Innate Pharma Finalizes Phase 3 Lacutamab Start with €44.8m Cash Position
Innate Pharma ended 2025 with €44.8m in cash and financial assets, down from €91.1m a year earlier, while maintaining a $75m at-the-market equity program with no sales to date. The company finalized the TELLOMAK-3 Phase 3 lacutamab trial design for H2 2026 start and reported early anti-tumor activity for its IPH4502 ADC.
1. 2025 Financial Results
Innate Pharma closed 2025 with €44.8m in cash, cash equivalents and financial assets, down from €91.1m at the end of 2024. The company’s $75m at-the-market equity program remains unused and provides optionality for future funding without immediate dilution.
2. Lacutamab Phase 3 Update
The TELLOMAK-3 confirmatory Phase 3 trial design for lacutamab in Sézary syndrome and mycosis fungoides has been finalized and cleared by the FDA, targeting a H2 2026 initiation. The open-label, multi-center study features two cohorts with progression-free survival as the primary endpoint and could support Accelerated Approval in Sézary syndrome.
3. IPH4502 ADC Progress
The Phase 1 IPH4502 trial is actively enrolling at pharmacologically active dose levels, exploring safety, tolerability and preliminary anti-tumor activity in advanced solid tumors including post-enfortumab vedotin urothelial cancer. Early signs of efficacy have emerged in heavily pre-treated patients, and cohort expansion is ongoing to validate a differentiated profile versus MMAE-based ADCs.
4. Other Pipeline and Corporate Updates
Monalizumab’s PACIFIC-9 Phase 3 readout in unresectable Stage III NSCLC is expected in H2 2026, while the MATISSE Phase 2 trial of IPH5201 continues recruitment after an interim efficacy analysis. Strategic streamlining includes planned layoffs by H1 2026 and discontinuation of the IPH6501 study, with other early-stage assets progressing under partnership and proprietary programs.