Innate Pharma SA Q4 FY2025 earnings call

Innate Pharma is a focused oncology company. Over the past year, prioritized investment on three highest value clinical assets: IPH4502, Lacutamab, and Monalizumab. Lacutamab received FDA clearance to proceed with TELEMAP3 phase three trial in CTCL, expected to initiate in second half of 2026. IPH4502 is a novel Nectin-4 ADC, progressing rapidly with early signs of anti-tumor activity in heavily pretreated patients. Monalizumab's Pacific 9 phase three trial in non-small cell lung cancer completed enrollment, data expected in second half of 2026. IPH5201's MATIS Phase II trial results selected for oral presentation at ACR annual meeting

2025年 revenue and other income amounted to 9 million. Includes 2.8 million from licensing and collaboration agreements, primarily related to proceeds from partnerships with AstraZeneca and Sanofi, and 6.2 million in governmental funding for research expenditures. Operating expenses were 63 million, 73% of which were related to R&D. R&D expenses were 43.6 million, decreasing by 16% year-over-year. G&E expenses were 19.4 million, broadly stable year on year. Ended the year with 44.8 million in cash, cash equivalents and financial assets, providing funding visibility until the end of the third quarter of 2026

Lacutamab expected to initiate TELEMAP3 phase three trial in second half of 2026. IPH4502 continues phase one trial with expectation of catalysts as data set develops. Monalizumab's Pacific 9 trial data expected in second half of 2026. 44.8 million cash provides funding visibility until end of third quarter of 2026

No detailed specific risk discussions mentioned

Q: Regarding IPH4502, provide additional specifics and outside interest.

A: Excited about IPH4502 program, study progressing well with significant interest. Reinforces competitive positioning.

Q: On MATIS interim data presentation at AACR, how to think about the program.

A: MATIS trial in collaboration with AstraZeneca, phase two to generate data package.

Q: Regarding collaboration revenue, foresee additional milestones.

A: Future development depends on upcoming results.

Q: On Matisse and relation to CD73, how they fit.

A: CD39 is upstream in ATP degradation pathway, CD73 is downstream; blocking CD39 has different effects.

Q: On Lacutamab partnership discussions and deal structures.

A: Looking to get Lacutamab to market fastest, evaluating BD option or royalty financing structure.

Q: On IPH4502 data readouts and sales infrastructure.

A: Aim to get full safety profile, PK, efficacy readouts from phase one trial. Sales infrastructure for CTCL would be small, around 20 sales, 5-6 medical affairs, etc.