-
€50m capital
increase in June subscribed by specialized investors
-
Acquisition of
IPH2201, anti-NKG2A antibody, and start of Phase II clinical
development
-
Expected in
2015:
-
Initial
efficacy data with lirilumab
-
Roll out of
Phase II clinical development plan with IPH2201
-
IPH4102 to
start clinical trial
Marseille, France, February 19, 2015
Innate Pharma SA (the "Company" -
Euronext Paris: FR0010331421 - IPH), the innate immunity company
developing first-in-class therapeutic antibodies for cancer and
inflammatory diseases, reports today its consolidated financial
results for the year ended December 31, 2014. The consolidated
financial statements are attached to this press release.
Hervé Brailly, Chief Executive
Officer of Innate Pharma, commented: "2014 has
been a big year for Innate Pharma. We have strengthened and
advanced our pipeline with the acquisition of IPH2201 and the start
of the first Phase II trial with this novel checkpoint inhibitor.
With our most advanced program, lirilumab, we have completed the
enrolment of the Phase II AML trial EffiKIR and our partner
Bristol-Myers Squibb has expanded its clinical program to
hematologic malignancies. Lastly, IPH4102 has received orphan drug
designation in Europe and is on track to start a Phase I clinical
trial in 2015.
From the
corporate perspective, we have raised €50m to finance the Phase II
program of IPH2201 and therefore maintain a comfortable cash
horizon to the end of 2017. We have reinforced our team, notably in
the clinical organization with Pierre Dodion joining us as CMO in
September, and our staff count increased from 84 to 99.
2015 will be a
key year with initial read-out of lirilumab clinical trials,
roll-out of IPH2201 Phase II trials and the start of clinical
trials with IPH4102".
A conference call will be held
today at 2:30pm (CET)
- Dial
in number: +33 (0)1 70 77 09 39 -
A replay
will be available during three months after the conference
call.
Dial in
number: +33 (0)1 72 00 15 01 Access number: 292312#.
Financial highlights
for 2014:
Financial results are marked by a
strengthening of the cash position to €69.2 million. This
translates into a cash horizon to the end of 2017 in a context of
increased R&D expenses related to the expansion of the clinical
portfolio and notably the requirements of the Phase II clinical
development of IPH2201.
The key elements of these results
are as follows:
-
Cash and cash equivalents as at December 31,
2014, amounting to €69.2 million (€41.3 million as at December
31, 2013), following a capital increase of €50 million in June
2014;
-
Revenue and other income in the amount of €7.6
million (€16.7 million in 2013), primarily from existing
collaboration agreements and research tax credit;
-
Revenue from collaboration and licensing
agreements of €0.9 million in 2014 (€12.5 million in 2013)
corresponds to the recognition of the upfront payment of €24.9
million received in July 2011 for the licensing deal with
Bristol-Myers Squibb. This upfront payment is recognized in
turnover during the expected period of duration of the program
ongoing at the date of the signing, which is nearly
completed.
-
Operating expenses of €27.6 million (€19.4
million in 2013), of which more than 80% is in research and
development;
-
As a result of these changes in revenues and
expenses, the operating loss amounted to €19.6 million (€2.9
million in 2013).
The table below summarizes the
IFRS consolidated financial statements for the twelve-months period
ended December 31, 2014, with a comparison to the same period in
2013:
|
Year ended December 31 |
In thousands of euros (IFRS) |
2014
|
2013
|
|
|
|
Revenue from collaboration and licensing agreements |
907 |
12,469 |
Government financing for research expenditures |
6,715 |
4,182 |
Revenue and other income |
7,623 |
16,652 |
Research and development expenses |
(22,671) |
(15,131) |
General and administrative expenses |
(4,918) |
(4,313) |
Net operating expenses |
(27,589) |
(19,444) |
Operating income (loss) |
(19,966) |
(2,793) |
Financial income / (expense), net |
508 |
146 |
Profit / (loss) of dilution |
(19) |
179 |
Share of profit (loss) of associates and joint
ventures |
(170) |
(424) |
Net income (loss) |
(19,647) |
(2,892) |
The consolidated annual IFRS
financial statements as at December 31, 2014 as well as the
management discussion on these results are presented in the
appendix at the end of this document.
Pipeline update:
Lirilumab
(anti-KIR antibody), partnered with Bristol-Myers Squibb:
During the second half of 2014,
the clinical development plan of lirilumab continued and two new
trials were initiated by Bristol-Myers Squibb during the third
quarter.
In September, the Data and Safety
Monitoring Board ("DSMB") completed its third assessment of the
EffiKIR study and recommended continuation of the trial as planned.
The DSMB meets every six months and the next assessment will take
place in March 2015. Results of EffiKIR on the primary efficacy
endpoint, Leukemia-Free Survival, are expected by the end of 2015.
No interim analysis is planned.
In December, new patient
enrollment in the Phase I trial testing the combination of
lirilumab and ipilimumab in selected solid tumors was closed. There
were no safety issues leading to this decision and patients still
under treatment or in active follow-up will continue as planned in
the study protocol.
The enrollment in the Phase I
clinical trial testing the combination of the two investigational
checkpoint inhibitors lirilumab and nivolumab is almost
completed.
In October, two new Phase I trials
testing lirilumab in combination in hematological malignancies
started. The first one tests the tolerance and safety of lirilumab
in combination with elotuzumab in patients with Multiple Myeloma.
The second one tests the combination of lirilumab with nivolumab in
some hematological cancers. These new trials initiated by
Bristol-Myers Squibb are the first ones to test a combination of
lirilumab in onco-hematology.
In December 2014, two posters
showing prelinical data supporting the rationale for the Phase I
trial testing the combination of lirilumab and elotuzumab were
presented at the ASH Annual Meeting.
IPH2201,
anti-NKG2A antibody:
In December 2014, a first patient
was treated in the first Phase II trial of IPH2201, opened at the
Charité Comprehensive Cancer Center in Berlin, Germany. This trial
tests IPH2201 as a single agent in a pre-operative setting of
squamous cell carcinoma of the oral cavity, a tumor type
representative of the larger group of squamous cell cancer of the
head and neck.
Innate Pharma intends to start
other Phase II trials with IPH2201 in 2015. Three indications have
been prioritized - Head and Neck Cancer, Chronic Lymphocytic
Leukemia and Ovarian Cancer. IPH2201 will be tested as a single
agent or in combination with other agents.
IPH4102
(anti-KIR3DL2 antibody):
During the second half of 2014,
IND-enabling studies for IPH4102 were completed. In August 2014,
IPH4102 was granted orphan drug designation for the treatment of
CTCL by the European commission. A peer-reviewed scientific article
describing IPH4102 and results of preclinical efficacy studies was
published in Cancer Research in November 2014. IPH4102 is expected
to enter a Phase I clinical trial in 2015.
IPH4102 is a first-in-class
cytotoxic antibody developed in some types of KIR3DL2-expressing
cancers, such as the Sezary Syndrome ("SS") and Transformed Mycosis
Fungoides ("TMF"), which are aggressive forms of cutaneous T-cell
lymphomas.
IPH43 (anti-MICA
antibody):
Innate Pharma progressed in the
validation of MICA as a target in oncology. Antibodies were
humanized and lead candidates have been characterized in order to
select the best development candidate.
IPH43 is a program to develop a
first-in-class anti-MICA therapeutic antibody in oncology. MICA is
a highly polymorphic ligand of the NK cell activating receptor
NKG2D. It is specifically expressed on several highly prevalent
solid tumors including breast, colorectal and lung.
Antibody-drug
conjugate technology:
In October 2014, new preclinical
data showing the interest of Innate Pharma's proprietary
site-specific conjugation technology (« BTG-ADC ») were
presented at the « World ADC Summit ».
Corporate
update:
Nomination:
In September 2014, Innate Pharma
appointed Pierre Dodion as Chief Medical Officer and member of the
Executive committee. In his most recent roles, Pierre Dodion was
Senior Vice President Corporate Development and Operations of ARIAD
Pharmaceuticals (2010-2013) and Associate Partner at Alacrita LLC
(2014). He replaces Marcel Rozencweig who became President of
Innate Pharma Inc., Innate's fully-owned US subsidiary. Marcel
Rozencweig will represent the Company in its interaction with US
stakeholders and remains a member of the Executive committee of
Innate Pharma.
In December 2014, Mr. Karsten Munk
Knudsen, Senior Vice President, Corporate Finance, became the new
representative of Novo Nordisk A/S on the Innate Pharma Supervisory
board.
Share
information:
In December 2014, Innate Pharma
became a component of the SBF 120 Index, which comprises 120 French
quoted companies meeting pre-defined capitalization, free float and
liquidity criteria.
About Innate
Pharma:
Innate Pharma S.A. is a
biopharmaceutical company discovering and developing first-in-class
therapeutic antibodies for the treatment of cancer and inflammatory
diseases.
Its innovative approach has
translated into major alliances with leaders in the
biopharmaceutical industry such as Bristol-Myers Squibb and Novo
Nordisk A/S.
The Company has two clinical-stage
programs in immuno-oncology, a new therapeutic field that is
changing cancer treatment by enhancing the capability of the body's
own immune cells to recognize and kill cancer cells. Innate
Pharma's science also has potential in chronic inflammatory
diseases.
Listed on Euronext-Paris, Innate
Pharma is based in Marseille, France, and had 99 employees as at
December 31, 2014.
Learn more about Innate Pharma at
www.innate-pharma.com.
Practical
Information about Innate Pharma shares:
ISIN code
Ticker code |
FR0010331421
IPH |
Disclaimer:
This press release contains
certain forward-looking statements. Although the company believes
its expectations are based on reasonable assumptions, these
forward-looking statements are subject to numerous risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. For a discussion of risks and
uncertainties which could cause the company's actual results,
financial condition, performance or achievements to differ from
those contained in the forward-looking statements, please refer to
the Risk Factors ("Facteurs de Risque") section of the Document de Reference prospectus filed with the AMF,
which is available on the AMF website (http://www.amf-france.org)
or on Innate Pharma's website.
This press release and the
information contained herein do not constitute an offer to sell or
a solicitation of an offer to buy or subscribe to shares in Innate
Pharma in any country.
For additional
information, please contact:
Innate Pharma |
ATCG Press |
Laure-Hélène Mercier
Director, Investor Relations |
Judith Aziza, Mob.:+33 (0)6 70 07 77 51
Marielle Bricman, Mob.:+33 (0)6 26 94 18 53 |
Tel.:
+33 (0)4 30 30 30 87 |
|
investors@innate-pharma.com |
presse@atcg-partners.com |
APPENDIX
Innate Pharma
SA
Consolidated financial statements
as at December 31, 2014
The following consolidated balance
sheet, income statement and statement of cash flows are prepared in
accordance with International Financial Reporting Standards.
The audit procedures on the
consolidated financial statements have been performed. The
auditors' report will be issued after the finalization of the
required procedures relating to the filing of the annual report
('Document de Référence'). The consolidated financial statements
were approved by the Company's Executive board on February 17,
2015. These statements were reviewed by the Company's Supervisory
board on February 17, 2015 and will be submitted for approval to
the Shareholders' General Meeting on April 27, 2015.
Innate Pharma's financial annual
report, included in the reference document, will be available in
the second quarter of 2015.
Balance
Sheet
(in thousands of euros)
|
At December 31,
|
|
2014
|
2013
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and
cash equivalents |
64,286 |
38,360 |
|
Current
financial instruments |
4,952 |
2,989 |
|
Current
receivables |
10,075 |
8,002 |
|
Total current assets |
79,314 |
49,350 |
|
|
|
|
|
Non-current assets |
|
|
|
Intangible assets |
5,362 |
- |
|
Tangible
assets |
5,931 |
6,258 |
|
Associates and joint ventures |
- |
272 |
|
Other
non-current assets |
84 |
2 |
|
Total non-current assets |
11,377 |
6,532 |
|
|
|
|
|
Total assets |
90,690 |
55,882 |
|
|
|
|
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Trade
payables |
10,322 |
8,665 |
|
Financial
liabilities |
453 |
613 |
|
Provisions |
- |
- |
|
Total current liabilities |
10,775 |
9,278 |
|
|
|
|
|
Non-current liabilities |
|
|
|
Financial
liabilities |
3,753 |
4,206 |
|
Defined
benefit obligations |
1,094 |
789 |
|
Other non
current liabilities |
441 |
1,324 |
|
Total non-current liabilities |
5,289 |
6,319 |
|
|
|
|
|
Shareholders' equity |
|
|
|
Capital and reserves
attributable to equity holders of the Company |
|
|
Share
capital |
2,648 |
2,287 |
|
Share
premium |
181,746 |
128,000 |
|
Retained
earnings |
(89,881) |
(87,072) |
|
Net
income (loss) |
(19,647) |
(2,892) |
|
Other
reserves |
(241) |
(38) |
|
Total capital and reserves attributable to equity holders
of the Company |
74,626 |
40,286 |
|
|
|
|
|
Total liabilities and equity |
90,690 |
55,882 |
|
Income
Statement
(in thousands of euros)
|
Year ended December 31,
|
|
2014
|
2013
|
|
|
|
|
|
Revenue from collaboration and licensing agreements |
907 |
12,469 |
|
Government financing for research expenditures |
6,715 |
4,182 |
|
Revenue and other income |
7,623 |
16,652 |
|
Cost of
supplies and consumable materials |
(1,693) |
(1,453) |
|
Intellectual property expenses |
(511) |
(309) |
|
Other
purchases and external expenses |
(14,432) |
(9,219) |
|
Employee
benefits other than share-based compensation |
(7,915) |
(6,946) |
|
Share-based compensation |
(377) |
(325) |
|
Depreciation and amortization |
(2,344) |
(880) |
|
Other
expenses |
(317) |
(312) |
|
Net operating expenses |
(27,589) |
(19,444) |
|
Operating income (loss) |
(19,966) |
(2,793) |
|
Financial
income |
917 |
533 |
|
Financial
expenses |
(409) |
(387) |
|
Net gain
on dilution |
(19) |
179 |
|
Share of
profit (loss) of associates and joint ventures |
(170) |
(424) |
|
Net income (loss) before tax |
(19,647) |
(2,892) |
|
Income tax expense |
- |
- |
|
Net income (loss) |
(19,647) |
(2,892) |
|
|
|
|
|
Net income (loss) per share attributable to
equity holders of the Company: |
|
|
|
Weighted
average number of shares (in thousands): |
50,152 |
38,703 |
|
(in
€ per share) |
|
|
|
- Basic |
(0.39) |
(0.07) |
|
- Diluted |
(0.39) |
(0.07) |
|
Statement of cash
flows
(in thousands of euros)
|
Year ended December 31,
|
|
2014
|
2013
|
|
Net income (loss) |
(19,647) |
(2,892) |
|
Depreciation and amortization |
2,344 |
880 |
|
Provisions for charges and defined benefit obligations |
118 |
102 |
|
Reversal
of provisions |
154 |
- |
|
Share-based compensation |
377 |
325 |
|
Share of
profit (loss) of associates and joint ventures |
170 |
424 |
|
Net gain
/ (loss) dilution |
19 |
(179) |
|
Debt
write-off |
- |
79 |
|
(Gains) /
losses on disposal of fixed assets |
2 |
3 |
|
Gains on
assets and other financial assets |
(541) |
(438) |
|
Net paid
interests |
165 |
144 |
|
Other |
5 |
- |
|
Operating cash flow before changing in working
capital |
(16,834) |
(1,552) |
|
Current
receivables and prepayments |
(2,074) |
379 |
|
Deferred
revenue |
(883) |
(4,273) |
|
Trade
payables |
1,657 |
(5,521) |
|
Net cash generated from / (used in) operating
activities |
(18,134) |
(10,967) |
|
Acquisition of property and equipment |
(2,343) |
(433) |
|
Disposals
of non-current assets |
- |
116 |
|
Purchase
of current financial instruments |
(1,963) |
(2,996) |
|
Disposal
of current financial instruments |
- |
2,038 |
|
Variance
of the intercompany account with the associate |
(60) |
(120) |
|
Gains on
assets and other financial assets |
541 |
438 |
|
Net cash generated from / (used in) investing
activities |
(3,823) |
(958) |
|
Proceeds
from the exercise / subscription of equity instrument |
1,015 |
423 |
|
Capital
increase |
47,785 |
18
394 |
|
Increase
in financial liabilities |
- |
1,500 |
|
Repayment
of financial liabilities |
(613) |
(1,186) |
|
Net paid
interests |
(165) |
(144) |
|
Transactions on treasury shares |
(70) |
151 |
|
Net cash generated from / (used in) financing
activities |
47,950 |
19,677 |
|
Effect of
the exchange rate changes |
(68) |
23 |
|
Net increase / (decrease) in cash and cash
equivalents |
25,926 |
7,776 |
|
Cash and cash equivalents at the beginning of the
year |
38,360 |
30,584 |
|
Cash and cash equivalents at the end of the year |
64,286 |
38,360 |
|
Management
discussion on annual results for 2014:
Revenue and other
income
Revenue and other income result
from government financing for research expenditure and
collaboration and licensing agreements. The Company's revenue and
other income were 16.7 million euros and 7.6 million euros for
the fiscal years ended December 31, 2013 and 2014, respectively,
from the following sources:
|
Year ended December 31 |
In thousand euros |
2014 |
2013 |
Revenue from collaboration and licensing agreements |
907 |
12,469 |
Government financing for research expenditures |
6,715 |
4,182 |
Revenue and other income |
7,623 |
16,652 |
Revenue from collaboration and
licensing agreements
Revenue from collaboration and
licensing agreements respectively amounted to 12.5 and
0.9 million euros for the fiscal years ended on December 31,
2013 and 2014. These revenues result from the licensing agreement
signed with Bristol-Myers Squibb in July 2011.
Following the licensing agreement
signed with Bristol-Myers Squibb for the development and
commercialization of the drug candidate IPH2102 (lirilumab), the
Company received an upfront payment of 24.9 million euros (35.3
million US dollars). This upfront payment, which is non-refundable
and non-creditable, is recognized in turnover during the expected
period of duration of the clinical program in course at the date of
the contract. The amount that is not yet recognized as turnover is
booked as deferred revenue in the balance sheet (1.3 million
euros). In addition to this upfront payment, the Company invoices
Bristol-Myers Squibb for certain expenses relating to the licensed
program.
The decrease in the turnover in
2014 mainly reflects the fact that the work contemplated initially
within the upfront is largely completed.
Government financing for research
expenditures
The table below details government
financing for research expenditure for the fiscal years ended
December 31, 2013 and 2014:
|
Year ended December 31 |
In thousands of euros |
2014 |
2013 |
Research tax credit |
6,510 |
4,182 |
French and foreign public grants |
205 |
- |
Government financing for research
expenditures |
6,715 |
4,182 |
The calculation of the research
tax credit is based on 30% of the amount of eligible expenses for
the fiscal year.
The table below shows the amount
of R&D expenses (net of grants) eligible for the fiscal years
ended December 31, 2013 and 2014:
|
Year ended December 31 |
In thousands of euros |
2014 |
2013 |
|
|
|
R&D expenses eligible for the research tax
credit |
21,568 |
13,756 |
Grants received, net |
- |
(66) |
Net expenses eligible for the
research tax credit |
21,568 |
13,690 |
When research tax credit is not
deductible from taxes payable by the Company, it is usually
reimbursed by the French government during the fourth fiscal year
following the period for which it was booked in the income
statement. Since 2010, companies classified as small and medium
sized ("SMEs") according to the European Union criterias are
eligible for an early reimbursement of the research tax credit.
Innate Pharma qualifies for early reimbursement of the research tax
credit and received the 2013 amount in July 2014.
Since 2008, repayable grants
received are deducted from the basis of calculation of the research
tax credit. These amounted to 66 thousand euros in 2013 and there
were none in 2014. In parallel, the Company conducts studies
outside of the European Union, notably in the USA, and these
research expenses are not eligible for the research tax credit
calculation.
For the 2014 fiscal year, the
Company booked a grant amounting to 0.2 million euros in its income
statement, as opposed to repayable loans which are recognized as
debt and thus only impact the balance sheet.
Operating
expenses by business function
The table below gives a breakdown
of net operating expenses by business function for the fiscal years
ended December 31, 2013 and 2014:
|
Year ended December 31 |
In thousands of euros |
2014 |
2013 |
Research and development expenses |
(22,671) |
(15,131) |
General and administrative expenses |
(4,918) |
(4,313) |
Net operating expenses |
(27,589) |
(19,444) |
Research and development expenses
include the cost of employees assigned to research and development
operations, product manufacturing costs, subcontracting costs as
well as costs of materials (reagents and other consumables) and
pharmaceutical products.
Research and development expenses
amounted to 15.1 million euros and 22.7 million euros for the
fiscal years ended on December 31, 2013 and 2014, respectively
representing 78% and 82% of net operating expenses. The increase in
research and development expenses between 2013 and 2014 results
from several factors. These notably include an increase of
subcontracting costs relating to the development and the progress
of the portfolios of pre-clinical and clinical programs, an
increase in the amortization costs relating to the recognition of
the rights of anti-NKG2A as an intangible asset and the staff
growth.
General and administrative
expenses include expenses for employees not directly working on
research and development, as well as the expenses necessary for the
management of the business and its development. General and
administrative expenses were 4.3 and 4.9 million euros for the
fiscal years ended on December 31, 2013 and 2014, respectively
representing 22% and 18% of the net operating expenses. This
increase mainly results from the growth in staff costs, including
share-based payments.
Operating
expenses by nature
The table below gives a breakdown
of net operating expenses by nature of expenses for the fiscal
years ended December 31, 2013 and 2014:
|
Year ended December 31 |
In thousands of euros |
2014 |
2013 |
Cost of supplies and consumable materials |
(1,693) |
(1,453) |
Intellectual property expenses |
(511) |
(309) |
Other purchases and external expenses |
(14,432) |
(9,219) |
Employee benefit other than share-based compensation |
(7,915) |
(6,946) |
Share-based compensation |
(377) |
(325) |
Depreciation and amortization |
(2,344) |
(880) |
Other income and (expenses), net |
(317) |
(312) |
Net operating expenses |
(27,589) |
(19,444) |
Cost of supplies and consumable
materials
The cost of supplies and
consumable materials amounted to 1.5 million euros and 1.7 million
euros for the fiscal years ending on December 31, 2013 and 2014.
The increase in this line item between the two fiscal years results
from the growth in purchases used in the Company's
laboratories.
Intellectual property expenses
Intellectual property expenses
amounted to 0.3 million euros and 0.5 million euros for the fiscal
years ending on December 31, 2013 and 2014.
These expenses include the cost of
filing and protecting patents (including patents that were acquired
from third parties and where the agreements specified that Innate
Pharma is responsible for the relevant costs) as well as the costs
for obtaining an option or license for intellectual property. In
accordance with IAS 38, considering the degree of maturity of the
Company and the uncertainty that exists as to the outcome of its
research and development projects, intellectual property expenses
are recorded in expenses.
Other purchases and external
expenses
Other purchases and external
expenses amounted to 9.2 million euros and 14.4 million euros
during the fiscal years ending ended on December 31, 2013 and 2014,
broken down as follows:
|
Year ended December 31, |
In thousands of euros |
2014 |
2013 |
Sub-contracting |
(9,883) |
(5,817) |
Travel and conference costs |
(1,157) |
(794) |
Non-scientific consultancy |
(904) |
(694) |
Leases, maintenance and utility |
(900) |
(854) |
Scientific consultancy and services |
(860) |
(454) |
Marketing, communication and public relations |
(314) |
(283) |
Attendance fees |
(183) |
(150) |
Others |
(231) |
(173) |
Other purchases and external
expenses |
(14,432) |
(9,219) |
Sub-contracting expenses involve
discovery research costs (financing of research conducted
externally, particularly academic research, antibody humanization
technologies, manufacturing process development, etc.),
pre-clinical development (pilot manufacturing, tolerance and
pharmacology studies, etc.) and clinical costs (clinical trial
management, etc.) outsourced to third parties. The increase in
these costs mainly results from the growth and progress of the
portfolio of preclinical and clinical programs.
Travel and conference costs mainly
include expenses for employees travelling and attending
conferences, particularly scientific, medical, business development
and financial conferences. The rise of the line item between 2013
and 2014 results from both the greater number of employees
travelling given both the expansion in staff numbers and the
development of our activities in the United States.
Non-scientific consultancy
expenses are mostly fees paid to audit firms, to our certified
public accountant for his assistance in accounting, tax and
employee matters, to our lawyers, to business strategy or
development consultants and recruitment fees. The increase in these
expenses between 2013 and 2014 mainly results from recruitment fees
and the outsourcing of the reception role in our premises.
Leases, maintenance and utility
costs are mainly maintenance costs for laboratory equipment and the
building.
Scientific consultancy and
services consist of costs related to external consultants assisting
in the research and development of our products. It also covers
fees paid to members of our Scientific Advisory Board. The increase
in these costs between 2013 and 2014 is mostly explained by the
recruitment of some staff members as consultants, notably Dr.
Pierre Dodion who acted as a consultant before his appointment as
Chief Medical Officer of the Group.
Employee benefits other than
share-based compensation
Employee benefit expenses other
than share-based compensation came to 6.9 million euros and 7.9
million euros for the fiscal years ended on December 31, 2013 and
2014.
This includes salaries and social
benefit costs. On average, Innate Pharma had 83 employees during
the fiscal year ended on December 31, 2013 and 91 employees during
the fiscal year ended on December 31, 2014.
The proportion of total staff,
excluding Executive committee members, allocated to research and
development operations was respectively 76% and 78% for the fiscal
years ended on December 31, 2013 and 2014.
The average amount of staff costs
per employee was 84 and 87 thousand euros for fiscal years ended on
December 31, 2013 and 2014.
Share-based compensation
Share-based compensation amounted
0.3 and 0.4 million for the fiscal years 2013 and 2014.
In accordance with IFRS 2, these
costs correspond to the fair value of the equity instruments
allocated to directors and employees. The costs recognized in 2013
and 2014 result from the issuance during the fiscal year of
warrants for shares not including a condition requiring presence.
As a consequence, the fair value of these instruments were not
deferred but have been recognized as expenses in the income
statement for the 2013 and 2014 fiscal year.
Depreciation and
amortization
Depreciation and amortization amounted 0.9 and 2.3 million euros
for the fiscal years ended December 31, 2013 and 2014 respectively.
This variance results from the amortization of the intangible asset
relating to anti-NKG2A purchased in February 2014. The relating
amortization expense amounts to 1.6 million euro for the fiscal
year 2014.
Other income and expenses, net
Other income and expenses amounted
0.3 million euros for the fiscal years ended on December 31, 2013
and 2014. They mainly included certain indirect taxes, as well as
exceptional income and expenses.
Net financial
income
The net financial income amounted
respectively to 0.1 million euros and 0.5 million euros for the
fiscal years ended on December 31, 2013 and 2014.
The Company's cash investment
policy favours the absence of risk on principal and, wherever
possible, guaranteed minimum performance.
The balance of cash, cash
equivalents and financial instruments was 41.3 million euros and
69.2 million euros for the fiscal years ended on December 31,
2013 and 2014. This improvement in cash position mainly results
from the capital increase carried out in June 2014 for a net amount
of 47.8 million euros (50.0 million euros, gross).
Net gain (loss)
on dilution
As a consequence of the
acquisition of an equity interest in Platine Pharma Services SAS by
the company Indicia Biotechnology SA in July 2013, the Group
recognized a net gain on dilution for an amount of 0.2 million
euros.
Share of profit
(loss) in associate and joint-venture
This amount represents the share
of the Group of the loss of the company Platine Pharma Services SAS
for the first half of the fiscal year 2014. Following the entry in
the capital of the company Advanced Bioscience Laboratories Inc.,
Platine Pharma Services SAS is not consolidated anymore.
Income tax
expense
Because of the accumulated losses
reported this year and over the past fiscal years, there is no
income tax expense. No deferred tax asset has been recorded as
there is a minimal likelihood of recovery.
In accordance with IFRS, the
research tax credit is classified as an 'Other revenue' and not in
the line 'Income tax expense'.
Net income/(loss)
per share
The net loss per authorized and
issued share came to 0.07 euros and 0.39 euros for the fiscal years
ended December 31, 2013 and 2014.
Balance sheet items:
Since its incorporation in 1999,
the Company has been primarily financed from revenue from its
licensing activities, by issuing new securities, and by government
financing for research expenditure and repayable advances (Oséo,
now BPI).
Financial debt amounted to 4.2
million euros as of December 31, 2014.
Cash, cash equivalents and current
financial instruments amounted to 69.2 million euros as of December
31, 2014, compared with 41.3 million euros as of December 31,
2013.
At December 31, 2014, trade
payables include the part of the upfront payment received from
Bristol-Myers Squibb which will be recognized in revenue in 2015.
Other non-current liabilities include the part of this upfront
payment which will be recognized later on.
Post balance sheet events:
None
Risk factors:
Risk factors affecting the Company
are presented in Chapter 5 of the latest "Document de Référence"
submitted to the French stock-market regulator, the "Autorité des
Marchés Financiers" on April 7, 2014.
Annual financial report for 2014 and "Reference
Document":
The Company intends to file its
2014 annual financial report as well as its "Reference Document"
for the year so that these documents are made public in the second
quarter of 2015.
Annual report 2014 IPH
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: INNATE PHARMA via Globenewswire
HUG#1895482
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