Innate Pharma: cash runway extended through end of first quarter 2028 following $75M payment from Sobi and capital raise
Innate Pharma published its first half 2026 results on September 17, 2026, dominated by the finalization of its partnership with Sobi around lacutamab. This agreement, effective since September 16, 2026, triggers an initial payment of $75 million and is added to a capital increase of €30 million completed in August. These two operations should extend the group's projected cash runway through the end of the first quarter of 2028, while the cash position at June 30 stood at €21.4 million.
Cash position of €21.4 million at June 30, prior to summer contributions
At June 30, 2026, the Company's cash, cash equivalents and financial assets totaled €21.4 million, compared to €44.8 million at December 31, 2025. Net cash stood at €0.1 million, compared to €25.5 million six months earlier. Financial debt totaled €20.2 million, compared to €22.6 million at end of 2025, a change related to loan repayments. The group also maintains bank loans of €20.1 million, of which €12.8 million in loans guaranteed by the French government. This balance sheet snapshot precedes the two contributions that occurred during the summer: the $75 million initial payment from Sobi and the net proceeds of approximately €30 million from the private placement on August 18, 2026, covering 17,647,059 new shares issued at a price of €1.70 per share.
Net loss of €19.6 million, operating expenses decline
The net loss for the first half of 2026 stands at €19.6 million, compared to a net loss of €21.3 million a year earlier. The operating loss comes in at €19.0 million, compared to a loss of €25.4 million in the first half of 2025. Operating revenues increase to €5.7 million, compared to €4.9 million a year earlier, driven by revenues from collaboration and licensing agreements (€3.1 million compared to €1.7 million). Operating expenses decline to €24.7 million, compared to €30.3 million, of which €16.9 million dedicated to R&D (€20.5 million a year earlier). This decrease in R&D expenses reflects the timing of studies and the reduction of research headcount, brought down from 133 to 92 people. The financial result moves from a net gain of €4.1 million to a net loss of €0.6 million, primarily due to unfavorable foreign exchange variations on collaboration debt linked to the dollar and an unfavorable change in returns generated by financial assets and their remeasurement at fair value.
Lacutamab in phase 3 and IPH4502 data expected in November
The agreement with Sobi triggers the launch of the confirmatory phase 3 TELLOMAK-3 study in cutaneous T-cell lymphoma, with first patient enrollment planned for the first quarter of 2027, targeting an accelerated authorization request in Sézary syndrome. Beyond the initial $75 million payment, Innate may receive up to $40 million linked to near-term development milestones and up to $465 million associated with the option to cede all development rights and future milestones, as well as double-digit progressive royalties on net sales. On its proprietary IPH4502 program, an anti-Nectin-4 ADC, recruitment of dose escalation and enrichment cohorts in phase 1 has been completed with 76 patients enrolled. First data will be presented on November 18, 2026 at the ENA 2026 symposium. The group also expects in the second half of 2026 the results of the phase 3 PACIFIC-9 study evaluating monalizumab, led by AstraZeneca. Combined, the Sobi payment and the €30 million capital raise should extend the projected cash runway through the end of the first quarter of 2028.
