Innate Pharma (IPH) Q2 2026 earnings summary

Executive summary

• Strategic partnership with Sobi for lacutamab finalized in August 2026, securing a $75M upfront payment and potential for up to $505M in milestones and royalties, enabling initiation of TELLOMAK-3 Phase 3 in CTCL and planned accelerated approval filing in Sézary syndrome in H2 2027.

• Completed €30M equity financing to support IPH4502 and ADC pipeline, extending cash runway through Q1 2028.

• Initiated TELLOMAK-3 Phase 3 for lacutamab, with first patient expected Q1 2027; PACIFIC-9 Phase 3 readout for monalizumab expected H2 2026.

• IPH4502 Phase 1 dose escalation and cohort enrichment completed, with preliminary anti-tumor activity and favorable safety profile observed; initial data to be presented at ENA 2026.

• Appointed Markus Jensen as Chief Medical Officer, effective September 2026.

Financial highlights

• Cash and financial assets at June 30, 2026: €21.4M, down from €44.8M at December 31, 2025, excluding Sobi upfront and equity proceeds.

• Revenue and other income for H1 2026 was €5.7M, up from €4.9M in H1 2025, mainly from collaboration and licensing agreements.

• Operating expenses decreased to €24.7M (H1 2025: €30.3M), with R&D expenses at €16.9M (68.4% of total), and G&A at €7.8M.

• Net loss for H1 2026 was €19.6M, improved from €21.3M in H1 2025.

• Sobi partnership includes up to $40M near-term milestones and up to $465M in additional milestones, plus double-digit tiered royalties.

Outlook and guidance

• Cash runway projected through Q1 2028 after Sobi upfront and €30M equity raise.

• TELLOMAK-3 Phase 3 first patient in Q1 2027; accelerated approval filing for lacutamab in H2 2027.

• PACIFIC-9 Phase 3 data for monalizumab expected H2 2026.

• Initial IPH4502 Phase 1 data to be presented at ENA 2026.

• Company remains dependent on R&D success, regulatory approvals, and additional financing.