Innate Pharma S.A.

IPHA

Biotechnology · Healthcare

Price

$2.26

+0.17 (+8.13%)

Market Cap

$212.2M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+12.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 79.5M (2021) → 89.4M (2025)

Winston Score History

The full picture

Innate Pharma is a French biotechnology company that focuses on discovering and developing cancer treatments. It specializes in immunology — specifically drugs that help the immune system recognize and attack cancer cells. Its main area of research involves natural killer (NK) cells and other immune pathways, with its lead programs targeting blood cancers and solid tumors.

The company makes money primarily through partnership deals with larger pharmaceutical companies, including a long-standing collaboration with AstraZeneca, rather than selling approved drugs directly to patients. Innate Pharma is based in Marseille, France, and is a small-cap company with a market capitalization around $200 million. Its 100% gross margin reflects that most revenue comes from licensing fees and milestone payments rather than product sales. The biggest risk the company faces is that its pipeline candidates must still prove they work in clinical trials — failure of any key program could significantly impact its ability to fund future research.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-851.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+0.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

€44M/ year

↓ Declining (-16% vs prior year)

>1,000% of revenue

87.0x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

24.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~6 months

€45M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

Innate Pharma S.A. has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

-889.9%

Thin — -889.9% gross margin

Profit after running costs

Operating Margin

1350.6%

Excellent — 1350.6% operating margin

Return on the money invested

ROCE

-5664.9%

Weak — -5664.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-77.9%

Shrinking sales (-77.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-2066.1%

Burning cash (-2066.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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