IPHYF Innate Pharma SA
Price Chart
Executive Summary
Innate Pharma reported Q1 2026 revenue of €2.6M (up from €1.2M YoY) but disclosed a cash position of only €25.4M, providing runway only until end of Q3 2026. The confirmatory Phase 3 TELLOMAK-3 trial for lacutamab remains contingent on securing non-dilutive financing, while the PACIFIC-9 data readout (monalizumab) is expected in H2 2026. The company's ability to continue as a going concern without immediate financing is the dominant risk, overriding positive pipeline updates.
Actionable Insight
The cash runway to Q3 2026 creates an imminent financing overhang. Traders should watch for partnership announcements or royalty deals for lacutamab, as failure to secure non-dilutive financing before Q3 2026 would likely force dilutive equity raise or restructuring. The PACIFIC-9 readout in H2 2026 is a binary catalyst but is secondary to the near-term liquidity risk.
Key Facts
- Cash position of €25.4M as of March 31, 2026, with runway only until end of Q3 2026
- Q1 2026 revenue of €2.6M vs €1.2M in Q1 2025
- Financial liabilities of €20.3M as of March 31, 2026
- TELLOMAK-3 Phase 3 trial initiation in H2 2026 is contingent on non-dilutive financing (pharma partnering or royalty structures)
- PACIFIC-9 Phase 3 data readout for monalizumab expected H2 2026
- IPH4502 Phase 1 nearing completion of dose escalation and cohort enrichment
- Sanofi deprioritized SAR514 (IPH6401) during Q1 2026
- At-the-Market program has $75M remaining balance available
- Prior 20-F filing (April 1, 2026) highlighted going concern risk and need for immediate financing
Financial Impact
Cash position of €25.4M with €20.3M in liabilities provides runway only to Q3 2026; revenue of €2.6M is insufficient to cover operating needs
Risk Factors
- Cash runway only until end of Q3 2026 — risk of dilutive equity raise or bankruptcy if financing not secured
- TELLOMAK-3 trial initiation dependent on non-dilutive financing — delay or failure would impair lacutamab's regulatory path
- Sanofi deprioritization of SAR514 reduces partnership optionality
- Going concern risk explicitly flagged in prior 20-F filing
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-034383 |
| Document: a2605136kincorporatediph.htm | 0001628280-26-034383 |
| Document: 0001628280-26-034383-index-headers.html | 0001628280-26-034383 |
| Document: 0001628280-26-034383-index.html | 0001628280-26-034383 |
| Document: 0001628280-26-034383.txt | 0001628280-26-034383 |
Track record builds as more directional reports settle.
Filters
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May 19, 2026
21d ago
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6-K
| $2.25 $1.65 | ▼ −26.67% | ▼ −28.96% | $1.65 (−26.67%) |
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May 13, 2026
27d ago
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6-K
| $1.50 $2.25 | ▼ −50.00% | ▼ −51.16% | $1.65 (−10.00%) |
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May 6, 2026
4w ago
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6-K
| $1.50 $1.50 | · 0.00% | ▼ −1.13% | $1.65 (+10.00%) |
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Apr 23, 2026
6w ago
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6-K
| $1.50 $1.50 | · 0.00% | ▼ −1.48% | $1.65 (+10.00%) |
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Apr 17, 2026
7w ago
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6-K
| $1.50 $1.50 | · 0.00% | ▼ −0.55% | $1.65 (+10.00%) |
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Apr 13, 2026
8w ago
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6-K
| $1.37 $1.50 | ▲ +9.25% | ▲ +5.95% | $1.65 (+20.17%) |
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Apr 13, 2026
8w ago
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6-K
| $1.37 $1.50 | ▲ +9.25% | ▲ +5.95% | $1.65 (+20.17%) |
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Apr 8, 2026
8w ago
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6-K
| $1.37 $1.50 | ▲ +9.25% | ▲ +5.73% | $1.65 (+20.17%) |
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Apr 3, 2026
9w ago
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6-K
| $1.37 $1.37 | · 0.00% | ▼ −4.13% | $1.65 (+20.17%) |
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Apr 1, 2026
9w ago
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20-F
| $1.37 $1.37 | · 0.00% | ▲ +3.77% | $1.65 (−20.17%) |
US Market Status
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