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January 14th, 2025 J.P. Morgan Health Care Conference San Francisco, CA Jonathan Dickinson │CEO Yannis Morel │EVP COO Sonia Quaratino │EVP CMO Arvind Sood │EVP US Ops
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Disclaimer on Forward-Looking Information and Risk Factors This document contains forward-looking statements. The use of certain words, including “believe,” “potential,” “expect” and “will” and similar expressions, is intended to identify forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions, these forward-looking statements are subject to various risks and uncertainties, which could cause the Company’s actual results or financial condition 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, the Company’s commercialization efforts and the Company’s continued ability to raise capital to fund its development. For an additional discussion of risks and uncertainties which could cause the Company's actual results, financial condition, performance or achievements to differ 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 Autorité des Marchés Financiers (“AMF”), available on the AMF website (www.amf-france.org) or on the Company’s website (www.innate-pharma.com), and public filings and reports filed with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s Annual Report on Form 20F for the year ended December 31, 2023, and subsequent filings and reports filed with the AMF or SEC, or otherwise made public, by the Company. Such documents may not be necessarily up to date. This document contains data pertaining to the Company's potential markets and the industry and environment in which it operates. Some of this data comes from external sources that are recognized in the field or from Company’s estimates based on such sources. This presentation discusses product candidates that are under clinical development, and which have not yet been approved for marketing by the U.S. Food and Drug Administration or the European Medicines Agency. No representation is made as to the safety or effectiveness of these product candidates for the use for which such product candidates are being studied. The information contained herein has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. The Company is under no obligation to keep current the information contained in this presentation and any opinion expressed is subject to change without notice. The Company shall not bear any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection therewith. This document and the information contained herein do not constitute an offer to sell or a solicitation of an offer to buy orsubscribe to shares of the Company in any country. This document has been prepared by Innate Pharma S.A. (the “Company”) solely for the purposes of a presentation to investors concerning the Company. This document is not to be reproduced by any person, nor to be distributed. 2
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Innate Pharma: Building on a Foundation of World Class Antibody Engineering Expertise and Clinical Execution 3 Leveraging our expertise in innate immunity and antibody engineering to develop novel, first-or-best-in-class therapies for cancer, advancing a diverse pipeline of proprietary and partnered assets with major biopharma companies. Focused pipeline of antibodies, including several potentially differentiated clinical and preclinical candidates in cancers with high unmet medical need. Antibody Drug Conjugates Our proprietary platform for developing a new generation of multi- specific first-in-class NK cell engagers to treat certain types of cancer. Scientific excellence in the field of innate immunity with expertise in Natural Killer (NK) cell biology and antibody engineering. Antibody Engineering Excellence
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2024: A strong year of Publications in high impact journals Rebuffet et al., 2024 High-dimensional single-cell analysis of human natural killer cell heterogeneity 4 Fenis et al, 2024. New immune cell engagers for cancer immunotherapy Vivier et al, 2024. Natural killer cell therapies Demaria et al, 2024. A tetraspecific engager armed with a non- alpha IL-2 variant harnesses natural killer cells against B cell non-Hodgkin lymphoma
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2024: A Year of Strong R&D Execution Lacutamab: FDA interactions leading to Accelerated Approval opportunity IPH6501: Phase 1 initiated IPH4502: IND Cleared by FDA 5
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2025: Focus on 3 Strategic Growth Pillars 6 Antibody Drug Conjugates Current Late-Stage Assets • IPH6501 (CD20) ANKET® Phase 1 • IPH6101 (CD123) ANKET® Phase 2 trial underway | Phase 1 data presented (Sanofi) |1L study underway| Fast Track Designation for the treatment of acute myeloid leukemia • IPH6401 (BCMA) ANKET® Phase 1 (Sanofi) • Lacutamab positive Phase 2 data, FDA feedback on next steps, Partnership discussions underway • Monalizumab PACIFIC-9 Phase 3 underway (AstraZeneca) • IPH4502 (Nectin-4) IND cleared, Phase 1 start Jan 2025 • Differentiated topo-1 ADC targeting varying levels of expression of nectin-4 across tumor types • IPH43 (MICA/B) in research NK-cell engagers
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IPH67 Undisclosed, solid tumor Pre-Clinical Phase 1 Phase 2 Phase 3 IPH6501 (CD20-IL2v) B-NHL IPH81 Undisclosed Target IPH62 B7-H3 IPH4502* Nectin-4 IPH43 MICA/B IPH6101/SAR’579 (CD123) Blood cancers (Phase 1/2) IPH6401/SAR’514 (BCMA) Multiple Myeloma IPH5301 (CD73) Solid tumors Lacutamab (KIR3DL2) CTCL IPH5201 (CD39) Neoadjuvant NSCLC Monalizumab (NKG2A) Unresectable Stg III NSCLC Others Undisclosed Targets *Progressing to Phase 1; B-NHL: B Cell Non-Hodgkin Lymphoma ; NSCLC = Non-Small Cell Lung Cancer ; CTCL = Cutaneous T Cell Lymphoma ; PTCL = Peripheral T Cell Lymphoma Monalizumab (NKG2A) Neoadjuvant NSCLC Lacutamab (KIR3DL2) PTCL Antibody-based NK cell engager Therapeutics Antibody Drug Conjugate (ADC) Monoclonal antibody (mAb) Others Undisclosed Targets Jan 2025 A Robust Pipeline of Innovative, Differentiated Proprietary & Partnered Assets 7
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9 Proprietary NK cell engager platform Harness NK cells through Nkp46 NK-specific activating receptor, conserved on Tumor infiltrating NK cells MOAs : NK-mediated killing - Boost tumor immune cell infiltration - Boost NK natural functions Versatile platform allows rapid creation of a pipeline of ANKET ® assets Superior preclinical efficacy versus T-cell engagers (using CD20 benchmark) A fit-for-purpose technology that is creating an entirely new class of tri- and tetra-specific molecules to induce synthetic immunity against cancer.
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• CD20 TAG IPH6501: Innate’s lead Proprietary ANKET®, a novel CD20 targeted tetra-specific Natural Killer Cell Engager targeting B-Cells 10 • CD16 NK cell activating receptor • NK cell activating receptor • Most specific marker of human NK cells • Expression conserved on tumor-infiltrating NK cells • Patent holder on NKp46 binders • Provides proliferation signal targeted to NK cells Tumor Associated Antigen Fc portion NKp46 binder IL-2v
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IPH6501: Global Phase 1/2 dose finding study patient recruitment currently ongoing in R/R NHL Phase 1/2 first-in-human, multicenter, in Patients With Relapsed and/or Refractory Non-Hodgkin Lymphoma NCT06088654 First patient dosed in March 2024 Recruitment ongoing CD20 Anti- CD20 11
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IPH6501: depletes autologous CD20+ B cells from HD with greater efficacy and lower induction of pro-inflammatory cytokines than a CD20-TCE 12Demaria et al., Science Immunology 2024 Stronger B cell depletion Less pro-inflammatory cytokines CD20-TCE IPH6501 IC-NKCE-IL2v
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13 Agreement with the Institute for Follicular Lymphoma Innovation (IFLI) Patients with R/R Follicular Lymphoma will be included in the ongoing Phase 1/2 trial 3m USD upfront plus up to 4.9m USD in conditional tranched investments from IFLI IPH6501: Potential is being recognized by external stakeholders
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Confirm activity and dose optimization in CD20+ B-NHL & select B-NHL subtypes IPH6501: Multiple Clinical Milestones to be Delivered in Mid-term 14B-NHL: B cell Non Hodgkin Lymphoma Data will inform next steps Safety data and preliminary signals of activity in CD20+ B-NHL Autoimmune Disease Phase 1 preparation (pending data) Readouts from expansion studies in selected B-NHL subtypes (monotherapy) Explore combinations with SOC in earlier lines 2025 2026 2027 IPH6501 Phase 1/2 in B-NHL
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15 Antibody Drug Conjugates
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IPH4502: A novel and differentiated Nectin-4 DAR8 exatecan ADC 16 Phase 1 start in Jan 25 * EV = Enfortumab Vedotin Exatecan, a Topoisomerase I inhibitor • Active in EV/MMAE-resistant models • Higher Bystander Effect than EV, leading to stronger activity in Nectin-4 low tumors • DAR = 8 • Improved therapeutic index expected Proprietary humanized anti-Nectin-4 Antibody • High affinity • Non-overlapping epitope with EV* • Fc-competent IgG1, with the ability to mediate ADCC and CDC Binder Payload Cleavable • Hydrophylic → improved half-life, low clearance • Stable → improved safety with low release of free drug • Excellent conjugability → high yield manufacturing process Linker ADC
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IPH4502: A differentiated Nectin-4 targeted ADC with potential to show efficacy in moderate to low Nectin-4 expressing and Padcev resistant tumors 17 OPPORTUNITIES • PADCEV (enfortumab vedotin, EV) is approved in bladder cancer where expression of Nectin-4 is the highest • Relapses are frequently observed creating a growing medical need post-PADCEV • PADCEV induces toxicity leading to frequent discontinuation • Limited evidence that PADCEV is active in other indications despite high to moderate expression of Nectin-4 Urothelial (n=54) Esophageal (n=84) TNBC (n= 78) NSCLC (n=145) Prostate (n=51) Pancreatic (n=58) Gastric (n=69) 0 20 40 60 80 100 % of Nectin-4 expressing tumor samples No Nectin-4 drug approved ADC
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IPH4502: Shows efficacy across various Nectin-4 expression levels and demonstrates superior activity to EV in bladder PDX models 18 Nectin-4 expression n=10 mice/group EV (enfortumab vedotin, PADCEV) MMAE-ADC Treatment IPH4502 4 mg/kg Vehicle 0 10 20 30 0 500 1000 1500 2000 Days (post-treatment) Tumor volume (mm3) H-score: 100 0 20 40 60 0 500 1000 1500 2000 Days (post-treatment) Tumor volume (mm3) H-score: 180 0 20 40 60 0 500 1000 1500 2000 Days (post-treatment) Tumor volume (mm3) H-score: 300 ADC EV 4 mg/kg
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IPH4502: Demonstrates in vivo potential for efficacy in heterogenous Nectin-4 expressing tumors via target-dependent bystander effect 19 In vivo bystander killing Address heterogeneous Nectin-4 expression Nectin-4 KO cells Nectin-4+ cells + Nectin-4 KO cells Nectin-4+ cells Tumor volume (mm3) ADC
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IPH4502: Anti-tumor activity in a PDX-model of acquired EV-resistance 20 Efficacy in model of EV acquired resistance Address post-EV patients ADC
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IPH4502: Multiple Clinical Milestones to be Delivered in Mid-term 21 Data will inform next steps Start basket trial in combination with SOC 2025 2026 2027 FPI: First Patient In; SOC: standard of care IPH4502 Phase 1 in Nectin-4 expressing tumors FPI in Phase 1 Dose optimization Preliminary safety and activity signal in tumor types with low and high Nectin-4 expression levels Readout from dose expansions in selected indications as single agent ADC
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22 Current Late Stage Assets
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Lacutamab: Phase 3 ready proprietary asset with path to accelerated FDA approval 23 Lacutamab under development for treatment of Cutaneous T-cell lymphomas (CTCL) and Peripheral T Cell Lymphomas (PTCL). Phase 2 data in Sézary Syndrome (SS) and Mycosis Fungoides (MF) presented at ASH23 and ASCO24 FDA Fast Track & EMA PRIME designations for SS patients after two prior systemic therapies. Orphan drug designation in the US & EU for treatment of CTCL. High level elements for path to Accelerated Approval for SS aligned with FDA First-in-class anti-KIR3DL2 humanized cytotoxicity-inducing antibody lacutamab
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Results confirm promising clinical activity, durable responses and favorable safety of lacutamab in heavily pretreated post-mogamulizumab Sézary Syndrome patients Lacutamab: Compelling Phase 2 data in Sézary syndrome patients with high unmet need and limited treatment options 24 Lacutamab in Patients with Relapsed and Refractory Sézary Syndrome: Results from the TELLOMAK Phase 2 Trial Patient characteristics 56 post mogamulizumab patients with advanced, highly refractory and heavily pre-treated disease 5 median lines of prior therapy 14.4 months median follow up Efficacy results Global confirmed ORR mPFS mDOR 37.5% 8.0m 12.3m ASH 2023Data cutoff: May 1, 2023 lacutamab ORR: objective response rate, mPFS: medial progression-free survival, DoR: duration of response
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Lacutamab: Strong Phase 2 results in heavily pretreated Mycosis fungoides 25 Data cutoff: Oct 13, 2023 KIR3DL2 ≥ 1% (N=48) KIR3DL2 <1% (N=59) Best Overall Response by KIR3DL2 Expression Level lacutamab *SD includes 2 pts uPR confirmed after DCO & 1 new uPR after DCO. Patient characteristics (N=107) 4 median lines of prior therapy 11.8months median follow up Efficacy results Olsen 2011 Global ORR % (95%CI) 16.8% (10.9, 25.0) Olsen 2022 Global ORR % (95%CI) 22.4% (15.6, 31.2) PFS in months Median (95%CI) 10.2 (6.5, 16.8)
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Lacutamab: TELLOMAK data supports a potential new SoC in MF & SS with opportunity across patient subgroups and earlier lines of therapy 26 ~ 1,500 patients ~3,500 patients ~5,000 patients Numbers indicate the drug-treated eligible population in each segment. G7, 2025 estimates, MF: mycosis fungoides, SS: Sezary syndrome Epidemiology sources: Bradford, P. T. et al. (2009), Dobos, G. et al. (2020), Talpur, R. et al. (2012); Quaglino, P. et al. (2012), Innate Pharma Tellomak and clinical insights. Stratinova Consulting Forecasting Department lacutamab KIR3DL2 <1% KIR3DL2 ≥ 1% All Comers All Comers ≥1 Prior line MF & SS All-comers≥2 Prior Lines MF ~50% express target ≥1% MF & SS All-comers SS (~96% express target) KIR3DL2 enriched population All comers Earlier Line $500m+Up to $500m
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Partnership discussions AA submission Lacutamab: Moving Towards Registrational Trial 27 Data will inform next steps Phase 3 readout PTCL Phase 2 data 2025 2026 2027 + PTCL CTCL CTCL: cutaneous T cell lymphome; AA: accelerated approval; PTCL: peripheral T cell lymphoma Phase 3 in CTCL Phase 2 KILT in PTCL lacutamab
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Monalizumab: Strategic Asset Providing Scientific Validation and Revenue Streams The two antibodies act synergistically to block the inhibitory action of tumor cells on tumor-infiltrating immune cells. Durvalumab prevents binding between the inhibitory T cell receptor PD-1 and the tumor cell ligand PD-L1. Monalizumab blocks the NKG2A inhibitory receptor on both NK cells and cytotoxic CD8+ T cells. • Three Phase 2 Trials supporting rationale of combination in early NSCLC -COAST -NeoCOAST -NeoCOAST-2 • Phase 3 PACIFIC-9 trial fully recruited, IDMC recommended the continuation of the trial based on a pre-planned analysis • PACIFIC-9 Primary Results expected 2026 MONALIZUMAB 28IDMC: Independent Data Monitoring Committee . André et al., Cell 2018
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Newsflow and upcoming catalysts Delivering across our strategic objectives 20262025 IPH4502 ADC (Nectin-4 ADC) | Phase 1 start SAR’579 / IPH6101 ANKET® (CD123) (Sanofi) SAR’514 / IPH6401 ANKET® (BCMA) (Sanofi) Lacutamab CTCL | Phase 3 with AA submission planned for 2027 Lacutamab PTCL | next steps 1 ANKET® licensed | Next steps (Sanofi) 1 ANKET® option | (Sanofi) • Monalizumab PACIFIC-9 | Phase 3 readout (AstraZeneca) • IPH5201 (CD39) MATISSE | Phase 2 readout (AstraZeneca) 29 Lacutamab | Partnering discussions Lacutamab | Phase 3 plans Lacutumab | PTCL data IPH6501 ANKET® (CD20 IL2v ANKET) | Phase 1 safety and preliminary efficacy data IPH4502 ADC (Nectin-4 ADC) | Phase 1 safety and preliminary efficacy data IPH6501 ANKET® (CD20 IL2v ANKET) | Phase 1 clinical data ProprietaryPartnered
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Key Takeaways Cash position of €96.4m as of September 30, 2024 Innate has a solid strategy to deliver long term growth with proprietary and partnered assets and we have 7 key programs in clinical stages of development • DRIVING FORWARD OUR ANKET® CLINICAL PORTFOLIO • Phase 1/2 clinical trial underway with IPH6501 in B-cell NHL, agreement with IFLI to include Follicular Lymphoma • IPH6101/SAR’579 progressed to Phase 2 by Sanofi, Front line combination with venetoclax study initiated • PURSUING DIFFERENTIATEDADCs • IPH4502, anti nectin-4 Antibody Drug Conjugate Phase 1 in Jan 2025 • LACUTAMAB • Encouraging FDA feedback on regulatory pathway, Phase 3 planning underway • Partnership discussions underway • MONALIZUMAB • PACIFIC-9 milestone in 2026 30