Innate Pharma has reported its earnings for the first quarter of 2026, revealing a better-than-expected performance. The company posted an earnings per share (EPS) of -0.1522, surpassing the forecasted -0.1616, resulting in an EPS surprise of 5.82%. Revenue reached 3.04 million euros, exceeding the forecast of 2.68 million euros by 13.43%. This positive financial outcome triggered a substantial pre-market stock price increase of 59.56%, with shares rising from 1.36 to 2.17 euros.
Innate Pharma’s performance in Q1 2026 marks a notable improvement compared to previous quarters, driven by strategic partnerships and promising clinical developments. The company’s focus on its core assets and partnerships, particularly with AstraZeneca, has positioned it well for future growth. The clinical advancement of key products, such as lacutamab, also supports a positive outlook.
Innate Pharma outperformed expectations, with actual EPS of -0.1522 compared to the forecast of -0.1616, reflecting a positive surprise of 5.82%. Revenue also exceeded forecasts by 13.43%, reaching 3.04 million euros. This marks a significant improvement from prior quarters, where the company faced challenges in meeting forecasts.
Following the earnings announcement, Innate Pharma’s stock experienced a dramatic increase of 59.56% in pre-market trading, rising from 1.36 to 2.17 euros. This surge reflects investor confidence in the company’s financial performance and strategic direction. However, subsequent aftermarket data showed a slight decline, with the stock price at 2.062 euros, indicating some volatility.
Innate Pharma remains focused on advancing its clinical programs, particularly the Phase III trial of lacutamab, expected to commence in the latter half of 2026. The company is also pursuing non-dilutive financing options to support its pipeline, including potential partnerships and royalty-based structures.
CEO of Innate Pharma stated, "Our strategic partnerships and disciplined execution have enabled us to surpass financial expectations this quarter. We remain committed to advancing our clinical programs and exploring non-dilutive financing options to fuel our growth."
During the earnings call, analysts inquired about the timeline for the TELLOMAK-3 trial and the potential impact of non-dilutive financing options. Executives emphasized their confidence in securing partnerships by Q3 2026 and highlighted the strategic importance of the lacutamab program.
Conference Operator, Innate Pharma: Ladies and gentlemen, thank you for joining us. Welcome to the Innate Pharma First Quarter 2026 Business Update and Financial Results. After today’s remarks, we will host a question-and-answer session. If you’d like to ask a question, please press star one on your telephone keypads to raise your hand. I will now hand the conference over to Stéphanie Cornen, Vice President of Investor Relations, Communication, and Commercial Strategy at Innate Pharma. Please go ahead.
Stéphanie Cornen, Vice President of Investor Relations, Communication, and Commercial Strategy, Innate Pharma: Good morning and good afternoon, everyone. Thank you for joining us for Innate Pharma’s Q1 2026 business update and financial results conference call. The press release and today’s presentation are both available on the IR section of our website. Before we begin, I would like to remind everyone that today’s presentation includes forward-looking statements based on current expectations. These statements involve risks and uncertainties that could cause actual results to differ materially. To briefly cover today’s agenda, our CEO, Jonathan Dickinson, will begin with a strategic overview and outlook. Sonia Quaratino, our Chief Medical Officer, and Yannis Morel, our Chief Operating Officer, and I will then provide updates on lacutamab, IPH4502, and next generation ADCs, as well as AstraZeneca partner program, including monalizumab and IPH5201. Jonathan will return with closing remarks.
Frédéric Lombard, our CFO, will join us for the Q&A. With that, I will now hand it over to Jonathan.
Jonathan Dickinson, Chief Executive Officer, Innate Pharma: Thank you, Stéphanie. Good morning to those joining from the U.S., and good afternoon to our European participants. Turning to slide five. We continue to execute against our strategy, which is focused on our three priority assets with discipline, and we’re pleased with the strong progress we are seeing today. Starting with lacutamab, our anti-KIR3DL2 monoclonal antibody, which is being developed in cutaneous T-cell lymphoma or CTCL. As you remember, we received the FDA clearance to proceed with the TELLOMAK-3 phase III trial for lacutamab in CTCL, and we expect to be able to initiate the study in the second half of 2026. We have made progress in negotiating non-dilutive financing options for lacutamab, including potential pharma partnerships and royalty-based structures.
From a commercial perspective, we believe that lacutamab represents a meaningful opportunity in CTCL in both the United States and Europe, with additional life cycle expansion opportunities in peripheral T-cell lymphoma. Moving to IPH4502, our differentiated Nectin-4 ADC, which is being evaluated in advanced solid tumors. The phase I study is ongoing and approaching completion of enrollment in the dose escalation phase and backfill cohorts. As highlighted on the slide, we continue to observe preliminary antitumor activity in heavily pretreated patients, including in urothelial cancer patients previously treated with EV. We believe that IPH4502 may represent a differentiated opportunity, both in the post-PADCEV urothelial cancer setting and potentially across a broader range of solid tumors. And finally, turning to monalizumab, our AstraZeneca-partnered anti-NKG2A monoclonal antibody, which is being developed in non-small cell lung cancer.
The ongoing PACIFIC-9 Phase 3 study remains on track for a planned readout in the second half of 2026. From a financial perspective, the partnership also continues to represent a potentially important source of future value for Innate, including potential milestones, profit-sharing in Europe, and royalties in the United States and the rest of world. Overall, we believe these three assets provide Innate with a focused portfolio of differentiated clinical stage opportunities spanning both proprietary and partnered programs. I’ll now hand over to Sonia and Stéphanie for a more detailed review of the lacutamab program.
Sonia Quaratino, Chief Medical Officer, Innate Pharma: Thank you, Jonathan. Turning to slide seven. Lacutamab continues to progress towards initiation of the TELLOMAK-3 confirmatory phase III trial and the potential accelerated approval pathway in Sézary syndrome. As a reminder, the phase II TELLOMAK study has demonstrated clinical meaningful and durable activity in both mycosis fungoides and Sézary syndrome, including improvement in quality of life with a favorable safety and tolerability profile supporting potential for long-term treatment. Based on this data, lacutamab has received breakthrough therapy designation from the FDA in relapsed or refractory Sézary syndrome. It has previously received fast track designation from the FDA, PRIME designation from EMA, and Orphan Drug status in both United States and Europe. The phase II data from the TELLOMAK trial also support the potential accelerated approval filing in Sézary syndrome once the confirmatory phase III trial is underway.
In the next slide, the planned TELLOMAK-3 is an open-label, multicenter randomized comparative study to demonstrate the efficacy and safety of lacutamab in two separate cohorts of patients with cutaneous T-cell lymphoma who have failed at least one prior systemic therapy. In cohort one, patients with any stage Sézary syndrome who have failed at least one prior line of systemic therapy, including mogamulizumab, will be randomized one-to-one to either lacutamab or romidepsin. In cohort two, patients with MF ranging from stage 1B to four who have failed at least one prior line of systemic therapy will be randomized one-to-one to either lacutamab or mogamulizumab. Both cohorts will be randomized one-to-one, and randomization will be stratified according to disease stage and region. The primary endpoint for both cohorts is progression-free survival assessed by blinded independent central review.
The secondary endpoint for the Sézary cohort is overall survival, whilst the key secondary endpoints for the MF cohort are quality of life and pruritus. The TELLOMAK-3 study is designed to serve as the confirmatory trial for Sézary syndrome while also supporting full approval in mycosis fungoides. From a regulatory standpoint, we have received FDA clearance to proceed with this clinical trial protocol, and we continue towards phase III initiation expected in the second half of 2026. Stéphanie will now go through the commercial opportunity.
Stéphanie Cornen, Vice President of Investor Relations, Communication, and Commercial Strategy, Innate Pharma: Thank you, Sonia. We continue to believe lacutamab represents an attractive commercial opportunity supported by a focused and efficient commercial footprint. Starting with Sézary syndrome. Based on recent real-world data analysis, we estimate approximately 300 incident patients per year in Sézary syndrome in the U.S., with a prevalence of around 1,000 patients, the majority of whom are treated in a limited number of specialized academic centers. Mycosis fungoides represent a significantly larger opportunity with approximately 3,000 incident patients per year and a prevalence of around 12,000 patients in the U.S. This data from an analysis conducted by ZS Associates are now available in the EHA 2026 online abstract book. This is a highly concentrated treatment landscape with over 85% of patients managed in academic centers and a large proportion treated within approximately 50 key institutions.
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