Company: IPHYF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001598599-25-000042
Chunk: 86

Company: Innate Pharma SA
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 86
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 a non-U. S. corporation that directly or indirectly owns at least 25% by value of the shares of another corporation is treated as if it held its proportionate share of the assets and received directly its proportionate share of the income of such other corporation. The status of the Company as a PFIC depends on the composition of its income (including whether reimbursements of certain refundable research tax credits will constitute gross income for purposes of the PFIC income test) and the composition and value of its assets. The value of the Company’s assets may be determined in large part by reference to the market value of the ordinary shares or ADSs, which may fluctuate substantially. The Company’s status as a PFIC may also depend in part on the amount of the amount of cash on the Company’s balance sheet, the cash proceeds from any fund-raising activities, and how quickly the Company utilizes such cash in its business.

If Innate is a PFIC for any taxable year during which a U. S. holder (as defined below under “ Item 10E. - Taxation - Material U. S. Federal Income Tax”) holds its ordinary shares or ADSs, the Company will continue to be treated as a PFIC with respect to such U. S. holder in all succeeding years during which the U. S. holder owns the ordinary shares or ADSs, regardless of whether the Company continues to meet the PFIC test described above, unless the U. S. holder makes a specified election once Innate ceases to be a PFIC. If the Company is a PFIC for any taxable year during which a U. S. holder holds its ordinary shares or ADSs, the U. S. holder may be subject to adverse tax consequences regardless of whether Innate Pharma continues to qualify as a PFIC, including ineligibility for any preferred tax rates on capital gains or on actual or deemed dividends, interest charges on certain taxes treated as deferred, and additional

reporting requirements. For further discussion of the PFIC rules and the adverse U. S. income tax consequences in the event the Company is classified as a PFIC, see the section of this Annual Report titled “ Item 10E. - Taxation - Material U. S. Federal Income Tax Considerations.”

If a United States person is treated as owning at least 10% of Innate's ordinary shares, such holder may be subject to adverse U. S. federal income tax consequences.

If a U. S. holder is treated as owning, directly