Innate Pharma S.A. (IPHA) First Half 2022 Financial Results and Business Update Transcript

Summary of Innate Pharma S.A. First Half 2022 Financial Results and Business Update Company Overview - Company: Innate Pharma S.A. (NASDAQ: IPHA) - Date of Call: September 15, 2022 - Participants: CEO Mondher Mahjoubi, CFO Frédéric Lombard, and other executives Key Industry and Company Insights Strategic Priorities - Three Key Priorities: 1. Near-term Value Creation: Focus on lead asset lacutamab for T cell lymphoma with expected readouts in H2 2022 [6] 2. Mid to Long-term Pipeline Development: Emphasis on antibody engineering capabilities, particularly the ANKET platform [6] 3. Sustainable Business Foundation: Building partnerships across industry and academia, including ongoing collaborations with AstraZeneca [7] Pipeline Overview - Lacutamab: - First-in-class monoclonal antibody targeting KIR3DL2, with promising data from ongoing trials [10] - Fast Track designation in the U.S. and PRIME designation in the EU [11] - Enrollment on track for both Sézary syndrome and mycosis fungoides [11] - Monalizumab: - Licensed to AstraZeneca, currently in lung cancer trials [12] - Phase 3 trial PACIFIC9 initiated based on promising Phase 2 COAST data [13][14] - Adenosine Pathway Assets: - Progressing anti-CD39 (IPH5201) to Phase 2 in collaboration with AstraZeneca, with a $5 million milestone payment received [16] - Anti-CD73 (IPH5301) in an investigator-sponsored Phase 1 trial [16] Financial Highlights - Cash Position: €158.2 million as of June 30, 2022, providing a runway into H2 2024 [21][68] - Revenue: €45.6 million in H1 2022, up from €14.7 million in H1 2021, primarily from collaboration and licensing agreements [22] - R&D Expenses: Increased to €25 million, representing 67.3% of total operating expenses [22] Future Milestones - Clinical Readouts: Anticipated data from lacutamab trials and updates on the ANKET platform in the coming years [24] - Partnership Strategy: Open to collaborations for early-stage R&D and later-stage opportunities to maximize asset potential [58] Additional Important Insights - Regained Rights: Innate Pharma has regained rights to four preclinical molecules from AstraZeneca, which will be further developed [8][42] - Market Potential: Significant unmet medical need in peripheral T-cell lymphoma, with approximately 20,000 new diagnoses annually [57] - Collaboration with AstraZeneca: Despite setbacks, the partnership remains strong, with ongoing development of key assets [60][63] Conclusion - Innate Pharma is strategically positioned to leverage its innovative pipeline and partnerships to create value for patients and shareholders, with a strong financial foundation supporting its growth initiatives [68]