Innate Pharma reports first half 2019 financial results and business update
- Initiation of multi-cohort IPH4102 Phase II clinical trial (TELLOMAK)
- Sézary Syndrome cohort designed to be pivotal; preclinical data supports evaluating larger subsets of patients with T-cell lymphoma
- Preliminary data expected in first half of 2020 from the second expansion cohort of monalizumab and cetuximab in immuno-oncology (IO)-pretreated recurrent and/or metastatic squamous cell carcinoma of the head and neck (R/M SCCHN) patients
- Initiation of a third expansion cohort study of monalizumab and cetuximab to evaluate triple combination with an anti-PD(L)1 in patients with IO naïve head and neck cancer; preliminary data expected in the second half of 2020
- Initiation of IPH5401 and durvalumab combination expansion cohorts in patients with IO-pretreated non-small-cell lung cancer (NSCLC) and IO-naïve hepatocarcinoma (HCC)
- New clinical data for monalizumab and IPH5401 to be presented at upcoming medical conferences in 2019
- Cash position €200.3m* (million euros) as of June 30, 2019
Innate Pharma SA (the “Company” - Euronext Paris: FR0010331421 – IPH), today reports its consolidated financial results for the first six months of 2019. The financial statements are attached to this press release.
“As Innate Pharma celebrates our 20th anniversary this month, we are proud to acknowledge our employees, patients, physicians, and other stakeholders who support our ambition to develop new oncology therapies for patients with high unmet medical need. We continue to deepen and mature our proprietary and partnered pipeline of assets to strengthen our broad and balanced portfolio,” commented Mondher Mahjoubi, Chief Executive Officer of Innate Pharma. “We are committed to continuing to invest and execute on our corporate, clinical and commercial strategy, which has recently been strengthened by the recruitment of new executive leadership. This will support our international expansion and execute on our long-term strategy to become a rare hemato-oncology focused commercial franchise.”
Webcast and conference call will be held today at 2:00pm (CEST)
Dial in numbers:
France and International: +33 (0)1 76 70 07 94 US only: +1 631 510 7495
PIN code: 5173329#
Webcast Access : https://edge.media-server.com/mmc/p/q3mcajcd
The Interim financial report, the presentation and access to the live webcast will be available on Innate Pharma’s website 30 minutes ahead of the conference.
A replay will be available on Innate Pharma’s website after the conference call.
Financial highlights of the first half of 2019:
The key elements of Innate Pharma’s financial position and financial results as of and for the six-month period ended June 30, 2019 are as follows:
- Cash, cash equivalents, short-term investments and financial assets amounting to €200.3m** as of June 30, 2019 (€202.7m as of December 31, 2018), including non-current financial instruments amounting to €35.3m (€35.2m as of December 31, 2018). This follows receipt in January of €108.8m as the second and final payment associated with the signature of the agreement signed with AstraZeneca in October 2018, as well as the payment of $50m (or €43.8m) to AstraZeneca in relation to Lumoxiti agreement and additional considerations relating to monalizumab and anti-CD39, paid to Novo Nordisk A/S and Orega Biotech, for $15m (or €13.1m) and €7.0m, respectively.
- As of June 30, 2019, financial liabilities amounted to €5.0m compared to €4.5m as of December 31, 2018.
- Revenue and other income of €59.2m for the six-month period ended June 30, 2019, as compared to €23.0m for the first half of 2018, restated, of which €51.6m result from revenue from collaboration and licensing agreements and €7.6m from research tax credit.
- Revenue from collaboration and licensing agreements mainly result from to the spreading of the upfront payment from the agreements signed with AstraZeneca in April 2015 and October 2018, based on the completion of the work the Company is engaged to perform (€24.3m for monalizumab and €22.5m for IPH5201).
- Operating expenses of €45.9m compared to €37.9m for the first half of 2018, restated, of which 80% are related to research and development (R&D).
- R&D expenses increased by €4.3m to €36.6m for the six month period ended June 30, 2019, as compared to €32.3m for the first half of 2018. This increase mainly results from an increase of €4.2m in amortization of intangible assets.
- General and administrative (G&A) expenses increased by €3.7m to €9.3m for the six-month period ended June 30, 2019 as compared to €5.6m for the first half of 2018. This increase mainly results from the increase in non-scientific advisory expenses relating to fees incurred in connection with a potential capital raising activity.
- A net loss of €3.8m resulted from distribution agreement in the context of the the launch of Lumoxiti in the US performed by AstraZeneca.
- Net income for the first half of 2019 was €13.2m compared to a net loss of €15.1m for the first half of 2018 restated.
*Including short term investments (€15.6m) and non current financial instruments (€35.3m)