Innate Pharma(US:IPHA)2025-09-17 10:24Financial Performance - Revenue and other income for the first half of 2025 amounted to €4.9 million, a decrease of €7.5 million compared to €12.3 million for the same period in 2024[17][24]. - Revenue from collaboration and licensing agreements decreased by €6.6 million to €1.7 million for the first half of 2025, compared to €8.3 million for the same period in 2024[26]. - The net loss for the first half of 2025 was €21.3 million, an improvement from a net loss of €24.8 million in the first half of 2024[19]. - Operating expenses totaled €30.3 million, a decrease from €38.7 million in the first half of 2024, with 67.8% attributed to research and development[17]. - The operating loss for the six months ended June 30, 2025, was €25,427,000, compared to an operating loss of €26,313,000 for the same period in 2024[87]. - The company reported a net loss of €21.3 million for the first half of 2025, with shareholders' equity at €5.1 million[64]. - Revenue from collaboration and licensing agreements for the six months ended June 30, 2025, was €1,671,000, down 79.9% from €8,293,000 in the same period of 2024[87]. - The company recognized a research tax credit of €3,189 thousand for the first half of 2025, down from €4,050 thousand in the first half of 2024, indicating a decrease of approximately 21%[184]. Cash and Financial Position - As of June 30, 2025, cash, cash equivalents, and financial assets totaled €70.4 million, down from €91.1 million as of December 31, 2024[16]. - Cash and cash equivalents decreased to €53.7 million as of June 30, 2025, down €12.7 million from the previous year[68]. - Net cash as of June 30, 2025, was €51.1 million, a decrease from €72.1 million as of December 31, 2024[62]. - The total amount of cash, cash equivalents, and short-term investments amounted to €60,027 thousand, down from €80,770 thousand, reflecting a decline of approximately 25.5%[121]. - The total financial assets as of June 30, 2025, amounted to €87,404 thousand, with cash and cash equivalents contributing €53,704 thousand[167]. - The total financial liabilities as of June 30, 2025, were €39,070 thousand, with current liabilities amounting to €8,934 thousand[167]. Research and Development - Research and development expenses were €20.5 million, down from €29.1 million in the first half of 2024, reflecting a decrease of €8.6 million[18]. - Direct R&D expenses decreased by €7.3 million, or 43.1%, to €9.7 million for the six months ended June 30, 2025, compared to €17.1 million for the same period in 2024[52]. - The company is developing several drug candidates, including IPH4502, an innovative ADC for advanced solid tumors, and anti-KIR3DL2 mAb lacutamab for cutaneous T cell lymphomas[93]. - The Phase 1 study of IPH4502 aims to enroll approximately 105 patients with advanced solid tumors known to express Nectin-4[99]. - The company expects to incur additional losses until it can generate significant revenues from its drug candidates in development[11]. Shareholder and Capital Structure - Shareholders' equity as of June 30, 2025, was €5.1 million[11]. - The Company’s share capital increased to €4,609,489.90, divided into 92,175,723 ordinary shares after the capital increase[78]. - The company raised a total of €324.3 million through capital increases since its inception, with the latest being €15.0 million in April 2025[63]. - The company recognized an upfront payment of €25.0 million in March 2023 from a licensing agreement with Sanofi, which included €18.5 million for the exclusive license[35]. - Sanofi will invest up to €15,000,000 in new shares of the Company, subscribing to 8,345,387 new ordinary shares at €1.7974 per share, resulting in a total capital increase of €14,999,998.59[78]. Employment and Personnel - The company had 174 full-time equivalent employees as of June 30, 2025, compared to 168 as of June 30, 2024, indicating a growth in workforce[188]. - Personnel expenses for general and administrative purposes amounted to €4.8 million for the six months ended June 30, 2025, compared to €4.0 million for the same period in 2024, reflecting an increase of €0.8 million[57]. - Personnel expenses other than share-based compensation increased to €12,227 thousand for the six months ended June 30, 2025, compared to €11,002 thousand for the same period in 2024, marking an increase of approximately 11%[188]. Regulatory and Strategic Developments - The FDA granted Breakthrough Therapy Designation to lacutamab for treating adult patients with relapsed or refractory Sézary syndrome on February 17, 2025[75]. - The Company plans to transform into a société anonyme with a Board of Directors, aiming to align corporate governance with international standards[78]. - The newly appointed Board of Directors includes Mrs. Irina Staatz Granz as Chair and Mr. Jonathan Dickinson as Chief Executive Officer[80]. - The Company transitioned to a Board of Directors structure with a Chief Executive Officer following the Annual General Meeting held on May 22, 2025[103]. - The company regained rights to SAR'579/IPH6101 (CD123 ANKET) from Sanofi, effective July 1, 2025, as part of a strategic realignment[101].