Company: IPHYF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001598599-25-000042
Chunk: 306

Company: Innate Pharma SA
Filing Date: 2025-04-30
Form: 20-F
Item: Item 19
Chunk 306
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2025, expressed an unqualified opinion on the Company’s internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are public accounting firms registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U. S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

F-2

Collaboration and licensing agreements with AstraZeneca and Sanofi

Critical Audit Matter Description

As described in the note 13.1- Revenue from collaboration and licensing agreements, the Company has recognized revenue and contract liabilities for the fiscal year 2024 from the following collaboration agreements:

(i) Co-development and commercialization agreement with AstraZeneca signed in 2015 for the product Monalizumab and a multi-term agreement signed in 2018 and subsequent amendment signed in 2020 granting the entirety of the oncology rights to Monalizumab. The execution of these agreements resulted in:

- recognized revenue of 4,4 million euros for the year ended