Innate Pharma(IPHA) - 2024 Q2 - Quarterly Report

Financial Performance - The company reported a net loss of €24.8 million for the first half of 2024, compared to a net income of €1.7 million for the same period in 2023[10]. - Revenue and other income decreased by €27.9 million to €12.3 million for the six months ended June 30, 2024, down from €40.2 million in the same period of 2023[12]. - Revenue from collaboration and licensing agreements was €8.3 million, a significant decrease from €35.3 million in the first half of 2023[13]. - The company expects to incur additional losses until it can generate significant revenues from its drug candidates in development[7]. - Basic loss per share for the six months ended June 30, 2024, was €(0.31), compared to a basic income per share of €0.02 for the same period in 2023[141]. Revenue Breakdown - Revenue from collaboration and licensing agreements decreased by €27.1 million, to €8.3 million for the six months ended June 30, 2024, compared to €35.3 million for the same period in 2023, representing a decline of approximately 76.7%[14]. - Revenue related to monalizumab decreased by €6.5 million, to €3.0 million for the six months ended June 30, 2024, compared to €9.5 million for the same period in 2023, a decrease of about 68.4%[17]. - Revenue from the Sanofi licensing agreement (2016) increased by €2.0 million, reaching €4.0 million for the six months ended June 30, 2024, compared to €2.0 million for the same period in 2023, marking a 100% increase[18]. - Revenues under the Takeda licensing agreement were nil for the first half of 2024, compared to €4.6 million for the first half of 2023, indicating a complete recognition of the initial payment in the previous year[23]. Research and Development Expenses - Operating expenses totaled €38.7 million, a decrease from €40.6 million in the first half of 2023, with 75.2% attributed to research and development[10]. - Research and development expenses were €29.1 million, down from €31.5 million in the first half of 2023, reflecting a 7.6% decrease[10]. - Personnel and other expenses allocated to R&D decreased by €2.2 million, or 15.4%, to €12.0 million for the six months ended June 30, 2024, compared to €14.2 million for the same period in 2023[36]. - Direct R&D expenses decreased by €0.2 million, or 1.1%, to €17.1 million for the six months ended June 30, 2024, primarily due to a €2.5 million increase in preclinical program expenses offset by a €2.7 million decrease in clinical program expenses[33]. Cash and Financial Position - Cash, cash equivalents, and financial assets amounted to €102.1 million as of June 30, 2024, slightly down from €102.3 million at the end of 2023[10]. - Financial liabilities were €35.5 million, including €26.6 million of non-current liabilities, compared to €39.9 million at the end of 2023[10]. - Total current assets decreased to €111.6 million as of June 30, 2024, down from €148.0 million at the end of 2023[57]. - Cash and cash equivalents amounted to €70.0 million as of June 30, 2024, a decrease of €0.6 million compared to December 31, 2023[46]. Employee and Operational Metrics - The company had 168 full-time equivalent employees as of June 30, 2024, down from 180 in the previous year[8]. - The company reported a total of 1,403,500 performance employees for the year 2023, with 66,250 being new members[105]. - The company plans to add 25,000 new members in 2024[105]. Deferred Revenue and Liabilities - Deferred revenue amounted to €6.9 million as of June 30, 2024, including €4.1 million booked as 'Deferred revenue – non-current portion'[45]. - The deferred revenue related to monalizumab as of June 30, 2024, is €2.0 million, classified entirely as "Deferred revenue—Current portion"[18]. - The total change in collaboration liabilities related to the monalizumab agreement decreased from €63,211 thousand as of December 31, 2022, to €56,058 thousand as of June 30, 2023[114]. Legal and Compliance - The Company has no acknowledged litigation as of June 30, 2024, indicating no significant legal risks at this time[132]. - The interim condensed consolidated financial statements were prepared in accordance with IAS 34 and IFRS standards[70].