Innate Pharma Reports Full Year 2025 Financial Results and Business Update

• Lacutamab TELLOMAK-3 confirmatory Phase 3 trial in cutaneous T-cell lymphoma (CTCL) is planned for initiation in H2 2026, subject to non-dilutive financing options currently under negotiation, including pharma partnering and royalty structures

• IPH4502 (Nectin-4 ADC) shows preliminary anti-tumor activity with favorable safety profile to date; Phase 1 cohort enrichment ongoing at active dose levels

• Monalizumab PACIFIC-9 Phase 3 trial, partnered with AstraZeneca, continues to advance toward a planned H2 2026 data readout

• IPH5201 (anti-CD39 antibody), partnered with AstraZeneca - Interim results of MATISSE Phase 2 trial in non-small cell lung cancer (NSCLC) have been selected for an oral presentation in one of the Clinical Trials Plenary Session Sessions at the AACR Annual Meeting 2026, on April 21

• Cash position of €44.8 million¹ as of December 31, 2025 with an anticipated cash runway until the end of Q3 2026

• Conference call to be held today at 2:00 p.m. CET / 9:00 a.m. EDT

MARSEILLE, France--(BUSINESS WIRE)--#immunotherapy--Regulatory News:

Innate Pharma SA (Euronext Paris: IPH; Nasdaq: IPHA) (“Innate” or the “Company”) today reported its business update and consolidated financial results for the year ending December 31, 2025. The consolidated financial statements are attached to this press release.

“2025 has been a year of strong execution across our portfolio. With the TELLOMAK-3 design finalized and FDA clearance in hand, lacutamab is planned for confirmatory Phase 3 initiation in H2 2026, dependent on current negotiations with pharma partners and royalty structures. IPH4502, our Nectin-4 exatecan ADC, is progressing rapidly, with early signs of anti-tumor activity in heavily pre-treated patients, including in urothelial cancer post-enfortumab vedotin, where we aim to validate our preclinical hypothesis supporting a differentiated profile versus MMAE-based approaches. We continue to enrich cohorts at pharmacologically active dose levels, and explore activity in tumors with low to moderate Nectin-4 expression, where we believe IPH4502 has best-in-class potential among Topo I-based Nectin-4 ADCs. We look forward to the PACIFIC-9 readout in H2 2026, which remains a key catalyst for Innate Pharma,” said Jonathan Dickinson, Chief Executive Officer of Innate Pharma.

Pipeline highlights:

Lacutamab (anti-KIR3DL2 antibody):

Cutaneous T Cell Lymphoma

• The planned confirmatory Phase 3 TELLOMAK-3 trial is an open-label, multi-center, randomized, comparative study evaluating lacutamab in patients with Sézary syndrome and mycosis fungoides, who have failed at least one prior systemic therapy.

• TELLOMAK-3 includes two cohorts: a confirmatory cohort in Sézary syndrome, intended to support a potential Accelerated Approval based on existing TELLOMAK Phase 2 data, and a registrational cohort in mycosis fungoides, intended to support full approval. The primary endpoint of the study for both cohorts is progression-free survival (PFS) evaluated by blinded central review.

• Following the U.S. Food and Drug Administration (FDA) review of the Phase 3 protocol, with no further comments in November 2025, the trial is planned for initiation in H2 2026.

• The FDA provided encouraging feedback on the TELLOMAK Phase 2 results and the proposed regulatory pathway, which may support an Accelerated Approval in Sézary syndrome once the Phase 3 trial is underway. In February 2025, the FDA granted Breakthrough Therapy Designation to lacutamab for relapsed or refractory Sézary syndrome.

• The TELLOMAK Phase 2 trial is completed, and patients who were receiving treatment will continue to receive lacutamab through a Post Trial Access program.

Peripheral T Cell Lymphoma (PTCL)

• KILT (anti-KIR in T-Cell Lymphoma) Phase 2 trial, an investigator-sponsored, randomized study led by the Lymphoma Study Association (LYSA) evaluating lacutamab in combination with GEMOX (gemcitabine and oxaliplatin) versus GEMOX alone in patients with KIR3DL2-expressing relapsed/refractory PTCL, is ongoing.

IPH4502 (Nectin-4 exatecan ADC):

• The IPH4502-101 Phase 1 study (NCT06781983), recruiting in France and in the United States, is evaluating the safety, tolerability, and preliminary anti-tumor activity of IPH4502 in advanced solid tumors known to express Nectin-4, including but not limited to urothelial carcinoma, non-small cell lung, breast, ovarian, gastric, esophageal, and colorectal cancers.

• The first patient was dosed in January 2025. The maximum tolerated dose (MTD) is currently being explored, with cohort enrichment ongoing at pharmacologically active dose levels, including in patients with urothelial cancer relapsed or refractory to enfortumab vedotin, as well as selected additional tumor types. Preliminary anti-tumor activity was observed in heavily pre-treated patients with advanced solid tumors with a favorable safety profile to date.

Monalizumab (anti-NKG2A antibody), partnered with AstraZeneca:

• The PACIFIC-9 Phase 3 trial run by AstraZeneca evaluating durvalumab (anti-PD‑L1) in combination with monalizumab or AstraZeneca’s oleclumab (anti-CD73) in patients with unresectable, Stage III non-small cell lung cancer (NSCLC) who have not progressed following definitive platinum-based concurrent chemoradiation therapy (CRT) is ongoing. Enrollment in the trial is complete, and data readout is expected in H2 2026.

Other Clinical stage assets

IPH5201 (anti-CD39 antibody, partnered with AstraZeneca): The MATISSE Phase 2 trial, evaluating IPH5201 in combination with durvalumab and platinum-based chemotherapy in the neoadjuvant lung cancer setting, is ongoing and continues recruitment, following a pre-planned interim analysis performed for efficacy on 40 patients. These interim results have been selected for an oral presentation in a Clinical Trials Plenary Session at the AACR Annual Meeting 2026 (April 17–22, 2026, San Diego).

IPH5301 (anti-CD73, proprietary): The investigator-sponsored CHANCES Phase 1 trial of IPH5301 with Institut Paoli-Calmettes is ongoing.

IPH6101 (ANKET^® anti-CD123, proprietary): Innate regained the rights to SAR’579/IPH6101 in July 2025. Innate has initiated a research collaboration to further assess next steps of development.

IPH6501 (ANKET^® anti-CD20 with IL-2V, proprietary): The Phase 1/2 study has evaluated IPH6501 in patients with B-cell non-Hodgkin’s lymphoma (B-NHL). Following completion of dose escalation, the study has been discontinued as part of the Company’s strategic prioritization of its pipeline. Clinical data are expected to be presented in 2026.

IPH6401/SAR’514 (ANKET^® anti-BCMA, partnered with Sanofi): In a recent corporate update, Sanofi announced deprioritization of SAR’514, a trifunctional anti-BCMA NK-cell engager. Sanofi retains exclusive development and commercialization rights, and the license terms remain unchanged.

Corporate Update:

• As previously announced, in line with its strategic focus, the Company has streamlined its organization. Planned layoffs are being implemented through a redundancy plan and should be completed in H1 2026. A collective majority agreement supporting the redundancy plan was endorsed by the French authorities (Dreets) in December 2025.
• The ATM program, pursuant to which Innate may, from time to time, offer and sell to eligible investors a total gross amount of up to $75 million of American Depositary Shares (“ADS”) is still in place. As of December 31, 2025, no sales have been made under the program. As of December 31, 2025, the balance available under our April 2023 sales agreement under the At-The-Market program remains at $75 million.

Financial highlights for 2025:

The key elements of Innate’s financial position and financial results as of and for the year ended December 31, 2025 are as follows:

• Cash, cash equivalents, short-term investments and financial assets amounting to €44.8 million as of December 31, 2025 (€91.1m as of December 31, 2024), including €10.5m in non-current financial instruments (€10.3m as of December 31, 2024).

• As of December 31, 2025, financial liabilities amount to €22.6m (€31.0m as of December 31, 2024). This change is mainly due to loan repayments.

• Revenue and other income amounted to €9.0m in 2025 (2024: €20.1m, -55.2%). It mainly comprises revenue from collaboration and licensing agreements (€2.8m in 2025 vs €12.6m in 2024, -77.9%), and research tax credit (€6.2m in 2025 vs €7.5m in 2024, -17.1%):

• Revenue from collaboration and licensing agreements mainly resulted from the partial or entire recognition of the proceeds received pursuant to the agreements with AstraZeneca and Sanofi. They are recognized when the entity's performance obligation is met. Their accounting is made at a point in time or spread over time according to the percentage of completion of the work that the Company is committed to carry out under these agreements:
  • (i) Revenue from collaboration and licensing agreements for monalizumab decreased by €4.2m to €0.2m in 2025 ( €4.4m in 2024). As of December 31, 2025, the revenue from this agreement has been fully recognized, and accordingly, no “Current contract liabilities” related to these studies remains.

• (ii) Revenue related to the research collaboration and licensing agreement signed with Sanofi in 2022 amounted €0.4m as of December 31, 2025 (€2.1m as of December 31, 2024). After Sanofi’s announcement in October 2024 that it was returning the rights related to its second option, terminating the research collaboration, the €1.7 million in revenue allocated to the research work to be conducted by the company was recognized in full in the income statement as of December 31, 2024. Revenue related to research work on the first license amounted to €401,000 during fiscal year 2025, as it did during fiscal year 2024.

• (iii) Revenue related to the license and collaboration agreement signed with Sanofi in 2016 decreased by €4.0m and are nil for year ended December 31, 2025. Innate regained the right to SAR’579/IPH6101 in July 2025.

• The research tax credit (CIR) of €6.2m of as December 31, 2025 (€7.5m for year ended December 31, 2024). The 17% decrease resulted from the eligible costs decrease.

• Operating expenses amounted to €63.0m in 2025 (2024: €71.7m, -12.1%):

• General and administrative (G&A) expenses amounted to €19.4m in 2025 (2024: €19.7m, -1.6%). These expenses represented 27% and 31% of net operating expenses for the years ended December 31, 2024 and 2025 respectively. G&A expenses mainly comprise personnel costs not allocated to research and development, as well as costs of services relating to the management of the Company. The decrease between 2024 and 2025 results from the combined effect of (i) lower non‑scientific consulting fees and (ii) reduced insurance expenses. Personnel expenses remained stable despite €0.6 million in restructuring charges resulting from the implementation of the Workforce Restructuring Plan (Plan de Sauvergarde de Sauvegarde de l’Emploi).

• Research and development (R&D) expenses from continuing activities amounted to €43.6m in 2025 (2024: €52.0m, -16.1%). R&D expenses from continuing operations amounted to €43.6 million and €52.0 million for the years ended December 31, 2025 and 2024, respectively. These expenses represented 73% and 69% of net operating expenses from continuing operations for the years ended December 31, 2024 and 2025, respectively. The decrease between 2024 and 2025 mainly reflects lower direct research and development costs related to clinical programs. Indirect research and development expenses decreased primarily due to lower personnel costs (excluding restructuring charges of €2.3 million), reduced scientific consulting fees, lower depreciation and amortization, and a decrease in intellectual property expenses, partially offset by restructuring charges associated with the implementation of the Workforce Restructuring Plan (Plan de Sauvegarde de l’Emploi).

• A net financial income of €4.8m in 2025 (2024: €2.1m gain). The financial income has been increased due to favorable foreign exchange impact.

• A net loss of €49.2m in 2025 (2024: net loss of €49.5m).

The table below summarizes the IFRS consolidated financial statements as of and for the year ended December 31, 2025, including 2024 comparative information.

About Innate Pharma:

Innate Pharma S.A. is a global, clinical-stage biotechnology company developing immunotherapies for cancer patients. Leveraging its expertise on antibody-engineering and innovative target identification, Innate Pharma is developing innovative and differentiated next-generation antibody therapeutics.

Innate Pharma is advancing a portfolio of differentiated potential first- and/or best-in-class assets, focused on areas of high unmet medical need, including IPH4502, a differentiated Nectin-4 ADC developed in solid tumors, lacutamab, an anti-KIR3DL2 antibody developed in cutaneous T cell lymphomas and peripheral T cell lymphomas, and monalizumab, an anti-NKG2A antibody developed in collaboration with AstraZeneca in non-small cell lung cancer.

Innate Pharma has established collaborations with leading biopharmaceutical companies, including Sanofi and AstraZeneca, as well as renowned academic and research institutions, to advance innovation in immuno-oncology.

Headquartered in Marseille, France with a US office in Rockville, MD, Innate Pharma is listed on Euronext Paris and Nasdaq in the US.

Learn more about Innate Pharma at www.innate-pharma.com and follow us on LinkedIn and X.

Information about Innate Pharma shares:

Disclaimer on forward-looking information and risk factors:

This press release contains certain forward-looking statements, including those within the meaning of applicable securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than present and historical facts and conditions contained in this press release, including statements regarding the future results of operations and financial position, business strategy, plans and the Company’s objectives for future operations, are forward-looking statements. These are based on the management’s current beliefs, expectations and assumptions about future events, conditions and results and on information currently available to the management. When used in this press release, certain words, including “anticipate,” “plan,” “believe,” “can,” “could,” “estimate,” “project,” “expect,” “may,” “might,” “potential,” “expect” “should,” “will,” or the negative of these and similar expressions, identify forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks and uncertainties include, among other things, the uncertainties inherent in research and development, including related to safety, progression of and results from its ongoing and planned clinical trials and preclinical studies, review and approvals by regulatory authorities of its product candidates, enrolment, results and other milestones of its preclinical trials, the Company’s reliance on third parties to manufacture its product candidates, the Company’s commercialization efforts and the Company’s continued ability to raise capital to fund its development and product trials given its current cash position and the impact an inability to raise further financing would have on the Company’s ability to meet its financial or business objectives. For an additional discussion of risks and uncertainties, which could cause the Company's actual results, financial condition, performance or achievements to differ materially from those contained in the forward-looking statements, please refer to the Risk Factors (“Facteurs de Risque") section of the Universal Registration Document filed with the French Financial Markets Authority (“AMF”), which is available on the AMF website http://www.amf-france.org or on Innate Pharma’s website, and public filings and reports filed with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s Annual Report on Form 20-F for the year ended December 31, 2024, and subsequent filings and reports filed with the AMF or SEC, or otherwise made public by the Company. References to the Company’s website and the AMF website are included for information only and the content contained therein, or that can be accessed through them, are not incorporated by reference into, and do not constitute a part of, this press release.

In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by the Company or any other person that the Company will achieve its objectives and plans in any specified time frame or at all. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

This press release and the information contained herein do not constitute an offer to sell or a solicitation of an offer to buy or subscribe to shares in Innate Pharma in any country.

Summary of Consolidated Financial Statements and Notes as of December 31, 2025

For additional information, please contact:

Innate Pharma
Stéphanie Cornen
stephanie.cornen@innate-pharma.fr

Investor Relations
investors@innate-pharma.fr

Media
communication@innate-pharma.fr