Company: IPHYF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001598599-25-000042
Chunk: 43

Company: Innate Pharma SA
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 43
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 events above may have a material adverse impact on Innate's business, prospects, financial condition and results of operations.

The revenues generated from its collaboration and license agreements have contributed and are expected to contribute a large portion of its revenue for the foreseeable future.

The Company has entered into collaboration and license agreements with pharmaceutical companies, including AstraZeneca and Sanofi. The upfront payments and milestones received from its partners were €19.0 million, €31.6 million and €56.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Innate also enhances its research efforts by establishing collaborations with academic or non-profit research institutions and other biopharmaceutical companies. The participation in these collaborations may generate revenue and funding in the form of operating grants or the reimbursement of research and development expenses.

Innate may not be able to renew or maintain its license agreements or collaborative research contracts or may be unable to sign new agreements with new collaborators on reasonable terms or at all. The early termination of a contract, the non-renewal of a contract or Innate's inability to find new collaborators would adversely affect its business. Should any of these risks materialize, this could have an adverse effect on Innate's business, prospects, financial condition and results of operations.

The Company benefits from tax credits in France that could be reduced or eliminated.

As a French biopharmaceutical company, Innate benefits from certain tax advantages, including the French research tax credit (Crédit Impôt Recherche) (the "Research Tax Credit"), which is a French tax credit aiming at stimulating research and development. The Research Tax Credit is calculated based on Innate's claimed amount of eligible research and development expenditures in France and represented €7.5 million, €9.7 million and €7.9 million for the years ended December 31, 2024, 2023 and 2022, respectively. The Research Tax Credit is a source of financing to Innate that could be reduced or eliminated by the French tax authorities or by changes in French tax law or regulations. See “ Item 10E. - Taxation - Material French Tax Considerations” and “ Note 1.2. - Government financing for research expenditures” of this Annual Report.

The Research Tax Credit can be offset against French corporate income tax due by the company with respect to the year during which the eligible research and development expenditures have been made. The

portion of tax credit in excess which is not being offset