Innate Pharma SA Q4 FY2024 earnings call

• IPH65 remains a key focus with first patients recruited into Phase 1 dose finding trial in 2024, aiming to progress through dosing cohorts and share data by end of 2024/early 2025.
• IPH45 ADC had first patients dosed in January 2025 following IND clearance in September 2024, with potential to impact patients with solid tumors.
• Lacutamab received breakthrough therapy designation from FDA, with partnership discussions advancing, and positive Phase 2 data and long-term follow-up data to be shared.
• Strategic focus includes three pillars: NK cell engagers (ANKET platform with IPH65, IPH61, IPH64 programs), antibody drug conjugates (IPH45, IPH43), and late-stage assets (lacutamab, monalizumab).
• Pre-clinical data presented at SITC and ASH, including IPH65, IPH45, and lacutamab quality of life data.

Revenue and other income from continuing operations for Innate Pharma in 2024 was EUR20.1 million. This included EUR12.6 million from collaboration licensing agreements and a EUR7.5 million resource tax credit. Operating expenses from continuing operations were EUR71.7 million, with R&D expenses at EUR52 million. Cash, cash equivalents, short-term investments, and financial assets amounted to EUR91.1 million as of December 31, 2024. Cash is expected to fund operations through mid-2026.

• Cash position of EUR91.1 million as of Dec 31, 2024, is expected to fund operations through mid-2026.
• Upcoming R&D catalysts include data from IPH65 Phase 1, first data from IPH45 ADC Phase 1, and next steps for lacutamab with FDA feedback and partnering discussions.
• Continued advancement of ANKET and ADC programs, including progression of IPH6101, IPH65, and IPH45.

Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ from forecasted, including regulatory, clinical trial, and partnership-related uncertainties.

Q: About NHL and expectations for IPH6501, including why recent CD19 therapies underperformed and confidence in market for IPH6501 A: Sonia Quaratino noted CD20 target not downregulated like CD19, benign safety profile differentiates; focuses on monotherapy initially but combinations possible later Q: On IPH6401, switch from MM to autoimmune disease, prioritized autoimmune diseases, and evidence associating BCMA with them A: Yannis Morel stated IPH6401 refocused from MM to autoimmune disease by Sanofi, strategic focus with Sanofi in I&I, no current data on BCMA in autoimmune disease but expects Sanofi to progress in B cell-mediated autoimmune diseases Q: On partnering discussions for lacutamab A: Yannis Morel said partnering discussions for lacutamab are progressing well with a data room open, but specific details not disclosed yet Q: Update on potential confirmatory trial strategies for lacutamab to support accelerated approval A: Sonia Quaratino stated it's a randomized control study, primary endpoint may be PFS, need to align with FDA on comparator and study details before discussing more Q: Clarification on lacutamab moving forward with regulators and partnering A: Sonia Quaratino said accelerated approval for lacutamab requires Phase 3 trial to be up and running; Jonathan Dickinson added actively working to finalize Phase 3 confirmatory study, with plan to move forward with or without a partner if a good deal is not found