Innate Pharma Sa Class A · EURONEXT:IPH
Innate Pharma Sa Class A — FY2025 Earnings Presentation
28 slides from Innate Pharma Sa Class A's earnings presentation, Mar 26, 2026
Slide 1: FY 2025 Business Update and Financial Results
FY 2025 Business Update and Financial Results March 26, 2026
Slide 2: Disclaimer
Disclaimer 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. This document contains forward-looking statements. The use of certain words,
Slide 3: Conference call agenda
FY 2025 Business Update and Financial Results Conference call agenda ► Strategic Overview and Outlook ► Lacutamab ► IPH4502 ► AstraZeneca partnered assets: Monalizumab & IPH5201 ► Financial Results ► Upcoming Catalysts & Closing Remarks ► Q&A Speakers: Jonathan Dickinson (Chief Executive Officer); S
Slide 4: Strategic Overview and Outlook
Strategic Overview and Outlook Jonathan Dickinson, CEO 4
Slide 5: A focused oncology company built for impact
A focused oncology company built for impact High-conviction targets In-house expertise and technologies to discover differentiated Ab therapeutics INNATE PHARMA Clinical & commercial value Smart & agile execution Focused on 3 high-value clinical assets Reshaped and fit-for-purpose Short-term catalys
Slide 6: Delivering on our strategic priorities and driving value through focused execution
Delivering on our strategic priorities and driving value through focused execution Clinical programs Research Organization Focus investment Advance our next Streamlined on highest-value ADCs toward organization clinical assets development IPH4502 Multiple programs Fit-for-purpose Lacutamab organizat
Slide 7: Progress Across Pipeline
Progress Across Pipeline Lacutamab (anti-KIR3DL2 antibody) • TELLOMAK-3 confirmatory Phase 3 trial in CTCL is planned for initiation in H2 2026, subject to non dilutive financing options currently under negotiation, including pharma partnering and royalty structures IPH4502 (Nectin-4 ADC) • Prelimin
Slide 8: Lacutamab, anti-KIR3DL2 Ab
Lacutamab, anti-KIR3DL2 Ab Lead proprietary antibody progressing towards potential accelerated approval and Phase 3 initiation Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established. 8
Slide 9: Lacutamab is progressing toward Phase 3 initiation and a potential Accelerated Approval in Sézary syndrome
lacutamab Lacutamab is progressing toward Phase 3 initiation and a potential Accelerated Approval in Sézary syndrome Breakthrough Path to FDA clearance to Therapy Accelerated proceed with Designation for R/R SS Approval in SS Phase 3 Feb 2025 Nov 2025 Fast Track designation (FDA) Phase 2 TELLOMAK da
Slide 10: TELLOMAK-3, a confirmatory Phase 3 trial in CTCL
lacutamab TELLOMAK-3, a confirmatory Phase 3 trial in CTCL Open-label, multi-center, randomized comparative Phase 3 study of lacutamab in R/R patients with MF or SS Primary Key secondary endpoint endpoints Lacutamab KEY ELIGIBILITY SS cohort Randomization PFS CRITERIA Post moga OS 1:1 (BICR) n=108 R
Slide 11: Lacutamab projected regulatory timelines - potential AA in SS in 2027
lacutamab Lacutamab projected regulatory timelines - potential AA in SS in 2027 2025 2026 2027 2028 2029 2030 Sézary syndrome Regular Phase 2 BLA Accelerated sBLA Approval Approval SS data SS post-moga data from TELLOMAK T2V* Approval Primary analysis PFS Phase 3* SS cohort MF cohort Mycosis fungoid
Slide 12: CTCL opportunity is accessible with a focused commercial footprint in the US
lacutamab CTCL opportunity is accessible with a focused commercial footprint in the US CTCL patients in the US (Real world claims data analyses using Komodo Health data) SS • >85% patients treated in academic centers US incidence ~300 patients • Shared MF/SS prescriber base US prevalence ~1 000 pati
Slide 13: IPH4502
IPH4502 Novel and differentiated DAR8 Nectin-4 exatecan ADC IPH4502 is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established. 13
Slide 14: IPH4502: novel and differentiated DAR8 Nectin-4 exatecan ADC
IPH4502 IPH4502: novel and differentiated DAR8 Nectin-4 exatecan ADC Target profile Binder Linker Payload Proprietary humanized anti-Nectin-4 antibody Cleavable Exatecan, a topoisomerase I inhibitor • High affinity • Hydrophilic → improved half-life, low clearance • Active in EV/MMAE-resistant model
Slide 15: IPH4502: overcoming MMAE limitations with Best-in-Class Topo I potential
IPH4502 IPH4502 : overcoming MMAE limitations with Best-in-Class Topo I potential Drug Status Payload DAR Linker IPH4502 Enfortumab vedotin Approved MMAE 4 MC-Val-Cit-PABC Pfizer/Astellas Zelenectide pevedotin Designed to address Ph2* MMAE 1 Val-Cit-SAR10 MMAE Bicycle key MMAE-related limitations Su
Slide 16: New preclinical data reinforces best-in-class Topo I Nectin-4 ADC potential
IPH4502 New preclinical data reinforces best-in-class Topo I Nectin-4 ADC Potential CDX model with high CDX model with low Nectin-4 expression Nectin-4 expression Breast cancer NSCLC CDX CDX Nectin-4 High Nectin-4 Low 1200 1200 1000 1000 Tumor volume (mm3) Tumor volume (mm3) Tumor volume (mm3) Tumor
Slide 17: A First-in-Human Phase 1 clinical trial evaluating IPH4502 in solid tumors
IPH4502 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 Dose escalation Dose optimization OBJECTIVES POPULATION n=
Slide 18: Progression After EV+P in Bladder Creates a Therapeutic gap
IPH4502 Progression After EV+P in Bladder Creates a Therapeutic gap ~2/3 of patients progress within 2 years after EV+P No established standard post EV+P Progression-Free Survival from EV-302 (n=886) Fragmented treatment patterns1 and limited outcomes2 Platinum-based chemotherapy (carbo/cis) rwOS 7.
Slide 19: IPH4502 in solid tumors: bladder cancer and beyond
IPH4502 IPH4502 in solid tumors: bladder cancer and beyond IPH4502 potential best-in-class Topo I Nectin-4 ADC Bladder cancer Multiple solid tumors Post-PADCEV setting Low-to-medium Nectin-4 expression Address growing unmet need of post-EV mUC patients* High potential in several tumor types Move up
Slide 20: Monalizumab and IPH5201
Monalizumab Co-developed with AstraZeneca, PACIFIC-9 Phase 3 trial ongoing in NSCLC IPH5201 Partnered with AstraZeneca, MATISSE Phase 2 trial ongoing in NSCLC Monalizumab and IPH5201 are investigational antibodies under clinical evaluation. They are not approved for any indication, and their safety
Slide 21: PACIFIC-9: Phase 3 trial of durvalumab + oleclumab or monalizumab in unresectable stage III NSCLC
monalizumab PACIFIC-9: Phase 3 trial of durvalumab + oleclumab or monalizumab in unresectable stage III NSCLC ✓ Three Phase 2 trials supporting rationale of combination in early NSCLC (COAST, NeoCOAST, NeoCOAST-2) Phase 3 PACIFIC-9 data expected in H2 2026 Monalizumab is an investigational antibody
Slide 22: IPH5201, anti-CD39 antibody partnered with AstraZeneca
IPH5201 IPH5201, anti-CD39 antibody partnered with AstraZeneca MATISSE Phase 2 trial, evaluating IPH5201 in combination with durvalumab and platinum-based chemotherapy in resectable NSCLC is ongoing Interim results have been selected for an oral presentation in one of the Clinical Trials Plenary Ses
Slide 23: Financial highlights of the partnership with AstraZeneca
Monalizumab IPH5201 Financial highlights of the partnership with AstraZeneca MONALIZUMAB IPH5201 Potential total amount of the agreement Potential total amount of the agreement $1.275 billion $885 million $825m Potential future milestones $825m Potential future milestones Royalties on sales Outside
Slide 24: Financial Results
Financial Results Frédéric Lombard, CFO 24
Slide 25: 2025 Financial highlights
2025 Financial highlights Revenue/other income Operating expenses Cash, cash equivalents and financial assets €9.0m €63.0m € 44.8m* LICENSING AND COLLABORATIONS 73% expenses related to R&D €2.8m €44.8m* as of December 31, 2025 Revenue from collaboration and licensing R&D expenses €43.6m (-16.1%): ag
Slide 26: Closing Remarks
Closing Remarks Jonathan Dickinson, CEO 26
Slide 27: A focused portfolio of high-value assets driving Innate's value creation
A focused portfolio of 3 high-value assets driving Innate’s value creation IPH4502 LACUTAMAB MONALIZUMAB Nectin-4 ADC in solid tumors Anti-KIR3DL2 mAb in CTCL Anti-NKG2A mAb in NSCLC • Preliminary anti-tumor activity in • FDA clearance to proceed with • PACIFIC-9 Phase 3 in unresectable heavily pre-
Slide 28: Thank you
EURONEXT : IPH.PA NASDAQ : IPHA Thank you www.innate-pharma.com investors@innate-pharma.fr 28