Innate Pharma (IPH) Q1 2026 TU earnings summary

Executive summary

• Focused execution on three priority clinical assets: lacutamab (CTCL), IPH4502 (solid tumors), and AstraZeneca-partnered programs (monalizumab in NSCLC, IPH5201 in NSCLC).

• Lacutamab Phase 3 (TELLOMAK-3) trial in CTCL planned for H2 2026, pending non-dilutive financing; FDA clearance and Breakthrough Therapy Designation for Sézary syndrome received.

• IPH4502 Phase 1 nearing completion, showing preliminary anti-tumor activity and favorable safety in heavily pretreated solid tumor patients, including post-EV urothelial cancer.

• Monalizumab PACIFIC-9 Phase 3 trial in NSCLC completed enrollment; data readout expected H2 2026.

• IPH5201 (anti-CD39) in collaboration with AstraZeneca showed encouraging interim Phase 2 results in NSCLC, with 27.5% pCR rate, especially in PD-L1 positive tumors.

Financial highlights

• AstraZeneca partnerships for monalizumab and IPH5201 could yield up to EUR 1.275 billion and EUR 885 million in milestones, respectively, with double-digit royalties and 50% EU profit-sharing if co-funding options are exercised.

• Cash, cash equivalents, and financial assets totaled €25.4 million as of March 31, 2026, with a projected cash runway until end of Q3 2026.

• Financial liabilities stood at €20.3 million as of March 31, 2026.

• Q1 2026 revenue was €2.6 million, up from €1.2 million in Q1 2025, mainly from collaboration and licensing agreements.

Outlook and guidance

• TELLOMAK-3 Phase 3 for lacutamab in CTCL to initiate in H2 2026, contingent on securing non-dilutive financing.

• Monalizumab PACIFIC-9 Phase 3 data readout expected H2 2026.

• IPH4502 Phase 1 data to be presented at a medical conference in H2 2026; further development in solid tumors anticipated.

• Cash runway anticipated to last until the end of Q3 2026.