COMPANY OVERVIEW
NOVEMBER 2020 NASDAQ: IPHA EURONEXT PARIS: IPH Forward Looking Statements
This document has been prepared by Innate Pharma S.A. (the “Company”) solely for This presentation discusses product candidates that are under clinical development the purposes of a presentation to investors concerning the Company. This document and which have not yet been approved for marketing by the U.S. Food and Drug is not to be reproduced by any person, nor to be distributed. Administration or the European Medicines Agency. No representation is made as to the safety or effectiveness of these product candidates for the use for which such This document contains forward-looking statements. The use of certain words, product candidates are being studied. including “believe,” “potential,” “expect” and “will” and similar expressions, is intended to identify forward-looking statements. Although the Company believes its The information contained herein has not been independently verified. No expectations are based on reasonable assumptions, these forward-looking representation, warranty or undertaking, express or implied, is made as to, and no statements are subject to various risks and uncertainties, which could cause the reliance should be placed on, the fairness, accuracy, completeness or correctness of Company’s actual results or financial condition to differ materially from those the information or opinions contained herein. The Company is under no obligation to anticipated. These risks and uncertainties include, among other things, the keep current the information contained in this presentation and any opinion uncertainties inherent in research and development, including related to safety, expressed is subject to change without notice. progression of and results from its ongoing and planned clinical trials and preclinical The Company shall not bear any liability whatsoever for any loss arising from any use studies, review and approvals by regulatory authorities of its product candidates, the of this document or its contents or otherwise arising in connection therewith. Company’s commercialization efforts and the Company’s continued ability to raise capital to fund its development. For an additional discussion of risks and This document and the information contained herein do not constitute an offer to sell uncertainties which could cause the Company's actual results, financial condition, or a solicitation of an offer to buy or subscribe to shares of the Company in any performance or achievements to differ from those contained in the forward-looking country. statements, please refer to the Risk Factors (“Facteurs de Risque”) section of the Universal Registration Document filed with the Autorité des Marchés Financiers (“AMF”), available on the AMF website (www.amf-france.org) or on the Company’s website (www.innate-pharma.com), and public filings and reports filed with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s Annual Report on Form 20-F for the year ended December 31, 2019, and subsequent filings and reports filed with the AMF or SEC, or otherwise made public, by the Company. Such documents may not be necessarily up to date. 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.
2 Investment Highlights
Lacutamab: EMA PRIME and FDA Fast Track designations in R/R Sézary syndrome; Phase 2 Broad and ongoing in SS and mycosis fungoides; potential to serve as pivotal study in SS Diversified Monalizumab: First patient dosed in Phase 3 R/M SCCHN trial, triggering $50 million milestone* Portfolio at Avdoralimab: novel approach by targeting C5aR; potential in inflammatory diseases Various Stages of Development Broad, early stage pipeline of innovative immunotherapies targeting innate immunity pathways Key clinical milestones across multiple programs over the next 12 to 18 months
Transitioning to a • Lumoxiti: EU regulatory decision on track Commercial Stage Biotech • Lacutamab: could synergize with Innate’s commercial organization; potential for broader expansion
Validating collaborations, including AstraZeneca and Sanofi Strong Financial Proven track record of execution across R&D, strategic partnering, and licensing agreements Base and Strategic Flexibility Cash, cash equivalents and financial assets of €163.6 million as of Sept 30, 2020 expected to cover financing needs through 2022
*not included in Q3 cash number 3 Our Strategy We strive to achieve scientific leadership in immunotherapy by leveraging our expertise in innate immunity and transition to a commercial stage biotech
Science Commercial Finance
• Deliver the current • Further shape commercial • Continue to pipeline & prepare competencies for Lumoxiti strengthen financial Innate’s future science and future commercial position to invest in products our portfolio
4 Innovative Approach to Immuno-Oncology Three-prong approach to harness the potential of the innate immune system
Immune Checkpoint Tumor Antigen Tumor Micro Inhibitor Targeting Environment
Unleash Target Relieve Endogenous Immune Killing Tumor cells Immune Suppression
5 Three Key Strategic Pillars to Harness the Potential of the Immune System
Phase of Development
Program Target Indication PC Ph 1 Ph 2 Ph 3 Commercial Partner
SCCHN Monalizumab NKG2A Advanced Solid Tumors, Phase 1/2 including CRC
Anti-Siglec-9 Siglec-9 Cancer Inhibitors (ICI) Inhibitors
IPH25 Undisclosed Cancer Immune Checkpoint Checkpoint Immune
Lumoxiti CD22 Hairy Cell Leukemia FDA Approved –
Lacutamab Sézary Syndrome – KIR3DL2 (IPH4102) MF – IPH61 Undisclosed Cancer (TAG) (NKp46 NKCE) IPH43 MICA/B Cancer IPH62 Tumor Antigen Targeting Antigen Tumor Undisclosed Cancer (NKp46 NKCE)
) Avdoralimab CSU, BP –
- C5aR (IPH5401) COVID-19 –
IPH5201 CD39 Cancer
Tumor Micro Tumor IPH5301 CD73 Cancer – environment (TME environment 6 Note: “SCCHN” Squamous Cell Carcinoma of the Head and Neck; “CRC” Colorectal Cancer; “MF” Mycosis Fungoides; “PTCL” Peripheral T-cell Lymphomas; “NSCLC” Non-Small Cell Lung Cancer; and “HCC” Hepatocellular Carcinoma. MONALIZUMAB FIRST-IN-CLASS ANTI-NKG2A MAB Monalizumab First-in-Class Anti-NKG2A mAb Promotes anti-tumor immunity by unleashing both T & NK cells
Source: André, Vivier et al., Cell 2018 8 Monalizumab Lead Partnered Asset in Phase 3 Phase 3 study in patients with IO pre-treated SCCHN
• First patient dosed in Phase 3 study in October 2020 o Monalizumab + cetuximab in IO-pretreated R/M Phase 2 Expansion Cohort 2 squamous cell carcinoma of the head and neck (SCCHN), Monalizumab + cetuximab, IO Pretreated R/M SCCHN** INTERLINK-1 o Study represents first Phase 3 study examining IO • ASCO20 data confirm prior observations of safety and approach in R/M SCCHN patients who have been treated ORR with a platinum-based therapy and PD-(L)1 inhibitor • Updated data will be presented at ESMO Immuno- • $50m milestone triggered* Oncology Virtual Congress in December o $400m from AstraZeneca for monalizumab since signing of the agreement Phase 2 Expansion Cohort 3 o Additional $50m milestone payment after the interim Mona + cetuximab + durvalumab, IO-Naïve R/M SCCHN*** analysis demonstrates the combination meets a pre- defined threshold of clinical activity • Expanded from 20 to 40 patients in 1H 20 • R/M SCCHN is an indication of high unmet need • Enrollment completed o Monalizumab + cetixumab has potential to improve over cetuxiumab alone (SOC) • Data expected in 2021
*Amended from the initially agreed $100M milestone due upon dosing of the first patient, following longer patient follow-up and maturing survival data from Cohort 2 and following discussions with AstraZeneca **< 2 lines of prior therapy must include prior PD-(L)1 inhibitors; ***No prior systemic regimens in the R/M setting or prior PD-(L)1 inhibitors SCCHN” Squamous Cell Carcinoma of the Head and Neck; “SOC” Standard of Care; “ORR” Objective Response Rate 9 Monalizumab
Key Results of Cetuximab Combination: Data from Cohort 1, ESMO 2019 Acceptable safety profile, ORR of 27.5% and favorable trends in OS in post IO R/M SCCHN patients
Mona + Cetuximab – Best Overall Response & ORR OS in All Patients
All Patients IO-naïve IO-pretreated (n=40) (n=22) (n=18) Best overall response: n (%)
Complete Response 1 (2.5%) 1 (4.5%) 0 (0.0%)
Partial response 10 (25.0%) 7 (31.8%) 3 (16.7%)
Stable disease 22 (55.0%) 10 (45.5%) 12 (66.7%)
Progressive disease 7 (17.5%) 4 (18.2%) 3 (16.7%) Months Overall Response Rate: % 27.5% 36.4% 16.7% [95%CI] [16-43] [20-57] [6-39] OS According to Prior IO Median overall survival (OS) 8.5 months 7.8 months 14.1 months [95%CI] [7.5-16.4] [6.9-15.8] [8.0-NR]
ORR and OS for Currently Approved Treatment Options for R/M SCCHN After Platinum Based Chemotherapy Cetuximab Pembrolizumab Nivolumab (Erbitux) (Keytruda) (Opdivo) ORR 12.6% 16.0% 13.3%
Median OS 5.8 months 8.4 months 7.5 months Months
Source: Cohen et al., ESMO 2019 10 Monalizumab
Cohort 2: Preliminary Efficacy Results, Presented at ASCO20 Expansion cohort 2 confirmed prospectively the ORR reported in Cohort 1 in IO-pretreated patients
Expansion Cohort 2 ASCO20 Virtual Scientific Program: Monalizumab + cetuximab • “Combination of Monalizumab and IO Pretreated R/M SCCHN Cetuximab in Patients with Recurrent or Metastatic Head and Neck ORR % [95% CI] 20% [11-35] Squamous Cell Cancer Previously PR n (%) 8 (20%) Treated with Platinum-based Chemotherapy and PD-(L)1 Inhibitors” SD n (%) 15 (37.5%) • < 2 lines of prior therapy must include mDoR [95% CI] 5.2 mo [3.0-NR] prior platinum-based chemotherapy RECIST 1.1 and PD-(L)1 inhibitors Responses were observed across various subgroups: • a/o March 31, 2020 • platinum-sensitive (3/21) • platinum-resistant patients (5/19) • IO-sensitive (3/17) • IO-resistant patients (5/23)
Source: Cohen et al., ASCO 2020 11 Monalizumab
Cetuximab Combination – Key Preliminary Results
Antitumor Activity: Best Change of Tumor Size from Baseline
Source: Cohen et al., ASCO 2020 12 LACUTAMAB FIRST-IN-CLASS ANTIBODY TARGETING KIR3DL2 Lacutamab First-in-Class Anti-KIR3DL2 mAb
• Lacutamab under development for the treatment of various forms of T-cell lymphomas (TCL)
• EMA PRIME and FDA Fast Track designations for Sézary syndrome (SS) patients who have received at least two prior systemic therapies
• Orphan drug designation in the EU and US for the treatment of cutaneous TCL (CTCL)
• Development strategy: > Fast to market strategy in SS > Expansion in other forms of T-cell lymphomas: mycosis fungoides (MF) and peripheral T-cell lymphoma (PTCL)
Note: “CTCL” stands for Cutaneous T-Cell Lymphoma, “PTCL” stands for Peripheral T-Cell Lymphoma 14 Lacutamab Phase 1 Clinical Efficacy Results Subgroup analysis
Prior treatment All Sézary Sézary Syndrome Subgroup (n=35) SS without LCT 1 with syndrome (SS) N=28 mogamulizumab N=35 N=7 Best Global Response Best 42.9% 53.6% 42.9% global (28.0 – 59.1) (35.8 – 70.5) (15.8 – 75.0) response - CR 2 (5.7%) 2 (7.1%) 0 - PR 13 (37.2%) 13 (46.5%) 3 (42.9%) - SD 16 (45.7%) 11 (39.3%) 3 (42.9%)
- PD 4 (11.4%) 2 (7.1%) 1 (14.2%) baseline 13.8 (7.2 – 13.8 (7.2 – 13.8 (7.2 – DOR 2 NR4) NR) NR) 11.7 (8.1 – 12.8 (8.2 – 16.8 (8.1 – PFS 3
NR) NR) NR) change in Best ascomparedmSWAT to
1. LCT: Large Cell Transformation tested centrally on frozen tissue 2. Duration of Response Median (95% CI) 3. Progression Free Survival 4. NR: Not Reached Bagot et al, Lancet Oncology 2019 15 Lacutamab
Lead Late-Stage Proprietary Asset
TELLOMAK Phase II Study
Cohort #1: Sézary Syndrome (N~60) Mycosis Fungoides (N~90) ≥ 2 prior systemic therapies that must include ≥ 2 prior systemic therapies including biological mogamulizumab agents
• Study now fully open to enrollment Cohort #2: Cohort #3: KIR3DL2 expressing, KIR3DL2 non-expressing, • Preliminary data in 2022 Simon 2 stage Simon 2 stage • Potential to serve as pivotal study • EMA PRIME and FDA Fast Track • Preliminary data in 2021 designations for this indication • POC may support other cutaneous TCL indications • Orphan drug designation in the EU and US for CTCL
16 AVDORALIMAB (IPH5401) ANTI-C5AR ANTIBODY IPH5201 ANTI-CD39 ANTIBODY IPH5301 ANTI-CD73 ANTIBODY Avdoralimab Exploring Inflammation in COVID-19 and beyond
COVID-19 severe pneumonia Other inflammatory diseases
• Investigator-sponsored Phase 2 trial, FORCE; • Targeting C5a/C5aR has been demonstrated currently ongoing. scientifically and through positive clinical trials in • Published translational data in Nature supporting a some complement-driven inflammatory diseases C5a-C5aR1 axis blockade to prevent excessive • Two Phase 2 investigator-sponsored studies lung inflammation associated with ARDS and severe COVID-19 • First patient dosed in bullous pemphigoid (BP) trial • Obtained €6.8m in public funding from the French government for COVID-19 R&D activities • Chronic spontaneous urticaria (CSU)
“NSCLC” Non Squamous Cell Lung Cancer; “HCC” Hepatocellular Carcinoma; “ARDS” Acute Respiratory Distress Syndrome 18 IPH5201 – IPH5301 IPH5201* (Anti-CD39) and IPH5301 (Anti-CD73) Targeting immunosuppressive tumor microenvironment
• CD39 and CD73 are enzymes expressed on different cells in the TME
. Promote immuno-suppression by degrading pro-inflammatory ATP into immunosuppressive adenosine
• IPH5201: ongoing Phase 1 trial being conducted by AstraZeneca; evaluating IPH5201 in monotherapy or in combination with durvalumab +/- oleclumab (anti-CD73) in patients with advanced solid tumors Tumor spreading
• IPH5301: Filed IND for IPH5301 in 1H 2020
AMP: adenosine monophosphate Sources: Perrot et al., Cell Reports 2019 *2018 collaboration and option agreement with AstraZeneca ATP: adenosine triphosphate 19 IPH5201 IPH5201* – Preclinical Data Significant tumor responses observed in response to treatment with PD-1 inhibitors and ADCC- inducing antibodies, as well as with immunogenic chemotherapy, compared to responses to these agents in wild-type mice
Sources: Perrot Cell Reports 2019 *2018 collaboration and option agreement with AstraZeneca 20 IPH5301 IPH5301 – Preclinical Data
IPH5301 more potent in restoring CD4+ and CD8+ T-cell proliferation in an ATP-
suppression assay, than the most advanced clinical candidates
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21 COMMERCIAL LUMOXITI Lumoxiti
A First-in-class, Marketed Product In-Licensed from AZ for the Treatment of HCL
First FDA-approved treatment for hairy cell leukemia (HCL) in over 20 years
Largest trial to date (N=80) in patients with R/R HCL who First-in-class CD22-directed immunotoxin failed at least 2 prior therapies . Approved by the FDA under priority review in September 2018 for the treatment of 36% Durable CR 33% CR adult patients with R/R HCL who have Maintained >180 days with HR ≥ 360 days received at least two prior systemic [95%CI:26%,48%] [95%CI:22%,44%] therapies, including treatment with a PNA
• Innate in-licensed commercial rights to 80% Hematologic Remission Lumoxiti in the US and EU from AstraZeneca Median time to hematologic remission: 1.1 months in 2018
• Innate announced EMA accepted the filing of 63 months 42 months the Marketing Authorization Application for median duration of CR median PFS Lumoxiti in January 2020 (range 0.0+ to 62.8) (range 0.0+ to 71.7)
Source: ASH 2019 presentation. 23 Lumoxiti Lumoxiti - marketed in the US and under regulatory review in EU
Critical Success Market Opportunity 2020 Update Factors
• 3L HCL patients; 380 patients in • Reaching beyond centers of • 2020 sales impacted by COVID-19 US excellence (COEs) / academic and slower adoption rate centers as patients are managed • COVID-19 has impacted face-to- • Unmet medical need in the community face interactions across the organization • Shifting physicians’ prescribing habits for these patients • Treatments delayed for some patients to reduce exposure to healthcare facilities
24 Summary
Progress across our portfolio • Lacutamab granted PRIME designation by EMA 1 • Monalizumab first patient dosed in Phase 3; triggered $50 million from AstraZeneca • First patient dosed in Phase 2 IST with avdoralimab in inflammation
2 Lumoxiti EU regulatory decision on track • Completion of US commercial operations transition to Innate
3 Momentum to continue in 2H20 & 2021 • Multiple value inflection points from our clinical pipeline
4 Strong cash position to fund development programs • Eligible for potential substantial program milestone payments
25 Key expected newsflow over next 24 months
Lacutamab • Prelimary effficacy data in MF (2021) • Start PTCL trials (2021) • Prelimary efficacy data in SS (2022)
Monalizumab • Preliminary data on the combination of monalizumab, cetuximab and durvalumab in IO-naïve patients with R/M SCCHN (2021)
Avdoralimab • Data from inflammation studies
Lumoxiti • Potential EU approval (2021)
26 APPENDIX AstraZeneca Deals – Key Highlights
Monalizumab IPH5201 Additional 4 Preclinical Molecules
• Payments at signing, Opt-in Payment & P3 • Upfront and Ph1 FPI Payments (2018, 2020): • Upfront Payments: (2015, 2018, 2020) > USD 55m > USD20m (for all targets) > USD 400m • Near Term and Opt-in Future Payments: • Opt-in Future Payments: • Next Milestone: > USD 30m > USD35m per target > USD50m after a pre-planned interim analysis • Further Development & Regulatory • Further Development & Regulatory Milestones: of Interlink-1 Milestones: > Up to USD320m per target • Other Development & Regulatory Milestones: > Up to USD300m • Commercial Milestones: > Up to USD400m • Commercial Milestones: > Same as IPH5201 per target • Commercial Milestones: > Up to USD500m • Royalties: > Up to USD425m • Royalties: > Tiered mid-single digit to mid-teen percentage • Royalties: > Tiered high single digit to mid-teens royalties > Tiered low double digit to mid-teens • Other Information: • Other Information: • Co-promotion scheme: > AstraZeneca to take charge of > After opt-in and up to Ph3, AstraZeneca will > Innate retains the right to participate in profit development costs up to Ph3 take all the development costs sharing scheme within the EU in exchange for • Co-promotion scheme: • Co-promotion scheme: co-funding Ph3 development > Same as monalizumab > Same as monalizumab 28 First Half 2020 Financial Highlights
In thousands of euros, except for data per share June 30, 2020 December 31, 2019
Revenue and other income 36,745 59,155 Research and development (31,499) (36,584) Selling, general and administrative (14,490) (9 295) Total operating expenses (45,989) (45,879) Net income (loss) from distribution agreements 896 (3,820) Operating income (loss) (8,348) 9,456 Net financial income (loss) (1,986) 3,784 Net income (loss) (10,334) 13,240 Weighted average number of shares outstanding (in thousands) 78,892 63,987 Basic income (loss) per share (0.13) 0.21 Diluted income (loss) per share (0.13) 0.20 June 30, 2020 December 31, 2019 Cash, cash equivalents and financial asset 184,614 255,869 Total assets 333,066 401,361 Shareholders’ equity 207,764 217,416 Total financial debt 18,818 18,723
29