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DATE

Thursday, Sept. 17, 2026, at 8 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer-Jonathan E. Dickinson
• Chief Medical Officer-Sonia Quaratino
• Chief Operating Officer-Yannis Morel
• Chief Financial Officer-Frederic Lombard
• Vice President of Investor Relations, Communication, and Commercial-Stephanie Cornen

TAKEAWAYS

• Cash and Financial Assets -- ‑€21.4 million as of June 30, 2026, representing a decrease from ‑€44.8 million reported on Dec. 31, 2025.
• Sobi Upfront Payment -- $75 million (approximately ‑€65 million), received by the company following the closing of the strategic partnership for lacutamab.
• Net Equity Proceeds -- ‑€28 million, anticipated from the ‑€30 million gross equity offering conducted to fund ADC development and preclinical assets.
• Projected Cash Runway -- through the end of the first quarter of 2028, reflecting the combined impact of the Sobi upfront payment and the September equity raise.
• H1 2026 Net Loss -- ‑€19.6 million, compared to a net loss of ‑€21.3 million during the first half of 2025.
• H1 2026 Revenue and Other Income -- ‑€5.7 million, driven by ‑€3.1 million from collaboration and licensing agreements and ‑€2.5 million from research tax credits.
• Operating Expenses -- ‑€24.7 million for the first half of 2026, down from ‑€30.3 million in the prior year period.
• Research and Development Expenses -- ‑€16.9 million, reflecting clinical trial phasing including the completion of lacutamab trials and initiation of the IPH4502 program.
• General and Administrative Expenses -- ‑€7.8 million, showing a ‑€2.0 million decrease attributed to a restructuring plan that reduced personnel costs.
• Sobi Partnership Milestones -- $505 million in potential payments, including up to $40 million in near-term milestones for Sezary Syndrome and $465 million in future options and commercial milestones.
• AstraZeneca Partnership Milestones -- $825 million in potential future payments, in addition to the $450 million received by the company to date.
• Lacutamab Estimated Pricing -- $500,000 to $650,000 per patient per year, established through company pricing research with U.S. payers for the Sezary Syndrome indication.
• Phase 1 ADC Enrollment -- 76 patients across 11 different indications, including approximately 15 patients each in the urothelial and head and neck cancer cohorts.
• Monalizumab Study Enrollment -- 1,050 patients, in the randomized Phase 3 PACIFIC-9 trial for unresectable Stage III non-small cell lung cancer.
• Full-Time Equivalent Headcount -- 120 employees as of June 30, 2026, as the company concentrated resources on high-value development assets.

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RISKS

• Quaratino noted that while EV plus pembrolizumab has changed the treatment landscape, most patients progress within two years and lack an established second-line standard of treatment.
• Dickinson indicated that if management decided to broaden the ADC program to additional tumor types, the company would require additional funding to conduct multiple dose optimizations.

SUMMARY

Innate Pharma S.A. (IPHA -4.97%) reported significant strategic progress in its oncology pipeline, specifically regarding the licensing of lacutamab and the advancement of its proprietary antibody-drug conjugate (ADC) technology. Management reported that the company has secured sufficient capital through the close of the Sobi partnership and a subsequent equity offering to extend its operational runway into early 2028. The company indicated that its development focus is now centered on three near-term catalysts, including a Phase 3 readout for monalizumab and initial clinical data for its Nectin-4 ADC program. Management stated that the established regulatory pathways and breakthrough designations for its lead assets provide a clear framework for potential accelerated approval filings in the coming fiscal years.

• CEO Dickinson stated, "The TELLOMAK-3 Phase 3 has been initiated," with the first patient enrollment expected in the first quarter of 2027.
• Quaratino indicated that the company intends to file for accelerated approval of lacutamab in Sezary Syndrome during the second half of 2027.
• Innate Pharma expects to present initial Phase 1 dose escalation data for IPH4502 at the EORTC-NCI-AACR meeting on Nov. 18, 2026.
• The Phase 3 readout for monalizumab in the PACIFIC-9 trial remains scheduled for the second half of 2026 through the AstraZeneca collaboration.
• Yannis Morel noted that the company's proprietary stable linker is designed to limit the release of free payload, which may reduce the systemic pathological toxicity observed in other ADCs.
• Management anticipates that lacutamab will be listed in NCCN guidelines, potentially facilitating off-label usage in first-line settings for Sezary Syndrome and mycosis fungoides.

INDUSTRY GLOSSARY

• ADC (Antibody-Drug Conjugate): A class of biopharmaceutical drugs designed as a targeted therapy for treating cancer, consisting of an antibody linked to a biological therapeutic agent.
• CTCL (Cutaneous T-Cell Lymphoma): A type of cancer that begins in the white blood cells and attacks the skin, including Sezary Syndrome and mycosis fungoides.
• Nectin-4: A protein that is overexpressed in several types of solid tumors, serving as a target for ADCs like IPH4502.
• NKG2A: An inhibitory receptor expressed on cytotoxic lymphocytes, targeted by monalizumab to enhance anti-tumor immunity.
• Exatecan: A potent topoisomerase I inhibitor used as a cytotoxic payload in certain antibody-drug conjugates.
• RPO (Remaining Performance Obligations): The amount of contract revenue expected to be recognized in future periods as the company fulfills its performance commitments.

Full Conference Call Transcript

Operator: Hello, everyone. Thank you for joining us. And welcome to the Innate Pharma First Half 2026 Business Update and Financial Results. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Stephanie Cornen, Vice President of Investor Relations, Communication, and Commercial. Stephanie, please go ahead.

Stephanie Cornen: Good morning, and good afternoon, everyone. Thank you for joining us for Innate Pharma's first half 2026 business updates and financial results conference call. The press release and today's presentation are both available on the IR section of our website. Before we begin, I would like to remind everyone that today's presentation includes forward-looking statements based on current expectations. These statements involve risks and uncertainties that could cause actual results to differ materially. Briefly covering today's agenda, our CEO, Jonathan E. Dickinson, will begin with a strategic overview and outlook. Sonia Quaratino, our chief medical officer, and Yannis Morel, our chief operating officer, will then take us through updates on IPH4.5 thousand monalizumab, and our preclinical ADC pipeline.

Frederic Lombard, our chief financial officer will then review our financial results. Jonathan will return for our upcoming catalysts and closing remarks. Before we open the call for Q&A. With that, I will now hand it over to Jonathan.

Jonathan E. Dickinson: Thank you, Stephanie. Good morning to those joining from the US. And good afternoon to our European participants. Turning to Slide 5, the first half of 2026 together with development since the end of the period has been marked by important progress across our focus portfolio. Starting with lacutamab, in August, we announced our strategic partnership with Sobe to advance the program in T cell lymphoma. As announced yesterday, that partnership is now effective following the closing of the deal. And the TELLOMAK-3 Phase 3 has been initiated. We are targeting the first patient in the study in Q1 2027 as we work toward a filing for accelerated approval in Sezary Syndrome in 2027.

For IPH4.5 thousand as announced in July, we completed Phase 1 dose escalation and cohort enrichment enrollment, and have seen preliminary antitumor activity including objective responses in post EV urothelial cancer. As well as in non small cell lung cancer, and head and neck cancer. With a favorable safety profile observed to date. We will share initial Phase 1 dose escalation data at the URTC NCI AACR meeting on November 18, 2026, in Barcelona. Turning to monalizumab, enrollment in the PACIFIC-9 Phase 3 study has been completed. And we continue to expect the Phase 3 readout in the second half of 2026.

Financially, our position has been strengthened by the 75 million Sobe upfront payment associated with the closing of the deal. And the 30 million equity financing. Together, these are expected to extend our projected cash runway through the end of the first quarter of 2028. Taken together, we believe these developments position NAEP for several important catalysts in the second half of 2026. Let me start with lacutamab, Lacutamab is our anti-KIR3DL2 antibody being developed in cutaneous T cell lymphoma or CTCL. Turning to slide 7, As I mentioned, in August, we announced a strategic partnership with Sobe to license lacutamab in T cell lymphoma. The transaction has now closed.

TELLOMAK-3, our confirmatory Phase 3 study in CTCL has been initiated. With the first patient expected in the first quarter of 2027. Innate will conduct the Phase 3 study and we will file for accelerated approval in Sezary Syndrome based on the existing Phase 2 TELLOMAK data. Upon the potential accelerated approval, Sobe will receive exclusive global rights to commercialize lacutamab. Following positive Phase 3 results, Sobe will be eligible to obtain full global development rights. Under the terms of the agreement, the transaction includes a 75 million upfront payment up to 40 million in near term milestones connected to Sezary Syndrome.

And up to an additional $465 million related to Sobe's option to obtain full development rights and future re regulatory and commercial milestones. Agreement also includes tiered double digit royalties on future net sales. I will now hand it over to Sonia to review the regulatory and development path forward. Sonia?

Sonia Quaratino: Thank you, Jonathan. Lacutamab is now progressing toward Phase 3 TELLOMAK-3 initiation and planned accelerated approval filing. So from a regulatory and development perspective, the path forward is well defined. We have FDA clearance to proceed with TELLOMAK-3. Which now has been initiated with the first patient expected in the first quarter 2027. The study includes a confirmatory cohort in Sezary Syndrome and a registrational cohort in mycosis fungoides. The existing Phase 2 TELLOMAK data are intended to support an accelerated approval filing in Sezary Syndrome once TELLOMAK-3 is underway. With a filing currently planned for the second half of 2027.

As a reminder, lacutamab has received breakthrough therapy designation from the FDA for relapsed or refractory Sezary Syndrome as well as fast track designation from the FDA, PRIME designation from the EMA, and an orphan drug status in both United States and Europe. So with the regulatory pathway is established and the Sobe partnership now effective, our focus is on advancing TELLOMAK-3 toward first patient enrollment in the first quarter of 2027. Turning to the next slide, please. I now move to IPH4.5 thousand. Our differentiated Nectin-4 exatecan ADC. Which is in Phase 1 development for advanced solid tumors. IPH4.5 thousand was designed to address some of the key limitations of the first generation of Nectin-4 ADCs.

The molecule combines an exatecan topoisomerase-I payload with our proprietary stable linker and a high-affinity Nectin-4 antibody that binds non overlapping epitope compared with enfortumab vedotin. We believe these features provide an important point of differentiation as the Nectin-4 ADC landscape continues to evolve. Importantly, we are now beginning to see that profile translate clinically. We have observed preliminary antitumor activity with objective responses in heavily pretreated patients, including patients with urothelial cancer following prior enfortumab vedotin treatment as well as in non small cell lung cancer, head and neck cancer. The safety profile observed to date has been favorable with limited hematological. Toxicity.

We completed dose escalation in July, and a broadly tracking in line with our expectations across expansion cohorts with approximately 15 patients enrolled in both post TB urothelial cancer, head and neck cancer, and somewhat lower enrollment in the non-small cell lung cancer cohort. Data cleaning is ongoing, and we look forward to presenting the initial Phase 1 dose escalation dataset at the EORTC NCI AACR Symposium on November 18, 2026. Next slide, please. An area of particular interest for IPH4.5 thousand is urothelial cancer. following prior EV treatment. While EV plus pembrolizumab has significantly changed the treatment landscape, Most patients progress within 2 years. And there remains no established second line standard of treatment after progression on this regimen.

Against that backdrop, the preliminary activity we have observed with IPH4.5 thousand in heavily pretreated post-EV patients including objective responses, is encouraging. These remain early Phase 1 observations, and the upcoming dataset will help us determine how to best advance the program. Slide 12, please. I now move forward to monalizumab. Which is our NKG2A antibody being codeveloped with AstraZeneca in non small cell lung cancer. PACIFIC-9 is a randomized Phase 3 trial with unresectable Stage III non small cell lung cancer. Patients who have not progressed following a definitive platinum based concurrent chemoradiotherapy. Study enrolled 1.05 thousand patients in a comparison to nivolumab plus oliclumab, duvalumab plus monalizumab, and duvalumab plus placebo with progression-free survival as the primary endpoint.

The program is supported by 3 earlier Phase 2 studies in non small cell lung cancer, including COAST, NeoCOAST, and NeoCOAST-2. With enrollment complete, Phase 3 data remain expected in the second half of 2026. I now hand over to Yannis to briefly review the economics of our partnership with AstraZeneca.

Yannis Morel: Thank you, Sonia. As a reminder, under our monalizumab partnership with AstraZeneca, we have received to date $450 million. And the additional potential milestone in the agreement are up to $825 million together with double digit royalties outside Europe and 50% profit sharing in Europe. Turning to Slide 15. I will move now to our next generation ADC pipeline. Beyond IPH4.5 thousand we are using our internal capabilities and technology to build a broad portfolio of differentiated ADC candidates. Turning to slide 16. Leveraging our antibody discovery and engineering expertise, expertise, we have built a comprehensive ADC platform to develop a portfolio of next generation ADCs designed to overcome the limitation of the current ones.

Building on IPH4.5 thousand linker, which stability in patients is demonstrated by our emerging clinical data we are developing a drug candidate portfolio around 3 approaches. First, dual targeted bispecifics ADCs to address tumor antigen heterogeneity and to expand addressable indication compared to single tumor antigen targeting. Second, bispecific ADCs with enhanced internalization to unlock the activity in antigen low expressing tumors. And finally, dual payload ADCs using complementary mechanism of action to overcome resistance. I now hand over to Frederic our financial results.

Frederic Lombard: Thank you, Yanis. I will now provide a brief overview of our financial position for the first half of 2026. Turning to Slide 18. So as of June 30, 2026, our cash equivalent and financial assets amounted to €21.4 million. That balance does not include the $75 million, Sobi upfront payment equivalent to €65 million, nor the proceeds from the €30 million equity offering. The offering represents €30 million on gross proceeds or €28 million in expected net proceeds. Primary use of proceeds is the continued clinical development of IPH4.5 thousand the advancements of our preclinical ADC portfolio, and as well as general corporate purposes.

Together with the Sobe upfront payment, these proceeds are expected to extend our cash runway through the end of the first quarter of 2028. I will now hand over to Jonathan.

Jonathan E. Dickinson: Thank you, Frederic. Moving to slide 20, and turning to our key catalysts for the remainder of 2026. For lacutamab, following closing of the strategic partnership with Sobi, TELLOMAK-3 has been initiated. With the first patient planned for the first quarter of 2027. Followed by a planned filing for accelerated approval in the second half of 2027. For IPH4.5 thousand dose escalation enrollment is complete with preliminary antitumor activity and a favorable safety profile observed to date. We will report initial Phase 1 dose escalation data at the EORTC-NCI-AACR meeting on November 18, 2026. And for monalizumab, PACIFIC-9 enrollment is complete. With the Phase 3 readout expected in the second half of this year.

So we have 3 important near term catalysts across our focus portfolio. Together with a strengthened financial position that supports our continued execution of these priorities. With that, operator, we are ready to open the call for questions.

Operator: We will now begin the question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Daina Graybosch with Leerink Partners. Your line is open, Daina. Please go ahead.

Bill: Good morning, everyone. Congrats on the updates. So just 1 for me. I got Bill on for Daina. So we have seen the prior base ADC show some pretty good activity in the post setting, but it did have some, you know, pretty high heme toxicities. And so can you talk about IPH4.5 thousand stable linker design and what you confidence you will not see the same sort of issues? Thank you.

Yannis Morel: Thank you for the question. Maybe, Yanis, you can take that 1. Yeah. Maybe I can start and let Sonia comment? I mean, we have worked on the on the design of the linker, and based on what we have seen at ASCO, published by others with the with their own linker. It seems that the stability of our linker that we have seen in preclinical models, including in nonhuman primates, seems to be translated into the human situation leading to a very limited release of the free payload, which is 1 of the reasons for the systemic pathological toxicity of some AEDCs. Yeah.

What we can add is the bicycle data that have been released recently actually stated based on their own data that was seen in the trial. So the instable linker was used as an explanation for the hematologic toxicity in these data set.

Sonia Quaratino: Great.

Yannis Morel: Thank you.

Operator: Your next question comes from the line of Jeet Mukherjee with BTIG. Your line is open, Jeet. Please go ahead.

Jeet Mukherjee: Great. Good morning, and thanks for taking the question. So pending, you know, an accelerated approval there, could you speak to the potential for front line off label use for lacutamab in Sezary Syndrome? Given that seems to be the case with mogolizumab? And I have a follow-up question.

Jonathan E. Dickinson: Yeah. Maybe I would take that question, Jeet. So our expectation is that lacutamab will be listed in the NCCN guidelines following the accelerated approval for both Sezary Syndrome and for mycosis fungoides. I think with that listing, it seems to leave it open for physicians to be able to use the product across the different lines of therapy. So our expectation based on the safety profile of lacutamab, which is pretty benign, We expect that you will see some off label usage in the first line setting. And so, yes, I mean, I think there is an expectation that you will see that.

And, also, despite the fact that the accelerated approval will be in Sezary Syndrome, There will also be an expectation based on the potential listing in the NCCA guidelines for mycosis fungoides that you will also see usage in MF. Hopefully, answers your question.

Jeet Mukherjee: Great. I appreciate that. Maybe just 2 other quick follow ups. Just any initial thoughts on pricing Do you think you could price at a premium to mogolizumab? And then separately, on Pacific 9, in terms of just the update format anticipate perhaps a press release at minimum from AstraZeneca. But will Innate have their own press release and analyst call as well? Thank you.

Jonathan E. Dickinson: Yeah. So in terms of pricing, we have completed pricing research in the US, which was conducted by ZS Associates. And what we were able to establish with US payers was that we can price lacutamab between $500 thousand and $650 thousand per patient per annum. And that will be supported by our clinical data in the NCCN listing. So there is an expectation here that you would be able to achieve premium pricing, particularly in an indication like Sezary Syndrome, with a relatively low incidence. And then be able to carry that forward into the mycosis fungoides indication, which is a larger indication, but still an orphan disease. So that is pricing.

So and then with respect to Pacific 9, you are correct. The expectation is that there will be a press release from AstraZeneca when the results are available, and we would also look to press release that as well and potentially do some calls following the availability of that primary endpoint data. Great. Thank you. Hopefully, that answers the question.

Operator: The next question will be read by Stephanie Cornen. Stephanie, please go ahead.

Stephanie Cornen: Yes. So we have a question from Clément Steiert from Stifel. The first question is, as dose escalation and cohort expansion enrollment are now complete, should we expect the initial ENA data sets to be primarily a safety pharmacology update? Or mature enough to inform subsequent development decision. So, Sonia, maybe you can take that question.

Sonia Quaratino: Yeah. Yeah, the question is almost the answer. So this is out of 11 different indications and 76 patients, so we are expecting to see relevant and informative safety data. And we are also expecting response data from patients, and this will inform our next steps. We need to fully understand the data and we will review and disclose that as proposed on the in our meeting. Thank you.

Stephanie Cornen: And there is another question. With the strengthened balance sheet following the recent financing, how far along the development path could you advance IPH4.5 thousand on your own. Frederic Lombard: So, maybe Frederic can take that.

Jonathan E. Dickinson: I think you are all aware that we did a small raise of €30 million a couple of weeks ago. The rationale behind that equity raise was to be able to progress seamlessly into the next steps for IPH4.5 thousand So we are well positioned now to be able to move into the next steps, whatever that will be, and will dictate what that is: whether it is dose optimization, and we are equipped to be able to do that. If we would need to broaden the program, if the data supports going to potentially additional tumor types, then that would require additional funding to be able to conduct multiple dose optimizations across different tumor types.

But at least for the initial steps, we are funded to be able to take those steps and take the product forward seamlessly into dose optimization. Hopefully, that answers the question again.

Operator: We have now reached the end of the Q&A session. I will turn the call back to Jonathan E. Dickinson, CEO, for closing remarks.

Jonathan E. Dickinson: So thank you very much everybody for joining us today for our update and following our H1 results. We look forward to updating you as we progress through the important catalysts that we outlined today, which come across the remainder of the year. So thank you for your time, and see you soon.

Operator: This concludes today's call. Thank you for attending. You may now disconnect.