Innate Pharma (IPH) Q4 2024 earnings summary

Executive summary

• Advanced clinical pipeline with key programs: IPH6501 (CD20 ANKET) in phase I/II, IPH4502 (Nectin-4 ADC) in phase I, and lacutamab (anti-KIR3DL2) progressing toward phase III and commercialization, with FDA Breakthrough Therapy Designation for Sézary syndrome.

• Robust pipeline includes proprietary and partnered assets with Sanofi and AstraZeneca, targeting hematological malignancies, solid tumors, and autoimmune diseases.

• Cash position of €91.1 million as of December 31, 2024, providing runway through mid-2026.

• Revenue and other income declined sharply to €20.1m in 2024 from €61.6m in 2023, mainly due to lower collaboration and licensing revenue.

• Net loss widened to €49.5m in 2024 from €7.6m in 2023, reflecting lower revenue and reduced financial income.

Financial highlights

• 2024 revenue and other income totaled €20.1 million, mainly from collaboration licensing agreements (€12.6 million) and research tax credit (€7.5 million).

• Operating expenses were €71.7 million, with 73% allocated to R&D; R&D expenses decreased by 7.2% year-over-year to €52.0 million.

• G&A expenses increased by 7.8% to €19.7 million.

• Cash, cash equivalents, and financial assets stood at €91.1 million at year-end 2024, compared to €102.3 million in 2023.

• Financial liabilities reduced to €31.0 million from €39.9 million year-over-year, mainly due to loan repayments.

Outlook and guidance

• Cash runway extended to mid-2026, supporting ongoing and planned clinical programs.

• Expectation to complete IPH6501 dose escalation and present initial safety and efficacy data by late 2024 or 2025.

• IPH4502 phase I dose escalation ongoing, with preliminary safety data anticipated by year-end and preclinical data to be presented at AACR 2025.

• Lacutamab phase III confirmatory trial in CTCL to begin soon, with accelerated approval submission planned once recruitment is underway.

• Partnering discussions for lacutamab ongoing following FDA Breakthrough Therapy Designation.