On November 15, 2017 Innate Pharma SA (the "Company" – Euronext Paris: FR0010331421 – IPH) reported its revenues and cash position for the first nine months of 2017 (Press release, Innate Pharma, NOV 15, 2017, View Source [SID1234522077]).
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Mondher Mahjoubi, Chief Executive Officer of Innate Pharma, commented: "Our robust cash position as of September 30 2017, provides us with the ability to further invest in our proprietary discovery and development portfolio of first-in-class immuno-oncology programs, including our lead product candidates IPH4102 and IPH5401. Clinical development plans for both candidates are in the process of being shaped and we expect to provide an update early in 2018. Following the promising results for IPH4102 presented at the 2017 EORTC meeting, Innate Pharma remains committed to bringing IPH4102 to patients on our own as quickly as possible, in line with our strategy of becoming an independent, fully integrated biopharmaceutical company."
Cash, cash equivalents and financial assets of the Company amounted to €195.7 million at September 30, 2017, including current and non-current financial assets (€239.6 million at September 30, 2016). At the same date, its financial liabilities amounted to €4.9 million (€5.6 million at September 30, 2016).
The net consumption of cash, cash equivalents and financial assets* amounted to €8.4 million for the third quarter of 2017. This includes the collection during the period of the research tax credit relating to the year 2016 (€8.8 million).
For the nine-month period ended September 30, 2017, revenue results from the co-development and commercialization agreement with AstraZeneca, corresponding to the recognition over the period of the initial payment received in April 2015 (€27.2 million for the same period in 2016).
The nine-month period ended September 30, 2016 included a €0.7 million amount resulting from the collaboration and licensing agreement with Bristol-Myers Squibb corresponding to the recognition of the upfront payment received in July 2011.
Regarding the co-development and commercialization agreement with AstraZeneca, the Company recognizes the initial payment of $250 million over the period during which the Company is committed to complete the studies and based on actual expenses incurred. The measurement of progress has been based on actual expenses incurred compared to the total estimated amount of expenses to be incurred for these studies.