Innate Pharma SA 6-K, filed Sep 8, 2020

Innate Pharma SA (IPHA)

6-K 2020-09-08 For: 2020-09-08

View Original

Added on April 06, 2026

About this 6-K

Innate Pharma SA filed this 6-K on September 8, 2020.

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

Exhibit		Description

99.1		Press Release dated September 8, 2020
99.2		Half Year Financial Report 2020

	Innate Pharma S.A.


Date: September 8, 2020	By:	/s/ Laure-Hélène Mercier
	Name:	Laure-Hélène Mercier
	Title:	Chief Financial Officer

In thousands of euros, except for data per share		June 30, 2020	June 30, 2019
Revenue and other income		36,745	59,155
Research and development		(31,499)	(36,584)
Selling, general and administrative		(14,490)	(9,295)
Total operating expenses		(45,989)	(45,879)
Net income (loss) from distribution agreements		896	(3,820)
Operating income (loss)		(8,348)	9,456
Net financial income (loss)		(1,986)	3,784
Income tax expense		-	-
Net income (loss)		(10,334)	13,240
Weighted average number of shares outstanding (in thousands)		78,892	63,988
Basic income (loss) per share		(0.13)	0.21
Diluted income (loss) per share		(0.13)	0.20

	June 30, 2020		December 31, 2019
Cash, cash equivalents and financial asset		184,614	255,869
Total assets		333,066	401,361
Shareholders’ equity		207,764	217,416
Total financial debt		18,817	18,723

	June 30, 2020	December 31, 2019

Assets

Cash and cash equivalents	131,542	202,887
Short-term investments	16,199	15,978
Trade receivables and others - current	15,948	18,740
Total current assets	163,689	237,605

Intangible assets	95,215	96,968
Property and equipment	12,434	11,672
Non-current financial assets	36,872	37,005
Trade receivables and others - non-current	23,447	16,737
Other non-current assets	141	89
Deferred tax assets	1,269	1,286
Total non-current assets	169,377	163,756

Total assets	333,066	401,361

Liabilities
Trade payables and others	26,544	49,504
Collaboration liabilities – Current portion	12,012	21,304
Financial liabilities – Current portion	2,035	2,130
Deferred revenue – Current portion	41,581	48,770
Provisions – Current portion	171	114
Total current liabilities	82,345	121,822

Collaboration liabilities – Non current portion	-	-
Financial liabilities – Non-current portion	16,781	16,593
Defined benefit obligations	4,155	3,760
Deferred revenue – Non-current portion	20,491	40,342
Provisions – Current portion	262	142
Deferred tax liabilities	1,269	1,286
Total non-current liabilities	42,958	62,123

Share capital	3,946	3,941
Share premium	370,440	369,617
Retained earnings	(155,719)	(134,912)
Other reserves	(568)	(472)
Net income (loss)	(10,334)	(20,759)
Total shareholders’ equity	207,764	217,416

Total liabilities and shareholders’ equity	333,066	401,361

	June 30, 2020	June 30, 2019

Revenue from collaboration and licensing agreements	29,841	51,588
Government financing for research expenditures	6,904	7,567

Revenue and other income	36,745	59,155

Research and development expenses	(31,499)	(36,584)
Selling, general and administrative expense	(14,490)	(9,295)

Operating expenses	(45,989)	(45,879)

Net income / (loss) distribution agreements	896	(3,820)

Operating income (loss)	(8,348)	9,456

Financial income	2,446	5,717
Financial expenses	(4,431)	(1,933)

Net financial income (loss)	(1,986)	3 784

Net income (loss) before tax	(10,334)	13,240

Income tax expense	-	-

Net income (loss)	(10,334)	13,240

- Basic income (loss) per share	(0,13)	0,21
- Diluted income (loss) per share	(0,13)	0,20

In thousands of euro	June 30, 2020	June 30, 2019
Revenue from collaboration and licensing agreements	29,841	51,588
Government funding for research expenditures	6,904	7,567
Revenue and other income	36,745	59,155

In thousands of euros	June 30, 2020	June 30, 2019
Research and development	(31,499)	(36,584)
Selling, general and administrative	(14,490)	(9 295)
Total operating expenses	(45,989)	(45,879)

INNATE PHARMA AT A GLANCE	4
HALF-YEAR MANAGEMENT REVIEW	5
A. Revenue and other income	6
B. Operating expenses	7
C. Balance sheet items	10
D. Cash-flow items	10
E. Key events since January 1, 2020	11
F. Nota	11
G. Main risks and uncertainties for the remaining six months of the fiscal year	11
H. Related party transactions	13
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2020	14
A. Interim Condensed Consolidated Statements of Financial Position (amounts in thousands of euro)	14
B. Interim Condensed Consolidated Statements of Income (Loss) (amounts in thousands of euro, except share and per share amounts)	15
C. Interim Condensed Consolidated Statements of Comprehensive Income (Loss) (amounts in thousands of euro)	16
D. Interim Condensed Consolidated Statements of Cash Flows (amounts in thousands of euro)	17
E. Interim Consolidated Statement of Changes in Shareholders’ Equity (amounts in thousands of euro, except share data)	19
F. Interim Condensed Notes to the Consolidated Financial Statements	20
STATUTORY AUDITORS' REVIEW REPORT ON THE HALF-YEARLY FINANCIAL INFORMATION	39
DECLARATION BY THE PERSON RESPONSIBLE FOR THIS HALF-YEAR FINANCIAL REPORT	40

	Note	June 30, 2020	December 31, 2019
Assets

Current assets
Cash and cash equivalents	4	131,542	202,887
Short-term investments	4	16,199	15,978
Trade receivables and others	5	15,948	18,740
Total current assets		163,689	237,605

Non-current assets
Intangible assets	6	95,215	96,968
Property and equipment	7	12,434	11,672
Non-current financial assets	4	36,872	37,005
Trade receivables and other–non-current	5	23,447	16,737
Other non-current assets		141	89
Deferred tax assets	17	1,269	1,286
Total non-current assets		169,377	163,756

Total assets		333,066	401,361
Liabilities

Current liabilities
Trade payables and others	8	26,544	49,504
Collaboration liabilities – current portion	13	12,012	21,304
Financial liabilities – current portion	9	2,035	2,130
Deferred revenue – current portion	13	41,581	48,770
Provisions – current portion	18	171	114
Total current liabilities		82,345	121,822

Non-current liabilities
Collaboration liabilities–non-current portion	13	-	-
Financial liabilities–non-current portion	9	16,781	16,593
Defined benefit obligations	10	4,155	3,760
Deferred revenue – non-current portion	13	20,491	40,342
Provisions – non-current portion	18	262	142
Deferred tax liabilities	17	1,269	1,286
Total non-current liabilities		42,958	62,123

Shareholders’ equity
Share capital	11	3,946	3,941
Share premium	11	370,440	369,617
Retained earnings		(155,719)	(134,912)
Other reserves		(568)	(472)
Net income (loss)		(10,334)	(20,759)
Total shareholders’ equity		207,764	217,416

Total liabilities and shareholders’ equity		333,066	401,361

	June 30, 2020	June 30, 2019
Net income (loss) for the period	(10,334)	13,240
Items which will not reclassified in the consolidated statement of income (loss)
Actuarial gains and (losses) related to defined benefit obligations	(131)	(794)
Elements which will be reclassified in the consolidated statement of income (loss)
Foreign currency translation gain (loss)	(13)	(3)
Other comprehensive income (loss)	(144)	(797)
Total comprehensive income (loss)	(10,478)	12,443

Change in working capital	Note	June 30, 2020	December 31, 2019	Variance
Trade receivables and others (excluding rebates related to capital expenditures)	5	39,394	28,716	(10,678)
Deferred revenue - current and non-current portion	13	(62,072)	(89,112)	(27,040)
Trade payables and others (excluding payables related to capital expenditures)	8	(25,461)	(36,047)	(10,585)
Collaboration liabilities - current and non-current portion	13	(12,012)	(21,304)	(9,292)
Change in working capital		(60,151)	(117,746)	(57,595)

In thousands of euro, except for data share	Ordinary Shares	Preferred Shares	Share capital	Share premium	Retained earnings	Other reserves	Net income (loss)	Total attributable to equity holders of the Company
December 31, 2018	63,932,655	6,931	3,197	299,932	(137,840)	(1,099)	3,049	167,240
Restatement related to the first application of IFRS 16	-	-	-	-	(121)	-	-	(121)
January 1, 2019 (after restatement)⁽¹⁾	63,932,655	6,931	3,197	299,932	(137,961)	(1,099)	3,049	167,119

Net income	-	-	-	-	-	-	13,240	13,240
Actuarial gains on defined benefit obligations	-	-	-	-	-	(794)	-	(794)
Foreign currency translation loss	-	-	-	-	-	(3)	-	(3)
Total comprehensive income for the period	-	-	-	-	-	(797)	13,240	12,443

Allocation of prior period income	-	-	-	-	3,049	-	(3,049)	-
Exercise and subscription of equity instruments	111,250	7,581	6	(5)	-	-	-	1
Potential capital increase costs⁽²⁾	-	-	-	(274)	-	-	-	(274)
Shared-based payment	-	-	-	1,975	-	-	-	1,975
June 30, 2019	64,043,905	14,512	3,203	301,629	(134,911)	(1,895)	13,240	181,266

December 31, 2019	78,811,114	14,507	3,941	369,617	(134,912)	(472)	(20,759)	217,416

Net loss	-	-	-	-	-	-	(10 334)	(10 334)
Actuarial gains on defined benefit obligations	-	-	-	-	-	(131)	-	(131)
Foreign currency translation loss	-	-	-	-	(48)	35	-	(13)
Total comprehensive loss for the period	-	-	-	-	(48)	(96)	(10 334)	(10 478)

Allocation of prior period income (loss)	-	-	-	-	(20,759)	-	20,759	-
Exercise and subscription of equity instruments	87,150	-	4	(1)	-	-	-	-
Shared-based payment	-	-	-	824	-	-	-	-
June 30, 2020	78,898,264	14,507	3,946	370,440	(155,719)	(568)	(10,334)	207,764

(in thousands of euro)	June 30, 2020	December 31, 2019

Cash and cash equivalents	131,542	202,887
Short-term investments	16,199	15,978
Cash, cash equivalents and short-term investments	147,741	218,865
Non-current financial assets	36,872	37,005
Cash, cash equivalents and financial assets	184,614	255,869

(in thousands of euro)	December 31, 2019	Acquisitions	Disposals	Variance of fair value through the consolidated statement of income (loss)	Variance of accrued interests	Foreign currency effect	June 30, 2020
Short-term investments	15,978	-	-	173	-	48	16,199
Non-current financial assets	37,005	3,000	-	(2,709)	(425)	-	36,872
Total	52,983	3,000	-	(2,536)	(425)	48	53,071

(in thousands of euro)	December 31, 2018	Acquisitions	Disposals	Variance of fair value through the consolidated statement of income (loss)	Variance of accrued interests	Foreign currency effect	June 30, 2019
Short-term investments	15,217	-	-	271		90	15,578
Non-current financial assets	35,181	-	(2,000)	2,037	101	-	35,320
Total	50,398	-	(2,000)	2,308	101	90	50,898

	June 30, 2020	June 30, 2019
Net income (loss)	(10,334)	13,240
Depreciation and amortization, net	6,719	6,826
Employee benefits costs	264	318
Change in provision for charges	142	(70)
Share-based compensation expense	824	1,975
Change in valuation allowance on financial assets	2,536	(2,308)
Gains (losses) on financial assets	(48)	(90)
Change in valuation allowance on financial instruments	425	(101)
Gains on assets and other financial assets	(758)	(1069)
Interest paid	173	44
Other profit or loss items with no cash effect	(373)	(317)
Operating cash flow before change in working capital	(430)	18,448
Change in working capital	(57,595)	41,187
Net cash generated from / (used in) operating activities:	(58,025)	59,635
Acquisition of intangible assets, net	(9,306)	(64,130)
Acquisition of property and equipment, net	(544)	(738)
Purchase of non-current financial instruments	(3,000)	-
Disposal of property and equipment	36	-
Disposal of other assets	-	1
Purchase of other assets	(52)	-
Disposal of non-current financial instruments	-	2,000
Interest received on financial assets	758	1069
Net cash generated from / (used in) investing activities:	(12,108)	(61,798)
Increase in capital, net	3	1
Repayment of borrowings	(1,029)	(729)
Net interest paid	(173)	(44)
Net cash generated / (used in) from financing activities:	(1,199)	(772)
Effect of the exchange rate changes	(13)	(3)
Net increase / (decrease) in cash and cash equivalents:	(71,345)	(2,938)
Cash and cash equivalents at the beginning of the year:	202,887	152,314
Cash and cash equivalents at the end of the six-months period:	131,542	149,376

in thousands of euro	June 30, 2020	June 30, 2019

Proceeds from collaboration and licensing agreements	28,349	46,770
of which monalizumab agreement	19,636	24,293
of which IPH5201 agreement	8,713	22,478
Invoicing of R&D costs (IPH5201 and avdoralimab agreements)	1,090	4,418
Exchange gains on collaboration agreement	402	400
Revenue from collaboration and licensing agreements	29,841	51,588

in thousands of euro	June 30, 2020	June 30, 2019
Monalizumab	(2,112)	(2,192)
Lacutamab	(5,003)	(2,918)
Advoralimab	(3,654)	(2,805)
Lumoxiti⁽¹⁾	(1,797)	(6,456)
Sub-total programs in clinical development	(12,566)	(14,371)
Sub-total programs in preclinical development	(3,333)	(6,774)
Total direct research and development expenses	(15,899)	(21,145)
Personnel expenses (including share-based payments)	(8,021)	(7,808)
Depreciation and amortization	(6,145)	(6,348)
Other expenses	(1,434)	(1,283)
Personnel and other expenses	(15,60)	(15,439)
Total research and development expenses	(31,499)	(36,584)

in thousands of euro	June 30, 2020	June 30, 2019
Personnel expenses (including shared-based payments)	(6,436)	(4,111)
Non scientific advisory and consulting	(4,109)	(2,332)
Other expenses⁽¹⁾	(3,946)	(2,852)
Total selling, general and administrative expenses	(14,490)	(9,295)

(in thousands of euro)	Purchased licenses	Other intangible assets	In progress	Total


January 1, 2019	44,184	345	40,000	84,529
Acquisitions	-	59	-	59
Additional considerations	9,260⁽¹⁾	-	-	9,260
Disposals	-	-	-	-
Amortization	(5,769)⁽²⁾	(59)	-	(5,828)
Transfers	-	(139)	-	(139)

June 30, 2019	47,675	206	40,000	87,881


January 1, 2020	56,851	116	40,000	96,967
Acquisitions	-	195	-	195
Additional considerations	3,685⁽³⁾	-	-	3,685
Disposals	-	-	-	-
Amortization	(5,545)⁽⁴⁾	(86)	-	(5,632)
Transfers	-	-	-	-

June 30, 2020	54,991	225	40,000	95,215

(in thousands of euro)	Lands and buildings	Laboratory equipment and other	In progress	Total	Of which finance leases

December 31, 2018	3,795	6,101	320	10,216	*4,923*
Impact of first application of IFRS 16⁽¹⁾	1,028	69	-	1,097	1,097
January 1, 2019	4,823	6,170	320	11,313	*6,020*
Acquisitions	-	755	202	957	-
Disposals	-	(13)	-	(13)	-
Depreciation	(258)	(740)	-	(998)	(408)
Transfers	-	256	(117)	139	-

June 30, 2019	4,565	6,428	405	11,398	*5,612*


(in thousands of euro)	Lands and buildings	Laboratory equipment and other	In progress	Total	Of which right of use assets⁽³⁾

January 1, 2020	5,356	5,947	369	11,672	*6,270*
Acquisitions	1,152	604	129	1,885	1,152
Disposals	-	(36)	-	(36)	-
Depreciation	(342)	(745)	-	(1,087)	(442)
Transfers	-	-	-	-	-

June 30, 2020	6,166	5,770	498	12,434	*6,980*

(in thousands of euro)	December 31, 2019	Proceeds from borrowing	Proceeds from lease liabilities (non cash)	Repayments of borrowings/leases liabilities	Exchange rate variation (non cash)	June 30, 2020

BPI PTZI IPH41⁽¹⁾	450	-	-	-	-	450
Lease liabilities – Real estate property	418	-	-	(418)	-	-
Property transaction (down-payment)	(74)	-	-	74	-	-
Lease liabilities – Building "Le Virage"	1,437	-	1,120	-	-	2,557
Lease liabilities – Premises Innate Inc.	496	-		(3)	9	502
Lease liabilities – Laboratory equipment	815	-	-	(87)	-	728
Lease liabilities – Vehicles	37	-	-	(9)	-	28
Borrowing – Equipment	319	-	-	(27)	-	292
Borrowing – Building	14,826	-	-	(567)	-	14,259
Total	18,723	-	1,120	(1,037)	9	18,818

(in thousands of euro)	December 31, 2018	Impact of first application of IFRS 16 (non cash)	January 1, 2019	Repayments of borrowings/leases liabilities	June 30, 2019

BPI PTZI IPH41⁽¹⁾	750	-	750	(75)	675
Lease liabilities – Real estate property	1,345	-	1,345	(459)	886
Property transaction (down-payment)	(234)	-	(234)	80	(154)
Lease liabilities – Building "Le Virage"	-	1,099	1,099	(142)	957
Lease liabilities – Laboratory equipment	987	-	987	(86)	901
Lease liabilities – Vehicles	-	69	69	(21)	48
Borrowing – Equipment	372	-	372	(26)	346
Borrowing – Building	1,300	-	1,300	-	1,300
Total	4,522	1,168	5,690	(729)	4,959

(in thousands of euro)	Within 1 year	From 2nd to 5th year included	Over 5 years	Total

BPI PTZI IPH41	150	300	-	450
Lease liabilities – Real estate property	-	-	-	-
Property transaction (down-payment)	-	-	-	-
Lease liabilities – Building "Le Virage"	475	2,233	-	2,708
Lease liabilities – Premises Innate Inc	78	360	97	535
Lease liabilities – Laboratory equipment	179	584	-	763
Lease liabilities – Vehicles	14	14	-	28
Loans – Equipment	57	228	14	299
Loans – Building	1,427	5,706	8,678	15,811
Total financial liabilities	2,380	9,425	8,789	20,594

As of January 1, 2019	3,697
Service cost	630
Interest costs	55
Actuarial (gain) / loss	(622)
As of December 31, 2019	3,760
Service cost	246
Interest costs	18
Actuarial (gain) / loss	131
As of June 30, 2020	4,155

Date	Types	Number of warrants issued as of 06/30/2020	Number of warrants void as of 06/30/2020	Number of warrants exercised as of 06/30/2020	Number of warrants outstanding as of 06/30/2020	Maximum number of shares to be issued as of 06/30/2020	Exercise price per share (in €)
Sept. 9, 2011	BSAAR 2011	650,000	-	395,000	255,000	255,000	2.04
May 27, 2013	BSAAR 2012	146,050	-	85,950	60,100	60,100	2.04
July 1, 2015	BSAAR 2015	1,050,382	2,720	1,940	1,045,722	1,045,722	7.20
October 21, 2016	AGAP Management 2016-1	2,000	550	-	1,450	188,500	-
October 21, 2016	AGAP Employees 2016-1	2,486	251	5	2,230	289,900	-
October 21, 2016	AGA Management 2016-1	50,000	-	50,000	-	-	-
December 30, 2016	AGAP Management 2016-2	3,000	-	-	3,000	333,000	-
December 30, 2016	AGA Management 2016-2	250,000	-	250,000	-	-	-
April 3,2018	AGAP Employees 2017-1	5,725	652	-	5,073	507,300	-
April 3,2018	AGAP Management 2017-1	2,400	800	-	1,600	160,000	-
April 3,2018	AGA Employees 2017	114,500	4,000	110,500	-	-	-
July 3, 2018	AGA Bonus 2018-1	67,028	469	66,559	-	-	-
November 20, 2018	AGAP Perf Employees 2018-1	327,500	37,500	-	290,000	290,000	-
November 20, 2018	AGAP Perf Management 2018-1	260,000	60,000	-	200,000	200,000	-
January 14, 2019	AGA Employees 2018	90,650	5,000	86	0	0	-
April 29, 2019	AGA New Members 2017-1	25,000	-	-	25,000	25,000	-
July 3, 2019	AGA Bonus 2019-1	57,376	-	-	57,376	57,376	-
November 4, 2019	AGAP Perf Employees 2019	546,700	41,100	-	505,600	505,600	-
November 4, 2019	AGAP Perf Management 2019	355,000	30,000	-	325,000	325,000	-
July 29, 2011	BSA 2011-2	225,000	-	158,060	66,940	66,940	1.77
July 17, 2013	BSA 2013	237,500	-	191,140	46,360	46,360	2.36
July 16, 2014	BSA 2014	150,000	-	75,000	75,000	75,000	8.65
April 27, 2015	BSA 2015-1	70,000	-	-	70,000	70,000	9.59
July 1, 2015	BSA 2015-2	14,200	-	-	14,200	14,200	14.05
September 20, 2017	BSA 2017	37,000	-	-	37,000	37,000	11.00
	Total au 30/06/2020	4,739,497	183,042	1,469,804	3,086,651	4,551,998	0

As of June 30, 2020 (in thousands of euro)	Book value on the statement of financial position	Fair value through profit and loss ⁽¹⁾	Amortized cost⁽²⁾	Fair value
Financial assets
Non-current financial assets	36,872	36,872	-	36,872
Trade receivables and others	39,394	-	39,394	39,394
Short-term investments	16,199	16,199	-	16,199
Cash and cash equivalents	131,542	131,542	-	131,542
Total financial assets	224,008	184,613	39,394	224,008
Financial liabilities
Financial liabilities—non-current portion	16,781	-	16,781	16,781
Financial liabilities—current portion	2,035	-	2,035	2,035
Trade payables and others	26,544	-	26,544	26,544
Total financial liabilities	45,361	-	45,361	45,361

As of December 31, 2019 (in thousands of euro)	Book value on the statement of financial position	Fair value through profit and loss ⁽¹⁾	Amortized cost⁽²⁾	Fair value
Financial assets
Non-current financial assets	37,005	37,005	-	37,005
Trade receivables and others	35,477	-	35,477	35,477
Short-term investments	15,978	15,978	-	15,978
Cash and cash equivalents	202,887	202,887	-	202,887
Total financial assets	291,347	255,869	35,477	291,347
Financial liabilities
Financial liabilities—non-current portion	16,593	-	16,593	16,593
Financial liabilities—current portion	2,130	-	2,130	2,130
Trade payables and others	49,504	-	49,504	49,504
Total financial liabilities	68,227	-	68,227	68,227

(in thousands of euro)	Total
As of December 31, 2018	104,925
Revenue for the six months ended June 30, 2019	(24,293)
Transfer from / (to) collaboration liabilities	210
As of June 30, 2019	80,844

As of December 31, 2019	62,657
Revenue for the six months ended June 30, 2020	(19,636)
Transfer from / (to) collaboration liabilities	(3,055)
As of June 30, 2020	39,966

(in thousands of euro)	As of December 31, 2019	Recognition in P&L	Proceeds	Transfer from / (to) collaboration liabilities	As of June 30, 2020
Monalizumab	62,657	(19,636)	-	(3,055)	39,966
IPH5201	9,054	(8,713)	4,365	-	4,706
Preclinical molecules	17,400	-	-	-	17,400
Total	89,111	(28,349)	4,365	(3,055)	62,072

	As of June 30,2020
(in thousands of euro)	Payments	Assets/Liabilities

Collection (AstraZeneca to the Company) / Receivables	14,467	2,596
Payments (the Company to AstraZeneca) / Liabilities	(33,298)	(7,132)
Total⁽¹⁾	(18,831)	(4,537)

Audit Conseil Expertise SAS	Deloitte & Associés
Membre de PKF International

Guy CASTINEL	St éphane MENARD