Slide 1: H1 2025 Business Update and Financial Results
H1 2025 Business Update and Financial Results 17 September 2025
Slide 2: Disclaimer on Forward-Looking Information and Risk Factors
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 to investors concerning the Company. This document is not to be reproduced by any person, nor to be distributed. This document co
Slide 3: Conference call agenda
H1 2025 Business Update and Financial Results Conference call agenda 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 Finan
Slide 4: Strategic Overview and Outlook
Strategic Overview and Outlook Jonathan Dickinson Chief Executive Officer 4
Slide 5: Leveraging our scientific know-how to advance life-enhancing cancer therapies
Leveraging our scientific know-how to advance life-enhancing cancer therapies Expertise in antibody- Differentiated & high Strong data to unlock engineering to drive value clinical-stage transformative innovation assets therapies Strong fundamentals in innate Strong diverse pipeline of Clinical data
Slide 6: Our Path Forward
Our Path Forward Clinical programs Research Organization Focus investment Advance our next Streamline the on highest-value ADCs toward organization clinical assets development IPH4502 Multiple programs Fit-for-purpose Lacutamab organization in line with Monalizumab strategic objectives 6
Slide 7: ADC
ADC Yannis Morel Chief Operating Officer 7
Slide 8: Challenges associated with Nectin-4 approved Antibody Drug Conjugate (ADC)
ADC Challenges associated with Nectin-4 approved Antibody Drug Conjugate (ADC) 100 No Nectin-4 drug approved PADCEV (enfortumab vedotin, EV) is approved 01 solely for patients with urothelial cancer, where % of Nectin-4 expressing 80 expression of Nectin-4 is the highest tumor samples 60 PADCEV indu
Slide 9: IPH4502: A novel and differentiated Nectin-4 DAR8 exatecan ADC
ADC IPH4502: A novel and differentiated Nectin-4 DAR8 exatecan ADC 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 • Hydrophylic →
Slide 10: IPH4502 overcomes EV resistance in a UC PDX tumor model
ADC IPH4502 overcomes EV resistance in a UC PDX tumor model Repetitive EV treatments EV-sensitive EV-resistant PDX model PDX model Nectin-4 MDR1 Nectin-4 MDR1 H-score: 200 H-score: 200 Vehicle IPH4502 4 mg/kg EV 4 mg/kg Treatment EV IPH4502 EV IPH4502 Tumor volume (mm3) 2000 2000 2000 2000 1000 1000
Slide 11: IPH4502 shows anti-tumor activity in PDX models from various indications
ADC IPH4502 shows anti-tumor activity in PDX models from various indications HNSCC TNBC Esophageal cancer Nectin-4 Nectin-4 Nectin-4 H-score: 160 H-score: 200 H-score: 125 Vehicle IPH4502 4 mg/kg IPH4502 10 mg/kg EV 4 mg/kg Treatment 3000 3000 1500 Tumor volume (mm3) Tumor volume (mm3) Tumor volume
Slide 12: Clinical Pipeline Progress
Clinical Pipeline Progress Sonia Quaratino Chief Medical Officer 12
Slide 13: A First-in-Human Phase 1 clinical trial evaluating IPH4502 in solid tumors
ADC 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 Dose escalation Dose optimization OBJECTIVES n= up t
Slide 14: IPH4502 (Nectin-4 ADC): Multiple clinical milestones to be delivered in mid-term
ADC IPH4502 (Nectin-4 ADC): Multiple clinical milestones to be delivered in mid-term 2025 2026 2027 IPH4502 Phase 1 in Nectin-4 expressing tumors Start basket trial in combination with SOC Preliminary safety and activity Readout from dose expansions in FPI in Phase 1 signal in tumor types with low a
Slide 15: Lacutamab, a Phase 3-ready asset with path to accelerated FDA approval
lacutamab Lacutamab, a Phase 3-ready asset with path to accelerated FDA approval CTCL - 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
Slide 16: Lacutamab shows clinical benefit in Sézary syndrome, an aggressive subtype of CTCL
lacutamab Lacutamab shows clinical benefit in Sézary syndrome, an aggressive subtype of CTCL with limited treatment option Global ORR = 42.9% (31.4-55.1) 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, pos
Slide 17: In mycosis fungoides, lacutamab shows robust clinical activity regardless of KIR3DL2 expression level
lacutamab In mycosis fungoides, lacutamab shows robust clinical activity regardless of KIR3DL2 expression level Global ORR = 19.6% (13.2, 28.1) KIR3DL2 ≥ 1% (N=48) KIR3DL2 <1% (N=59) Long term follow up data from the ORR 20.8%(11.7 - 34.3) ORR 18.6% (10.7 – 30.4) TELLOMAK Phase 2 trial Data cut-off
Slide 18: Lacutamab, a unique opportunity for earlier systemic therapy in CTCL
lacutamab Lacutamab, a unique opportunity for earlier systemic therapy in CTCL LACUTAMAB1 Challenges in CTCL care Overcoming CTCL hurdles with a safe and active therapy o Profound impact on quality of life (QoL): Deep anti-tumor activity itching, fatigue and cutaneous lesions Durable responses Stron
Slide 19: Poor survival outcomes in advanced stage (IIB+) highlights the need for systemic therapies in MF
lacutamab Poor survival outcomes in advanced stage (IIB+) highlights the need for systemic therapies in MF Mycosis Fungoides (MF) Stage Stage I Stage II Stage III Stage IV Therapy Skin-directed therapy Systemic therapy IA IB IIA IIB IIIA IIIB IVA1 IVA2 IVB 5Y OS 94% 84% 78% 47% 47% 40% 37% 18% 18% M
Slide 20: Next steps: Advancing lacutamab to Phase 3
lacutamab Next steps: Advancing lacutamab to Phase 3 2025 2026 2027 2028+ Phase 3 in CTCL Partnership & Financing CTCL discussions Protocol CTCL Phase 3 Phase 3 AA submission submission initiation* readout Phase 2 KILT in PTCL & next steps PTCL PTCL Phase 2 data *Financing of the Phase 3 is not incl
Slide 21: Advancing NSCLC Care: Ongoing Clinical Trials with Monalizumab
monalizumab Advancing NSCLC Care: Ongoing Clinical Trials with Monalizumab Three Phase 2 Trials completed supporting rationale of combination in early NSCLC • COAST • NeoCOAST • NeoCOAST-2 Phase 3 PACIFIC-9 ✓ Phase 3 PACIFIC-9 trial fully recruited, IDMC recommended the continuation of the trial bas
Slide 22: Commercial opportunity
Commercial opportunity Jonathan Dickinson Chief Executive Officer 22
Slide 23: Lacutamab's ambition: reshaping CTCL care
lacutamab Lacutamab’s ambition: reshaping CTCL care INCIDENCE CTCL > 6000 patients (US,EU5) Patient # 3 Skin-Directed CTCL Broader Market Therapies (in MF) eligible expansion LACUTAMAB population Unlock earlier 1L Systemic therapy use of systemic 2 therapy in MF patient 2L Systemic therapy 2L+ journ
Slide 24: Financial highlights of the partnership with AstraZeneca on monalizumab
monalizumab Financial highlights of the partnership with AstraZeneca on monalizumab Amounts received Total amount of the agreement: 1.275 billion US$ Total milestones Milestone Initial payments 250 100 payments Development and regulatory 50 50 400 In US$ million Commercialization 425 Royalties Outsi
Slide 25: Financial Results
Financial Results Frédéric Lombard Chief Financial Officer 25
Slide 26: First Half of 2025 Financial highlights
First Half of 2025 Financial highlights Revenue/other income: Operating expenses: Cash, cash equivalents and financial assets: €4.9m €30.3m €70.4m* LICENSING AND COLLABORATIONS 68% expenses related to R&D €1.7m €70.4m* as of June 30, 2025 mainly resulted from the partial or entire recognition of the
Slide 27: Upcoming Catalysts and closing remarks
Upcoming Catalysts and closing remarks Jonathan Dickinson Chief Executive Officer 27
Slide 28: Upcoming steps for key assets
Upcoming steps for key assets 2025 2026 2027 2028+ H1 H2 H1 H2 Phase 1 in advanced solid tumors IPH4502 Preliminary safety and FPI Dose optimization Dose expansions readouts activity signal BTD Phase 3 in CTCL CTCL Phase 3 CTCL Phase 3 LACUTAMAB AA submission Sézary syndrome Phase 3 readout LTFU dat
Slide 29: Key Takeaways
Key Takeaways Create value for patients and shareholders • 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 pro
Slide 30: Thank you
Thank you www.innate-pharma.com investors@innate-pharma.fr EURONEXT : IPH.PA NASDAQ : IPHA