The capital structure appears increasingly distressed, with total equity deteriorating to a negative $21.7 million by 2025Q4 while carrying $22.6 million in total debt.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Total Current Assets | 46.69M | 85.74M | 148.01M | 139.83M | 138.26M | 173.33M | 237.6M | 319.64M | 137.52M | 230.08M | 252.13M | 79.31M | 49.35M | 41M | 52.98M | 40.66M | 56.27M | 52.21M | 55.59M | 64.27M | 21.21M |
| Cash & Short-Term Investments | 34.3M | 80.77M | 92.46M | 101.48M | 119.84M | 151.64M | 218.87M | 167.53M | 116.11M | 197.69M | 235.91M | 69.24M | 41.35M | 32.62M | 46.61M | 34.58M | 49.19M | 33.83M | 50.78M | 59.82M | 18.34M |
| Cash Only | 28.08M | 66.4M | 70.61M | 84.22M | 103.76M | 136.79M | 202.89M | 152.31M | 99.37M | 175.91M | 152.87M | 64.29M | 38.36M | 30.58M | 46.61M | 31.82M | 46.45M | 10.88M | 2.48M | 6.16M | 2.59M |
| Short-Term Investments | 6.22M | 14.37M | 21.85M | 17.26M | 16.08M | 14.85M | 15.98M | 15.22M | 16.74M | 21.78M | 83.04M | 4.95M | 2.99M | 2.03M | 0 | 2.76M | 2.75M | 22.95M | 48.3M | 53.66M | 15.76M |
| Accounts Receivable | 12.39M | 1.64M | 46.49M | 3.14M | 1.66M | 11.33M | 2.82M | 146.64M | 15.08M | 25.55M | 9.95M | 979K | 2.4M | 2.95M | 0 | 5.11M | 7.07M | 13.86M | 2.32M | 6.88M | 0 |
| Days Sales Outstanding | 1.62K | 47.52 | 326.94 | 19.88 | 50.02 | 59.25 | 14.9 | 669.94 | 168.72 | 166.08 | 202.78 | 393.97 | 70.37 | 103.62 | - | 431.49 | 334.49 | 391.43 | 59.16 | 405.12 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 3.28M | 5.6M | 0 | 6.33M | 513K | 278K | 1.49M | 940K | 1.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | 24.1 | 45.26 | - | 34.47 | 3.85 | 3.39 | 44.99 | 45.27 | 61.21 | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 27.88M | 11.81M | -860K | 4.92M | 0 | 0 | 0 | 0 | 0 | 5.25M | 0 | 0 | 0 | 1K | 3.57M | 0 | 0 | 0 |
| Total Non-Current Assets | 16M | 25.32M | 27.18M | 68.03M | 129.24M | 134.09M | 163.76M | 131.57M | 117.5M | 51.5M | 53.83M | 11.38M | 6.53M | 7.3M | 7.13M | 7.35M | 7.95M | 8.65M | 7.56M | 4.98M | 3.56M |
| Property, Plant & Equipment | 4.35M | 5.13M | 6.32M | 8.54M | 10.17M | 11.69M | 11.67M | 10.22M | 10.73M | 9.09M | 6.3M | 5.93M | 6.26M | 6.82M | 6.44M | 7.33M | 7.94M | 8.52M | 1.52M | 774K | 707K |
| Fixed Asset Turnover | 0.64x | 2.46x | 8.21x | 6.75x | 1.19x | 5.97x | 5.91x | 7.82x | 3.04x | 6.18x | 2.84x | 0.15x | 1.99x | 1.52x | 1.82x | 0.59x | 0.97x | 1.52x | 9.42x | 8.00x | 1.84x |
| Goodwill | 0 | 0 | 0 | -41M | 2K | 1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 416K | 42.55M | 44.19M | 46.29M | 96.97M | 84.53M | 46.19M | 9.07M | 9.73M | 5.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 10.7M | 10.28M | 9.8M | 35.12M | 39.88M | 38.93M | 37.01M | 35.18M | 60.47M | 32.98M | 37.79M | 84K | 272K | 475K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 946.6K | 9.9M | 1.64M | 14.25M | 29.97M | 30.09M | 16.83M | 87K | 111K | 355K | 37.79M | 84K | 2K | 0 | 692K | 11K | 10K | 130K | 6.04M | 4.21M | 2.85M |
| Total Assets | 62.69M | 111.06M | 175.19M | 207.86M | 267.5M | 307.42M | 401.36M | 451.22M | 255.02M | 281.58M | 305.96M | 90.69M | 55.88M | 48.3M | 60.11M | 48.01M | 64.22M | 60.86M | 63.15M | 69.25M | 24.77M |
| Asset Turnover | 0.04x | 0.11x | 0.30x | 0.28x | 0.05x | 0.23x | 0.17x | 0.18x | 0.13x | 0.20x | 0.06x | 0.01x | 0.22x | 0.21x | 0.20x | 0.09x | 0.12x | 0.21x | 0.23x | 0.09x | 0.05x |
| Asset Growth % | -43.55% | -36.61% | -15.72% | -22.29% | -12.99% | -23.4% | -11.05% | 76.93% | -9.43% | -7.97% | 237.36% | 62.29% | 15.71% | -19.65% | 25.2% | -25.24% | 5.52% | -3.63% | -8.81% | 179.63% | - |
| Total Current Liabilities | 36.63M | 32.98M | 39.64M | 41.34M | 79.89M | 45.49M | 121.82M | 196.74M | 73.91M | 76.44M | 60.16M | 10.78M | 9.28M | 15.36M | 15.49M | 7.37M | 9.27M | 12.82M | 10.55M | 10.04M | 2.26M |
| Accounts Payable | 15.04M | 7.92M | 8.56M | 13.66M | 14.73M | 20.73M | 27.94M | 28.58M | 19.97M | 15.6M | 8.62M | 6.85M | 5.14M | 4.67M | 4.2M | 5.03M | 8.37M | 6.58M | 5.09M | 2.9M | 2.03M |
| Days Payables Outstanding | - | - | 55.78 | 96.48 | 114.38 | 152.22 | 225.8 | 149.96 | 108.79 | 117.09 | 105.18 | 206.73 | 247.59 | 248.37 | 936.34 | 535.84 | 912.66 | 938.18 | 671.54 | 480.25 | 784.9 |
| Short-Term Debt | 8.8M | 8.44M | 8.45M | 1.26M | 29.94M | 1.36M | 1.49M | 394K | 429K | 375K | 150K | 0 | 131K | 618K | 1.67M | 701K | 0 | 0 | 0 | 577K | 161K |
| Deferred Revenue (Current) | 2.82M | 616K | 5.87M | 6.56M | 12.5M | 12.51M | 48.77M | 82.1M | 47.91M | 54.91M | -44.43M | 885K | 1.26M | 7.66M | 0 | -688K | 0 | 0 | 0 | 1.19M | 597K |
| Other Current Liabilities | 9.98M | 7.65M | 7.82M | 19.02M | 21.91M | 10.11M | 42.99M | 71.62M | 4.69M | 4.67M | 10.01M | 3.48M | 3.52M | 9.52M | 7.37M | 1.64M | 896K | 6.24M | 5.46M | 6.56M | 61K |
| Current Ratio | 1.27x | 2.60x | 3.73x | 3.38x | 1.73x | 3.81x | 1.95x | 1.62x | 1.86x | 3.01x | 4.19x | 7.36x | 5.32x | 2.67x | 3.42x | 5.51x | 6.07x | 4.07x | 5.27x | 6.40x | 9.38x |
| Quick Ratio | 1.27x | 2.60x | 3.73x | 3.38x | 1.73x | 3.74x | 1.90x | 1.62x | 1.78x | 3.00x | 4.19x | 7.22x | 5.22x | 2.59x | 3.42x | 5.51x | 6.07x | 4.07x | 5.27x | 6.40x | 9.38x |
| Cash Conversion Cycle | - | - | - | - | - | -68.87 | -165.63 | - | 94.41 | 52.85 | 100.99 | 232.24 | -131.95 | -83.53 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 47.75M | 69.24M | 83.65M | 112.37M | 80.17M | 104.75M | 62.12M | 87.24M | 95.16M | 118.97M | 173.73M | 5.29M | 6.32M | 9.57M | 17.99M | 7.12M | 7.83M | 6.7M | 3M | 2.85M | 2.44M |
| Long-Term Debt | 13.77M | 22.18M | 30.61M | 38.93M | 11.49M | 14.19M | 14.1M | 2.03M | 2.42M | 1.05M | 1.35M | 1.5M | 1.5M | 131K | 750K | 2.44M | 7.55M | 0 | 0 | 2.72M | 398K |
| Capital Lease Obligations | 0 | 104K | 350K | 1.22M | 2.01M | 2.76M | 2.49M | 1.14M | 2.1M | 3.01M | 1.78M | 2.25M | 2.71M | 3.2M | 3.75M | 0 | 0 | 0 | 0 | 7K | 13K |
| Deferred Tax Liabilities | 0 | 0 | 9.01M | 8.57M | 5.03M | 7.09M | 1.29M | 1.56M | 3.63M | 2.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 33.99M | 44.13M | 39.07M | 55.74M | 36.23M | 49.25M | 3.9M | 14.4M | 3.63M | 112.35M | 170.59M | 1.54M | 2.11M | 6.24M | 13.49M | 4.68M | 278K | 6.7M | 3M | 126K | 2.03M |
| Total Liabilities | 84.39M | 102.22M | 132.29M | 153.71M | 160.06M | 151.45M | 183.94M | 283.98M | 169.07M | 195.41M | 233.89M | 16.06M | 15.6M | 24.93M | 33.48M | 14.49M | 17.1M | 19.52M | 13.55M | 12.89M | 4.7M |
| Total Debt | 22.56M | 31M | 39.89M | 42.25M | 44.25M | 19.09M | 18.72M | 4.52M | 5.86M | 5.33M | 3.75M | 4.21M | 4.82M | 4.5M | 13.22M | 6.79M | 7.55M | 0 | 0 | 3.31M | 580K |
| Net Debt | -5.52M | -35.4M | -30.71M | -41.97M | -59.51M | -117.7M | -184.16M | -147.79M | -93.5M | -170.58M | -149.12M | -60.08M | -33.54M | -26.08M | -33.38M | -25.03M | -38.89M | -10.88M | -2.48M | -2.85M | -2.01M |
| Debt / Equity | - | 3.51x | 0.77x | 0.78x | 0.41x | 0.12x | 0.09x | 0.03x | 0.07x | 0.06x | 0.05x | 0.06x | 0.12x | 0.19x | 0.50x | 0.20x | 0.16x | - | - | 0.06x | 0.03x |
| Debt / EBITDA | - | - | - | - | - | 1.43x | - | 0.36x | - | 0.49x | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | -8.85x | - | -11.78x | - | -15.74x | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -110.77x | -86.40x | -10.83x | -200.29x | -153.29x | 3.16x | 6.86x | 50.45x | -353.82x | 105.36x | -47.24x | - | - | -13.22x | -12.61x | -25.83x | - | -361.56x | -233.10x | -3021.00x | - |
| Total Equity | -21.69M | 8.83M | 51.9M | 54.15M | 107.44M | 155.97M | 217.42M | 167.24M | 85.96M | 86.17M | 72.07M | 74.63M | 40.29M | 23.36M | 26.63M | 33.52M | 47.12M | 41.34M | 49.61M | 56.37M | 20.07M |
| Equity Growth % | -345.58% | -82.98% | -4.15% | -49.6% | -31.12% | -28.26% | 30% | 94.56% | -0.25% | 19.57% | -3.43% | 85.24% | 72.43% | -12.25% | -20.56% | -28.87% | 13.98% | -16.66% | -12% | 180.93% | - |
| Book Value per Share | -0.24 | 0.11 | 0.62 | 0.68 | 1.35 | 1.98 | 3.25 | 2.85 | 1.58 | 1.60 | 1.35 | 1.49 | 1.04 | 0.62 | 0.71 | 0.90 | 1.79 | 1.61 | 1.98 | 3.17 | 1.35 |
| Total Shareholders' Equity | -21.69M | 8.83M | 51.9M | 54.15M | 107.44M | 155.97M | 217.42M | 167.24M | 85.96M | 86.17M | 72.07M | 74.63M | 40.29M | 23.36M | 26.63M | 33.52M | 47.12M | 41.34M | 49.61M | 56.37M | 20.07M |
| Common Stock | 4.69M | 4.19M | 4.04M | 4.01M | 3.98M | 3.95M | 3.94M | 3.2M | 2.88M | 2.7M | 2.69M | 2.65M | 2.29M | 1.9M | 1.88M | 1.88M | 1.83M | 1.3M | 1.26M | 1.25M | 745K |
| Retained Earnings | -435.36M | -386.36M | -336.89M | -330.32M | -272.21M | -220.46M | -155.67M | -134.79M | -151.98M | -103.59M | -116.23M | -109.53M | -89.96M | -87.07M | -6.98M | -76.88M | -63.22M | -44.06M | -34.46M | -26.14M | -19.77M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 27K | 495K | 819K | 456K | 355K | -472K | -1.1M | 180K | -503K | -730K | -241K | -38K | -17K | 0 | 341K | 219K | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital exhaustion
As reported in recent financial statements, Innate Pharma's total equity has deteriorated from a positive $133.6 million in 2021Q2 to a negative $21.7 million by 2025Q4, reflecting the cumulative impact of persistent operating losses and the absence of consistent, value-accretive milestone revenue to replenish the capital base.
The shift into negative equity territory suggests that the company's historical losses have now fully consumed its paid-in capital, leaving the balance sheet in a precarious state. This trajectory implies that future operations are increasingly dependent on external financing or new partnership agreements to prevent further erosion of the firm's net worth.
Based on the latest quarterly filings, Innate Pharma's cash reserves have declined to $28.1 million, a significant reduction from the $104.0 million reported in 2021Q2, which leaves the company with a limited buffer to fund ongoing clinical trials and high-burn research activities over the coming year.
The current ratio of 1.27 indicates that while the company maintains a slim margin of short-term liquidity, the rapid depletion of cash relative to its fixed R&D obligations warrants close monitoring. Investors should consider that this liquidity profile may necessitate near-term capital raises, which could result in significant dilution for existing shareholders.
According to the provided balance sheet data, Innate Pharma carries $22.6 million in debt, which, when evaluated against the backdrop of a negative equity position and declining cash reserves, highlights a constrained financial structure that limits the company's flexibility to navigate prolonged clinical development timelines.
The presence of debt in a pre-revenue or milestone-dependent biotech entity introduces a fixed repayment obligation that competes directly with R&D funding requirements. This leverage appears to be a necessity-driven burden rather than a strategic tool, potentially increasing the firm's sensitivity to interest rate environments and credit market conditions.
As indicated by the financial disclosures, the company's asset base is heavily concentrated in cash and minimal PPE, with deferred revenue falling to $2.8 million in 2025Q4, suggesting that the pipeline of future milestone recognition is currently thin and provides little visibility into near-term non-dilutive cash inflows.
The lack of significant tangible assets or meaningful deferred revenue suggests that the balance sheet is almost entirely reliant on the speculative value of its clinical pipeline. This composition makes the firm's valuation highly susceptible to binary clinical trial outcomes, as there is little underlying asset value to support the share price in the event of negative data readouts.
Quick answers to the most common questions about buying IPHA stock.
As of 2025, Innate Pharma S.A. (IPHA) had total assets of $62.7M including $46.7M in current assets.
Innate Pharma S.A. (IPHA) carries total debt of $22.6M, offset by $34.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Innate Pharma S.A. (IPHA) has total shareholders' equity (book value) of $-21.7M ($-0.24 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Innate Pharma S.A. (IPHA) reported a current ratio of 1.27x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.