Innate Pharma’s share price closed at €1.58 on Friday, leaving the stock lower over the past month while traders tried to make sense of a biotech story driven more by hope than current profit. The headline from these H1 2026 results is simple. Losses remain heavy, with net income excluding extra items at a loss of €19.6 million, yet the development portfolio and recent licensing deals mean sentiment is being pulled in two directions at once.

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H1 2026 Earnings Summary

• Revenue…