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Swiss HLG & PLCF Summer Conference 2018
MAY 16, 2018BASEL
Page 2
FORWARD LOOKING STATEMENT
This document has been prepared by Innate Pharma S.A. (the “Company”) solely for the purposes of a presentation to investors concerning the Company. This document is not to be reproduced by any person, nor to be distributed.
This document contains forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions, these forward-looking statements are subject to various risks and uncertainties, which could cause the Company’s actual results or financial condition to differ materially from those anticipated. Please refer to the risk factors outlined from time to time in the Company’s regulatory filings or publications.
This document contains data pertaining to the Company's potential markets and the industry and environment in which it operates. Some of this data comes from external sources that are recognized in the field or from Company’s estimates based on such sources.
The information contained herein has not been independently verified. No representation, warranty or undertaking, express or
implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. The Company is under no obligation to keep current the information contained in this presentation and any opinion expressed is subject to change without notice. The Company shall not bear any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection therewith.
Please refer to the Document de Référence filed with the Autorité des Marchés Financiers (“AMF”) on April 25th, 2018, available on the AMF’s website (www.amf-france.org) and on the Company’s website (www.innate-pharma.com). Such documents may not be necessarily up to date.
This document and the information contained herein do not constitute an offer to sell or a solicitation of an offer to buy or subscribe to shares of the Company in any country.
Page 3
INNATE PHARMA – AT A GLANCE
As of December 31, 2017* cash, cash equivalents as well as current and non-current financial assets
• Headquarters in Marseille
• >180 employees
• Differentiated science in IO
• Broad R&D pipeline
• 4 products in the clinical stage
• Partnerships with leading IO companies
• €176.6 million in Cash*
• Listed on Euronext Paris
Page 4
THE IMMUNO-ONCOLOGY REVOLUTION CHANGING THE STANDARD OF CARE IN ONCOLOGY
• Understand the resistance to Immune Checkpoint Inhibitors
• Increase the fraction of patients sensitive to IO treatments
• Decrease toxicity • Identify new targets (cells and
molecules) • Identify biomarkers
What’s next
LT survival
Proport
ion a
live
Immunotherapy (monotherapy)
Immunotherapy (combination)
Chemotherapy/TKI
Control
Time from treatment
LT survival
?
Page 5
INNATE PHARMA – STRATEGY SCIENCE DRIVEN ORGANIZATION AND PATIENT CENTRIC COMPANY
Partner with leading IO companies to unlock the value of assets with substantial market potential
Create broad portfolio of first or best-in-class IO agents
Retain more value in house and move toward integrated biotech
Strategic Priorities
Page 6
INNATE PHARMA – APPROACH SCIENTIFIC EXCELLENCE AROUND 3 KEY PILLARS
NK/T cell checkpoints
(CP)
1
Tumor antigen
(TAg)
2
Tumor microenvironment
(TME)
3
Page 7
No effective anti-tumor immunity
Anti-tumor immunity suppressed by TME
Sub-optimal or exhausted anti-tumor immunity
Inflamed
Non
infla
med
Adapted from Hedge et al., Clin Cancer Res, 2016
IPH5401Anti-C5aR
LirilumabAnti-KIR2DL1,2,3
IPH53Anti-CD73
IPH4301Anti-MICA/B
NK Bispecific Engagers
Antibody Drug Conjugates
IPH52Anti-CD39
IPH4102Anti-KIR3DL2
MonalizumabAnti-NKG2A
CP TAg TME
INNATE PHARMA – PIPELINE TARGETING DIFFERENT STATUS OF THE IMMUNE RESPONSE
Page 8
INNATE PHARMA – PIPELINE FOR FIRST-IN-CLASS IMMUNO-ONCOLOGY (IO) ASSETS
IPH52Anti-CD39
Preclinical
IPH53Anti-CD73
IPH4301Anti-MICA/B
LirilumabAnti-KIR2DL1,2,3
Dose finding
MonalizumabAnti-NKG2A
IPH4102Anti-KIR3DL2
Pivotal
IPH5401Anti-C5aR
Signal detection
IPH61SAN-NKCE-1
Drug Discovery
Anti-Siglec-9
SAN-NKCE-2
Other undisclosed targets
Page 9
MONALIZUMAB, IN COMBINATION WITH CETUXIMAB IN SCCHN PRELIMINARY DATA SUGGEST PROMISING ANTI-TUMOR ACTIVITY
1 One patient with early death from progression before the 1st assessment is not represented in these graphs.
% reduction of target lesion from baseline1
Cohen et al., AACR 2018
Page 10
Response rate in skin: 60%
Ma
x ch
an
ge (
%)
in
ab
erra
nt
blo
od
cel
l co
un
t
Best Global Response:
Response rate in blood: 65%
Ma
x ch
an
ge (
%)
in
mSW
AT
sco
re
PDSDPRCR
mPFS 329 days (10.8 months)Min-max (28-610) days
mDOR: 302 days (9.9 months)Min-max (64-519) days
IPH4102, IN PATIENTS WITH SEZARY SYNDROME ENCOURAGING SIGNS OF CLINICAL ACTIVITY IN PHASE 1
Bagot et al., EORTC 2017
Page 11
IPH5401 – COLLABORATION WITH ASTRAZENECA ACCELERATE PROOF-OF-CONCEPT IN NSCLC AND HCC
AstraZeneca/MedImmune Collaboration
Type of collaboration Clinical agreement (access to drug, 50% trial cost sharing)
Tumor type for expansion cohorts NSCLC 2ary resistance (IO pretreated)IO naive HCC
= unmet medical needs
PD1/PDL1 blockers sensitivity Low
Partner drug Durvalumab
Study design Dose escalationCohort expansion
Study start 2H18
Page 12
INNATE PHARMA – BUSINESS MODEL BALANCING PARTNERED AND PROPRIETARY PROGRAMS
2003-09 2011
2015 2016
R&D Collaboration
Lirilumab
Bispecifics
Monalizumab
2018
Retain more value in-house for partnered drugs and
build portfolio of proprietary assets
Move toward integrated biopharmaceutical company
IPH5401
Page 13
INNATE PHARMA – ORGANIZATIONAL MODEL SMALL, AGILE AND EMPOWERED CROSS-FUNCTIONAL TEAMS
Product Portfolio Strategy
Innate Pharma
Research Laboratories
CMC & Pharma operations
Clinical Development
Matrix model
Program leadership
Streamlined decision-making process
Page 14
INNATE PHARMA – LONG TERM CATALYSTS
First Patient InData read out
* Subject to data/governance decision
Potential BLA
IPH5401 + DurvaPh1/2
Mona + DurvaPh2-SCCHN
Mona + Durva + CTPh1/2
2018 Mona + Cetux
SCCHN
Mona + Durva
IPH4102 cohort expansion in SS
IPH5401 + PD1/L1Ph2-3rd indication
IPH4102Pivotal-SS
IPH4102Pivotal-CTCL
Mona potential pivotal program*
2019
Mona + Durva + CTPh1/2
Mona + CetuxMona + Durva
Update
IPH5401 + DurvaPh1
IPH52Ph1
IPH43Ph1/2
IPH4102Ph1/2 ATLL
IPH4102Ph1/2-PTCL
2020
Mona + DurvaPh2-SCCHN
IPH4102Pivotal-SS
IPH5401 + DurvaPh1/2
IPH5401 + PD1/L1Ph2-3rd indication
IPH52 comboPh1/2
IPH5401 potential pivotal
program*
IPH4102Pivotal-ATLL
IPH4102Pivotal-PTCL
2021
Mona potential pivotal program*
IPH4102 SSPotential BLA*
IPH43Ph1
IPH52Ph1
IPH43Ph2/3
2022
MonaPotential BLA*
IPH4102 Pivotal-CTCL
IPH52 potential pivotal program*
IPH43 potential pivotal program*
2023+
IPH4102Pivotal-ATLL
IPH4102Pivotal-PTCL
IPH4102 CTCL, ATLL, PTCL
Potential BLA*
IPH5401 potential pivotal program*
IPH5401Potential BLA*
IPH52 combination Ph1/2
Page 15
INNATE PHARMA – FY2017 RESULTS FINANCIAL STRENGTH, ENABLING INVESTMENTS IN FUTURE GROWTH
Op. expenses: €84m
Cash position: €177m
Revenue*: €44m • Mainly from industrial partnerships
• Increase in R&D expenses support clinical development of IPH4102 and monalizumab
• 2017 cash burn €54m** • Strong cash position to invest in development
pipeline
*revenue and other income** including milestone payment of €14m received in January 2017
Page 16
INNATE PHARMA – TAKE AWAY KEY VALUE CREATION STEPS
World-class science and technology platform
Clinical read-outs ahead for monalizumab and IPH4102 programs
Delivering on IPH5401 with clinical collaborations to accelerate development
Potential to address large unmet medical needs in cancer
Financial strength, enabling room for investment
Page 17
INNATE PHARMA – OUR AMBITION BUILDING IO LEADERSHIP
Growing pipeline
3 new medicines
by 2025
More partnerships
Disciplined execution
Investor relations
Markus MetzgerInvestor Relations
Tel: +33 (0)4 30 30 31 85
Page 19
INNATE PHARMA - FINANCIAL HIGHLIGHTS ROBUST FINANCIAL POSITION
• Cash, cash equivalents and financial assets* of €176.6m as of December 31, 2017 > Cash consumption 2017: €54m (vs €43m for 2016); 2017 excludes €13.8m milestone payment from BMS
> Tax credit for the fiscal year 2016 (€9.1m net) received in July 2017
In thousand euros (IFRS) Dec. 31, 2017 Dec. 31, 2016
Revenue** from collaboration and licensing agreements 32,631 56,159 Government financing for research expenditures 11,402 9,561 Revenue and other income 44,033 65,721 Research and Development expenses (67,000) (48,628) General and Administrative expenses (17,015) (9,522) Operating expenses (84,015) (58,150) Operating income / (loss) (39,983) 7,571 Financial income / (expenses), net (8,034) 5,370 Corporate tax (368) (301) Net loss (48,835) 12,640 Weighted average number of shares outstanding (in thousands) 54,352 53,869
Net income (loss) per share (0.89) (0.23)
Dec. 31, 2017 Dec. 31, 2016Cash, cash equivalents and financial assets* 176,578 230,664Total financial debt 5,864 5,327
*current and non-current
** revenue mainly relates to the co-development and
commercialization agreement with AstraZeneca,
corresponding to the recognition over the period of
the initial payment received in April 2015
Page 20
SHARE CAPITAL KEY FIGURES AND ANALYST COVERAGE
• Listed on Euronext, IPO in November 2006
> Euronext Paris: FR001331421 – IPH
• Stock liquidity
> Average daily trading volume >400,000 (YTD)
> 57.6m outstanding shares (61.1m fully diluted)
*Shareholders represented at the Supervisory Board
15.5%
7.7%
2.2%
74.6%
Novo Nordisk A/S*
BPIfrance Participations*
Management
Other/Autre
• Analyst coverage:
> Bryan Garnier
> Citi
> Gilbert Dupont
> Goldman Sachs
> H.C. Wainwright
> Invest Securities
> Leerink Partners
> Oddo Securities
> Portzamparc