Innate Pharma is a clinical-stage biotech based in Marseille, France that develops antibody-based cancer immunotherapies. Innate has no approved products and generates no commercial revenue, funding operations through collaboration and licensing deals with large pharma partners. Innate's pipeline centers on three assets. Lacutamab is a wholly owned anti-KIR3DL2 antibody targeting T cell lymphomas, primarily cutaneous T cell lymphoma subtypes Sézary syndrome and mycosis fungoides. Innate plans to file a BLA for accelerated approval in Sézary syndrome in early 2027, targeting a near-term U.S. market opportunity of up to $150M, with a broader combined U.S. and European CTCL opportunity estimated at around $500M. IPH4502 is a wholly owned antibody-drug conjugate targeting Nectin-4, designed to work in tumors resistant to the only approved Nectin-4 ADC, and is currently in Phase 1. Monalizumab is a checkpoint inhibitor targeting NKG2A, fully partnered with AstraZeneca, which is running a Phase 3 trial in non-small cell lung cancer with data expected in H2 2026. Innate earns money through upfront payments, clinical and regulatory milestones, and eventual royalties from partners. Under the AstraZeneca deal, Innate is eligible for low double-digit to mid-teen royalties on net sales outside Europe, or a 50% profit share in certain European markets where Innate co-promotes. Innate has received roughly $697M in aggregate payments and equity investments from AstraZeneca and Sanofi since 2015. Innate is also streamlining its organization, including a roughly 30% headcount reduction, as it deprioritizes its NK cell engager platform.