Innate Pharma S.A. (NASDAQ:IPHA) First Half 2022 Financial Results and Business Update September 15, 2022 8:00 AM ET
Company Participants
Henry Wheeler – Investor Relations
Mondher Mahjoubi – Chief Executive Officer
Joyson Karakunnel – Executive Vice President and Chief Medical Officer
Yannis Morel – Executive Vice President-Business Development and Product Portfolio Strategy
Frédéric Lombard – Chief Financial Officer
Conference Call Participants
Carly Kenselaar – Citi
Daina Graybosch – SVB Securities
Nick Hallatt – Goldman Sachs
Olga Smolentseva – Bryan Garnier
Henry Wheeler
Good morning and good afternoon and welcome everybody. This morning, Innate issued a press release, providing a Business Update for the Half Year 2022 Results. We look forward to highlighting the progress made during the quarter, as well as addressing future goals and milestones. The press release and today’s presentation are both available on the IR section of the website.
Please turn to Slide number 2. Before we start, I’d like to remind you that we will make forward-looking statements regarding the financial outlook and additional – and addition to regulatory and product plan development. These statements are subject to risks and uncertainties that may cause actual results to [Audio Dip] forecasted.
Turning to Slide 3. On today’s call, we will be joined by Mondher Mahjoubi, our CEO who will then hand over to Joyson Karakunnel, EVP and Chief Medical Officer; Yannis Morel, EVP of Business Development and Product Portfolio Strategy and our Chief Financial Officer, Frederic Lombard for an update on the financials.
Mondher, I’ll now hand the call over to you.
Mondher Mahjoubi
Good morning, good afternoon, everyone. Before we started, let me remind you our strategy, please move to Slide number 4. Our strategy centers around three key priorities, where we look to create value from our early pipeline through later stage partnership, where it makes sense to do so. First, we look to create near-term value driven by our lead proprietary asset, lacutamab, which as you know is in clinical development for T cell lymphoma with readouts during the second half of this year. And two ongoing trials in the larger indication of peripheral T cell lymphoma.
Second, mid long-term, we continue to fuel our pipeline and create longer term value, leveraging our antibody engineering capabilities to develop innovative molecules with the primary focus on our multi-specific NK cell engager platform, ANKET. Sanofi have the most advanced ANKET in the clinic today. They have selected another candidate and we are nearing the clinic with the others.
On the adenosine pathway, we have also announcing plans to progress our anti-CD39, IPH5201 to Phase 2 in partnership with AstraZeneca. Last but not least, we are building a strong and sustainable foundation for our business. Leveraging the various partnership across both industry and academia.
Here, our AstraZeneca partnership with monalizumab is continuing in lung cancer. Our focus is to leverage the value of our product as much as possible. And we want to ensure that if we can gain valuable competencies via a partner agreement, we will consider that in our development plans for the product. This will further validate our science and offer capital that we can invest to advance our early portfolio.
Before I hand over to Joyson, please move to Slide 5, which is an overview of the pipeline. It shows how we have translated our science and a robust portfolio of proprietary and partnered assets. It also illustrates how we are executing against our strategy with our lead proprietary asset lacutamab supported by partnered and earlier stage product in particular from our NK cell engager, ANKET platform.
We’re also pleased to see the progress throughout the portfolio with several clinical assets, continuing to progress from Phase 1 through to Phase 3 trials. At this update, we announced that we have regained the right to four preclinical molecules from AstraZeneca and we look forward to updating you on our development plans and progress on these molecules in due time. We anticipate a series of potential clinical readouts and catalysts in the upcoming couple of years, as our R&D engine looks to leverage our scientific know-how to create a sustainable business.
I would like now to pass the call over to Joyson, we will review the progress made in our portfolio starting with lacutamab, our most advanced propriety asset. Joyson, over to you.
Joyson Karakunnel
Thank you, Mondher. On Slide 6, let me start with our first-in-class humanized monoclonal antibody that targets the immune receptor, KIR3DL2. As you may remember, KIR3DL2 is an inhibitory receptor found in approximately 65% of patients across all cutaneous T cell lymphoma. In the TELLOMAK trial Cohort 1 including Sezary syndrome patients could potentially be a pivotal cohort.
For mycosis fungoides, we have Cohorts 2 and 3, which have been presented previously and are testing the hypothesis of non-expressors and expressors of KIR3DL2 using the frozen companion diagnostic assay. As expected, our scientific hypothesis confirmed in Cohort 2, a high global response rate in comparison to the benchmark and the non-expressive cohort, which had a low global response rate.
As promised on September 23, we are pleased to announce that we will be presenting preliminary data from the mycosis fungoides Cohort 2 in a few weeks at the EORTC Congress in Madrid.
On Slide 7, let me summarize the progress we are making with lacutamab. We are pursuing a fast to market strategy for lacutamab in the niche setting of Sezary syndrome where lacutamab was granted U.S. Fast Track designation and EU prime designation in 2020. We have expanded past Sezary syndrome to mycosis fungoides, where we have seen encouraging preliminary data from our Phase 2 trial.
For Sezary syndrome and mycosis fungoides enrollment is on track. For Sézary syndrome, we will be presenting the initial data from the potentially pivotal cohort in the second half of 2022. Finally, we are continuing to enroll into peripheral T-cell lymphoma in the monotherapy and combination trials in the relapsed setting.
On Slide 8, I would like to update you on monalizumab. To remind you, monalizumab is an NKG2A, which acts upon the checkpoint pathway to potentiate NK cell activation that we have licensed to AstraZeneca for oncology. Although we are disappointed with the results for monalizumab in head and neck cancer over the summer, we are pleased to see the early lung cancer program is underway with further proof points being presented this year. There are currently two ongoing AstraZeneca sponsored early lung cancer trials underway with monalizumab in combination with a PD-L1 durvalumab.
On Slide 9, you can see an overview of the late stage development plan for monalizumab in lung cancer. As mentioned, based on the AstraZeneca sponsored Phase 2 COAST data, AstraZeneca has commenced PACIFIC-9, a Phase 3 trial evaluating the combinations of either monalizumab or oleclumab plus durvalumab in the unresectable stage three non-small cell lung cancer setting who have not progressed after concurrent chemo radiation therapy.
For the Phase 2 COAST study, the three times evaluated the combinations of durvalumab plus monalizumab and durvalumab plus oleclumab on AstraZeneca’s anti-CD73. As published earlier in the year in the Journal of Clinical Oncology by AstraZeneca, after a median follow up of 11.5 months, the results of the interim analysis showed a hazard ratio of 0.42 for durvalumab plus monalizumab versus durvalumab alone. The results also showed an increase in the primary endpoint of confirmed overall response rate for durvalumab plus monalizumab over durvalumab alone of 36% versus 18% respectively.
Although small numbers in the PFS exploratory subgroup analysis, monalizumab with durvalumab demonstrated a trend favoring the combination in two years with high HLA-E and NKG2A expression and supporting mechanistic rationale for the combination. We were also pleased to see that further analysis from the AstraZeneca sponsored NeoCOAST data was presented at the ESMO Congress in Paris this week.
NeoCOAST-2 is a Phase 2 study in Stages IIA to IIIA non-small cell lung cancer. That includes a treatment arm with monalizumab in combination with durvalumab and chemotherapy. The presentation provided the importance of ctDNA in the neoadjuvant setting in the monalizumab arm by demonstrating a decrease in ctDNA.
On Slide 10, I would like to highlight the progress of our assets targeting the adenosine pathway, which is increasingly recognized as critical in the tumor immunosuppression and two approaches we at Innate are taking. For our anti-CD39 IPH5201 we have announced that we are progressing to Phase 2 trials in collaboration with AstraZeneca in lung cancer and received a $5 million milestone payment. The Phase 1 in collaboration with AstraZeneca has concluded in solid tumors in combination with durvalumab and AstraZeneca expects the data this year.
For our anti-CD73, IPH5301, an investigator sponsored Phase 1 trial is underway where the IST is exploring a differentiated approach combining our anti-CD73 with trastuzumab and chemotherapy in HER2 positive cancers. We look forward to further updates from this clinical program next year.
I will now hand over to Yannis to cover our ANKET program.
Yannis Morel
Thank you, Joyson. On Slide 9 – on Slide 11, I wanted to highlight the latest update from our proprietary multi-specific NK cell engager platform that we call ANKET, ANKET standing for antibody-based NK-cell-engager therapeutics. We are pleased to have presented our latest innovation at major scientific and medical concurrences, including ESMO at last weekend by our CSO professor, Eric Vivier, as well as AACR and SITC last year.
ANKET is a versatile fit-for-purpose technology made of various building blocks that is creating an entirely new class of tri and tetra-specific engagers to induce synthetic immunity against cancer. This technology platform, which is leveraging our scientific expertise in the NK cell space, will be an engine for our pipeline creating value via multiple direct candidates, addressing multiple team of targets. Our excitement for this ANKET platform is supported by technical data we have to date.
First, the ANKET platform allows for optimal harnessing of the NK cell effector function due to the unique engagement of the activating receptors, NKp46 and CD16 that are most expressed on NK cell.
Second, this preclinical efficacy can be further increased by the addition of IL-2 variant, which targets the IL-2 receptor beta gamma complex, which is a continuously expressed on NK cells, inducing their proliferation within the tumor micro environment. Overall, this platform demonstrates better preclinical antitumor efficacy than we have seen technically with clinical approved benchmark antibodies again the same tumor targets.
On Slide 12, you can see our most advanced ANKET program is a CD123 targeted bispecific molecule, IPH6101 or SAR’579 that we have in collaboration with Sanofi. It is now licensed to them and currently in Phase 1 trial. We also announced over the summer that Sanofi have selected for further development a second platform base. It is called IPH6401 or SAR’514, it’s a BCMA targeted tri-specific ANKET molecule using Sanofi CROSSDILES format, which shows the versatility of our platform.
We now have announced 13 million in milestone to date from this partnership with Sanofi. Our most recent generation of ANKET molecule is a tetra-specific version incorporating a cytokine to support the NK cell proliferation is also progressing toward the IND studies with the first IND filing expected in 2023 for the IPH6501.
As Mondher also mentioned, we will provide update on next step for the other asset from our preclinical portfolio in due course. I will now hand over to Frédéric for an update on the financials.
Frédéric Lombard
Thank you, Yannis. On Slide 13, as usual, you can find the consolidated financial statements as of the six months ended June 30 this year and including our press release for further information. I will cover the highlight on this slide. Cash and cash equivalents, short-term investment and financial assets amounted to €158.2 million as of end of June this year. This does not include the US$5 million and €3 million announced from AstraZeneca and Sanofi for the IPH5201. H2 progression and the ANKET, BCMA target selection of all the expected €10 million of research tax credit due in H2.
Revenue and other income from continuing operations amounted to €45.6 million in the first half of 2022 versus €14.7 million in the first half of 2021 and mainly comprise revenue from collaboration and licensing agreements. These mainly resulted from the partial or entire recognition of the proceeds received on pursuant to the agreements with AstraZeneca and Sanofi and which are recognized on the basis of the percentage of completion of the works performed by the Company under such agreements.
Governmental funding for research expenditures were €4.3 million in the first half of 2022. Operating expenses from continuing operations were €37.1 million in the first half of 2022 of which 67.3% or €25 million were related to R&D.
R&D expenses from continuing operations increased by €3.7 million to €25 million in the first half of 2022. This change mainly results from an increase in direct R&D expenses related to programs notably for lacutamab on our proprietary tetra-specific ANKET.
IPH6501 on an increase in personnel expenses mainly explained by the increase in the share-based payments. General and administrative expenses from continuing operations decreased by €0.5 million to €12.1 million in the first half of 2022.
I will now turn to Mondher for summary of the catalysts and close.
Mondher Mahjoubi
Thank you. Thank you, Frédéric. As you can tell, we are working consistently and diligently to execute our strategy across all three key pillars and believe that we are laying the foundation to drive near and long-term value for patient and our shareholders.
Please move to Slide 14. Looking at our clinical program, we expect to achieve a number of milestones over the next three years. As you’ve heard from Joyson, our Phase 2 TELLOMAK study for lacutamab continues to progress. We will start to report preliminary data from this month from the program.
In addition, as you know, we are moving our peripheral T-cell lymphoma program into the clinic with initial data expected in 2023. For monalizumab, the lung cancer trials are underway. We continue to advance the adenosine pathway agent in the clinic, where we look forward to sharing our Phase 2 plans in due course.
In parallel, we continue to develop our ANKET technology platform, we are a partner of Sanofi and we are very encouraged by the technical results from our next-generation ANKET cell engager. We believe that this represents a natural evolution of our platform with data presented at conferences last year. We look forward for updates on our proprietary ANKET IPH6501 later this year with the IND on track to be filed next year.
Let’s move to the conclusion slide. Lastly, on Slide 15, as you can tell, we continue our exciting journey at Innate. We look to build our business to create value for patients and stakeholders. And in summary, we have positioned Innate Pharma for the future with our strategy and made meaningful progress throughout 2021 across all three strategic pillars.
We have carefully managed our resources, so we can continue to invest progress in our pipeline. And I’m very pleased that we continue to have a very strong cash position with a runway into the second half of 2024 with €158 million as of June 30, 2022, not taken into account additional BD milestones.
Collectively, we are driving value across our business and intimately advancing our goal to deliver innovative medicine to patient. We look forward to keeping you updated on our progress throughout the year.
This concludes our prepared remarks. We’ll now open the call to questions.
Question-and-Answer Session
Operator
[Operator Instructions] Your first question comes from Yigal Nochomovitz with Citi.
Carly Kenselaar
Hi, this is Carly on for Yigal. Thanks for taking our question. We had one on the design of NeoCOAST-2. Can you just clarify the rationale for adding chemo to the combination in NeoCOAST-2, which you didn’t have in NeoCOAST?
Mondher Mahjoubi
Absolutely. Thank you. So let me repeat the question. Is it about the design of NeoCOAST-2 file and the rational to add chemotherapy to the combination while the NeoCOAST-1 did not include chemo? I think Joyson will provide some explanation. Go ahead, Joyson, please.
Joyson Karakunnel
Hi, and thank you for the question. Just as a reminder, NeoCOAST-2 is a trial that is currently being run by AstraZeneca. And currently, they have not provided any further information about the chemotherapy, but it is also to – I mean, but to kind of go into the mechanism a little bit about monalizumab, using the chemotherapy itself as we’ve seen from the co-study does provide synergy and may enhance the efficacy of monalizumab from a mechanistic perspective.
Carly Kenselaar
Okay. Got it. Thank you. And then we also had a question on INTERLINK, I guess, do you have a hypothesis at this point for why this study wasn’t successful? Do you think it could have been a trial design issue? And are there any learnings from INTERLINK that you and AZ can use as you develop monalizumab in other tumor types? Thank you.
Joyson Karakunnel
Yes. So thank you again for the question. So INTERLINK-1, we are looking further into it. So of course, it is a large Phase 3. And due to that, we are kind of really delving deeper into the data to determine if there are any learnings that we could get from the results that we’re seeing.
Carly Kenselaar
Okay. Great. Thanks for taking questions.
Operator
Your next question comes from the line of Daina Graybosch with SVB Securities.
Daina Graybosch
Hi, thanks for the question. Two for me. Wonder if you could give us some more context on the TELLOMAK like MS readout, I think on September 23. Why MS and now also Sézary syndrome in the same readout, and if you could help set any expectations for the amount of patients and the data we should expect there.
And then my second question is, can you talk a little bit more about the preclinical programs that were given back to Innate Pharma from AstraZeneca? The mechanisms or why those were given back if it was program specific or sort of like overall strategic collaboration change. Thank you.
Joyson Karakunnel
So maybe – this is Joyson. So maybe I can start with the first question and then hand it over Yannis for the second question. So in regards to the data – we are – so in regards to the mycosis fungoides data that is going to be released at EORTC and due to that we cannot give any more specifics at least around until the abstract release. And as mentioned Sézary syndrome, we will be releasing the data in second half most likely at an upcoming major conference. And so it’ll be by the end of the second half. And maybe I’ll hand it over to Yannis for the second question.
Yannis Morel
Hey, Daina. Actually, there are four technical program that were on the option with AZ. For these programs, the target were selected obviously four years ago and as you can imagine in four years meetings can change in a big pharma. And again, it’s very – it was very early stage, but I think we see that really as an opportunity of gaining the products, we see that as an opportunity to further develop this program completely clearly or even to partner with the third-party.
But most importantly to our collaboration with AZ, which is very active. We really should focus on the development of actual assets and the like Mondher mentioned in his intervention, the CD39 is moving into Phase 2 and we have now in Phase 2 and Phase 3 in early line, which are very important signals of the very good and active collaboration that with our colleagues at AZ.
Daina Graybosch
Maybe one more follow-up for those four really early programs, were those being worked on Innate Pharma or AstraZeneca?
Yannis Morel
No, these are – they are actually optioned on program that we are developed at Innate Pharma.
Daina Graybosch
Got it. Got it. Thank you.
Operator
Next, we have a question from the line of Eric Le Berrigaud with Stifel.
Henry Wheeler
I will read out to Eric’s question submitted online. So it’s a similar follow-up to the AZ four. The market looks quite disappointed by the excise of zero out in the four preclinical assets by AstraZeneca to move forward. Can you tell us how far AstraZeneca went to assess the preclinical assets? Should we think more about a lack of strong enough profile or a prioritization exercise by AstraZeneca? In other words, are you confident – are you – that some of those will find other partners to move forward?
Mondher Mahjoubi
Yes. Thank you, Eric, for the question. So maybe to reiterate what Yannis already said, first of all, AstraZeneca continues to be an important partner and shareholder. Over the last four years, we made significant progress with assets for which we had proper development and commercialization agreement with, as you know, monalizumab now in Phase 3 and Phase 2 and early stage line and IPH5201 anti-CD39 moving into Phase 2. The technical option was one of the many collaboration underway. As you said yourself, a lot of other programs in the way and you can imagine for a company of that side, they do prioritization of their portfolio on a regular basis.
What really important is that during the period we have received notice that, it’ll not – AstraZeneca will not exercise its option to license those four technical program. And this option agreement was part of the 2018 multi-term agreement between AstraZeneca and Innate. There has been no update on the progress since the agreement. But you said now that we regain for rights – we can further develop those four preclinical molecule, and we will share our plans for further development either in partnership or as property assets in due course. But I think, one important nuance that we need to keep in mind, we’re talking about targets here. We’re not talking about molecules and assets. It’s very, very early. Thank you.
Operator
Your next question comes from the line of Nick Hallatt with Goldman Sachs.
Nick Hallatt
Hi there. Thank you for taking my questions. It’s Nick Hallatt here on Mr. Keyur. Just one question on your cash runaway guidance into 2H 2024. Can we just clarify if that includes any assumptions around potential lacutamab revenues or if it includes any proceeds from the ATM facility? Thank you.
Mondher Mahjoubi
Thank you for the question. So we are really having a safe approach on that form for the cash runway calculation. So we do not include any [indiscernible] revenue that in not fully committed and as you know, if we would do so, we would’ve communicated it to the market, which is not the case so far.
Nick Hallatt
Okay. Thank you.
Operator
Your next question comes from the line…
Mondher Mahjoubi
Sorry, go ahead, please.
Operator
Your next question comes from the line is Olga Smolentseva with Bryan Garnier.
Olga Smolentseva
Good afternoon. And thank you for taking my questions. I just want to maybe touch upon NeoCOAST presentation at ESMO. I believe there were sort of more granular data on anti-tumor immune activation by durva N2 combinations, and it sort of seemed like combination with durva in general, it was – durva was mona in general showed the broader change in gene expression and sort of a regulation of selected genes, including chronic lymphocytic leukemia, et cetera or higher. So I’m just curious if this provides additional basis to the shade between durva-oleclumab and durva mona combinations for you and Astra. And if there were any additional learnings regarding maybe mechanism of action or patient population that might sort of benefit from durva mona combination better.
Joyson Karakunnel
Thank you, Olga. This is very I’d say an important question that as earlier is beyond the data that were presented at ESMO couple of days ago. Before I hand over to Yannis to maybe talk to the granular aspect of this, let me remind everyone that the ongoing Phase 3 trial is testing two hypothesis. One is, of course, the combination of durvalumab with monalizumab. The other one is the combination of durva with an anti-CD73. I think there are already some elements that can help eventually differentiate, which patient may derive what benefit from which combination. But I think at this point in time, it’s too early to conclude and we have to be extremely careful because the amount of data that was presented even recently is coming from this very small end. So it’s very early. Nevertheless, I think it’s interesting to guide to some specific signatures for the combination of mona and durva. Maybe Yannis, you can elaborate a little bit more on this.
Yannis Morel
Yes. Yes, I think you said it’s very light, Olga. It’s – and like Mondher said, the number of patients is for which the transitional data is pretty limited, but it’s clearly, I would say, reassuring and they asking from the mechanism of action perspective, because we clearly show, and I’m sure you’re referring to this slide various to immune activation Olga in the durva oleclumab arm or durva and monalizumab arm or durva alone. But the number are very limited, but what is also important to keep in mind that these NeoCOAST data, where I would say, [indiscernible] single cycle of durva plus ole or mona and whereas in the NeoCOAST, there will be a multiple cycle plus chemo a bit like in the Checkmate 816 trial. So it really, I would say, an important [indiscernible] step for the mechanism of action perspective.
Olga Smolentseva
Great. Thank you. And many if I may, I understand that the results for MF cohort will be presented soon for – apologies – for lacutamab. But I’m just curious if you can comment in terms of patients that you’re seeing in the study so far and thinking that enough is more indolent type of lymphoma. Are those kind of having more previous lines of therapy and in general status of MF cohort versus Sézary syndrome cohort?
Mondher Mahjoubi
So thank you for the question. So the presentation is going to be at EORTC, and unfortunately, we cannot comment on the abstract or any of the data within these abstract. We are, of course, just keeping in mind the enrollment criteria that we have mentioned before. The MF cohort is greater than two lines of therapy also. And so because of that, we are treating later line patients. Very similar to the SS, where we are also treating later line patients.
Olga Smolentseva
Okay. Thank you. That’s very helpful.
Operator
[Operator Instructions] Your next question comes from Arsene with Kepler.
Henry Wheeler
Hi. This is a question Arsene sent in from Kepler. So first question, what is your development strategy for lacutamab? Are you looking for a partner? And second question – I’ll let Mondher first then I’ll ask the second one.
Mondher Mahjoubi
Yes. Thank Arsene for the question. So, number one, lacutamab, as you know, is a preparatory product that is coming from our labs. We are extremely proud that you could translate the scientific knowledge around this molecule to bring it to the patient. And we are even more excited to see the preliminary results coming out of Phase 1 that led to the decision by the FDA to grant fast track designation and by EU to grant Prime.
Now we picked Sézary syndrome as a faster market strategy. It’s obvious that in terms of opportunity, this is a small niche indication, nevertheless, in terms of market access, speed to register and potentially also premium pricing strategy. It may not be a bad idea. We need to validate this first step. And I think as we’ve heard from Joyson, we have the first preliminary data coming from the potential – potentially pivotal arm the TELLOMAK trial to be presented toward the end of the year. So that’s I think the first step.
The second step in our strategy was to expand from there and see whether we can see activity outside Sézary syndrome. And as I already said less aggressive form of cutaneous T-cell lymphoma like mycosis fungoides, that’s also something that we have disclosed early in the program last year and precisely at the annual meeting. And we will be providing an update at the upcoming EORTC Cutaneous T-Cell Lymphoma meeting in a couple of days.
And of course, the next step in cutaneous T-cell lymphoma is to go into Phase 3, but it’s too early to go to really embark in that type of discussion before we see the readout from this Phase 2 trial. I think most important and I think that’s what the understanding, your question is what’s next in terms of potential in terms of development and partnership. I think the signal that we see or we should see in peripheral T-cell lymphoma is of paramount to guide our strategy moving forward.
First of all, because the market is much larger, as you know, there are close to 20,000 new patient diagnosed with peripheral T-cell lymphoma every year, about half of them express the QCDL2. And of course, there is a significant unmet medical need not only in second line, but even in first line, there is room for improvement. I think we are at the early steps of that development and the readout from the ongoing Phase 1b trial that we started and that we announce preliminary results next year will guide again our strategy in terms of collaboration.
But as I stated in my introduction, I think our partnership philosophy is to be open minded and to consider partnership for early stage R&D efforts, but also to consider options in the later stage, if it brings competencies that we do not have in-house capability that we do not have in-house and ability to maximize the opportunity for the asset, while bringing capital that you can reinvest into our portfolio. I hope I gave you a broad answer to the question.
Henry Wheeler
And then the second question from Arsene with Kepler, I brought another question on AstraZeneca. I think a more of a broader collaboration question. So how is your collaboration going with AstraZeneca after the recent failures of the head and neck and the exercise option?
Mondher Mahjoubi
Yes. Again, very important question and thanks for the opportunity to reiterate what I said in the past. AstraZeneca is more than a partner. It’s a shareholder, and you may remember in 2018 as part of this agreement, AstraZeneca became a shareholder of Innate Pharma. The two assets that are in collaboration with the AstraZeneca, which are monalizumab and IPH5201 are progressing. Monalizumab is in Phase 3. AstraZeneca is investing not only in the PACIFIC-9 trial, but also in a new randomized Phase 2 trial called the NeoCOAST-2.
And this is of course an important signal about not just appetite or interest in monalizumab, but of course the importance of the collaboration and the relationship with Innate Pharma. And last but not least, as we announced earlier in the year they took the decision to move IPH5201 and anti-CD39 into Phase 2, despite that they – the fact that they have progressed already, the CD73 in Phase 3, they are still interested and involved in the development of our anti-CD39.
I mean, these are two very strong signals that can tell you about the relationship and the collaboration that we have with AstraZeneca. The fact that we have a negative readout from INTERLINK-1, it’s part of our business in drug development. You have ups and downs, and I think we both, AstraZeneca and us took the risk to explore the potential of monalizumab in head and neck cancer, the fertility analysis told us that this may not be the best way, but as Joyson said, I think we need time to digest and look at the totality of the data and see what we can learn from these preliminary results.
But it does not really put into question the relationship that we have with our partner. And again the fact that we regained our rights for the four targets does not preclude or does not mean that AstraZeneca is no longer very important partner for us. It is just part of what any large pharmaceutical company do from time to time. And I think part of the collaboration portfolio that they have to conduct on a regular basis.
Operator
Your next question comes from Jingming at Evercore.
Henry Wheeler
Hi. Yes, this is an online submitted question. Can you comment on the amount of potential milestones from AstraZeneca tied to non-small cell lung cancer? Thank you.
Mondher Mahjoubi
Go ahead, Yannis.
Yannis Morel
Yes. Actually, we did not disclose the breakdown of the milestone, maybe but just to remind you that the total amount of milestone of the deal is $1.2 billion. We already cashed in $450 million. The last two milestones that we disclosed were for first patients in Phase 3, we get $50 million for the first Phase 3, $50 million for the second Phase 3. And we still – I mean, there is a total of $400 million in regulatory and development milestones as well as $425 million in commercial milestones.
Operator
And at this time there are no further questions. Are there any closing remarks?
Mondher Mahjoubi
Thank you for your participation to this call. As I said in my concluding remark, we continue to consistently execute our strategy and make sure that we create value short-term with lacutamab and we are very excited to see that this work is coming to delight now, and we will be presenting data in the second half of this year.
We are also very excited with the progress of our NK platform and seeing now molecules being entered into the clinic and the next opportunity we have to bring our own proprietary asset IPH6501 into the clinic is an important and major milestone.
And last but not least, as I said, we had the bad news in the summer of while INTERLINK-1 that we are extremely excited by the progress of monalizumab in early stage lung cancer. And we look forward to update you also on the IPH5201 Phase 2 program that we announced.
Last but not least, we have a very strong cash position and a cash runway into the second half of 2024, which of course will allow us to execute our strategy and create value, as I said, for patient and shareholder. Thank you. Have a good day.
Operator
Thank you for participating. You may disconnect at this time.
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