- Preliminary anti-tumor activity for lead asset, monalizumab, in combination with cetuximab in advanced head and neck cancer and durvalumab in microsatellite-stable colorectal cancer presented at medical conferences
- Recruiting additional patients into the cohort expansion for monalizumab in combination with cetuximab in advanced head and neck cancer
- Initiation of Phase I clinical trial for first-in-class anti-C5aR antibody, IPH5401, in combination with Imfinzi® (durvalumab) in solid tumors
- New clinical and translational data for monalizumab and IPH4102 to be presented at upcoming medical conferences
- Cash position €141.6m* (million euros) as of June 30, 2018
Innate Pharma SA (the “Company” - Euronext Paris: FR0010331421 – IPH), today reports its consolidated financial results for the first six months of 2018. The financial statements are attached to this press release.
“In the first half of 2018 we have continued to advance our innovative portfolio, both with our partnered and proprietary immuno-oncology programs. We are encouraged by the emerging clinical data from our lead antibody, monalizumab, and look forward to presenting the updated data set from the Phase I/II study of monalizumab in combination with cetuximab in patients with recurrent or metastatic head and neck cancer at the upcoming ESMO 2018 congress,” commented Mondher Mahjoubi, Chief Executive Officer of Innate Pharma. ”Our commitment to continue the clinical development momentum remains a priority. Together with our partner AstraZeneca/MedImmune, we recently decided to recruit additional patients into the monalizumab plus cetuximab study to gain more experience in patients with advanced SCCHN** previously treated with anti-PD-1/L1. The Phase I trial evaluating IPH5401 in combination with durvalumab has been initiated and we look forward to share new data on IPH4102.”
Financial highlights of the first half of 2018***:
The key elements of Innate Pharma’s financial results for the first half of 2018 are as follows:
- Cash, cash equivalents and financial assets (current and non-current) amounting to €141.6m (million euros) as of June 30, 2018 (€176.6m as of December 31, 2017).
- Financial liabilities amounting to €5.2m, including €3.9m of non-current liabilities (€5.9m as of December 31, 2017, including €4.5m of non-current liabilities).
- Revenue and other income amounting to €23.7m (€21.2m for the first half of 2017). This amount mainly results from revenue from licensing and collaboration agreements (€16.9m) and from research tax credit (€6.2m).
- Revenue related to the licensing and collaboration agreements mainly results from phasing of initial payment received by Innate Pharma in the context of the agreement signed in April 2015 relating to monalizumab with AstraZeneca/MedImmune (€16.7m).
- Operating expenses amounting to €39.4m (€37.1m for the first half of 2017), of which 86% are related to research and development.
- R&D expenses were up €4.6m during the periods under review, in line with the broadening and progress of Innate’s pipeline.Share-based payments were down €4.0m, including €1.9m in R&D and €2.1m in G&A, making up the most of G&A expenses decrease.
- A net loss for the first half of 2018 amounting to €16.2m (€16.6m for the first half of 2017).
* Including short term investments (€17.4m) and non current financial instruments (€44.7m)
** Squamous Cell Carcinoma of the Head and Neck
*** Change in the accounting method during the period: see note to the Financial statements