Innate Pharma (NASDAQ:IPHA), a clinical-stage biotechnology company developing next-generation immunotherapies for cancer, today reported its consolidated financial results for the full year ended December 31, 2025.
The results reflect a transitional period for the company as it navigates the conclusion of major legacy collaborations and implements a strategic "Workforce Restructuring Plan" (Plan de Sauvegarde de l’Emploi) to align its cost base with its evolving pipeline.
Total revenue and other income for 2025 amounted to €9 million, a 55.2% decrease from €20.1 million in 2024.
This decline was primarily driven by a 77.9% drop in revenue from collaboration and licensing agreements, which fell to €2.8 million.
The company noted that revenue from the monalizumab agreement with AstraZeneca has been fully recognized, leaving no remaining contract liabilities.
Additionally, revenue from Sanofi collaborations decreased significantly after Sanofi returned the rights to SAR’579/IPH6101 in July 2025 and terminated research on a second option late in the previous year.
Operating expenses were reduced by 12.1% to €63 million, down from €71.7 million in 2024.
Research and development (R&D) expenses saw a 16.1% reduction to €43.6 million, reflecting lower direct clinical program costs and reduced scientific consulting fees.
Despite the drop in revenue, the net loss for 2025 remained stable at €49.2 million, compared to a net loss of €49.5 million in 2024.
The bottom line was bolstered by a net financial income of €4.8 million, which improved year-over-year due to favorable foreign exchange impacts.
As of December 31, 2025, Innate Pharma held cash, cash equivalents, and short-term investments totaling €44.8 million, compared to €91.1 million at the end of 2024.
The company also successfully reduced its financial liabilities to €22.6 million through consistent loan repayments.