MeritValue

Innate Pharma SA

IPHAdata completeness 88%9 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Innate Pharma SA earns about -183% on equity, but has diluted owners by 18% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue€24.7M1€57.7M2€61.6M3€20.1M3€9.01M3
Net income−€52.8M4−€58.1M5−€7.57M6−€49.5M6−€49.2M6
Operating cash flow−€58.5M7−€19.2M8−€32.6M9−€6.9M9−€52.8M9
Capital expenditure€929,00010€535,00011€351,00012€391,00012€140,00012
Free cash flow (derived)−€59.4M7−€19.7M8−€32.9M9−€7.29M9−€52.9M9
Total debt—————
Cash & equivalents€103.8M13€84.2M14€70.6M14€66.4M14€28.1M14
Diluted shares79.5M79.5M80.5M83.8M93.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−€2.32
your share of equity
Profit it earned you last year
−€5.25
Free cash flow it threw off
−€5.64
Debt you’d be carrying
—

10 shares is a claim on −€2.32 of net worth that earned you −€5.25 and generated −€5.64 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-183% avg · 5y
FY21 -49%FY22 -107%FY23 -15%FY24 -560%FY25 —

It earned an average -183% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+18% shares · 5y

Share count is up 18% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001598599-24-000020 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001598599-25-000042 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001598599-26-000005 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001598599-24-000020 (ProfitLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001598599-25-000042 (ProfitLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001598599-26-000005 (ProfitLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001598599-24-000020 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001598599-25-000042 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001598599-26-000005 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001598599-24-000020 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001598599-25-000042 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001598599-26-000005 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001598599-25-000042 (CashAndCashEquivalents)
  14. 20-F · period ending 2022-12-31 · accession 0001598599-26-000005 (CashAndCashEquivalents)