Q4 2025 Innate Pharma SA Earnings Call

March 26, 2026

Speaker #1: After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please raise your hand. If you have dialed into today's call, please press star 9 to raise your hand and star 6 to unmute.

Speaker #1: I will now hand the conference over to Stephanie Cornen, Vice President of Investor Relations Communications and Commercial Strategy at Innate Pharma. Please, Stephanie, go ahead.

Speaker #2: Thank you. Good morning and good afternoon, everyone, and thank you for joining us for Innate Pharma's full year 2025 Business Update and Financial Results Conference Call.

Operator: Ladies and gentlemen, thank you for joining us and welcome to the Innate Pharma Full Year 2025 Earnings Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please raise your hand. If you have dialed into today's call, please press star nine to raise your hand and star six to unmute. I will now hand the conference over to Stéphanie Cornen, Vice President of Investor Relations, Communications, and Commercial Strategy at Innate Pharma. Please, Stéphanie, go ahead.

Speaker #2: The press release and today's presentation are available on the Investor Relations 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.

Speaker #2: These statements involve risk and uncertainties that could cause actual results to differ materially. I will briefly cover today's agenda. Our CEO, Jonathan Dickinson, will begin with a strategic overview and outlook.

Stéphanie Cornen: Thank you. Good morning and good afternoon, everyone, and thank you for joining us for Innate Pharma's full year 2025 business update and financial results conference call. The press release and today's presentation are available on the investor relations 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. I will briefly cover today's agenda. Our CEO, Jonathan Dickinson, will begin with a strategic overview and outlook. We will then share updates on our three priority programs Lacutamab, IPH4502, and Monalizumab, as well as IPH5201 in partnership with AstraZeneca. Speakers will be our CMO, Sonia Quaratino, our COO, Yanis Morel, and I. Frederic Lombard, CFO, will comment on our financial results.

Speaker #2: We will then share updates on our three priority programs: Lacutamab, IPH-4502, and Monalisumab, as well as IPH-5201 in partnership with AstraZeneca. Speakers will be our CMO, Sonia Quaratino; our COO, Yannis Morel; and I.

Speaker #2: Frederic Lombard, CFO, will comment on our financial results. Jonathan will return with upcoming catalysts and closing remarks before we open the call for Q&A.

Speaker #2: With that, I'll now hand it over to Jonathan.

Speaker #3: Thank you, Stephanie. Good morning to those joining from the US, and good afternoon to our European audience. Turning to slide 5, Innate Pharma is a focused oncology company with a clear ambition to deliver high-value, differentiated therapies for patients with significant unmet medical needs.

Stéphanie Cornen: Jonathan will return with upcoming catalyst and closing remarks before we open the call for Q&A. With that, I'll now hand it over to Jonathan.

Speaker #3: Our strength lies in our deep expertise in antibody engineering, and our ability to translate this into innovative, therapeutic approaches. Particularly in immuno-oncology and antibody drug conjugates.

Jonathan Dickinson: Thank you, Stéphanie. Good morning to those joining from the US and good afternoon to our European audience. Turning to slide five. Innate Pharma is a focused oncology company with a clear ambition to deliver high-value differentiated therapies for patients with significant unmet medical needs. Our strength lies in our deep expertise in antibody engineering and our ability to translate this into innovative therapeutic approaches, particularly in immuno-oncology and antibody drug conjugates. Over the years, we have built a pipeline of highly differentiated assets built on targets we believe have high potential to deliver meaningful clinical benefit. Today, we're focused on advancing these assets through late-stage development, combining smart, agile execution with a clear line of sight to key clinical and regulatory milestones. Turning to slide six. Over the past year, we have taken important steps to deliver on our strategic priorities with an execution-driven organization.

Speaker #3: Over the years, we have built a pipeline of highly differentiated assets built on targets we believe have high potential to deliver meaningful clinical benefits.

Speaker #3: Today, we're focused on advancing these assets through late-stage development, combining smart, agile execution with a clear line of sight to key clinical and regulatory milestones.

Turning to slide 5 and 8 far is focus is a focused oncology company with a clear ambition to deliver high value. Differentiated therapies for patients with significant, unmet medical needs,

Speaker #3: Turning to slide 6, over the past year, we have taken important steps to deliver on our strategic priorities, with an execution-driven organization. As we announced previously, we made the decision to prioritize investment on what we believe are our three highest-value clinical assets: IPH-4502, Lacutamab, and Monalisumab.

our strength lies in our deep expertise in antibody engineering, and our ability to translate this into Innovative therapeutic approaches.

Particularly in immuno-oncology and antibody-drug conjugates.

Over the years, we have built a pipeline of highly differentiated assets built on targets we believe have high potential to deliver meaningful clinical benefits.

Speaker #3: This strategic focus allows us to concentrate our resources where we see the greatest potential to generate clinical impact and long-term value. In parallel, we continue to leverage our internal expertise and platform capabilities to advance the next generation of ADCs.

Today, we're focused on advancing. These assets through late stage development, combining smart agile, execution, with a clear line of sight to key clinical and Regulatory markets

Turning to slide 6.

Speaker #3: At the same time, we have streamlined the organization to ensure we are fit for purpose. With a more agile structure, that supports efficient decision-making and disciplined capital allocation.

Jonathan Dickinson: As we announced previously, we made the decision to prioritize investments on what we believe are our 3 highest-value clinical assets, IPH4502, lacutamab, and Monalizumab. This strategic focus allows us to concentrate our resources where we see the greatest potential to generate clinical impact and long-term value. In parallel, we continue to leverage our internal expertise and platform capabilities to advance the next generation of ADC. At the same time, we have streamlined the organization to ensure we are fit for purpose, with a more agile structure that supports efficient decision-making and disciplined capital allocation. As previously communicated, we implemented a redundancy plan which is expected to be completed by the end of April. Turning to slide 7. We continue to execute against our strategy with discipline across our core programs and are pleased with the strong progress we are seeing.

Over the past year, we have taken important steps to deliver on our strategic priorities with an execution driven organization.

Speaker #3: As previously communicated, we implemented a redundancy plan, which is expected to be completed by the end of April. Turning to slide 7, we continue to execute against our strategy with discipline across our core programs, and are pleased with the strong progress we are seeing.

as we announced previously we made the decision to prioritize Investments on what we believe are our 3, highest value clinical assets, IP 45502 luta map

This strategic Focus allows us to concentrate our resources, where we see the greatest potential to generate clinical impact and long-term value.

Speaker #3: First, as you remember, we received the FDA clearance to proceed with the Telemac 3 Phase 3 trial with Lacutamab in CTCL. And we expect to be able to initiate it in the second half of 2026.

In parallel, we continue to leverage our internal expertise and platform capabilities to advance the next generation of adcs.

Speaker #3: In parallel, we are actively advancing discussions with ongoing negotiations on several fronts including potential pharma partnerships and royalty-based structures. We believe these approaches provide a disciplined path forward to support late-stage development while preserving shareholder value.

At the same time we have streamlined the organization to ensure. We are fit for purpose with a more agile structure that supports efficient decision making and disciplined Capital allocation.

As previously communicated, we implemented a redundancy plan which is expected to be completed by the end of April.

Turning to slide 7.

Speaker #3: Second, we're advancing IPH-4502, our novel netting for ADC, where we see the potential to deliver a differentiated profile and address significant unmet needs across multiple tumor types.

Jonathan Dickinson: First, as you remember, we received the FDA clearance to proceed with the TELLOMAK-3 Phase 3 trial with lacutamab in CTCL. We expect to be able to initiate it in H2 2026. In parallel, we are actively advancing discussions with ongoing negotiations on several fronts, including potential pharma partnerships and royalty-based structures. We believe these approaches provide a disciplined path forward to support late-stage development while preserving shareholder value. Second, we are advancing IPH4502, our novel Nectin-4 ADC, where we see the potential to deliver a differentiated profile and address significant unmet needs across multiple tumor types. IPH4502 is progressing rapidly with early signs of antitumor activity in heavily pretreated patients, including in urothelial cancer previously treated with EV, and a favorable safety profile seen to date.

We continued to execute against our strategy with discipline across our core programs, and are pleased with the strong progress. We are seeing

First, as you remember, we received the FDA clearance to proceed with the Telmax 3 Phase 3 trial with Lacooda in CTCL.

And we expect to be able to initiate it in the second half of 2026.

Speaker #3: IPH-4502 is progressing rapidly, with early signs of anti-tumor activity in heavily pre-treated patients. Including in urothelial cancer previously treated with EV. And a favorable safety profile seen to date.

In parallel, we are actively advancing discussions, with ongoing negotiations on several fronts, including potential farmer partnerships and royalty-based structures.

Speaker #3: We are starting to validate our preclinical hypothesis which supports a differentiated profile versus MMAE-based approaches. We are currently enriching cohorts at pharmacologically active dose levels in urothelial cancer post-EV, and selected additional tumor types, and are excited by the progress we are seeing today.

We believe these approaches provide a disciplined path forward to support late stage development while preserving shareholder value.

Second, we're advancing IP 45502. Our novel netting for ADC, where we see the potential to deliver a differentiated profile and address significant unmet needs across multiple tumor types.

Speaker #3: And third, Monalisumab in partnership with AstraZeneca represents an important late-stage asset with the Pacific 9 phase 3 trial data read out expected in the second half of 2026.

45502 is progressing rapidly with early signs of anti-tumor activity in heavily pretreated patients including in urothelial cancer, previously treated with EV

Jonathan Dickinson: We are starting to validate our preclinical hypothesis, which supports a differentiated profile versus MMAE-based approaches. We are currently enriching cohorts at pharmacologically active dose levels in urothelial cancer post EV and selected additional tumor types, and are excited by the progress we are seeing to date. Third, Monalizumab, in partnership with AstraZeneca, represents an important late-stage asset with the PACIFIC-9 phase 3 trial data read out expected in H2 2026. Across these programs, we remain focused on driving value, prioritizing key milestones, and ensuring that we are well-positioned to deliver multiple catalysts over the near and medium term. With that, I will now hand it over to Sonia.

and the S and a favorable safety profile seen today.

Speaker #3: Across these programs, we remain focused on driving value, prioritizing key milestones, and ensuring that we are well positioned to deliver multiple catalysts over the near and medium term.

we are starting to validate our preclinical hypothesis which supports a differentiated profile versus mmae based approaches

Speaker #3: With that, I will now hand it over to Sonia.

We are currently enriching cohorts at pharmacologically active dose levels in. Urothelial Cancer, Post TV,

Speaker #2: Thank you, Jonathan. Now, moving to slide 9 and starting with Lacutamab, our late-stage asset in cutaneous T-cell lymphoma. As a reminder, the phase 2 Telemac study has demonstrated clinically meaningful and durable activity in both mucosus fungoides and Caesarean syndrome, including improvement in quality of life, with a favorable safety and tolerability profile supporting potential for long-term treatment.

And selected additional tumor types and are excited by the progress. We are seeing today.

And third monol map in partnership with astrozen represents an important late stage asset with the Pacific 9 face field, phase 3 trial data readout expected in the second half of 2026.

Across these programs, we remain focused on driving value.

Speaker #2: Building on this data, first, we have established a strong regulatory foundation obtaining breakthrough therapy designation in relapsed or refractory Caesarean syndrome. As well as fast track crime and orphan drug designation.

Sonia Quaratino: Thank you, Jonathan. Now, moving to slide nine and starting with lacutamab, our late-stage asset in cutaneous T-cell lymphoma. As a reminder, the Phase 2 TELLOMAK study has demonstrated a clinically meaningful and durable activity in both mycosis fungoides and Sézary syndrome, including improvement in quality of life with a favorable safety and tolerability profile, supporting potential for long-term treatment. Building on this data, first, we have established a strong regulatory foundation, obtaining Breakthrough Therapy designation in relapsed or refractory Sézary syndrome, as well as Fast Track, PRIME, and Orphan Drug Designation. Second, this data supports a potential accelerated approval path in Sézary syndrome, the most aggressive CTCL subtype characterized by high unmet medical need and no standard of care after treatment with mogamulizumab.

Prioritizing key milestones and ensuring that we are, well, positioned to deliver multiple catalysts over the near and medium term with that. I will now hand it over to Sonia.

Thank you, Jonathan. Now moving to slide 9 and starting with lecab our late stage asset inqanawe.

Speaker #2: Second, this data supports a potential accelerated approval path in Caesarean syndrome, the most aggressive CTCL subtype characterized by high unmet medical need and no standard of care after treatment with Mogamulizumab.

Speaker #2: And lastly, we have received FDA clearance to proceed with the Telemac 3 study, which intends to be a confirmatory study for Caesarean syndrome and the registrational study for mucosus fungoides.

As a reminder, The Phase 2 telom study has demonstrated clinically meaningful and durable activity in both because of fun goes and has a syndrome including Improvement in quality of life, with a favorable safety and tolerability profile supporting potential for long-term treatment.

Speaker #2: The initiation of Telemac 3 is planned for the second half of 2026, as we evaluate financing options. In slide 10, I will now walk you through the phase 3 trial design.

Building on this data. First we have established a strong regulatory Foundation, obtaining breakthrough therapy designation in relapsed or refractory feathery syndrome, as well as FasTrak.

Crime and orphan drug designation.

Speaker #2: The proposed phase 3 study, Telemac 3, is an open-label multicenter randomized comparative study to demonstrate the efficacy and safety of Lacutamab in two separate cohorts of patients with cutaneous T-cell lymphoma, who have failed at least one prior systemic therapy.

Sonia Quaratino: Lastly, we have received FDA clearance to proceed with the TELLOMAK-3 study, which intends to be a confirmatory study for Sézary syndrome and the registrational study for mycosis fungoides. The initiation of TELLOMAK-3 is planned for H2 2026 as we evaluate financing options. In slide 10, I will now walk you through the phase 3 trial design. The proposed phase 3 study, TELLOMAK-3, is an open-label, multicenter, randomized comparative study to demonstrate the efficacy and safety of lacutamab in two separate cohorts of patients with cutaneous T-cell lymphoma who have failed at least one prior systemic therapy. In cohort one, there will be patients with any stage SS who have failed at least one prior line of systemic therapy, including mogamulizumab, and patients will be randomized 1:1 to either lacutamab or romidepsin.

Second this data support the potential accelerated approval path in southern syndrome. The most aggressive ctcl subtype characterized by high-end medical needs, and no standard of care after treatment with momism.

Speaker #2: In cohort 1, there will be patients with any stage assessed who have failed at least one prior line of systemic therapy, including Mogamulizumab. And patients will be randomized one-to-one to either Lacutamab or Romidexin.

And lastly, we have received FDA clearance to proceed with the tmac 3 study, which intends to be a confirmatory study for sorry syndrome and the registration of study for micosis fun orders.

As we evaluate financing options.

Speaker #2: In cohort 2, patients with MS from stage 1B to stage 4 who have failed at least one prior line of systemic therapy will be randomized one-to-one to either Lacutamab or Mogamulizumab.

In Flight 10, I will now walk you through the Phase 3 trial design.

Speaker #2: Both cohorts will be randomized one-to-one and randomization will be stratified according to disease stage and region. The primary endpoint for both cohorts is PFS by blinded independent central review.

The proposed phase 3 study is an open label multicenter randomized. Comparative study to demonstrate the efficacy and safety of lacooda map in 2 separate cohorts of patients. We could any is just a lymphoma what failed? At least 1 prior, systemic therapy.

In cohort 1 there will be patients with any stage. Assess where failed, at least 1 prior line of systemic therapy including mongam.

Speaker #2: The secondary key endpoint for the assessed cohort is overall survival, while the key secondary endpoint for mucosus fungoides are quality of life and pruritus.

Sonia Quaratino: In cohort two, patients with MF from stage 1B to stage 4 who have failed at least 1 prior line of systemic therapy will be randomized 1:1 to either lacutamab or mogamulizumab. Both cohorts will be randomized 1:1, and randomization will be stratified according to disease stage and region. The primary endpoint for both cohorts is PFS by blinded independent central review. The secondary key endpoint for the SS cohort is overall survival, while the key secondary endpoint for mycosis fungoides are quality of life and pruritus. As the Sézary syndrome and mycosis fungoides study subpopulations are considered as independent cohorts answering to distinct objectives, two sample sizes are estimated to meet the primary endpoint in both SS and MF cohorts independently.

And patients will be randomized, 1 to 1 to either map or vomiting.

In cohort, 2 patients with MS. From stage, 1B to stage 4.

Speaker #2: As the Caesarean syndrome and mucosus fungoides study subpopulation are considered as independent cohorts, answering to distinct objectives two sample sites are estimated to meet the primary endpoint in both assessed and MS cohorts independently.

will who have failed, at least 1, prior line of systemic, therapy will be randomized on 1 to 1, to either lud or MOG

Both cohorts will be randomized to 1 to 1 and randomization will be stratified according to disease stage and region.

Speaker #2: As such, the study's power to demonstrate superiority of Lacutamab effect on PFS as compared to Romidexin in patients with assessed who received at least one prior line of systemic therapy, including Mogamulizumab.

Speaker #2: And as compared to Mogamulizumab in patients with MS who received at least one prior line of systemic therapy. From a regulatory standpoint, we have received FDA clearance to proceed with this clinical trial protocol, and we are now progressing towards phase 3 initiation expected in the second half of 2026.

The primary endpoint for both cohorts is PFS by blinded independent Central review, the secondary key endpoint for the SS code is overall survival. While the key secondary endpoint for ecos fundus are quality of life and providers.

Sonia Quaratino: As such, the study's power to demonstrate superiority of lacutamab effect on PFS as compared to romidepsin in patients with SS who received at least one prior line of systemic therapy, including mogamulizumab, and that compared to mogamulizumab in patients with MF who received at least one prior line of systemic therapy. From a regulatory standpoint, we have received FDA clearance to proceed with this clinical trial protocol, and we are now progressing towards Phase 3 initiation expected in H2 2026. Slide 11 outlines the projected regulatory timelines for lacutamab in Sézary syndrome and mycosis fungoides. As previously presented, the Phase 2 TELLOMAK data in Sézary syndrome are intended to support a potential accelerated approval once the confirmatory Phase 3 trial is underway.

As the sensory syndrome and mucosa fungid is study subpopulation, are considered as independent cohorts answering to distinct objectives. Two sample sizes are estimated to meet the primary endpoint in both assets and a MAP code independently.

Speaker #2: Slide 11 outlines the projected regulatory timelines for Lacutamab in Caesarean syndrome and mucosus fungoides. As previously presented, the phase 2 Telemac data in Caesarean syndrome are intended to support a potential accelerated approval once the confirmatory phase 3 trial is underway.

As such the studies powered to demonstrate superiority of lacota effect on PFS as compared to romidepsin in patients with assess, we received at least 1 prior line of systemic therapy, including mogma, and that compared to mogam in patients with NF, who received at least 1 prior line of systemic therapy.

Speaker #2: In this context, the Telemac 3 study is designed to serve as a confirmatory trial for assessed while also supporting full approval in mucosus fungoides.

Speaker #2: In the MS cohort, the primary endpoint of progression-free survival is expected to support full approval in both US and Europe. Importantly, given the larger patient population in mucosus fungoides, we expect enrollment in this cohort to be faster which may enable an earlier completion of the primary analysis in this indication.

From a regulatory standpoint, we have received FDA clearance to proceed with this clinical trial protocol, and we are now progressing towards Phase 3 initiation, expected in the second half of 2026.

Slide 11 outlines the projected regulatory timelines for luta maps in Sassari syndrome and mucosa foyers.

As previously presented, the Phase 2 telematic data in Sassari syndrome are intended to support the potential accelerated approval, once the confirmatory Phase 3 trial is underway.

Sonia Quaratino: In this context, the TELLOMAK-3 study is designed to serve as a confirmatory trial for SS, while also supporting full approval in mycosis fungoides. In the MF cohort, the primary endpoint of progression-free survival is expected to support full approval in both US and Europe. Importantly, given the larger patient population in mycosis fungoides, we expect enrollment in this cohort to be faster, which may enable an earlier completion of the primary analysis in this indication. From a regulatory standpoint, this represents a stepwise development approach, starting with Sézary syndrome with the highest medical need, and then expanding into broader CTCL population.

Speaker #2: From a regulatory standpoint, this represents a statewide development approach starting with Caesarean syndrome with the highest medical need and then expanding into broader CTCL populations.

In this context, the Telomere Tree study is designed to serve as a confirmatory trial for ASSESS, while also supporting full approval in mycosis fungoides.

Speaker #1: From a commercial perspective, we see a focused and attractive opportunity for Lacutamab in CTCL starting with Caesarean syndrome. Based on recent real-world data analysis, we estimate approximately 300 incident patients per year in Caesarean syndrome in the US with a prevalence of around 1,000 patients; the majority of whom are treated in a limited number of specialized academic centers.

In the MX code, the primary endpoint of progression for survival is expected to support full approval in both us and Europe.

Importantly given the larger patient population in micosis fun goes. We expect enrollments in this cohort to be faster. Which may enable an earlier completion of the primary analysis in this indication.

Speaker #1: Importantly, this is a highly concentrated treatment landscape. With over 85% of patients managed in academic centers and a large proportion treated within approximately 50 key institutions.

From a regulatory standpoint, this represents the statewide development approach, starting with Sézary syndrome with the highest medical need and then expanding into the broader CTCL population.

Stéphanie Cornen: From a commercial perspective, we see a focused and attractive opportunity for lacutamab in CTCL, starting with Sézary syndrome. Based on recent real-world data analysis, we estimate approximately 300 incident patients per year in Sézary syndrome in the US, with a prevalence of around 1,000 patients, the majority of whom are treated in a limited number of specialized academic centers. Importantly, this is a highly concentrated treatment landscape, with over 85% of patients managed in academic centers and a large proportion treated within approximately 50 key institutions. This concentration enables a targeted commercial approach with limited infrastructure. At the same time, Sézary syndrome and mycosis fungoides share the same prescriber base, which is a critical point from a commercial perspective. This means that an initial launch in Sézary syndrome is not a standalone opportunity, but a direct entry point into the broader CTCL market.

Speaker #1: This concentration enables a targeted commercial approach with limited infrastructure. At the same time, Caesarean syndrome and mucosus fungoides share the same prescriber base. Which is a critical point from a commercial perspective.

From our perspective, we see a focused and attractive opportunity for lack of aab in CTCL, starting with Cesari syndrome.

Speaker #1: This means that an initial launch in Caesarean syndrome is not a standalone opportunity but a direct entry point into the broader CTCL market. Mucosus fungoides represent a significantly larger opportunity with approximately 3,000 incident patients per year and a prevalence of around 12,000 patients in the US.

Based on recent real-world data analysis, we estimate approximately 300 incident patients per year in Sesser and Row, in the US, with a prevalence of around 1,000 patients. The majority of whom are treated in a limited number of specialized academic centers.

In academic centers and a large proportion printed within approximately 50 key institutions.

This concentration enables a targeted commercial approach.

Speaker #1: Importantly, when looking at the current market, Mogamulizumab generated approximately 300 million in annual sales in 2025 as planned. And this projected to reach 350 million in 2026 with stronger adoption in Caesarean syndrome and more limited penetration in mucosus fungoides.

With limited infrastructure.

Speaker #1: This provides a relevant benchmark for the market opportunity and highlights the potential for a therapy able to capture share across both Caesarean syndrome and mucosus fungoides.

Stéphanie Cornen: Mycosis fungoides represents a significantly larger opportunity with approximately 3,000 incident patients per year and the prevalence of around 12,000 patients in the US. Importantly, when looking at the current market, mogamulizumab generated approximately $300 million in annual sales in 2025 as planned, and is projected to reach $350 million in 2026, with strong adoption in Sézary syndrome and more limited penetration in mycosis fungoides. This provides a relevant benchmark for the market opportunity and highlights the potential for a therapy able to capture share across both Sézary syndrome and mycosis fungoides. From a value perspective, the key driver includes treatment duration supported by the durability of response, pricing, and market share across a broader eligible patient population.

At the same time, cesaris, and ROM and microsys fungoides. Share the same prescriber base, which is a critical point. From a commercial perspective. This means that an initial launch in several room is not a standalone opportunity but a direct entry point into the Border ctcl Market.

Speaker #1: From a value perspective, the key driver includes treatment duration, supported by the durability of response, pricing, and market share across a broader eligible patient population.

Micosis fungoides represents a significantly larger opportunity with approximately 3,000 incident patients per year and the, and the prevalence of around 12,000 patients in the US.

Speaker #1: Taken together, this supports a stepwise commercial strategy starting with an initial opportunity of up to 150 million in Caesarean syndrome expanding to over 500 million across Caesarean and mucosus fungoides in the second-line setting with additional upside as Lacutamab moves into earlier line of therapy and broader patient segment over time.

Importantly, when looking at the current markets, Moazzem MAP generated approximately $300 million in annual sales in 2025 as planned.

And this is projected to reach 350 million in 2226, with stronger attention in Sesser and Rome, and more limited penetration in micosis from GOES.

Speaker #1: And with that, Yannis and Sonia, we'll now walk you through iPH-4502.

This provides a relevant benchmark for the market opportunity and highlights the potential for therapy able to capture share across both, say, the reason and meiosis for great.

Speaker #3: Thank you, Stephanie. Turning to slide 14. On this slide, I would like to highlight why we are particularly excited about our next-generation lectin-4 4 ADC program called iPH-4502.

From a value perspective, the key driver includes treatment duration supported by the durability of response.

Stéphanie Cornen: Taken together, this supports a stepwise commercial strategy, starting with an initial opportunity of up to EUR 150 million in Sézary syndrome, expanding to over EUR 500 million across Sézary and mycosis fungoides in the second line setting, with additional upside as lacutamab moves into earlier line of therapy and broader patient segments over time. With that, Yanis and Sonia will now walk you through IPH4502.

Pricing and market share across a broader eligible patient population.

Speaker #3: As mentioned earlier, iPH-4502 is a differentiated ADC built to improve both safety and efficacy through a novel design. This molecule is based on a proprietary humanized antibody that binds on the lectin-4 target to a distant and non-overlapping epitope versus M4 tumor.

Taken together, this supports a stepwise commercial strategy, starting with an initial opportunity of up to $150 million in cesarean home.

Expanding to over 500 million across Cesar and meiosis on growing death in the second line setting.

Speaker #3: It is combined with a stable, cleavable, and hydrophilic linker which supports high systemic exposure of the ADC while minimizing the release of free exatican in the circulation and therefore reducing the risk of off-target toxicity.

With additional upside as lakita map moved into earlier lines of therapy and broader patient segments over time.

And with that Janice and Sonia will now walk you through ith 45502.

Sonia Quaratino: Thank you, Stéphanie. Turning to slide 14. On this slide, I would like to highlight why we are particularly excited about our next-generation Nectin-4 ADC program called IPH4502. As mentioned earlier, IPH4502 is a differentiated ADC built to improve both safety and efficacy through a novel design. This molecule is based on a proprietary humanized antibody that binds on the Nectin-4 target to a distant and non-overlapping epitope versus enfortumab. It is combined with a stable, cleavable, and optimized linker, which supports high systemic exposure of the ADC while minimizing the release of free exatecan in the circulation, and therefore reducing the risk of off-target toxicity. The payload, exatecan, is a potent topoisomerase I inhibitor with strong bystander activity, enabling it to target not only Nectin-4-expressing tumor cells, but also neighboring cells with lower or heterogeneous expression.

Yannis Morel: Thank you, Stéphanie. Turning to slide 14. On this slide, I would like to highlight why we are particularly excited about our next-generation Nectin-4 ADC program called IPH4502. As mentioned earlier, IPH4502 is a differentiated ADC built to improve both safety and efficacy through a novel design. This molecule is based on a proprietary humanized antibody that binds on the Nectin-4 target to a distant and non-overlapping epitope versus enfortumab. It is combined with a stable, cleavable, and optimized linker, which supports high systemic exposure of the ADC while minimizing the release of free exatecan in the circulation, and therefore reducing the risk of off-target toxicity. The payload, exatecan, is a potent topoisomerase I inhibitor with strong bystander activity, enabling it to target not only Nectin-4-expressing tumor cells, but also neighboring cells with lower or heterogeneous expression.

Thank you, Stephanie. Turning to slide 14.

Speaker #3: The payload, exatican, is a potent topoisomerase-1 inhibitor with strong bystander activity enabling it to target not only lectin-4 expressing tumor cells but also neighboring cells with lower or heterogeneous expression.

On this slide, I would like to highlight why we are particularly excited about our next Generation 194 ADC program called iph 45502.

As mentioned earlier, IPH452 is a differentiated ADC built to improve both safety and efficacy through a novel design.

Speaker #3: Importantly, iPH-4502 has demonstrated activity in models resistant to M4 tumor vedotin supporting its potential to address tumors that are either refractory to or progress after current standard therapies.

Its molecule is based on a proprietary humanized antibody that binds on the neck in for targets to a distance and non overlapping epitope versus and formal

Speaker #3: Overall, the design of iPH-4502 is intended to overcome key limitations of first-generation lectin-4 ADCs and to deliver a more favorable therapeutic profile. Slide 15.

It is combined with a stable, playable, and hydrophilic linker, which supports high systemic exposure of the ADC while minimizing the release of free drug in the circulation and, therefore, reducing the risk of off-target toxicity.

Speaker #3: Here, we position iPH-4502 within the current lectin-4 ADC landscape and highlight its key differentiating feature. As you can see, the majority of lectin-4 ADCs currently in clinical development including approved and late-stage assets are based on MMAE payloads such as M4 tumor vedotin or PAT cells.

Sonia Quaratino: Importantly, IPH4502 has demonstrated activity in models resistant to enfortumab vedotin.

Yannis Morel: Importantly, IPH4502 has demonstrated activity in models resistant to enfortumab vedotin.

The payload exactly can is a potent to 1 inhibitor with strong bystander activity, enabling it to Target, not only nectin for expressing tumor cells, but also neighboring cells with lower or ethigen expression.

Yannis Morel: Supporting its potential to address tumors that are either refractory to or progress after current standard therapies. Overall, the design of IPH4502 is intended to overcome key limitations of third generation Nectin-4 ADCs and to deliver a more favorable therapeutic profile. Slide 15. Here, we position IPH4502 within the current Nectin-4 ADC landscape and highlight its key differentiating feature. As you can see, the majority of Nectin-4 ADCs currently in clinical development, including approved and late-stage assets, are based on MMAE payloads such as enfortumab vedotin or Padcev. While these therapies have demonstrated clinical activity, they are also associated with certain limitations, particularly in terms of safety and resistance mechanism. In contrast, IPH4502 is based on Topo I payload, exatecan, which we believe offers a differentiated mechanism of action.

Speaker #3: While this therapy has demonstrated clinical activity, they are also associated with certain limitations, particularly in terms of safety and resistance mechanism. In contrast, iPH-4502 is based on topo-1 payload, exatican, which we believe offers a differentiated mechanism of action.

Importantly, IPH452 has demonstrated activity in models resistant to unfortunate voting, supporting its potential to address tumors that are either refractory to, or progress after, current standard therapies.

Overall, the design of IPH452 is intended to overcome key limitations of third-generation leaking for ADCs, and to deliver a more favorable therapeutic profile.

Speaker #3: Importantly, this allows us to potentially overcome some of the limitations observed with MMAE-based conjugates. Including activity in tumors that are resistant to or have progressed following M4 tumor vedotin.

Slide 15.

Here, we position IP452 within the current next-in for ADC landscape and highlight its key differentiating feature.

Speaker #3: Indeed, MMAE-based ADCs are largely developed in bladder first-line setting in direct competition with the approved standard of care when the trial of iPH-4502 includes patients relapsing after M4 tumor vedotin.

As you can see, the majority of next-in for ADC is currently in clinical developments, including approved and late stage. A assets are based on MMA payloads such as, and Pokemon or bad cell.

Speaker #3: In addition, as mentioned earlier, the strong bystander effect associated with exatican may enable activity in tumors with low or heterogeneous lectin-4 4 expression thereby broadening the potential addressable patient population.

While these therapies have demonstrated clinical activity, they are also associated with certain limitations, particularly in terms of safety and resistance mechanisms.

Yannis Morel: Importantly, this allows us to potentially overcome some of the limitations observed with MMAE-based conjugates, including activity in tumors that are resistant to or have progressed following enfortumab vedotin. Indeed, MMAE-based ADC are largely developed in bladder first line setting in direct competition with the approved standard of care when the trial of IPH-4502 includes patients relapsing after enfortumab vedotin. In addition, as mentioned earlier, the strong bystander effect associated with exatecan may enable activity in tumors with low or heterogeneous Nectin-4 expression, thereby broadening the potential addressable patient population. Taken together, we believe that IPH-4502 combines a differentiated design with a competing mechanism, positioning it as a potential best-in-class Topo I-based Nectin-4 ADCs. Turning to slide 16. Here, we present new preclinical data supporting the profile of IPH-4502 as a potential best-in-class Topo I Nectin-4 ADC.

In contrast, IP-45502 is based on the Topo 1 payloader.

Speaker #3: Taken together, we believe that iPH-4502 combines a differentiated design with a compelling mechanism positioning it as a potential best-in-class topo-1-based lectin-4 ADC. Turning to slide 16.

Importantly, this allows us to potentially overcome some of the limitations observed with MMA based conjugates.

Including activity in tumors that are resistant to or are provided following, unfortunately?

Speaker #3: Here, we present new preclinical data supporting the profile of iPH-4502 as a potential best-in-class topo-1 lectin-4 ADC. Starting on the left-hand side of the slide, in a CDX model with high lectin-4 expression, iPH-4502 demonstrates strong antitumor activity as other topo-1 ADCs do.

Standard of care when the trial of it 452 includes patients relapsing after unfortunately.

Speaker #3: However, the key differentiation emerged in models with low lectin-4 expression where iPH-4502 maintains meaningful antitumor activity while other topo-1 ADCs in clinical development show a clear loss of efficacy.

In addition, as mentioned earlier, the strong bystander, effect associated with exactic, can may enable activity in tumors with low, or EOG for expression. Thereby broadening the potential adjustable patient population.

Speaker #3: This is particularly important as it highlights the unique ability of iPH-4502 to remain active in tumors with lower target expression. Overall, across multiple in vivo models, we consistently observe a differentiated antitumor profile for iPH-4502 supporting its potential as best-in-class agent, particularly in low to moderate lectin-4 expressing tumors.

Taken together, we believe that IP 45502 combine the differentiated design with accompanying mechanism. Positioning it as a potential bet in class topper 1 Basin for ADC.

Yannis Morel: Starting on the left-hand side of the slide, in a CDX model with high Nectin-4 expression, IPH4502 demonstrates strong antitumor activity, as other Topo I ADCs do. However, the key differentiation emerges in models with low Nectin-4 expression, where IPH4502 maintains meaningful antitumor activity, while other Topo I ADCs in clinical development show a clear loss of efficacy. This is particularly important as it highlights the unique ability of IPH4502 to remain active in tumors with lower target expression. Overall, across multiple in vivo models, we consistently observe a differentiated antitumor profile for IPH4502, supporting its potentials, its potential as best-in-class agent, particularly in low to moderate Nectin-4 expressing tumors. We believe this profile is driven by the combination of a high-affinity antibody with a unique epitope, a stable and hydrophilic linker, and a strong bystander effect of exatecan.

Turning to slide 16. Here we present new preclinical data. Supporting the profile of Ip 452. As a potential best-in-class Topo 1 194 ADC

Starting on the left hand side of the slide in the CDX model, with high neck into Expressions, IP 452, demonstrates strong anti activity. As other top 1 ABC, do

Speaker #3: We believe this profile is driven by the combination of a high affinity antibody with a unique epitope a stable and hydrophilic linker and a strong bystander effect of exatican.

Speaker #3: Now, handing over to Sonia who will present you the iPH-45 Phase 1 trial.

However, the key differentiation emerged in models with low necking for expression, where IP45, or to maintain meaningful anti activity while other top 1.

Speaker #4: Thank you, now let's turn to slide 17. iPH-4502 is currently being evaluated in a first-in-human Phase 1 study in patients with selected advanced solid tumor known to express lectin-4.

This is particularly important as it highlights the unique ability of IPH452 to remain active in tumors with lower target expression.

Speaker #4: The trial is guided by an adaptive buoyant design with backfill cohorts with the objective to assess safety, tolerability, and preliminary antitumor activity. The study runs at specialized cancer sites in the US and in France.

Overall across multiple individual models. We consistently observe a differentiated anti tumor profile for IPR 452 supporting its potentials its potential as Best in Class agents particularly in low to moderate Maxine for expressing tumors.

Speaker #4: Enrollment in the dose escalation part of the study has progressed well. The maximum tolerated dose is currently explored and we are reaching cohort at pharmacologically active dose levels including patients with urothelial cancer relapsed or refractory to M4 tumor vedotin as well as selected additional tumor types.

Yannis Morel: Now, handing over to Sonia, who will present to you the IPH4502 Phase 1 trial.

We believe this profile is driven by the combination of a higher affinity and body with a unique capital, a stable and inic Linker, and a strong bystander effect of exact can.

Sonia Quaratino: Thank you. Now let's turn to slide 17. IPH4502 is currently being evaluated in a first-in-human phase I study in patients with selected advanced solid tumor known to express Nectin-4. The trial is guided by an adaptive Bayesian design with backfill cohorts with the objectives to assess safety, tolerability, and preliminary antitumor activity. The study runs at specialized cancer sites in the US and in France. Enrollment in the dose-escalation part of the study has progressed well. The maximum tolerated dose is currently explored, and we are enriching cohorts at pharmacologically active dose levels, including patients with urothelial cancer, relapsed or refractory to enfortumab vedotin, as well as selected additional tumor types. We've started to observe preliminary antitumor activity in this heavily pretreated patient population. Importantly, the safety profile to date remains favorable.

Now, ending over to Sonia who will present you. The idea for face 1, Pryor.

Speaker #4: We've started to observe preliminary antitumor activity in these heavily pre-treated patient populations. Importantly, the safety profile to date remains favorable. As the next step, we will build the package necessary to support the rationale for the dose optimization and selection of the recommended Phase 2 dose.

Thank you. Now, let's turn to the line. 17 IP, 45 or 2 is currently being evaluated in the first inhuman. Phase 1 study in patients with selected Advanced solid tumor known to express connecting for

the trial has Guided by an Adaptive boring design with backfield cohorts with the objectives to assess safety vulnerability and preliminary anti-commercial activity.

The study Iran for specialized cancer sites in the US and in France.

Speaker #4: Now turning to slide 18, based on the promising preclinical data we have generated, that suggests that iPH-4502 has robust activity in UC models resistant to EV and we are focusing on patients with UC who progressed after EV treatment.

Enrollment in the dose escalation part of the study has progressed well. The maximum tolerated dose is currently being explored, and we are enriching the cohort at pharmacologically active dose levels, including patients with urothelial cancer, relapsed or refractory to treatment, as well as selected additional tumor types.

Speaker #4: Despite the significant progress EV has delivered in the treatment of urothelial cancer and most notably by nearly doubling survival rates when combined with pembrolizumab, challenges regarding resistance, side effects, and long-term remission persist.

We've started to observe preliminary antitumor activity in this heavily pretreated patient population.

Sonia Quaratino: As a next step, we will build the package necessary to support the rationale for the dose optimization and selection of the recommended Phase 2 dose. Now, turning to slide 18. Based on the promising preclinical data we have generated that suggests that IPH4502 has robust activity in UC models resistant to EV, we are focusing on patients with UC who progressed after EV treatment. Despite the significant progress EV has delivered in treatment of urothelial cancer, most notably by nearly doubling survival rates when combined with pembrolizumab, challenges regarding resistance, side effects, and long-term remission persist. In the first-line setting, the majority of patients progress within 2 years, with approximately 63% experiencing disease progression within 24 months.

Importantly, the safety profile to date remains favorable.

Speaker #4: In the first-line setting, the majority of patients progressed within two years with approximately 63% experiencing disease progression within 24 months. On the right-hand side of the slide, we can see a fragmented treatment landscape and limited effective option for these patients and this treatment landscape is still dominated by platinum-based therapies.

As an next step, we will build the package necessary to support the rationale for the dose optimization and selection of the recommended face to those.

Now, turning to slide 18, based on the promising preclinical data we have generated.

that suggests that ibh 4552 has robust activity in UC models, resistance to Evie, and we are focusing on patients with

You see who progressed after EV treatment?

Speaker #4: This real-world data showed that the outcomes in this setting remain poor with next-time with time to next treatment of around three to five months and an overall survival in the range of seven to eight months with chemotherapy-based regimens.

Despite the significant progress EV has delivered in the treatment of urothelial cancer, and most notably by nearly doubling survival rates when combined with pembrolizumab, challenges regarding resistance, side effects, and long-term remission persist.

Speaker #4: Taken together, this defines a clear therapeutic gap in the post-EV setting and iPH-4502 is designed to address the significant unmet need in these patient populations.

In the first-line setting, the majority of patients progress within 2 years, with approximately 63% experiencing disease progression within 24 months.

Sonia Quaratino: On the right-hand side of the slide, we can see a fragmented treatment landscape and limited effective option for this patient, and this treatment landscape is still dominated by platinum-based therapies. This real-world data show that the outcomes in this setting remain poor, with time to next treatment of around 3 to 5 months and an overall survival in the range of 7 to 8 months with chemotherapy-based regimens. Second together, this defines a clear therapeutic gap in the post CV setting, and IPH4502 is designed to address the significant unmet need in this patient population. Turning to slide 19. Based on the profile of IPH4502 and the data generated to date, we see a clear opportunity to develop the program across multiple solid tumors.

Um,

Speaker #4: Turning to slide 19, based on the profile of iPH-4502 and the data generated to date, we see a clear opportunity to develop the program across multiple solid tumors.

on the right hand side of the slide, we can see a fragmented treatment landscape and limited, uh, effective option for this patient and this treatment landscape is still dominated by Platinum based Therapies.

Speaker #4: In particular, in metastatic urothelial carcinoma, we are initially focusing on the post-EV setting where as shown on the previous slide, there remains a significant and growing unmet need.

Speaker #4: In this context, iPH-4502 has the potential to provide a new treatment option for patients who progress after EV-based therapy. Beyond this initial setting, we also see the opportunity to move earlier in the treatment paradigm including into first-line setting in combination with anti-PD-1 therapies.

This real world data show that the outcomes in this setting remain poor with next time with time to next treatment of around 3 to 5 months and an overall survival in the range of 7 to 8 months with chemotherapy based regimens.

In this patient population.

Speaker #4: In parallel, we believe iPH-4502 has the potential to be explored across multiple solid tumors beyond bladder cancer in tumor with low to moderate lectin-4 expression.

Sonia Quaratino: In particular, in metastatic urothelial carcinoma, we are initially focusing on the post EV setting, where, as shown on the previous slide, there remains a significant and growing unmet need. In this context, IPH-4502 has the potential to provide a new treatment option for patients who progress after EV-based therapy. Beyond this initial setting, we also see the opportunity to move earlier in the treatment paradigm, including into first-line setting in combination with anti-PD-1 therapies. In parallel, we believe IPH-4502 has the potential to be explored across multiple solid tumors beyond bladder cancer in tumors with low to moderate Nectin-4 expression. Overall, our objective is to build a broad and modular clinical development strategy, starting with high unmet need population and expanding into earlier lines of therapy, and additional tumor types over time, depending on the emerging data.

Turning to slide 19 based on the profile of ibh 452 and the data generated today. We see a clear opportunity to develop the program across multiple solid tumors.

Speaker #4: And overall, our objective is to build a broad and modular clinical development strategy starting with high unmet need populations and expanding into earlier lines of therapy and additional tumor types over time depending on the emerging data.

in particular in metastatic, carcinoma, we are initially focusing on the post EV setting where as shown on the previous slide there remains a significant and growing and man need

In this context, iph, 455 or 2 was the potential to provide a new treatment option for patient to progress after Eevee based therapy.

Speaker #4: Slide 20, I will now turn to Mona Lizumab and iPH-5201. Starting with Mona Lizumab, the anti-NKG2A antibody co-developed with AstraZeneca, will remain focused on the progress of the Phase 3 Pacific 9 trial in non-small cell lung cancer a trial led by AstraZeneca which represents the next key step in the development of Mona Lizumab.

Beyond this initial setting, we also see the opportunity to move earlier in the treatment paradigm, including into the first-line setting in combination with antibody 1 therapies.

In parallel, we believe IPH age 45-02 has the potential to be explored across multiple solid tumors beyond blood cancer, in tumors with low to moderate NEKTom4 expression.

Speaker #4: The next slide, we see that this double-blind Phase 3 Pacific 9 trial is designed to evaluate durvalumab in combination with either oleclumab, an anti-CD73 antibody, or Mona Lizumab, an anti-NKG2A compared to durvalumab alone in patients with resectable stage III non-small cell lung cancer was not progressed following platinum-based chemoradiotherapy.

And overall our objective is to build a broad and modular clinical development strategy, starting with high and man-made population and expanding into early lines of therapy and additional tumor types of a Time, depending on the emerging data.

Sonia Quaratino: In slide 20, I will now turn to Monalizumab and IPH5201. Starting with Monalizumab, the anti-NKG2A antibody co-developed with AstraZeneca. We remain focused on the progress of the phase 3 PACIFIC-9 trial in non-small cell lung cancer. A trial led by AstraZeneca, which represent the next key step in the development of Monalizumab. In the next slide, we see that this double-blind phase 3 PACIFIC-9 trial is designed to evaluate durvalumab in combination with either oleclumab, an anti-CD73 antibody, or Monalizumab, an anti-NKG2A, compared to durvalumab alone in patients with resectable stage 3 non-small cell lung cancer who have not progressed following platinum-based chemoradiotherapy. This study builds on a strong scientific rationale supported by controlled phase 2 studies in early lung cancer, including COAST, NeoCOAST, and NeoCOAST-2.

It's like 20. I will now turn to Mona Lisa and iph 521.

Starting with Mona Lisa, but the anti-anti-G2A antibody code developed with Astragin.

Speaker #4: This study builds on a strong scientific rationale supported by controlled Phase 2 studies in early lung cancer including COST, NeoCOST, and NeoCOST-2. Pacific 9 is a large global trial that has now completed enrollment with approximately 999 patients randomized in a one-to-one-one ratio across the three treatment arms.

We will remain focused on the progress of the Phase 3 PACIFIC-9 trial in non-small cell lung cancer, a trial led by AstraZeneca, which represents the next critical step in the development of Monalizumab.

Speaker #4: The primary endpoint is progression-free survival with efficacy comparisons of both combinations versus durvalumab monotherapy. We now look forward to the data expected in the second half of 2026.

The, the next slide we see that this double blind phase 3 Pacific. 9 trials, is designed to evaluate in combination with either or Lac and anti CD 73 antibody or manalis zumab and anti and kg weigh compared to durvalumab alone. In patients with respectable stage 3 on small Sal Lankan. So I was not progressed, following Platinum, bass chemo radiotherapy

Speaker #4: Let's now briefly touch iPH-5201 in the next slide. This is a first-in-class humanized blocking monoclonal antibody that targets CD39. An enzyme that plays a key role in suppressing the immune system within the tumor microenvironment.

Sonia Quaratino: PACIFIC-9 is a large global trial that has now completed enrollment with approximately 999 patients randomized in a 1:1:1 ratio across the three treatment arms. The primary endpoint is progression-free survival, with efficacy comparisons of both combinations versus durvalumab monotherapy. We now look forward to the data expected in H2 2026. Let's now briefly touch IPH5201 in the next slide. This is a first-in-class humanized blocking monoclonal antibody that targets CD39, an enzyme that plays a key role in suppressing the immune system within the tumor microenvironment. The ongoing MATISSE Phase 2 trial is a multicenter, open-label, single-arm study evaluating the combination of IPH5201 and durvalumab plus standard chemotherapy in patients with early-stage lung cancer. The study is conducted by Innate in collaboration with AstraZeneca.

This study Builds on a strong scientific rationale supported by control face to studies in early lung cancer, including Co Neo cost and Neo cost 2.

Speaker #4: The ongoing MATIS Phase 2 trial is a multicenter open-label single-arm study evaluating the combination of iPH-5201 and durvalumab plus standard chemotherapy in patients with early stage lung cancer.

Pacific 9 is a large Global trial that has now completed enrollment with approximately 999 patients randomized. In a 1 to 1 1 ratio across the 3 treatment arms.

The primary end point is progression, free survival. With a physically comparisons of post combination versus dual monotherapy.

Speaker #4: The study is conducted by innate in collaboration with AstraZeneca. We are happy to share that the results of a pre-planned interim analysis of this study have been selected for an oral presentation in a clinical trial plenary session at the AACR annual meeting in April in San Diego.

We now look forward to the data expected in the second half of 2026.

Let's now briefly touch on IBH521 in the next slide. This is the first-in-class, humanized, blocking monoclonal antibody that targets CD39, an enzyme that plays a key role in suppressing the immune system within the tumor microenvironment.

Speaker #1: Turning to slide 23, I would like to remind you of the financial terms for both Mona Lizumab and iPH-5201 as our partnership with AstraZeneca represents an important upside for innates.

Speaker #1: For Mona Lizumab, the agreement amounts up to $1.75 billion of milestones. We already received $450 million and remain eligible to additional $825 million of potential payments.

The ongoing matis face to trial is a multi Center, open label single arm study, evaluating the combination of iph, 52201 and the volume up plus standard chemotherapy in patients, with early stage, lung, cancer. The studies conducted by innate in collaboration with astroica,

Sonia Quaratino: We are happy to share that the results of a pre-planned interim analysis of this study have been selected for an oral presentation in a clinical trial plenary session at the AACR Annual Meeting in April in San Diego.

Speaker #1: In case of Mona Lizumab, it is approved AstraZeneca will book sales and innate pharma will receive double-digit royalties on sales in the US and rest of the world.

We are happy to share that the results of a pre-planned interim analysis of this study have been selected for an oral presentation in a clinical trial plenary session at the AACR Annual Meeting in April, in San Diego.

Yannis Morel: Turning to slide 23, I would like to remind you the financial terms for both Monalizumab and IPH5201, as our partnership with AstraZeneca represents an important upside for Innate. For Monalizumab, the agreement amounts up to EUR 1.275 billion of milestones. We already received EUR 450 million and remain eligible to additional EUR 825 million of potential payments. In case of Monalizumab is approved, AstraZeneca will book sales, and Innate Pharma will receive double-digit royalties on sales in US and rest of the world. In Europe, as Innate Pharma is contributing to 30% of the funding for the phase 3 trials, we will get 50% of the profits and have the option to co-promote the drug. The agreement regarding IPH5201 is worth up to EUR 885 million in milestones.

Speaker #1: In Europe, as innate pharma is contributing to 30% of the funding for the Phase 3 trials, we will get 50% of the profit and have the option to co-promote the drug.

Speaker #1: The agreement regarding iPH-5201 is worth up to $885 million in milestones. To date, we already received $60 million and remain eligible to $825 million.

Turning to slide 23, I would like to remind you the financial terms for both Moines and iph 55 521 as our partnership with otra represents an important upside for innate.

Speaker #1: This agreement, having a similar structure than the Mona Lizumab one, innates as also the option to co-found Phase 3 trials in order to get 50% of the profits in Europe and co-promotion rights.

The agreement amounts to up to $1.2 to $1.275 billion of milestones. We have already received $450 million and remain eligible for an additional $825 million of potential payments.

Speaker #1: Otherwise, innate pharma will receive royalties in Europe like in the US and rest of the world. With that, I will now end it over to Frederic to walk you through the financial results.

In the US and the rest of the world.

In Europe, as in, a farmer is contributing to 30% of the funding. For the Patriot trials, we will get 50% of the profit and have the option to co-promote the drug.

Speaker #2: Thank you, Yannis. So now turning to slide 25, I will walk you through our 2025 financial highlights. Revenue and other income amounted to $9 million this year.

Yannis Morel: To date, we already received EUR 60 million and remain eligible to EUR 825 million. This agreement, having a similar structure than the Monalizumab one, Innate has also the option to co-fund phase 3 trials in order to get 50% of the profits in Europe and co-promotion rights. Otherwise, Innate Pharma will receive royalties in Europe like in the US and rest of the world. With that, I will now hand it over to Frederic to walk you through the financial results.

Speaker #2: This includes $2.8 million from licensing and collaboration agreements, primarily related to recognition of proceeds from our partnerships with AstraZeneca and Sanofi. As well as $6.2 million in governmental funding for research expenditures.

The agreement regarding iph 521 is worth up to 885 million in Milestones to date. We already received 60 million and remain eligible to 825 million.

Speaker #2: Operating expenses were $63 million of which $73% were related to R&D, and any expenses were $43.6 million decreasing by 16% year-on-over-year reflecting the study's maturity as well as decrease in indirect R&D expenses primarily due to lower staff costs and reduced scientific consulting and IP costs.

This agreement having a similar structure than the Moines map 1 innate. As also the options to co-found face with hires, in order to get 50% of the profits in Europe and promotion rights. Otherwise in AA will receive royalties in Europe like in the US and rest of the world.

With that, I will know and it over to Frederick to walk through through the financial results.

Frederic Lombard: Thank you, Yannis. Now turning to slide 25. I will walk you through our 2025 financial highlights. Revenue and other income amounted to EUR 9 million this year. It includes EUR 2.8 million from licensing and collaboration agreements, primarily related to recognition of proceeds from our partnerships with AstraZeneca and Sanofi, as well as EUR 6.2 million in governmental funding for research expenditures. Operating expenses were EUR 63 million, of which 73% were related to R&D. NLE expenses were EUR 43.6 million, decreasing by 16% year-over-year, reflecting the study's maturity, as well as decrease in indirect R&D expenses, primarily due to lower staff costs and reduced scientific consulting and IP costs. Partially offset by restructuring charges following the workforce restructuring plan execution.

Thank you again. So now turning to slide, 25. I will walk you through our 2025 Financial High lives.

Speaker #2: Partially offset by restructuring charges following the workforce restoring plan execution. GNE expenses were $19.4 million broadly stable year-on-year with a decrease in non-scientific consulting fees and reduced insurance expenses partially offset by the workforce restructuring plan impact.

Revenue and other income amounted to 9 million this year. This includes 2.8 million from licensing and collaboration agreements primarily related to recognition of processes from our Partnerships with us as an account manager.

As well as 6.2 million in governmental funding for research expenditures.

Speaker #2: Turning to our cash position, we ended the year with $44.8 million in cash, cash equivalent and financial assets, as of December 31, 2025. Based on our current operating plan, this provides funding feasibility until the end of the third quarter of 2026.

Operating expenses were 63 million of which 73% were related to R&D.

Speaker #2: With that, I will now hand it back to Jonathan for the closing remarks.

Speaker #3: Thank you, Frederic. Concerning to the next slide, as we close, I would like to highlight the strength of our focused portfolio built around three high-value assets which are positioned to drive innate value.

Frederic Lombard: GA expenses were EUR 19.4 million, broadly stable year on year, with a decrease in non-scientific consulting fees and reduced insurance expenses, partially offset by the workforce restructuring plan impact. Turning to our cash position. We ended the year with EUR 44.8 million in cash equivalents, and financial assets as of 31 December 2025. Based on our current operating plan, this provides funding visibility until the end of Q3 2026. With that, I will now hand it back to Jonathan for the closing remarks.

Speaker #3: Starting with iPH-4502, we are making strong progress in Phase 1. The study is progressing very well with high interest and we are enriching cohorts at the pharmacologically active dose levels.

And the expenses were €43.6 million, decreasing by 16% year over year, reflecting the study of MAJORITY as well as a decrease in indirect R&D expenses, primarily due to lower staff costs and reduced scientific consulting and IP costs, partially offset by restructuring charges following the workforce restructuring plan execution. G&A expenses were €19.4 million, broadly stable year on year, with a decrease in non-scientific consulting fees and reduced insurance expenses, partially offset by the impact of the restructuring plan.

Turning to our cash position. We ended the year with €44.8 million in cash, cash equivalents, and financial assets as of December 31, 2025.

Speaker #3: We have observed preliminary anti-tumor activity with a favorable safety profile to date including in patients with urothelial cancer which are relapsed or refractory to EV.

based on our current operating plan this provides funding feasibility until the end of the third quarter of 2026,

Jonathan Dickinson: Thank you, Frederic. Continuing to the next slide. As we close, I would like to highlight the strength of our focused portfolio built around three high-value assets, which are positioned to drive innate value. Starting with IPH4502, we are making strong progress in phase I. The study is progressing very well with high interest, and we are enriching cohorts at the pharmacologically active dose levels. We have observed preliminary antitumor activity with a favorable safety profile to date, including in patients with urothelial cancer, which are relapsed or refractory to EV, which is a signal that we're starting to validate the preclinical hypothesis.

With that, I will now end it back to Jonathan for the for the closing remarks.

Speaker #3: Which is a signal that we're starting to validate the preclinical hypothesis. We believe iPH-4502 has the potential to address the significant unmet need in the post-PADCEP setting as well as the opportunity to expand beyond bladder cancer in low and moderate necting for expressing tumors where iPH-4502 could be best-in-class versus other TOPO1 necting for ADCs.

Thank you, Frederic. Concerning the next slide.

As we close, I would like to highlight the strengths of our Focus portfolio built around 3, high value assets, which are positioned to drive innate value.

Starting with IP 452, we are making strong programs in Phase 1.

Speaker #3: With leucutamab, we are preparing for confirmatory study initiation in the second half of 2026 based on non-dilutive financing options which are currently under negotiation with pharma partners and royalty structures.

Jonathan Dickinson: We believe IPH4502 has the potential to address the significant unmet need in the post-Padcev setting, as well as the opportunity to expand beyond bladder cancer in low and moderate Nectin-4 expressing tumors, where IPH4502 could be best in class versus other Topo I Nectin-4 ADCs. With lacutamab, we are preparing for confirmatory study initiation in H2 2026 based on non-dilutive financing options, which are currently under negotiation with pharma partners and royalty structures. For monalizumab, the Phase 3 PACIFIC-9 trial in non-small cell lung cancer has completed enrollment, with data expected for the primary endpoint in H2 2026. Taken together, these three programs provide a clear set of value-driving catalysts across our portfolio.

The study is progressing very well with high interest and we are enriching cohorts. At the pharmacologically Active dose levels, we have observed preliminary anti-tumor activity, with a favorable safety profile today, including in patients, with urothelial cancer which are relaxed or refactory to Evie, which is a signal that we're starting to validate the pre-clinical hypothesis.

Speaker #3: And for Mona Lizumab, the Phase 3 Pacific 9 trial in non-small cell lung cancer has completed enrollment with data expected for the primary endpoint in the second half of 2026.

Speaker #3: Taken together, these three programs provide a clear set of value-driving catalysts across our portfolio. Importantly, with a cash position of $44.8 million at the end of 2025, we have funding visibility until the end of the third quarter of 2026 allowing us to continue executing on our key development priorities.

We Believe ipage 45502 has the potential to address the significant unmet need in the post pads sub setting as well as the opportunity to expand Beyond bladder cancer in low and moderate necked for expressing tumors where iph 4552 could be best-in-class such as other too 1 194 adcs.

Speaker #3: Overall, we remain focused on advancing our pipeline and delivering on these upcoming milestones. With that, we're happy now to open for questions.

With LutaMap, we are preparing for confirmatory study initiation in the second half of 2026, based on non-dilutive financing options, which are currently under negotiation with pharma partners and royalty structures.

Speaker #2: We will now begin the question and answer session. If you would like to ask a question, please raise your hand now. If you have dialed into today's call, please press start 9 to raise your hand and start 6 to unmute.

Jonathan Dickinson: Importantly, with a cash position of EUR 44.8 million at the end of 2025, we have funding visibility until the end of Q3 2026, allowing us to continue executing on our key development priorities. Overall, we remain focused on advancing our pipeline and delivering on these upcoming milestones. With that, we're happy now to open for questions.

And for monalizumab, the Phase 3 PACIFIC-9 trial in lung cancer has completed enrollment, with data expected for the primary endpoint in the second half of 2026. Taken together, these three programs provide a clear set of value-driven catalysts across our portfolio.

Speaker #2: That is start 9 to raise your hand and start 6 to unmute. Please stand by while we compile the Q&A roster. Your first question comes from the line of Swayampakula Ramakanth with MHC Wang Wright.

Speaker #2: Your line is now open. Please go ahead.

On these upcoming milestones.

With that. We're happy now to open for questions.

Operator: We will now begin the question and answer session. If you would like to ask a question, please raise your hand now. If you have dialed in to today's call, please press star nine to raise your hand and star six to unmute. That is star nine to raise your hand and star six to unmute. Please stand by while we compile the Q&A roster. Your first question comes from the line of Swayampakula Ramakanth with H.C. Wainwright. Your line is now open. Please go ahead.

Speaker #4: Good morning, or good afternoon, Jonathan. And team. Thanks for doing this call. A couple of quick questions. Just to get started with iPH-4502, your reporting some preliminary tumor activity in the ongoing trial.

We will now begin the question and answer session. If you would like to ask a question, please raise your hand. Now, if you have dialed into today's call, please press star, 9, to raise your hands and star 6 to unmute that is star 9 to raise your hand and star 6 to unmute please stand by while we compare the Q&A roster.

Speaker #4: Can you provide us some additional specifics regarding the program and also with the changes going on within necting for ADCs among some of the competitors?

Your first question comes from the line of swan. Pakula Romanov with an HC Wang ride. Your line is now open. Please go ahead.

Swayampakula Ramakanth: Good morning or good afternoon, Jonathan and team. Thanks for doing this call. Couple of quick questions. Just to get started with IPH4502. You know, you're reporting some preliminary anti-tumor activity in the ongoing trial. You know, can you provide us some additional specifics regarding the program? Also, you know, with changes going on within Nectin-4 ADCs among some of the competitors, you know, how do you see your program in terms of strength and also, you know, how much external interest is there for that specific program?

Good, good morning. Um, or good afternoon. Um, Jonathan

Speaker #4: How are you see your program in terms of strength and also how much outside interest is there for that specific program?

Speaker #3: Yeah. So maybe I can start off and address that and maybe Sonia can hit some of the specifics okay. So I mean, we continue to be very excited by the iPH-4502 program.

and team. Um, thanks for doing this call. Um, a couple of quick questions. Um, you know, um, just just to get started with IP 4522, you know, you you are, um, you know, reporting, um, some preliminary and, you know, tumor activity, um, in the, in the ongoing trial, you know, can you

Um, can you provide us some additional specifics regarding the program and also, you know, um,

Speaker #3: Clearly, the study is progressing very well and there is a very significant amount of interest. We've been following the competitor activity here and what's been happening.

Speaker #3: If anything, we think that reinforces the competitive positioning of iPH-4502. We're clearly focusing with the initial indication on the post-PADCEP setting. And as a TOPO1 ADC, we think we have a very good opportunity there which was never open to MMAE-based ADCs.

With with the, uh, with changes going on, within within like in for the adc's, you know, among some of the competitors, you know, how do you um see. Um your program.

in, um, you know, in terms of, uh,

In terms of strength and, um, also

You know how much inter outside interest is there for that specific program?

Jonathan Dickinson: Yeah. Maybe I can start off and address that, and maybe Sonia can hit some of the specifics, RK. I mean, we continue to be very excited by the IPH4502 program. Clearly the study is progressing very well, and there is a very significant amount of interest. We've been following the competitor activity here and what's been happening. If anything, we think that reinforces the competitive positioning of IPH4502. We're clearly focusing with the initial indication on the post-Padcev setting. And as a Topo I ADC, we think we have a very good opportunity there, which was never open to MMAE-based ADCs. We think some of the recent developments are

Speaker #3: So we think some of the recent developments will actually potentially help us and really show the clear differentiation in positioning that we have with iPH-4502.

Speaker #3: And maybe Sonia, you want to add something?

Speaker #4: Sure. We have established the MTD and this is going to be let's say at an expected level according to what we know for other exotic and based assets.

Speaker #4: And it is very encouraging to see this preliminary activity at the therapeutic dose in different tumor types. And we are going to eventually explore even further this clinical activity.

Yeah, so so maybe I can start off and address that and maybe Sonia can hit some of the the specifics. Okay. So I mean, we we continue to be very excited by uh, the ipage 45 02 program. Uh, clearly the studies progressing very well and the there is a, a very significant amount of Interest. We've been following the competitor, uh, activity here and, uh, and what's been happening, if anything? We, we think that reinforces, um, the competitive positioning of the IP 45502, uh, we're clearly. Uh, we're focusing with the initial, uh, indication on the post pad setting um, and uh, as a, a, too 1 ADC, we think, uh, we have a very good opportunity.

Jonathan Dickinson: will actually potentially help us and really show the clear differentiation in positioning that we have with IPH4502. Maybe Sonia, you want to add something?

Speaker #3: Okay. Thanks for that. And then on the MATIS interim data presentation at ASER, glad that you got an oral presentation slot. At the conference, I'm not asking you to reveal the abstract or the details of the study, but in general, how should we think about the program itself and what would we potentially be walking away from that oral presentation regarding that program?

Sonia Quaratino: Sure. We have established the MTD and this is going to be, let's say, at an expected level according to what we know for other exatecan-based assets. It is very encouraging to see this preliminary activity at the therapeutic dose in different tumor types. We are going to eventually explore even further this clinical activity.

If you're there, which was never open to mmae based uh adcs. So we think some of the recent developments uh, will actually potentially help us. And really show the clear differentiation in positioning that we have, um, with with, with IP 452, uh, and maybe Sonia, you want to add something.

Uh, sure we have, uh, established, uh, the MTD. And, uh, this is going to be, let's say, uh, a at an expected level, according to what we know for other exatic, and based, um, assets,

And, uh, it is a very encouraging to see this preliminary activity, at at the therapeutic dose in, uh, different tumor types. And we are going to eventually, explore even further. This, uh, um,

Speaker #5: We're taking hands.

Speaker #6: Hi. Okay. So Yannis is speaking. So we are having this MATIS clinical trial in collaboration with AstraZeneca. So Innate is running it. As you may remember, this program is under an option with AstraZeneca.

Clinical activity.

Swayampakula Ramakanth: Okay. Thanks for that. On the MATISSE, interim data presentation at AACR, you know, glad that you got an oral presentation slot at the conference. You know, I'm not asking you to reveal the abstract or the details of the study, but in general, how should we think about the program itself and, you know, what would we potentially be walking away from that oral presentation regarding that program?

Speaker #6: So basically, we the AD has an opt-in point before starting any Phase 3. I would say my expectation is that this Phase 2 is really dedicated to generate sufficient data package to validate the target and to show if there is a path forward for the development in lung cancer.

Okay, thanks for that. And then on, on the, on the matters. Um, in term data presentation at ascr, um, you know, glad that you got an oral presentation slot, um, at the conference, um,

You know, I'm not asking you to reveal the abstract or the details of the study but um, in general, how should we think about, um, the the program itself?

And you know what? What would be potentially be walking away from that oral presentation regarding that program.

Speaker #6: And in terms of data, as you know, there is an embargo on the data until the meeting as it is a clinical abstract. The design of the trial has been shown at a trial in progress poster at ESMO in '23.

Jonathan Dickinson: You want to take it, Yann?

Yannis Morel: Hi, RK. It's Yannis speaking. We are having this MATISSE clinical trial in collaboration with AstraZeneca, so Innate is running it. As you may remember, this program is under an option with AstraZeneca. Basically, AZ has an opt-in point before starting any phase 3. I would say my expectation is that this phase 2 is really dedicated to generate a sufficient data package to validate the target and to show if there is a path forward for the development in lung cancer. In terms of data, as you know, as yet there is an embargo on the data until the meeting, as it is a clinical abstract.

Speaker #6: And it was disclosed at that point in time that there will be some interim analysis for efficacy. And what will be presented at ASER is the interim on the first 40 patients.

Speaker #6: Knowing that the trial is including up to 70 patients. And today, the trial is continuing.

Speaker #3: Well, thank you for that, Yannis. Last question from me. Regarding the collaboration revenue, from Monalisa about program or in the recent filing, it looks like there's dropped almost to zero at this point.

Yannis Morel: The design of the trial has been shown as a trial in progress poster at ESMO in 2023. It was disclosed at that point in time that there will be some interim analysis for efficacy. What will be presented at AACR is the interim on the first 40 patients, knowing that the trial is including up to 70 patients. Today, the trial is continuing.

Speaker #3: Having met all the obligations. Do you foresee any additional milestones especially with the upcoming second half Pacific 9 readout?

Speaker #5: With regards to the revenue, you have to be careful because in fact, it relates to the old agreement where we were co-developing the early stage of development.

My I would say my expectation is that uh this Phase 2 is really dedicated to generate a sufficient data package to uh, to validate the Target and to show if there is a path forward for the development in lung cancer and in term of data, as, you know, as there is a number on the data and still the until the meeting as it is a clinical clinical abstract. Um, the the design of the trial has been uh, shown at at the trial trial in progress poster at esmo in in 23. And it it was disclosed at that point in time that there will be some interim analysis for efficacy. And what will be presented at ACR is the interim on the first 40 patients, knowing that the trial is including up to 70 patients. And today, the trial is continuing

Swayampakula Ramakanth: Well, thank you for that, Yannis. Last question from me. You know, regarding the collaboration revenue from Monalizumab program, you know, in the recent filing, it looks like it has dropped almost to zero at this point, having met all the obligations. Do you foresee any additional milestones, especially with the upcoming, you know, H2 PACIFIC-9 readout?

Speaker #5: So this is the very leftover and those projects are over. So now the project is completely in the end of AstraZeneca. So the accounting treatment is slightly different.

Okay, thank you for that. You honest. Last question from me?

Speaker #5: It's not going through the revenue. It's through collaboration liability. So the balance sheet. So you don't see it in revenue. Doesn't mean that we don't work actively together.

Speaker #5: And the future development of the program will depend also on the upcoming results expecting on the second half of the year.

You know, regarding the collaboration revenue, uh, from monoliths of our program, you know, or, you know, in the recent filing it looks like it just dropped almost to zero at this point. Um, having met all obligations, can you foresee any additional milestones, especially with the upcoming, you know, second-half, um, Pacific 9 readout.

Frederic Lombard: With regards to revenue, you have to be careful because in fact it relates to the old agreement where we were co-developing the early stage of development. This is the very leftover, and those projects are over. Now the project is completely in the hand of AstraZeneca, so the accounting treatment is slightly different. It's not going through the revenue, it's through its collaboration liabilities, so the balance sheet. You don't see it in revenue, doesn't mean that we don't work actively together. The future development of the program will depend also on the upcoming results, expecting on H2.

Speaker #3: Okay. Thank you. Thanks for taking all my questions.

Speaker #7: Your next question comes in the line of Dana Graybosch with Leering Partners. Your line is now open. Please go ahead.

Speaker #8: Can you guys hear me? Can you hear me?

Speaker #6: Loud and clear.

Speaker #8: Sorry. I dialed in and it was a little confusing on Zoom. Thank you for the question. Another one on MATIS going into the ASER presentation.

Speaker #8: If I recall the initial data that Astra generated, was in relapse refractory lung cancer. I wonder if you could remind me of what you saw there with this program and why that gave Astra confidence to move this into the early stage setting.

Swayampakula Ramakanth: Okay. Thank you. Thanks for taking all my questions.

Uh with regards to the revenue. Uh you have to be careful because in fact it relates to the old agreement where we were co-developing the early stage of development. So this is the very uh leftover and those projects are over. So now the the project is completely in the end of of as far as any car. So the accounting treatment is slightly different. It's not going through the revenue with risk collaboration liability, so the balance sheet. So you don't see it in Revenue, doesn't mean that we don't work actively together and, and, uh, the, the future development of the of the program, uh, will depends also on the, on the, uh, upcoming results. Uh, expecting on the second half of the year.

Thank you. Thanks for taking all my questions.

Operator: Your next question comes from the line of Daina Graybosch with Leerink Partners. Your line is now open. Please go ahead.

Speaker #3: Yeah. Hi, Dana. Yannis is speaking. I think that's one of the key takeaways from the Phase 1 is that if you may remember, we presented that at a poster at ESMO I/O a few years ago.

Your next question comes from the line of Dana gray Bosch with luring Partners. Your line is now open. Please go ahead.

Daina Graybosch: Can you guys hear me? Can you hear me?

Can you guys hear me?

Jonathan Dickinson: Loud and clear.

Can you hear me?

Daina Graybosch: Sorry, I dialed in, and it was a little confusing on Zoom. Thank you for the question. Another one on MATISSE going into the AACR presentation. If I recall, the initial data that Astra generated was in relapsed refractory lung cancer. I wonder if you could remind me of what you saw there with this program and why that gave Astra confidence to move this into the early stage setting.

Speaker #3: What we managed to identify those that was able to actually block the enzymatic activity in the patients of CD39. So it was tested as a single agent and in combination with durvalumab in order to really define the dose to be explored in Phase 2.

Speaker #3: But what was really the key learning was that the dose that we are using, we are really able based on explant from patients to block the pathway in the patients.

Sorry, I dialed in and it was a little confusing on Zoom. Uh, thank you for the question. Uh, another one on MATIS going into the ACR presentation. If I recall, the initial data, um, that AstraZeneca generated was in relapsed/refractory lung cancer. I wonder if you could remind me of what you saw there with this program and why that gave you confidence to move this into the early-stage setting.

Yannis Morel: Yeah. Hi, Daina. Yannis Morel speaking. I think that's one of the key takeaway from the phase 1 is that, if you may remember, we presented that at a poster at ESMO IO two years ago, was that we managed to identify the dose that was able to actually block the enzymatic activity in the patients of CD39. It was tested as a single agent and in combination with durvalumab in order to really define the dose to be explored in phase 2. What was really the key learning was that at the dose that we are using, we are really able, based on explants from patients to block the pathway in the patients.

Speaker #3: So that's why then we were exploring this setting where there is also expression of CD39. It's something that, again, we have published in a previous poster in this early lung cancer.

Yeah, I Dana you need to speaking. I think that's 1 of the key. Um,

Speaker #3: So it really gave us the opportunity to test the ability of by removing this adenosine pressure, we know that the antibody can do it.

Speaker #3: It's not the case of all the antibody that we have tested. We know that this one 5201 can do it. To test whether it will translate into an increase of activity of durvalumab in the setting where we know also based on the AGN trial that durvalumab is active in this setting.

Yannis Morel: That's why we are exploring this setting where there is also expression of CD39. It's something that again was published in a previous poster in this early lung cancer. It really gave us the opportunity to test the ability of by removing this adenosine pressure. We know that the antibody can do it. It's not the case of all the antibodies that we have tested. We know that this one, 5201, can do it. To test whether it will translate into an increase of activity of durvalumab in setting where we know also based on the AEGEAN trial that durvalumab is active in this setting.

Speaker #8: And then because maybe we haven't thought about CD39 in a while, can you just remind us how that fits in relation to CD73, which Astra has with olecumab as another sub-study in Pacific 9?

takeaway from The Phase 1, is that if you may remember, we presented that at the poster at ESO a few years ago was that we managed to identify those that was able to actually block the enzymatic activity in the patience of cd39. Uh so the the as it was tested as a single agent and in combination with your volume up in order to really Define the the dose to be explored in Phase 2. Uh but what what was really the, the key the key learning was that at the, those that were using we are really able based on experience from patients to to block the pathway, uh, in in the patients. So, that's that's why. Then we were exploring this uh, uh, this setting where there is also expression of cd39. It's something that again was published in the previous poster in this early lung cancer. Uh, so it's

Speaker #8: Just how they all fit together? And whether CD39 alone is sufficient to block the adenosine inhibition?

Speaker #3: Inhibition. Yeah. So just to remind you, CD39 is the enzyme that is upstream in the pathway of degradation of ATP. So ATP is sequentially degraded into ADP and then finally into adenosine through, I would say, sequential degradation going through CD39 and then into CD73.

It really gave us the opportunity to test the ability of by removing this adenosine pressure. Uh, we know that the antibody can do it. It's not the case of all the antibodies that we have tested, we know that this 1 521 can do it, uh, uh, to to test. Whether it will translate into a, an increase of activity of your value map in setting where we know also based on the AGN tire that your value map is active in this setting.

Daina Graybosch: 'Cause maybe we haven't thought about CD39 in a while. Can you just remind us how that fits in relation to CD73, which Astra has with oleclumab as another sub-study in PACIFIC-9, just how they all fit together and whether CD39 alone is sufficient to block the adenosine inhibition.

and then,

Maybe we haven't.

Speaker #3: So this is CD73 is the downstream enzyme. So by blocking CD73, you potentially decrease the quantity of adenosine within the tumor microenvironment, but you do not prevent the degradation of ATP.

Speaker #3: Whereas by blocking CD39, and it's something that we have published also in cell reports a few years ago, when you block CD39 upstream, you not only limit the accumulation of adenosine, but you also induce the accumulation of ATP.

Yannis Morel: Inhibition. Yeah. Just to remind you, CD39 is the enzyme that is upstream in the pathway of degradation of ATP. ATP is sequentially degraded into ADP and then finally into adenosine, sequential degradation going through CD39 and then into CD73. CD73 is the downstream enzyme. By blocking CD73 you potentially decrease the quantity of adenosine within the tumor microenvironment, but you do not prevent the degradation of ATP. Whereas by blocking CD39, it's something that we have published also in Cell Reports a few years ago. When you block CD39 upstream, you not only limit the accumulation of adenosine, but you also induce the accumulation of ATP, which is known to be immune stimulating through the P2X receptor.

Speaker #3: Which is known to be immune-stimulating through the P2X receptor. And it's something that we have shown in pre-clinical model that it's of particular interest especially when you combine with inducer of apoptosis like chemotherapy.

Speaker #3: And that is also the why it makes this agent-like setting in the MATIS trial so appealing because it's a combination of both with durvalumab.

And, and whether cd39 alone is sufficient to block the adenosine inhibit in in inhibition. Yeah. So just to remind you cd39 is an is the on time that is Upstream in the pathway of the gradation of ATP. Uh, so ATP is sequentially degraded into ADP and then finally into adenosine was, I would say sequential degradation going through a cd39 and then into cd73. So this is this 73 is the downstream enzyme.

Speaker #3: Again, which is approved in this setting, in this perioperative setting in operable lung cancer. But also there is chemo which is an important inducer of ATP that can be blocked and accumulated by the blockade of CD39.

Speaker #8: Thank you very much.

Yannis Morel: It's something that we have shown in preclinical models that it's of particular interest, especially when you combine with inducer of apoptosis like chemotherapy. That is also why it makes this agent like setting in the MATISSE trial so appealing because it's a combination of both with durvalumab again, which is approved in this setting, in this perioperative setting in operable lung cancer. There is also chemo, which is an important inducer of ATP that can be blocked and accumulated by the blockade of CD39.

Speaker #7: Your next question comes in the line of Yit Mukherjee with BTIG. Your line is now open. Please go ahead.

Speaker #3: Yes. Yes. Hi. Can you hear me?

Speaker #6: We can hear you loud and clear. Yes.

Speaker #3: Great. Thank you so much for taking the question. Maybe just starting with leucutamab, just any color or updates you can share in terms of how those partnership discussions are going?

So by blocking cd73, you potentially decrease, the quantity of adenosine within the tumor micro environment, but you do not prevent the degradation of ATP whereas by blocking cd39 and it's something that we have published also in in cell reports. Few years ago, when you block the d39 Upstream, you not only limits the accumulation of adenosine, but you also induce the accumulation of ATP, which is known to be immune stimulating through the p2x receptor, and it's something that we have shown in Practical model that it's of particular interest. Especially when you combine with inducer, have a pop ptosis like chemotherapy. And that is also the why it makes this agent like setting in in the matis trial. So appealing because it's a combination of both with the your volume up again, which is approved. In this setting in this perioperative setting in in operation.

Speaker #3: And are there any particular deal structures or outcomes that you feel best aligns with Innate Pharma? And I have a follow-up question.

Cancer. But also there is chemo, which is an important in user of ATP that can be blocked and accumulated by the blockade of CD39.

Daina Graybosch: Thank you very much.

Thank you very much.

Speaker #6: Yeah. So I think if we're looking at leucutamab and how we're moving forward, and I think this is alluding to the financing question, I think the most important thing here is that we get leucutamab on the market for patients in the fastest way possible.

Jonathan Dickinson: Your next question comes from the line of Yigit Mukherjee with BTIG. Your line is now open. Please go ahead.

Your next question comes from the line of Yeet Mercury with BTIG. Your line is now open. Please go ahead.

Yigit Mukherjee: Yes. Yes, hi. Can you hear me?

Jeet Mukherjee: Yes. Yes, hi. Can you hear me?

Yes.

Speaker #6: And the timelines for approval from our perspective look similar for either a BD option or a royalty financing option. We also know that in either of those scenarios, we will be running the Phase 3 studies.

Jonathan Dickinson: We can hear you loud and clear, yes.

Yes. Hi, can you hear me?

We can hear you loud and clear. Yes.

Yigit Mukherjee: Great. Thank you so much for taking the question. Maybe just starting with lacutamab, just any, color or updates you can share in terms of how those partnership discussions are going, and are there any particular, you know, deal structures or outcomes that you feel best aligns with, Innate Pharma? I have a follow-up question.

Jeet Mukherjee: Great. Thank you so much for taking the question. Maybe just starting with lacutamab, just any, color or updates you can share in terms of how those partnership discussions are going, and are there any particular, you know, deal structures or outcomes that you feel best aligns with, Innate Pharma? I have a follow-up question.

Speaker #6: So we will control the timelines and the regulatory interactions. And we'll be able to, I guess, to leverage our expertise and the networks that we've already established in CTCL.

Great. Thank you so much for taking the question. Um maybe just starting with lacooda map just any uh, color or updates. You can share in terms of how those partnership discussions are going. And are there any particular, um, you know, deal structures or outcomes that you feel best aligned with uh, innate Pharma and I have a follow-up question?

Jonathan Dickinson: I think if we look at lacutamab and how we're moving forward, and I think this is alluding to the financing question. I think the most important thing here is that we get lacutamab on the market for patients in the fastest way possible. The timelines for approval from our perspective look similar for either a BD option or a royalty financing option. We also know that in either of those scenarios, we will be running the phase 3 studies. We will control the timelines and the regulatory interactions. We'll be able to, I guess, leverage our expertise and the networks that we've already established in CTCL.

yeah, so I I think

Speaker #6: So at the end of the day, our decision then is really based around what will bring the most value for shareholders in terms of the long-term value.

Speaker #6: And that's what we're currently evaluating. And looking at both the potential of the BD partnership or a royalty financing structure. And watch this space.

Speaker #6: And we should hopefully make a decision in the not-too-distant future.

to map and how we're moving forward. And I think this is alluding to the financing question. I think the most important thing here is that we get, uh, Luka mab on the market for patients, uh, in in the fastest way possible. Uh, and, um, the timelines for approval from our perspective. Look, similar for either a BD option or a, a royalty financing option. Uh, we also know that in either of those scenarios, um, we will be running

Speaker #3: Great. Thanks for that. And as my follow-up question, just coming back to 4502, in terms of the initial update that you'll disclose, is this one that'll come as perhaps an investor webcast or perhaps at a medical conference?

Jonathan Dickinson: At the end of the day, our decision then is really based around what will bring the most value for shareholders in terms of the long-term value. That's what we're currently evaluating and looking at both the potential of a BD partnership or a royalty financing structure. Watch this space and we should hopefully make a decision in the not too distant future.

Speaker #3: And are you able to say now if you've seen anti-tumor activity in other tumor types outside of urothelial carcinoma? Thank you.

Speaker #6: So maybe I can start off and then Sonia can give the details. I mean, I think we're moving very well with this program. It's moving very fast.

Speaker #6: We have seen anti-tumor activity in both post-EV, but also in other tumor types. And maybe Sonia can fill us in on the details.

The phase 3 studies. Um, so we will control the timelines and the regulatory interactions. Uh, and we'll be able to, to I guess to leverage our expertise, and the networks that we've already established in in, in, in ctcl. So, at the end of the day, our decision then is really based around, um, what will bring the most value for shareholders in terms of, uh, the long-term value and and that's what we're currently evaluating, uh, and looking at, at both the, the potential of, of the BD partnership, or a royalty financing structure and um um watch this space. And we should hopefully uh, we should hopefully um, make a decision in the not too distant future.

Yigit Mukherjee: Great. Thanks for that. As my follow-up question, just coming back to IPH4502, in terms of the initial update that you'll disclose, is this one that'll come as perhaps a, an investor webcast or perhaps at a medical conference? And are you able to say now if you've seen antitumor activity in other tumor types outside of urothelial carcinoma? Thank you.

Jeet Mukherjee: Great. Thanks for that. As my follow-up question, just coming back to IPH4502, in terms of the initial update that you'll disclose, is this one that'll come as perhaps a, an investor webcast or perhaps at a medical conference? And are you able to say now if you've seen antitumor activity in other tumor types outside of urothelial carcinoma? Thank you.

Speaker #9: I mean, of course, this is a work in progress. And it is always a very, very difficult to, say, be more specific on an ongoing trial.

Speaker #9: But definitely, yes, we had also some durable clinical activity in some individuals. Heavily pretreated. As Jonathan said, we the data that we currently have show that our path forward in the EV in the urothelial post-EV may be plausible and supported by data.

Great. Thanks for that. And as my follow-up question, just coming back to 452 in terms of the initial update that she'll disclose is this 1 that'll come as perhaps a, an investor webcast or perhaps at a medical conference and are you able to say? Now, if you've seen anti-tumor activity in other tumor types outside of your Ethel, carcinoma, thank you.

Jonathan Dickinson: Maybe I can start off and then Sonia can give them the details. I mean, I think we're moving very well with this program. It's moving very fast. We have seen anti-tumor activity in both post EV, but also in other tumor types. Maybe Sonia can fill us in on the details.

So, maybe I can start that off and then Sonia can, um, can can can give them the the details? I mean, I I think we're moving very well with this program, it's moving, it's moving very fast. Um, we have seen anti-tumor activity in both post EV but also many other team types and maybe Sonia,

And fill in on the details.

Sonia Quaratino: I mean, of course, this is a work in progress and, you know, it is always very difficult to, say, be more specific on an ongoing trial. But definitely, yes, we had also some durable clinical activity in some individuals heavily pretreated. As Jonathan said, the data that we currently have show that our path forward in the EV, in the urothelial post EV may be plausible and supported by data. Also it was nice to see other clinical activity in other indication. Forgive me for not being too specific on this. We are aiming, of course, to present at a medical conference as soon as the data get mature, then we are obtaining all the, let's say, data around of this Phase 1 trial.

I mean, of course, this is a work in progress and, um,

Speaker #9: And also, it was nice to see other clinical activity in other indication. And forgive me for not being too specific on this. We are aiming, of course, to present at a medical conference as soon as the data get matured and we are obtaining all the, let's say, data around this Phase 1 trial.

Clinical activity in, in, in some individuals, uh, heavily pretreated, um, as Jonathan said, we, the data that we currently have...

Speaker #7: Your next question comes in the line of Christopher Liu with Lucid Capital Markets. Your line is now open. Please go ahead. A reminder to unmute yourself locally when speaking.

Show that our path forward in the EV, in the URL post-EV, may be plausible and supported by data. Um,

And also, it was nice to see other.

Speaker #7: To unmute yourself, please press star 6 on your telephone keypad or if using Zoom, just click on.

Clinical activity in other indication and forgive me for not being too specific on this. We are aiming of course to present at a medical conference as soon as the data get matured and we are obtaining all the let's say data around of this Phase 1 trial

Speaker #3: Hello? Can you guys hear me?

Speaker #6: Hear you now, Christopher.

Operator: Your next question comes from the line of Christopher Liu with Lucid Capital Markets. Your line is now open. Please go ahead. A reminder to unmute yourself locally when speaking. To unmute yourself, please press star six on your telephone keypad, or if using Zoom, just click on unmute.

Speaker #3: Okay. Perfect. Apologies. I disconnected before, so I had to rejoin the call. So I apologize if I asked something that's already been asked. But I was wondering for the ADC, what can we expect to see from the upcoming data readouts?

Your next question comes from the line of Christopher Leu with Lucid Capital Markets. Your line is now open. Please go ahead.

Speaker #3: And then for leucutamab, what kind of sales infrastructure are you looking to build? And how much are you looking to spend on something like that?

A reminder to unmute yourself locally when speaking.

Speaker #6: Do you want to take the first question, Sonia?

Speaker #9: In terms of study readout, what we are going to focus is to get the full safety profile. The PK, that is also quite relevant in the ADCs and also show the level of free payload that may be of importance and influencing also the safety profile.

Christopher Liu: Hello. Can you guys hear me?

To unmute yourself. Please press star 6 on your telephone keypad, or if using Zoom just click on. Hello, can you guys hear me?

Jonathan Dickinson: hear you now, Christopher.

Christopher Liu: Okay, perfect. Apologies. I disconnected before, so I had to rejoin the call. I apologize if I ask something that's already been asked. I just was wondering, you know, for the ADC, what can we expect to see from the upcoming data readouts? For lacutamab, what kind of sales infrastructure are you looking to build and, you know, how much are you looking to spend on something like that?

Hear you now, Christopher?

Okay perfect uh apologies. Um I disconnected before so I had to rejoin the call. So I apologize if I ask something that's um, already uh, been asked, but I just was wondering, um, you know, for the ADC what can we expect to see from the upcoming data readouts

um, and then for lacooda map,

Speaker #9: And of course, all the efficacy readouts that we have from these patients, including the expression of nectin 4 in their tumors because we collect tumor biopsies at screening to identify the expression of nectin 4.

what kind of sales infrastructure are you looking to build and you know, how much are you looking to spend on something like that?

Jonathan Dickinson: You wanna take the first question, Sonia?

Sonia Quaratino: In terms of study readout, what we are going to focus is to get the full safety profile. The PK that is also quite relevant in the ADCs and also show the level of free payload that may be of importance and influencing also the safety profile. Of course, all the efficacy readouts that we have from these patients, including the expression of Nectin-4 in their tumors, because we collect tumor biopsies at screening to identify the expression of Nectin-4. This is done retrospectively and not prospectively in the study. We already know that some of the subjects we have enrolled had a negligible level of Nectin-4. This is done of course in batches.

Speaker #9: This is done retrospectively and not prospectively in the study. And so we already know that some of the subjects we have enrolled had a negligible level of nectin 4.

Can I take the first question, Tony? Uh, in terms of, um, study readout, what we are going to focus on is to get the full, uh, safety profile, um, the PK—that is also quite relevant in the ADCs—and also show the level of, uh, um...

Speaker #9: And this is done, of course, in batches. So this is what we aim to have out of this Phase 1 trial. And we intend to present to a medical conference.

Speaker #6: Yeah. And then addressing the second part of your question, Christopher, in terms of sales infrastructure, just to reiterate that we've not made a decision yet whether we would do this ourselves or whether we would go through a potential BD partner.

Speaker #6: If we were to do this ourselves, what we have established is that CTCL, both Caesarea and Micoses Fungoides, is treated in a relatively small number of centers in the US.

Speaker #6: It's predominantly treated in academic centers. The majority of the patients are treated in 50 centers in the US and pretty much all of the patients within 100 centers.

Sonia Quaratino: This is what we aim to have out of this phase one trial, and we intend to present to a medical conference.

Speaker #6: So as you can imagine, you need a relatively small commercial infrastructure to be able to fully realize the associated commercial opportunity. So our estimate is a sales team probably of around 20 people.

Free, uh, payload that, uh, maybe, uh, of importance, uh, in influencing also the, uh, safety profile. Um, and of course, all the, uh, efficacy results that we have from these patients, including, uh, the expression of negative 4 in their tumors, because we, um, collect tumor biopsies at screening to identify the expression of negative 4. This is done retrospectively and not prospectively in the study. And so, we already know that some of the subjects we have enrolled had, uh, a negligible level of, uh, Neptune 4. Um, and this is done, of course, in matrices. So, this is what we aim to have out of this Phase 1 trial, and we intend to present to a medical conference.

Jonathan Dickinson: Addressing the second part of your question, Christopher, in terms of sales infrastructure. Just to reiterate that we've not made a decision yet whether we would do this ourselves or whether we would go through a potential B, BD partner. If we were to do this ourselves, what we have established is that CTCL, both mycosis fungoides, is treated in a relatively small number of centers in the US. It's predominantly treated in academic centers. The majority of the patients are treated in 50 centers in the US and pretty much all of the patients within 100 centers. So as you can imagine, you need a relatively small commercial infrastructure to be able to fully realize the associated commercial opportunity.

Speaker #6: A medical affairs team to support that, probably five or six people, and a handful of access people. So that's the sort of investment that you would actually be looking at if this was something that we ultimately decided to do ourselves.

And then, addressing the second part of your question. Christopher, in terms of sales infrastructure, um, just to reiterate that we, we've not made a decision yet, whether we would do this ourselves or whether we would go through a potential, uh, BD partner. Um, if we were to do this ourselves, um, what we have established is, is that, uh, ctcl both Cesar. And my seos fungoid is, is treated in a relatively small number of centers in the US. It's predominantly treated in academics and

Speaker #3: Got it. Thank you very much.

Speaker #7: The unknown further questions at this time. I will now turn the call back to Jonathan Dickinson, CEO for Closing Remarks.

Speaker #6: Okay. So I'd like to thank everybody for attending the conference call today. And just to reiterate that it's an exciting year ahead for the company.

Jonathan Dickinson: Our estimate is a sales team probably of around 20 people, a medical affairs team to support that of probably 5 or 6 people, and a handful of access people. So that's the sort of investment that you would actually be looking at if this was something that we ultimately decided to do ourselves.

Speaker #6: We're very clearly on a path with leucutamab to initiating the Phase 3 confirmatory study and unlocking the potential for the accelerated approval. And then a path to creating near-term revenue which is important for innate Pharma.

The majority of the patients are treated in fifty centers in the US and pretty much all of the patients within 100 centers. So as you can imagine, you need a relatively small commercial infrastructure to be able to fully realize the associated commercial opportunity. So, our our estimate is, uh, a sales team. Probably around 20 people, uh, a medical Affairs team to support that of probably 5 or 6 people, and I handful of access people. Uh, so so that's the sort of investment that you, you would actually be looking at if this was something that we, uh, ultimately decided to do ourselves.

Christopher Liu: Got it. Thank you very much.

Got it. Thank you very much.

Speaker #6: Then with IPH4502, we're progressing very nicely and we're expecting to approach some catalysts as we go through this year as we develop the data set.

Operator: There are no further questions at this time. I will now turn the call back to Jonathan Dickinson, CEO, for closing remarks.

There are no further questions at this time. I will now turn the call back to Jonathan Dickinson, CEO, for closing remarks.

Jonathan Dickinson: Okay. I'd like to thank everybody for attending the conference call today. Just to reiterate that it's an exciting year ahead for the company. We're very clearly on a path with lacutamab to initiating the Phase 3 confirmatory study and unlocking the potential for the accelerated approval. A path to creating near-term revenue, which is important for Innate Pharma. With IPH4502, we're progressing very nicely, and we're expecting to approach some catalysts as we go through this year as we develop the dataset that is robust and meaningful to patients, shareholders, investors, potential investors.

Speaker #6: And develop a data set that is robust and meaningful to patients, to shareholders, to investors, potential investors. And obviously, that will generate some inflection points which would allow us to look at in terms of how we could further fund that further development of IPH4502.

Speaker #6: And then, of course, finally, we have Mona Luzumab, which is approaching a very important inflection point for the company. So thank you for your time and attention.

Speaker #6: And we look forward to interacting with you over the coming weeks and months. Thank you.

Jonathan Dickinson: Obviously that will generate some inflection points, which would allow us to look at in terms of how we could further fund that further development of IPH4502. Then of course finally, we have Monalizumab, which is approaching a very important inflection point for the company. Thank you for your time and attention, and we look forward to interacting with you over the coming weeks and months. Thank you.

Okay. So, I'd like to thank everybody for attending the conference call today. And, and just to reiterate that it's, it's an exciting year ahead for the company. Um, we're very clearly on a path, uh, with luta mab to initiating, uh, the phase 3, confirmatory study, and unlocking the potential for the accelerator approval, uh, and then, uh, a path to creating near-term, uh, Revenue. Um, which uh, is important for, uh, innate farmer. Then with IP 45502, we're progressing, uh, very nicely. Uh, and, uh, we're expecting to approach some, uh, catalysts as we go through this year as we develop the data set, uh and develop a data set that is robust and meaningful uh to to patients to shareholders to investors potential investors. Uh and obviously that will uh generate some inflection points. Uh

Which would, uh, allow us to, um, look at in terms of how we could further fund that further development of Ip 45502. And then, of course, finally, we have Moana usability, uh, a very important inflection point for the company. So thank you for your time and attention, and we look forward to interacting with you over the coming weeks and months. Thank you.

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

This concludes today's call, thank you for attending. You may now disconnect

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