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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

(Mark One)
☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
For the fiscal year ended December 31, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report
For the transition period from _________ to _________
Commission File Number 001-39084

Innate Pharma SA

(Exact name of registrant as specified in its charter and translation of registrant’s name into English)

France

(Jurisdiction of incorporation or organization)

117, Avenue de Luminy

13009 Marseille France

(Address of principal executive offices)

Jonathan Dickinson

Chairman and Chief Executive Officer

Innate Pharma S.A.

117 Avenue de Luminy

13009 Marseille France

Tel:+33 4 30 30 30 30

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Title of each classTrading SymbolName of each exchange on which registered
American Depositary Shares, each representing one ordinary share, nominal value €0.05 per shareIPHA*The Nasdaq Global Select Market
Ordinary shares, nominal value €0.05 per shareThe Nasdaq Global Select Market*

*Not for trading, but only in connection with the registration of the American Depositary Shares.

Securities registered or to be registered pursuant to Section 12(g) of the Act. None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

Ordinary shares, nominal value €0.05 per share:83,830,336 as of December 31, 2024

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☒
Non-accelerated filer☐Emerging growth company☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. § 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒Yes ☐ No

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☒Yes ☐ No

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐ Yes x No

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐International Financial Reporting StandardsOther ☐
as issued by the International Accounting Standards Board ☒

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes☒ No

TABLE OF CONTENTS

INTRODUCTION6
PART I10
Item 1. Identity of Directors, Senior Management and Advisers.10
Item 2. Offer Statistics and Expected Timetable.10
Item 3. Key Information.10
A. Reserved10
B. Capitalization and Indebtedness10
C. Reasons for the Offer and Use of Proceeds10
D. Risk Factors11
Item 4. Information on the Company.72
A. History and Development of the Company72
B. Business Overview73
C. Organizational Structure.130
D. Property, Plants and Equipment.130
Item 4A. Unresolved Staff Comments.130
Item 5. Operating and Financial Review and Prospects.130
A. Operating Results137
B. Liquidity and Capital Resources158
C. Research and Development167
D. Trend Information167
E. Critical Accounting Estimates.167
Item 6. Directors, Senior Management and Employee.167
A. Directors and Senior Management.167
B. Compensation.174
C. Board Practices190
D. Employees195
E. Share Ownership.196
F. Disclosure of any action to recover erroneously awarded compensation196
Item 7. Major Shareholders and Related Party Transactions197
A. Major Shareholders197
B. Related Party Transactions.200
C. Interests of Experts and Counsel.202
Item 8. Financial Information202
A. Consolidated Statements and Other Financial Information.202
B. Significant Changes.202
Item 9. The Offer and Listing.202
A. Offer and Listing Details.202
B. Plan of Distribution.202
C. Markets.203
D. Selling Shareholders.203
E. Dilution.203
F. Expenses of the Issue.203
Item 10. Additional Information.203
A. Share Capital.203
B. Memorandum and Articles of Association.203
C. Material Contracts.207
D. Exchange Controls.215
E. Taxation.216
F. Dividends and Paying Agents.228
G. Statement by Experts.228
H. Documents on Display.228
I. Subsidiary Information.228
Item 11. Quantitative and Qualitative Disclosures About Market Risk.229
Item 12. Description of Securities Other than Equity Securities.230
A. Debt Securities.230
B. Warrants and Rights.230
C. Other Securities.230
D. American Depositary Shares.230
PART II233
Item 13. Defaults, Dividend Arrearages and Delinquencies.233
Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds.233
Item 15. Controls and Procedures.233
Item 16. Reserved.235
Item 16A. Audit Committees Financial Expert.235
Item 16B. Code of Business Conduct and Ethics.236
Item 16C. Principal Accountant Fees and Services.236
Item 16D. Exemptions from the Listing Standards for Audit Committees.237
Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers.237
Item 16F. Change in Registrant’s Certifying Accountant.237
Item 16G. Corporate Governance.237
Item 16H. Mine Safety Disclosure.239
Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections239
Item 16J. Insider Trading Policies239
Item 16K. Cybersecurity239
PART III240
Item 17. Financial Statements.240
Item 18. Financial Statements.240
Item 19. Exhibits.240
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.