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13 May 2025 Q1 2025 Business Update and Financial Results
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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. 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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Q1 2025 Business Update and Financial Results Conference call agenda 3 Strategic Overview and Outlook Jonathan Dickinson Chief Executive Officer, Chairman of the Executive Board ANKET® & ADC Yannis Morel Chief Operating Officer Clinical Pipeline Progress Sonia Quaratino Chief Medical Officer Upcoming Catalysts & Closing Remarks Jonathan Dickinson Chief Executive Officer, Chairman of the Executive Board Q&A All speakers
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2025: Focus on 3 Strategic Growth Pillars 4 Antibody Drug Conjugates Current Late-Stage Assets • IPH6501 (CD20) ANKET® Phase 1 • IPH6101 (CD123) ANKET® Phase 2 trial underway | Phase 1 data presented |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 • US FDA BTD awarded • Monalizumab PACIFIC-9 Phase 3 underway (AstraZeneca) • IPH4502 (Nectin-4) IND cleared, Phase 1 FPI 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 / Autoimmune indications IPH5301 (CD73) Solid tumors Lacutamab (KIR3DL2) CTCL IPH5201 (CD39) Neoadjuvant NSCLC Monalizumab (NKG2A) Unresectable Stg III NSCLC Others Undisclosed Targets 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 A Robust Pipeline of Innovative, Differentiated Proprietary & Partnered Assets 5
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Collaboration and License (from July 1st) • 2 molecules under license plus one option on one additional target: ✓ IPH6401/SAR’514 (BCMA ANKET) pursued in autoimmune indications ✓ IPH62 (B7-H3 ANKET) ✓ Undisclosed target • Innate eligible to more than €1 billion R&D and commercial milestones • Sanofi is responsible for the clinical development, manufacturing and commercialization New Shareholder (as of April 25th) • €15m equity investment Number of shares of Innate: 9.05% • Continued confidence in Innate’s science and commitment to a long-term strategic partnership Innate Pharma and Sanofi strengthens relationship via strategic equity investment 6 10,65% 9,05% 8,12% 6,93% 0,92% 64,31% Novo Nordisk A/S Sanofi-Aventis Medimmune Bpifrance Management Public Under the 2016 and 2022 Research Collaboration and License Agreements
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Our journey at ASCO 2025: Driving the Future of Cancer Care 7 TELLOMAK Phase 2 trial long-term follow-up data Sézary syndrome Abstract 2522 June 2, 2025 – 1:30 – 4:30 PM CDT Mycosis Fungoïdes Abstract 2523 June 2, 2025 – 1:30 – 4:30 PM CDT Updated outcomes from NeoCOAST-2 Ph 2 trial Abstract 8046 May 31, 2025 – 1:30 – 4:30 PM CDT Trialin Progress: Phase 1 in advancedsolid tumors Abstract TPS3159 June 2, 2025 – 1:30 – 4:30 PM CDT Lacutamab IPH4502 Monalizumab
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8 ANKET® & ADC Yannis Morel Chief Operating Officer
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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 9 • 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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10Demaria et al., Science Immunology 2024 Stronger B cell depletion Less pro-inflammatory cytokines CD20-TCE IPH6501 IC-NKCE-IL2v IPH6501: depletes autologous CD20+ B cells from HD with greater efficacy and lower induction of pro-inflammatory cytokines than a CD20-TCE
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IPH4502: A novel and differentiated Nectin-4 DAR8 exatecan ADC 11 Phase 1 underway * 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 overcomes EV resistance in a UC PDX tumor model 12 0 10 20 30 40 0 1000 2000 Repetitive EV treatments EV-sensitive PDX model EV-resistant PDX model H-score: 200 H-score: 200 Nectin-4 MDR1 MDR1 IPH4502EV 0 10 20 30 40 0 1000 2000 0 10 20 30 40 0 1000 2000 0 10 20 30 40 0 1000 2000 IPH4502EV Nectin-4 Treatment EV 4 mg/kg Vehicle IPH4502 4 mg/kg ADC
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IPH4502 shows anti-tumor activity in PDX models from various indications 13 0 10 20 30 0 500 1000 1500 Days post-treatment Tumor volume (mm3) H-score: 200 TNBC Nectin-4 HNSCC 0 10 20 30 0 1000 2000 3000 Days post-treatment Tumor volume (mm3) Nectin-4 H-score: 160 Esophageal cancer 0 10 20 30 0 1000 2000 3000 Days post-treatment Tumor volume (mm3) Nectin-4 H-score: 125 HNSCC: head and neck squamous cell; TNBC: triple-negative breast cancer Treatment EV 4 mg/kg Vehicle IPH4502 4 mg/kg IPH4502 10 mg/kg ADC
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IPH4502 exhibits superior in vivo anti-tumor activity vs. benchmarks in low Nectin-4 CDX model Nectin-4low NSCLC CDX model (NCI-H322; ABC~35,000) Nectin-4high breast cancer CDX model (SUM190-PT; ABC~400,000) Nectin-4 Nectin-4 IPH4502 EVLY IPH4502 EVLY Days post-treatment Tumor volume (mm3) Days post-treatment Tumor volume (mm3) Treatment EV Vehicle IPH4502 LY Treatment EV Vehicle IPH4502 LY 0 10 20 30 40 50 0 500 1000 1500 0 10 20 30 40 50 0 500 1000 1500 0 10 20 30 40 50 0 500 1000 1500 0 10 20 30 40 50 0 500 1000 1500 0 10 20 30 40 50 0 500 1000 1500 0 10 20 30 40 50 0 500 1000 1500 NSCLC: non small cell lung cancer
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15 Pipeline Progress Sonia Quaratino Chief Medical Officer
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Lacutamab IPH6501 (CD20-IL2v) IPH4502 (Nectin-4) Phase 1 Phase 2 Proprietary key clinical pipeline progress Key clinical pipeline Phase 1 Phase 1
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IPH6501: Multiple Clinical Milestones to be Delivered in Mid-term Confirm activity and dose optimization in CD20+ B-NHL & select B-NHL subtypes 17B-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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IPH4502 (Nectin-4 ADC): Multiple Clinical Milestones to be Delivered in Mid-term 18 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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Lacutamab (KIR3DL2): Phase 3 ready proprietary asset with path to accelerated FDA approval 19 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 « FDA Breakthrough Therapy Designation in r/r SS after at least 2 prior systemic therapies including mogamulizumab » February 2025
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Partnership discussions AA submission Lacutamab: Moving Towards Registrational Trial 20 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, BTD: Breakthrough Therapy Designation Phase 3 in CTCL Phase 2 KILT in PTCL lacutamab BTD granted
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Newsflow and upcoming catalysts 20262025 IPH4502 ADC (Nectin-4 ADC) | Phase 1 ongoing SAR’514 / IPH6401 ANKET® (BCMA) (Sanofi) Lacutamab CTCL | Phase 3 with AA submission planned for 2027 Lacutamab PTCL | next steps 1 ANKET® licensed IPH62 | Next steps (Sanofi) 1 ANKET® option | (Sanofi) Monalizumab PACIFIC-9 | Phase 3 readout (AstraZeneca) IPH5201 (CD39) MATISSE | Phase 2 readout (AstraZeneca) 21 Lacutamab | Partnering discussions Lacutamab | CTCL Phase 3 plans Lacutumab | PTCL data IPH6501 ANKET® (CD20 IL2v ANKET) | Phase 1 safety and preliminary efficacy data IPH6101 ANKET® (CD123) | Transfer to Innate ongoing 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 Create value for patients and shareholders *Including short term investments (€13.4m) and non-current financial instruments (€10.6m) 22 Cash position of €72.5m* as of March 31, 2025 with anticipated runway to mid 2026 (excluding €15m equity investment from Sanofi in April 2025) Clinical stage company with growing differentiated first-in-class pipeline • EXPAND ANKET® CLINICAL PORTFOLIO • Phase 1/2 clinical trial underway with IPH6501, a proprietary 2nd generation CD20 ANKET® in B-cell NHL • IPH6101 (CD123 ANKET®) transfer to Innate ongoing • SAR’514/IPH6401 (BCMA ANKET®) will now be pursued in autoimmune indications (Sanofi) • PURSUING DIFFERENTIATEDADCS • IPH4502, anti nectin-4 Antibody Drug Conjugate Phase 1 underway • LACUTAMAB • Encouraging FDA feedback on regulatory pathway, FDA BTD granted • LTFU data to be presented at ASCO 2025 • MONALIZUMAB • Phase 3 PACIFIC-9 readout H1 2026
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