- Positive final results of lacutamab TELLOMAK Phase 2 trial
in Sézary syndrome presented at ASH Annual Meeting 2023; final data
in mycosis fungoides to be shared at an upcoming medical
congress
- Licensing of a fourth NK cell engager ANKET® by Sanofi,
triggering a €15m payment to Innate; ANKET® partnered assets
progressing well with two molecules in clinical trials
- First patient dosed in Phase 1/2 clinical trial with
IPH6501, a proprietary second generation ANKET® in B-cell
Non-Hodgkin’s Lymphoma
- IPH45, a pre-IND anti-Nectin-4 Antibody Drug Conjugate,
selected for oral presentation at AACR 2024
- New Executive Board formed with Hervé Brailly, interim Chief
Executive Officer, Yannis Morel, Chief Operating Officer, Sonia
Quaratino, Chief Medical Officer, and Arvind Sood, President of US
Operations
- Cash position of €102.3 million1 as of December 31, 2023
excluding the €15m from Sanofi, anticipated cash runway to end of
2025
- Conference call to be held today at 2:00 p.m. CET / 9:00
a.m. EDT
Regulatory News:
Innate Pharma SA (Euronext Paris: IPH; Nasdaq: IPHA)
(“Innate” or the “Company”) today reported its
consolidated financial results for the year ending December 31,
2023. The consolidated financial statements are attached to this
press release.
“We ended 2023 with a cash runway to the end of 2025 and
achieved significant milestones in advancing our pipeline," said
Hervé Brailly, Chief Executive Officer ad interim of Innate
Pharma. "We reported positive data with lacutamab in Sézary
syndrome, began Phase 1 testing of our proprietary,
second-generation ANKET® IPH6501 and secured further validation of
our ANKET® platform with Sanofi having licensed four ANKET®
candidates for hematologic malignancies and solid tumors. The Phase
3 trial for monalizumab in non-small lung cancer that is being led
by Astra Zeneca continues to advance. Looking ahead to 2024, we
expect notable milestones including final results from the TELLOMAK
Phase 2 trial with lacutamab in mycosis fungoides, and progressing
our first proprietary ADC program, IPH45 towards an IND
filing.”
Webcast and conference call
will be held today at 2:00pm CET (9:00am EDT)
Access to live webcast:
https://events.q4inc.com/attendee/435604632
Participants may also join via
telephone using the registration link below:
https://registrations.events/direct/Q4I409542
This information can also be
found on the Investors section of the Innate Pharma website,
www.innate-pharma.com.
A replay of the webcast will be
available on the Company website for 90 days following the
event.
1 Including short term investments
(€21.9m) and non-current financial instruments (€9.8m).
Pipeline highlights:
Lacutamab (anti-KIR3DL2
antibody):
Cutaneous T Cell lymphoma
- Innate reported positive final data from the Phase 2 TELLOMAK
study in Sézary syndrome at the American Society of Hematology
(ASH) 2023 Annual Congress. Data demonstrate that lacutamab showed
robust clinical activity and an overall favorable safety profile.
In this heavily pre-treated population, post-mogamulizumab, with a
median of five prior lines of therapy, the global confirmed
objective response rate (ORR) was 37.5% (21/56). Confirmed ORR in
the skin was 46.4% (26/56) and confirmed ORR in the blood was 48.2%
(27/56). Median progression-free survival was 8.0 months (95%
confidence interval [CI] 4.7-21.2).
- In 2023, Innate reported interim data with lacutamab in mycosis
fungoides (MF) patients at the EORTC Cutaneous Lymphoma Tumour
Group Annual Meeting (September 2023) and the 17th International
Conference on Malignant Lymphoma (June 2023). The interim data set
confirmed clinical activity and favorable safety profile of
lacutamab in line with the Phase 1 data.
- The top-line results in MF patients are currently being
analyzed and Innate intends to present the data in 2024 at a
medical conference.
- In January 2024, Innate announced that the US Food and Drug
Administration (FDA) has lifted the partial clinical hold
previously placed on the lacutamab IND on October 2023 following a
patient death in the TELLOMAK study. The FDA decision to lift the
partial clinical hold is based on the FDA review of the fatal case
which Innate, together with a steering committee of independent
experts, determined to be related to aggressive disease progression
and lacutamab unrelated.
Peripheral T Cell lymphoma
(PTCL)
- Despite objective responses observed, the Company-sponsored
Phase 1b clinical trial evaluating lacutamab as monotherapy in
patients with KIR3DL2-expressing refractory/relapsing PTCL will not
be reopened to recruitment as the prespecified threshold for
meaningful clinical activity was not reached.
- At the ASH Annual Congress 2023, Innate presented a poster with
preclinical data demonstrating a synergistic effect between
lacutamab and chemotherapy in preclinical models of PTCL,
supporting the rationale for combination strategy in this clinical
indication.
- The Phase 2 KILT (anti-KIR in T Cell Lymphoma) trial, an
investigator-sponsored, randomized trial led by the Lymphoma Study
Association (LYSA) to evaluate lacutamab in combination with
chemotherapy GEMOX (gemcitabine in combination with oxaliplatin)
versus GEMOX alone in patients with KIR3DL2-expressing
relapsed/refractory PTCL is ongoing.
ANKET® (Antibody-based NK cell Engager
Therapeutics):
ANKET® is Innate’s proprietary platform for developing
next-generation, multi-specific NK cell engagers to treat certain
types of cancer. Innate’s pipeline includes five public drug
candidates born from the ANKET® platform: SAR443579
(SAR’579/IPH6101) (CD123-targeted), SAR445514 (SAR’514/IPH6401)
(BCMA-targeted), IPH62 (B7-H3-targeted), IPH67 (target undisclosed,
solid tumors) and tetra-specific IPH6501 (CD20-targeted with
IL-2v). Several other undisclosed proprietary preclinical targets
are being explored.
SAR’579, SAR’514, IPH62 and IPH67 (partnered with
Sanofi)
SAR443579/IPH6101
- The Phase 1/2 clinical trial by Sanofi is progressing well,
evaluating SAR443579 / IPH6101, a trifunctional anti-CD123
NKp46×CD16 NK cell engager and ANKET® platform lead asset, in
patients with relapsed or refractory acute myeloid leukemia (R/R
AML), B-cell acute lymphoblastic leukemia (B-ALL) or high-risk
myelodysplastic syndrome (HR-MDS).
- At the ASH Annual Congress 2023, Sanofi reported updated
efficacy and safety results and data across all dose levels tested
for SAR443579. As of October 23, 2023, 43 patients (42 R/R AML and
1 HR-MDS) across 8 Dose Levels (DLs) at 10 – 6000 μg/kg/dose were
included. Patients had received a median of 2.0 (1.0 – 10.0) prior
lines of treatment with 13 patients (30.2%) reporting prior
hematopoietic stem cell transplantation and 36 patients (83.7%)
with prior exposure to venetoclax. In DLs with a highest dose of
1000 μg/kg QW, 5/15 AML (33.3%) patients achieved a CR (4 CR / 1
CRi) as of the cut-off date. As of the data cut-off on October 23,
2023, two responders remain in remission after more than 12 and 14
months of treatment. SAR443579 was well tolerated up to doses of
6000 μg/kg QW with observed clinical benefit in patients with R/R
AML. The results are consistent with the predicted favorable safety
profile.
- Preliminary Pharmacokinetics (PK) and Pharmacodynamic (PD)
Analysis of the CD123 NK Cell Engager SAR’579/IPH6101 in patients
with relapsed or refractory AML, B-ALL or HR-MDS were presented
during the ESMO (European Society for Medical Oncology) Congress
2023.
- The U.S. Food and Drug Administration (FDA) has granted Fast
Track Designation for SAR’579 / IPH6101 for the treatment of acute
myeloid leukemia.
SAR’514/IPH6401
- The Phase 1/2 clinical trial with SAR’514 / IPH6401, a
trifunctional anti-BCMA Nkp46xCD16 NK cell engager, led by Sanofi,
in patients with Relapsed/Refractory Multiple Myeloma and
Relapsed/Refractory Light-chain Amyloidosis is ongoing.
IPH62
- As announced on December 19, 2022, Sanofi licensed IPH62, a NK
cell engager program targeting B7-H3 from Innate’s ANKET® platform.
Upon candidate selection, Sanofi will be responsible for all
development, manufacturing and commercialization. Under the terms
of the research collaboration and license agreement signed in
December 2022, Innate received a €25m upfront payment and is
eligible for up to €1.35bn total in preclinical, clinical,
regulatory and commercial milestones plus royalties on potential
net sales.
IPH67
- In December 2023, Sanofi exercised its option to license a NK
cell engager program in solid tumors from Innate’s ANKET® platform
pursuant to the terms of the research collaboration and license
agreement signed in December 2022. Following a research
collaboration period, Sanofi will be responsible for all
development, manufacturing and commercialization. Sanofi still
retains the option to one additional ANKET® target. Innate received
a €15m payment as option exercise.
IPH6501 (proprietary)
- In March 2024 the first patient was dosed in the Phase 1/2
clinical trial evaluating IPH6501, Innate’s proprietary
CD20-targeted IL-2v bearing second-generation ANKET® in B cell
Non-Hodgkin’s lymphoma (B-NHL). The study is ongoing and planned to
enroll up to 184 patients.
- Innate presented preclinical data on IPH6501 at the European
Hematology Association (EHA) 2023 congress. In preclinical
settings, IPH6501 was shown to induce NK cell proliferation and to
trigger high NK cell cytotoxicity against CD20+ target cells in in
vitro assays, in ex vivo assays with relapse/refractory (R/R) B-NHL
patient samples who received at least one prior treatment, as well
as in in vivo studies in non-human primates. A surrogate of IPH6501
mediated a potent anti-tumor activity in vivo in CD20+ tumor models
in mice. In addition, in ex vivo assays with R/R B-NHL patient
samples, IPH6501 was shown to be more efficient than a T-cell
engager targeting CD20.
Monalizumab (anti-NKG2A antibody),
partnered with AstraZeneca:
- The Phase 3 PACIFIC-9 trial run by AstraZeneca evaluating
durvalumab (anti-PD-L1) in combination with monalizumab or
AstraZeneca’s oleclumab (anti-CD73) in patients with unresectable,
Stage III non-small cell lung cancer (NSCLC) who have not
progressed following definitive platinum-based concurrent
chemoradiation therapy (CRT) is ongoing.
IPH5201 (anti-CD39), partnered with
AstraZeneca:
- The MATISSE Phase 2 clinical trial conducted by Innate in
neoadjuvant lung cancer for IPH5201, an anti-CD39 blocking
monoclonal antibody developed in collaboration with AstraZeneca, is
ongoing and recruitment is on track.
IPH5301 (anti-CD73):
- The investigator-sponsored CHANCES Phase 1 trial of IPH5301 by
Institut Paoli-Calmettes is ongoing.
Antibody Drug
Conjugates:
- Fueling its R&D pipeline, Innate continues to develop
different approaches for the treatment of cancer utilizing its
antibody engineering capabilities to deliver novel assets, with its
innovative ANKET® platform and exploring Antibody Drug Conjugates
(ADC) formats. Beyond its proprietary programs, Innate has an
ongoing agreement with Takeda on ADCs.
IPH45 (Nectin-4 ADC):
- IPH45 is Innate’s proprietary Nectin-4 targeting antibody drug
conjugate including a Topoisomerase I inhibitor payload. IPH45
continues towards IND filing this year.
- Innate will share first preclinical data with IPH45 in an oral
presentation at the American Association for Cancer Research (AACR)
2024.
Takeda license agreement:
- In April 2023, Innate announced that it has entered into an
exclusive license agreement with Takeda under which Innate grants
Takeda exclusive worldwide rights to research and develop antibody
drug conjugates (ADC) using a panel of selected Innate antibodies
against an undisclosed target, with a primary focus in Celiac
disease. Under the terms of the license agreement, Innate received
a $5m upfront payment and is eligible to receive up to $410m in
future development, regulatory and commercial milestones if all
milestones are achieved during the term of the agreement, plus
royalties on potential net sales of any commercial product
resulting from the license.
Corporate Update:
- On April 26, 2023, Innate announced the establishment of an
At-The-Market (ATM) program, pursuant to which it may, from time to
time, offer and sell to eligible investors a total gross amount of
up to $75 million American Depositary Shares (“ADS”). Each ADS
representing one ordinary share of Innate. As of December 31, 2023,
the balance available under our April 2023 sales agreement remains
at $75 million.
- Dr. Sonia Quaratino, MD, PhD, has been appointed as Executive
Vice President and Chief Medical Officer of Innate Pharma,
effective October 2023.
- On December 18, 2023, Innate announced that Mondher Mahjoubi
has resigned from his position as Chief Executive Officer (CEO) and
Chairman of the Executive Board of the Company, effective as of
January 2024. Hervé Brailly, Innate Pharma’s Chairman of the
Supervisory Board, former CEO and co-founder was appointed as
interim CEO and Chairman of the Executive Board while a permanent
successor is sought.
- Irina Staatz-Granzer, who has been Vice-Chairwoman of the
Supervisory Board for several years was appointed Chairwoman of the
Supervisory Board.
Post period event
- Early January 2024, Innate announced that it has strengthened
the Company’s leadership and corporate governance with the
appointment of two new Executive Board members. Arvind Sood,
Executive Vice President (EVP), President of US Operations, Dr
Sonia Quaratino, EVP, Chief Medical Officer, joining Hervé Brailly,
interim Chief Executive Officer and Yannis Morel, EVP, appointed
Chief Operating Officer.
- Innate announced that Arvind Sood had joined the Company in a
newly created position of Executive Vice President and President of
US Operations.
Financial highlights for 2023:
The key elements of Innate’s financial position and financial
results as of and for the year ended December 31, 2023 are as
follows:
- Cash, cash equivalents, short-term investments and financial
assets amounting to €102.3 million (€m) as of December 31, 2023
(€136.6m as of December 31, 2022), including financial instruments
amounting to €9.8m (€35.1m as of December 31, 2022). Cash, cash
equivalents as of December 31, 2023 do not include the €15.0
million payment made by Sanofi following the exercise of the
license option announced in December 2023. This amount was received
by the Company in January 2024.
- As of December 31, 2023, financial liabilities amount to €39.9m
(€42.3m as of December 31, 2022). This change is mainly due to loan
repayments.
- Revenue and other income from continuing operations amounted to
€61.6m in 2023 (2022: €57.7m, +6.9%). It mainly comprises revenue
from collaboration and licensing agreements (€51.9m in 2023 vs
€49.6m in 2022, +4.7%), and research tax credit (€9.7m in 2023 vs
€7.9m in 2022, +22.8%):
- 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,
Sanofi and Takeda. They results from the partial or entire
recognition of the proceeds received pursuant to the agreements
with AstraZeneca, Sanofi and Takeda. They are recognized when the
entity's performance obligation is met. Their accounting is made 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) Revenue from collaboration and licensing agreements for
monalizumab decreased by €12.9m to €9.5m in 2023 ( €22.4m in 2022).
This change mainly results from the transaction price increase of
€13.4m ($14.0m), in the first half of 2022, triggered by the launch
of the “PACIFIC-9” Phase 3 trial announced on April 29, 2022. As a
reminder, this increase in the transaction price generated a €12.6
million favorable cumulative adjustment in the revenue related to
monalizumab agreements as of December 31,2022;
- (ii) Revenue related to the research collaboration and
licensing agreement signed with Sanofi in 2022 amounted €34.7m as
of December 31, 2023. On January 25, 2023, the Company announced
the expiration of the waiting period under the Hart-Scott-Rodino
(HSR) Antitrust Improvements Act of 1976 and the effectiveness of
the licensing agreement as of January 24, 2023. Consequently, the
Company received an upfront payment of €25.0m in March 2023,
including €18.5m for the exclusive license, €1.5m for the research
work and €5.0m for the two additional targets options, for which
the Company will recognize the related revenues either at the
reporting date or three years after the effective date. The €18.5m
upfront payment relating to the exclusive license has been fully
recognized in revenue since June 30, 2023. On December 19, 2023,
the Company announced that Sanofi had exercised one of the two
license options for a new program based on the Company's ANKET®
platform. This decision triggered a milestone payment of €15.0m,
including €13.3m for the exclusive license, fully recognized in
revenue as of December 31, 2023, and €1.7m for research work to be
carried out by the Company as well as the recognition in revenue of
an amount of €2.5m initially received in March 2023 in connection
with this option;
- (iii) Revenue related to the license and collaboration
agreement signed with Sanofi in 2016 decreased by €2.0m, to €2.0m
for year ended December 31, 2023, as compared to €4.0m for year
ended December 31, 2022. The Company announced that, in June 2023,
the first patient was dosed in a Sanofi-sponsored Phase 1/2
clinical trial evaluating SAR'514/IPH6401 in relapsed or refractory
Multiple Myeloma. As provided by the licensing agreement signed in
2016, Sanofi made a milestone payment of €2.0 million, fully
recognized in revenue since of June 30, 2023. This amount was
received by the Company on July 21, 2023. As a reminder, the
revenue recognized 2022 mainly resulted from Sanofi's decision to
advance SAR'514/IPH6401 into investigational new drug (IND)-
enabling studies. This decision triggered a €3.0 million milestone
payment from Sanofi to the Company, fully recognized in revenue as
of June 30, 2022;
- (iv) Revenue related to the licensing agreement signed with
Takeda in 2023 amounted €4.6m for year ended December 31, 2023. On
April 3, 2023, the Company announced that it has entered into an
exclusive license agreement with Takeda under which Innate grants
Takeda exclusive worldwide rights to research and develop antibody
drug conjugates (ADC) using a panel of selected Innate antibodies
against an undisclosed target, with a primary focus in Celiac
disease. Takeda will be responsible for the future development,
manufacture and commercialization of any potential products
developed using the licensed antibodies. As such, the Company
considers that the license granted is a right to use the
intellectual property, which is granted fully and perpetually to
Takeda. The agreement does not stipulate that Innate's activities
will significantly affect the intellectual property granted during
the life of the agreement. Consequently, the $5.0m (or €4.6m)
initial payment, received by the Company in May 2023, was fully
recognized in revenue since June 30, 2023.
- The research tax credit (CIR) of €9.7m of as December 31, 2023
(€7.9m for year ended December 31 December, 2022, including 2022
fiscal year CIR for an amount of €9.2 million reduced by €1.3
million related to a provision following the tax inspection carried
out in 2022 by the French tax authorities).
- Operating expenses from continuing operations and before
impairment amounted to €74.3m in 2023 (2022: €74.1m, +0.3%):
- General and administrative (G&A) expenses from continuing
activities amounted to €18.3m in 2023 (2022: €22.4m, -18.5%). This
variation results cumulatively from (i) a reduction in personnel
expenses, (ii) a reduction in non-scientific fees, (iii) the
pursuit of cost savings (reduction in office space), (iv) a
reclassification of expenses relating to the support of R&D
laboratory activities (maintenance, depreciation of R&D
equipment) in the amount of €1.0 million.
- Research and development (R&D) expenses from continuing
activities amounted to €56.0m in 2023 (2022: €51.7m, +8.4%). This
change was mainly due to an increase in direct research and
development expenses, notably for non-clinical development
programs, partially offset by a decrease in expenses for clinical
programs over the period. Indirect research and development
expenses increased, mainly in the fields of personnel costs and
depreciation, amortization and impairment.
- As a reminder, as of December 31, 2022, the Company recognized
the full impairment of the avdoralimab intangible asset (anti-C5aR
rights) for an amount of €41,0m (non-cash expense) following the
Company’s decision to stop avdoralimab development in bullous
pemphigoid indication in inflammation.
- A net financial income of €5.1m in 2023 (2022: €0.5m
loss).
- Net income from Lumoxiti discontinued operations are nil for
year ended December 31, 2023 as compared to a net loss of €0.1m for
year ended December 31, 2022 corresponding to residual costs
associated with the transfer of activities to AstraZeneca. This
transfer has now been completed.
- A net loss of €7.6m in 2023 (2022: net loss of €58.1m).
The table below summarizes the IFRS consolidated financial
statements as of and for the year ended December 31, 2023,
including 2022 comparative information.
In thousands of euros, except for data
per share
December 31, 2023
December 31, 2022
Revenue and other income
61,641
57,674
Research and development
(56,022)
(51,663)
Selling, general and administrative
(18,288)
(22,436)
Total operating expenses
(74,310)
(74,099)
Operating income (loss) before
impairment
(12,669)
(57,425)
Impairment of intangible asset
—
(41,000)
Operating income (loss) after
impairment
(12,669)
(57,425)
Net financial income (loss)
5,099
(546)
Income tax expense
—
—
Net income (loss) from continuing
operations
(7,570)
(57,972)
Net income (loss) from discontinued
operations
—
(131)
Net income (loss)
(7,570)
(58,103)
Weighted average number of shares
outstanding (in thousands)
80,453
79,640
Basic income (loss) per share
(0.09)
(0.73)
Diluted income (loss) per share
(0.09)
(0.73)
Basic income (loss) per share from
continuing operations
(0.09)
(0.73)
Diluted income (loss) per share from
continuing operations
(0.09)
(0.73)
Basic income (loss) per share from
discontinued operations
—
—
Diluted income (loss) per share from
discontinued operations
—
—
December 31, 2023
December 31, 2021
Cash, cash equivalents and financial
asset
102,252
136,604
Total assets
184,193
207,863
Shareholders’ equity
51,901
54,151
Total financial debt
39,893
42,251
About Innate Pharma:
Innate Pharma S.A. is a global, clinical-stage biotechnology
company developing immunotherapies for cancer patients. Its
innovative approach aims to harness the innate immune system
through therapeutic antibodies and its ANKET®
(Antibody-based NK cell Engager
Therapeutics) proprietary platform.
Innate’s portfolio includes lead proprietary program lacutamab,
developed in advanced form of cutaneous T cell lymphomas and
peripheral T cell lymphomas, monalizumab developed with AstraZeneca
in non small cell lung cancer, as well as ANKET® multi-specific NK
cell engagers to address multiple tumor types.
Innate Pharma is a trusted partner to biopharmaceutical
companies such as Sanofi and AstraZeneca, as well as leading
research institutions, to accelerate innovation, research and
development for the benefit of patients.
Headquartered in Marseille, France with a US office in
Rockville, MD, Innate Pharma is listed on Euronext Paris and Nasdaq
in the US.
Learn more about Innate Pharma at www.innate-pharma.com and
follow us on Twitter and LinkedIn.
Information about Innate Pharma shares:
ISIN code Ticker code LEI
FR0010331421
Euronext: IPH Nasdaq: IPHA
9695002Y8420ZB8HJE29
Disclaimer on forward-looking information and risk
factors:
This press release contains certain forward-looking statements,
including those within the meaning of the Private Securities
Litigation Reform Act of 1995.The use of certain words, including
“believe,” “potential,” “expect” and “will” and similar
expressions, is intended to identify forward-looking statements.
Although the Company believes its expectations are based on
reasonable assumptions, these forward-looking statements are
subject to numerous risks and uncertainties, which could cause
actual results to differ materially from those anticipated. These
risks and uncertainties include, among other things, the
uncertainties inherent in research and development, including
related to safety, progression of and results from its ongoing and
planned clinical trials and preclinical studies, review and
approvals by regulatory authorities of its product candidates, the
Company’s commercialization efforts, the Company’s continued
ability to raise capital to fund its development. For an additional
discussion of risks and uncertainties which could cause the
Company's actual results, financial condition, performance or
achievements to differ from those contained in the forward-looking
statements, please refer to the Risk Factors (“Facteurs de Risque")
section of the Universal Registration Document filed with the
French Financial Markets Authority (“AMF”), which is available on
the AMF website http://www.amf-france.org or on Innate Pharma’s
website, and public filings and reports filed with the U.S.
Securities and Exchange Commission (“SEC”), including the Company’s
Annual Report on Form 20-F for the year ended December 31, 2022,
and subsequent filings and reports filed with the AMF or SEC, or
otherwise made public, by the Company.
This press release and the information contained herein do not
constitute an offer to sell or a solicitation of an offer to buy or
subscribe to shares in Innate Pharma in any country.
Summary of Consolidated Financial Statements
and Notes as of December 31, 2023
Consolidated Statements of
Financial Position
(in thousand euros)
December 31, 2023
December 31, 2022
Assets
Cash and cash equivalents
70,605
84,225
Short-term investments
21,851
17,260
Trade receivables and others - current
55,557
38,346
Total current assets
148,012
139,831
Intangible assets
416
1,556
Property and equipment
6,322
8,542
Non-current financial assets
9,796
35,119
Other non-current assets
87
149
Deferred tax assets
9,006
8,568
Trade receivables and others -
non-current
10,554
14,099
Total non-current assets
36,181
68,033
Total assets
184,193
207,863
Liabilities
Trade payables and others
17,018
20,911
Collaboration liabilities – Current
portion
7,647
10,223
Financial liabilities – Current
portion
8,936
2,102
Deferred revenue – Current portion
5,865
6,560
Provisions – Current portion
171
1,542
Total current liabilities
39,637
41,338
Collaboration liabilities – Non current
portion
45,030
52,988
Financial liabilities – Non-current
portion
30,957
40,149
Defined benefit obligations
2,441
2,550
Deferred revenue – Non-current portion
4,618
7,921
Provisions – Current portion
603
198
Deferred tax liabilities
9,006
8,568
Total non-current liabilities
92,656
112,374
Share capital
4,044
4,011
Share premium
384,255
379,637
Retained earnings
(329,323)
(272,213)
Other reserves
495
819
Net income (loss)
(7,570)
(58,103)
Total shareholders’ equity
51,901
54,151
Total liabilities and shareholders’
equity
184,193
207,863
Consolidated Statements of Income (loss)
(in thousand euros)
December 31, 2023
December 31, 2022
Revenue from collaboration and licensing
agreements
51,901
49,580
Government financing for research
expenditures
9,729
8,035
Sales
11
59
Revenue and other income
61,641
57,674
Research and development expenses
(56,022)
(51,663)
Selling, general and administrative
expenses
(18,288)
(22,436)
Operating expenses
(74,310)
(74,099)
Operating income (loss) before
impairment of intangible assets
(12,669)
(16,425)
Impairment of intangible assets
—
(41,000)
Operating income (loss) after
impairment of intangible assets
(12,669)
(57,425)
Financial income
6,934
4,775
Financial expenses
(1,835)
(5,321)
Net financial income (loss)
5,099
(546)
Net income (loss) before tax
(7,570)
(57,972)
Income tax expense
—
—
Net income (loss) from continuing
operations
(7,570)
(57,972)
Net income (loss) from discontinued
operations
0
(131)
Net income (loss)
(7,570)
(58,103)
Net income (loss) per share:
(in € per share)
- basic income (loss) per share
(0.09)
(0.73)
- diluted income (loss) per share
(0.09)
(0.73)
- Basic income (loss) per share from
continuing operations
(0.09)
(0.73)
- Diluted income (loss) per share from
continuing operations
(0.09)
(0.73)
- Basic income (loss) per share from
discontinued operations
—
—
- Diluted income (loss) per share from
discontinued operations
—
—
Consolidated Statements of Cash Flows
(in thousand euros)
December 31, 2023
December 31, 2022
Net income (loss)
(7,570)
(58,103)
Depreciation and amortization
5,091
45,405
Employee benefits costs
285
365
Provisions for charges
(966)
839
Share-based compensation expense
4,256
4,249
Change in valuation allowance on financial
assets
(1,592)
1,372
Gains (losses) on financial assets
544
(912)
Change in valuation allowance on financial
assets
—
118
Gains (losses) on assets and other
financial assets
(991)
—
Disposal of property and equipment
(scrapping)
470
—
Other profit or loss items with no cash
effect
6
15
Operating cash flow before change in
working capital
(467)
(6,652)
Change in working capital
(32,091)
(12,503)
Net cash generated from / (used in)
operating activities:
(32,558)
(19,155)
Acquisition of intangible assets, net
(2,000)
(587)
Acquisition of property and equipment,
net
(351)
(535)
Acquisition of non-current financial
assets
—
—
Disposal of property and equipment
150
—
Disposal of other assets
66
—
Acquisition of other assets
(3)
(1)
Disposal of current financial
instruments
—
3,000
Disposal of non-current financial
instruments
22,768
Interest received on financial assets
—
—
Net cash generated from / (used in)
investing activities:
20,631
1,877
Proceeds from the exercise / subscription
of equity instruments
395
198
Proceeds from borrowings
—
—
Repayment of borrowings
(2,361)
(2,026)
Net interest paid
—
—
Net cash generated from financing
activities:
(1,966)
(1,828)
Effect of the exchange rate changes
274
(428)
Net increase / (decrease) in cash and
cash equivalents:
(13,619)
(19,532)
Cash and cash equivalents at the beginning
of the year:
84,225
103,756
Cash and cash equivalents at the end of
the year :
70,605
84,225
Revenue and other income
The following table summarizes operating revenue for the periods
under review:
In thousands of euro
December 31, 2023
December 31, 2022
Revenue from collaboration and licensing
agreements
51,901
49,580
Government financing for research
expenditures
9,729
8,035
Other income
11
59
Revenue and other income
61,641
57,674
Revenue from collaboration and licensing agreements
Revenue from collaboration and licensing agreements from
continuing operations increased by €2.3 million, to €51.9 million
for the year ended December 31, 2023, as compared to €49.6 million
for the year ended December 31, 2022. These revenues mainly result
from the partial or entire recognition of the proceeds received
pursuant to the agreements with AstraZeneca, Sanofi and Takeda.
They are recognized when the entity's performance obligation is
met. Their accounting is made 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. The
evolution in 2023 is mainly due to:
- A €12.9 million decrease in revenue related to monalizumab to
€9.5 million for the year ended December 31, 2023, as compared to
€22.4 million for the year ended December 31, 2022. This decrease
is mainly explained by the transaction price increase of €13.4
million ($14.0 million) in the first half of 2022 triggered by the
launch of the “PACIFIC-9” Phase 3 trial on April 28, 2022. As a
reminder, this change in the transaction price generated a €12.6
million favorable cumulative adjustment in the revenue related to
monalizumab agreements over the period. As of December 31, 2023,
the deferred revenue related to monalizumab amounts to €5.2 million
entirely classified as “Deferred revenue—Current portion” in
connection with the maturity of Phase 1/2 trials;
- Revenue related to IPH5201 are nil for the year ended December
31, 2023. The €4.7 million revenue for year ended December 31, 2022
resulted from the entire recognition in revenue of the $5.0 million
milestone payment received from AstraZeneca following the signature
on June 1, 2022 of an amendment to the initial contract signed in
October 2018. As a reminder, this amendment sets the terms of the
collaboration following AstraZeneca’s decision to advance IPH5201
to a Phase 2 study. The Company conducts the study. Both parties
share the external cost related to the study and incurred by the
Company and AstraZeneca provides products necessary to conduct the
clinical trial;
- As a reminder, during the 2022 first semester, the Company
received from AstraZeneca a notice that it will not exercise its
option to license the four preclinical programs covered in the
"Future Programs Option Agreement". This option agreement was part
of the 2018 multi-term agreement between AstraZeneca and the
Company under which the Company received an upfront payment of
$20.0 million (€17.4m). Innate has now regained full rights to
further develop the four preclinical molecules. Consequently, the
entire initial payment of $20.0 million, or €17.4 million was
recognized as revenue as of June 30, 2022;
- The recognition of €34.7 million in revenue as of December 31,
2023, relating to the research collaboration and licensing
agreement signed with Sanofi in 2022. On January 25, 2023, the
Company announced the expiration of the waiting period under the
Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 and the
effectiveness of the licensing agreement as of January 24, 2023.
Consequently, the Company received an upfront payment of €25.0m in
March 2023, including €18.5m for the exclusive license, €1.5m for
the research work and €5.0m for the two additional targets options,
for which the Company will recognize the related revenues either at
the reporting date or three years after the effective date. The
€18.5m upfront payment relating to the exclusive license has been
fully recognized in revenue since June 30, 2023. On December 19,
2023, the Company announced that Sanofi had exercised one of the
two license options for a new program based on the Company's ANKET®
platform. This decision triggered a milestone payment of €15.0m,
including €13.3m for the exclusive license, fully recognized in
revenue as of December 31, 2023, and €1.7m for research work to be
carried out by the Company. Following the notification of the
exercise of the option, the Company also recognized in revenue an
amount of €2.5m initially received in March 2023 and related to
this option. The cumulative payments of €3.2m received for research
work are recognized on a straight-line basis over the duration of
the research work that the Company has agreed to carry out. As of
December 31, 2023, the Company recognize in revenue an amount of
€0.4 million based on the stage of completion of this work. The
remaining amount of €2.8 million is recognized in deferred-revenue.
Sanofi still retains a license option for an additional ANKET®
target, in accordance with the license agreement. Consequently, the
corresponding upfront payment is also recognized in
deferred-revenue as of December 31, 2023 for an amount of
€2.5m;
- A €2.0 million decrease in revenue from the collaboration and
research license agreement with Sanofi, to €2.0 million for the
year ended December 31, 2023, as compared to €4.0 million for the
year ended December 31, 2022. The Company announced that, in June
2023, the first patient was dosed in a Sanofi-sponsored Phase 1/2
clinical trial evaluating SAR'514/IPH6401 in relapsed or refractory
Multiple Myeloma. As provided by the licensing agreement signed in
2016, Sanofi made a milestone payment of €2.0 million, fully
recognized in revenue since of June 30, 2023. This amount was
received by the Company on July 21, 2023. As a reminder, the
revenue recognized 2022 mainly resulted from Sanofi's decision to
advance SAR'514/IPH6401 into investigational new drug (IND)-
enabling studies. This decision triggered a €3.0 million milestone
payment from Sanofi to the Company, fully recognized in revenue as
of June 30, 2022;
- The recognition of €4.6 million in revenue as of December 31,
2023, relating to the licensing agreement signed with Takeda in
2023. On April 3, 2023, the Company announced that it has entered
into an exclusive license agreement with Takeda under which Innate
grants Takeda exclusive worldwide rights to research and develop
antibody drug conjugates (ADC) using a panel of selected Innate
antibodies against an undisclosed target, with a primary focus in
Celiac disease. Takeda will be responsible for the future
development, manufacture and commercialization of any potential
products developed using the licensed antibodies. As such, the
Company considers that the license granted is a right to use the
intellectual property, which is granted fully and perpetually to
Takeda. The agreement does not stipulate that Innate's activities
will significantly affect the intellectual property granted during
the life of the agreement. Consequently, the $5.0m (or €4.6m)
initial payment, received by the Company in May 2023, was fully
recognized in revenue since June 30, 2023;
- A €0.2 million decrease in revenue from invoicing of research
and development costs to €1.2 million for the year ended December
31, 2023, as compared to €1.4 million for the year ended December
31, 2022.
Government funding for research expenditures
Government funding for research expenditures increased by €1.7
million, or 21.1%, to €9.7 million for the year ended December 31,
2023, as compared to €8.0 million for the year ended December 31,
2022. As of December 31, 2023, government funding is mainly
comprised of research tax credit for for 2023 fiscal year for an
amount of €9.8 million as compared to €7.9 million euros for year
ended December 31, 2022. As a reminder, the 2022 research tax
credit included a reduction of €1.3 million related to a provision
following the tax inspection carried out in 2022 by the French tax
authorities. This provision was based on estimated amounts and
adjustments not disputed by the Company. The change in the research
tax credit is due to an increase in eligible expenses explained by
(i) the increase in depreciation on IPH5201 rights following the
full amortization of the additional payment of €2.0 million to
Orega Biotech following the dosing of the first patient in the
MATISSE Phase 2 clinical trial, compared with €0.6 million as of
December 31, 2022, and (ii) an increase in subcontracting expenses
in connection with the IPH6501 program and the launch of work on
the Lacutamab program. However, these increases are offset by the
decrease in amortization of the monalizumab intangible asset due to
the extension of the amortization period, as well as for certain
tangible assets which had reached the end of their amortization
period, and also by lower R&D personnel costs. The increase in
expenses eligible for the research tax credit is also due to the
absence of any grants received in 2023, which reduced the eligible
base, as compared to 2022, when the eligible base was reduced by
the receipt of the remaining repayable advance from the BPI for the
amount of €0,7 million to support the independent Phase 2 clinical
trial FOR COVID-19 Elimination (FORCE), evaluating the safety and
efficacy of avdoralimab in patients with severe COVID-19
pneumonia.
The research tax credit is calculated as 30% of the amount of
research and development expenses, net of grants received, eligible
for the research tax credit for the fiscal year.
Operating expenses
The table below presents our operating expenses from continuing
operations for the years ended December 31, 2023 and 2022:
In thousands of euros
December 31, 2023
December 31, 2022
Research and development expenses
(56,022)
(51,663)
Selling, general and administrative
expenses
(18,288)
(22,436)
Operating expenses
(74,310)
(74,099)
Research and development expenses
Research and development (“R&D”) expenses from continuing
operations increased by €4.4 million, or 8.4%, to €56.0 million for
the year ended December 31, 2023, as compared to €51.7 million for
the year ended December 31, 2022. This increase over the period is
mainly due to an increase in direct research and development
expenses of €2.7 million over the period due to the significant
increase in expenses relating to pre-clinical development programs,
partly offset by the decrease in expenses relating to clinical
programs. Research and development expenses represented a total of
75.4% and 69.7% of operating expenses for years ended December 31,
2023 and December 31, 2022, respectively.
Direct research and development expenses increased by €2.7
million, or 9.8%, to €30.2 million for the year ended December 31,
2023, as compared to direct research and development expenses of
€27.5 million for the year ended December 31, 2022. This increase
is mainly due to: (i) a €3.2 million increase in expenses related
to preclinical development programs relating notably to Antibody
Drug Conjugates - ADC field, partly offset by a €0.5 million
decrease in expenses related to the Company's clinical programs.
This decrease in clinical programs expenses mainly results from a
€0.4 million decrease in expenses relating to the monalizumab
program, a €0.2 million decrease in expenses relating to the
avdoralimab program and a €0.2 million decrease in expenses
relating to the lacutamab program, partly offset by a €0.7 million
increase in expenses related to the growth in IPH5201 Phase 2
trials patient recruitment.
Also, as of December 31, 2023, the collaboration liabilities
relating to monalizumab and the agreements signed with AstraZeneca
in April 2015, October 2018 and September 2020 amounted to €52.7
million, as compared to collaborations liabilities of €63.2 million
as of December 31, 2022. This decrease of €10.5m mainly results
from (i) net repayment of €8.4 million during year 2023 to
AstraZeneca linked to the Monalizumab cofinancing program,
including Phase 3 trial INTERLINK-1 launched in October 2020 and
PACIFIC-9 launched in April 2022, and (ii) the decrease of the
collaboration commitment ("collaboration liabilities" in the
consolidated statements of financial position) for an amount of
€2.0 million linked to the Euro-dollar parity exchange rate
variation.
Personnel and other expenses allocated to research and
development increased by €1.7 million, or 6.9%, to €25.8 million
for the year ended December 31, 2023, as compared to an amount of
€24.2 million for the year ended December 31, 2022. This increase
is due to the (i) €0.7 million increase in staff costs allocated to
research and development, of which €0.5 million in personnel
expenses and €0.2 million in share-based payment expenses, (ii)
increase of €1.0 million in depreciation and amortization. The line
item is mainly composed of the amortization of the monalizumab,
IPH5201 intangible assets.
General and administrative expenses
General and administrative (“G&A”) expenses from continuing
operations decreased by €4.1 million, or 18.5% to €18.3 million for
the year ended December 31, 2023 as compared to €22.4 million for
the year ended December 31, 2022. G&A expenses represented a
total of 24.6% and 30.3% of the total operating expenses for the
years ended December 31, 2023 and 2022, respectively.
Personnel expenses, which include the compensation paid to our
employees, decreased by €1.4 million, or 13.6%, to €8.8 million for
the year ended December 31, 2023, as compared to personnel expenses
of €10.2 million for the year ended December 31, 2022. This
decrease mainly results from a decrease in wages of €1.2 million as
well as a decrease of €0.2 million in share-based payment expenses
mainly explained by the decrease of employees.
Non-scientific advisory and consulting expenses mostly consist
of auditing, accounting, legal and hiring services. These expenses
decreased by €1.3 million, or 31.5%, to €2.9 million for the year
ended December 31, 2023, as compared to an amount of €4.2 million
for the year ended December 31, 2022. This decrease mainly results
from operating efficiency measures, which led to a reduction in the
number of new hires, and use of external communication and
consulting services.
Other general and administrative expenses relate to intellectual
property, depreciation and amortization and other general,
administrative expenses. These expenses decreased by €1.4 million
or 17.9% to €6.5 million for the year ended December 31, 2023, as
compared to an amount of €8.0 million for the year ended December
31, 2022.
This decrease related notably to savings (reduction in office
space) and a reclassification of R&D laboratory support costs
(maintenance, depreciation of R&D equipment) for €1.0 million
in R&D.
Impairment of intangible
assets
As a reminder, as of December 31, 2022, impairment of intangible
assets was linked to the full depreciation of the avdoralimab
intangible asset (anti-C5aR rights acquired from Novo/Nordisk A/S)
for an amount of €41.0 million (non-cash expense) following
Company’s decision to stop the development of avdoralimab in
bullous pemphigoid ("BP") indication in inflammation.
Financial income (loss),
net
We recognized a net financial gain of €5.1 million for the year
ended December 31, 2023, as compared to €0.5 million net financial
loss for the year ended December 31, 2022. This change mainly
results from interest income on financial investments (net gain of
€2.5 million in 2023), the change in the fair value of certain
financial instruments (net gain of €1.6 million in 2023 as compared
to a net loss of €1.6 million in 2022) and a net foreign exchange
gain of €0.9 million in 2023 as compared to a net foreign exchange
gain of €0.8 million in 2022.
Net loss from discontinued
operations
As a reminder, a Termination and Transition Agreement was
negotiated and executed, effective as of June 30, 2021 further to
the Company's decision to return the rights of Lumoxiti back to
AstraZeneca. Consecutively, activities related to Lumoxiti are
presented as discontinued operations since October 1, 2021. Thus,
the net income from discontinued operations related to Lumoxiti are
nil as of December 31, 2023 as compared to a net loss of €0.1
million as of December 31, 2022 corresponding to residual costs
associated with the transfer of activities to AstraZeneca. This
transfer has now been completed.
Balance sheet items
Cash, cash equivalents, short-term investments and financial
assets (current and non-current) amounted to €102.3 million as of
December 31, 2023, as compared to €136.6 million as of December 31,
2022. Net cash as of December 31, 2023 (cash, cash equivalents and
current financial assets less current financial liabilities)
amounted to €83.5 million (€99.4 million as of December 31,
2022).
The other key balance sheet items as of December 31, 2023
are:
- Deferred revenue of €10.5 million (including €4.6 million
booked as ‘Deferred revenue – non-current portion’) and
collaboration liabilities of €52.7 million (including €45.0 million
booked as ‘Collaboration liability – non-current portion’) relating
to the remainder of the initial payment received from AstraZeneca
with respect to monalizumab, not yet recognized as revenue or used
to co-fund the research and the development work performed by
AstraZeneca including co-funding of the monalizumab program with
AstraZeneca, notably the INTERLINK-1 and PACIFIC-9 Phase 3
trials;
- Intangible assets for a net book value of €0.4 million, mainly
corresponding to the rights and licenses relating to the
acquisitions of monalizumab (€1.6 million as of December 30, 2022);
variation between the two periods is mainly explained by
depreciation of NKG2A asset over the period;
- Current receivables of €55.6 million, including €29.8 million
from the French government related to the research tax credit for
the 2019 and 2020 tax years, for which the three-year period
expired on December 31, 2023. The CIR repayment for 2019 for an
amount of €16.7 million was made in February 2024. The repayment of
the 2020 CIR is expected in 2024 for an amount of €13.0 million.
Current receivables also include the €15.0 million invoice issued
in December 2023 following the exercise of the license option by
Sanofi. This amount was received by the Company in January
2024;
- Non-current receivables of €10.6 million from the French
government mainly resulting from the 2023 research tax credit (€9.8
million);
- Shareholders’ equity of €51.9 million, including the net loss
of the period of €7.6 million;
- Financial liabilities amounting to €39.9 million (€42.3 million
as of December 31, 2022).
Cash-flow items
The net cash flow used over the year ended December 31, 2023
amounted to €13.6 million, compared to a net cash flow used of
€19.5 million for the year ended December 31, 2022.
The net cash flow used during the period under review mainly
results from the following:
- Net cash used from operating activities of €32.6 million,
mainly explained by (i) the receipt of €25.0 million from Sanofi in
March 2023 following the entry into force of the research
collaboration and licensing agreement signed in December 2022 under
which the Company granted Genzyme Corporation, a wholly-owned
subsidiary of Sanofi ("Sanofi") an exclusive licence to Innate
Pharma's B7H3 ANKET® program and options on two additional targets,
(ii) the receipt in May 2023 of a payment of €4.6 million ($5,0
million) received from Takeda following the conclusion of an
exclusive licensing agreement under which Innate grants Takeda
exclusive worldwide rights for the research and development of
antibody conjugates (Antibodu Drug Conjugates - ADC), (iii) the
receipt in July 2023 of €2.0 million following the treatment of the
first patient in the Phase 1/2 clinical trial sponsored by Sanofi
evaluating IPH6401/SAR'514 in patients with relapsed or refractory
multiple myeloma. Lastly, (iv) during 2023, the Company benefited
from the early repayment of the research tax credit claim relating
to the 2022 financial year, amounting to €9.2 million, paid to the
Company by the French Treasury in July 2023. As a reminder, cash
flows used in operating activities for the year ended December 31,
2022, included successive (i) the collection of €47.7 million
($50.0 million) and €4.6 million ($5.0 million) in June 2022 and
August 2022,respectively, under the monalizumab agreement and the
amendment to the IPH5201 collaboration and option agreement, (ii)
the collection of €3.0 million received from Sanofi under the 2016
agreement and following Sanofi's decision to advance
IPH6401/SAR'514 into regulatory preclinical studies for an
investigational new drug, and (iii) in 2022, the Company collected
the early repayment of the research tax credit receivable relating
to the 2021 financial year for an amount of €10.3 million, paid to
the Company by the French Treasury in November 2022. These
collections were partially offset by the €5.9 million payment to
AstraZeneca on April 20, 2022 pursuant to the Lumoxiti termination
and transition agreement and cash outflows related to the Company's
operating activities. Not considering these specific effects , net
cash flows used by operating activities for the year ended
December, 2023 decreased by €5.5 million. This decrease is mainly
explained by the decrease in the Company's research and development
activities, notably related to preclinical trials, and also by
higher cash outflows related to the re-invoicing of costs to
AstraZeneca for the Phase 3 trials evaluating monalizumab,
INTERLINK-1 and PACIFIC-9, in accordance with the Company's
co-financing commitments and the reduction in staff costs related
to the reduction of staff in the Company. Also, net cash flow
consumed by operating activities in connection with the Lumoxiti
discontinued operation are nil for the year ended December 31, 2023
as compared to € 5.1 million for the year 2022. In 2022, the cash
consumption related to the payment to AstraZeneca of €5.9 million
in April 2022 under the termination and transition agreement for
Lumoxiti.
- Net cash generated in investing activities for an amount of
€20.6 million, mainly composed of a disposal of a non-current
financial instrument which generated a net cash collection of €22.8
million partially offset by acquisitions of property, plant and
equipment and intangible assets of €2.2 million. As a reminder, net
cash flow used in investing activities for the year ended December
31, 2022 amounted to €1.9 million and were mainly comprised of a
disposal of a non-current financial instrument which generated a
net cash collection of €2.9 million partially offset by
acquisitions of property, plant and equipment and intangible assets
for €1.1 million. Net cash flows consumed by investing activities
in connection with the Lumoxiti discontinued operation are nil for
year ended December 31, 2023 and December 31 2022,
respectively.
- Net cash flows from financing activities for an amount of €2.0
million for the year ended December 31, 2023 as compared to net
cash flows from financing activities of €1.8 million for the year
ended December 31, 2022. Loan repayments amounted to €2.4 million
for the year ended December 31, 2023 compared to €2.0 million for
the year ended December 31, 2022. Net proceeds from the exercise or
subscription of equity instruments amount to €0.4 million for year
ended December 31, 2023 as compared to €0,2 million for year ended
December 31, 2022. In addition, net cash flow from financing
activities related to Lumoxiti discontinued operation are nil for
year ended December 31, 2023 and 2022, respectively.
Post period event
- On January 4, 2024, the Company announced that the U.S. Food
and Drug Administration (FDA) has lifted the partial clinical hold
placed on the lacutamab IND. On October 5, the Company announced
that the lacutamab IND has been placed on partial clinical hold by
FDA following a recent patient death in the TELLOMAK study. The
death of a patient affected by Sézary Syndrome was initially
considered due to hemophagocytic lymphohistiocytosis (HLH), a rare
hematologic disorder. The FDA decision to lift the partial clinical
hold is based on the FDA review of the fatal case which Innate,
together with a steering committee of independent experts,
determined to be related to aggressive disease progression and
lacutamab unrelated.
- On January 4, 2024, the company announced that it has
strengthened the Company’s leadership and corporate governance with
the appointment of two new Executive Board members. Arvind Sood,
Executive Vice President (EVP), President of US Operations, Dr
Sonia Quaratino, EVP, Chief Medical Officer are thus joining Hervé
Brailly, interim Chief Executive Officer and Yannis Morel, EVP,
Chief Operating Officer.
- On March, 6, the Company announced the first patient was dosing
in its Phase 1/2 multicenter trial (NCT06088654), investigating the
safety and tolerability of IPH6501 in patients with Relapsed and/or
Refractory CD20-expressing B-cell Non-Hodgkin’s Lymphoma (NHL).
IPH6501 is Innate’s first-in-class CD20-targeting tetraspecific
ANKET® (Antibody-based NK cell Engager Therapeutics) that
co-engages CD20 as a target antigen on malignant B cells and three
receptors on NK cells.
Nota
This press release contains financial data approved by the
Executive Board on March 20, 2024 based on our consolidated
financial statements for the year ended December 31, 2023. They
were reviewed by the Supervisory Board on March 20, 2024. The audit
is in progress at the date of this communication.
Risk factors
Risk factors (“Facteurs de Risque”) identified by the Company
are presented in section 3 of the registration document (“Universal
Registration Document”) filed with the French Financial Markets
Authority (“Autorité des Marchés Financiers” or “AMF”), which is
available on the AMF website http://www.amf-france.org or on the
Company’s website as well as in the Risk Factors section of the
Company’s Annual Report on Form 20-F for the year ended December
31, 2023 filed with the U.S. Securities and Exchange Commission,
and subsequent filings and reports filed with the AMF or SEC, or
otherwise made public, by the Company.
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Innate Pharma Henry Wheeler Tel.: +33 (0)4 84 90 32 88
henry.wheeler@innate-pharma.fr
Newcap Arthur Rouillé Tel.: +33 (0)1 44 71 00 15
innate@newcap.eu
Innate Pharma (NASDAQ:IPHA)
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