Innate Pharma's Q2 2025: Contradictions Emerge on NK Cell Prioritization, Lacutamab Partnerships, and IPH6501/ANKET Strategy

The above is the analysis of the conflicting points in this earnings call

Date of Call: September 17, 2025

Financials Results

• Revenue: €4.9M for H1 2025; no prior-period comparison disclosed

Guidance:

• IPH4502 Phase I dose-escalation enrollment on track to complete by end of Q1 2026; preliminary safety/activity data expected H1 2026.
• Focus for IPH4502: post-PADCEV urothelial carcinoma and tumors with low/heterogeneous Nectin-4; next steps may include basket/combination trials after Phase I.
• Lacutamab Phase III protocol nearly finalized (FDA/EMA aligned); aim to initiate Phase III in 2026, subject to financing/partnering; potential accelerated approval in Sézary syndrome targeted for 2027.
• PTCL (KILT) randomized Phase II data expected in 2026.
• Monalizumab PACIFIC-9 fully enrolled; primary completion H1 2026, data H2 2026.
• IPH6501 ANKET data expected late 2025/early 2026; decisions will be data-driven.
• Cash runway through end of Q3 2026, inclusive of restructuring.

Business Commentary:

* Strategic Refocus and Asset Prioritization: - Innate Pharma decided to focus its investment on three high-value clinical assets: IPH4502, lacutamab, and monalizumab. - The decision was driven by the aim to deliver the greatest impact for both patients and shareholders by concentrating resources on programs with the strongest market potential and clinical relevance.

• IPH4502 Development Progress:
• IPH4502, a next-generation Nectin-4 ADC, is currently in Phase I development, with plans to report preliminary safety and activity data in the first half of 2026.

• The focus on IPH4502 is due to its differentiated design, which addresses limitations seen with existing therapies like PADCEV, and its potential to treat a wide range of solid tumor types.

• Lacutamab Regulatory Pathway:

• Lacutamab has received breakthrough therapy designation from the FDA for relapsed or refractory Sézary syndrome, supported by strong long-term follow-up data.

• This designation accelerates the development and regulatory review, positioning lacutamab for potential accelerated approval in Sézary syndrome and expanding its potential market opportunity.

• Monalizumab Milestones:

• The Phase III PACIFIC-9 trial for monalizumab, in collaboration with AstraZeneca, is fully recruited and on track for primary completion at the end of the first half of 2026.
• The partnership and ongoing trial progress contribute significantly to Innate Pharma's financial outlook, with potential data expected in the second half of 2026.

Sentiment Analysis:

• Management refocused on three high-value assets and will streamline the organization. IPH4502 Phase I is progressing with data in H1 2026. Lacutamab received FDA Breakthrough Therapy; Phase III protocol is close to completion pending financing/partnering. Monalizumab PACIFIC-9 is fully recruited with data expected H2 2026. Cash and financial assets of €70.4M provide runway to end Q3 2026. R&D expenses decreased 29% YOY; no revenue growth context provided.

Q&A:

• Question from Bill Ling (Leerink Partners LLC): What should we take away on the potential of targeting NK cells now that ANKETs are deprioritized and with CSO Eric Vivier leaving?
  Response: NK programs are deprioritized but not ended; decisions will be based on forthcoming clinical data, and Vivier remains an advisor with ongoing lab collaboration.

• Question from Swayampakula Ramakanth (H.C. Wainwright & Co, LLC): With ANKET programs deprioritized at Innate, where is Sanofi with its ANKET assets?
  Response: Sanofi continues its BCMA-targeted ANKET in immunology/autoimmunity with updates expected; Innate continues IPH6501 and explores IPH61 via IITs despite lower internal priority.

• Question from Swayampakula Ramakanth (H.C. Wainwright & Co, LLC): For lacutamab Phase III, will you wait for a partner or can you start with investor funding?
  Response: They’re keeping both options open—advanced talks with investors and partners—seeking improved terms given a larger market, and will proceed based on financing.

• Question from Swayampakula Ramakanth (H.C. Wainwright & Co, LLC): For IPH4502, which indications look most promising and how is it differentiated?
  Response: Initial focus is post-PADCEV urothelial carcinoma and other Nectin-4 tumors (including low expression) with potential for accelerated approval; differentiation vs MMAE ADCs via exatecan payload and distinct resistance/toxicity profile.

• Question from Justin Zelin (BTIG, LLC): Update on IPH4502 enrollment, timing of initial data, patient numbers, and what to expect on safety/efficacy?
  Response: Enrollment is strong with an adaptive design; completion targeted Q1 2026; preliminary readout roughly a quarter later with ~50–60 patients; no efficacy specifics provided.

• Question from Rajan Sharma (None provided): Does the strategic focus mean ANKET assets won’t progress regardless of upcoming IPH6501 data?
  Response: No; IPH6501 continues with data expected late 2025/early 2026, and next steps will be determined by clinical outcomes and market relevance.

• Question from Oussema Denguir (None provided): Does the cash runway to end Q3 2026 include the restructuring plan impact?
  Response: Yes; the runway guidance fully incorporates the restructuring.

• Question from Rajan Sharma (None provided): What is the financial impact of the refocus and how much R&D is allocated to IPH4502 and lacutamab?
  Response: Specific figures aren’t disclosed due to the ongoing legal process; a significant share of external R&D spend is on IPH4502 and lacutamab.

• Question from (None provided): What would lacutamab Phase III cost if run without a partner?
  Response: They will not provide an estimate; it’s a standard oncology Phase III study.