Cash, cash equivalents and financial assets* amounted to €176.6m (million euros) as of December 31, 2017
Revenue and other income amounted to €44.0m (€65.7m in 2016, including a €13.8m milestone payment from Bristol-Myers Squibb)
Operating expenses amounted to €84.0m (€58.2m in 2016), driven by continued investment in preclinical and clinical portfolio
Significant progress across Innate Pharma’s partnered and proprietary clinical programs, with new focus on clinical development in tumor microenvironment
Dose-escalation data show favorable safety profile and promising clinical activity for IPH4102 in patients with Sézary syndrome, an advanced form of cutanous T-cell lymphoma – cohort expansion ongoing
Acquisition of anti-C5aR, now called IPH5401, a clinical-stage antibody, strengthens Innate’s proprietary pipeline targeting the tumor microenvironment - a clinical collaboration is now underway with MedImmune
World renowned immunologist, Professor Eric Vivier, joins Innate Pharma as Chief Scientific Officer
Innate Pharma will hold a R&D Day for institutional investors and sell-side analysts in London today, to update on its clinical development activities
Innate Pharma (the “Company” - Euronext Paris: FR0010331421 – IPH) today reports its consolidated financial results for the year ended December 31, 2017. The consolidated financial statements are attached to this press release.
During 2017, Innate Pharma has made significant progress across its portfolio of partnered and proprietary programs and has laid the foundations for continued clinical development during 2018. The Company reported a favorable safety profile and encouraging clinical activity for IPH4102 in monotherapy in a Phase I trial in patients with Sézary syndrome, an advanced form of cutanous T-cell lymphoma. First data from a cohort expansion part of the ongoing trial are expected in 2018.
In June 2017, the Company strengthened its proprietary pipeline with the acquisition of IPH5401, a first-in-class anti-C5aR antibody targeting the tumor microenvironment, from Novo Nordisk A/S for a total of €40.0m (€2.8m in cash and €37.2m in new Innate Pharma shares). IPH5401 is a clinical-stage, proprietary product that reinforces Innate Pharma’s position in the field of antibodies targeting the tumor microenvironment beyond the Company’s existing activities in the adenosine pathway. Preclinical findings suggest that C5aR blockade increases immune-mediated tumor killing and efficacy of checkpoint inhibitors. IPH5401 will enter first clinical studies in oncology in 2018, as part of a non-exclusive clinical collaboration with MedImmune/AstraZeneca.
The Company also continued to advance its portfolio of early stage programs targeting the tumor microenvironment with two antibodies directed against enzymes in the adenosine pathway, CD39 and CD73, respectively. Preclinical experiments have demonstrated superior blocking activity of IPH52 (anti-CD39) and IPH53 (anti-CD73) for both the cell surface and soluble forms of the enzymes. Significant progress could also be recorded in the Company’s collaboration with Sanofi on NK-cell bispecific engagers, who bring together tumor cells and NK cells and trigger NK cell killing of tumor cells. While the project on a first tumor target is on the way to lead candidate selection, Sanofi decided to include a second target into the framework of the collaborative agreement.
During 2017, the Company announced results from the EffiKIR study which evaluated the efficacy of lirilumab as a single agent for maintenance of remission in patients with acute myeloid leukemia. The study did not meet its primary efficacy endpoint of leukemia-free survival. Towards the end of the year, Innate’s partner Bristol-Myers Squibb updated on the lirilumab program in combination with Opdivo (nivolumab) in patients with solid tumors. The assessment of efficacy did not provide an obvious development path. Discussions are ongoing regarding next steps.
After the period, Eric Vivier was appointed Chief Scientific Officer on January 8, 2018. In his new role, Professor Vivier will lead Innate Pharma’s science and technology platforms as well as the development of collaborations between fundamental, translational and clinical research.
Mondher Mahjoubi, Chief Executive Officer of Innate Pharma, said: “During 2017, Innate Pharma has made significant clinical advances, within both its wholly-owned and partnered portfolios, laying the foundations for the future focus of our immuno-oncology development strategy. We expect clinical read-outs for both our monalizumab and IPH4102 program in 2018. Moreover, we are very pleased with the acquisition of IPH5401, a first-in-class anti-C5aR antibody, which strengthens our portfolio in the tumor microenvironment.” He added: “We have a robust financial position, giving us the flexibility to invest for future portfolio growth. With multiple value catalysts ahead in 2018, we believe we are poised for a pivotal year.”
Innate Pharma will host a R&D Day for institutional investors and sell-side analysts on March 8 from 1:30 to 5:00 pm GMT (8:30 to 12:00 pm ET) in London.
To join the live webcast today at 1:30pm (GMT) please use the following link: https://www.innate-pharma.com/en/news-events/events/rd-day-2018
To join the event by conference call only, please use the following dial-in numbers:
USA: +1 646-828-8156
INTERNATIONAL: 0800 279 7204
PIN code: 3997784
The presentation will be made available on the Company’s website 30 minutes before the start of the event.
A webcast replay will be available on Innate Pharma’s website after the event.
Financial highlights for 2017:
The key elements are as follows:
- Cash, cash equivalents and financial assets amounting to €176.6m (million euros) as of December 31, 2017 (€230.7m as of December 31, 2016), including non-current financial instruments (€60.5m).
- At the same date, the financial liabilities amounted to €5.9m (€5.3m as of December 31, 2016).
- Revenue and other income amounting to €44.0m (€65.7m in 2016). This amount mainly results from licensing revenue (€32.6m) and from research tax credit (€11.0m).
- Revenue from collaboration and licensing agreements mainly results from the spreading of the initial payment received by Innate Pharma in the context of the agreement signed in April 2015 with AstraZeneca/MedImmune (€32.3m in 2017 and €41.6m in 2016).
- The 2016 revenue also included a $15m (€13.8m) milestone payment received from Bristol-Myers Squibb for the continued exploration of lirilumab in combination with nivolumab. The milestone payment followed the presentation at the SITC annual meeting (November 2016) of encouraging preliminary activity results from the cohort of patients with squamous cell carcinoma of the head and neck (SCCHN) of a Phase I/II trial. The payment was received in January 2017 and has generated an exchange gain of €0.3m.
- Operating expenses amounting to €84.0m (€58.2m in 2016) of which 80% related to research and development. The majority of the rise results from the increase in subcontracting costs in relation with the clinical development of the Company’s drug candidates (+ €9.7m), in share-based payments (+ €9.0m) and in staff costs (+ €2.4m).
- A net financial loss amounting to €8.0m.
- As a consequence of the items mentioned previously, the net loss for 2017 amounts to €48.4m to be compared to a profit of €12.6m for 2016.
* current and non-current