Company: IPHYF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001598599-25-000042
Chunk: 175

Company: Innate Pharma SA
Filing Date: 2025-04-30
Form: 20-F
Item: Item 5
Chunk 175
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 portion equal to €0.3 million.

Under the terms of this agreement, the Company has also granted two exclusive options, exercisable no later than three years after the effective date, for exclusive licenses to Innate's intellectual property for the research, development, manufacture and commercialization of NKCEs specifically targeting two preclinical molecules. The Company considers that the option to acquire an exclusive license provide a material right to Sanofi that it would not receive without entering into this agreement. The Company will recognize the related revenues either at the reporting date or three years after the effective date. Consequently, the €5.0 million initial payment relating to these options was recognized in deferred revenue - non-current portion as of June 30, 2023.

On December 19, 2023, the Company announced that Sanofi had exercised an option for one of the two preclinical molecules. As a consequence, the Company recognized related income of €2.5 million as of December 31, 2023.

This option exercise also resulted in a milestone payment of €15.0 million, including €13.3 million in respect of the exclusive license, which was fully recognized in income as of December 31, 2023, and €1.7 million in respect of research services to be carried out by the Company. Sanofi and Innate will collaborate and work on the research activities defined in the contractual work program. Consequently, the corresponding initial payment of €1.7 million will be recognized on a straight-line basis over the duration of the research work that the Company has agreed to carry out. This work had not yet begun as of December 31, 2023. In this respect, no revenue has been recognized in the income statement, and the

amount of €1.7 million is presented under current contract liabilities (€0.4 million) and non-current contract liabilities (€1.3 million).

On October 9, 2024, the Company received a termination letter for the license agreement concerning this option. The termination ends the research work. The revenue of €1.7 million was therefore fully recognized as revenue on December 31, 2024.

Innate has regained full rights to IPH67, a NK Cell Engager program derived from the ANKET® platform currently in development for solid tumors. Sanofi retains a right to a low single-digit compensation regarding any future revenue that Innate Pharma may receive for licenses of IPH67, as well as payments based on milestones should the Company develop