Innate Pharma (IPH) Q4 2024 earnings summary

Executive summary

• Advanced a robust oncology pipeline, including ANKET® NK cell engagers, ADCs, and lacutamab for T-cell lymphomas, with key milestones achieved in 2024 and early 2025.

• FDA granted Breakthrough Therapy Designation to lacutamab for relapsed/refractory Sézary syndrome, with phase III trial preparations and partnership discussions ongoing.

• Initiated phase I trials for IPH6501 (CD20 ANKET®) and IPH4502 (Nectin-4 ADC), with first patients dosed and rapid progression through dose escalation.

• Cash position of €91.1 million as of December 31, 2024, providing runway into mid-2026.

• Strategic focus on advancing ANKET® and ADC platforms, with multiple clinical and preclinical assets progressing and active partnerships with Sanofi and AstraZeneca.

Financial highlights

• Revenue and other income from continuing operations totaled €20.1 million in 2024, down 67.4% from €61.6 million in 2023, mainly due to lower collaboration and licensing revenue.

• Operating expenses were €71.7 million in 2024 (down 3.5% year-over-year), with R&D expenses at €52.0 million (down 7.2%) and G&A expenses at €19.7 million (up 7.8%).

• Net loss widened to €49.5 million in 2024 from €7.6 million in 2023, reflecting lower revenue and reduced financial income.

• Cash, cash equivalents, and financial assets were €91.1 million at year-end 2024, with financial liabilities reduced to €31.0 million due to loan repayments.

• Revenue from licensing/collaborations was €12.6 million, mainly from AstraZeneca and Sanofi agreements.

Outlook and guidance

• Cash runway extends to mid-2026, supporting ongoing and planned clinical programs.

• Expectation to complete IPH6501 dose escalation and share initial safety and efficacy data by year-end 2025; preliminary phase I safety data for IPH4502 anticipated by end of 2025.

• Lacutamab phase III trial to commence in CTCL and PTCL, with accelerated approval submission planned for 2027.

• Continued focus on expanding ANKET® clinical portfolio and differentiated ADCs, with additional assets in early pipeline discovery.

• Ongoing regulatory alignment with FDA for potential Accelerated Approval pathway for lacutamab in Sézary syndrome.