• Revenue and Other Income: 20.1 million in 2024, primarily from collaboration licensing agreements (12.6 million) and a research tax credit (7.5 million).
• Operating Expenses: 71.7 million in 2024, with 73% related to R&D.
• General and Administrative Expenses: 19.7 million in 2024, an increase of 1.4 million from the previous year.
• R&D Expenses: 52 million in 2024, a reduction of 4 million from the prior year.
• Cash and Financial Assets: 91.1 million as of December 31, 2024.
• Financial Liabilities: 31 million, down from 39.9 million at the end of 2023.

• Warning! GuruFocus has detected 6 Warning Signs with IPHA.

Release Date: March 27, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Innate Pharma SA (NASDAQ:IPHA) successfully recruited the first patients into the phase 1 dose-finding trial for IPH 65, marking a critical step in its clinical development.
• IPH 45, a nectin-4 targeted ADC, dosed its first patients in January 2025 following IND clearance, indicating progress in their ADC program.
• Lecutumab received FDA breakthrough therapy designation, potentially accelerating its approval process.
• The company has a robust pipeline with 8 innovative assets currently in the clinic, showcasing their R&D productivity.
• Innate Pharma SA (NASDAQ:IPHA) has sufficient cash to fund operations through mid-2026, providing financial stability for ongoing projects.

Negative Points

• Operating expenses from continuing operations amounted to 71.7 million in 2024, with a significant portion allocated to R&D, indicating high operational costs.
• General and administrative expenses increased by 1.4 million compared to the previous year, reflecting rising operational costs.
• IPH 6,401's development is being refocused from multiple myeloma to autoimmune diseases, which may be seen as a speculative move.
• The company is still in discussions for partnerships, indicating potential delays in commercialization and strategic collaborations.
• The competitive landscape in the non-Hodgkin lymphoma space is crowded, posing challenges for IPH 6,501's market entry.

Q & A Highlights

Q: What are Innate Pharma's expectations for IPH 6,501 in the non-Hodgkin lymphoma (NHL) market, considering the underperformance of recent CD-19 targeted therapies? A: Sonia Quaratino, Chief Medical Officer, explained that while the NHL space is crowded, they expect efficacy from IPH 6,501 based on pre-clinical data. CD20, unlike CD19, is not downregulated in the disease, and the anticipated benign safety profile could differentiate it from other therapies. Currently, the focus is on monotherapy, but combination with standard care is not excluded.

Q: Is Sanofi switching focus from multiple myeloma to autoimmune diseases for IPH 6,401, and what autoimmune diseases might be prioritized? A: Yannis Morel, Chief Operating Officer, confirmed that IPH 6,401 will be refocused from multiple myeloma to autoimmune diseases, leveraging Sanofi's strong capabilities in this area. Although no specific data or indications have been shared yet, it is expected to target B cell-mediated diseases.

Q: Can you provide an update on the partnering discussions for Lacutumab? A: Yannis Morel stated that several discussions with potential partners are progressing well, with a data room open for review. However, no further details can be shared at this time.

Q: What are the plans for a confirmatory trial for Lacutumab to support accelerated approval? A: Sonia Quaratino mentioned that they are aligning with the FDA and EMA on a global randomized control trial in the CTCL space, including SS and MF. The primary endpoint might be progression-free survival (PFS), but details are pending regulatory agreement.

Q: Is the decision to move forward with Lacutumab in Cesare syndrome dependent on phase 3 start or finding a global partner? A: Sonia Quaratino clarified that accelerated approval can only be obtained once the phase 3 trial is up and running. Jonathan Dickinso added that they are actively working on finalizing the phase 3 program and are open to proceeding with or without a partner, depending on the deal's quality.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.