Innate Pharma: Looking Like A Company We'll Regret Ignoring

seekingalpha11-26

Innate has a stable of interesting pipeline projects in development for a range of cancers.The most advanced candidate is poised for a potential accelerated approval for cutaneous T-cell lymphoma....

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Andersen Ross Photography Inc  Topline Summary and Update Innate Pharma (NASDAQ:IPHA)(OTCPK:IPHYF) is a biotech company focused on developing cancer medicines that rely on leveraging natural killer (NK) cells to drive a tumor response. I took a first look at them back in January with some measured optimism, but since then they've been in decline, particularly since August. Today, I want to revisit them and see if there's a reasonable justification for the price drop and any prospects for the investment thesis. Pipeline Updates Lacutamab One of IPHA's most advanced programs is lacutamab, a monoclonal antibody directed against a cell surface target on NK cells called KIR3DL2. As I discussed in my first article, this target is known to govern the biology of cutaneous T-cell lymphoma, and IPHA is targeting an aggressive manifestation of this cancer as a main priority. Earlier this year, IPHA also presented findings from a phase 2 study at ASCO focused on the use of lacutamab in patients with mycosis fungoides, a more common form of CTCL than the Sezary syndrome I highlighted in the first article. In the TELLOMAK trial, the authors reported an objective response rate as high as 41.2% among patients with positive expression of KIR3DL2 on their skin lesions. Median progression-free survival was 12 months. These findings suggest that lacutamab is a viable treatment option in the setting of heavily treated CTCL in different forms, and the therapy was also reportedly very well tolerated. Health-related quality of life and translational findings related to lacutamab treatment will be presented at the upcoming ASH meeting. IPHA also reported that they've had conversations with the FDA about a regulatory path forward for lacutamab, with alignment on the design of a phase 3 trial to confirm these results. It is worth noting that since lacutamab has Orphan Drug designation, it is eligible for accelerated approval. They also discussed in their earnings call that they're looking into potential partnerships for lacutamab, although nothing concrete has been disclosed yet. Monalizumab The NKG2A antibody monalizumab, being developed in partnership with AstraZeneca, continues to be developed in non-small cell lung cancer as part of the PACIFIC suite of studies. I have covered the prospects of this treatment option previously, and there have not been any updates on this agent since my first article. IPH6501 IPHA has recently initiated clinical study of their CD20-directed natural killer engager called IPH6501. This is based on their ANKET platform, which couples a moiety that binds the target of interest alongside other moieties that bind different receptors on NK cells (i.e., CD16, NKp46, and IL-2Rbeta), with the intention of ligating the NK cells to the target of interest and inducing an immune response. This approach is intended to enhance the proliferation of the patient's own natural killer cells, as opposed to some other approaches that rely on \"off-the-shelf\" transplantation of NK cells. While the risk of complications like GVHD are not as prominent with these cell therapies, they do require that the patient receive lymphodepleting chemotherapy beforehand, which can put people at risk of serious complications. IPHA currently guide that they'll expect preliminary findings from their ongoing phase 1 trial for IPH6501 in CD20-positive B-cell non-Hodgkin lymphoma in 2025. Other programs IPHA's pipeline does not stop with these clinical projects. They also have several working on bringing other molecules to the clinic, including antibody-drug conjugates directed against cell surface molecules line Nectin and B7-H3, which may pay off and are worth watching. However, they're unlikely to make a meaningful impact in the near term. Financial Overview Although they have not filed an SEC report, they have announced their financial results as part of their Q3 update. There, they disclosed 96.4 million euro, with 33.2 million euro in liabilities. They recognized 10.2 million in revenue related to their agreements with AstraZeneca and Sanofi. They did not report expenses as part of this announcement, but if their operating expenses reported for the first half of 2024 (38.7 million euro) are similar, they have between 5 and 9 quarters of liquidity to fund operations, depending on how their revenues from partnerships evolve. Strengths and Risks Strength - Diverse range of interesting programs in development IPHA is working on quite a few projects with numerous novel modes of action, spreading their chances across various malignancies and giving them a lot of shots on goal. It's impossible to say whether any of these will translate into an approved product, and actually executing on commercialization is an entirely different ballgame. But they have demonstrated the ability to garner big pharma partnerships to keep the wheels turning, and they have some promising clinical evidence with their projects. Risk - Spreading clinical development comes with high expenses  Something brought up in their earnings call but not really commented on by the company is that having this many irons in the fire comes with a pretty substantial cash burn. IPHA have yet to definitively address this, and it will eventually present a significant challenge for them. Risk - Unclear financial prospects, possibly soon to be in a cash crunch With no SEC filing yet, it's difficult to know exactly how IPHA's finances are shaping up, but from their first half update, it's becoming clear that the company will be entering a period of cash need. If they're unable to generate sufficient excitement for their projects, then an equity raise could be needed from a major position of weakness. Bottom-Line Summary IPHA has experienced continuing decline over the course of 2024, losing half of its value from mid-year highs without a clear data-driven catalyst. This is an equity that has a history (reflected on adroitly by Avisol Capital Partners) of being largely ignored by the US market. But we're talking about a company poising itself for a potential approval in the coming few years sitting at a market cap of around $125 million at the time of writing. While the market size for the CTCL indications they're chasing isn't massive (on the order of hundreds of millions per year), IPHA is seeking to transition into a commercial company in the near future, and that counts for something. When you couple that with a track record for developing and cultivating partnerships, in addition to a promising pipeline of other projects, I find it hard to count out Innate. I'm continuing to hold a \"Buy\" sentiment, provided one is tolerant of the risks associated with a cash-strapped developmental biotech.  Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. 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