Innate Pharma (IPHA) outlined a more concentrated pipeline strategy at an H.C. Wainwright conference on Sept. 14, 2026, saying it has narrowed its focus from eight clinical-stage assets to three priority programs: lacutamab, IPH4502 and monalizumab. CEO Jonathan Dickinson said the company is focusing on the assets it believes have the best chance to win, while other programs continue through academic collaborations or in a lower-expenditure mode.
Lacutamab is partnered with Sobi for T-cell lymphomas, with the Sobi agreement signed in early August. In the Phase II TELLOMAK study, lacutamab showed a 43% global overall response rate and a 25.6-month median duration of response in Sézary syndrome patients previously treated with mogamulizumab. The Phase III TELLOMAK-3 confirmatory study is expected to begin in the coming weeks, with first patient enrollment targeted for early 2027. Innate said it aims to file a Biologics License Application in the second half of 2027 and seek accelerated approval in the first half of 2028. Management noted that roughly 50 U.S. treatment centers could reach the majority of patients with the ultra-rare conditions of Sézary syndrome and mycosis fungoides.
IPH4502, a Nectin-4 exatecan antibody-drug conjugate in Phase I, completed dose-escalation enrollment in July with 76 patients enrolled. Preliminary Phase I data are expected by year-end. Investor Relations Vice President Stéphanie Cornen said the question is not whether a Nectin-4 topoisomerase 1 ADC is a valid approach, but whether one can deliver a manageable safety profile and meaningful clinical activity. Dickinson said the exatecan payload addresses drug-resistance issues associated with MMAE, an approach he said was validated by Lilly, while the company's proprietary linker tightly binds the payload to reduce recirculating payload and toxicity.
Monalizumab, partnered with AstraZeneca for non-small cell lung cancer, is in the Phase III PACIFIC-9 trial, with primary completion targeted for September and primary endpoint data expected before year-end. Earlier Phase II COAST data showed a 12-month median progression-free survival advantage for the monalizumab-durvalumab combination versus durvalumab alone. Dickinson said a positive PACIFIC-9 result should support progression toward commercialization and that the company has a reasonable level of confidence if it can approach the efficacy seen in COAST. AstraZeneca paid EUR 450 million upfront for monalizumab, with up to EUR 825 million in additional development, regulatory and commercial milestones.
Innate also said preclinical antibody-drug conjugate programs are expected to enter IND-enabling studies in 2025. The company projects a turnaround to profitability in fiscal 2026, with forecast earnings per share of $0.21 for the year, compared with negative $0.65 over the last twelve months. Levered free cash flow was negative $62 million over the last twelve months.
Innate shares closed at $1.85, down $0.020, or 1.07%, with a market capitalization of roughly $178 million. The stock had fallen about 10% over the previous week. Analyst price targets range from $4 to $9 per share, with a Strong Buy consensus. The company is scheduled to report earnings on Sept. 17, three days after the conference.
