IPHA

• Priority Pipeline Progress
  • Lakutamab (anti-CUR3DL2 monoclonal antibody for cutaneous T cell lymphoma (CTCL)): Received FDA protocol clearance for the TELEMAC III Phase III trial, with initiation planned for H2 2026. It holds FDA Breakthrough Therapy, FDA Fast Track, EMA PRIME, and global orphan drug designations for relapsed/refractory Sézary syndrome, and supports a potential accelerated approval pathway once the Phase III trial is underway. Commercial opportunity analysis estimates a peak opportunity of up to 150 million USD in Sézary syndrome, expanding to over 500 million USD across Sézary syndrome and mycosis fungoides in the second-line setting.
  • IPH4502 (differentiated Nectin-4 ADC for advanced solid tumors): Phase 1 dose escalation and cohort backfill enrollment is nearing completion, with the maximum tolerated dose already reached. Preclinical data confirms robust anti-tumor activity in both high and low Nectin-4 expressing models, with clear differentiation from competing assets in low-expression tumors. Preliminary anti-tumor activity has been observed in heavily pretreated patients, including urothelial cancer patients who progressed on prior Enfortumab Vedotin (EV) therapy, filling an unmet need in the post-EV + pembrolizumab setting. The company is also building a pipeline of next-generation ADCs based on its platform, with candidates progressing toward candidate selection and IND-enabling studies.
  • Partnered Programs (AstraZeneca collaboration): Monalizumab (anti-NKG2A for unresectable stage 3 non-small cell lung cancer (NSCLC)) completed enrollment in the PACIFIC-9 Phase III trial, with primary endpoint readout planned for H2 2026. The agreement includes up to 1.275 billion USD in total milestones, 450 million USD already received, double-digit global royalties, and 50% profit share in Europe for EnateParma. IPH5201 (anti-CD39 for resectable NSCLC) recently reported encouraging interim Phase II MATIS trial data: the triplet combination of IPH5201 + durvalumab + chemotherapy achieved a 35.7% pathological complete response (pCR) rate in PD-L1 ≥1% tumors and 50% pCR in PD-L1 ≥50% tumors, with no new safety signals. The trial will now enroll only PD-L1 positive patients. The agreement includes up to 885 million USD in total milestones, 60 million USD already received, with an option for EnateParma to co-fund Phase III for a 50% European profit share.
• Non-dilutive financing efforts for Lakutamab, including pharma partnerships and royalty-based structures, are progressing well.

• The TELEMAC III Phase III trial for Lakutamab in CTCL is expected to initiate in the second half of 2026, subject to securing financing.
  • Full data from IPH4502's Phase 1 first-in-human study will be presented at a clinical medical conference in the second half of 2026, including details on the recommended go-forward dose and expanded efficacy data.
  • Primary endpoint data from the PACIFIC-9 Phase III trial for Monalizumab in NSCLC is expected in the second half of 2026.
  • Phase II data for Lakutamab in peripheral T cell lymphoma (PTCL) is not expected before the end of 2026, as the independent study run by the LISARC group has uncontrolled timelines.
  • Management expects to finalize a non-dilutive financing or partnership deal for Lakutamab before the third quarter of 2026.

The provided transcript does not disclose separate financial performance data or revenue contribution percentages for individual product segments. Only the company's overall cash position as of March 31, 2026 is stated at 25.4 million euros.

• Forward-looking statements around clinical trial results, regulatory approval, and partnership execution involve inherent uncertainties that could cause actual outcomes to differ materially from current expectations.
  • The company has a limited cash position of 25.4 million euros as of Q1 end 2026, making it dependent on securing external non-dilutive financing for the Lakutamab Phase III trial.
  • Clinical success of candidate assets is not guaranteed; preliminary activity signals require further confirmation in larger patient cohorts to support regulatory approval and commercialization.
  • The decision to advance IPH5201 to Phase III is ultimately controlled by partner AstraZeneca, so there is uncertainty around future development of the asset.
  • Competition in the Nectin-4 ADC space is evolving, and the relative performance of IPH4502 against competing late-stage assets has not yet been fully validated in clinical data.

Q: The interim pCR rate for IPH5201's MATIS trial looks similar to historical PD-1 plus chemotherapy benchmarks. What gives you confidence to advance the asset, and what threshold is required for Phase III? / A: When benchmarked against the backbone durvalumab (a PD-L1 inhibitor) alone, adding IPH5201 delivers a meaningful pCR uplift without increasing toxicity, with even higher rates in PD-L1 high-expression tumors. If the signal holds in additional enrolled patients, it will validate CD39 targeting as an effective combination approach, and the final decision to advance to Phase III rests with partner AstraZeneca.

Q: Can you share additional details on IPH4502's go-forward dose profile, and what are the most compelling non-bladder cancer indications for the asset? / A: The team has already observed efficacy signals across multiple dose levels within the defined therapeutic window. Full details on the recommended go-forward dose and priority expanded indications will be presented at an upcoming clinical conference in 2026.

Q: How does EnateParma position IPH4502 against emerging Nectin-4 ADC competition, and when will new data be available to compare performance? / A: Management has limited visibility into unreported competitor data, including Bicycle's deprioritized candidate and Lilly's Phase 1 asset. Full efficacy and safety data for IPH4502, including data in urothelial cancer, will be released in the second half of 2026 to clarify the asset's competitive position.

Q: How advanced are Lakutamab partnership discussions, and is a deal expected before Q3 2026? Will Phase II PTCL data release this year? / A: Management is confident of finalizing either a biotech partnership or royalty financing deal for Lakutamab before Q3 2026, with discussions currently at an advanced stage. The independent Phase II PTCL trial run by the LISARC group will not deliver data before the end of 2026, as EnateParma does not control the study's timeline.