Breakeven Date Change • Aug 10
Forecast to breakeven in 2027 The 5 analysts covering Innate Pharma expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 87% to 2026. The company is expected to make a profit of €7.87m in 2027. Average annual earnings growth of 54% is required to achieve expected profit on schedule. 공고 • Jul 21
Innate Pharma Completes Enrollment in Dose Escalation of Phase 1 Study of IPH4502 Innate Pharma SA announced the completion of enrollment in the dose escalation of the Phase 1 study of IPH4502 (NCT06781983), its proprietary Nectin-4 exatecan ADC. Preliminary data are expected by year-end and will include data from 76 patients, guiding Phase 1 dose optimization in selected tumor types. The IPH4502-101 Phase 1 study is an open-label, multi-center study evaluating the safety, tolerability, and preliminary anti-tumor activity of IPH4502 as a single agent in patients with advanced solid tumors known to express Nectin-4, including but not limited to urothelial carcinoma (UC), non-small cell lung cancer (NSCLC), head and neck squamous cell carcinoma (HNSCC), breast, ovarian, gastric, esophageal, and colorectal cancers. The Phase 1 dose-escalation part has recruited 76 patients in France and the United States. To date, IPH4502 continues to show a favorable safety profile, with limited hematological toxicity, supporting the hypothesis that the Company’s proprietary linker leads to a slow release of free exatecan, minimizing toxicity. Preliminary anti-tumor activity continues to be observed in heavily pre-treated patients with advanced solid tumors, with objective responses reported in UC post enfortumab vedotin, as well as in NSCLC and HNSCC. IPH4502 is Innate Pharma's proprietary Nectin-4 antibody-drug conjugate (ADC), built on three differentiated components. The payload is exatecan, a potent topoisomerase I inhibitor, with the potential to overcome key limitations associated with monomethyl auristatin E (MMAE)-based ADCs, including multidrug resistance protein 1 (MDR1)-mediated resistance, and without the need for CYP2D6 genotyping. IPH4502 incorporates a proprietary stable linker designed to slow the release of free exatecan into the circulation. The binder is a proprietary humanized anti-Nectin-4 antibody with high affinity and a distinct, non-overlapping epitope compared with enfortumab vedotin (EV). In preclinical studies, IPH4502 demonstrated anti-tumor activity in EV-resistant tumor models and in tumors with low and heterogeneous Nectin-4 expression, supporting its potential applicability across solid tumor types beyond urothelial carcinoma (UC). IPH4502 is currently being evaluated in the Phase 1 IPH4502-101 study (NCT06781983) in patients with advanced solid tumors known to express Nectin-4. 공고 • Apr 18
Innate Pharma SA to Present MATISSE Phase 2 Interim Results of IPH5201 in Clinical Trials Plenary Session at AACR 2026 Innate Pharma SA announced that interim results from the MATISSE Phase 2 study evaluating IPH5201 in combination with durvalumab and platinum-based chemotherapy in resectable non-small cell lung cancer (NSCLC) will be presented in one of the Clinical Trials Plenary Sessions at the American Association for Cancer Research (AACR) Annual Meeting 2026, taking place April 17–22, 2026 in San Diego, California. The MATISSE study (NCT05742607) is a single arm Phase 2 clinical trial evaluating perioperative IPH5201, an anti-CD39 blocking antibody, in combination with perioperative durvalumab (anti-PD-L1) in addition to neoadjuvant platinum-based chemotherapy in previously untreated patients with resectable NSCLC. The trial is designed to assess whether dual inhibition of the CD39 and PD-L1 pathways, together with chemotherapy, can enhance anti-tumor immune responses and improve clinical outcomes in early-stage lung cancer. These results follow a pre-planned interim analysis on 40 patients. The combination of IPH5201 with durvalumab and chemotherapy demonstrated higher pathological complete response (pCR) rates compared with the benchmark set by durvalumab plus chemotherapy alone. Notably, pCR was 35.7% and 50% in patients with tumors expressing PD-L1 =1% and PD-L1 =50%, respectively. Based on these results, the study continues to recruit patients with tumors expressing PD-L1=1%. The presentation will be available in the publication section of Innate Pharma’s website. Abstract details: Dual CD39 and PD-L1 inhibition: Interim results from the Phase 2 MATISSE trial of IPH5201 plus durvalumab and platinum-based chemotherapy in patients with resectable NSCLC. Abstract Code: CT231. Session: CTPL04 – Advances in Immunotherapy. Session Date/Time: Tuesday, April 21, 2026, 10:45 – 11:00 AM PDT. IPH5201 is a first-in-class monoclonal antibody targeting CD39, a key immunosuppressive enzyme in the adenosine pathway. CD39 is expressed on tumor-infiltrating immune and stromal cells and contributes to immunosuppression by degrading extracellular adenosine triphosphate (ATP) into adenosine monophosphate (AMP), which is then further degraded into adenosine by CD73. By blocking CD39, IPH5201 promotes the accumulation of immunostimulatory ATP and reduces the production of immunosuppressive adenosine, thereby enhancing anti-tumor immune responses. IPH5201 is being co-developed in collaboration with AstraZeneca and is currently being evaluated in the Phase 2 MATISSE trial (NCT05742607), a multicenter study investigating perioperative treatment with IPH5201 in combination with durvalumab (anti-PD-L1) and platinum-based chemotherapy in patients with resectable non-small cell lung cancer (NSCLC). The MATISSE trial is designed to assess anti-tumor activity, including pathological complete response, and safety, with the goal of determining whether dual inhibition of the CD39 and PD-L1 pathways, in combination with chemotherapy, can enhance anti-tumor immunity and improve clinical outcomes in early-stage NSCLC. New Risk • Apr 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Negative equity (-€22m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€53m). Currently unprofitable and not forecast to become profitable over next 3 years (€51m net loss in 3 years). Share price has been volatile over the past 3 months (8.1% average weekly change). 공고 • Apr 14
Innate Pharma S.A., Annual General Meeting, May 21, 2026 Innate Pharma S.A., Annual General Meeting, May 21, 2026. Location: 117 avenue de luminy, marseille France 
