Earnings call transcript: Innate Pharma Q1 2025 earnings reveal strategic focus

Innate Pharma’s earnings call for Q1 2025 highlighted a strategic pivot towards innovation and partnerships, supported by a strong cash position and a promising pipeline. The company’s financial performance was marked by a €50 million strategic equity investment from Sanofi, extending its cash runway to mid-2026. Despite trading at $3.08, down 17% over the past year, Innate Pharma remains focused on advancing its clinical programs and exploring new market opportunities. InvestingPro analysis suggests the stock is currently undervalued, with analysts setting price targets ranging from $3.37 to $5.42.

Key Takeaways

• Innate Pharma reported a cash position of €72.5 million as of March 2025.
• A €50 million investment from Sanofi has bolstered financial stability.
• The company is advancing eight innovative assets in clinical development.
• Strategic focus on NK cell engagers, antibody-drug conjugates, and late-stage assets.

Company Performance

Innate Pharma has demonstrated resilience by maintaining a strong cash position and forming strategic partnerships. The company’s focus on hematological malignancies and autoimmune diseases aligns with high unmet needs in rare cancer treatments. With a differentiated pipeline and innovative technology, Innate Pharma is well-positioned to capitalize on growth opportunities in oncology and inflammatory disease markets.

Financial Highlights

• Cash Position: €72.5 million as of March 2025
• Strategic Investment: €50 million from Sanofi
• Cash Runway: Extended to mid-2026
• Total Potential Milestones: Over $1 billion from Sanofi agreements

Outlook & Guidance

Innate Pharma aims to complete the IPH6501 dose escalation in 2025 and generate preliminary safety data for IPH4502 by the end of the year. The company is preparing a regulatory package for lacutamab Phase III and is actively pursuing partnership discussions for this asset. With revenue growth of 26.5% in the last twelve months and analysts forecasting 17% growth for FY2025, the company shows promising momentum. InvestingPro analysis indicates strong potential for profitability this year, supported by the company’s robust development pipeline and strategic partnerships.

Executive Commentary

Jonathan, CEO, emphasized the company’s unique position with several first-in-class opportunities, stating, "We have a differentiated pipeline with several first in class opportunities." Sonia Quarantino, CMO, highlighted the emerging safety profile of their dose escalation studies, which may position assets in B cell-mediated autoimmune diseases.

Risks and Challenges

• Market Competition: Intense competition in the oncology and autoimmune sectors.
• Regulatory Hurdles: Potential delays in obtaining regulatory approvals for new treatments.
• Financial Dependence: Reliance on strategic partnerships and external investments.
• Clinical Development: Risks associated with clinical trials and drug development.

Q&A

During the earnings call, analysts focused on the company’s strategic focus and partnership opportunities. Key questions addressed included the evaluation of IPH6101 data after its return from Sanofi, the development priorities for IPH4502 and IPH6501, and potential financing strategies for advancing the pipeline.

Full transcript - Innate Pharma (IPH) Q1 2025:

Lacey, Conference Operator: Hello, and thank you for standing by. My name is Lacey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Innate Pharma First Quarter twenty twenty five Financial Results and Business Update Conference Call. All lines have been placed on mute to prevent any background noise. After speaker remarks, there will be a question and answer session.

Thank you. I would now like to turn the call over to Henry Wheeler, Vice President of Investor Relations. You may go ahead.

Henry Wheeler, Vice President of Investor Relations, Innate Pharma: Thank you. Good morning, good afternoon, and welcome, everyone. This morning, Innate issued a press release for our Q1 twenty twenty five business update and financial results. We look forward to highlighting the progress made during the year to date as well as addressing future goals and milestones. The press release and today’s presentation are both available on the IR section of our website.

On Slide two, before we start, I’d like to remind you that we’ll be making forward looking statements regarding the financial outlook in addition to regulatory and product plan developments. These statements are subject to risks and uncertainties that may cause actual results to differ from those forecasted. On Slide three, to cover today’s agenda, after an introduction from Jonathan, our CEO, Janis Morell, chief operating officer, will discuss the preclinical Nket platform and ADC updates. Sonia Quarantino, our chief medical officer, will cover the clinical updates on akutamab sixty five zero one and forty five zero two, who will then hand the call to Jonathan to wrap and close. We also have Fredrik, our CFO, on the line for Q and A.

Jonathan, over to you.

Jonathan, CEO, Innate Pharma: Thank you, Henry, and good morning to our U. S. Participants, and good afternoon to everybody in Europe. I’m happy to have the opportunity today to update you on the latest developments at Innate Pharma. Starting with Slide five, which illustrates our revised strategy.

As you remember, we updated our strategic focus for 2025, which we shared during our presentation at the JPMorgan Healthcare Conference in January. As a reminder, this is illustrated on Slide five. This strategy is focused on three key growth pillars that we believe will drive long term value for Innate Pharma, our shareholders and most importantly for patients. The first pillar is our NK cell engagers, the ANCAT platform, which continues to be a critical component of our strategy. We are advancing three key programs from this platform.

IPH65, our CD20 targeted ANCAD is currently in phase one. We’re excited about IPH65’s potential to address hematological malignancies and potentially autoimmune diseases. IPH sixty one rights will be returned to Innate as of July 1, and it is progressing in phase two and with phase one data already presented. It was also awarded fast track designation for the treatment of acute AML. We believe that this asset has potential to significantly impact patients’ lives.

IPH64, our BCMA target ANCAT is in Phase one in myeloma in partnership with Sanofi and will be transitioned into autoimmune disease. These three assets continue to drive our leadership in NK cell engager therapies. The second strategic pillar is our antibody drug conjugates. We’re particularly enthusiastic about IPH45 on NETIN4 targeted ADC. The IND cleared last year and the first patients were dosed in January 2025.

This differentiated TOPO-one ADC targets high, moderate, and low nectin-four expressing tumors. With nectin-four being expressed at varying levels in a range of large tumors, IPH45’s ability to bind low, moderate, and high expressing tumors preclinically significantly expands the potential product opportunity. We also have IPH43, our MYC AB targeted ADC program, which is in research further advancing our capabilities in ADCs. The third pillar is our current late stage assets. We’re committed to advancing our late stage programs, particularly lacutamab.

Following positive Phase II data, FDA feedback on next steps and the U. S. FDA breakthrough therapy designation, we are actively progressing partnership discussions. We are particularly pleased with the lacutamab BTD designation, which underscores its potential to treat Sezary Syndrome patients with high unmet medical need. Additionally, monalizumab continues to progress well with AstraZeneca in the PACIFIC-nine Phase three trial and we remain optimistic about Turning to Slide six, which highlights our impressive pipeline.

As you can see, we’re advancing a robust pipeline with eight innovative assets currently in the clinic. The highlights include our proprietary asset IPH65 for B cell lymphomas and our soon to be proprietary asset IPH61-one for AML. Our Sanofi partners asset IPH64-one, which is now being developed in autoimmune disease and our proprietary ADC IPH45 targeting nectin-four expressing solid tumors. In Phase II, we have proprietary cursory DL2 targeted antibody lacutamab for CTCL and PTCL. And finally, we have our AZ partnered asset monalizumab, which is being studied for neoadjuvant non small cell lung cancer and is in a Phase III study for unresectable stage III non small cell lung cancer.

These assets showcase the productivity of our R and D organization and our commitment to delivering breakthrough treatments across a range of cancers and autoimmune diseases. Turning to Slide seven, this summarizes the recent transaction with Sanofi. We’re very pleased that Sanofi chose to make a EUR 50,000,000 strategic equity investment into Innate Pharma, which reflects their excitement and confidence in the Ankit and our ADC platforms and the products which are in development. We’re pleased to have Sanofi as a significant company shareholder with a 9% holding in our stock. As part of the agreement, Sunofi will return the rights to the CD123 targeting ANCAT IPH6101, which they were pursuing in AML.

This will occur on July 1. As part of their broader strategic reprioritization, this is why the asset was returned. We will evaluate the data for IPH6101 once received and determine the next steps for this program. As a reminder, Sanofi had progressed IPH6101 into Phase two in treatment refractory AML patients and initiated a first line AML Phase one study in combination with Venetoclax and AZA Cytidine. The other aspects of the agreement with Sanofi remain unchanged.

They announced that they pivoted the BCMA targeted ANCAT IPH6401 from myeloma into autoimmune indications. They also have IPH6201, the B7 H3 targeted ANCAT and an undisclosed target as part of the agreement. The total potential milestones due on these assets is over $1,000,000,000 under our existing 2016 and 2022 agreements. Turning to Slide eight, this highlights our upcoming ASCO presentations. We are very pleased that the long term follow-up data for lacutamab has been accepted for presentation at ASCO and we will have updates of both the Sezary Syndrome data and mycosis fungoides data, which was used to support the FDA breakthrough designation.

And we’re excited that this data which will be shared at ASCO continues to mature and improve with time. We also have a trial in progress presentation for our differentiated nectin-four targeted ADC IPH4502 and AstraZeneca will present updates for monalizumab from the NEO OCOS-two trial ahead of the upcoming Phase three readout for PACIFIC-nine next year. I’ll now hand over to Yanis Morell, our COO, who will present preclinical data for IPH4502 and IPH6501, and in particular, new data which was recently presented at AACR in Chicago and which further differentiates IPH4502. Ioannis?

Yanis Morell, Chief Operating Officer, Innate Pharma: Thank you, Jonathan. I will now highlight the science behind our two strategic pillars that are the NK cell engager, NKT and the antibody drug conjugate. NKT is our proprietary first in class NK cell engager platform. It is a multi specific plug and play technology aiming at engaging NK cells to our tumor cells by triggering the most stable activating receptor effect on NK cell called NKT46. The interesting feature of this platform is that by swapping the tumor binding portion, it can produce multiple drug candidates addressing a variety of targets in oncology, but also in other diseases like autoimmune and inflammatory disease.

The recent transition into inflammation of SAR-five fourteen or so called IPH641, our BCMA ANCAT developed by Sanofi is illustrating that potential. On the next slide, Slide nine, I like to highlight the structure of IPH6501, our lead proprietary onCAT, which is now in the clinic. It’s a second generation NK cell engager targeting CD20 that’s specifically designed to eliminate B cells and to induce expansion of patients on NK cells. The unique design of IPH6501 involves several key components. First, there is an FAB targeting the tumor associated antigen, ERCD20 in a monovalent way.

Second, like in a regular antibody, there is an Fc portion that activates the NK cell receptor CD16. Then the third and key component of the molecule is the NKP46 binder. It targets the NKP46 activating receptor, which is the most specific marker of human NK cells and which expression is stable on NK cells in tissues and especially in the tumor infiltrating ones. Finally, the IL-two variant portions provides the proliferation signal that is redirected toward NK cells, helping them to increase their anti tumor activity. On the next slide, Slide 10, I like to highlight some of the key differentiating properties of IPH6501 over an approved CD20 T cell engager.

These data were published last year in Science Immunology. First, on the left, in in vitro assay, IPH6501 can deplete autologous CD20 positive B cells with greater efficacy than the T cell engager. Also on the right, you can see that IPH6501 induced significantly less pro inflammatory cytokines than its T cell engager counterpart in non human primates, thus limiting the risk of cytokine release syndrome in patients. On Slide 11, I will now highlight IPH4502, our lead proprietary ADC. We are very excited by this novel and differentiated Nectin-four Topo-one exatic and ADC that is currently in Phase one.

This asset is built with a proprietary humanized anti Nectin-four antibody, which binds with high affinity to a unique epitope of Nectin-four. With an active Fc, it’s inducing as well ADCC and CDC enhancing its immune response potential. The linker used is hydrophilic, stable and cleavable, ensuring high ADC exposure and low release of free exatican, which minimize potential side effects. The payload exatican is a potent topoisomerase one inhibitor. It has demonstrated bystander activity as well as strong activity in model resistance to MMA, which is a payload used in PATCEV, but also in several second generation Nectin-four targeting agents.

These properties allow IPH4502 to potentially target patients with low or heterogeneous Nectin-four expression due to the bystander effect, as well as patients pre exposed to MMA ADC either because they do not tolerate MMA or because they are refractory or became resistant to it. I will now highlight some of the recent data that we have presented at ACR in Chicago A Couple Of Weeks ago. Next slide. On Slide 12, it is shown that IPH4502 can induce strong anti tumoral efficacy in the bladder PDX model that became resistant to enfortumab vedotin. Indeed, starting from a bladder PDX model, which is sensitive to EV on the left, repeated injection of EV induced resistance over time and this resistance is related to the upregulation of the efflux pump MDR1 without loss of Nectin-four.

Indirectingly, as the expression of Nectin-four is maintained, like it’s observing patients treated with pad cells and as exaticam is not sensitive to MDR1, a single injection of IPH4502 can overcome this resistance and induce complete tumor regression. On the next slide, slide 10, then we have shown that IPH4502 has strong anti tumor activity in multiple non bladder Nectin-four expressing PDX tumor model, including here head and neck, TNBC and esophageal cancer. Indirectingly in these two last models TNBC and esophageal, we are making for expression is low or heterogeneous, PADCEV didn’t show efficacy, highlighting the potential of IPH4five zero two to address tumor types where PADCEV is not approved. Finally, on the next slide, in this last slide from our ACR poster, I like to highlight very interesting data benchmarking IPH four thousand five hundred two to PATSEV and to a homemade version of the NetEmpro TOPO ADC from Eli Lilly, which is in phase one as well. As you can see in the upper row, when NetEmpro expression is high, the three ADCs have similar efficacy.

However, in the lung cancer model with low next in for expression, ITH four thousand five hundred two is the only one to show good efficacy. It’s notable also that the biosimilar version of the Lilly candidate has no activity at all. And this is explained and actually shown in poster by a poor internalization and the weaker bystander effect compared to IPH four thousand five hundred two. I will now hand over to Sonya to highlight the clinical progress of our proprietary program.

Sonia Quarantino, Chief Medical Officer, Innate Pharma: Thank you very

: much, Yanis. And in the slide 16, I will now cover the proprietary clinical programs IPH sixty five zero one, our c d 20 targeting and K cell engager, IPH forty five zero two, the nectin four ADC, and then lacutamab, the anti q three d l two antibody developed in CTCL. In slide 16, you will find a high level overview of timelines for IPH sixty five zero one. This first in human trial is recruiting well. And throughout this year, we plan to complete the dose escalation, and we’ll look for initial safety data, PK and pharmacodynamic readouts, as well as any preliminary efficacy signals.

As a next step, we’ll open the dose optimization part of the study to select the optimal dose for subsequent studies and then open expansion cohort in non Hodgkin lymphoma subtypes. The emerging safety profile and the therapeutic window from the dose escalation will also indicate if this asset may be positioned in B cell mediated autoimmune diseases where rituximab is often used as a standard of care. In the next slide, we can move to the next program, IPH forty five zero two, our lead targeting nectin four. And following the IND clearance at the September 2024, the first patient was dosed earlier in January, and the first dose cohort was dosed within a week. We have recently received health authority authorization in France, and the French sites are also now operational alongside The US sites.

The study is recruiting very well. We are actively working to progress the dose escalation as quickly as possible, and we can foresee to be in the pharmacologically active range in the second half of the year. We are therefore looking to generate preliminary phase one safety data by the end of twenty twenty five and then to establish activity in nectin four expressing tumor types that express different level of nectin four from low to moderate and high. As a reminder, the rationale and design of this study will be presented as a trial in progress at the ASCO annual meeting in a couple of weeks. Now in the next slide, I’m excited to share the progress, with lacutamab, our first in class anti CAR T3DL two antibody.

This is an antibody that depletes the tumor cells that express Kir3DL2 and is currently under development for the treatment of cutaneous T cell lymphoma and peripheral T cell lymphoma, both of which are cancers with high unmet needs. Our phase two data in Cesare syndrome and Mycosis fungoides were presented at ASH twenty twenty three and ASCO twenty twenty four, and they were highly encouraging showing that lacutamab have the potential to make a significant impact on these, patients. We are thrilled to have received FDA breakthrough therapy designation in addition to the previous FDA Fast Track and EMA prime designation for SS patients who have failed at least two prior systemic therapies. This designation paved the way for a faster path to approval and are also testament to the strength of the data. Additionally, lacutamab has also been granted orphan drug designation for CTCL in The US, further emphasizing the critical role it could play in treating rare and challenging cancers.

We are very excited about the ongoing development of lacutamab and its potential to provide a significant benefit to patient with this difficult to treat cancers, and we are actively preparing the regulatory package to the FDA and for the EMA to receive authorization to proceed with the phase three trial. We continue to remain engaged with the FDA to finalize the phase three protocol, and discussion are progressing according to internal plans. In the next slide, we also look forward to the ASCO presentation on the long term follow-up for lacutamab in mycosis fungoides and Sezary syndrome and the compelling data that supported the breakthrough therapy designation. Now with the strong MF and SS data that we previously presented at ASH twenty twenty three and ASCO twenty twenty four, the breakthrough therapy designation and the supporting long term follow-up data that we are going to present at ASCO this year, there is an increased confidence in the potential of lacutamab. Our aim is to ensure that lacutamab gets to patients who need it as quickly as possible and to maximize the value via an accelerated approval.

We look forward to looking we look forward to update you with the PTCL trial that is performed by the Lysa group, and the trial is currently progressing well. I will now hand over back to Jonathan to close this meeting.

Jonathan, CEO, Innate Pharma: Thank you, Sonia, for the update. As you’ve heard, we have several upcoming r and d catalysts that can be meaningful to our long term growth. We have several programs coming out of our Ankit platform like our proprietary tetra specific ANCAT IPH6501, which is progressing well in Phase one. We also look forward to the first data from IPH4502, our ADC targeting NETIN-four, which is also progressing well in Phase one. Near term, we’re looking forward to the next steps for lacutamab, including finalizing the Phase three confirmatory study with FDA following the BTD designation, while advancing partnering discussions which are well underway.

Turning to Slide 22, I’d like to conclude our prepared comments with a few thoughts outlined on the slide. We have a differentiated pipeline with several first in class opportunities. We now have eight products in clinical development with four that are currently proprietary and four that are partnered. Our cash position of EUR72.5 million as of the March, excluding the EUR15 million received from Sanofi’s equity investment, will enable Innate to fund our operations through to mid-twenty twenty six. I would now like to open the call for Q and A.

Lacey, Conference Operator: Your first question comes from the line of Dana Grebosch with Leerink Partners. You may go ahead.

Dana Grebosch, Analyst, Leerink Partners: Hi. This is a question, guys. Sorry about my voice. I wonder if you could talk about as you look at the IPH six one zero one, CD one two three, and CAT. As you look to the data coming from your former partner and for ongoing.

What’s your bar there that it would be worth further investment internally from Innate, specifically on efficacy and safety? Thank you.

Jonathan, CEO, Innate Pharma: You. Yanis, do you want to take that one? Yes.

Yanis Morell, Chief Operating Officer, Innate Pharma: I think Dana. Yanis speaking. Yes, thank you for your question. I think it’s a bit too early. Actually just signed the restructuring of this agreement.

We did not get the entire package of the data. We will start conditioning the asset back to Innate with an effective condition completed with a due date for the completion of the condition by July 1. So it’s current year process that is ongoing.

Dana Grebosch, Analyst, Leerink Partners: Understand the process, and I understand you haven’t seen the data yet, but do you not have any strategic guiding principles before you see the data about what your bar would be before looking at it?

Jonathan, CEO, Innate Pharma: Maybe I can come in here, Dana. I think depends on the setting we look to take it into, and I think that depends on seeing the data. We need to see whether this is a product for the refractory setting or whether it’s a product for the first line AML setting, or is this a product that should be used for maintenance? And to be able to make those decisions, we we need to see the data and understand where that can take us. And I think there would obviously be different bars for each of those different settings, and and it would lead to a a potentially different decision.

So it is a little early to answer your question, but yeah, watch this space. I mean, I think hopefully in the next few weeks, will get at least the first cut of data back from Sanofi so we’ll be able to understand a little better what’s been happening in those studies. And then I think that can guide us. Then hopefully, by the time of the full transition at the July, we’ll be in a position to make some firmer statements about what we plan to do with the product.

Lacey, Conference Operator: Your next question comes from the line of Swayampakula Ramakanth with HCW. You may go ahead.

Sonia Quarantino, Chief Medical Officer, Innate Pharma: Thank you. Thanks for the call. So, Jonathan, just at the high high level, you know, with 87 and change in million in the bank, you have three assets that that, you know, you’re kind of working on with the with the Sanofi product coming back and also, the $65.00 1 and $45.00 2. So what’s the, what’s the high level strategy here in terms of, making sure that you can take these products forward with looks like the industry is having a tough time with financing right now. So how are you thinking through in terms of utilizing your resources in the right way?

Jonathan, CEO, Innate Pharma: Yes. I mean, first of all, were very happy to receive the strategic investment from Sanofi, which I think as you just pointed out, brings our cash to almost 90,000,000. That gives us some options in terms of what we do next. Built into our plans, we basically have the ability to take sixty five zero one and forty five zero two through to the next decision points, which are clearly high in our strategic thinking. There are key priorities in terms of making sure that we get through to those points which will hopefully generate data, which will allow us to potentially secure further funding via partnerships or via an investment phrase.

So that basically is the strategies around getting through to those next inflection points, particularly for forty five zero two and sixty five zero one, and that’s where we’re putting our focus and our effort. Then of course, making sure that we establish hopefully a partnership for lacutamab which will fund the future development of lacutamab and the confirmatory study that will be required to take advantage of the accelerated approval opportunity in The US for Sezary Syndrome. So they’re really, from our perspective, where we’re putting our time and attention and making sure that we’re adequately funding those programs to make sure that we can go as fast as possible. And I think we’ve demonstrated that we’re going fast. And I think 04/2002 is a good example of that where we went from IND to first patients recruited at the January in a very quick period of time.

Think it’s probably as good as it gets in our industry. We’re seeing that program continue to move very quickly in terms of recruitment and which will hopefully put us in a place to be able to share data later in the year. That’s really the strategic focus from the company at this perspective. Now, we have to take IPH6101 on top of that and really identify what we want to do with this asset. Do we want to partner it out again?

That’s also that’s a potential opportunity. Do we want to find a way to be able to take this forward ourselves? And again, as I mentioned in the previous question, we need to understand the data a little better to understand which setting is the right one to take the product into to understand what it would take to do that in terms of funding. So that’s where we’re at today. But I think the key message is our focus is around 04/2002 and 06/2001.

Sonia Quarantino, Chief Medical Officer, Innate Pharma: Thanks for all that color. On the lepithomib, you know, the the long term follow ups data that you’re gonna put out in couple of weeks here, how much of that data is being sought sought after in in your conversations with with potential suitors?

Jonathan, CEO, Innate Pharma: Yeah. That’s data that’s in that is in the data room that we provide to the companies that are that are basically under CDA, and that that is an important part of the of the the consideration of partner companies because as I alluded to earlier, the the and as Sonia alluded to, the data with time continues to get better and significantly better. And that makes the argument or the case around lacutamab even stronger, which is why FDA gave a BTD designation for the product a couple of months ago. So yes, it’s important data.

Sonia Quarantino, Chief Medical Officer, Innate Pharma: Thank you. Thank you, Jonathan, and good luck with everything.

Lacey, Conference Operator: Your next question comes from the line of Rajan Sharma with Goldman Sachs. You may go ahead.

Swayampakula Ramakanth, Analyst, HCW: Hello. Thanks for taking my question. So I had one on the B7 H3 Ankit. I think it’s IPH62, which is partnered with Sanofi. It seems like the B7 H3 development landscape is becoming quite crowded.

So it’d be helpful just to get your perspectives on the rationale for the target. And also, if you could just discuss why this may be a better target for the ANKIT platform rather than an ADC, which seems to be the modality that most companies are using to target it? Thank you.

Jonathan, CEO, Innate Pharma: Thank you, Rajan. I think Janus can take this one. Hi, Rajan.

Yanis Morell, Chief Operating Officer, Innate Pharma: So this program is actually the basis of our collaboration expansion with Sanofi in ’22. It’s a target on which we were working for quite some time at the at the research level and for which we had a very very very good and impressive efficacy data in in preclinical model. So that’s that’s why Sanofi decided to to take a license on this one. And and then I would say for the mid to long term development strategy, it’s more a question for for Sanofi. I I agree with you that the the target is is getting more and more attention, especially for the ADC.

But having this alternative or to go on mechanism, which is an immune mechanism within case cells could be also very a very interesting way to to target b seven h three.

Henry Wheeler, Vice President of Investor Relations, Innate Pharma: Thank you, Rajan. Operator, could you prompt for further questions? And then I have another question offline.

Lacey, Conference Operator: Okay.

Henry Wheeler, Vice President of Investor Relations, Innate Pharma: Thank you. So a question I received offline from Osema Dengir at ODDO. On financial visibility, does the current financial visibility include the Phase three for lacutamab? Are you considering financing options? And if yes, what options would be favored in that case?

Jonathan, CEO, Innate Pharma: So maybe I can take this one. So in our current cash runway, it does not include the Phase III confirmatory study for lucutamab. In terms of how we’re looking to move forward, our preferred option, I as we mentioned is to establish a partnership where the partner would basically pick up the cost of the confirmatory Phase three study. Having said that, what I think we’ve said many times is we won’t do a bad deal for lacutamab and we won’t give this product away because we believe that this has a significant potential in excess of $500,000,000 It’s hitting a very high unmet medical need for patients. It has a very good reputation as a product amongst clinical investigators.

So we’re clearly not going to give this away. So we are exploring alternative options and you can imagine all of the various alternatives that would be possible, we’re looking at those options and our objective is to have basically a range of options to choose from at the point when we need to initiate the phase three study either with a partner or finding a way to fund this ourselves if we need to. That’s basically where we’re at today. Okay. I think that was it.

I think that was the one. There are no more questions. So I’d like to thank you for your attention, and we’ll close the call. I wish you all a great

Lacey, Conference Operator: Ladies and gentlemen, that concludes today’s call. Thank you all for joining. You may now disconnect.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.