
	Year ended December 31,
(in thousands of euro)	2023(1)	2024	2025
Proceeds from collaboration and licensing agreements	50,725	10,505	620
of which monalizumab agreement - AstraZeneca	9,499	4,404	220
of which IPH5201 agreement - AstraZeneca	—	—	—
of which preclinical molecules agreement - AstraZeneca	—	—	—
of which Sanofi agreement 2016	2,000	4,000	—
of which Sanofi agreement 2022 - ANKET IPH62 - Recognition of license initial payment and income related to the completion of work in line with the joint research program	18,873	401	400
of which Sanofi agreement 2022 - ANKET IPH67 -Recognition of license initial payment and income related to the progress of related research program	15,800	1,700	—
of which Takeda agreement 2023	4,553	—

Invoicing of research and development costs (IPH5201)	1,165	2,060	1,666

Others	11	56	501
Revenue from collaboration and licensing agreements	51,901	12,622	2,787

The Company identified the following promises under the monalizumab AstraZeneca agreements and amendments: (1) a non-exclusive license related to monalizumab restricted to two applications, with an option for an exclusive license related to monalizumab including all applications, (2) the performance of certain initial studies related to Phases 1/2 trials, and participation in certain studies of Phases 1/2 trials and Phase 3 clinical trials through a co-financing.

The Company considered the license has a standalone functionality and is capable of being distinct. However the Company determined that the license is not distinct from the performance of initial studies and participation in Phase 3 clinical trials because they increased the utility of the licensed IP. Thus, the licensed IP, the performance of initial studies and participation in Phase 3 clinical trials are combined into a single performance obligation.

This performance obligation was considered as satisfied over time as AstraZeneca controls the licensed IP which is being enhanced during the agreement. The revenue is recognized over time, based on the input method (costs incurred). As a result, the Company recognizes the price of the transaction as a revenue on the basis of the progress of studies that the Company has undertaken to carry out under the agreement. Progression is assessed following to actual costs incurred relative to the total budgeted costs to fulfill the obligation.

The transaction price was initially estimated to the initial payment of $250.0 million, less the amounts that the Company expected to pay to AstraZeneca for co-financing Phase 1/2 clinical studies. The additional

payment of $100.0 million triggered by AstraZeneca’s exercise of the exclusivity option was treated as a change in the price estimate of the transaction. In addition, the amendment of the contract, which modified the scope and budget of the studies to be carried out by the Company as well as the arrangements for sharing the cost of the other studies, led to a revision of the degree of progress and the price of the transaction. Thus, the exercise of the option and the amendment of the contract resulted in the recognition of a favourable cumulative adjustment of €38.3 million in revenue for the year ended December 31, 2019.

The additional payment of $50.0 million triggered by the dosing of the first patient in the Phase 3 trial evaluating monalizumab was treated in full as a collaboration commitment ("collaboration liability" in the consolidated balance sheet) in view to the commitment linked to the contract for the Phase 1/2 (co-financing) and Phase 3 studies (amendment signed in September 2020). Consequently, this additional payment has no impact on the transaction price.

In addition to these amounts, AstraZeneca made an additional payment of $50.0 million (€47.7 million) in June 2022 and triggered by the treatment of the first patient in a second Phase 3 trial “PACIFIC-9” evaluating monalizumab in April 2022. This additional payment has been treated as an increase of the collaboration commitment ("collaboration liabilities" in the consolidated statements of financial position) for an amount of $36.0 million (€34.3 million) in connection to the Phase 3 study co-funding commitment made by the Company and notified to AstraZeneca in July 2019. The remaining amount of $14.0 million (€13.4 million) has been treated as an increase of the transaction price, recognized in the income statement in line with the progress of the Phase 1/2 studies.

The Company used the most likely amount to determine variable consideration. Variable consideration for cost-sharing payments related to certain studies of Phases 1/2 trials and Phase 3 clinical trials when applicable are included in the transaction price.

As a reminder, the expected payments to AstraZeneca are classified as collaboration liability in the consolidated statement of financial position. Quarterly invoices received from AstraZeneca reduce the collaboration liability and have no impact on the consolidated statement of income.








As of December 31, 2022			14,481

Revenue for the 2023 financial year			(9,499)
Transfer from collaboration liabilities			173
As of December 31, 2023			5,156

Revenue for the 2024 financial year			(4,404)
Transfer from collaboration liabilities			(536)
As of December 31, 2024			215

Revenue for the 2025 financial year			(220)
Transfer from collaboration liabilities			5
As of December 31, 2025			—







	Current	Non-Current	Total
As of December 31, 2022	10,223	52,988	63,211
Additions (2)	7,785	(7,958)	(173)
Repayment cost to AZ	(8,423)	—	(8,423)
Fx impact	(1,938)	—	(1,938)
As of December 31, 2023 (3)	7,647	45,030	52,677
Additions	4,303	(3,902)	401
Repayment cost to AZ	(7,772)	—	(7,772)
Fx impact	3,265	—	3,265
As of December 31, 2024 (4)	7,443	41,128	48,571
Additions	9,521	(9,380)	141
Repayment cost to AZ	(4,792)	—	(4,792)
Fx impact	(5,671)	—	(5,671)
As of December 31, 2025 (5)	6,501	31,748	38,249

Revenue related to IPH5201 for the year ended December 31, 2025 is nil as for the year ended December 31, 2024 and 2023. As a reminder, an amendment sets the terms of the collaboration following AstraZeneca’s decision to advance IPH5201 to a Phase 2 study. The Company will conduct the study. Both parties will share the external cost related to the study and incurred by the Company and AstraZeneca will provide products necessary to conduct the clinical trial. Under this agreement, an amount of €1,666 thousand euros was re-invoiced in financial year 2025 (compared with an amount of €2,060 thousand in financial year 2024 and €1,165 thousand in financial year 2023).

Revenues under the collaboration and license agreement signed with Sanofi in 2016 amounted to €— thousand for the year ended December 31, 2025 as compared to €4,000 thousand for the year ended December 31, 2024 and €2,000 thousand for the year ended December 31, 2023. As a reminder, in June 2023, the first patient was dosed in a Sanofi-sponsored Phase 1/2 clinical trial evaluating IPH6401/SAR'514 in relapsed or refractory Multiple Myeloma. As provided by the licensing agreement signed in 2016, Sanofi made a milestone payment of €2.0 million, fully recognized in revenue since June 2023. This amount was received by the Company on July 21, 2023. In 2024, the company announced the treatment of the first patient in the dose-extension portion of the clinical trial evaluating SAR443579/IPH6101, materializing the progression of the clinical trial developed by Sanofi towards phase 2 in various blood cancers. The decision triggered a milestone payment to Innate of 4 million euros recognized in income at June 30, 2024 and collected on May 17, 2024.

On January 25, 2023, the Company announced the expiration of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 and the effectiveness of the licensing agreement as of January 24, 2023. Consequently, under the terms of such agreement, the Company received an upfront payment of €25,000 thousand in March 2023, including €18,500 thousand for the exclusive license, €1,500 thousand for the research work and €5,000 thousand for the two additional targets options. On December 19, 2023, the Company announced that Sanofi had exercised an option for a one of the two

preclinical molecules. This option exercise also resulted in a milestone payment of €15,000 thousand, including €13,300 thousand in respect of the exclusive license, which was fully recognized in income as of December 31, 2023, and €1,700 thousand in respect of research work to be carried out by the Company. The Company considers that the licenses granted constitute a right to use the intellectual property granted exclusively to Sanofi from the effective date of the agreement. As such, all upfront payments relating to the licenses granted have been recognized in the income statement during financial year 2023, representing an amount of €31,800 thousand, including €18,500 thousand relating to the B7-H3 license and €13,300 thousand following the option exercised.

Following Sanofi's announcement in October 2024 that it would return the rights to the second option to terminate the research collaboration, revenue of €1,700 thousand euros was recognized in full in the income statement at December 31, 2024. Income relating to research work on the 1st license amounted to €400 thousand euros in financial year 2025 as in 2024.


As of December 31, 2022			—
Additions			8,200
Deductions			(2,874)
As of December 31, 2023			5,327
Additions			—
Deductions			(2,101)
As of December 31, 2024			3,226
Additions			—
Deductions			(400)
As of December 31, 2025			2,826

On April 3, 2023, the Company announced that it has entered into an exclusive license agreement with Takeda under which Innate granted Takeda exclusive worldwide rights to research and develop antibody drug conjugates (ADC) using a panel of selected Innate antibodies against an undisclosed target, with a primary focus in Celiac disease. Takeda would be responsible for the future development, manufacture and commercialization of any potential products developed using the licensed antibodies. As such, the Company considered that the license granted was a right to use the intellectual property, which was granted fully and perpetually to Takeda. The agreement did not stipulate that Innate's activities will significantly affect the intellectual property granted during the life of the agreement. Consequently, the $5.0 million (or €4.6 million) initial payment, received by the Company in May 2023, was fully recognized in revenue since June 30, 2023.

On July 25, 2024, the Company received a letter from Takeda terminating the exclusive license agreement signed on March 31, 2023. Termination was effective at the end of a 90 days notice period, i.e. on October 24, 2024.


(in thousands of euro)	December 31, 2022	Recognition in P&L	Proceeds	Transfer from collaboration liabilities	December 31, 2023
Monalizumab	14,481	(9,499)	—	173	5,155

Sanofi services	—	(374)	3,200	—	2,826
Sanofi options	—	(2,500)	5,000	—	2,500

Total	14,481	(12,373)	8,200	173	10,483


(in thousands of euro)	December 31, 2023	Recognition in P&L	Proceeds	Transfer from collaboration liabilities	December 31, 2024
Monalizumab	5,155	(4,404)	—	(536)	215
Sanofi options	2,500	—	—	—	2,500
Sanofi services	2,826	(2,100)	—	—	726
Others	—	—	—	—	—
Total	10,483	(6,504)	—	(536)	3,441	(2)


(in thousands of euro)	December 31, 2024	Recognition in P&L	Proceeds and other increase	Transfer from collaboration liabilities	December 31, 2025
Monalizumab	215	(220)	—	5	—
Sanofi options	2,500	—	—	—	2,500
Sanofi services	726	(400)	—	—	326

Total	3,441	(620)	—	5	2,826	(3)

(1) As of December 31, 2025, the amount is composed of the research tax credit calculated and recognized for the 2024 financial year for an amount of €6,186 thousand.As a reminder, as of December 31, 2024 and 2023, the amount is mainly composed of the research tax credit calculated and recognized for the 2023 financial year for an amount of € 7,463 thousand and €9,729 thousand.