Innate Pharma Q1 Earnings Call Highlights
Innate Pharma (NASDAQ:IPHA) said its first-quarter 2026 business update centered on three priority clinical assets: lacutamab in cutaneous T-cell lymphoma, the Nectin-4 antibody-drug conjugate IPH4502 in advanced solid tumors, and the AstraZeneca-partnered monalizumab program in non-small cell lung cancer.
Chief Executive Officer Jonathan Dickinson said the company is continuing to execute “with discipline” and pointed to several expected catalysts in the second half of 2026, including the planned initiation of a confirmatory Phase 3 trial for lacutamab and a Phase 3 readout for monalizumab. He also said the company ended the quarter with a cash position of EUR 25.4 million as of March 31, 2026.
Lacutamab Phase 3 Trial Expected to Start in Second Half of 2026
Lacutamab, Innate’s anti-KIR3DL2 monoclonal antibody, is being developed for cutaneous T-cell lymphoma, including Sézary syndrome and mycosis fungoides. Dickinson said the company has received FDA clearance to proceed with TELLOMAK-3, a confirmatory Phase 3 trial, and expects to initiate the study in the second half of 2026, subject to financing.
Chief Medical Officer Sonia Quaratino said prior Phase 2 TELLOMAK data showed “clinically meaningful and durable activity” in both mycosis fungoides and Sézary syndrome, along with quality-of-life improvement and a favorable safety and tolerability profile. Lacutamab has received FDA breakthrough therapy designation in relapsed or refractory Sézary syndrome, as well as FDA fast track designation, EMA PRIME designation and orphan drug status in the U.S. and Europe.
TELLOMAK-3 is planned as an open-label, multicenter, randomized comparative study in two cohorts of patients with cutaneous T-cell lymphoma who have failed at least one prior systemic therapy. In Sézary syndrome, patients who have failed at least one prior systemic therapy, including mogamulizumab, will be randomized to lacutamab or romidepsin. In mycosis fungoides, patients will be randomized to lacutamab or mogamulizumab. The primary endpoint in both cohorts is progression-free survival assessed by blinded independent central review.
Stéphanie Cornen, vice president of investor relations, communication and commercial strategy, said Innate sees a focused commercial opportunity because most patients are treated in specialized academic centers. She cited estimates of about 300 incident Sézary syndrome patients per year and around 1,000 prevalent patients in the U.S., along with about 3,000 incident mycosis fungoides patients per year and prevalence of about 12,000 patients.
Cornen said Innate sees a stepwise commercial strategy, beginning with an initial opportunity of up to EUR 150 million in Sézary syndrome and expanding to more than EUR 500 million across Sézary syndrome and mycosis fungoides in the second-line setting.
During the question-and-answer session, Dickinson said Innate is in advanced discussions regarding non-dilutive financing for lacutamab, including potential business development partnerships or royalty financing structures. Chief Operating Officer Yannis Morel said the company is confident it can execute an arrangement before the third quarter.
IPH4502 Shows Early Activity in Dose Escalation Study
Innate also highlighted progress with IPH4502, its Nectin-4 exatecan antibody-drug conjugate being evaluated in a Phase 1 study in advanced solid tumors. Dickinson said the study is approaching completion of enrollment in the dose-escalation phase and backfill cohorts, and the company continues to observe preliminary antitumor activity in heavily pretreated patients, including urothelial cancer patients previously treated with enfortumab vedotin, marketed as PADCEV.
Morel described IPH4502 as designed to address limitations of first-generation Nectin-4 ADCs. He said the antibody binds to a distinct, non-overlapping epitope versus enfortumab on Nectin-4 and uses a stable, cleavable, hydrophilic linker with an exatecan payload. Morel said the payload is a topoisomerase I inhibitor with bystander activity and is not sensitive to resistance mechanisms related to MMAE, the payload used in enfortumab vedotin.
Quaratino said the first-in-human study began in January 2025 at specialized cancer sites in the U.S. and France. She said the dose-escalation portion and cohort enrichment are nearing completion, the maximum tolerated dose has been reached and Innate has defined a “clear therapeutic window” with a favorable safety profile to date.
Quaratino said the company sees a therapeutic gap in bladder cancer after progression on enfortumab vedotin plus pembrolizumab. She noted that, as of 2026, there is no single established gold standard for second-line treatment after that regimen, and said IPH4502 may be positioned to address that unmet need.
In response to analyst questions, Quaratino said Innate expects to provide more detail on dose levels and potential go-forward indications at a clinical conference later this year. Dickinson said the data presentation is expected in the second half of the year and should include urothelial cancer data and next steps for the program.
AstraZeneca-Partnered Programs Remain Key Potential Value Drivers
Innate also reviewed two programs partnered with AstraZeneca: monalizumab and IPH5201.
Monalizumab, an anti-NKG2A monoclonal antibody, is being evaluated in PACIFIC-9, a Phase 3 randomized, double-blind study in unresectable stage 3 non-small cell lung cancer in patients who have not progressed after definitive concurrent chemoradiotherapy. Quaratino said enrollment has been completed and data are expected in the second half of 2026.
Morel said the monalizumab agreement includes up to EUR 1.275 billion in milestones, of which Innate has received EUR 450 million and remains eligible for EUR 825 million. If approved, AstraZeneca would book sales, while Innate would receive double-digit royalties in the U.S. and the rest of the world. In Europe, Innate is contributing 30% of Phase 3 trial funding and would receive 50% of profit, with an option to co-promote.
IPH5201, an anti-CD39 antibody, is being studied in the MATISSE Phase 2 trial in combination with durvalumab and neoadjuvant platinum-based chemotherapy in resectable non-small cell lung cancer. Quaratino said preplanned interim data presented at the AACR Annual Meeting showed a 35.7% pathological complete response rate in patients with PD-L1 expression above 1% and a 50% rate in patients with PD-L1 expression of at least 50%. She said the study is now focusing recruitment exclusively on patients with PD-L1-positive tumors, and no new or unexpected safety signals were identified.
For IPH5201, Morel said the agreement is worth up to EUR 885 million in milestones, including EUR 60 million already received and EUR 825 million remaining. Innate has the option to co-fund a Phase 3 trial to receive 50% of European profit and co-promotion rights; otherwise, it would receive royalties in Europe, the U.S. and the rest of the world.
Company Points to Multiple 2026 Catalysts
Dickinson said Innate’s near-term priorities include initiating the TELLOMAK-3 Phase 3 study for lacutamab, presenting first-in-human IPH4502 data before the end of the year, and awaiting monalizumab’s PACIFIC-9 primary endpoint results in the second half of 2026.
“Taken together, these three programs provide a clear set of value-driving catalysts across our portfolio,” Dickinson said.
About Innate Pharma (NASDAQ:IPHA)
Innate Pharma SA is a clinical-stage biotechnology company specializing in the discovery and development of antibody-based therapies that harness the body's innate immune system to combat cancer. Founded in 1999 and headquartered in Marseille, France, the company pioneers novel monoclonal antibodies designed to activate natural killer cells and macrophages, offering a complementary approach to existing immuno-oncology treatments.
The company's lead program, monalizumab, targets the NKG2A immune checkpoint receptor and is being developed in collaboration with AstraZeneca.
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