Innate Pharma reported its first-half 2026 results as the oncology-focused biotechnology company strengthened its financial position and moved several key clinical programs toward important upcoming milestones.
A new strategic partnership with Sobi for lacutamab has become effective, triggering a $75 million upfront payment. Innate also completed a €30 million equity financing primarily intended to support IPH4502 and its preclinical antibody-drug conjugate portfolio. Together, the transactions are expected to extend the company’s cash runway through the end of the first quarter of 2028.
Innate ended June with €21.4 million of cash, cash equivalents, short-term investments and financial assets before receiving the Sobi payment and proceeds from the subsequent equity financing.
The Sobi partnership centers on lacutamab, an anti-KIR3DL2 antibody being developed for T-cell lymphomas. The closing of the transaction initiated the TELLOMAK-3 confirmatory Phase 3 study in cutaneous T-cell lymphoma, with the first patient expected to be enrolled in the first quarter of 2027.
Under the agreement, Innate is responsible for conducting TELLOMAK-3. Sobi will receive exclusive global commercialization rights following a potential accelerated approval and may assume full global development rights after positive Phase 3 results.
Beyond the $75 million upfront payment, Innate is eligible for up to $40 million in near-term Sézary syndrome development milestones and as much as $465 million tied to Sobi’s option for full development rights and future regulatory and commercial milestones. Innate would also receive tiered double-digit royalties on net sales.
Lacutamab has received FDA Breakthrough Therapy and Fast Track designations for relapsed or refractory Sézary syndrome, along with PRIME designation from the European Medicines Agency and orphan-drug status in the U.S. and Europe.
Innate is also approaching an important clinical readout for IPH4502, its Nectin-4-targeting exatecan ADC. The company completed dose escalation and cohort enrichment enrollment in its Phase 1 study, enrolling 76 patients across multiple Nectin-4-expressing tumor types.
Preliminary anti-tumor activity has been observed in heavily pretreated patients, including responses in urothelial cancer after prior enfortumab vedotin as well as non-small cell lung cancer and head-and-neck squamous cell carcinoma. Initial Phase 1 data are scheduled to be presented at ENA 2026 on November 18.
Another major catalyst is PACIFIC-9, AstraZeneca’s Phase 3 trial evaluating durvalumab with monalizumab or oleclumab in unresectable Stage III non-small cell lung cancer. Enrollment is complete, with a readout expected in the second half of 2026.
Innate’s Phase 2 MATISSE program for IPH5201 also remains ongoing following interim results showing a 27.5% pathological complete response rate, with higher response rates among PD-L1-positive patients.
For the first half, Innate reported revenue and other income of €5.7 million, compared with €4.9 million a year earlier. Operating expenses declined as the company concentrated resources on its highest-priority programs, while the net loss narrowed to €19.6 million from €21.3 million.
The company is entering the remainder of 2026 with multiple clinical catalysts, additional financing and a longer runway to advance its oncology pipeline.
KEY QUOTES:
“2026 continues to be an important year of execution for Innate, marked by our strategic partnership with Sobi and the strengthening of our financial position.”
“Looking ahead, we will present Phase 1 data from IPH4502 at ENA 2026 and expect the PACIFIC-9 Phase 3 readout for monalizumab by year-end.”
Jonathan Dickinson, CEO of Innate Pharma
