Wednesday, November 15, 2017 - 07:00
  • Cash, cash equivalents and financial assets amounting to €195.7 million
  • Robust cash position allows for further investment in portfolio of proprietary immuno-oncology programs
  • Innate Pharma continues its clinical development plans for its first-in-class programs, IPH4102 and IPH5401, and expects to provide an update early in 2018 

 

Innate Pharma SA (the “Company” - Euronext Paris: FR0010331421 – IPH) today announces its revenues and cash position for the first nine months of 2017.

Mondher Mahjoubi, Chief Executive Officer of Innate Pharma, commented: “Our robust cash position as of September 30 2017, provides us with the ability to further invest in our proprietary discovery and development portfolio of first-in-class immuno-oncology programs, including our lead product candidates IPH4102 and IPH5401. Clinical development plans for both candidates are in the process of being shaped and we expect to provide an update early in 2018. Following the promising results for IPH4102 presented at the 2017 EORTC meeting, Innate Pharma remains committed to bringing IPH4102 to patients on our own as quickly as possible, in line with our strategy of becoming an independent, fully integrated biopharmaceutical company.”

Cash, cash equivalents and financial assets of the Company amounted to €195.7 million at September 30, 2017, including current and non-current financial assets (€239.6 million at September 30, 2016). At the same date, its financial liabilities amounted to €4.9 million (€5.6 million at September 30, 2016).

The net consumption of cash, cash equivalents and financial assets* amounted to €8.4 million for the third quarter of 2017. This includes the collection during the period of the research tax credit relating to the year 2016 (€8.8 million).

The table below shows the revenue for the first nine months of 2016 and 2017, as well as the revenue for the third quarter of the same years:

In thousand of euros

Nine-month period ended
September 30

Three-month period ended
September 30

2017

2016

2017

2016

Revenue from collaboration and licensing agreements

27,934

27,900

12,380

11,214

Revenue

27,934

27,900

12,380

11,214

 

 

 

 

 

 

For the nine-month period ended September 30, 2017, revenue results from the co-development and commercialization agreement with AstraZeneca, corresponding to the recognition over the period of the initial payment received in April 2015 (€27.2 million for the same period in 2016).

The nine-month period ended September 30, 2016 included a €0.7 million amount resulting from the collaboration and licensing agreement with Bristol-Myers Squibb corresponding to the recognition of the upfront payment received in July 2011.

Regarding the co-development and commercialization agreement with AstraZeneca, the Company recognizes the initial payment of $250 million over the period during which the Company is committed to complete the studies and based on actual expenses incurred. The measurement of progress has been based on actual expenses incurred compared to the total estimated amount of expenses to be incurred for these studies.

 

 
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