Innate Pharma S.A.

As of June 30, 2026, Innate Pharma reported cash, cash equivalents and financial assets of €21.4 million. That balance excluded the $75 million Sobi upfront payment (equivalent to €65 million) and the €30 million equity offering, which was described as €28 million in expected net proceeds. Management said the Sobi upfront plus the equity proceeds are expected to extend cash runway through the end of Q1 2028. No revenue, EPS, or gross margin figures were provided on the call. Guidance-wise, the company said TELLOMAK-3 first patient is expected in Q1 2027 with an accelerated approval filing planned for H2 2027, IPH4.5 thousand initial Phase 1 data will be presented on November 18, 2026, and PACIFIC-9 data remain expected in H2 2026.

Jonathan E. Dickinson framed the period as one of “important progress across our focus portfolio,” led by the Sobi partnership for lacutamab, emerging clinical signals for IPH4.5 thousand, and completed enrollment in PACIFIC-9. His tone was constructive and catalyst-focused, repeatedly pointing to multiple near-term milestones in the second half of 2026. He also highlighted that the financing and partnership proceeds have strengthened the balance sheet enough to support execution into 2028.

Frederic Lombard said cash, cash equivalents and financial assets were €21.4 million at June 30, 2026, excluding the Sobi upfront and the equity raise. He quantified the financing as a $75 million Sobi upfront, equivalent to €65 million, plus a €30 million equity offering, or €28 million expected net proceeds. He said proceeds will fund continued clinical development of IPH4.5 thousand, the preclinical ADC portfolio, and general corporate purposes, and together with the Sobi upfront are expected to extend the runway through Q1 2028.

Analysts focused on IPH4.5 thousand’s safety versus prior ADCs, especially whether the stable linker could avoid the hematologic toxicity seen with some first-generation agents; management said preclinical and nonhuman primate data suggest limited free-payload release, which they believe may reduce systemic toxicity. Questions on lacutamab covered first-line/off-label use, with management saying NCCN listing after accelerated approval could enable use across lines and that they expect some first-line use in Sezary Syndrome and possibly mycosis fungoides. Management also disclosed US payer research suggesting lacutamab could be priced between $500 thousand and $650 thousand per patient per annum, and said PACIFIC-9 results should be announced by AstraZeneca with Innate planning its own release and potentially calls.