Innate Pharma S.A.

Ladies and gentlemen, thank you for joining us and welcome to the Nate Farmer First Quarter 2026 Business Update and Financial Results. After today's remarks, we will host a question and answer session. If you'd like to ask a question, please press Start 1 on your telephone keypad to raise your hand. I will now hand the conference over to Stephanie Kornan, Vice President of Investor Relations, Communication and Commercial Strategy at Nate Farmer. Please go ahead.

Good morning and good afternoon, everyone. Thank you for joining us for EnateParma's Q1 2026 Business Update and Financial Results Conference Call. The press release and today's presentation are both available on the IR section of our website. Before we begin, I would like to remind everyone that today's presentation includes forward-looking statements based on current expectations. These statements involve risks and uncertainties that could cause actual results to differ materially. To briefly cover today's agenda, our CEO, Jonathan Dickinson, will begin with a strategic overview and outlook. Sonia Quarantino, our chief medical officer, and Yanis Morel, our chief operating officer and I, will then provide updates on Lactamab, IPH4502, and next-generation ADCs, as well as AstraZeneca partner program, including Monalizumab and IPH5201. Jonathan will then return with closing remarks. Frederic Lombard, our CFO, will join us for the Q&A. With that, I will now hand it over to Jonathan.

Thank you, Stephanie. Good morning to those joining from the US and good afternoon to our European participants. Turning to slide five. We continue to execute against our strategy, which is focused on our three priority assets, with discipline, and we're pleased with the strong progress we are seeing today. Starting with lakutamab, our anti-CUR3DL2 monoclonal antibody, which is being developed in cutaneous T cell lymphoma, or CTCL. As you remember, we received the FDA clearance to proceed with the TELEMAC III phase III trial for lacutumab in CTCL, and we expect to be able to initiate the study in the second half of 2026. We have made progress in negotiating non-dilutive financing options for lacutumab, including potential pharma partnerships and royalty-based structures. From a commercial perspective, We believe that lacutamab represents a meaningful opportunity in CTCL in both the United States and Europe, with additional life cycle expansion opportunities in peripheral T cell lymphoma. Moving to IPH4502, our differentiated Nectin-4 ADC, which is being evaluated in advanced solid tumors, The phase one study is ongoing and approaching completion of enrollment in the dose escalation phase and backfill cohorts. As highlighted on the slide, we continue to observe preliminary antitumor activity in heavily pretreated patients, including in urophilic cancer patients previously treated with EV. We believe that IPH4502 may represent a differentiated opportunity, both in the post-PADSF urophilic cancer setting and potentially across a broader range of solid tumors. And finally, turning to monolizumab, our AstraZeneca-partnered anti-NKG2A monoclonal antibody, which is being developed in non-small cell lung cancer. the ongoing Pacific Nine phase three study remains on track for a planned readout in the second half of 2026. From a financial perspective, the partnership also continues to represent a potentially important source of future value for Enate, including potential milestones, profit sharing in Europe, and royalties in the United States and the rest of the world. Overall, we believe these three assets provide Innate with a focused portfolio of differentiated clinical stage opportunities spanning both proprietary and partnered programs. I'll now hand over to Sonia and Stephanie for a more detailed review of the LACUTAMAB program.

Thank you, Jonathan. Turning to slide seven. Lakutamab continues to progress towards initiation of the Telomac 3 confirmatory phase 3 trial and the potential accelerated approval pathway in cesarean syndrome. As a reminder, the phase 2 Telomac study has demonstrated clinical meaningful and durable activity in both mycosis fungoides and cesarean syndrome, including improvement in quality of life, with a favorable safety and tolerability profile, supporting potential for long-term treatment. Based on this data, Lakutamab has received breakthrough therapy designation from the FDA in relapsed or refractory cesarean syndrome. It has previously received fast-track designation from the FDA, prime designation from EMA, and orphan drug status in both United States and Europe. The Phase II data from the TELOMAC trial also support the potential accelerated approval filing in cesarean syndrome once the confirmatory Phase III trial is underway. In the next slide, the PLAN TELOMAC III is an open-label, multicenter, randomized comparative study to demonstrate the efficacy and safety of lacutamab in two separate cohorts of patients with cutaneous distal lymphoma who have failed at least one prior systemic therapy. In cohort one, patients with any stage Cesar syndrome who have failed at least one prior line of systemic therapy, including mogamulizumab, will be randomized one-to-one to either lacutamab or romidepsin. In cohort two, patients with MF ranging from stage 1b to 4 who have failed at least one prior line of systemic therapy will be randomized one-to-one to either lacutamab or mogamulizumab. Both cohorts will be randomized one-to-one and randomization will be stratified according to disease stage and region. The primary endpoint for both cohorts is progression-free survival assessed by blinded independent central review. The secondary endpoint for the cesarean cohort is overall survival, whilst the key secondary endpoints for the NF cohort are quality of life and pruritus. The TELOMAC-3 study is designed to serve as the confirmatory trial for cesarean syndrome while also supporting full approval in mucosus fungoides. And from a regulatory standpoint, we have received FDA clearance to proceed with this clinical trial protocol, and we continue towards phase three initiation expected in the second half of 2026. Stephanie will now go through the commercial opportunity.

Thank you, Sonia. So we continue to believe LACU-TAMMAP represents an attractive commercial opportunity supported by a focused and efficient commercial footprint, starting with Cesarean syndrome. Based on recent real-world data analysis, we estimate approximately 300 incident patients per year in Cesarean syndrome in the US, with a prevalence of around 1,000 patients the majority of whom are treated in a limited number of specialized academic centers. Mycosis fungoides represent a significantly larger opportunity with approximately 3,000 incident patients per year and the prevalence of around 12,000 patients in the U.S. This data from an analysis conducted by ZS Associates are now available in the EHA 2026 online abstract book. This is a highly concentrated treatment landscape with over 85% of patients managed in academic centers and a large proportion treated within approximately 50 key institutions. This concentration enables a targeted commercial approach with limited infrastructure. At the same time, cesarean syndrome and mycosis fungoides share the same prescriber base, which is a critical point from a commercial perspective. This means that an initial launch in cesarean syndrome is not a standalone opportunity, but a direct entry point into the broader CTCL market. Importantly, when looking at the current market, Mogamulizumab generated approximately 300 million in annual sales in 2025, as planned, and is projected to reach 350 million in 2026 with strong adoption in cesarean syndrome. and more limited penetration in mycosis fungoides. This provides a relevant benchmark for the market opportunity and highlights the potential for a therapy able to capture share across both cesarean syndrome and mycosis fungoides. From a value perspective, key drivers include treatment duration, which is supported by durability of responses, pricing, and market share across a broader eligible patient population. Taken together, this supports a stepwise commercial strategy, starting with an initial opportunity of up to 150 million in cesarean syndrome, expanding to over 500 million across cesarean syndrome and mycosis fungoides in the second-line setting, with additional upside as lacutamab moves into earlier lines of therapy and broader patient segments over time. I will now hand it over to Yanis to start the update on IPH4502.

Thank you, Stéphanie. IPH4502 is our novel and differentiated Nectin-4 Exatican ADC, which is in Phase 1. Turning to slide 11, IPH4502 has been designed to overcome the limitation of the first-generation Nectin-4 ADCs and to deliver a more favorable therapeutic profile across multiple solid tumors. The drug candidate is based on a proprietary humanized antibody that binds to a distant, non-overlapping epitope versus Enfortumab on the Nectin-4 target. It is combined with a stable, cleavable, and hydrophilic linker, which supports high systemic exposure of the ADC while minimizing the release of free Exaticam in circulation and therefore reducing the risk of off-target toxicity. The payload, Exaticam, is a potent topoisomerase-1 inhibitor with strong bystander activity, enabling to target not only Nectin-4-expressing tumor cells, but also neighboring cells with lower or heterogeneous expression. Moreover, it is not sensitive to the mechanism of drug resistance related to MMI, allowing to address patients who have been pre-exposed to PADCET. Next slide shows how IPH4502 is positioned within the evolving Nectin-4 ADC landscape. The first wave of Nectin-4 ADCs largely relied on the MMAe payloads, including Nfortumab Velotin. While EV has validated Nectin-4 as an important ADC target, Other MME-based approaches will most likely face similar limitations than EV, such as MDR1-mediated resistance and peripheral neuropathy. IPH4502 is designed to address these limitations through its topoisomerized payload and differentiated linker design. We believe this creates a potential opportunity in bladder cancer, particularly in the post- and post-tumor velotin setting, as well as across multiple tumor types with low or moderate Nectin-4 expression. Overall, we believe IPH4502 has the potential to be best-in-class topo1-nectin-4-ADC driven by its differentiated design. On the next slide, we show newly generated preclinical data that continue to reinforce the best-in-class potential of IPH4502 as a topo1-nectin-4-ADC. You can see that in both high and low nectin-4 expressing models, IPH4502 demonstrate robust anti-tumor activity. However, the key differentiation versus other topogram nectin-4 clinical ADCs appears in model with low nectin-4 expression. IPH4502 maintains meaningful anti-tumor efficacy while the other clinical ADCs show a clear loss of activity. This is really important as it highlights the unique ability of IPH2502 to remain active in tumors with lower target expression. Overall, across multiple in vivo models, we constantly observe better efficacy for IPH2502, supporting its best-in-class agent potential, particularly in low to moderate Nectin-4 expressing tumors. Now, turning to Sonia for the clinical update.

Thanks, Yanis. Turning to slide 14, we see the outline of the clinical design of the phase one of IPH4502 study. We are currently evaluating this asset in a first in human phase one open label multicenter study in patients with advanced solid tumors known to express NECTIN4. We collect tumor biopsies of baseline from these patients and evaluated the NECTIN4 expression retrospectively. The study started in January 2025 and runs at specialized cancer sites in the US and in France. This first in human study is guided by an adaptive Boeing designed with backfill cohorts with the objective to assess safety, tolerability and preliminary anti-tumor activity. Cohorts are backfilled at lower doses during the dose finding trial while prioritizing the dose escalation cohort to explore a higher dose. These backfills help to generate more data in terms of safety, PK, efficacy at a given dose level. Enrollment in the dose escalation part of the study has progressed well, and phase one dose escalation and cohort enrichment are nearing to completion and the maximum tolerated dose has been reached. We have defined a clear therapeutic window with a favourable safety profile to date and see preliminary efficacy at different dose level within the defined therapeutic window in unheavily pre-treated patients with advanced solid tumour, including urothelial cancer patients who have progressed Aftonfortum apivedotin. Turning to the next slide, we see that we highlighted the growing therapeutic gap in bladder cancer after progression on EV plus PEMBRO. Despite the advancement of unfortunate verutin that has introduced in urothelial cancer patients, two-thirds of these patients still experience disease progression within two years. and the management of patients who progress through this regimen has become a critical challenge. As of 2026, there is no single established gold standard for second-line therapy after EV PEMBRO, but several strategies are utilized based on patient-specific factors. For patients who received first-line EV plus PEMBRO without prior platinum exposure, Platinum-based chemotherapy, cisplatin or carboplatin with gemcitabine, is the preferred subsequent option. Real-world data indicates modest efficacy, with a median real-world time to next therapy of approximately 3 to 4.7 months. Due to the limited efficacy of current second-line options, enrollment in clinical trials is strongly prioritized in 2026 guidelines to investigate novel mechanism of action and combination therapies. This creates a significant unmet need in the post-EV plus PEMBRO setting, and we believe IPH 4502 is well-positioned to potentially fill this therapeutic gap. In the next slide, we'll see our development vision for IPH4502, which includes both bladder cancer and broader solid tumor opportunities. In bladder cancer, we see an opportunity to address the growing population of metastatic urothelial cancer patients who progress after EV-based therapies, where neptin for expression appears to remain stable. in tumor from patients who progress after EV. Over time, we also see potential to move to earlier lines, including in combination with anti-PD-1 therapy. Beyond blood cancer, we believe IPH4502 may also have potential across multiple solid tumors with low to medium nectin-4 expression. and we intend to consolidate the signals observed in the dose escalation study. Overall, our objective is to build a broad and modular clinical development strategy, starting with high unmet need populations and expanding into earlier lines of therapy and additional tumor types over time, depending on the emerging data.

Now, before we move ahead with our partner program, this slide highlights how we have built a comprehensive ADC discovery platform to develop a portfolio of next-generation ADCs designed to overcome the limitation of the current ones. Building on the IPH4502 linker, which stability in patients is clearly demonstrated by our emerging clinical data, we are developing a drug candidate portfolio around three approaches. First, dual targeted bispecific ADCs to address tumor antigen heterogeneity and to expand addressable indications compared to single tumor antigen targeting. Then, bispecific ADC with enhanced internalization to unlock the activity in the low-expressing tumors. And finally, dual payload ADCs using complementary mechanism of action to overcome resistance. Our next wave of ADC is currently progressing towards candidate selection and then IND and ending studies. Now, turning to Sonia.

Turning to slide 19, we now provide an update on our AstraZeneca partner programs, Monalizumab and IPH5201. In the next slide, let's start with Monalizumab. The PACIFIC-9 is a major phase 3 randomized double-blind study to demonstrate that dual immunotherapy can significantly increase the survival rate of patients with unprotectable stage 3 non-small cell lung cancer who have not progressed following definitive concurrent chemoradiotherapy. The rationale for this trial is supported by three Phase II studies in early-stage non-small cell lung cancer, including COAST, NEO-COAST, and NEO-COAST II studies. These studies reinforced the potential of targeting the NKG2A pathway to enhance the innate immune response alongside PDI1 inhibition in early-stage lung cancer. And enrollment in Pacific 9 has been completed. And now we look forward to the data expected in the second half of 2026. Now in the next slide, let's move to another asset, this time in the adenosine pathway that is also co-developed with AstraZeneca. IPH5201 that blocks CD39, an enzyme that converts ATP into adenosine, which suppresses the immune system. By preventing this conversion, the therapy is reenergizing the immune system within the tumor microenvironment. IPH5201 is currently evaluated in the MATIS Phase II trial. in combination with durvalumab and neoadjuvant platinum-based chemotherapy in patients with resectable non-small cell lung cancer. The recent pre-planned interim data presented at the ACR annual meeting on April 21st during a clinical trial plenary session has significantly strengthened the case for this anti-CD39 antibody. The interim analysis of 40 patients demonstrated that the combination of IPH5201, Durvalumab and chemotherapy is achieving pathological complete response rates that compare very favorably to the current benchmark. The primary endpoint of pathological complete response showed a strong correlation with PD-L1 expression level. Based on the robust 35.7% PCR rate in PD-L1 above 1% and 50% PCR rate in patients with tumor with PD-L1 expression of at least 50%, the study is now moving forward by focusing recruitment exclusively on patients with PD-L1 positive tumors. No new or unexpected safety signals were identified. The combination was generally well tolerated with most adverse events being grade 1 or 2. CD39 positive cell density in tumors is warranted to be further investigated as an emerging biomarker for predicting pathological complete response in IPH5201 plus durvalumab treatment. Overall, these encouraging early findings support continued investigation of IPH5201 in non-small cell lung cancer.

Turning to slide 22. Slide 22 summarizes the financial highlights of our AstraZeneca partnerships. For Monalizumab, the agreements amount up to 1.275 billion of milestones. We have already received 450 million and remain eligible to additional 825 million of potential payments. In case Monalizumab is approved, AstraZeneca will book sales and Innate Pharma will receive double-digit royalties on sales in the US and the rest of the world. In Europe, Cincinnati Pharma is contributing to 30% of the funding for the phase 3 trial. We will get 50% of the profit and have the option to co-promote the drug. For IPH 5201, the agreement is worth up to $885 million in milestones. To date, we already receive $60 million and remain eligible to $825 million. This agreement, having a similar structure than the Monalism Hub one, Innate Pharma has also the option to conform phase three trial in order to get 50% of your European profit and co-promotion rights. Otherwise, Innate Pharma will receive royalty in Europe, like in the US and rest of the world. Together, this partner program provides Innate with meaningful potential non-dilutive cash through future milestones, royalties, and profit-sharing economics. I will now hand over to Jonathan for closing remarks.

Thank you, Yanis, Sonia, and Stephanie. So turning to our upcoming milestones, over the coming quarters, we expect several important catalysts across our priority assets. For LakutaMap, we remain focused on initiating the Telemach 3 confirmatory phase 3 study in the second half of 2026 subject to financing. For IPH4502, the study is progressing very well, and we have observed preliminary anti-tumor activity with a favorable safety profile to date, including in patients with urophilic cancer, relaxed or refractory to EV, which is a signal that we're starting to validate our preclinical hypothesis. We look forward to continued maturation of the emerging clinical data set following completion of dose escalation and cohort enrichment. And for monolizumab, the phase three Pacific9 trial in non-small cell lung cancer has completed enrollment with data expected for the primary endpoint in the second half of 2026. Taken together, these three programs provide a clear set a value-driving catalyst across our portfolio. With a cash position of 25.4 million euros as of March 31st, 2026, we remain disciplined in our execution and focused on advancing programs that we believe have the potential to deliver meaningful value for both patients and shareholders. With that, operator, we're now ready to open the call for questions.

We will now begin the question and answer session. If you would like to ask a question, please press star one on your telephone keypad to raise your hand. That is star one on your telephone keypad to raise your hand. To withdraw your question, press star one again. Please stand by while we comply with the Q&A roster. Your first question comes from the line of Dana Graybosh with Learing Partners. Your line is now open. Please go ahead.

Hi, guys. I have a question on Matisse and CD39 since that was presented recently. The discussion at ACR pointed out that while the triplet compares quite favorably to prior outcomes with stervalamab plus chemotherapy, it looks pretty similar to prior outcomes with the PD1s plus chemotherapy in the neoadjuvant setting. And I wonder what gives you confidence given that sort of range of broader benchmarks? And in the next part of the MATIS trial, is there a certain threshold of activity or biomarker finding that AZ and you are looking for to take it forward into phase three?

I think Yanis and Sonia between the two can answer that. I know you want to start, Sonia, and then Yanis can fill in on the second piece.

Sure. Of course, you are right to say that this interim data show that the rate, the PCR rate that we observed at this interim analysis may be comparable to what has been seen in other trials using pembrolizumab. But when you are benchmarking, of course, with the same PD-L1 backbone that is durvalumab, you have to admit that there is a significant uplift uh over this uh this uh therapy as a single agent and so in that respect this has definitely uh produced um an increase of pathological complete response that is not matched by an increase of toxicity so which is uh which is remarkable We also seen that, for instance, in PCR high expression, this PCR rate goes even higher. Of course, we cannot predict where this trial may materialize in phase three, but so far the data looks very promising.

Yeah, hi, Dana. Yanis is speaking. Yeah, like Sonia says, I mean, this trial has basically is providing two levels of information. First, that when you add CD39 on top of an active PD-1 blocker, it's increasing the PCR rate. So for us, it's clearly if the signal is confirmed on the additional patient, really validating the targeting of this of this checkpoint in the adenosine pathway plus targeting the, I would say, the efficacy of our drug candidate. Then whether AZ will decide to take the license on this one and move it into phase three, that's another question that is more actually for AZ. But from an innate perspective, it's very important to confirm and to establish that the blocking of CD39 can be effective in that setting.

Okay, thank you.

Your next question comes from the line of Christopher Liu with Lucid Capital Markets. Your line is now open. Please go ahead.

Hey, thanks for the question. Maybe just two for me about 4502. So for the first question, are there any additional details you can give us on the profile of the drug at the go-forward dose? And for the 2nd question, what do you see as the most compelling indications outside of bladder cancer for the asset considering market opportunity and potential competition?

Thanks for the question at this moment we can only say we have seen some. efficacy readouts in a different dose level within a therapeutic window. And we will be a bit more specific around both dose levels as well as potential indications to bring forward at clinical conference this year.

Yeah, got it. Thanks.

Your next question comes from the line of Swayam Pakula Ramakant with HC Wainwright. Your line is now open. Please go ahead.

Thank you. This is RK from HC Wainwright. You know, regarding the Nectin-4 ADC, you know, It's just Lilly's products, which are in phase one, and Bicycle recently de-prioritized their product. So how do you see the competition going forward? And what sort of data would you be able to release in the next six months or so, so we have an understanding of how you are poised against the competition?

Well, thanks for the question. In fairness, we don't know much about Lilly so far, and we can only speculate that perhaps the asset was deprioritized because it doesn't look as good as the other Bactin IV program that they also have in clinical development. We do not have know the data because they've not been shared and we can only see when the abstract will be available on the 21st of may um yeah sorry for not adding more color but um we don't have details yeah and then in terms of the data i think sony mentioned earlier we expect

later in the second half of the year. And I think at that point you will see go forward indications and the data in urethelial cancer and yeah, and next steps for the program.

Thank you. And then on the collaboration with AstraZeneca, you know, Have you elected for the 30% funding on the specific nine and what's, you know, is there any residual cash obligations between you and them? I mean, between now and a positive readout.

Just to qualify a couple of things. So the agreement that we have with AstraZeneca, it's capped at a certain level. And we are actually very close to the cap of the contribution. So there are actually minimal contributions required between now and the data readout.

Thanks. Thanks for taking my question.

Your next question comes from the line of Yigit Mukherjee with BTIG. Your line is now open. Please go ahead.

Great. Thank you for taking our question. Two from our side. Just any further color or perspective on the status of the Likudimab partnership discussions? Do you anticipate or feel confident that a deal can be finalized before the third quarter of this year? And the second question, are we expecting any Phase II PTCL data from lacudimab this year as well? Thank you.

So maybe on the partnerships, maybe I can start off and Yanis can fill in any gaps. So we are very confident that we will execute either a BD partnership or a royalty financing partnership for the Kutumab. The discussions are quite advanced and we would expect to be able to conclude One of those two types of partnerships moving forward in the relatively short term And from our perspective, it doesn't really matter which way we go with either a BD partnership or a royalty financing partnership. We would be running the phase three confirmatory study. So that would be in our control where we could utilize our expertise that we've developed in the CTCL area from the Telemach 2 study. So we'll make that decision in the coming future, basically based on what's best for the company in terms of the MPVs of the two different approaches. So something coming in the future.

Yanis, I don't know if you want to... The short answer is yes, we are confident that we can execute something before Q3.

And just a second question around phase two. Yeah.

Yeah, about PTCL, as you know, is run by the Lysarcher group, and we are towards the completion of this study. But I don't think that this data will materialize before the end of this year. Yeah, and we have no further visibility on this study.

Yeah, as this is an IST, it's under the control of the LISARC group, so this is not a place where, as it's independent, where we can have control of the timelines. We know that the LISARC group are quite excited about lacutamab in combination with the GEMOX chemo regimen, where they're studying this in late stage patients. And we're optimistic that there will be data at some point in the future, but we can't put a very specific timeline on that.

Thank you.

There are no further questions at this time. I will now turn the call back to Jonathan Dickinson, CEO for Closing Remarks.

Okay, thank you, everybody, for attending the earnings call today. We're at a point in time where I think we have some very exciting catalysts coming over the coming months. So just to remind you on the initiation of the confirmatory phase three program for IPH 4502, we're expecting to be releasing data on the first in human studies at a medical conference before the end of the year. And then on Mona Luzumab, we have the results from the primary endpoint of the Pacific Nine study coming before the end of the year. So thank you, everybody, for attending. And we look forward to giving you some updates in the very near future. Thank you.

This concludes today's call. Thank you for attending. You may now disconnect.