Innate Pharma: €96.8 million in cash after Sobi agreement, runway extended to early 2028
Innate Pharma published its nine-month update on November 5, 2026, with cash position as its central element. Cash stood at €96.8 million as of September 30, 2026, an amount that includes the $75 million upfront payment from partner Sobi and the €30 million gross proceeds of a private placement carried out in August.
These two inflows compare with nine-month revenue of €3.4 million, up from €2.3 million in the same period of 2025. The company now sets its cash runway horizon at the end of the first quarter of 2028, beyond the main clinical milestones it has announced for 2027.
Cash strengthened by the Sobi agreement and a private placement
The €96.8 million figure combines the company's cash, cash equivalents and financial assets. It includes €20.6 million in current financial assets and €6.0 million in non-current financial assets. By comparison, total financial liabilities amounted to €16.2 million as of September 30, 2026.
The company also has a financing reserve available. The remaining balance under the “At-the-market” issuance program launched in April 2023 was $75 million at the end of September.
Chief Executive Officer Jonathan Dickinson stated that “strengthening our cash position allows us to prepare the implementation of the next steps of our strategic priorities.”
Revenue, for its part, is based on existing agreements. It mainly results from the recognition as revenue of amounts received under the co-development and license agreements with AstraZeneca, as well as the research collaboration and license agreements with Sanofi.
Lacutamab and monalizumab: Phase 3 milestones set for 2027
The agreement with Sobi, announced on August 10, 2026, covers a license for lacutamab in T-cell lymphomas. Following the entry into force of the transaction, Innate Pharma launched the confirmatory Phase 3 TELLOMAK-3 study in cutaneous T-cell lymphomas, with first patient treatment expected in the first quarter of 2027.
This study includes a confirmatory cohort in Sézary syndrome and a registrational cohort in mycosis fungoides. The company plans to file with the FDA, in the second half of 2027, a request for accelerated approval in Sézary syndrome, based on Phase 2 TELLOMAK data, once the Phase 3 is ongoing.
The timeline for monalizumab has been shifted. On October 27, 2026, the company stated that AstraZeneca, which is conducting the Phase 3 PACIFIC-9 study in unresectable stage III non-small cell lung cancer, now expects the main results in the first half of 2027, compared with the second half of 2026 originally. Enrollment is complete and the study depends on the occurrence of events.
IPH4502: data from 76 patients expected on November 18
The company's main proprietary asset, IPH4502, is an antibody-drug conjugate targeting Nectin-4. The company indicates that it could overcome resistance to enfortumab vedotin in urothelial carcinoma and target tumors with low Nectin-4 expression. Enrollment in the dose-escalation phase of the Phase 1 study is complete, with 76 patients included.
These data will be presented as a poster at the EORTC-NCI-AACR symposium on November 18, 2026, in Barcelona, followed by a hybrid event held the same day in London. On the governance side, Chief Financial Officer Frédéric Lombard will leave his position on December 31, 2026, and the search for his successor has been initiated.
From the November presentation to the planned FDA filing in the second half of 2027, all the milestones announced by the company fall within its cash runway, which is largely supported by its partnership and financing operations over the summer.
