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November 5, 2026 Q3 2026 Business Update and Financial Results
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This document contains certain forward-looking statements, including those within the meaning of applicable securities laws, including the Private Securities Litigation Reform Act of 1995, including the statements regarding the timing of results for monalizumab PACIFIC-9, the timing of lacutamab Phase 3 and potential acceleration thereof, the contours and planned enrollment of the upcoming trials and studies, and expected milestones and catalysts. 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 anduncertainties, 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 (“Facteursde 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, 2025, 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. The Company has not independently verified any of the data from third-party sources, nor has it ascertained the underlying assumptions relied upon therein. While the Company is not aware of any misstatements regarding the data presented herein, estimates and forecasts involve uncertainties and risks and are subject to change based on various factors. 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. 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. This presentation contains various milestones and catalysts. These milestones and catalysts are not projections and instead are forward-looking goals that are subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary, and those variations may be material. Nothing in this presentation should be regarded as a representation by any person that these milestones and catalysts will be achieved and the Company undertakes no duty to update these milestones and catalysts. 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. 2 Disclaimer on forward-looking information and risk factors 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.
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Q3 2026 Conference Call Agenda 3 ► Q3 2026 Highlights and Recent Developments ► Lacutamab ► IPH4502 ► Monalizumab ► Preclinical ADCs ► Upcoming Catalysts & Closing Remarks ► Q&A Speakers: Jonathan Dickinson (Chief Executive Officer); Markus Jensen (Chief Medical Officer); Yannis Morel (Chief Operating Officer); Frédéric Lombard (Chief Financial Officer)
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4 Strategic Overview and Outlook Jonathan Dickinson, CEO
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Q3 2026 Highlights and Recent Developments 5 All milestones and timelines are based on management’s current expectations and subject to change. LACUTAMAB Sobi partnership TELLOMAK-3 Phase 3 initiated; first patient dosing expected in Q1 2027 Strategic partnership with Sobi effective; $75 million upfront payment received IPH4502 Phase 1 data at ENA 2026 Phase 1 data to be presented at the 38th EORTC-NCI-AACR Symposium (ENA 2026) on November 18, 2026 in Barcelona Company to host a webcast and in-person event in London at 4:00pm GMT (11:00am ET) MONALIZUMAB PACIFIC-9 Phase 3 Phase 3 high level readout led by AstraZeneca expected in H1 2027 FINANCIALS Position strengthened Cash position of €96.8 million as of September 30, 2026; anticipated cash horizon until the end of Q1 2028
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6 Lacutamab, anti-KIR3DL2 mAb Partnered with Sobi, progressing toward first patient in TELLOMAK-3 and a planned accelerated approval filing mAb: Monoclonal Antibody. 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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TELLOMAK-3 confirmatory Phase 3 study in cutaneous T-cell lymphoma (CTCL) initiated, a key step toward filing for accelerated approval of lacutamab in Sézary syndrome, a subtype of CTCL Strategic partnership with Sobi to license lacutamab in T-cell lymphoma Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety andefficacy have not been established. Potential future milestone payments are contingent on contractual conditions and are not guaranteed. Regulatory outcomes depend on clinical trial results and health authority review. Approval is not guaranteed. AA: accelerated approval. SS: Sézary syndrome. 1 2 3 5 Lacutamab 4 Partnership enabled Phase 3 initiation Innate conducting confirmatory Phase 3 in CTCL Innate to file for AA in Sézary syndrome based on Phase 2 data Sobi will receive exclusive global rights to commercialize lacutamab upon potential AA Sobi is eligible to full global development rights following positive Phase 3 results Partnership overview Agreement Phase 3 TELLOMAK-3 Accelerated approval filing in SS TELLOMAK-3 results Commercialization $75M Upfront payment received Up to $40M Near-term milestones connected to SS Up to additional $465M Related to the option for Sobi to get full development rights and to future regulatory and commercial milestones Double-digit royalties Tiered royalties on future net sales Transaction Financials 7
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2026 2027 2028 2029 2030+2026 2027 2028 2029 2030+ Towards a potential US accelerated approval in Sézary syndrome in H1 2028 Phase 3 TELLOMAK-3: projected clinical & regulatory roadmap Lacutamab is investigational and is not approved for any indication. Safety and efficacy have not been established. Indicative timelines reflect management’s current expectations and are subject to change. Regulatory outcomes depend on clinical trial results and health authority review. Approval is not guaranteed. MF: mycosis fungoides. BLA: biologics license application. FPD: first patient Dosed. PFS: progression-free survival. Lacutamab Mycosis fungoides Sézary syndrome PHASE 3 TELLOMAK-3 FPD planned Q1 2027 MF registrational cohort (n=218) SS confirmatory cohort (n=108) PFS Primary analysis in SS Based on TELLOMAK Phase 2 data in SS Toward Full Approval in SS (FDA) & Approval (EMA) Planned BLA filing (FDA) Potential AA in SS (FDA) PFS Primary analysis in MF Toward Approvals in MF (FDA, EMA)
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9 IPH4502 Differentiated Nectin-4 exatecan ADC with Phase 1 data to be presented at ENA 2026 on November 18th ADC: Antibody-Drug Conjugate. IPH4502 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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10 A differentiated Topo I Nectin-4 ADC Company to host in-person event & webcast (link) - Nov 18th at 4:00 pm GMT (11:00 am ET) IPH4502 is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established. Preliminary clinical observations from an ongoing Phase 1 study involving a limited number of patients are not conclusive. The graph on the right presents a non-exhaustive selection of Nectin-4 ADCs by most advanced development stage, based on public information and the Company's assessment as of the presentation date. Topo I: topoisomerase I; MMAE: monomethyl auristatin E; EV: enfortumab vedotin; UC: urothelial carcinoma; NSCLC: non-small cell lung cancer; HNSCC: head and neck squamous cell carcinoma. Bulumtatug fuvedotin Mabwell Notiretatug rezetecan Hengrui MK-3120 MSD IPH4502 Innate Pharma LY4052031 Eli Lilly Sutantatug envedotin Corbus IPH4502 differentiated Nectin-4 ADC design • Exatecan payload to overcome key MMAE-related limitations; no CYP2D6 genotyping requirement (unlike LY4052031) • Proprietary stable linker slowing the release of free exatecan • High-affinity antibody with a non-overlapping EV epitope Phase 1 dose escalation enrollment completed (NCT06781983) • Preliminary anti-tumor activity with objective responses observed in heavily pre-treated patients with post-EV UC as well as NSCLC and HNSCC • Favorable safety profile to date with limited hematological toxicity • PADCEV established Nectin-4 as a validated ADC target in UC • Nectin-4 MMAE ADCs advancing into late-stage development • Nectin-4 Topo I ADCs emerging as a potential next-generation approach Ph1/2 Ph2 Ph3 Approved Ph3 US/ Global China IPH4502
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11 Monalizumab Developed in collaboration with AstraZeneca, PACIFIC-9 Phase 3 high level readout expected in H1 2027 Monalizumab is an investigational antibody under clinical evaluation, and not approved for any indication, and its safety and efficacy have not been established.
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12 PACIFIC-9: Phase 3 trial of durvalumab + oleclumab or monalizumab in unresectable stage III NSCLC PACIFIC-9 Phase 3 trial high-level data readout expected in H1 2027 Monalizumab 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 and timelines are subject to change. Barlesi et al. Future Oncol. 2024; cCRT: Concurrent ChemoRadioTherapy; RECIST: Response Evaluation Criteria in Solid Tumors. monalizumab ✓ Three Phase 2 trials supporting rationale of combination in early NSCLC (COAST, NeoCOAST, NeoCOAST-2) N=1051
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13 Financial highlights of the partnership with AstraZeneca on monalizumab Initial payments 100250 Development and regulatory 50 50 400 Commercialization 425 Total amount of the agreement: $1.275B Milestone payments In US$ million Royalties on sales Amounts received Potential milestones in the agreement 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. $450M received to date, with up to $825M in additional potential milestones monalizumab Monalizumab 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 and timelines are subject to change. Further details regarding financials are available in the 2025 Universal Registration Document.
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14 Preclinical ADCs Next-generation ADCs to overcome current ADC limitations
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A differentiated ADC pipeline built on Innate’s proprietary linker technology 15 IPH4502 is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established. The preclinical approaches presented remain investigational, and their potential benefits have not yet been demonstrated clinically. 15 Dual targeting to enhance tumor binding Bispecific ADCs Approach Objective Address tumor heterogeneity Increased receptor clustering through bispecific Enhance internalization Unlock activity in low- expressing tumors Overcome payload resistance Complementary mechanisms of action Dual payload Innate ADC platform designed to overcome current ADC limitations Proprietary linker technology now in clinical development through IPH4502
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16 Upcoming Catalysts & Closing Remarks Jonathan Dickinson, CEO
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Lacutamab, IPH4502 and monalizumab are investigational and are not approved for any indication. Their safety and efficacy have not been established. All milestones and timelines are based on management’s current expectations and subject to change. ENA 2026: 38th EORTC-NCI-AACR Symposium on Molecular Targets and Cancer Therapeutics 17 Next catalysts across Innate’s focused portfolio IPH4502 Nectin-4 ADC in solid tumors P H A S E 1 | D O S E E S C A L A T I O N P L A N N E D I N H 2 2 0 2 6 Phase 1 data to be presented at ENA 2026, followed by a webcast and in-person event S T A T U S Dose escalation enrollment completed; preliminary anti-tumor activity and favorable safety profile observed to date Wholly owned by Innate Pharma LACUTAMAB Anti-KIR3DL2 mAb in CTCL P H A S E 3 I N I T I A T E D | T E L L O M A K- 3 P L A N N E D I N Q 1 2 0 2 7 First Patient Dosing in TELLOMAK-3 Phase 3 planned in Q1 2027 S T A T U S TELLOMAK-3 Phase 3 initiated following closing of the strategic partnership with Sobi MONALIZUMAB Anti-NKG2A mAb in NSCLC P H A S E 3 | P A C I F I C- 9 E X P E C T E D I N H 1 2 0 2 7 PACIFIC-9 Phase 3 trial high-level data readout expected in H1 2027 S T A T U S PACIFIC-9 Phase 3 enrollment completed Cash position of €96.8 as of September 30, 2026; anticipated cash horizon until the end of Q1 2028
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1818 Thank you www.innate-pharma.com investors@innate-pharma.fr EURONEXT : IPH.PA NASDAQ : IPHA