Biopharma Shares Multiple 2025 Catalysts
Research Report

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Disclosures for H.C. Wainwright & Co., Innate Pharma SA, January 17, 2025

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H.C. WAINWRIGHT & CO, LLC RATING SYSTEM: H.C. Wainwright employs a three tier rating system for evaluating both the potential return and risk associated with owning common equity shares of rated firms. The expected return of any given equity is measured on a RELATIVE basis of other companies in the same sector. The price objective is calculated to estimate the potential movements in price that a given equity could reach provided certain targets are met over a defined time horizon. Price objectives are subject to external factors including industry events and market volatility.

H.C. Wainwright & Co, LLC (the “Firm”) is a member of FINRA and SIPC and a registered U.S. Broker-Dealer. I, Swayampakula Ramakanth, Ph.D., Douglas MacPherson, Ph.D., Li Chen, Ph.D., Arthur He, Ph.D. and Sean Lee , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies. None of the research analysts or the research analyst’s household has a financial interest in the securities of Innate Pharma SA (including, without limitation, any option, right, warrant, future, long or short position). As of December 31, 2024 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Innate Pharma SA.

Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report. The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services. The firm or its affiliates received compensation from Innate Pharma SA for non-investment banking services in the previous 12 months. The Firm or its affiliates did not receive compensation from Innate Pharma SA for investment banking services within twelve months before, but will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. The Firm does not make a market in Innate Pharma SA as of the date of this research report. The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously. No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request. H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report. H.C. Wainwright & Co., LLC’s and its affiliates’ salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report. H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst’s judgment as of the date of this report and are subject to change without notice. Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.

In a January 17, 2025 research note, H.C. Wainwright & Co. analysts led by Dr. Swayampakula Ramakanth maintained a Buy rating on Innate Pharma SA (IPHA:NASDAQ; IPH:Paris) with a US$11.50 target price, following the company's presentation of its updated long-term corporate strategy at an investor conference.

The company expects to present safety and preliminary efficacy data from its Phase 1/2 study of tetra-specific CD20/IL-2-targeting ANKET IPH6501 for r/r B cell non-Hodgkin's lymphoma in late 2025 or early 2026. The analysts note potential advantages of the ANKET approach in avoiding serious CRS and ICANS warnings that exist for current CD20-targeting T cell engagers.

Innate has initiated a Phase 1 study of its Nectin-4 targeting ADC, IPH4502, in advanced Nectin-4-expressing tumors. Initial safety data is expected in the second half of 2025, followed by efficacy data in early 2026. The report notes management's optimism about IPH4502's potential in Padcev-resistant patients, which could lead to accelerated FDA approval if proven successful.

The company is actively seeking a partnership to initiate a Phase 3 confirmatory study of lacutamab in mycosis fungoides and Sézary syndrome. According to the report, the company has reached alignment with the FDA to include patients with "≥1 prior line of therapy within the confirmatory study," potentially expanding the addressable population to approximately 5,000 patients.

Additional pipeline updates include the Phase 3 PACIFIC-9 study of monalizumab in non-small cell lung cancer, led by AstraZeneca (AZN:NYSE), with data expected in early 2026.

The US$11.50 price target is "based on a risk-adjusted net present value analysis of projected revenues through 2032 assuming a 12% discount rate and a 1% terminal growth rate." The analysts derive an rNPV of €997 million for lacutamab, monalizumab, IPH5201, and SAR579, plus net cash of €67 million.

The share price at the time of the report of US$1.67 represents a potential return of 589% to H.C. Wainwright's US$11.50 target price.