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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Innate Pharma    IPH   FR0010331421

INNATE PHARMA

(IPH)
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Innate Pharma : reports third quarter 2020 financial results and business update

11/17/2020 | 01:15am EST
Tuesday, November 17, 2020 - 07:00
  • Lacutamab granted PRIME designation in Sézary Syndrome by the European Medicines Agency
  • Monalizumab Phase 3 study initiated, triggering $50 million milestone payment
  • Cash position of €163.6 million* as of September 30, 2020

Innate Pharma SA (Euronext Paris: IPH - ISIN: FR0010331421; Nasdaq: IPHA) ('Innate' or the 'Company') today announced its revenues and cash position for the first nine months of 2020.

'In November, we were very pleased that our lead proprietary asset, lacutamab, was awarded PRIME designation in Sézary Syndrome by the European Medicines Agency, which follows the US Fast Track designation by the FDA last year. Lacutamab is an important part of our strategy to build a focused proprietary pipeline, and these regulatory milestones further validate the unmet need in this patient population,' said Mondher Mahjoubi, Chief Executive Officer of Innate Pharma. 'In addition, the Phase 3 monalizumab clinical trial recently initiated by AstraZeneca is an important achievement for the Company, as it both validates our scientific approach while fortifying our cash position until the end of 2022. Collectively, these milestones are strong proof points in executing on our strategy and accelerating our efforts to deliver meaningful medicines to patients.'

Third quarter 2020 and post-period events: Lacutamab (IPH4102, anti-KIR3DL2 antibody):
  • The Company recently announced that the European Medicines Agency (EMA) has granted PRIME designation to lacutamab for the treatment of patients with relapsed or refractory Sézary syndrome (SS) who have received at least two prior systemic therapies.
  • The TELLOMAK Phase 2 clinical trial, which is evaluating the efficacy and safety of lacutamab in patients with advanced cutaneous T-cell lymphomas, is now fully open to enrollment.
Monalizumab (anti-NKG2A antibody), partnered with AstraZeneca:
  • As recently announced, AstraZeneca has dosed the first patient in its Phase 3 clinical trial, INTERLINK-1, evaluating monalizumab in combination with cetuximab in patients with recurrent or metastatic squamous cell carcinoma of the head and neck (R/M SCCHN) who have been previously treated with platinum-based chemotherapy and PD-(L)1 inhibitors. Dosing of the first patient in this trial, which occurred in October 2020, has triggered a $50 million milestone upcoming payment from AstraZeneca to Innate. Upon this milestone payment, the Company will have received a total of $400 million to date from the AstraZeneca partnership.
  • Updated data from the IPH2201-203 Phase 2 trial regarding patients previously treated with a platinum-based chemotherapy and a PD(L)1 inhibitor will be presented via an e-poster at the ESMO Immuno-Oncology Virtual Congress in December 2020.
Avdoralimab in Inflammation (IPH5401, anti-C5aR antibody):
  • The first patient has been dosed in the investigator-sponsored Phase 2 clinical trial in bullous pemphigoid (BP) where the C5aR1 pathway has been shown to be involved in the physiopathology of the disease. The trial is investigating the clinical efficacy of avdoralimab in addition to topical steroids compared to topical steroids alone in BP patients. More information on this study can be found at clinical trials.gov.
Avdoralimab in COVID-19:
  • The investigator-sponsored Phase 2 clinical trial, FORCE (FOR COVID-19 Elimination), is ongoing. A third cohort was recently added to the trial, which is addressing COVID-19 related Acute Respiratory Distress Syndrome (ARDS) patients requiring mechanical ventilation. More information on this study can be found at clinical trials.gov.
  • The investigator-sponsored Phase 2 clinical trial, ImmunoONCOVID-20, has resumed. This study is exploring the potential efficacy of monalizumab and avdoralimab amongst other treatment arms, against COVID-19 in cancer patients with mild symptoms and pneumonia respectively.
Lumoxiti, a first-in-class marketed product for the treatment of relapsed or refractory hairy cell leukemia:
  • The global COVID-19 pandemic and slower adoption rate continues to impact the sales of Lumoxiti in 2020.
  • As previously stated, following completion of the transition of US Lumoxiti commercial operations from AstraZeneca, sales will be fully booked by Innate beginning in Q4 2020.
  • The Lumoxiti EU regulatory decision remains on track for 1H 2021.
Financial results:

Cash, cash equivalents and financial assets of the Company amounted to €163.6 million as of September 30, 2020. As it is a post closing event, the $50 million milestone upcoming payment for the first patient dosed in the Interlink-1 Phase 3 study of monalizumab are not included in those figures. Financial liabilities amounted to €19.8 million.
For the nine-month periods ended September 30, 2019 and 2020, revenue from collaboration and licensing agreements mainly results from the spreading of the initial payments received under our agreements with AstraZeneca. Due to accounting rules and the timing of costs related to development activities under the collaboration with AstraZeneca, the recognition of this revenue can vary on a quarter by quarter each year. As a reminder, this has no impact on cash. Revenues for the first nine-months of 2020 amounted to €33.6 million, compared to €65.4 million for the same period in 2019.

*Including short term investments (€15.5 million) and non-current financial instruments (€37.3 million). Not including the $50mn milestone payment from AstraZeneca for the first patient dosed in the Interlink-1 Phase 3 study of monalizumab.

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Press Release in English 421.24 KB
Communiqué en français 424.65 KB

Disclaimer

Innate Pharma SA published this content on 17 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2020 06:14:03 UTC


© Publicnow 2020
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Financials
Sales 2020 85,7 M 104 M 104 M
Net income 2020 -30,8 M -37,2 M -37,2 M
Net cash 2020 152 M 183 M 183 M
P/E ratio 2020 -5,58x
Yield 2020 -
Capitalization 309 M 373 M 373 M
EV / Sales 2020 1,83x
EV / Sales 2021 4,09x
Nbr of Employees 247
Free-Float 75,3%
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Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 7,23 €
Last Close Price 3,91 €
Spread / Highest target 181%
Spread / Average Target 84,8%
Spread / Lowest Target -23,3%
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Managers and Directors
NameTitle
Mondher Mahjoubi Chairman-Executive Board & Chief Executive Officer
Hervé Eloi Dominique Brailly Chairman-Supervisory Board
Laure-Hélène Mercier CFO & Member-Executive Board
Eric Vivier Chief Scientific Officer & Senior Vice President
Odile Belzunce Senior VP-Compliance & Information Technology
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