Innate Pharma reported second-quarter 2026 results that topped analyst expectations on both earnings and revenue, though the company’s shares dropped 1.99% to $1.97 in premarket trading.
The company posted a loss per share of $0.1848, narrowing significantly from forecasts of a $0.2383 deficit — a beat of roughly 22%, or $0.0535 per share. Revenue came in at $9.18 million, edging above estimates of $9.11 million by $0.07 million, or 0.77%.
Despite the stronger-than-expected results, shares were down 4 cents from the previous close of $2.01 and remain within a 52-week range of $1.17 to $2.71.
Innate Pharma ended the quarter with €21.4 million in cash and financial assets as of June 30, a figure that does not include proceeds from recent financings. A $75 million upfront payment from partner Sobi — roughly €65 million — and €30 million in gross equity financing, netting approximately €28 million, have since extended the company’s cash runway through the first quarter of 2028.
The balance sheet bolster comes alongside deepening collaboration with Sobi for lacutamab, an anti-KIR3DL2 antibody being developed for cutaneous T-cell lymphoma. Under the agreement, Sobi holds an option for full development rights and can trigger up to $40 million in near-term milestones tied to Sézary syndrome approvals, with an additional $465 million possible across future regulatory and commercial milestones. Tiered double-digit royalties are also attached to future net sales.
In a separate deal, AstraZeneca has received up to €450 million to date for monalizumab, with up to €825 million in further potential milestones, plus double-digit royalties outside Europe and a 50% profit share in the European market.
On the pipeline front, Innate Pharma outlined a series of milestones. Lacutamab’s TELLOMAK-3 Phase III study is set to enroll its first patient in the first quarter of 2027, with an accelerated approval filing targeted for the second half of the year. The drug carries FDA Breakthrough Therapy designation for relapsed or refractory Sézary syndrome, along with Fast Track and EMA PRIME designations and orphan drug status in both regions.
Data on IPH4502, a Nectin-4 antibody-drug conjugate, showed preliminary anti-tumor activity in post-enfortumab vedotin urothelial cancer, non-small cell lung cancer, and head and neck cancer. Some 76 patients across 11 indications have been enrolled in the Phase I dose-escalation study, with enrollment expected to conclude shortly. Initial data is scheduled for presentation at the EORTC-NCI-AACR meeting in Barcelona on November 18 or 26.
Meanwhile, monalizumab’s PACIFIC-9 Phase III trial in unresectable Stage 3 non-small cell lung cancer has completed enrollment of 1,051 patients, comparing durvalumab combined with either oleclumab or monalizumab against durvalumab plus placebo.
Wall Street consensus rates the stock a "Strong Buy" with price targets ranging from $4 to $9, though InvestingPro assigned Innate Pharma a "Weak" financial health score of 1.45.
