Company: IPHYF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001598599-25-000042
Chunk: 10

Company: Innate Pharma SA
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 10
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 private research institutions. For example, other companies are developing ADCs targeting Nectin-4, such as Eli Lilly, Astellas Pharma and Corbus Pharmaceuticals. Any product candidates that the Company or its collaborators successfully develop will compete with existing therapies and new therapies that may become available in the future. If competing products are marketed before Innate's products, or at lower prices, or cover a wider therapeutic spectrum, or if they prove to be more effective or better tolerated, the Company's business, prospects, financial condition and results of operations could be affected.

Many of the Company's competitors who are developing immuno-oncology and anti-cancer therapies have considerably greater resources and experience in research, drug development, finance, manufacturing, marketing, technology and personnel and access to patients for clinical studies than the Company does. In particular, large pharmaceutical companies have substantially more experience than the Company does in conducting clinical studies and obtaining regulatory authorizations. Mergers and acquisitions in the pharmaceutical, biotechnology and diagnostic industries may result in even more resources being concentrated among a smaller number of the Company's competitors. Smaller or early-stage companies may also prove to be significant competitors, particularly through collaborative arrangements with large and established companies. These competitors are also likely to compete with the Company to recruit and retain scientific and management personnel, acquire rights for promising product candidates and other complementary technologies, establish clinical investigational sites and patient registration for clinical studies and acquire technologies complementary to, or necessary for, its programs, as well as to enter into collaborations with partners who have access to innovative technologies. If the Company cannot successfully compete with new or existing products, its marketing and sales will suffer and the Company may never be profitable. Should any of these risks materialize, Innate's business, prospects, financial condition and results of operations may be adversely affected.

The Company cannot guarantee that its product candidates will:

• obtain regulatory authorizations or become commercially available before those of its competitors;

• remain competitive in the face of other products developed by its competitors, which may prove to be safer, more effective, have fewer or less severe side effects, be more convenient, have a broader label, have more robust intellectual property protection or be less expensive;

• remain competitive in the face of products of competitors that are more efficient in their manufacturing or more effective in their marketing; and

• not become obsolete or unprofitable due to technological progress or other therapies developed by its competitors.

In addition, while any future product candidate that is approved may compete with many existing drugs or other therapies, to the