Estados financieros detallados de Innate Pharma S.A. (IPHA): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Innate Pharma S.A. registró ingresos de $2.8M en el último ejercicio fiscal, con un CAGR de 5 años del -47.5%.
Márgenes de los últimos 12 meses: margen bruto 100.0%, margen operativo -20.6%, margen neto -17.6%.
Al precio actual de $2.01, IPHA presenta beneficios negativos (P/E no significativo) y un ROE del 5.94%. La capitalización bursátil es de $189M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ingresos | $56.2M | $32.6M | $79.9M | $69.0M | $69.8M | $12.1M | $57.7M | $51.9M | $12.6M | $2.8M |
| Coste de Ventas | $48.6M | $67.0M | $69.6M | $45.2M | $49.7M | $47.0M | $51.7M | $56.0M | $52.0M | 0 |
| Beneficio Bruto | $7.5M | -$34.4M | $10.3M | $23.8M | $20.1M | -$22.3M | $6.0M | $5.6M | $12.6M | $2.8M |
| I+D | $48.6M | $67.0M | $69.6M | $1.6M | $49.7M | $47.0M | $51.7M | $56.0M | $52.0M | $43.6M |
| Generales y Administrativos | $9.3M | $16.2M | $19.3M | $49.6M | $19.0M | $25.5M | $14.5M | $11.7M | $11.9M | $11.0M |
| Gastos Operativos | $48.6M | $72.6M | $74.7M | $50.9M | $19.0M | $25.5M | $63.4M | $18.3M | $64.2M | $56.2M |
| Beneficio Operativo | $7.6M | -$40.0M | $5.1M | -$27.1M | $1.1M | -$47.8M | -$57.4M | -$12.7M | -$51.6M | -$53.4M |
| EBITDA | $10.8M | -$35.6M | -$3.3M | -$20.9M | $13.3M | -$43.2M | -$12.3M | -$1.8M | -$46.9M | -$43.6M |
| Gastos por Intereses | $124000 | $113000 | $102000 | $229445 | $341000 | $312000 | $288000 | $640000 | $566000 | $440000 |
| Beneficio Antes de Impuestos | $12.9M | -$48.0M | $2.7M | -$20.8M | -$829000 | -$45.5M | -$58.0M | -$7.6M | -$49.5M | -$49.2M |
| Impuestos | $301000 | $368000 | -$333000 | $206000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | $12.6M | -$48.4M | $3.0M | -$20.8M | -$64.0M | -$52.8M | -$58.1M | -$7.6M | -$49.5M | -$49.2M |
| BPA | $0.23 | $-0.89 | $0.05 | $-0.31 | $-0.01 | $-0.57 | $-0.73 | $-0.09 | $-0.61 | $-0.53 |
| BPA Diluido | $0.23 | $-0.89 | $0.05 | $-0.31 | $-0.01 | $-0.57 | $-0.73 | $-0.09 | $-0.61 | $-0.53 |
| Acciones en Circulación (Diluidas) | $53.9M | $54.4M | $58.8M | $66.9M | $78.9M | $79.5M | $79.6M | $84.1M | $81.1M | $89.4M |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $175.9M | $99.4M | $152.3M | $202.9M | $136.8M | $103.8M | $84.2M | $70.6M | $66.4M | $28.1M |
| Inversiones a Corto | $21.8M | $16.7M | $15.2M | $16.0M | $14.8M | $16.1M | $17.3M | $21.9M | $14.4M | $6.2M |
| Cuentas por Cobrar | $25.6M | $15.1M | $146.6M | $2.8M | $11.3M | $1.7M | $3.1M | $46.5M | $1.6M | $7.6M |
| Inventario | $513000 | $6.3M | 0 | $5.6M | $3.3M | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $230.1M | $137.5M | $319.6M | $237.6M | $173.3M | $138.3M | $139.8M | $148.0M | $85.7M | $46.7M |
| Inmovilizado Material | $9.1M | $10.7M | $10.2M | $11.7M | $11.7M | $10.2M | $8.5M | $6.3M | $5.1M | $4.4M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | $1000 | $2000 | -$41.0M | 0 | 0 | 0 |
| Activos Intangibles | $9.1M | $46.2M | $84.5M | $97.0M | $46.3M | $44.2M | $42.6M | $416000 | 0 | 0 |
| Activos Totales | $281.6M | $255.0M | $451.2M | $401.4M | $307.4M | $267.5M | $207.9M | $175.2M | $111.1M | $62.7M |
| Cuentas por Pagar | $15.6M | $20.0M | $28.6M | $27.9M | $20.7M | $14.7M | $13.7M | $8.6M | $7.9M | $15.0M |
| Deuda a Corto | $375000 | $429000 | $394000 | $1.5M | $1.4M | $29.9M | $1.3M | $8.5M | $8.4M | $8.5M |
| Pasivos Corrientes | $76.4M | $73.9M | $196.7M | $121.8M | $45.5M | $79.9M | $41.3M | $39.6M | $33.0M | $36.6M |
| Deuda a Largo | $1.1M | $2.4M | $2.0M | $14.1M | $14.2M | $11.5M | $38.9M | $30.6M | $22.2M | $13.7M |
| Pasivos Totales | $195.4M | $169.1M | $284.0M | $183.9M | $151.4M | $160.1M | $153.7M | $132.3M | $102.2M | $84.4M |
| Reservas | -$103.6M | -$152.0M | -$134.8M | -$155.7M | -$220.5M | -$272.2M | -$330.3M | -$336.9M | -$386.4M | -$435.4M |
| Patrimonio Neto | $86.2M | $86.0M | $167.2M | $217.4M | $156.0M | $107.4M | $54.2M | $51.9M | $8.8M | -$21.7M |
| Deuda Total | $5.3M | $5.9M | $4.5M | $18.7M | $19.1M | $44.3M | $42.3M | $39.9M | $31.0M | $22.6M |
| Deuda Neta | -$192.4M | -$110.2M | -$163.0M | -$200.1M | -$132.6M | -$75.6M | -$59.2M | -$52.6M | -$49.8M | -$11.7M |
| Capital Circulante | $153.6M | $63.6M | $122.9M | $115.8M | $127.8M | $58.4M | $98.5M | $108.4M | $52.8M | $10.1M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | $12.6M | -$48.4M | $3.0M | -$20.8M | -$64.0M | -$52.8M | -$58.1M | -$7.6M | -$49.5M | -$7.6M |
| Amortizaciones | $3.3M | $4.4M | $7.4M | $16.5M | $56.8M | $4.6M | $45.4M | $5.1M | $2.0M | $5.1M |
| Compensación en Acciones | $1.0M | $9.8M | $2.7M | $3.8M | $2.5M | $2.6M | $4.2M | $4.3M | $3.9M | $4.3M |
| Cambio en Capital Circulante | -$50.8M | -$17.0M | -$47.1M | $40.2M | -$49.2M | -$9.9M | -$12.5M | -$32.1M | $47.7M | -$32.1M |
| Flujo de Caja Operativo | -$36.9M | -$48.1M | -$32.5M | $34.9M | -$51.8M | -$58.5M | -$19.2M | -$32.6M | -$6.9M | -$32.6M |
| Inversiones (CapEx) | -$9.4M | -$6.0M | -$1.4M | -$65.4M | -$11.3M | -$1.3M | -$1.1M | -$2.4M | -$391000 | -$2.4M |
| Adquisiciones | $8.0M | $3.1M | $22000 | 0 | $9000 | $7000 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$46.2M | -$54.1M | -$34.0M | -$30.5M | -$63.1M | -$59.8M | -$20.3M | -$34.9M | -$7.3M | -$34.9M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | -41.9% | +144.8% | -13.7% | +1.2% | -82.6% | +376.2% | -10.0% | -75.7% | -77.9% | |
| Crecimiento Beneficio Neto (anual) | -482.8% | +106.3% | -780.8% | -208.2% | +17.5% | -10.0% | +87.0% | -553.5% | +0.6% | |
| Crecimiento BPA (anual) | -487.0% | +105.8% | -697.3% | +96.6% | -5328.6% | -28.1% | +87.7% | -577.8% | +13.1% | |
| Cambio en Acciones (anual) | +0.9% | +8.1% | +13.8% | +18.0% | +0.8% | +0.1% | +5.6% | -3.6% | +10.3% | |
| Crecimiento FCF (anual) | -17.0% | +37.2% | +10.3% | -107.0% | +5.2% | +66.1% | -72.2% | +79.1% | -379.1% | |
| Margen Bruto | 13.4% | -105.3% | 12.9% | 34.5% | 28.8% | -184.1% | 10.4% | 10.8% | 100.0% | 100.0% |
| Margen Operativo | 13.5% | -122.5% | 6.4% | -39.2% | 1.5% | -394.9% | -99.6% | -24.4% | -408.6% | -1916.9% |
| Margen EBITDA | 19.3% | -109.2% | -4.1% | -30.2% | 19.1% | -356.9% | -21.3% | -3.5% | -371.7% | -1566.1% |
| Margen Neto | 22.5% | -148.3% | 3.8% | -30.1% | -91.7% | -436.0% | -100.7% | -14.6% | -392.0% | -1764.5% |
| Margen FCF | -82.3% | -165.8% | -42.5% | -44.2% | -90.4% | -493.6% | -35.2% | -67.3% | -57.7% | -1252.6% |
| Tasa Impositiva Efectiva | 2.3% | -0.8% | -12.3% | -1.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $-0.86 | $-1.00 | $-0.58 | $-0.46 | $-0.80 | $-0.75 | $-0.25 | $-0.42 | $-0.09 | $-0.39 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $53.9M | $54.4M | $58.8M | $66.9M | $78.9M | $79.5M | $79.6M | $84.1M | $81.1M | $89.4M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | 593.93% |
| Rentabilidad sobre capital invertido | -155.52% |
| Rentabilidad sobre activos | -78.41% |
| Margen bruto | 100.00% |
| Margen operativo | -2058.02% |
| Margen neto | -1764.51% |
Salud financiera
| Deuda / Patrimonio | -1.04 |
| Ratio corriente | 1.27 |
| Piotroski F-Score | 1 |
| Altman Z-Score | -11.35 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 24.98 | -5.66 | 101.65 | -18.52 | -318.71 | -7.04 | -4.77 | -28.15 | -2.91 | -2.81 |
| P/VC | 3.59 | 3.19 | 1.85 | 1.77 | 1.69 | 2.97 | 5.12 | 4.11 | 16.30 | -6.14 |
| P/V | 5.51 | 8.39 | 3.88 | 5.57 | 3.79 | 26.34 | 4.81 | 4.11 | 11.41 | 47.79 |
| Margen Bruto | 13.4% | -105.3% | 12.9% | 34.5% | 28.8% | -184.1% | 10.4% | 10.8% | 100.0% | 100.0% |
| Margen Operativo | 13.5% | -122.5% | 6.4% | -39.2% | 1.5% | -394.9% | -99.6% | -24.4% | -408.6% | -1916.9% |
| Margen Neto | 22.5% | -148.3% | 3.8% | -30.1% | -91.7% | -436.0% | -100.7% | -14.6% | -392.0% | -1764.5% |
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