Innate Pharma H1 Net Loss Shrinks, Plans 30% Workforce Cut, Stock Drops

(RTTNews) - Innate Pharma S.A. (IPHA, IPH.PA), a French biotechnology firm, on Wednesday reported a narrower first-half net loss mainly aided by reduced expenses, amid weak revenues.

Further, Innate Pharma said it plans to prioritize its investment in preclinical research and development on its clinical assets IPH4502, lacutamab, and monalizumab, partnered with AstraZeneca, and to focus on advancing the next Antibody Drug Conjugates toward development.

The firm added that it intends to streamline its organization, with about 30% reduction in overall staffing levels, including through attrition. The planned layoffs will be implemented through a redundancy plan, in consultation with the Workers' Council and endorsement by the French authorities.

The implementation of the change is expected to be completed during the first half of 2026.

In addition, the company announced that Chief Operating Officer Yannis Morel will also assume Chief Scientific Officer role, as CSO Eric Vivier has decided to return to academic research full-time.

Going ahead, the firms expects a high-level read-out in the second half of 2026 for the enrolment completed Monalizumab, an AstraZeneca partnered Phase 3 PACIFIC-9 global clinical trial for Stage III, unresectable non-small cell lung cancer.

For the half year period, the net loss narrowed to 21.34 million euros from 24.76 million euros in the prior year.

On a per share basis, the loss came down to 0.25 euros from loss of 0.31 euros a year ago.

Operating loss shrank to 25.43 million euros from loss of 26.31 million euros in the prior year.

Meanwhile, revenue and other income decreased to 4.86 million euros from 12.35 million euros a year ago.

Revenue from collaboration and licensing agreements declined to 1.67 million euros from 8.29 million euros in the year ago.

Government financing for research expenditures declined to 3.19 million euros from 4.05 million euros in the prior year.

In addition, for the enrolment completed Monalizumab,an AstraZeneca partnered Phase 3 PACIFIC-9 global clinical trial for Stage III, unresectable non-small cell lung cancer, the firms expects a high-level read-out in the second half of 2026.

In the Paris market, the shares were trading 5.92% lower at 1.68 euros.