On September 17, 2026 Innate Pharma SA (Euronext Paris: IPH; Nasdaq: IPHA) ("Innate" or the "Company") reported its consolidated financial results for the six months ended June 30, 2026. The consolidated financial statements are attached to this press release.
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"2026 continues to be an important year of execution for Innate, marked by our strategic partnership with Sobi and the strengthening of our financial position," said Jonathan Dickinson, CEO of Innate Pharma. "With the TELLOMAK-3 Phase 3 study initiated, we are targeting the first patient in the study in Q1 2027 as we work toward a filing for accelerated approval in Sézary syndrome. Looking ahead, we will present Phase 1 data from IPH4502 at ENA 2026 and expect the PACIFIC-9 Phase 3 readout for monalizumab by year-end, as we remain focused on delivering value for patients and shareholders."
Pipeline highlights:
Lacutamab (anti-KIR3DL2 antibody), partnered with Sobi:
Cutaneous T-Cell Lymphoma
•In August 2026, Innate Pharma entered into a strategic partnership with Sobi to license lacutamab in T-cell lymphoma (Link PR). The partnership is intended to enable initiation of the TELLOMAK-3 confirmatory Phase 3 study in cutaneous T-cell lymphoma (CTCL), a key step toward filing for accelerated approval of lacutamab in Sézary syndrome, a subtype of CTCL.
•On September 16, Innate Pharma announced closing of the transaction under the partnership agreement, following expiration of the anti-trust waiting periods and completion of other conditions (Link PR). This triggers a USD 75 million upfront payment and marks the initiation of the TELLOMAK-3 confirmatory Phase 3 study, with first patient expected in Q1 2027.
•Under the agreement, Innate is conducting the TELLOMAK-3 Phase 3 confirmatory trial in cutaneous T-cell lymphoma. The TELLOMAK-3 study will subsequently support applications for full approvals in key jurisdictions in Sézary syndrome and mycosis fungoides, the most common subtype. Sobi will receive exclusive global rights to commercialize lacutamab upon potential accelerated approval and will be eligible to assume full global development rights following positive Phase 3 results.
•Under the terms of the agreement, Sobi will pay Innate Pharma USD 75 million, payable on closing. Innate will be eligible to receive up to a further USD 40 million in respect of near-term development milestones connected to Sézary syndrome. Additionally, Innate will be eligible to receive up to USD 465 million related to the option for Sobi to get full development rights and to future regulatory and commercial milestones. Innate will be eligible to receive tiered double-digit royalties on net sales.
•In February 2025, the FDA granted Breakthrough Therapy Designation to lacutamab for relapsed or refractory Sézary syndrome based on TELLOMAK Phase 2 results demonstrating encouraging efficacy and a favorable safety profile in patients with Sézary syndrome, heavily pretreated, post-mogamulizumab. Breakthrough Therapy Designation is intended to accelerate the development and regulatory review in the U.S. of drugs that are intended to treat a serious condition and that have shown encouraging early clinical results, which may demonstrate substantial improvement on a clinically significant endpoint over available medicines. Lacutamab has also received Fast Track designation from the FDA, PRIME designation from the EMA and orphan drug status in both the United States and Europe.
Peripheral T-Cell Lymphoma (PTCL)
•The investigator-sponsored Phase 2 KILT (anti-KIR in T-Cell Lymphoma) trial, led by the Lymphoma Study Association (LYSA), evaluating lacutamab in combination with GEMOX (gemcitabine and oxaliplatin) versus GEMOX alone in patients with KIR3DL2-expressing relapsed/refractory PTCL has ended recruitment.
IPH4502 (Nectin-4 exatecan ADC):
•In July 2026, Innate announced completion of dose-escalation and backfill enrollment in the ongoing Phase 1 study of IPH4502, with 76 patients enrolled across multiple tumor types known to express Nectin-4.
Preliminary anti-tumor activity has been observed in heavily pre-treated patients, including objective responses in urothelial cancer following prior enfortumab vedotin, as well as in NSCLC and HNSCC. A favorable safety profile has been observed to date, with limited hematological toxicity.
Initial Phase 1 dose-escalation data will be presented at the 38th EORTC-NCI-AACR (Free EORTC-NCI-AACR Whitepaper) Symposium on Molecular Targets and Cancer Therapeutics (ENA 2026) on November 18, 2026.
Monalizumab (anti-NKG2A antibody), developed in collaboration with AstraZeneca:
PACIFIC-9 is an AstraZeneca-sponsored Phase 3 study evaluating durvalumab in combination with monalizumab or oleclumab in patients with unresectable Stage III NSCLC who have not progressed following platinum-based chemoradiation therapy (CRT). Enrollment in the trial is complete, and data readout is expected in H2 2026.
The Phase 3 program is supported by clinical findings from the Phase 2 COAST study, in which the combination of durvalumab and monalizumab suggested prolonged progression-free survival compared with durvalumab alone.
IPH5201 (anti-CD39 antibody, developed in collaboration with AstraZeneca):
The Phase 2 MATISSE study evaluating IPH5201 in combination with durvalumab and platinum-based chemotherapy in resectable NSCLC is ongoing. Encouraging results from a pre-planned interim analysis presented at AACR (Free AACR Whitepaper) 2026 showed an overall pathological complete response rate of 27.5%, with higher response rates observed in patients with PD-L1-positive tumors.
▪Following the interim analysis, MATISSE continues enrollment in the PD-L1 ≥1% patient population.
Preclinical ADC pipeline
•For its preclinical ADC portfolio, Innate is leveraging its proprietary linker technology, in clinical development through IPH4502. Innate’s next-generation ADC approaches include bispecific ADCs designed to address tumor antigen heterogeneity, approaches aimed at enhancing internalization to unlock activity in tumors with low target expression, and dual-payload approaches intended to overcome payload resistance.
Post period events and Corporate Update:
•In August 2026, Innate Pharma announced the appointment of Markus Jensen, 57, as Chief Medical Officer and member of the Executive Leadership Team, effective September 1, 2026. He succeeds Sonia Quaratino and oversees the Company’s clinical development activities as Innate prepares to advance lacutamab into Phase 3 and continues development of IPH4502. Markus Jensen joined Innate Pharma in 2024 as head of clinical pharmacology and has served as global clinical lead for Company key programs, including IPH4502. He brings more than 25 years of experience spanning clinical medicine, academic research and the pharmaceutical industry. Prior to joining Innate, he held leadership positions at Bayer for more than 16 years, with a particular focus on oncology and clinical development. He holds a medical degree from the University of Cologne and is double board certified by Ärztekammer Nordrhein in Internal Medicine and Clinical Pharmacology.
•On August 18, 2026, Innate completed a capital increase without preferential subscription consisting of a private placement of 17,647,059 new ordinary shares of the Company for aggregate gross proceeds to the Company of an approximately €30 million. Together with the $75 million upfront payment, the proceeds of the private placement are expected to extend the Company’s projected cash runway through end of Q1 2028.
•As of June 30, 2026, the balance available under our April 2023 sales agreement under the At-The-Market program remains at $75 million.
Financials highlights for the first half of 2026:
The key elements of Innate’s financial position and financial results as of and for the six-month period ended June 30, 2026 are as follows:
Cash, cash equivalents, short-term investments and financial assets amounting to €21.4 million (€m) as of June 30, 2026 (€44.8m as of December 31, 2025).
As of June 30, 2026, financial liabilities amount to €20.2m (€22.6m as of December 31, 2025). This change is mainly due to loan repayments.
Revenue and other income amounted to €5.7m in the first half of 2026 (€4.9m in the first half of 2025) and mainly comprised of:
◦Revenue from collaboration and licensing agreements, which mainly resulted from the partial or entire recognition of the proceeds received pursuant to the agreements with AstraZeneca and Sanofi. They are recognized when the entity’s performance obligation is met. They are recognized at a point in time or spread over time according to the percentage of completion of the work that the Company is committed to carry out under these agreements:
▪(i) Since December 31, 2025, the revenue from collaboration and licensing agreements for monalizumab has been fully recognized. Therefore, no revenue is recognized for the six months ended June 30, 2026, as compared to €0.1 million for the six months ended June 30, 2025.
(ii) No revenue related to IPH5201 were generated during the six months ended June 30, 2026 as during the six months ended June 30, 2025. As a reminder, the revenue is related to the milestone payment received from AstraZeneca following the signature on June 1, 2022 of an amendment to the initial contract signed in October 2018. This amendment sets the terms of the collaboration following AstraZeneca’s decision to advance IPH5201 to a Phase 2 study.
The Company will conduct the study. Both parties will share the external cost related to the study and incurred by the Company and AstraZeneca will provide products necessary to conduct the clinical trial. Revenue from invoicing of research and development costs for the six months ended June 30, 2026 was 0.4 million compared to 0.9 million for the six months ended June 30, 2025, or a decrease of (0.5) million.
(iii) No revenue were generated for the license and collaboration agreement signed with Sanofi in 2016 for the six months ended June 30, 2026, as well as for the six months ended June 30, 2025. On April 23, 2025, the Company announced that, in alignment with both company’s current strategic priorities, Sanofi and Innate agreed to terminate the 2016 Agreement as it relates to SAR’579/IPH6101 (CD123 ANKET). Innate regained the rights to SAR’579/IPH6101 in July 2025. Data from the Sanofi-led Phase 1/2 study and Phase 2 preliminary dose expansion of the trial have been transferred to Innate. In a recent corporate update, Sanofi announced deprioritization of SAR’514, a trifunctional anti-BCMA NK-cell engager. Sanofi retains exclusive development and commercialization rights, and the license terms remain unchanged. It has not triggered any milestone payments as of June 30, 2026.
(iiii) Revenue related to the research collaboration and licensing agreement signed with Sanofi in 2022 remained constant over the period, with revenue amounting to €0.2 million for the first half of 2026, as for the first half of 2025. As previously disclosed, in December 2022, the Company entered into a research collaboration and license agreement with Genzyme Corporation, a wholly owned subsidiary of Sanofi ("Sanofi"), under which the Company granted Sanofi an exclusive license to Innate’s B7-H3 ANKET program and options for two additional targets. In March 2023, Innate Pharma received an upfront payment of €25 million under its research, collaboration and license agreement with Sanofi. This amount consisted of €18.5 million relating to the exclusive license to the B7-H3 technology, which was recognized in profit or loss in June 2023; €1.5 million relating to research activities to be performed over a three-year period, recognized as revenue on a straight-line basis through November 2026; and €5 million relating to the two additional license options, recognized as contract liabilities until their expiration or until the options are exercised.
In December 2023, Sanofi exercised one of its license options for an ANKET program, resulting in the recognition of €2.5 million in revenue and the payment of a €15 million milestone, of which €13.3 million related to the license was recognized immediately in revenue and €1.7 million related to research activities. These research activities were discontinued following the termination of the agreement in October 2024, which led to the full recognition of the €1.7 million in revenue in 2024. As a result, Innate regained the rights to the IPH67 program, while Sanofi retains a right to compensation on any potential future revenues.
On January 24, 2026, following the expiration of the deadline to exercise the license option on an identified target, the revenue of €2.5 million has been fully recognized. Sanofi still has a right on a non-exclusive license option for an additional target, exercisable up to January 24, 2028. This option is not linked with any other revenue.
Government funding for research expenditures of €2.5m in the first half of 2026 (€3.2m in the first half of 2025), decreasing by €0.6 million, or 20.1% in connection with decrease in personnel expenses following the restructuring of the organization to concentrate preclinical and clinical research and development efforts on higher value assets.
Operating expenses are €24.7m in the first half of 2026 (€30.3m in the first half of 2025), of which 68.4% (€16.9m) are related to R&D.
R&D expenses decreased by €3.6m to €16.9m in the first half of 2026 (€20.5m in the first half of 2025). This change is explained by direct R&D expenses, which slightly decreased by €1.5 million or 15% to reach €8.2 million for the first half of 2026. This decrease is related to the phasing of studies (maturity of clinical studies on lacutamab, and IPH5201, discontinuation of preclinical studies, partially offset by the ramp-up of IPH4502, our antibody-drug conjugate (ADC). In addition, Personnel and other R&D expenses decreased by €2.2 million, or 20.0%, to €8.6 million for the six months ended June 30, 2026, compared to €10.8 million for the six months ended June 30, 2025. This decrease is primarily due to a reduction in personnel expenses of €2.7 million, resulting from a reduction in the R&D workforce (from 133 to 92 employees), partially offset by a €0.7 million increase in other expenses, corresponding to a provision for risks and charges.
General and administrative (G&A) expenses decreased by €2.0m to €7.8m in the first half of 2026 (€9.8m in the first half of 2025) mainly resulting from an decrease in personnel expenses for €1.5 million due to employees reduction (29 employees for the six months ended June 30, 2026 vs. 42 for the six months ended June 30, 2025), a decrease in non-scientific and consulting fees for €0.2 million due to the suspension of the "At the Market" program on the Nasdaq , a decrease in Other expense for €0.2 million in connection with the Director & Officer (D&O) insurance policy.
•A net financial loss of €0.6m in the first half of 2026 (profit for €4.1m in the first half of 2025). This change is mainly due to an unfavorable variation in net foreign exchange gain with its unfavorable impact on the collaboration liabilities recorded during the first half of 2026 in connection with the change in the dollar exchange rate and an unfavorable variation in income resulting from financial assets and fair value revaluation due to an unfavorable effect of investment rates recorded on the financial markets.
A net loss of €19.6m for the first half of 2026 (net loss of €21.3m for the first half of 2025).
The table below summarizes the IFRS consolidated financial statements as of and for the six months ended June 30, 2026, including 2025 comparative information.
In thousands of euros, except for data per share
June 30, 2026
June 30, 2025
Revenue and other income
5,663
4,860
Research and development expenses
(16,877)
(20,520)
General and administrative expenses
(7,797)
(9,767)
Operating expenses
(24,674)
(30,287)
Operating income (loss)
(19,011)
(25,427)
Net financial income (loss)
(612)
4,083
Income tax expense
—
—
Net income (loss)
(19,623)
(21,344)
Weighted average number of shares ( in thousands) :
93,827
86,937
– Basic income (loss) per share
(0.21)
(0.25)
– Diluted income (loss) per share
(0.21)
(0.25)
June 30, 2026
December 31, 2025
Cash, cash equivalents and financial assets
21,376
44,765
Total assets
34,726
62,719
Total shareholders’ equity
-40,508
-21,704
Total financial debt
20,206
22,571
(Press release, Innate Pharma, SEP 17, 2026, View Source [SID1234670924])