Innate Pharma (IPH) Q4 2025 earnings summary

Executive summary

• Advanced three core clinical assets—lacutamab, IPH4502, and monalizumab—through key clinical and regulatory milestones, with a streamlined organization and disciplined capital allocation.

• Strategic execution focused on high-conviction targets, pipeline prioritization, and workforce restructuring to maximize value and streamline operations.

• Confirmatory Phase 3 trial for lacutamab in CTCL planned for H2 2026, pending non-dilutive financing and partnerships.

• Monalizumab PACIFIC-9 Phase 3 trial with AstraZeneca completed enrollment, with data readout expected in H2 2026.

• Interim results for IPH5201 (partnered with AstraZeneca) selected for oral presentation at AACR 2026.

Financial highlights

• Revenue and other income for 2025 totaled €9.0 million, including €2.8 million from licensing/collaborations and €6.2 million from government funding, down 55% from 2024.

• Operating expenses were €63.0 million, with 73% allocated to R&D; R&D expenses decreased 16.1% year-over-year to €43.6 million.

• Cash and equivalents stood at €44.8 million at year-end 2025, providing funding visibility through Q3 2026.

• Net loss for 2025 was €49.2 million, nearly flat versus 2024.

• Net financial income rose to €4.8 million, mainly from favorable foreign exchange impacts.

Outlook and guidance

• Cash runway extends through Q3 2026, but additional non-dilutive financing is required for major Phase 3 trials and ongoing operations.

• TELLOMAK-3 Phase 3 trial for lacutamab in CTCL planned for H2 2026, subject to financing.

• Monalizumab PACIFIC-9 Phase 3 data readout expected H2 2026; IPH5201 MATISSE Phase 2 ongoing with interim results in April 2026.

• Substantial doubt exists regarding ability to continue as a going concern beyond 12 months without new funding.