Company: IPHYF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001598599-25-000042
Chunk: 187

Company: Innate Pharma SA
Filing Date: 2025-04-30
Form: 20-F
Item: Item 5
Chunk 187
---
 ──────────────────────────────────────────────────────────────────────────────────────────
  Research Tax Credit(1)                                                7,925      9,729  
  Grant and other tax credit (2)                                          110          —  
  Government financing for research expenditures                        8,035      9,729  

(1) As of December 31, 2023, the amount is mainly composed of (i) the research tax credit calculated and recognized for the 2023 financial year for an amount of €9.8 million compared to €9.2 million for the 2022 financial year which is subtracted (ii) a provision amounting to €0.1 million following the tax inspection compared to €1.3 million last year. As a reminder, the tax inspection carried out by the French tax authorities related to the 2018, 2019 and 2020 tax credit calculation and 2019 and 2020 income tax calculation as the prescription period are different. On February 13, 2024, the Company received from the tax authorities the rectification proposal and adjusted the provision to €0.1 million following the final settlement.

(2) The company can be eligible to local or European grants dedicated to R& D program.

The research tax credit is calculated as 30% of the amount of research and development expenses, net of grants received, eligible for the research tax credit for the fiscal year.

Operating expenses

The table below presents our operating expenses from continuing operations for the years ended December 31, 2023 and 2022.

                                                 Year ended December 31,                  
                                                 2022                         2023        
                                                 (in thousands)                           
 ──────────────────────────────────────────────────────────────────────────────────────────
  Research and development expenses              (51,663)                     (56,022)    
  General and administrative expenses            (22,436)                     (18,288)    
  Impairment of intangible assets                (41,000)                     —           
  Total operating expenses after impairment      € (115,099)                  € (74,310)  

Research and development expenses

Our research and development expenses from continuing operations are broken down as set forth in the table below for the years ended December 31, 2022 and 2023.

                                                           Year ended December 31,                
                                                                              2022          2023  
                                                                    (in thousands)                
 ──────────────────────────────────────────────────────────────────────────────────────────────────