Innate Pharma ADR Dossier
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SectorHealth Care IndustryBiotechnology Beta (adjusted)0.92 Intrinsic Value Insufficient data for a value estimateNot enough reliable inputs to publish a fair value for this company yet. Market Price $1.59Price as of 1 Oct 2026 Data confidenceNot applicable Market Cap $177.6M Enterprise Value $172.1M Shares Outstanding 89.6M diluted Next Earnings Date31 Dec 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary Innate Pharma SA is a clinical-stage biotechnology company specializing in immuno-oncology. The company has streamlined its operations to focus resources on three high-value clinical assets: lacutamab, IPH4502, and monalizumab. With key clinical catalysts expected in the second half of 2026, including the Phase 3 PACIFIC-9 data readout partnered with AstraZeneca and the planned initiation of the Phase 3 TELLOMAK-3 trial for lacutamab, the company presents a high-upside opportunity for biotech investors, balanced by near-term cash runway constraints. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$4.00 Mean target$7.00 High · most bullish analyst$9.00 Our research · scenarios, merits, risks, and invalidation triggersResearch as of 20 Jun 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario The bear case assumes the PACIFIC-9 trial fails to meet its primary endpoints, severely damaging the clinical outlook for monalizumab. Furthermore, if Innate Pharma fails to secure non-dilutive financing for the TELLOMAK-3 trial, it may be forced to execute highly dilutive equity raises under its ATM program or delay clinical development, given its cash runway only extends to the end of Q3 2026. Base CaseCentral scenario The base case assumes AstraZeneca's Phase 3 PACIFIC-9 trial of monalizumab in Stage III NSCLC reads out positive in H2 2026, triggering milestone payments and validating the NKG2A checkpoint pathway. Additionally, the company successfully secures non-dilutive partnering or royalty financing to initiate the Phase 3 TELLOMAK-3 trial for lacutamab in cutaneous T-cell lymphoma (CTCL), extending its cash runway beyond Q3 2026. Bull CaseUpside scenario Innate Pharma is mispriced due to excessive market focus on its short cash runway, underappreciating the clinical optionality of its pipeline. A positive Phase 3 PACIFIC-9 readout validates monalizumab in NSCLC, while securing a non-dilutive financing path for TELLOMAK-3 allows lacutamab to enter Phase 3 without diluting shareholders. Early clinical data from IPH4502 (Nectin-4 ADC) provides a third proprietary growth pillar. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
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Thesis Invalidation Triggers
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |