Innate Pharma (IPH) Q2 2024 earnings summary

Executive summary

• Focused on developing innovative antibody-based cancer immunotherapies, leveraging proprietary ANKET® and ADC platforms, with key programs including lacutamab, ANKET NK cell engagers, and ADCs in various clinical stages.

• Partnerships with AstraZeneca and Sanofi continue to drive both late- and early-stage development, with significant clinical and regulatory milestones achieved and anticipated.

• Positive Phase 2 results for lacutamab in mycosis fungoides presented at ASCO 2024, with ongoing FDA discussions for registration strategy.

• Net loss of €24.8M for H1 2024, with cash and equivalents of €102.1M as of June 30, 2024, expected to fund operations through end of 2025.

• 168 FTE employees at period end; listed on Euronext Paris and Nasdaq.

Financial highlights

• H1 2024 revenue and other income totaled €12.3M, mainly from collaboration/licensing and government funding, down from €40.2M in H1 2023.

• Operating expenses were €38.7M, with 75% allocated to R&D; R&D expenses decreased by €2.4M to €29.1M, mainly due to lower personnel and amortization costs.

• G&A expenses increased by €0.4M to €9.6M, driven by higher consulting and property costs.

• Net cash position was €82.9M; cash, equivalents, and financial assets at €102.1M as of June 30, 2024.

• Net loss per share: (€0.31) for H1 2024 (H1 2023: €0.02 earnings per share).

Outlook and guidance

• Cash runway expected to last through end of 2025, with continued losses anticipated until significant product revenue is achieved.

• Multiple clinical milestones and data readouts expected in H2 2024 and 2025, including lacutamab FDA interaction, ANKET and ADC trial progress, and Monalizumab Phase 3 results.

• Investor meeting scheduled for October 3rd in New York to discuss pipeline and growth strategy.