Rankings Pharma & medtech Innate Pharma
Innate Pharma
53
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−10
- Binary risk: PACIFIC-9−7
- Funding and dilution−6
Strengths
- Partner validation+3
- Net cash (pro forma)+2
How the score is built
From 100 to 53, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 1.20 EUR
- Median analyst target
- 5.90 EUR
- Upside to median
- +393.3%
- Analysts
- 2
- Target range
- 5.60 – 6.20 EUR
- 52-week change
- −28%
- P/E (trailing)
- n/a
- Forward P/E
- 0.9
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−22 of −30
- −10MarginOperating result was −EUR 47.6m TTM on revenue of 9.8m (operating margin −485%). There have been losses every year since 2021, and net loss in H1 2026 was −EUR 19.6m.
- −5Quality of growthRevenue consists of milestones and licence income and swings wildly: EUR 61.6m (2023), 20.1 (2024), 9.0 (2025) and 9.8 TTM. There is no recurring product revenue.
- −5Capital allocationCash fell from EUR 120m (2021) to 10.9m (30/6-2026), and equity is negative (−40.5m). The placement of EUR 30m in August 2026 took place without preemption rights, and the share count has risen approx. 30% in 12 months.
- −2Moat / segment of the futureLacutamab is licensed to Sobi, so Innate gets milestones and royalties instead of the full sales. Monalizumab is run by AstraZeneca. Innate's own value now lies in IPH4502 (Nectin-4 ADC in phase 1), where Padcev (Pfizer/Astellas) already dominates the target.
Price
Today's multiples against the company's own history and its peers. · 2 findings−4 of −35
- −3Multiples vs own historyEV/Sales is 13.5 on stockanalysis figures vs 2.7-5.2 in 2023-2024, and P/B is negative. On pro forma figures (cash about 116m, debt 20m) EV is only about EUR 56m, so the stock is cheap measured on the adjusted EV.
- −1PeersOSE Immunotherapeutics has an EV of EUR 63m and Nanobiotix EUR 1.16bn. Innate, with partnerships with AstraZeneca, Sanofi and Sobi and an EV of approx. EUR 56m, sits at the cheap end.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−20 of −35
- −7Binary risk: PACIFIC-9AstraZeneca's phase 3 PACIFIC-9 (monalizumab + durvalumab in stage III NSCLC) reads out in H2 2026. Monalizumab has failed in phase 3 before: INTERLINK-1 in head and neck cancer was stopped for futility in 2022. A negative result removes a large part of the long-term milestone and royalty value.
- −6Funding and dilutionEven after the Sobi upfront payment and the placement, the money lasts only until the end of Q1 2028, and equity is negative. The company raised money in 2025 and 2026, and a new issue in 2027 is likely unless milestones (up to USD 40m in the short term from Sobi) are triggered.
- −4Price risk and overhangThe price (EUR 1.37) is about 20% below the August placement price of EUR 1.70, RSI is 25, and the price is -24% over 52 weeks. The placement investors are sitting on a loss and may sell.
- −3Debt and liquidityDebt is about EUR 20m (state-guaranteed loans), and current ratio was 0.60 at 30/6-2026 before the Sobi payment. Net cash was negative (−EUR 9.3m) on the balance sheet date.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Partner validationThe Sobi agreement for lacutamab took effect with an upfront payment of USD 75m, up to USD 40m in near-term milestones (Sézary syndrome), up to USD 465m more and double-digit royalties. Sobi finances the confirmatory phase 3 study TELLOMAK-3.
- +2Net cash (pro forma)Cash of EUR 21.4m at 30/6 plus about EUR 66m from Sobi and about 28m net from the placement gives about EUR 116m vs debt of about EUR 20m.
Caveats
What the score does not capture, or where the data is weak.
Stockanalysis' share count (93.7m) and cash (EUR 10.9m) are from before the August 2026 placement (17.65m shares at EUR 1.70) and before Sobi's upfront payment of USD 75m. The correct share count is about 111.4m, and market cap is about EUR 152m (about DKK 1,137m; Nordnet shows 1,171). Pro forma cash (about EUR 116m) is my own estimate: 21.4m at 30/6 + USD 75m (about EUR 66m) + about EUR 28.5m net from the placement. Debt (about EUR 20m, state-guaranteed loans) is from stockanalysis. The company is NOT in restructuring. The CFO's name and the terms of the AstraZeneca agreement (milestones, Innate's share of phase 3 costs) are not verified. Short interest (AMF register) not checked.
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