate Pharma SA had $10.2M of revenue in fiscal 2025, down 53.3% on the year before. Over five years, revenue changed β33.7% a year on average. Its operating margin was β599.8%, down 343.4Β pts: of every 100 in sales, about β600 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Margins, % of revenue
KIRA Β· Innate Pharma SA lost $55.5M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$59.6M in fiscal 2025, β587.4% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Innate Pharma SA can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $118M | $89.8M | $78.0M | $69.0M | $33.0M |
| Interest coverage | β153.3x | β199.4x | β19.8x | β91.1x | β122.7x |
| Current ratio | 1.7x | 3.4x | 3.7x | 2.6x | 1.3x |
| Quick ratio | 1.7x | 3.4x | 3.7x | 2.6x | 1.3x |
| Total assets | $303M | $213M | $194M | $115M | $73.7M |
| Total liabilities | $181M | $155M | $136M | $106M | $99.2M |
| Shareholders' equity | $122M | $57.8M | $57.4M | $9.2M | β$25.5M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Innate Pharma SA passes 0 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 3 / 7 | 3 / 7 | 2 / 7 | 0 / 7 | 3 / 7 | 3 / 7 | 1 / 7 | 0 / 7 |
| Accruals ratio | β0.1% | 10.2% | β12.9% | β3.4% | 2.0% | β15.9% | 13.3% | β29.8% | 4.3% |
| Altman Z'' | β0.01 | 1.48 | 2.06 | β | β | β | β | β | β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $49.6M | $111M | $95.6M | $79.5M | $29.2M | $60.6M | $66.7M | $21.8M | $10.2M |
| Research and development | $75.5M | $82.1M | $70.4M | $56.7M | $55.6M | $54.3M | $60.6M | $56.2M | $49.2M |
| Operating income | β$45.1M | $6.1M | $1.8M | $1.2M | β$56.6M | β$60.4M | β$13.7M | β$55.8M | β$60.9M |
| Interest expense | $0.1M | $0.1M | $0.2M | $0.4M | $0.4M | $0.3M | $0.7M | $0.6M | $0.5M |
| Pretax income | β$54.1M | $3.2M | $8.8M | β$0.9M | β$53.8M | β$60.9M | β$8.2M | β$53.5M | β$55.5M |
| Income tax | $0.4M | β$0.4M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | β$54.5M | $3.6M | β$23.2M | β$72.9M | β$62.5M | β$61.1M | β$8.2M | β$53.5M | β$55.5M |
| Diluted EPS | β$1.00 | $0.06 | β$0.35 | β$0.92 | β$0.78 | β$0.77 | β$0.10 | β$0.66 | β$0.62 |
| Diluted shares | 0.05B | 0.06B | 0.07B | 0.08B | 0.08B | 0.08B | 0.08B | 0.08B | 0.09B |
| Cash flow | |||||||||
| Cash from operations | β$54.2M | β$38.4M | $39.1M | β$59.0M | β$69.1M | β$20.1M | β$35.2M | β$7.5M | β$59.5M |
| Capital expenditure | $3.3M | $1.0M | $1.4M | $1.0M | $1.1M | $0.6M | $0.4M | $0.4M | $0.2M |
| Free cash flow | β$57.5M | β$39.4M | $37.7M | β$60.0M | β$70.2M | β$20.7M | β$35.6M | β$7.9M | β$59.6M |
| Depreciation and amortization | $5.0M | $8.7M | $15.4M | $10.7M | $5.4M | $4.6M | $5.5M | $2.2M | $1.6M |
| Stock-based compensation | $11.1M | $3.2M | $4.3M | $2.8M | $3.1M | $4.5M | $4.6M | $4.3M | $2.9M |
| Balance sheet | |||||||||
| Cash and short-term investments | $119M | $174M | $228M | $168M | $118M | $89.8M | $78.0M | $69.0M | $33.0M |
| Current assets | $165M | $366M | $267M | $213M | $157M | $149M | $164M | $89.1M | $54.9M |
| Current liabilities | $88.6M | $225M | $137M | $55.8M | $90.5M | $44.1M | $43.8M | $34.3M | $43.1M |
| Property and equipment, net | $12.9M | $13.0M | $13.1M | $14.3M | $11.5M | $9.1M | β | β | β |
| Intangible assets | $55.4M | $96.8M | $109M | $56.8M | $50.1M | $1.7M | $0.5M | $0.0M | $0.0M |
| Total assets | $306M | $517M | $451M | $377M | $303M | $213M | $194M | $115M | $73.7M |
| Total liabilities | $187M | $325M | $207M | $186M | $181M | $155M | $136M | $106M | $99.2M |
| Shareholders' equity | $119M | $191M | $244M | $191M | $122M | $57.8M | $57.4M | $9.2M | β$25.5M |
| Margins | |||||||||
| Operating margin | β90.8% | 5.5% | 1.8% | 1.5% | β193.6% | β99.6% | β20.6% | β256.3% | β599.8% |
| EBITDA margin | β80.8% | 13.4% | 17.9% | 15.0% | β175.1% | β91.9% | β12.3% | β246.4% | β584.4% |
| Net margin | β109.9% | 3.2% | β24.3% | β91.7% | β213.8% | β100.7% | β12.3% | β245.9% | β546.1% |
| FCF margin | β115.9% | β35.6% | 39.4% | β75.5% | β240.4% | β34.1% | β53.4% | β36.2% | β587.4% |
| Returns | |||||||||
| Return on capital employed | β20.8% | 2.1% | 0.6% | 0.4% | β26.6% | β35.8% | β9.1% | β68.8% | β198.8% |
| Return on equity | β45.7% | 2.3% | β10.7% | β33.5% | β39.9% | β68.1% | β14.2% | β160.9% | β |
| Return on assets | β17.8% | 0.9% | β4.8% | β17.6% | β18.4% | β23.7% | β4.0% | β34.6% | β58.7% |
| Return on tangible equity | β85.4% | 3.8% | β17.2% | β54.2% | β87.2% | β108.9% | β14.4% | β583.1% | β |
| Growth | |||||||||
| Revenue growth | β | 123.3% | β13.7% | β16.9% | β63.3% | 107.5% | 10.0% | β67.3% | β53.3% |
| Net income growth | β | β | β745.9% | β | β | β | β | β | β |
| EPS growth | β | β | β688.1% | β | β | β | β | β | β |
| FCF growth | β | β | β | β259.4% | β | β | β | β | β |
| Share count change | β | 8.1% | 13.8% | 18.0% | 0.8% | 0.1% | 1.0% | 0.7% | 10.5% |
| Financial health | |||||||||
| Interest coverage | β353.8x | 50.4x | 7.7x | 3.2x | β153.3x | β199.4x | β19.8x | β91.1x | β122.7x |
| Current ratio | 1.9x | 1.6x | 2.0x | 3.8x | 1.7x | 3.4x | 3.7x | 2.6x | 1.3x |
| Quick ratio | 1.9x | 1.6x | 2.0x | 3.8x | 1.7x | 3.4x | 3.7x | 2.6x | 1.3x |
| Capital allocation | |||||||||
| Capex / revenue | 6.7% | 0.9% | 1.5% | 1.3% | 3.8% | 0.9% | 0.6% | 1.9% | 1.6% |
| Stock comp / revenue | 22.3% | 2.9% | 4.5% | 3.5% | 10.6% | 7.4% | 6.9% | 19.6% | 28.5% |
| Quality scores | |||||||||
| Piotroski F-score | β | 3.0 | 3.0 | 2.0 | 0.0 | 3.0 | 3.0 | 1.0 | 0.0 |
| Altman Z'' | β0.0 | 1.5 | 2.1 | β | β | β | β | β | β |
| Accruals ratio | β0.1% | 10.2% | β12.9% | β3.4% | 2.0% | β15.9% | 13.3% | β29.8% | 4.3% |
Source: SEC EDGAR XBRL filings (CIK 0001598599). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in EUR under IFRS and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only β not investment advice. Check the original filings before relying on any figure.
