Company: IPHYF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001598599-25-000042
Chunk: 269

Company: Innate Pharma SA
Filing Date: 2025-04-30
Form: 20-F
Item: Item 10
Chunk 269
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 gross income is “passive income” or (2) at least 50% of the average quarterly value of the total gross assets (which would generally be measured by fair market value of its assets, and for which purpose the total value of its assets may be determined in part by the market value of the ADSs and its ordinary shares, which are subject to change) is attributable to assets that produce “passive income” or are held for the production of “passive income.”

Passive income for this purpose generally includes dividends, interest, royalties, rents, gains from commodities and securities transactions, the excess of gains over losses from the disposition of assets which produce passive income, and includes amounts derived by reason of the temporary investment of funds raised in offerings of the ordinary shares or ADSs. If a non-U. S. corporation owns directly or indirectly at least 25% by value of the stock of another corporation or entity treated as a partnership for U. S. federal income tax purposes, the non-U. S. corporation is treated for purposes of the PFIC tests as owning its proportionate share of the assets of such entity and as receiving directly its proportionate share of the other entity’s income. The determination of whether the Company is a PFIC is a fact-intensive determination made on an annual basis, and the applicable law is subject to varying interpretation. If the Company is a PFIC in any taxable year during which a U. S. holder owns its ordinary shares or ADSs,

such U. S. holder will be subject to special tax rules discussed below and could suffer adverse tax consequences.

The market value of the assets may be determined in large part by reference to the market price of the ADSs and its ordinary shares. Therefore, fluctuations in the market price of the ordinary shares or ADSs may result in the Company being a PFIC for any taxable year. Whether the Company is a PFIC for any taxable year will depend on income, assets, activities and market capitalization in each year, and because this is a factual determination made annually after the end of each taxable year, there can be no assurance that the Company will not be a PFIC in any taxable year. The Company does not believe it was characterized as a PFIC in its taxable year ended December 31, 2024. However, there can be no assurance that the Company will not be a PFIC in the current year or for any future taxable year. Its U. S. counsel expresses no opinion regarding its conclusions or its expectations regarding its PF