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New-York, October 28th, 2025 Lacutamab KOL Event Clinical perspectives and Commercial outlook
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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, 2024, 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. 2 This document has been prepared by Innate Pharma S.A. (the “Company”) solely for the purposes of a presentation concerning the Company. This document is not to be reproduced by any person, nor to be distributed. Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established. This presentation contains forward-looking statements, including expected milestones and timelines, which reflect management’s current estimates and are subject to change
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Welcome and Introduction Jonathan Dickinson Chief Executive Officer CTCL Landscape and Perspectives on Lacutamab Pierluigi Porcu, Division Chief for Hematology and BMT at University of Kentucky, Lexington Advancing Lacutamab: Development and Regulatory Pathway Sonia Quaratino EVP, Chief Medical Officer CTCL Real-World Evidence and Patient Population Insights Chris Stuessy-Vidas ZS Associates, PharmD - Strategy Insights and Planning Consultant Shaping the Commercial Future of Lacutamab Stéphanie Cornen VP, Investor Relations, Communication & Commercial Strategy Closing Remarks Q&A Session Jonathan Dickinson Chief Executive Officer Today’s agenda 3 1 2 3 4 Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established. This presentation contains forward-looking statements, including expected milestones, projected sales and timelines, which reflect management’s current estimates and are subject to change
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Opening Remarks Jonathan Dickinson Chief Executive Officer 4
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Leveraging our scientific know-how to advance life-enhancing cancer therapy candidates Expertise in antibody- engineering to drive innovation Strong fundamentals in antibody engineering and innovative target identification to deliver differentiated next-generation antibody therapeutics Clinical pipeline focused on high unmet medical need Advancing a portfolio of differentiated First- and/or Best- in-Class assets High value assets with near-term commercial potential Portfolio includes late-stage assets on the path to market entry and revenue realization 5
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Delivering on our strategic priorities and driving value through focused execution 6 Advance our next ADCs toward development Focus investment on highest-value clinical assets Streamline the organization ResearchClinical programs Organization IPH4502 Lacutamab Monalizumab Fit-for-purpose organization in line with strategic objectives Multiple programs
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Driving growth through our lead clinical programs *Lacutamab Phase 3 initiation subject to, among other things, FDA final agreement and financing ADC: Antibody-Drug Conjugate; CTCL: Cutaneous T-cell Lymphoma; FDA: Food and Drug Administration; BTD: Breakthrough Therapy Designation • Novel and differentiated DAR8 Nectin-4 exatecan ADC • Opportunity in bladder cancer in post-Padcev setting and across multiple solid tumors with low-to- medium Nectin-4 expression • Phase 1 enrollment ongoing and expected to be completed Q4 25 or Q1 26 Nectin-4 ADC in solid tumors Phase 1 ongoing IPH4502 Anti-KIR3DL2 mAb in CTCL Phase 3 in preparation LACUTAMAB • First-in-class KIR3DL2 depleting mAb with FDA BTD designation • TELLOMAK Phase 2 data demonstrated clinical benefit in Mycosis Fungoides and Sézary Syndrome (SS) • Progressing towards potential accelerated approval in SS and confirmatory Phase 3 initiation* Anti-NKG2A mAb in NSCLC Phase 3 ongoing • PACIFIC-9 Phase 3 in unresectable NSCLC enrollment completed • PACIFIC-9 readouts H2 2026 • Up to $825m in development, regulatory and commercial milestones, 50% profit share in EU and double- digit royalties in US/RoW ($450m already received) MONALIZUMAB Potential to transform CTCL care 7
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PTCL Aggressive lymphoma with poor prognosis and high unmet need KIR3DL2 is a promising new target CTCL Mycosis Fungoides (MF) Largest CTCL subtype Quest for new disease-modifying therapy CTCL Sezary Syndrome (SS) Patients post-Mogamulizumab (SoC) face a high unmet medical need Lacutamab: from niche market entry to broader opportunity 8 01 02 03 2027 Path to potential Accelerated Approval + Expansion 2029 Full Approval Phase 3 in preparation BLA filing planned based on Phase 2 data once Phase 3 is underway Phase 3 in preparation Phase 2 ongoing CTCL: Cutaneous T Cell Lymphoma; PTCL: Peripheral T Cell Lymphoma Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established. This presentation contains forward-looking statements, including expected milestones, projected sales and timelines, which reflect management’s current estimates and are subject to change
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Lacutamab, a de-risked opportunity ready to advance on a clear path toward approval 9 Broader Opportunity Emerging New real-world evidence reveals a larger CTCL patient population Commercially attractive first indication and potential to expand use by enabling systemic therapy use early in the disease journey Regulatory Momentum Building Progressing towards Accelerated Approval in Sezary syndrome once the phase 3 is underway Protocol for the confirmatory Phase 3 in SS and MF submitted to FDA Strong Data to Move Forward TELLOMAK Phase 2 results demonstrated durable clinical activity, a favorable safety profile, and improvements in quality of life in MF and SS
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Clinical perspectives on CTCL and lacutamab development path Pierluigi Porcu Division Chief for Hematology and BMT at University of Kentucky, Lexington Sonia Quaratino EVP, Chief Medical Officer 10
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CTCL Landscape and perspectives on Lacutamab Pierluigi Porcu Division Chief for Hematology and BMT at University of Kentucky, Lexington Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established.
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T-cell lymphomas: an area of high unmet need CTCL: Cutaneous T Cell Lymphoma; PTCL: Peripheral T Cell Lymphoma; 5Y OS: 5-year Overall Survival 1 Relative incidence based on Zhang 2019 , Huang 2025 , Liu 2022, Bagot et al. Blood 2001, IPH-sponsored external analysis of retrospective U.S. Komodo Health-based claims data 2 Decroos 2023 29% 71% PTCL CTCL Sezary Syndrome (SS) • 2-5% of CTCL patients / Rare and aggressive • Significant blood involvement • Poor prognosis (10-20% 5Y OS) Mycosis Fungoides (MF) • 55-70% of CTCL patients / Most common subtype of CTCL • Appearing in the skin • Less aggressive than SS • Poor prognosis for advanced MF Other CTCL • Variable prevalence depending on type of disease CTCL PTCL • Aggressive lymphomas • KIR3DL2 expressed in ~40% of patients2 • Heterogeneous group of diseases • Poor prognosis (5Y OS ~ 30%) Relative incidence US/EU/Asia1 64% 5% 31% MF SS Other
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0 20 40 60 80 100 0 1 2 3 4 5 6 7 8 9 5Y Survival (%) 29.2% 38.8% 2.7% 11.1% 6.7% 3.7% 4.5% 2.5% 0.9% Clinical Stages distribution Adapted from Agar et al, J Clin Oncol, 2010 IA IB IIA IIIA IIIB IVA1 IVA2 IVBStage IIB At presentation, 30% of MF cases are advanced stage 100% of SS are stage IV, with very poor survival MF SS Early Stage Advanced Stage
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Mycosis Fungoides: A cancer steadily progressing through stages over time 1. ~30% of patients are diagnosed at stage IA • Indolent disease, <10% body surface area • Immune competence maintained 2. ~40% of patients are diagnosed at stage IB • Indolent, but progressive, >10% body surface area • Immune competence impaired 3. ~30% are diagnosed at Stage IIB or higher A population of highly mutated malignant T-cells with • Vertical, nodular growth, ulcerations • Common progression to nodal disease • Progression and high risk of disease-related mortality Stage IA Stage IB Stage IIB Early StageAdvanced Stage Early StageAdvanced Stage
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Stage Progression in Mycosis Fungoides according to Initial Stage of Disease at Diagnosis * Adapted from Quaglino et al. Cancer 118: 5830-5839, 2012. This retrospective study analyzed 1422 patients with MF who were diagnosed and followed from 1975 through 2010 in 27 Italian Study Group for Cutaneous Lymphoma centers. *stage of disease noted at the time of the initial diagnosis to the end of the follow-up period Median follow up = 14.5 years (range 1-35 years) IA IB IIB III/IV Stage at diagnosis* [30% of all cases] Stage Stage at diagnosis* [40% of all cases] Stage at diagnosis* 30% of all cases 7% 10% 8% 16% 13% 43% 25% 29% Skin Only <10% BSA Skin Only >10% BSA Skin Only, Tumors Blood, Nodes, or Viscera BSA = body surface area
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Agar N S et al. JCO 2010;28:4730-4739 Risk of disease progression according to (A) clinical stage and (B) T (skin) classification IA IB IIB
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Agar N S et al. JCO 2010;28:4730-4739 Disease-specific survival according to (A) clinical stage and (B) T (skin) classification IIB IB 10-yr survival: • IB = 65% • IIB = 45% IA
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CTCL journey : Continuous treatment due to poor disease control and few durable options Topical therapy for symptom control throughout the lifespan Advanced stage IIB-IV Early Stage I-IIA Challenges & Unmet needs High-level treatment approach Systemic therapy for disease control across all compartments No durable responses Need for continuous therapy, few treatment-free intervals Few complete responses Persistent symptoms, poor QoL Inability to prevent disease progression Few effective + well-tolerated therapies Frequent treatment interruptions, changes of therapy Time
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At stage IA, systemic therapies should be reserved for patients with blood involvement or for whom skin -directed therapies do not provide sufficient disease control or who have disease that is not amenable to skin -directed therapy (eg, in regions where topical therapies are difficult to apply regularly). At stage IB-IIA, Systemic therapies should be considered for patients with extensive skin involvement, higher skin disease burden, predominantly plaque disease, blood invo lvement, and/or inadequate response to skin-directed therapy Vorinostat is preferred regimen in stage IB-IIA and stage IV SS only. Gemcitabine, Liposomal Doxorubicin are preferred regimen in st IIB generalized disease and st IV MF. Pralatrexate and Denileukin diftitox are preferred regimen in st IIB generalized disease only. ECP is preferred regimen in St III MF and SS, but not st IV MF Per NCCN guidelines, systemic therapy is recommended across stages, based on tumor burden and prior therapy Based primarily on safety Brentuximab: dose limiting sensory neuropathy Mogamulizumab: autoimmune phenomena, MAR Romidepsin: long, weekly infusions, fatigue, GI toxicity Vorinostat: limited efficacy Chemotherapy Vascular leak, eye tox, infusion react
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Few systemic therapies have been approved in CTCL in 25 years, under more stringent response criteria
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CTCL unmet need, and the quest for disease modifying drugs Specificity Duration of response Patient QoL Tolerability Target the malignant cells, not the healthy cells Long duration of response, and improvement of PFS and OS Control visible symptoms and emotional burden across all stages A well tolerate systemic option for early-stage disease Intensity of response Induce profound responses and an overall clinical benefit Unmet needs
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Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established. Lacutamab is a cytotoxic antibody targeting KIR3DL2, a tumor-associated antigen frequently expressed in CTCL
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Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established TELLOMAK Phase 2 Study design (NCT03902184) Evaluating lacutamab in patients with R/R MF or SS after at least 2 prior systemic therapies including mogamulizumab
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Deep and durable responses in SS patients post-Moga, for whom there are no approved drugs Data cut-off (DCO): OCT 17, 2024 CTCL: Cutaneous T-Cell Lymphoma; CI: confidence interval; CR: complete response; PR: partial response; SD: stable disease; PD: progressive disease; ORR: objective response rate 63 patients with ≥2 prior lines of systemic therapy, post-Mogamulizumab Global ORR: 42.9% (95% CI [31.4-55.1]) • 100% Patients are post-Moga • Median time to Global Response o 2.8 months (range [1-10]) o Median PFS o 8.3 months (95% CI [5.1-18.7]) • Median DoR o 25.6 months (95% CI [11.0-NE]) 63 patients with ≥2 prior lines of systemic therapy, post-Mogamulizumab Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established
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Improvement of quality of life in Sezary, in PR/CR as well as in patients with SD Severe global scores for most (61.5%) patients at baseline decreasing to low from W81 Early, deep and sustainable itch reduction in SS responders and stable disease QoL: Quality of Life; SS: Sézary syndrome Skindex-29 – Global ScoreVisual Analog Scale (VAS) Pruritus intensity measurement Severe Moderate Mild QoL questionnaire assessing Global, Symptoms, Functioning and Emotions domains Severe Moderate Mild Low Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established
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In Mycosis fungoides, Lacutamab induced deep responses regardless of KIR3DL2 expression level, with a high overall clinical benefit Global CBR (CR+PR+SD) 86.0% (95% CI [78.2-91.3]) Skin response 29.0% (95%CI [21.2-38.2]) Global ORR 19.6% (95% CI [13.2-28.1]) Median time to Global Response 2.8 months (range [1-37]) Median DoR 13.8 months (95% CI [7.4-NE]) 107 patients with ≥2 prior lines of systemic therapy Data cut-off (DCO): OCT 17, 2024 CTCL: Cutaneous T-Cell Lymphoma; CI: confidence interval; CR: complete response; PR: partial response; SD: stable disease; PD: progressive disease; CBR: Clinical Benefice Rate, PFS: progression- free survival, DoR: duration of response KIR3DL2 ≥ 1% (N=48) KIR3DL2 <1% (N=59) Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established
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In MF , Lacutamab induced a long PFS matched by improvement of QoL Data cut-off (DCO): OCT 17, 2024 CTCL: Cutaneous T-Cell Lymphoma; CI: confidence interval; CR: complete response; PR: partial response; SD: stable disease; PD: progressive disease; CBR: Clinical Benefice Rate, PFS: progression- free survival, DoR: duration of response Severe Moderate Mild Pruritus intensity measurement KIR3DL2>1% 11.8 (95% CI [5.6, 16.8]) KIR3DL2<1% 9.5 (95% CI [6.5, 16.6]) Patients alive without progression at 12 months 47.3% (95%CI [31.6-57.7]) at 24 months 27.2% (95%CI [17.2-38.3]) Median PFS: 10.2 months (95% CI [8.0-15.4]) VAS Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established
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Patient Case: MF patient with Response still ongoing after 3.5 yrs MF: Mycosis fungoides; PR: Partial Response; CR: Complete Response; LN: Lymph Node Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established • MF diagnosed in 2016 • 4 previous lines of therapy (PUVA therapy, bexarotene, interferon, methotrexate) • T2N0M0B1 at baseline Patient description Baseline Oct. 05, 2020 Week 57 Mar. 29, 2022 SKIN PR at W5, CR from W37 Blood CR from W5 LN Not involved (N0 at baseline) GLOBAL PR from W5 then CR from W37 still ongoing at W201 (Jan 2025)
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Lacutamab demonstrated favorable safety profile in CTCL with low discontinuationrate * T oxicskin eruption, Skin fissures, Pruritus & AST elevation, Haemophagocytic lymphohistiocytosis (HLH) **Sepsis, Acute respiratory failure, Infection, Cardiac arrest, all not related and HLH considered as related per investigator (related to the disease per sponsor). TEAEs: Treatment emergent adverse events; AE: adverse events Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established Safety profile in SS SS N= 63 N (%) TEAEs 61 (96.8) Related TEAEs 36 (57.1) Most frequent (>5%) related TEAEs Fatigue 12 (19.0) Asthenia 6 (9.5) Diarrhea 5 (7.9) Arthralgia 4 (6.3) Serious TEAEs 21 (33.3) Serious related TEAEs 6 (9.5) Related Grade ≥3 TEAEs 13 (20.6) Related TEAEs leading to discontinuation* 4 (6.3) AEs leading to death** 5 (7.9) Related AEs leading to death 1 (1.6) Safety profile in MF All MF N=107 N (%) KIR3DL2 ≥ 1% N=48 N (%) KIR3DL2 < 1% N=59 N (%) TEAEs 98 (91.6) 43 (89.6) 55 (93.2) Related TEAEs 64 (59.8) 31 (64.6) 33 (55.9) Most frequent (>10%) related TEAEs Nausea 14 (13.1) 4 (8.3) 10 (16.9) Fatigue 13 (12.1) 7 (14.6) 6 (10.2) Asthenia 12 (11.2) 5 (10.4) 7 (11.9) Arthralgia 12 (11.2) 6 (12.5) 6 (10.2) Serious TEAEs 26 (24.3) 13 (27.1) 13 (22.0) Serious related TEAEs 4 (3.7) 2 (4.2) 2 (3.4) Grade ≥3 TEAEs 30 (28.0) 14 (29.2) 16 (27.1) Related Grade ≥3 TEAEs 5 (4.7) 2 (4.2) 3 (5.1) TEAEs leading to disc. 6 (5.6) 2 (4.2) 4 (6.8) Related TEAEs leading to disc. 3 (2.8) 1 (2.1) 2 (3.4) AEs leading to death 3 (2.8) 1 (2.1) 2 (3.4)
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A potential game changer in CTCL: Lacutamab to address unmet needs Topical therapy for symptom control throughout the lifespan Advanced stage IIB-IV Early Stage I-IIA Challenges & Unmet needs High-level treatment approach Systemic therapy for disease control across all compartments No durable responses Need for continuous therapy, few treatment-free intervals Few complete responses Persistent symptoms, poor QoL Inability to prevent disease progression Few effective + well-tolerated therapies Frequent treatment interruptions, changes of therapy Time LACUTAMAB
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Advancing Lacutamab: Development and Regulatory Pathway Sonia Quaratino Chief Medical Officer Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established. This presentation contains forward-looking statements, including expected milestones and timelines, which reflect management’s current estimates and are subject to change 32
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TCL: T Cell Lymphoma; QoL: Quality of Life Lacutamab: new target, new profile, new opportunities for patients and physicians 33 Tumor specific target – no collateral damage Deep responses and long PFS Patient-relevant improvements in symptoms Favorable safety and tolerable profile Unmet needs in CTCL LACUTAMAB First-in-class antibody a-KIR3DL2 Target profile Specificity Duration of response Patient QoL Tolerability Intensity of response Global response and in skin, blood and lymph nodes Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established
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Track record of execution: Key regulatory milestones provide pathway to potential approval 34FDA : Food and Drug Agency ; CT : clinical trial. Fda.gov Designations based on indications Provides collaboration with/ guidance from Agency Orphan Drug Orphan Drug Fast Track Higher odds of Accelerated (US) and Conditional (EU) Approval Market exclusivity 7Y (US), 10Y (EU) Faster pathway eligible for Accelerated Approval and priority review Designations based on early data showing potential to address an unmet need and deliver a major therapeutic benefit Breakthrough Therapy PRIME Enables enhanced Agency interaction/ guidance to accelerate development Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established
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Phase 1 Completed Lacutamab is progressing toward potential accelerated approval and Phase 3 initiation 35 CTCL: Cutaneous T Cell Lymphoma; FDA: Food and Drug Administration; EMA: European Medicine Agency; US: United States; EU: European Union; SS: Sezary syndrome; MF: mycosis fungoides Cutaneous T-Cell Lymphoma Bagot M et al, Lancet Oncol 2019 Phase 3 Progressing towards potential confirmatory Phase 3 initiation Phase 2 TELLOMAK Completed ASCO 2025 35 SS patients High and durable response, favorable safety and tolerable profile and improvement in quality of life 63 SS post moga patients 107 MF patients Confirms clinical benefit in SS and MF Basis of the FDA BTD Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established. This presentation contains forward-looking statements, including expected milestones, projected sales and timelines, which reflect management’s current estimates and are subject to change
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OS Lacutamab potential Phase 3 confirmatory study design in CTCL Open-label, multi-center, randomized comparative Phase 3 study of lacutamab in relapse/refractory patients with previously treated MF or SS KEY ELIGIBILITY CRITERIA SS patients MF patients stage IB to IV After at least 1 prior line of systemic therapy (Including moga for SS) No prior lacutamab No LCT CTCL: Cutaneous T Cell Lymphoma; MF: Mycosis fungoides; SS: Sezary syndrome LCT: Large Cell Transformation PFS: Progression free survival, OS: Overall survival, QoL: Quality of life Lacutamab Lacutamab Mogamulizumab Stratification factors: Disease stage SS IVA1 vs IVA2-IVB Region: US vs EU vs ROW Romidepsin n=218 1:1 SS Cohort Post moga n=108 MF Cohort n=218 Pruritus (VAS) & QOL (Skindex-29) Protocol includes separate statistical analyses by CTCL sub-type (SS & MF) Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established PFS (BICR) Primary Endpoint Key Secondary Endpoints Randomization 1:1 Stratification factors: Disease stage for MF IB-IIA vs IIB-IV Region: US vs EU vs ROW Randomization 1:1 36 PFS (BICR)
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AA : Accelerated Approval ; BLA : Biologics Licence Application ; Marketing Authorization Application ; PFS : Progression Free Survival; T2V: Type 2 variation Potential clinical and regulatory timelines No new data required for Accelerated Approval submission in Sezary syndrome 37All milestones and timelines are based on management’s current expectations and are subject to change
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2027 2029 >2029 Incidence 1L Systemic therapy 2L 3L+ Lacutamab plan from approval to expansion 38 SS: Sezary syndrome; FDA: Food and Drug Administration; AA: Accelerated Approval Expand use of systemic therapy for early-stage and other CTCL patients CTCL Market expansion Approval USAccelerated Approval US Patient # Sezary syndrome Sezary syndrome Mycosis fungoides Sezary syndrome Mycosis fungoides Life Cycle management plan Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established. All milestones, projected sales, and timelines are based on management’s current expectations and subject to change
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Positioning Lacutamab as preferred systemic therapy within NCCN Guidelines 39 St IA St IB IIA St IIB St III Topical corticosteroids, imiquimod, retinoids, phototherapy (NB-UVB or PUVA), localized radiation therapy, total-skin electron beam therapySkin Directed Preferred systemic therapies per NCCN guidelines (2024) St IV Bexarotene Interferon-alfa Methotrexate Brentuximab vedotin Mogamulizumab Romidepsin Vorinostat Denileukin diftitox (only stage IIB) Gemcitabine Liposomal Doxorubicin Pralatrexate Off-label Extracorporeal Photopheresis and combinations LACUTAMAB At stage IA, systemic therapies should be reserved for patients with blood involvement or for whom skin -directed therapies do not provide sufficient disease control or who have disease that is not amenable to skin -directed therapy (eg, in regions where topical therapies are difficult to apply regularly). At stage IB-IIA, Systemic therapies should be considered for patients with extensive skin involvement, higher skin disease burden, predominantly plaque disease, blood involvement, and/or inadequate response to skin -directed therapy Vorinostat is preferred regimen in stage IB-IIA and stage IV SS only. Gemcitabine, Liposomal Doxorubicin are preferred regimen in st IIB generalized disease and st IV MF. Pralatrexate and Denileukin diftitox are preferred regimen in st IIB generalized disease only. ECP is preferred regimen in St III MF and SS, but not st IV MF Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established
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Explaining Lacutamab's Commercial Opportunity Chris Stuessy-Vidas ZS Associates PharmD - Strategy Insights and Planning Consultant Stéphanie Cornen VP , Investor Relations, Communication & Commercial Strategy 40
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CTCL Real-World Evidence and Patient Population Insights ZS Associates Chris Stuessy-Vidas PharmD - Strategy Insights and Planning Consultant 41
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CTCL Market Analysis Prepared for Innate Pharma
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© 2025 ZS 43 We used the Komodo claims database to perform our analysis • Source & window: Komodo claims database, 2018–2023 • Therapy frame: NCCN-listed agents + targeted additions • Read-as: utilization patterns & channel mix Methodology • Counts are based on provider coded patients and therefore do not reflect misdiagnosed or undiagnosed patients • 2024 & 2025 data is incomplete given data lag • Komodo captures 95% of US patients; however, ultra-rare diseases like SS can be affected by the absence of 1 data point • Specialty analysis is dependent on certification status and is carried out for MD/DO • Triangulation with secondary and primary research is needed to fully understand data Data Considerations
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© 2025 ZS 44 The following codes were used to group the 4 subtypes (patient must have at least 2 visits) Codes include all additional codes underneath ▪ C84.0 – Mycosis fungoides ▪ C84.1 – Sezary disease ▪ C84.A – CTCL, unspecified ▪ C84.0 – Mycosis fungoides ▪ C84.1 – Sezary disease ▪ C84.A – CTCL, unspecified ▪ Removed patients with mycosis fungoides and/or Sezary disease codes All CTCL Patients MF Patients SS Patients Undefined Patients
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© 2025 ZS 45 CTCL subtype distribution and prevalence consistent with literature, but higher overall incidence observed (US) 64% 5% 31% MF SS UNDEFINED 1 CTCL Incidence (2023) CTCL subtype distribution (2018-2024) 316 2 900 2 003 0 500 1 000 1 500 2 000 2 500 3 000 3 500 SS MF Undefined 303 319 290 325 303 316 2018 2019 2020 2021 2022 2023 3 284 3 141 2 834 2 988 2 993 2 900 2018 2019 2020 2021 2022 2023 SS Patients incidence MF Patients incidence CTCL Prevalence ~ 20K patients (12 436 MF, 1100 SS, 6 528 Undefined CTCL patients) Note: Following ICD codes have been leveraged to determine to patient counts – CTCL → C84.A, MF → C84.0, SS → C84.1 Source: Komodo PRISM; Diagnosis Timeframe: 2018-24 (at-least 2 Dx visits) Note: Komodo PRISM does not provide access to raw transactional claims data and can only help with summaries 1All CTCL Patients excluding confident MF and SS patients (Confident denotes patients with at least 2 CTCL/MF/SS relevant visits) 1
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© 2025 ZS 46 MF and SS proportions remain steady (~65% and ~5% respectively) across timeframes, suggesting no major shift in subtype mix (US) Based on at-least 2 visits Note: Following ICD codes have been leveraged to determine to patient counts – CTCL → C84.A, MF → C84.0, SS → C84.1 Source: Komodo PRISM; Diagnosis Timeframe: 2018-24 (at-least 2 Dx visits) Note: Komodo PRISM does not provide access to raw transactional claims data and can only help with summaries 1All CTCL Patients excluding confident MF and SS patients (Confident denotes patients with at least 2 CTCL/MF/SS relevant visits) 1,916 2,587 3,284 23,434 31,764 39,55 12,151 15,852 18,72 3 YRS (2022 -24) 5 YRS (2020 -24) 7 YRS (2018 -24) SS Patients MF Patients CTCL Undefined 1
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© 2025 ZS 47 In Mycosis fungoides, only 25% of patients receive a systemic therapy (US) ECP : Extracorporeal Photopheresis Source: Komodo PRISM; Diagnosis Timeframe: 2018-2024 (at-least 2 Dx visits); Treatment Timeframe: 2018-2024 Note: Komodo PRISM does not provide access to raw transactional claims data and can only help with summaries *Filter: include therapies used by >2% of Dx patients 73% 25% 17% 3% 79% MF
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© 2025 ZS 48 Most CTCL patients are managed by dermatologists; hematologist-oncologists mainly treat SS and a subset of MF cases, mostly in academic centers (US) Top Specialties for treated CTCL patients (2022-25) 69% 75% 60%63% 20% 20% SS MF Undefined Dermato Heme/Onc 87% 86% 81% 13% 14% 19% SS MF UNDEFINED Academic (%) Community (%) Top Health Care Organizations (2022-25) Derm Note: Following ICD codes have been leveraged to determine to patient counts – CTCL → C84.A, MF → C84.0, SS → C84.1 Source: Komodo PRISM; Diagnosis Timeframe: 2023 (at-least 2 Dx visits); Treatment Timeframe: 2022-25 Note: Komodo PRISM does not provide access to raw transactional claims data and can only help with summaries 1All CTCL Patients excluding confident MF and SS patients (Confident denotes patients with at least 2 CTCL/MF/SS relevant visits) 1 1
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© 2025 ZS 49 The most frequently used systemic therapies are FDA-approved drugs (US) 0 10 20 30 40 50 60 70 80 90 Derm Heme/Onc % of patients Prescribers : Moga, BV & Romidepsin Mean ± SD, based on at least 2 visits Source: Komodo PRISM; Diagnosis Timeframe: 2023 (at-least 2 Dx visits); Treatment Timeframe: 2023-25 Note: Komodo PRISM does not provide access to raw transactional claims data and can only help with summaries 0,0% 2,0% 4,0% 6,0% 8,0% 10,0% Vorinostat Liposomal doxorubicin Vincristine Tacrolimus (Oral) Pembrolizumab Gemcitabine Pralatrexate Interferon alfa Doxorubicin Cyclophosphamide Romidepsin Acitretin Mogamulizumab Brentuximab vedotin Bexarotene (Oral) Methotrexate Treated CTCL Patients (% out of total dx pts) (2023-2025) FDA approved in CTCL
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© 2025 ZS 50 Strong use of mogamulizumab in SS patients (US) Source: Komodo PRISM; Diagnosis Timeframe: 2018-23 (at-least 2 Dx visits) Note: Komodo PRISM does not provide access to raw transactional claims data and can only help with summaries 0 200 400 600 800 1 000 1 200 2018 2019 2020 2021 2022 2023 Number of SS Patients Incidence 0 200 400 600 800 1 000 1 200 2018 2019 2020 2021 2022 2023 Prevalence Moga-treated patients in SS 40 208 227 249 290 295 0 50 100 150 200 250 300 350 2018 2019 2020 2021 2022 2023 SS Patients Moga Treated SS Incidence and prevalence
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© 2025 ZS 51 Executive Summary US claims data was utilized to gather CTCL epidemiology, market landscape, and HCP/HCO insights • Prevalence: ~20K patients in 2023 • Incidence: ~5K newly diagnosed patients/year (~ 300 SS, ~2900 MF, ~2000 undefined) • Subtype mix: MF ~64%, SS ~5% Incidence & Prevalence • MF: 79% treated; 25% receive systemic therapy • FDA-approved drugs are the most frequently used systemic therapies • Mogamulizumab: steady growth; strong use in SS Market Landscape • CTCL: ~71% Derm; ~20% Heme/Onc, mainly in academic centers • SS subtype: Higher Heme/Onc involvement (~ 63%) • Mogamulizumab: Heme/Onc involvement (~ 79%) Prescriber Dynamics
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Shaping the Commercial Future of Lacutamab Stéphanie Cornen VP, Investor Relations, Communication & Commercial Strategy Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established. All milestones, projected sales, and timelines are based on management’s current expectations and subject to change 52
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Addressing what truly matters to CTCL patients Durable disease control with meaningful relief of key symptoms, severe itching, fatigue, and skin lesions. Aiming to make systemic treatment accessible to more patients By specifically targeting malignant T cells, Lacutamab addresses the underlying disease and delivers durable efficacy with favorable tolerability. Innate’s vision for Lacutamab : Opening doors for CTCL patients Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established. All milestones, projected sales, and timelines are based on management’s current expectations and subject to change 53
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Lacutamab path forward in CTCL 54 INCIDENCE 1L ELIGIBLE 2L ELIGIBLE 3L+ ELIGIBLE Aiming to unlock use of systemic therapy for early-stage patients 3 MF Towards new 2L standard SS Address high unmet medical need 1 2 Systemic therapy CTCL Market expansion Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established. All milestones, projected sales, and timelines are based on management’s current expectations and subject to change CTCL: Cutaneous T Cell Lymphoma SS: Sezary syndrome MF: mycosis fungoides
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Real-world data reveal higher incidence across CTCL subtypes in US 55 Historical epidemiology (Public Databases)2 Real-World Claims (ZS - Komodo Health database)1 CTCL Incidence CTCL: Cutaneous T Cell Lymphoma; MF: Mycosis fungoides; SS: Sezary syndrome; 1 ZS associate – CTCL analysis of retrospective U.S. Komodo Health-based claims data – Year 2023 2 Maghfour, J. et al. (2022), Cai, Z. R. et al. (2022), SEER Cancer Statistics Review, 1975-2017 Epidemiology and real-world estimates are subject to data and methodology limitations • CTCL is a rare and heterogeneous diseases making the assessment of incidence and prevalence challenging • Real-world claims1 data provide the most current view of the CTCL landscape in the US and indicate a higher incidence than previously reported • SS incidence is approximately 3 times higher than previously reported and MF around 50% higher
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Sezary Syndrome (SS): Near-term, de-risked opportunity in the US Tellomak Phase 2 and planned Phase 3 • Higher incidence than public datasets indicate in the U.S. — Incidence ~300 new patients/year — Prevalence ~1000 overall diagnosed patients • Most SS patients receive mogamulizumab — Moga-treated SS patients ~300 patients/year • SS patients managed by hematologist-oncologists and dermatologists — Mogamulizumab given mainly by hematologist-oncologists • Clear and actionable commercial opportunity concentrated in academic centers — Accessible with a focused commercial footprint 56 *Regular approval in the US in 2029. Number of patients estimated are based on ZS associate retrospective analysis in CTCL using U.S. Komodo Health-based claims data 2018-2023 2026 Phase 3 initiation ~ 300 SS patients Post Moga 2027 Accelerated Approval in US* 2030 Approval in EU Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established. All milestones, projected sales, and timelines are based on management’s current expectations and subject to change Path forward in SS
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Mycosis fungoides (MF): Phase 3 objective is to establish Lacutamab as the new 2L standard of care • Higher incidence1 than public data and tangible opportunity within the existing pool of patients currently treated with systemic therapy • Primary physician research supports the potential for 2L standard-of-care adoption2 • The planned Sezary launch infrastructure would enable efficient expansion in MF through a shared prescriber base. 57 1 ZS associate – CTCL analysis of retrospective U.S. Komodo Health-based claims data 2018-2023 ~3,000 MF patients diagnosed annually in the U.S. ~25 % of MF patients receive systemic therapy 2 Primary market research (n = 18) - Horizon pharma 2026 Phase 3 initiation Systemic therapy treated MF population ~ 750 US pts/y1 Path forward in MF 2029 Approval in US 2030 Approval in EU Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established. All milestones, projected sales, and timelines are based on management’s current expectations and subject to change
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Mycosis Fungoides: Ambition to become the standard of care for early-stage patients Life cycle management plan 58 Unique Lacutamab profile may enable earlier adoption Potential to grow the early-stage (IB–IIA) segment by unlocking use of systemic therapy with Lacutamab • Targeting underlying disease to better address symptoms. • Demonstrates durable PFS and quality-of-life benefits • Favorable safety supports long-term use • Planned Phase 3 aims to support approval across MF stages in 2L+ • Opportunity to expand into earlier-stage patients currently on skin-directed therapies Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established. All milestones, projected sales, and timelines are based on management’s current expectations and subject to change
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Established market potential in CTCL with significant untapped growth opportunity Adapted from Kiowa Financial report (conversion rates applied for JPY to USD were based on year-end fixing rates). Mogamulizumab was FDA Approved in 2018 in R/R mycosis fungoides (MF) or Sezary syndrome (SS) after at least one prior systemic therapy. POTELIGEO® (Mogamulizumab) Sales Revenue (Million US$) • Established systemic therapy demonstrates commercial potential in CTCL. • Real-world data showed that a limited proportion of MF patients currently receive systemic treatments such as mogamulizumab, highlighting a significant opportunity to reach a broader patient population PricingTreatment duration Market share & Eligible Population Lacutamab value drivers Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established. All milestones, projected sales, and timelines are based on management’s current expectations and subject to change CTCL: Cutaneous T Cell Lymphoma APAC: Asia-Pacific EMEA: Europe, the Middle East and Africa 59
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2027 2029 >2029 Incidence 1L Systemic therapy 2L 3L+ Lacutamab market potential in CTCL 60 * Estimate Peak Year Sales US ** Estimate Peak Year Sales US, EU Expand use of systemic therapy for early-stage and other CTCL patients CTCL Market expansion Projected Development & Regulatory Timeline Approval USAccelerated Approval US Up to $150m* Up to $500m** >$500m** Patient # Sezary syndrome Sezary syndrome Mycosis fungoides Sezary syndrome Mycosis fungoides Life Cycle management plan Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established. All milestones, projected sales, and timelines are based on management’s current expectations and subject to change
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Closing Remarks Jonathan Dickinson Chief Executive Officer 61
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Lacutamab, a de-risked opportunity ready to advance on a clear path toward approval 62 Broader Opportunity Emerging New real-world evidence reveals a larger CTCL patient population Commercially attractive first indication and potential to expand use by enabling systemic therapy use early in the disease journey Regulatory Momentum Building Progressing towards Accelerated Approval in Sezary syndrome once the phase 3 is underway Protocol for the confirmatory Phase 3 in SS and MF submitted to FDA Strong Data to Move Forward TELLOMAK Phase 2 results demonstrated durable clinical activity, a favorable safety profile, and improvements in quality of life in MF and SS
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Lacutamab AA in SS Monalizumab BLA IPH4502 Ph1/2 Expansion cohorts data Monalizumab Anti-NKG2A Ab Phase 3 AZ PACIFIC-9 Top line data IPH4502 Nectin-4 ADC Phase 1 Data Strong short-term catalysts across Innate’s portfolio 63 2026 H1 >2027 2026 H2 Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established. All milestones, projected sales, and timelines are based on management’s current expectations and subject to change
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