The company exhibits a profound lack of operating leverage, evidenced by a recent quarterly operating margin of -1916.94% as fixed R&D costs consistently outpace revenue generation.
| 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 |
|---|
| Sales/Revenue | 2.79M | 12.62M | 51.9M | 57.67M | 12.11M | 69.77M | 68.97M | 79.89M | 32.63M | 56.16M | 17.91M | 907K | 12.47M | 10.38M | 11.74M | 4.32M | 7.72M | 12.92M | 14.29M | 6.2M | 1.3M |
| Revenue Growth % | -77.92% | -75.68% | -10.01% | 376.17% | -82.64% | 1.16% | -13.67% | 144.83% | -41.9% | 213.64% | 1874.2% | -92.73% | 20.16% | -11.61% | 171.76% | -44.01% | -40.3% | -9.56% | 130.67% | 376.54% | - |
| Cost of Goods Sold | 0 | 0 | 56.02M | 51.66M | 47M | 49.71M | 45.16M | 69.56M | 67M | 48.63M | 29.91M | 12.09M | 7.58M | 6.86M | 1.64M | 3.43M | 3.35M | 2.56M | 2.77M | 2.2M | 944K |
| COGS % of Revenue | - | - | 107.94% | 89.58% | 388.08% | 71.24% | 65.47% | 87.06% | 205.33% | 86.59% | 167.02% | 1332.64% | 60.78% | 66.14% | 13.95% | 79.33% | 43.38% | 19.79% | 19.36% | 35.53% | 72.62% |
| Gross Profit | 2.79M | 12.62M | 5.62M | 6.01M | -22.3M | 20.07M | 23.82M | 10.34M | -34.37M | 7.53M | -12M | -11.18M | 4.89M | 3.51M | 10.1M | 893K | 4.37M | 10.37M | 11.52M | 3.99M | 356K |
| Gross Margin % | 100% | 100% | 10.83% | 10.42% | -184.12% | 28.76% | 34.53% | 12.94% | -105.33% | 13.41% | -67.02% | -1232.64% | 39.22% | 33.86% | 86.05% | 20.67% | 56.62% | 80.21% | 80.64% | 64.47% | 27.38% |
| Gross Profit Growth % | -77.92% | 124.61% | -6.52% | 126.95% | -211.14% | -15.75% | 130.39% | 130.08% | -556.31% | 162.77% | -7.33% | -328.63% | 39.16% | -65.21% | 1031.24% | -79.56% | -57.85% | -10.05% | 188.53% | 1021.91% | - |
| Operating Expenses | 56.21M | 64.2M | 18.29M | 63.44M | 25.52M | 18.99M | 50.87M | 74.75M | 72.61M | 48.59M | 28.68M | 8.76M | 7.66M | 6.88M | 17.67M | 14.58M | 19.9M | 21.37M | 20.61M | 11.18M | 6.77M |
| OpEx % of Revenue | 2016.94% | 508.64% | 35.24% | 109.99% | 210.73% | 27.21% | 73.75% | 93.56% | 222.52% | 86.52% | 160.16% | 965.93% | 61.46% | 66.33% | 150.53% | 337.57% | 257.96% | 165.37% | 144.26% | 180.5% | 520.85% |
| Selling, General & Admin | 11M | 11.93M | 11.75M | 14.47M | 25.52M | 18.99M | 49.58M | 19.25M | 16.18M | 9.33M | 5.88M | 12.82M | 10.67M | 9.73M | 9.79M | 7.06M | 10.06M | 0 | 0 | 1.84M | 1.08M |
| SG&A % of Revenue | 394.65% | 94.55% | 22.64% | 25.09% | 210.73% | 27.21% | 71.88% | 24.1% | 49.59% | 16.61% | 32.83% | 1413.12% | 85.55% | 93.79% | 83.37% | 163.33% | 130.37% | - | - | 29.73% | 82.85% |
| Research & Development | 43.62M | 51.98M | 56.02M | 51.66M | 47M | 49.71M | 1.6M | 69.56M | 67M | 48.63M | 29.91M | 22.67M | 15.13M | 13.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | 1565.12% | 411.85% | 107.94% | 89.58% | 388.08% | 71.24% | 2.31% | 87.06% | 205.33% | 86.59% | 167.02% | 2499.56% | 121.35% | 129.3% | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.59M | 283K | -49.48M | -2.7M | -47M | -49.71M | -309K | -14.06M | -10.57M | -9.37M | -7.11M | -19K | 179K | 2K | 7.88M | 32K | 909K | 21.37M | 20.61M | 9.34M | 5.69M |
| Operating Income | -53.42M | -51.58M | -12.67M | -57.42M | -47.83M | 1.08M | -27.05M | 5.15M | -39.98M | 7.57M | -10.77M | -19.97M | -2.79M | -3.39M | -7.57M | -13.69M | -15.54M | -11.01M | -9.09M | -7.24M | -6.42M |
| Operating Margin % | -1916.94% | -408.64% | -24.41% | -99.57% | -394.86% | 1.55% | -39.22% | 6.44% | -122.53% | 13.48% | -60.16% | -2201.32% | -22.4% | -32.63% | -64.48% | -316.9% | -201.33% | -85.16% | -63.62% | -116.85% | -493.46% |
| Operating Income Growth % | -3.59% | -307.1% | 77.94% | -20.07% | -4532.34% | 103.99% | -625.71% | 112.87% | -628.11% | 170.28% | 46.05% | -614.86% | 17.51% | 55.27% | 44.7% | 11.88% | -41.15% | -21.06% | -25.58% | -12.84% | - |
| EBITDA | -48.33M | -49.58M | -7.58M | -12.02M | -43.23M | 13.3M | -10.52M | 12.55M | -35.59M | 10.83M | -8.12M | -17.62M | -1.91M | -2.55M | -6.67M | -12.59M | -14.51M | -10.47M | -8.55M | -6.94M | -6.11M |
| EBITDA Margin % | -1734.27% | -392.85% | -14.6% | -20.84% | -356.91% | 19.07% | -15.26% | 15.71% | -109.06% | 19.29% | -45.33% | -1942.89% | -15.34% | -24.54% | -56.81% | -291.44% | -188.08% | -80.99% | -59.87% | -112.04% | -470.31% |
| EBITDA Growth % | 2.52% | -554.28% | 36.96% | 72.19% | -424.91% | 226.44% | -183.86% | 135.26% | -428.48% | 233.47% | 53.94% | -821.17% | 24.89% | 61.81% | 47.03% | 13.24% | -38.65% | -22.35% | -23.25% | -13.53% | - |
| D&A (Non-Cash Add-back) | 5.09M | 1.99M | 5.09M | 45.41M | 4.6M | 12.23M | 16.53M | 7.4M | 4.4M | 3.26M | 2.65M | 2.34M | 880K | 839K | 901K | 1.1M | 1.02M | 539K | 536K | 298K | 301K |
| EBIT | -48.74M | -48.91M | -6.93M | -57.68M | -47.83M | 1.08M | 1.57M | 5.15M | -39.98M | 13.06M | -6.57M | -19.48M | -2.7M | -2.97M | -6.56M | -13.15M | -15.54M | -13.02M | -9.09M | -6.04M | -6.42M |
| Net Interest Income | 878K | 1.87M | 2.54M | 258K | 15K | 223K | 1.58M | 1.3M | 1.08M | 686K | -112K | 445K | 244K | -191K | -188K | 32K | 910K | 1.15M | 173K | 1.2M | 280K |
| Interest Income | 1.32M | 2.44M | 3.18M | 546K | 327K | 564K | 1.81M | 1.58M | 1.25M | 0 | 27K | 445K | 244K | 34K | 945K | 541K | 910K | 1.19M | 212K | 1.2M | 280K |
| Interest Expense | 440K | 566K | 640K | 288K | 312K | 341K | 229.44K | 102K | 113K | 124K | 139K | 0 | 0 | 225K | 520K | 509K | 0 | 36K | 39K | 2K | 0 |
| Other Income/Expense | 4.25M | 2.1M | 5.1M | -547K | 2.35M | -1.91M | 6.29M | -2.43M | -8.03M | 5.37M | 4.07M | 319K | -99K | 183K | 590K | 32K | 909K | 1.15M | 173K | 1.2M | 286K |
| Pretax Income | -49.18M | -49.47M | -7.57M | -57.97M | -45.48M | -829K | -20.76M | 2.72M | -48.02M | 12.94M | -6.71M | -19.65M | -2.89M | -3.2M | -6.98M | -13.66M | -14.63M | -9.85M | -8.92M | -6.04M | -6.13M |
| Pretax Margin % | -1764.51% | -391.97% | -14.59% | -100.52% | -375.48% | -1.19% | -30.1% | 3.4% | -147.15% | 23.04% | -37.45% | -2166.15% | -23.19% | -30.83% | -59.45% | -316.16% | -189.55% | -76.23% | -62.41% | -97.53% | -471.46% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 206K | -333K | 368K | 301K | 0 | -24K | 0 | 0 | 0 | 0 | 46K | 0 | 51K | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | -0.99% | -12.25% | -0.77% | 2.33% | 0% | 0.12% | 0% | 0% | 0% | 0% | -0.31% | 0% | -0.57% | 0% | 0% |
| Net Income | -49.18M | -49.47M | -7.57M | -58.1M | -52.81M | -63.98M | -20.76M | 3.05M | -48.38M | 12.64M | -6.71M | -19.65M | -2.89M | -3.2M | -6.98M | -13.66M | -14.63M | -9.85M | -8.92M | -6.04M | -6.13M |
| Net Margin % | -1764.51% | -391.97% | -14.59% | -100.74% | -436.01% | -91.7% | -30.1% | 3.82% | -148.28% | 22.51% | -37.45% | -2166.15% | -23.19% | -30.83% | -59.45% | -316.16% | -189.55% | -76.23% | -62.41% | -97.53% | -471.46% |
| Net Income Growth % | 0.59% | -553.51% | 86.97% | -10.02% | 17.47% | -208.22% | -780.85% | 106.3% | -482.79% | 288.49% | 65.87% | -579.36% | 9.6% | 54.17% | 48.89% | 6.62% | -48.46% | -10.47% | -47.6% | 1.42% | - |
| Net Income (Continuing) | -49.18M | -49.47M | -7.57M | -57.97M | -45.48M | -829K | 0 | 3.05M | -48.38M | 12.64M | -6.71M | -19.65M | -2.89M | -3.2M | -6.98M | -13.66M | -14.63M | -11.86M | -8.92M | -6.04M | -6.13M |
| Discontinued Operations | 0 | 0 | 0 | -131K | -7.33M | -63.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 |
| EPS (Diluted) | -0.53 | -0.61 | -0.09 | -0.73 | -0.57 | -0.01 | -0.31 | 0.05 | -0.89 | 0.23 | -0.13 | -0.39 | -0.07 | -0.08 | -0.19 | -0.36 | -0.56 | -0.38 | -0.36 | -0.34 | -0.41 |
| EPS Growth % | 13.11% | -577.78% | 87.67% | -28.07% | -5328.57% | 96.61% | -697.3% | 105.83% | -486.96% | 276.92% | 66.67% | -422.09% | 11.7% | 55.47% | 47.22% | 35.71% | -47.37% | -5.56% | -5.88% | 17.07% | - |
| EPS (Basic) | -0.53 | -0.61 | -0.09 | -0.73 | -0.57 | -0.01 | -0.31 | 0.05 | -0.89 | 0.23 | -0.13 | -0.39 | -0.07 | -0.08 | -0.19 | -0.36 | -0.56 | -0.38 | -0.36 | -0.34 | -0.41 |
| Diluted Shares Outstanding | 89.42M | 81.05M | 84.11M | 79.64M | 79.54M | 78.93M | 66.91M | 58.78M | 54.35M | 53.87M | 53.4M | 50.15M | 38.7M | 37.8M | 37.69M | 37.44M | 26.3M | 25.66M | 25.08M | 17.77M | 14.9M |
| Basic Shares Outstanding | 89.42M | 81.05M | 84.11M | 79.59M | 79.54M | 78.93M | 66.91M | 58.78M | 54.35M | 53.87M | 51.58M | 50.15M | 38.7M | 37.8M | 37.69M | 37.44M | 26.3M | 25.66M | 25.08M | 17.77M | 14.9M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary clinical trial dependency
As reported in recent financial filings, Innate Pharma's revenue has experienced a severe 77.92% year-over-year decline, highlighting the inherent volatility of a business model that relies exclusively on sporadic milestone payments from large pharmaceutical partners rather than consistent, recurring commercial product sales or service-based income streams.
The top-line contraction underscores the company's current position in a milestone trough, where the absence of new clinical triggers leaves the firm without a reliable revenue floor. Investors should interpret this trend as a direct consequence of the project-based licensing model, which lacks the predictability required to sustain ongoing operational expenditures without external capital injections.
Based on the provided income statement data, Innate Pharma maintains a rigid cost structure where research and development expenses consistently hover around $20 million to $30 million per quarter, significantly exceeding the company's ability to generate offsetting revenue through its current collaboration and licensing agreements.
The persistence of these high fixed costs, regardless of the revenue cycle, suggests that management is prioritizing the advancement of its ANKET platform over short-term fiscal consolidation. This strategy necessitates a high degree of confidence in the clinical pipeline, as the current expense discipline appears insufficient to protect the balance sheet from prolonged periods of inactivity.
According to the latest quarterly figures, the company's operating margin of -1916.94% indicates a profound lack of operating leverage, as the firm's current organizational scale and clinical trial commitments are not yet supported by a sufficient or stable volume of high-margin licensing revenue to cover overhead.
The inability to scale operating income alongside gross profit suggests that the company is currently in a high-burn phase of its lifecycle. This structural imbalance warrants further investigation into whether future milestone payments can realistically bridge the gap between current R&D intensity and the eventual commercialization of its lead candidates.
Financial statements reveal a precarious cash position of approximately $28 million, which, when contrasted with the persistent quarterly operating losses, suggests that the company may face significant liquidity risks if it fails to secure new partnership milestones or dilutive financing within the next twelve months.
Short-term observers may focus on the potential for a liquidity crunch, as the current burn rate appears to be outpacing the company's ability to generate non-dilutive cash. While the ANKET platform holds theoretical promise, the market may be correctly pricing in the risk that the company will be forced to raise capital at unfavorable valuations to sustain its clinical programs.
Quick answers to the most common questions about buying IPHA stock.
For fiscal year 2025, Innate Pharma S.A. (IPHA) reported total revenue of $2.8M. This represents a 114.4% increase compared to $1.3M in 2005.
Innate Pharma S.A. (IPHA) reported a net loss of $49.2M for the fiscal year ending 2025.
Innate Pharma S.A. (IPHA) reported an operating income of $-53.4M, resulting in an operating profit margin of -1916.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Innate Pharma S.A. (IPHA) generated $2.8M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.