Innate Pharma Sa Class A · EURONEXT:IPH
Innate Pharma Sa Class A — Investor Day (October 2025)
64 slides from Innate Pharma Sa Class A's investor day presentation, Oct 28, 2025
Slide 1: Lacutamab KOL Event
Lacutamab KOL Event Clinical perspectives and Commercial outlook New-York, October 28th, 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 concerning the Company. This document is not to be reproduced by any person, nor to be distributed. This document contains forwar
Slide 3: Today's agenda
Today’s agenda 1 Welcome and Introduction Jonathan Dickinson Chief Executive Officer Pierluigi Porcu, CTCL Landscape and Perspectives on Lacutamab Division Chief for Hematology and BMT at University of Kentucky, Lexington 2 Sonia Quaratino Advancing Lacutamab: Development and Regulatory Pathway EVP,
Slide 4: Opening Remarks
Opening Remarks Jonathan Dickinson Chief Executive Officer 4
Slide 5: Leveraging our scientific know-how to advance life-enhancing cancer therapy candidates
Leveraging our scientific know-how to advance life-enhancing cancer therapy candidates Expertise in antibody- Clinical pipeline High value assets with engineering to drive focused on high unmet near-term commercial innovation medical need potential Strong fundamentals in antibody Advancing a portfol
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 Streamline the on highest-value ADCs toward organization clinical assets development IPH4502 Multiple programs Fit-for-purpose Lacutamab organi
Slide 7: Driving growth through our lead clinical programs
Driving growth through our lead clinical programs LACUTAMAB MONALIZUMAB IPH4502 Anti-KIR3DL2 mAb in CTCL Anti-NKG2A mAb in NSCLC Nectin-4 ADC in solid tumors Phase 3 in preparation Phase 3 ongoing Phase 1 ongoing • First-in-class KIR3DL2 depleting mAb • PACIFIC-9 Phase 3 in unresectable • Novel and
Slide 8: Lacutamab: from niche market entry to broader opportunity
Lacutamab: from niche market entry to broader opportunity Phase 3 in preparation Phase 3 in preparation Phase 2 ongoing BLA filing planned based on Phase 2 data once Phase 3 is underway 03 02 PTCL 01 Aggressive lymphoma with poor CTCL Mycosis Fungoides (MF) prognosis and high unmet need CTCL Sezary
Slide 9: Lacutamab, a de-risked opportunity ready to advance on a clear path toward approval
Lacutamab, a de-risked opportunity ready to advance on a clear path toward approval Strong Data to Move Regulatory Momentum Broader Opportunity Forward Building Emerging TELLOMAK Phase 2 results Progressing towards Accelerated demonstrated durable clinical activity, Approval in Sezary syndrome once
Slide 10: Clinical perspectives on CTCL and lacutamab development path
Clinical perspectives on CTCL and lacutamab development path Sonia Quaratino Pierluigi Porcu EVP, Chief Medical Officer Division Chief for Hematology and BMT at University of Kentucky, Lexington 10
Slide 11: CTCL Landscape and perspectives on Lacutamab
CTCL Landscape and perspectives on Lacutamab Pierluigi Porcu Division Chief for Hematology and BMT at University of Kentucky, Lexington Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established.
Slide 12: T-cell lymphomas: an area of high unmet need
T-cell lymphomas: an area of high CTCL unmet need Sezary Syndrome (SS) • 2-5% of CTCL patients / Rare and aggressive Relative incidence US/EU/Asia1 • Significant blood involvement • Poor prognosis (10-20% 5Y OS) Mycosis Fungoides (MF) • 55-70% of CTCL patients / Most common subtype of CTCL CTCL 31%
Slide 13: At presentation, 30% of MF cases are advanced stage
At presentation, 30% of MF cases are advanced stage 100% of SS are stage IV, with very poor survival SS MF 100 29.2% Clinical Stages 2.7% distribution 38.8% 80 5Y Survival (%) 60 3.7% 4.5% 11.1% 6.7% 40 2.5% 0.9% 20 0 0 1 2 3 4 5 6 7 8 9 Stage IA IB IIA IIB IIIA IIIB IVA1 IVA2 IVB Early Stage Advanc
Slide 14: Mycosis Fungoides: A cancer steadily progressing through stages over time
Mycosis Fungoides: A cancer steadily progressing through stages over time Stage IA 1. ~30% of patients are diagnosed at stage IA • Indolent disease, <10% body surface area • Immune competence maintained Early Stage Early Stage Stage IB 2. ~40% of patients are diagnosed at stage IB • Indolent, but pr
Slide 15: Stage Progression in Mycosis Fungoides according to Initial Stage of Disease at Diagnosis
Stage Progression in Mycosis Fungoides according to Initial Stage of Disease at Diagnosis Skin Only <10% BSA Skin Only >10% BSA Skin Only, Tumors Blood, Nodes, or Viscera Stage IA IB IIB III/IV Stage at diagnosis* 7% 10% 8% [30% of all cases] 25% Stage at diagnosis* 16% 13% [40% of all cases] 29% St
Slide 16: Risk of disease progression according to clinical stage and T classification
Risk of disease progression according to (A) clinical stage and (B) T (skin) classification IIB IB IA Agar N S et al. JCO 2010;28:4730-4739
Slide 17: Disease-specific survival according to clinical stage and T classification
Disease-specific survival according to (A) clinical stage and (B) T (skin) classification IA IB 10-yr survival: • IB = 65% • IIB = 45% IIB Agar N S et al. JCO 2010;28:4730-4739
Slide 18: CTCL journey: Continuous treatment due to poor disease control and few durable options
CTCL journey : Continuous treatment due to poor disease control and few durable options Early Stage Advanced stage I-IIA IIB-IV Systemic therapy for disease control across all compartments High-level treatment approach Topical therapy for symptom control throughout the lifespan Time No durable respo
Slide 19: Per NCCN guidelines, systemic therapy is recommended across stages
Per NCCN guidelines, systemic therapy is recommended across stages, based on tumor burden and prior therapy Based primarily on safety Brentuximab: dose limiting sensory neuropathy Mogamulizumab: autoimmune phenomena, MAR Romidepsin: long, weekly infusions, fatigue, GI toxicity Vorinostat: limited ef
Slide 20: Few systemic therapies have been approved in CTCL in 25 years
Few systemic therapies have been approved in CTCL in 25 years, under more stringent response criteria
Slide 21: Global Response Assessment in MF/SS
Global Response Assessment in MF/SS Viscera (Imaging) Lymph Nodes (Imaging @ Skin (mSWAT) Modified severity weighted assessment tool Skin PR required for global PR Clinical photographs serve as helpful supportive data J Clin Oncol 2011; 29:2598 College of Medicine Internal Medicine
Slide 22: CTCL unmet need, and the quest for disease modifying drugs
CTCL unmet need, and the quest for disease modifying drugs Unmet needs Specificity Target the malignant cells, not the healthy cells Intensity of response Induce profound responses and an overall clinical benefit Duration of response Long duration of response, and improvement of PFS and OS Tolerabil
Slide 23: Lacutamab is a cytotoxic antibody targeting KIR3DL2
Lacutamab is a cytotoxic antibody targeting KIR3DL2, a tumor-associated antigen frequently expressed in CTCL Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established.
Slide 24: TELLOMAK Phase 2 Study design (NCT03902184)
TELLOMAK Phase 2 Study design (NCT03902184) Evaluating lacutamab in patients with R/R MF or SS after at least 2 prior systemic therapies including mogamulizumab Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have
Slide 25: Deep and durable responses in SS patients post-Moga
Deep and durable responses in SS patients post-Moga, for whom there are no approved drugs 63 patients with ≥2 prior lines of systemic therapy, post-Mogamulizumab Global ORR: 42.9% (95% CI [31.4-55.1]) • 100% Patients are post-Moga • Median time to Global Response o 2.8 months (range [1-10]) o Median
Slide 26: Improvement of quality of life in Sezary
Improvement of quality of life in Sezary, in PR/CR as well as in patients with SD Visual Analog Scale (VAS) Skindex-29 – Global Score QoL questionnaire assessing Global, Symptoms, Functioning Pruritus intensity measurement and Emotions domains Severe Severe Moderate Moderate Mild Mild Low Early, dee
Slide 27: In Mycosis fungoides, Lacutamab induced deep responses regardless of KIR3DL2 expression
In Mycosis fungoides, Lacutamab induced deep responses regardless of KIR3DL2 expression level, with a high overall clinical benefit KIR3DL2 ≥ 1% (N=48) KIR3DL2 <1% (N=59) 107 patients with ≥2 prior lines of systemic therapy Global CBR (CR+PR+SD) 86.0% (95% CI [78.2-91.3]) Skin response 29.0% (95%CI
Slide 28: In MF, Lacutamab induced a long PFS matched by improvement of QoL
In MF, Lacutamab induced a long PFS matched by improvement of QoL Median PFS: 10.2 months (95% CI [8.0-15.4]) VAS Pruritus intensity Patients alive without progression measurement at 12 months 47.3% (95%CI [31.6-57.7]) at 24 months 27.2% (95%CI [17.2-38.3]) Severe Moderate KIR3DL2>1% 11.8 (95% CI [5
Slide 29: Patient Case: MF patient with response still ongoing after 3.5 yrs
Patient Case: MF patient with Response still ongoing after 3.5 yrs Baseline Patient description Week 57 Mar. 29, 2022 Oct. 05, 2020 SKIN • MF diagnosed in 2016 PR at W5, CR from W37 • 4 previous lines of Blood therapy (PUVA therapy, bexarotene, interferon, CR from W5 methotrexate) LN • T2N0M0B1 at b
Slide 30: Lacutamab demonstrated favorable safety profile in CTCL
Lacutamab demonstrated favorable safety profile in CTCL with low discontinuation rate SS All MF KIR3DL2 ≥ 1% KIR3DL2 < 1% Safety profile in SS N= 63 Safety profile in MF N=107 N=48 N=59 N (%) N (%) N (%) N (%) TEAEs 61 (96.8) TEAEs 98 (91.6) 43 (89.6) 55 (93.2) Related TEAEs 36 (57.1) Related TEAEs
Slide 31: A potential game changer in CTCL: Lacutamab to address unmet needs
A potential game changer in CTCL: Lacutamab to address unmet needs Early Stage Advanced stage I-IIA IIB-IV Systemic therapy for disease control across all compartments High-level treatment approach Topical therapy for symptom control throughout the lifespan Time No durable responses Need for continu
Slide 32: Advancing Lacutamab: Development and Regulatory Pathway
Advancing Lacutamab: Development and Regulatory Pathway Sonia Quaratino Chief Medical Officer Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established. This presentation contains forward-looking s
Slide 33: Lacutamab: new target, new profile, new opportunities for patients and physicians
Lacutamab: new target, new profile, new opportunities for patients and physicians LACUTAMAB Unmet needs First-in-class antibody a-KIR3DL2 in CTCL Target profile Specificity Tumor specific target – no collateral damage Intensity of response Global response and in skin, blood and lymph nodes Duration
Slide 34: Key regulatory milestones provide pathway to potential approval
Track record of execution: Key regulatory milestones provide pathway to potential approval Designations based on indications Designations based on early data Provides collaboration with/ guidance from Agency showing potential to address an unmet need and deliver a major therapeutic benefit Orphan Dr
Slide 35: Lacutamab is progressing toward potential accelerated approval and Phase 3 initiation
Lacutamab is progressing toward potential accelerated approval and Phase 3 initiation Cutaneous T-Cell Lymphoma Phase 1 Phase 2 TELLOMAK Phase 3 Completed Completed 63 SS post moga patients 35 SS patients 107 MF patients High and durable response, Progressing towards potential favorable safety and t
Slide 36: Lacutamab potential Phase 3 confirmatory study design in CTCL
Lacutamab potential Phase 3 confirmatory study design in CTCL Open-label, multi-center, randomized comparative Phase 3 study of lacutamab in relapse/refractory patients with previously treated MF or SS Primary Key Secondary Endpoint Endpoints Lacutamab KEY ELIGIBILITY SS Cohort Randomization PFS CRI
Slide 37: Potential clinical and regulatory timelines
Potential clinical and regulatory timelines No new data required for Accelerated Approval submission in Sezary syndrome AA : Accelerated Approval ; BLA : Biologics Licence Application ; Marketing Authorization Application ; PFS : Progression Free Survival; T2V: Type 2 variation All milestones and ti
Slide 38: Lacutamab plan from approval to expansion
Lacutamab plan from approval to expansion Patient Incidence # Expand use of CTCL systemic therapy for Market 1L Systemic therapy early-stage and expansion other CTCL patients Mycosis Mycosis 2L fungoides fungoides Sezary Sezary Sezary 3L+ syndrome syndrome syndrome Accelerated Approval US Approval U
Slide 39: Positioning Lacutamab as preferred systemic therapy within NCCN Guidelines
Positioning Lacutamab as preferred systemic therapy within NCCN Guidelines St IA St IB IIA St IIB St III St IV Skin Directed Topical corticosteroids, imiquimod, retinoids, phototherapy (NB-UVB or PUVA), localized radiation therapy, total-skin electron beam therapy Bexarotene Interferon-alfa Methotre
Slide 40: Explaining Lacutamab's Commercial Opportunity
Explaining Lacutamab's Commercial Opportunity Stéphanie Cornen Chris Stuessy-Vidas VP, Investor Relations, Communication & ZS Associates Commercial Strategy PharmD - Strategy Insights and Planning Consultant 40
Slide 41: CTCL Real-World Evidence and Patient Population Insights
CTCL Real-World Evidence and Patient Population Insights ZS Associates Chris Stuessy-Vidas PharmD - Strategy Insights and Planning Consultant 41
Slide 42: CTCL Market Analysis
CTCL Market Analysis Prepared for Innate Pharma
Slide 43: We used the Komodo claims database to perform our analysis
We used the Komodo claims database to perform our analysis Methodology Data Considerations • Counts are based on provider coded patients and therefore do not reflect misdiagnosed or undiagnosed patients • Source & window: Komodo • 2024 & 2025 data is incomplete given data lag claims database, 2018–2
Slide 44: Codes used to group the CTCL subtypes
The following codes were used to group the 4 subtypes (patient must have at least 2 visits) All CTCL Patients MF Patients SS Patients Undefined Patients ▪ C84.0 – Mycosis fungoides ▪ C84.A – CTCL, unspecified ▪ C84.1 – Sezary disease ▪ C84.0 – Mycosis fungoides ▪ C84.1 – Sezary disease ▪ Removed pat
Slide 45: CTCL subtype distribution and prevalence consistent with literature, higher incidence (US)
CTCL subtype distribution and prevalence consistent with literature, but higher overall incidence observed (US) CTCL subtype distribution CTCL Incidence SS Patients incidence (2018-2024) (2023) 319 325 316 303 290 303 3 500 3 000 2018 2019 2020 2021 2022 2023 31% 2 900 2 500 64% MF Patients incidenc
Slide 46: MF and SS proportions remain steady across timeframes (US)
MF and SS proportions remain steady (~65% and ~5% respectively) across timeframes, suggesting no major shift in subtype mix (US) Based on at-least 2 visits SS Patients MF Patients CTCL Undefined 1 12,151 15,852 18,72 23,434 31,764 39,55 1,916 2,587 3,284 3 YRS (2022-24) 5 YRS (2020-24) 7 YRS (2018-2
Slide 47: In Mycosis fungoides, only 25% of patients receive a systemic therapy (US)
In Mycosis fungoides, only 25% of patients receive a systemic therapy (US) MF 79% 73% 25% 17% 3% ECP : Extracorporeal Photopheresis Source: Komodo PRISM; Diagnosis Timeframe: 2018-2024 (at-least 2 Dx visits); Treatment Timeframe: 2018-2024 Note: Komodo PRISM does not provide access to raw transactio
Slide 48: Most CTCL patients are managed by dermatologists (US)
Most CTCL patients are managed by dermatologists; hematologist-oncologists mainly treat SS and a subset of MF cases, mostly in academic centers (US) Top Specialties for treated CTCL patients Top Health Care Organizations (2022-25) (2022-25) 13% 14% 19% 75% 69% 63% 60% 87% 86% 81% 20% 20% SS MF Undef
Slide 49: The most frequently used systemic therapies are FDA-approved drugs (US)
The most frequently used systemic therapies are FDA-approved drugs (US) Treated CTCL Patients Prescribers : Moga, BV & Romidepsin (% out of total dx pts) (2023-2025) Mean ± SD, based on at least 2 visits Methotrexate Bexarotene (Oral) 90 Brentuximab vedotin 80 Mogamulizumab Acitretin 70 Romidepsin 6
Slide 50: Strong use of mogamulizumab in SS patients (US)
Strong use of mogamulizumab in SS patients (US) Moga-treated patients in SS SS Incidence and prevalence Incidence Prevalence 350 1 200 1 200 Number of SS Patients 300 1 000 1 000 250 800 800 200 600 600 150 290 295 227 249 100 208 400 400 50 200 200 40 0 2018 2019 2020 2021 2022 2023 0 0 2018 2019 2
Slide 51: Executive Summary
Executive Summary US claims data was utilized to gather CTCL epidemiology, market landscape, and HCP/HCO insights Incidence & • Prevalence: ~20K patients in 2023 • Incidence: ~5K newly diagnosed patients/year (~ 300 SS, ~2900 MF, ~2000 undefined) Prevalence • Subtype mix: MF ~64%, SS ~5% • MF: 79% t
Slide 52: Shaping the Commercial Future of Lacutamab
Shaping the Commercial Future of Lacutamab Stéphanie Cornen VP, Investor Relations, Communication & Commercial Strategy Lacutamab 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, pr
Slide 53: Innate's vision for Lacutamab: Opening doors for CTCL patients
Innate’s vision for Lacutamab : Opening doors for CTCL patients Addressing what truly matters to CTCL patients Durable disease control with meaningful relief of key symptoms, severe itching, fatigue, and skin lesions. Aiming to make systemic treatment accessible to more patients By specifically targ
Slide 54: Lacutamab path forward in CTCL
Lacutamab path forward in CTCL INCIDENCE 3 CTCL 1L ELIGIBLE Market Aiming to unlock Systemic therapy expansion use of systemic 2 2L ELIGIBLE therapy for early-stage patients MF 1 Towards new 3L+ ELIGIBLE SS 2L standard Address high unmet medical need CTCL: Cutaneous T Cell Lymphoma SS: Sezary syndro
Slide 55: Real-world data reveal higher incidence across CTCL subtypes in US
Real-world data reveal higher incidence across CTCL subtypes in US CTCL Incidence • CTCL is a rare and heterogeneous diseases making the assessment of incidence and prevalence challenging • Real-world claims1 data provide the most current view of the CTCL landscape in the US and indicate a higher in
Slide 56: Sezary Syndrome: Near-term, de-risked opportunity in the US
Sezary Syndrome (SS): Near-term, de-risked opportunity in the US Tellomak Phase 2 and planned Phase 3 • Higher incidence than public datasets indicate in the U.S. — Incidence ~300 new patients/year 2026 — Prevalence ~1000 overall diagnosed patients Phase 3 initiation • Most SS patients receive mogam
Slide 57: Mycosis fungoides: establish Lacutamab as the new 2L standard of care
Mycosis fungoides (MF): Phase 3 objective is to establish Lacutamab as the new 2L standard of care • Higher incidence1 than public data and tangible opportunity 2026 within the existing pool of patients currently treated with Phase 3 initiation systemic therapy Path forward in MF 2029 • Primary phys
Slide 58: Mycosis Fungoides: Ambition to become the standard of care for early-stage patients
Mycosis Fungoides: Ambition to become the standard of care for early-stage patients Life cycle management plan Unique Lacutamab profile may enable earlier adoption • Targeting underlying disease to better address symptoms. • Demonstrates durable PFS and quality-of-life benefits • Favorable safety
Slide 59: Established market potential in CTCL with significant untapped growth opportunity
Established market potential in CTCL with significant untapped growth opportunity POTELIGEO® (Mogamulizumab) Sales Revenue (Million US$) • Established systemic therapy demonstrates commercial potential in CTCL. • Real-world data showed that a limited proportion of MF patients currently receive syste
Slide 60: Lacutamab market potential in CTCL
Lacutamab market potential in CTCL Up to $150m* Up to $500m** >$500m** Patient Incidence # Expand use of CTCL systemic therapy for Market 1L Systemic therapy early-stage and expansion other CTCL patients Mycosis Mycosis 2L fungoides fungoides Sezary Sezary Sezary 3L+ syndrome syndrome syndrome Accel
Slide 61: Closing Remarks
Closing Remarks Jonathan Dickinson Chief Executive Officer 61
Slide 62: Lacutamab, a de-risked opportunity ready to advance on a clear path toward approval
Lacutamab, a de-risked opportunity ready to advance on a clear path toward approval Strong Data to Move Regulatory Momentum Broader Opportunity Forward Building Emerging TELLOMAK Phase 2 results Progressing towards Accelerated demonstrated durable clinical activity, Approval in Sezary syndrome once
Slide 63: Strong short-term catalysts across Innate's portfolio
Strong short-term catalysts across Innate’s portfolio 2026 H1 2026 H2 >2027 Monalizumab Lacutamab AA in SS IPH4502 Anti-NKG2A Ab Monalizumab BLA Nectin-4 ADC Phase 3 AZ PACIFIC-9 IPH4502 Ph1/2 Phase 1 Data Top line data Expansion cohorts data Lacutamab is an investigational antibody under clinical e
Slide 64: Thank you
Thank you www.innate-pharma.com info@innate-pharma.fr EURONEXT : IPH.PA NASDAQ : IPHA