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17 September 2025 H1 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. 2 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.
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H1 2025 Business Update and Financial Results Conference call agenda 3 Strategic Overview and Outlook Jonathan Dickinson Chief Executive Officer ADC Yannis Morel Chief Operating Officer Clinical Pipeline Progress Sonia Quaratino Chief Medical Officer Commercial opportunity Jonathan Dickinson CEO Financial Results Frédéric Lombard Chief Financial Officer Upcoming Catalysts & Closing Remarks Jonathan Dickinson CEO Q&A All speakers
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4 Strategic Overview and Outlook Jonathan Dickinson Chief Executive Officer
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Leveraging our scientific know-how to advance life-enhancing cancer therapies 5 Expertise in antibody- engineering to drive innovation Strong fundamentals in innate immunity, Natural Killer (NK) cell biology, and next- generation antibodies to drive scientific breakthroughs. Differentiated & high value clinical-stage assets Strong diverse pipeline of antibodies, including highly differentiated assets in cancers with high unmet medical need. Strong data to unlock transformative therapies Clinical data demonstrating meaningful activity in difficult- to-treat cancers.
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Our Path Forward 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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7 ADC Yannis Morel Chief Operating Officer
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Challenges associated with Nectin-4 approved Antibody Drug Conjugate (ADC) 8 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 Limited evidence that PADCEV is active in other indications despite high to moderate expression of Nectin-4 01 02 03 04 PADCEV (enfortumab vedotin, EV) is approved solely for patients with urothelial cancer, where expression of Nectin-4 is the highest PADCEV induced toxicity frequently leads to discontinuation of treatment Relapses are frequently observed creating a growing medical need post-PADCEV High (H-score 200-300) Moderate (H-score 100-199) Low (H-score 15-99) TNBC: Triple-Negative Breast Cancer; NSCLC, Non-Small Cell Lung Cancer
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IPH4502: A novel and differentiated Nectin-4 DAR8 exatecan ADC 9 Improved therapeutic window with activity in Enfortumab Vedotin (EV) resistant models Binder Linker Payload Proprietary humanized anti-Nectin-4 antibody Cleavable Exatecan, a topoisomerase I inhibitor • High affinity • Non-overlapping epitope with EV • Fc-competent IgG1, with the ability to mediate ADCC and CDC • Hydrophylic → improved half-life, low clearance • Stable → improved safety with low release of free drug • Excellent conjugability → high yield manufacturing process • Active in EV/MMAE-resistant models • Higher Bystander Effect than EV, leading to stronger activity in Nectin-4 low tumors • Drug to antibody ratio (DAR) = 8 • Improved therapeutic index expected ADC IPH4502 exhibits a favorable safety profile, along with enhanced affinity and stability, potentially leading to an improved therapeutic index.
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IPH4502 overcomes EV resistance in a UC PDX tumor model 10 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 Days post-treatmentDays post-treatment Tumor volume (mm3) UC: Urothelial Carcinoma; PDX: patient-derived xenograft
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IPH4502 shows anti-tumor activity in PDX models from various indications 11 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 Carcinoma; TNBC: Triple-Negative Breast Cancer Treatment EV 4 mg/kg Vehicle IPH4502 4 mg/kg IPH4502 10 mg/kg ADC
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12 Clinical Pipeline Progress Sonia Quaratino Chief Medical Officer
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A First-in-Human Phase 1 clinical trial evaluating IPH4502 in solid tumors A Phase 1, Open-label, Multi-center Study of the Safety, Tolerability, and Efficacy of IPH4502 as a Single Agent in Advanced Solid Tumors (NCT06781983) STUDY POPULATION Solid tumor types known to express Nectin-4 Bladder (including pts who have received prior EV), Cervical, Breast, NSCLC, GEJ, Esophageal, HNSCC, Prostate, Melanoma, Ovarian, CRC OBJECTIVES Primary Objectives: • Safety (DLT, MTD) and tolerability of IPH4502 • Determine RP2D Secondary Objectives: • PK • Immunogenicity • Preliminary efficacy • PFS EV, Enfortumab Vedotin; NSCLC, Non-Small Cell Lung Cancer; GEJ, Gastro-Esophageal Junction Cancer; HNSCC, Head and Neck Squamous Cell Carcinoma; CRC, Colorectal Cancer BF, Backfill; DL, Dose Level; pts, patients; R, Randomization; RP2D, Recommended Phase 2 Dose; DLT, Dose Limiting Toxicity; MTD, Maximum Tolerated Dose; PK, Pharmacokinetics; PFS, Progression Free Survival; US, United States of America; FR, France Dose escalation DL3 DL2 DL1 DL4 DL5 BF DL2 BF DL3 BF DL4 n= up to 45 pts – 5 US sites and 2 FR sites Dose optimization Dose low Dose high n= up to 60 pts RP2D Indication 1 Indication 2 R ADC
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IPH4502 (Nectin-4 ADC): Multiple clinical milestones to be delivered in mid-term 14FPI: First Patient In; SOC: standard of care ADC 2025 2026 2027 IPH4502 Phase 1 in Nectin-4 expressing tumors Start basket trial in combination with SOC Readout from dose expansions in selected indications as single agentDose optimization Preliminary safety and activity signal in tumor types with low and high Nectin-4 expression levels FPI in Phase 1
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Lacutamab, a Phase 3-ready asset with path to accelerated FDA approval - Sezary Syndrome (SS) is a rare and aggressive CTCL, characterized by significant blood involvement, with poor prognosis (10-20% 5Y OS) - Mycosis fungoides (MF) is the most common type of CTCL, first appearing in the skin. Advanced stage (IIB-IVB) associated with poor prognosis - TELLOMAK Phase 2 : strong long term follow up data - Clear regulatory pathway with path to accelerated FDA approval - Preparation of the confirmatory Phase 3 trial protocol is nearing completion, following discussions with the FDA and EMA - Ongoing discussions with partners and investors to progress towards Phase 3 initiation Breakthrough Therapy Designation Fast Track Designation PRIME r/r SS 3L+ Orphan Drug Designation (US & EU) 15 CTCL PTCL - Heterogeneous group of aggressive lymphomas with poor prognosis (5Y OS ~ 30%) - KILT Phase 2 ongoing (LYSARC) : combination with GemOx in R/R KIR3DL2 + PTCL lacutamab FDA: Food and Drug Administration; CTCL: Cutaneous T-Cell Lymphoma; 5Y OS: 5-year overall survival; EMA: European Medicine Agency; PTCL: Peripheral T-Cell Lymphoma; US: United States; EU: European Union
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Lacutamab shows clinical benefit in Sézary syndrome, an aggressive subtype of CTCL with limited treatment option 16 lacutamab Long term follow up data from the TELLOMAK Phase 2 trial Data cut-off (DCO): OCT 17, 2024 63 patients with ≥2 prior lines of systemic therapy, post mogamulizumab • Median follow-up : 25.1 months (95% CI: 21.0–29.4) • Median time to Global Response: 2.8 months (range: 1-10) • Global Clinical Benefit Rate (CR+PR+SD) = 87.3% (95% CI 76.9-93.4) • Median DoR= 25.6 months (11.0 - NE) CTCL: Cutaneous T-Cell Lymphoma; CI: confidence interval; CR: complete response; PR: partial response; SD: stable disease; PD: progressive disease; ORR: objective response rate, PFS: progression-free survival, DoR: duration of response Global ORR = 42.9% (31.4-55.1) Median PFS 8.3 months (5.1 – 18.7) Patients alive without progression, % (95% CI) • at 12 months • at 24 months 45.1 (31.6-57.7) 28.9 (16.2-42.9)
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In mycosis fungoides, lacutamab shows robust clinical activity regardless of KIR3DL2 expression level Long term follow up data from the TELLOMAK Phase 2 trial Data cut-off (DCO): OCT 17, 2024 107 patients with ≥2 prior lines of systemic therapy • Median follow-up in all MF : 22.1 months (95% CI: 19.4–23.6) • Median time to Global Response: 2.8 months (range: 1-10) • Median DoR = 13.8 months (7.4, NE) lacutamab KIR3DL2 ≥ 1% (N=48) ORR 20.8%(11.7 - 34.3) KIR3DL2 <1% (N=59) ORR 18.6% (10.7 – 30.4) Global ORR = 19.6% (13.2, 28.1) Alive without PD at 12 m 47.3 % (36.5, 57.3) at 24 m 27.2 % (17.2, 38.3) KIR3DL2>1% 11.8 (5.6, 16.8) KIR3DL2<1% 9.5 (6.5, 16.6) Median PFS = 10.2 months (8.0, 15.4) CI: confidence interval; CR: complete response; PR: partial response; SD: stable disease; PD: progressive disease; ORR: objective response rate, PFS: progression-free survival, DoR: duration of response
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Lacutamab, a unique opportunity for earlier systemic therapy in CTCL 181 Based on TELLOMAK Phase 2 trial CTCL: Cutaneous T-Cell Lymphoma Challenges in CTCL care o Profound impact on quality of life (QoL): itching, fatigue and cutaneous lesions o Preventing progression to advanced stages (IIB+) with poor survival o Few tolerable systemic options available for early-stage patients Excellent safety Overcoming safety concerns of systemic therapies Deep anti-tumor activity Durable responses Strong PFS Improve patient’s QoL Addressing symptoms that matter most LACUTAMAB1 Overcoming CTCL hurdles with a safe and active therapy lacutamab
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Poor survival outcomes in advanced stage (IIB+) highlights the need for systemic therapies in MF 19 Skin-directed therapy Systemic therapy IA IB IIA IIB IIIA IIIB IVA1 IVA2 IVB 94% 84% 78% 47% 47% 40% 37% 18% 18%5Y OS Agar et al. 2010 5Y OS: 5-year overall survival Most MF patients are seen by dermatologists and are treated with skin-directed therapy in early stages Lacutamab would offer a safe and active systemic therapy for earlier use in the course of the disease Therapy Stage I Stage II Stage III Stage IVMycosis Fungoides (MF) Stage lacutamab
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Next steps: Advancing lacutamab to Phase 3 2025 2026 2027 Phase 3 in CTCL CTCL Partnership & Financing discussions AA submissionProtocol submission CTCL Phase 3 initiation* Phase 2 KILT in PTCL & next steps PTCL PTCL Phase 2 data lacutamab *Financing of the Phase 3 is not included in cash runway CTCL: Cutaneous T-Cell Lymphoma; PTCL; Peripheral T-Cell Lymphoma; AA: accelerated approval Phase 3 readout 2028+ 20
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Advancing NSCLC Care: Ongoing Clinical Trials with Monalizumab 21 monalizumab NSCLC: Non-Small Cell Lung Cancer; IDMC: Independent Data Monitoring Committee Three Phase 2 Trials completed 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. ✓ High level read-out expected in H2 2026 Phase 3 PACIFIC-9
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22 Commercial opportunity Jonathan Dickinson Chief Executive Officer
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Lacutamab’s ambition: reshaping CTCL care 23 INCIDENCE CTCL > 6000 patients (US,EU5) Skin-Directed Therapies (in MF) 1L Systemic therapy 2L Systemic therapy 3L+ Systemic therapy Broader eligible population Unlock earlier use of systemic therapy in MF patient journey 3 2L+ MF SS Post-Moga Patient # LACUTAMAB CTCL Market expansion SS Post-Moga 2 1 Accelerated Approval Full Approval Life Cycle Management ~1,000 SS patients in the US1 (~300 new/yr). Launch opportunity in SS with a strong post-moga backlog, further expanded by MF lacutamab 1 IPH-sponsored external analysis of retrospective U.S. claims data (2018–2024) CTCL: Cutaneous T-Cell Lymphoma; US: United States; EU5: European Union Five (France, Germany, Italy, Spain, United Kingdom); MF: Mycosis fungoides; SS: Sézary syndrome
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Financial highlights of the partnership with AstraZeneca on monalizumab 24 Initial payments 100250 Development and regulatory 50 50 400 Commercialization 425 Total amount of the agreement: 1.275 billion US$ Milestone payments In US$ million Royalties on sales Amounts received Total milestones Outside Europe AstraZeneca will record all Monalizumab sales and will pay Innate Pharma double-digit royalties based on net sales at commercialization. Europe The agreement includes a co-promotion right for Innate Pharma and a 50% profit sharing. Innate Pharma will contribute 30% of the funding for the Phase 3 clinical trials, with a pre-defined limit. monalizumab 450 million US$ has already been received as part of the agreement with AstraZeneca on monalizumab
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25 Financial Results Frédéric Lombard Chief Financial Officer
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*Including short term investments (€6.3m) and non-current financial instruments (€10.4m). First Half of 2025 Financial highlights 26 Revenue/other income: €4.9m Operating expenses: €30.3m LICENSING AND COLLABORATIONS €1.7m mainly resulted from the partial or entire recognition of the proceeds received pursuant to the agreements with AstraZeneca and Sanofi GOVERNMENT FUNDING FOR RESEARCH EXPENDITURES €3.2m 68% expenses related to R&D R&D expenses €20.5m: Decrease of 29% due to the maturity and phasing of some clinical programs G&A expenses €9.8m: Slight increase of 2% Cash, cash equivalents and financial assets: €70.4m* €70.4m* as of June 30, 2025 Sufficient to fund operations to end Q3 2026
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27 Upcoming Catalysts and closing remarks Jonathan Dickinson Chief Executive Officer
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Upcoming steps for key assetsIPH4502LACUTAMABMONALIZUMAB 2025 2026 2027 H2H1 CTCL Phase 3 protocol sub. AA submission Sézary syndrome PTCL Phase 2 data Preliminary safety and activity signal Dose expansions readoutsDose optimizationFPI PACIFIC-9 Phase 3 readout (AZ) Phase 1 in advanced solid tumors Phase 3 in CTCL Phase 2 KILT in PTCL & next steps Phase 3 PACIFIC-9 in NSCLC Enrollment completed BTD LTFU data 28 CTCL Phase 3 initiation* Phase 3 readout 2028+ H2H1 *Financing of the Phase 3 is not included in cash runway FPI: First Patient In; BTD: Breakthrough Therapy Designation; LTFU: long term follow up data; CTCL: Cutaneous T-Cell Lymphoma; PTCL; Peripheral T-Cell Lymphoma; AA: accelerated approval; NSCLC: Non- Small Cell Lung Cancer; AZ: AstraZeneca
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Key Takeaways Create value for patients and shareholders 29 Cash position of €70.4m* as of June 30, 2025 with anticipated runway to end of Q3 2026 • PURSUING DIFFERENTIATED ADCS • IPH4502, anti nectin-4 Antibody Drug Conjugate Phase 1 underway, data expected 2026 • Focus our preclinical R&D engine on ADCs • LACUTAMAB • FDA BTD granted, LTFU data presented at ASCO 2025 • Phase 3 trial protocol submission after discussion with health authorities • MONALIZUMAB • Phase 3 PACIFIC-9 high level readouts H2 2026 *Including short term investments (€6.3m) and non-current financial instruments (€10.4m) FDA: Food and Drug Administration; BTD: Breakthrough Therapy Designation; LTFU: long term follow up data
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