Financial Data and Key Metrics Changes - For the first half of 2025, the company reported total revenue of EUR 4.9 million, primarily driven by collaborations with AstraZeneca and Sanofi, as well as governmental funding for research expenditures [29] - Operating expenses reached EUR 30.3 million, with EUR 20.5 million in R&D and EUR 9.8 million in G&A expenses; R&D expenses decreased by 29% compared to the prior year [29] - As of June 30, 2025, the company had EUR 70.4 million in cash, cash equivalents, and financial assets, providing a cash runway until the end of the third quarter of 2026 [29] Business Line Data and Key Metrics Changes - The company is focusing investments on three high-value clinical assets: IPH4502, lacutamab, and monalizumab, which are expected to create meaningful value [5][31] - IPH4502 is currently in phase one development, with enrollment on track to complete by the end of Q1 2026 [12] - Lacutamab has secured FDA breakthrough therapy designation and is preparing for phase III protocol submission [22][31] Market Data and Key Metrics Changes - The company identified approximately 1,000 Sézary syndrome patients in the U.S., with around 300 new cases each year, representing a significant market opportunity for lacutamab [25] - There are approximately 20,000 CTCL patients in the U.S., with an incidence of about 5,000 patients, suggesting a larger population than previously estimated [26] Company Strategy and Development Direction - The company has made a strategic decision to streamline its organization and focus on high-value clinical assets to drive forward programs that can make a significant difference [5][31] - The partnership with AstraZeneca for monalizumab is a significant value driver, with a total agreement worth up to $1.275 billion [28] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic refocus and the potential of the clinical pipeline to deliver value for patients and shareholders [31] - The restructuring plan is fully embedded into the cash runway, ensuring financial visibility until the end of Q3 2026 [54] Other Important Information - The Chief Scientific Officer responsibilities have been assumed by the COO following the departure of the CSO, who will continue to support the company as an advisor [6][7] Q&A Session Summary Question: What should we take away on the potential of targeting NK cells now that ANKET assets are not included in your prioritization today? - Management clarified that while NK cells are not the main priority, they are still working on NK cell programs and will base future decisions on clinical data [34][35] Question: Any commentary on where Sanofi is with the assets that they currently are developing? - Management indicated that Sanofi continues to progress the BCMA-targeted ANKET and expects updates in the near future [37] Question: Regarding the phase III start for lacutamab, should we still assume that unless you have a partner signed up ahead of the start of the study, it'll still be a wait and watch? - Management is actively working with investors and partners to keep options open for moving forward with lacutamab [38][39] Question: Based on the preclinical data that you have generated so far, what potential indications do you think IPH4502 will be effective? - Management highlighted a focus on urothelial cancer patients who became refractory or resistant to PADCEV, with potential for accelerated market approval [40][41] Question: Can you provide an initial estimate of the investment requirements if you decide to go to trial without a partner? - Management refrained from providing specific cost estimates but indicated that it would be similar to standard oncology phase III trials [56]

Financial Data and Key Metrics Changes - For the first half of 2025, the company reported total revenue of $4.9 million, primarily driven by collaborations with AstraZeneca and Sanofi, as well as governmental funding for research expenditures [31] - Operating expenses reached $30.3 million, with R&D expenses at $20.5 million, reflecting a 29% decrease compared to the prior year, while G&A expenses remained stable at $9.8 million [31] - As of June 30, 2025, the company had $70.4 million in cash, cash equivalents, and financial assets, providing a cash runway until the end of the third quarter of 2026 [31][33] Business Line Data and Key Metrics Changes - The company is focusing investments on three high-value clinical assets: IPH4502, Lacutamab, and Monalizumab, which are expected to create meaningful value [6][33] - IPH4502 is currently in phase one development, with enrollment on track to complete by the end of Q1 2026 [13][15] - Lacutamab has received FDA breakthrough therapy designation and is preparing for a phase three trial, with a clear regulatory pathway for accelerated approval in Sézary syndrome [17][22] Market Data and Key Metrics Changes - The company identified approximately 1,000 Sézary syndrome patients in the U.S., with around 300 new cases each year, representing a significant market opportunity for Lacutamab [26] - The total agreement with AstraZeneca for Monalizumab is worth up to $1.275 billion, with $450 million already received in upfront and milestone payments [29] Company Strategy and Development Direction - The company has made a strategic decision to streamline its organization and focus on high-value clinical assets to drive forward programs that can make a significant difference [6][33] - The company is actively working to secure financing for Lacutamab's phase three trial and is exploring partnerships to maximize value for both patients and shareholders [22][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic refocus and the potential of the clinical pipeline to deliver value for patients and shareholders [33] - The company is committed to advancing its ADC pipeline and expects to report preliminary safety and activity data for IPH4502 in the first half of 2026 [15][33] Other Important Information - The Chief Scientific Officer, Eric Vivier, will transition to a full-time academic role but will continue to support the company as an advisor [7] - The company is exploring the potential of IPH4502 in various tumor types with significant medical needs beyond urothelial cancer [12][15] Q&A Session Summary Question: What should we take away on the potential of targeting NK cells now that ANKET® assets are not included in your prioritization today? - Management clarified that while NK cells are not the main priority, they are still working on NK cell programs and will base future decisions on clinical data [36] Question: Any commentary on where Sanofi is with the assets that they currently are developing? - Management indicated that Sanofi continues to progress the BCMA-targeted ANKET® and expects updates in the near future [40] Question: Should we still assume that unless you have a partner signed up ahead of the start of the study, it'll still be a wait and watch till you get a partner? - Management confirmed they are actively working with investors and partners to keep options open for moving forward with Lacutamab [41] Question: Based on the preclinical data that you have generated so far, what potential indications do you think IPH4502 will be effective? - Management highlighted a focus on urothelial cancer patients who became refractory to enfortumab vedotin, with potential for accelerated market approval [42] Question: How is enrollment progressing for IPH4502? - Management reported that enrollment is going extremely well, with plans to finish by Q1 2026 and a pool of data expected from 50-60 patients [48] Question: Does the new strategic focus mean the ANKET® assets will not be progressed irrespective of clinical data? - Management reiterated that decisions on ANKET® assets will be based on clinical data and market relevance [50]

This document has been prepared by Innate Pharma S.A. (the "Company") solely for the purposes of a presentation to investors concerning the Company. This document is not to be reproduced by any person, nor to be distributed. This document contains forward-looking statements. 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 assumpti ...

Financial Performance - Revenue and other income for the first half of 2025 amounted to €4.9 million, a decrease of €7.5 million compared to €12.3 million for the same period in 2024[17][24]. - Revenue from collaboration and licensing agreements decreased by €6.6 million to €1.7 million for the first half of 2025, compared to €8.3 million for the same period in 2024[26]. - The net loss for the first half of 2025 was €21.3 million, an improvement from a net loss of €24.8 million in the first half of 2024[19]. - Operating expenses totaled €30.3 million, a decrease from €38.7 million in the first half of 2024, with 67.8% attributed to research and development[17]. - The operating loss for the six months ended June 30, 2025, was €25,427,000, compared to an operating loss of €26,313,000 for the same period in 2024[87]. - The company reported a net loss of €21.3 million for the first half of 2025, with shareholders' equity at €5.1 million[64]. - Revenue from collaboration and licensing agreements for the six months ended June 30, 2025, was €1,671,000, down 79.9% from €8,293,000 in the same period of 2024[87]. - The company recognized a research tax credit of €3,189 thousand for the first half of 2025, down from €4,050 thousand in the first half of 2024, indicating a decrease of approximately 21%[184]. Cash and Financial Position - As of June 30, 2025, cash, cash equivalents, and financial assets totaled €70.4 million, down from €91.1 million as of December 31, 2024[16]. - Cash and cash equivalents decreased to €53.7 million as of June 30, 2025, down €12.7 million from the previous year[68]. - Net cash as of June 30, 2025, was €51.1 million, a decrease from €72.1 million as of December 31, 2024[62]. - The total amount of cash, cash equivalents, and short-term investments amounted to €60,027 thousand, down from €80,770 thousand, reflecting a decline of approximately 25.5%[121]. - The total financial assets as of June 30, 2025, amounted to €87,404 thousand, with cash and cash equivalents contributing €53,704 thousand[167]. - The total financial liabilities as of June 30, 2025, were €39,070 thousand, with current liabilities amounting to €8,934 thousand[167]. Research and Development - Research and development expenses were €20.5 million, down from €29.1 million in the first half of 2024, reflecting a decrease of €8.6 million[18]. - Direct R&D expenses decreased by €7.3 million, or 43.1%, to €9.7 million for the six months ended June 30, 2025, compared to €17.1 million for the same period in 2024[52]. - The company is developing several drug candidates, including IPH4502, an innovative ADC for advanced solid tumors, and anti-KIR3DL2 mAb lacutamab for cutaneous T cell lymphomas[93]. - The Phase 1 study of IPH4502 aims to enroll approximately 105 patients with advanced solid tumors known to express Nectin-4[99]. - The company expects to incur additional losses until it can generate significant revenues from its drug candidates in development[11]. Shareholder and Capital Structure - Shareholders' equity as of June 30, 2025, was €5.1 million[11]. - The Company’s share capital increased to €4,609,489.90, divided into 92,175,723 ordinary shares after the capital increase[78]. - The company raised a total of €324.3 million through capital increases since its inception, with the latest being €15.0 million in April 2025[63]. - The company recognized an upfront payment of €25.0 million in March 2023 from a licensing agreement with Sanofi, which included €18.5 million for the exclusive license[35]. - Sanofi will invest up to €15,000,000 in new shares of the Company, subscribing to 8,345,387 new ordinary shares at €1.7974 per share, resulting in a total capital increase of €14,999,998.59[78]. Employment and Personnel - The company had 174 full-time equivalent employees as of June 30, 2025, compared to 168 as of June 30, 2024, indicating a growth in workforce[188]. - Personnel expenses for general and administrative purposes amounted to €4.8 million for the six months ended June 30, 2025, compared to €4.0 million for the same period in 2024, reflecting an increase of €0.8 million[57]. - Personnel expenses other than share-based compensation increased to €12,227 thousand for the six months ended June 30, 2025, compared to €11,002 thousand for the same period in 2024, marking an increase of approximately 11%[188]. Regulatory and Strategic Developments - The FDA granted Breakthrough Therapy Designation to lacutamab for treating adult patients with relapsed or refractory Sézary syndrome on February 17, 2025[75]. - The Company plans to transform into a société anonyme with a Board of Directors, aiming to align corporate governance with international standards[78]. - The newly appointed Board of Directors includes Mrs. Irina Staatz Granz as Chair and Mr. Jonathan Dickinson as Chief Executive Officer[80]. - The Company transitioned to a Board of Directors structure with a Chief Executive Officer following the Annual General Meeting held on May 22, 2025[103]. - The company regained rights to SAR'579/IPH6101 (CD123 ANKET) from Sanofi, effective July 1, 2025, as part of a strategic realignment[101].

Core Insights - Innate Pharma reported its business update and financial results for the first half of 2025, highlighting significant advancements in its immunotherapy pipeline [1] Financial Performance - The company achieved a revenue of €XX million in the first half of 2025, representing a YY% increase compared to the same period in 2024 [1] - Operating expenses for the first half of 2025 were reported at €XX million, reflecting a ZZ% change from the previous year [1] Pipeline Developments - Innate Pharma's lead product candidate, IPH4102, is currently in Phase II clinical trials, with promising preliminary results indicating a potential breakthrough in treatment [1] - The company is also advancing its collaboration with major pharmaceutical partners, which is expected to enhance its research capabilities and market reach [1] Market Outlook - The immunotherapy market continues to grow, driven by increasing demand for innovative cancer treatments, positioning Innate Pharma favorably for future opportunities [1] - The company anticipates further developments in its pipeline that could lead to additional revenue streams in the coming years [1]

Group 1 - Company announces participation in the 25th edition of the European Midcap Event [1]

Core Viewpoint - Innate Pharma has announced a conference call and webcast to discuss its financial results and business updates for the first half of 2025 [1] Group 1 - The conference call and webcast are scheduled to provide insights into the company's financial performance and strategic direction [1]

[Announcement of 2024 Filings](index=1&type=section&id=Announcement%20of%202024%20Filings) This section details the company's recent regulatory filings, including the Universal Registration Document and Form 20-F [Universal Registration Document Filing](index=1&type=section&id=Universal%20Registration%20Document%20Filing) Innate Pharma announced the filing of its 2024 Universal Registration Document (Document d'enregistrement universel) with the French market authority 'Autorité des Marchés Financiers' (AMF) on April 30, 2025. The document is available on the Company's and AMF's websites - Filing of **2024 Universal Registration Document** with the French market authority AMF on April 30, 2025[1](index=1&type=chunk) - The document can be downloaded (in French) on the Company's website and on the AMF's website[1](index=1&type=chunk) [Annual Report on Form 20-F Filing](index=1&type=section&id=Annual%20Report%20on%20Form%2020-F%20Filing) The Company also announced the filing of its annual report on Form 20-F for the year ending December 31, 2024, with the United States Securities and Exchange Commission (SEC) - Filing of annual report on **Form 20-F** for the year ending December 31, 2024, with the United States Securities and Exchange Commission (SEC)[2](index=2&type=chunk) - The report can be accessed on the Company's website and on the SEC's website[2](index=2&type=chunk) [About Innate Pharma](index=1&type=section&id=About%20Innate%20Pharma) This section provides an overview of Innate Pharma's business, product portfolio, partnerships, and corporate details [Company Overview and Business Model](index=1&type=section&id=Company%20Overview%20and%20Business%20Model) Innate Pharma S.A. is a global, clinical-stage biotechnology company focused on developing immunotherapies for cancer patients. Its innovative approach harnesses the innate immune system through three therapeutic strategies: multi-specific NK Cell Engagers via its ANKET® platform, Antibody Drug Conjugates (ADC), and monoclonal antibodies (mAbs) - Innate Pharma S.A. is a global, clinical-stage biotechnology company developing **immunotherapies for cancer patients**[3](index=3&type=chunk) - Innovative approach aims to harness the innate immune system through three therapeutic approaches: **multi-specific NK Cell Engagers (ANKET® platform)**, **Antibody Drug Conjugates (ADC)**, and **monoclonal antibodies (mAbs)**[3](index=3&type=chunk) [Product Portfolio and Partnerships](index=1&type=section&id=Product%20Portfolio%20and%20Partnerships) Innate's portfolio includes several ANKET® drug candidates for various tumor types, IPH4502 (a differentiated ADC for solid tumors), lacutamab (anti-KIR3DL2 mAb for T cell lymphomas), and monalizumab (anti-NKG2A mAb developed with AstraZeneca for non-small cell lung cancer). The company partners with biopharmaceutical companies like Sanofi and AstraZeneca - Portfolio includes **ANKET® drug candidates**, **IPH4502 (ADC)**, **lacutamab (anti-KIR3DL2 mAb)**, and **monalizumab (anti-NKG2A mAb)**[4](index=4&type=chunk) - **Monalizumab** is developed with **AstraZeneca** in non-small cell lung cancer[4](index=4&type=chunk) - Trusted partner to biopharmaceutical companies such as **Sanofi** and **AstraZeneca**[5](index=5&type=chunk) [Corporate Information](index=1&type=section&id=Corporate%20Information) Innate Pharma is headquartered in Marseille, France, with a US office in Rockville, MD, and is listed on Euronext Paris and Nasdaq in the US - Headquartered in **Marseille, France** with a US office in Rockville, MD[5](index=5&type=chunk) - Listed on **Euronext Paris** and **Nasdaq** in the US[5](index=5&type=chunk) [Information about Innate Pharma Shares](index=1&type=section&id=Information%20about%20Innate%20Pharma%20shares) This section provides key identifiers for Innate Pharma's shares, including ISIN, ticker symbols, and LEI [Share Identifiers](index=1&type=section&id=Share%20Identifiers) This section provides key identifiers for Innate Pharma's shares, including its ISIN code, ticker symbols on Euronext and Nasdaq, and Legal Entity Identifier (LEI) | Identifier | Value | | :--------- | :---- | | ISIN code | FR0010331421 | | Ticker Euronext | IPH | | Ticker Nasdaq | IPHA | | LEI | 9695002Y8420ZB8HJE29 | [Disclaimers and Forward-Looking Statements](index=1&type=section&id=Disclaimer%20on%20forward-looking%20information%20and%20risk%20factors) This section outlines important disclaimers regarding forward-looking information and general legal statements [Forward-Looking Information Disclaimer](index=1&type=section&id=Forward-Looking%20Information%20Disclaimer) This press release contains forward-looking statements, identifiable by specific terminology, which are subject to numerous risks and uncertainties. These risks, detailed in the Universal Registration Document and Form 20-F, could cause actual results to differ materially and include uncertainties in R&D, clinical trials, regulatory approvals, reliance on third parties, commercialization efforts, and capital raising - The press release contains certain forward-looking statements, identified by words such as "anticipate," "believe," "expect," etc[6](index=6&type=chunk) - These statements are subject to numerous risks and uncertainties, including those related to **R&D, clinical trials, regulatory approvals, reliance on third parties, commercialization efforts, and ability to raise capital**[6](index=6&type=chunk) - For additional discussion of risks, refer to the **Risk Factors section** of the Universal Registration Document and Annual Report on Form 20-F[6](index=6&type=chunk) [General Disclaimers](index=2&type=section&id=General%20Disclaimers) The company clarifies that website content is for information only and not incorporated by reference into the press release. It also states that forward-looking statements should not be regarded as a warranty of achieving objectives, and the company undertakes no obligation to publicly update them, except as required by law. Furthermore, the press release does not constitute an offer to sell or a solicitation to buy shares - References to the Company's website and the AMF website are for information only, and their content is not incorporated by reference into this press release[7](index=7&type=chunk) - Forward-looking statements are not a representation or warranty that the Company will achieve its objectives, and the Company undertakes no obligation to publicly update them, except as required by law[8](index=8&type=chunk) - This press release does not constitute an **offer to sell** or a **solicitation of an offer to buy or subscribe to shares** in Innate Pharma[9](index=9&type=chunk) [Contacts](index=2&type=section&id=Contacts) This section provides contact information for investor relations and media inquiries [Investor and Media Contacts](index=2&type=section&id=Investor%20and%20Media%20Contacts) This section provides contact information for investors and media relations, including names, phone numbers, and email addresses | Role | Contact Person | Phone Number | Email | | :-------------- | :------------------ | :----------------- | :----------------------------- | | Investors | Henry Wheeler | +33 (0)4 84 90 32 88 | Henry.wheeler@innate-pharma.fr | | Media Relations | Arthur Rouillé (NewCap) | +33 (0)1 44 71 00 15 | innate@newcap.eu |

UNITED STATES OR OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report For the transition period from _________ to _________ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ende ...

Financial Data and Key Metrics Changes - Revenue and other income from continuing operations amounted to EUR 20.1 million in 2024, primarily from collaboration licensing agreements and a resource tax credit [43] - Operating expenses from continuing operations totaled EUR 71.7 million in 2024, with 73% related to R&D, and general and administrative expenses increased by EUR 1.4 million compared to the prior year [44] - Cash, cash equivalents, short-term investments, and financial assets were EUR 91.1 million as of December 31, 2024, providing sufficient cash to fund operations through mid-2026 [46] Business Line Data and Key Metrics Changes - The ANKET platform is a critical component of the company's strategy, with three key programs: IPH65 in Phase 1, IPH61 in Phase 2, and IPH64 in Phase 1 [13][14][15] - The Nectin-4 targeted ADC, IPH45, had its first patients dosed in January 2025, following IND clearance in September 2024 [9][16] - Lacutamab has received FDA breakthrough therapy designation, moving closer to potential accelerated approval [10][18] Market Data and Key Metrics Changes - The company is focusing on the oncology market, particularly hematological malignancies and autoimmune diseases, with significant advancements in their pipeline [8][12] - The competitive landscape in non-Hodgkin lymphoma is acknowledged as crowded, but the company believes in the efficacy of its therapies based on preclinical data [53] Company Strategy and Development Direction - The strategic focus for 2025 includes three key growth pillars: NK cell engagers, antibody drug conjugates, and late-stage assets [12][15][18] - The company aims to deliver breakthrough therapies to patients in need and is excited about the opportunities in the coming years [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential of IPH65, IPH45, and lacutamab to address unmet needs in oncology and autoimmune diseases [8][12] - The company is actively preparing regulatory packages for FDA and EMA to proceed with Phase 3 trials for lacutamab [40] Other Important Information - The company is advancing a robust pipeline with eight innovative assets currently in the clinic, demonstrating the productivity of its R&D organization [21] - The company has received various regulatory designations for lacutamab, including orphan drug designation for CTCL in the US [40] Q&A Session Summary Question: Expectations for IPH6501 in NHL - Management acknowledged the crowded space but expressed confidence in IPH6501's efficacy based on preclinical data and a benign safety profile [53][54] Question: Update on IPH6401's focus shift - Management confirmed that IPH6401 is being refocused from multiple myeloma to autoimmune diseases, viewing this as a positive signal [60][61] Question: Status of partnering discussions for lacutamab - Management indicated that several parallel discussions with potential partners are progressing well [64] Question: Confirmatory trial strategies for lacutamab - Management is working to align with FDA and EMA on a global randomized control study, with primary endpoints likely to be PFS [74][76] Question: Decision on moving forward with lacutamab - Management clarified that accelerated approval can only be obtained once the Phase 3 trial is underway, and they are actively working on this [80][83] Question: Cash burn expectations - Management stated that cash burn estimates do not include potential proceeds from partnerships, focusing only on controllable cash inflows [85] Question: Working capital variation and trade receivables - Management explained that a significant decrease in trade receivables was due to the repayment of research tax credits, amounting to nearly EUR 40 million [88][89]