Innate Pharma (IPH) H.C. Wainwright 28th Annual Global Investment Conference summary

Strategic focus and pipeline prioritization

• Focus remains on three core assets: lacutamab, IPH4502, and monalizumab, with other assets progressing via collaborations or low-expenditure modes.

• Lacutamab is advancing in a phase III confirmatory study for Sézary syndrome, supported by a partnership with Sobi, while Innate retains development and regulatory responsibilities.

• IPH4502, a differentiated Nectin-4 exatecan ADC, completed dose escalation in phase I, with preliminary data from 76 patients expected by year-end.

• Monalizumab, partnered with AstraZeneca, is in the PACIFIC-9 phase III trial for unresectable non-small cell lung cancer, with primary endpoint data expected by year-end.

• Preclinical efforts are focused on developing next-generation ADCs, including bispecifics and dual payloads, aiming for innovation and differentiation.

Partnerships and deal economics

• The Sobi partnership for lacutamab provides upfront capital, supports phase III execution, and leverages Sobi’s rare disease commercialization expertise.

• Innate retains a significant role in lacutamab’s development and stands to benefit from royalties and milestones.

• The AstraZeneca collaboration for monalizumab includes substantial milestone payments, with up to EUR 825 million possible on top of EUR 450 million already received.

• Positive results from PACIFIC-9 could provide significant non-dilutive funding for further pipeline development.

Clinical development and regulatory strategy

• Accelerated approval for lacutamab is based on phase II TELLOMAK data, with FDA guidance requiring an active, recruiting confirmatory study.

• TELLOMAK-3 phase III is set to initiate soon, aiming for first patient in early 2027 and BLA submission in the second half of 2027, targeting approval in the first half of 2028.

• The global TELLOMAK-3 study will nearly double the number of centers compared to the previous trial, leveraging prior recruitment experience.

• FDA is expected to be flexible on recruitment trajectory for rare diseases, focusing on study activation and early patient enrollment.