Innate Pharma S.A. (IPHA) stock is up 12.61% in the pre-market trading session at the price of $6.16 after announcing its financial results for the first half of 2021. IPHA is a clinical-stage oncology-focused biotech company, works on improving treatment and clinical outcomes for patients. It employs therapeutic antibodies that harness the human immune system to fight against cancer.
First Half 2021 Financial Results and Business Update
On 15th September 2021, IPHA reported its consolidated financial results for the six months ended 30th June 2021. CEO of IPHA, Mondher Mahjoubi, remarked that they had two key advancements in their portfolio during the first half of 2021. These include new lacutamab data from mycosis fungoides and new data from their proprietary, ANKET. These progressions have highlighted the strength and depth of their core R&D efforts and delivered both near and long-term value. They look forward to their continued pipeline progress, including their upcoming monalizumab presentation at ESMO and their lacutamab clinical trial program. These efforts will progress the next wave of innovation at Innate, he added.
First Half 2021 Financial highlights
IPHA reported revenue and other income of €15.7 million for the six months ended 30th June 2021. Total revenue was €36.7 million for the same period of 2020. Cash, cash equivalents, and short-term investments were €159.4 million in the first half of 2021. Net loss was €23.7 million for the six months ended 30th June 2021, compared to a net loss of €10.3 million for the same period of the previous year. A net financial gain of €1.7 million, reported in the first half of 2021. For the same period of 2020, the net financial loss was €2.0 million. This loss resulted from the low fair value of financial instruments due to the adverse impact of the COVID-19 on financial markets.
IPHA to Present Data at ESMO Congress 2021
On 2nd September 2021, IPHA announced that two oral presentations will be held at the ESMO 2021 Virtual Congress. AstraZeneca will present a late-breaker abstract about COAST Phase 2 trial on 17th September 2021. It will also highlight progression-free survival (PFS) results for novel durvalumab, including monalizumab, and oleclumab. Alexandre Martinez-Marti will be the speaker in this virtual presentation. On 18th September 2021, IPHA will also present preclinical data from ANKET, its next-generation, proprietary, and multi-specific NK cell engager platform. Chief Scientific Officer of Innate Pharma, Eric Vivier, will deliver a speech at this virtual presentation.