Innate Pharma Q1 2024 Business Update and Financial Results

28 June 2024

Innate Pharma SA (Euronext Paris: IPH; Nasdaq: IPHA), a global biotechnology company, reported its financial results for the first quarter ending March 31, 2024, and provided updates on its clinical programs and corporate developments.

Key developments include:

1. IPH45 (Nectin-4 ADC):
- Preclinical data for IPH45, an anti-Nectin-4 Antibody Drug Conjugate (ADC), was presented at the AACR Annual Meeting 2024. The studies demonstrated IPH45's anti-tumor efficacy in vivo, showing promise for Nectin-4 expressing tumors, including those resistant to Enfortumab Vedotin (EV). It exhibited stronger activity than EV in several urothelial carcinoma models and showed potential when combined with anti-PD1 treatment. An IND filing for IPH45 is planned for later in 2024.

2. SAR443579/IPH6101:
- Sanofi's NK Cell Engager SAR443579/IPH6101 has progressed to Phase 2 in blood cancers. This agent targets CD123 and is a leading asset from Innate’s ANKET® platform. The advancement has triggered a milestone payment of €4 million from Sanofi to Innate.

3. ASCO Annual Meeting 2024:
- Innate Pharma will present several important studies at the ASCO Annual Meeting 2024:
- Final Phase 2 data from the TELLOMAK trial evaluating lacutamab in Mycosis Fungoides.
- Two posters on IPH6501, a second-generation ANKET® in B-cell Non-Hodgkin's Lymphoma.
- AstraZeneca will present updated results for monalizumab from a Phase 2 trial in stage III unresectable NSCLC, and another poster from the monalizumab SCLC Phase 2 MOZART trial.

4. Lacutamab:
- The TELLOMAK trial is a global Phase 2 trial assessing lacutamab in patients with Sézary syndrome and Mycosis Fungoides. Top-line results will be presented at ASCO 2024. The FDA lifted a partial clinical hold on lacutamab’s IND in January 2024, which was initially imposed due to a patient death determined to be due to aggressive disease progression unrelated to lacutamab.
- The Phase 2 KILT trial continues to recruit patients to evaluate lacutamab in combination with GEMOX chemotherapy in relapsed/refractory Peripheral T Cell Lymphoma (PTCL).

5. IPH6501 (proprietary ANKET®):
- IPH6501, targeting CD20 with IL-2v, began clinical development in NHL in March 2024. Innate will present two posters on IPH6501 at ASCO 2024. The Phase 1/2 trial aims to enroll up to 184 patients.

6. Other Sanofi Collaborations:
- The Phase 1/2 trials for SAR445514/IPH6401 (anti-BCMA NK cell engager) in relapsed/refractory multiple myeloma and IPH62 (B7-H3-targeted) are progressing. IPH67, targeting solid tumors, and other undisclosed targets are also being developed under the collaboration with Sanofi.

7. Monalizumab:
- Monalizumab, partnered with AstraZeneca, is being evaluated in combination with durvalumab in the ongoing Phase 3 PACIFIC-9 trial for stage III NSCLC and other studies. AstraZeneca will present posters on updated results from these trials at ASCO.

8. Corporate Developments:
- Innate appointed two new Executive Board members in January 2024: Arvind Sood as EVP, President of US Operations, and Dr. Sonia Quaratino as EVP, Chief Medical Officer. 
- The company has established an at-the-market (ATM) program, allowing the sale of up to $75 million of American Depositary Shares (ADS).

9. Financials:
- As of March 31, 2024, Innate Pharma had a cash position of €113.9 million, excluding a €4.0 million payment from Sanofi. The company's financial liabilities amounted to €37.7 million. Revenues for the first quarter were €6.6 million, mainly from collaboration and licensing agreements with AstraZeneca and Sanofi. 

Innate Pharma continues to advance its portfolio through strategic partnerships while developing proprietary therapies aimed at leveraging the immune system for cancer treatment. The company remains focused on its clinical trials and upcoming data presentations, aiming to bring innovative treatments to patients.

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