Company: IPHYF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001598599-25-000042
Chunk: 194

Company: Innate Pharma SA
Filing Date: 2025-04-30
Form: 20-F
Item: Item 5
Chunk 194
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IR. The research tax credit can be offset against French corporate income tax due and the portion in excess, if any, may be refunded. The research tax credit is calculated based on Innate's claimed amount of eligible research and development expenditures in France. The research tax credit decreased by €2.3 million, or 23%, to €7.5 million for the year ended December 31, 2024, as compared to a research tax credit of €9.7 million for the year ended December 31, 2023.

Companies benefiting from the status of Community SMEs can request the early reimbursement of the research tax credit starting from the following fiscal year. Innate lost its status as a small or medium size business at the end of the year ended December 31, 2019 and, therefore, was no longer entitled to the immediate reimbursement of the research tax credit for the fiscal year ended 2019 and 2020 but instead will be reimbursed within the expiry of a three-year period. The 2019 and 2020 tax credit was refunded on February 2024 and July 2024 respectively. For the 2021 and 2022 financial year, the Company again met the criteria of an SME according to the criteria of the European Union. As a result, the Company was eligible for the early repayment by the French treasury of the 2021 CIR during the fiscal year 2022. As of

December 31, 2024, the Company received reimbursement for its the CIR up to that of the financial year ending December 31, 2022. The Company has been eligible for the early repayment by the French treasury of the 2022 CIR during the fiscal year 2023. As of the end of the financial year ending December, 31 2023, the Company again lost SME status. As a consequence, the 2023 and 2024 CIR amounts are expected to be paid after a three-year period. The CIR due to the Company for the financial year ending December 31, 2023 is refundable by the French tax administration by December 31, 2027, and was recorded as a long-term receivable for the financial year ending December 31, 2023.

Pursuant to an agreement with Natixis dated December 10, 2024 regarding financing of the CIR and pursuant to a French-law assignment of the CIR receivable to Natixis, Natixis paid to the Company €