Innate Pharma reported third‑quarter 2025 financial results that showed first‑nine‑month revenue of €2.3 million, down from €10.2 million in the same period of 2024. Cash, cash equivalents and financial assets totaled €56.4 million as of September 30, 2025, while financial liabilities were €24.8 million, leaving a net cash position of €31.6 million.
The sharp revenue decline reflects the timing of collaboration and licensing proceeds that were recognized in 2024 but not in 2025. The company earned most of its 2024 revenue from partial or full recognition of payments under agreements with AstraZeneca and Sanofi, and those payments were not repeated in the current period.
The €31.6 million net cash position provides a runway that extends through the third quarter of 2026, giving the company a financial cushion to fund ongoing clinical programs and potential financing needs for the lacutamab confirmatory trial.
Key pipeline assets continue to advance. FDA clearance was granted to launch the confirmatory Phase III trial of lacutamab (TELLOMAK‑3) for cutaneous T‑cell lymphoma, with the trial expected to begin in the first half of 2026. Dose‑escalation data for the Nectin‑4 antibody‑drug conjugate IPH4502 are anticipated in the first half of 2026, and results from the monalizumab PACIFIC‑9 study in non‑small‑cell lung cancer are slated for the second half of 2026.
CEO Jonathan Dickinson emphasized that the company remains focused on three high‑value assets—IPH4502, lacutamab, and monalizumab—while advancing additional antibody‑drug conjugates. He noted that the pipeline milestones position Innate Pharma to deliver meaningful value for patients and shareholders as it continues to refine its portfolio and streamline operations, including planned layoffs to align resources with strategic priorities.
Investors reacted with caution, citing limited financial disclosures and the significant year‑over‑year revenue decline. The market focus on financial clarity, despite the positive clinical pipeline, underscored the importance of transparent reporting in maintaining investor confidence.
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