innate pharma sa

INNATEPHARMASAHALF-YEARFINANCIALREPORT

JUNE30,2021

INNATEPHARMAS.A.FrenchsociétéanonymegovernedbyanExecutiveBoardandaSupervisoryBoard

withasharecapitalof3,952,095.85euroscomposedof79,027,540ordinaryshares,and14,377preferredshareswithanominalvalueof0.05euroseach

Registeredoffice:117,AvenuedeLuminy,F-13009Marseille,FranceRegisteredwiththeCompanyandTradeRegisterofMarseilleundernumber424365336

ThefollowinginterimcondensedconsolidatedfinancialstatementshavebeenapprovedbytheExecutiveBoardoftheCompanyonSeptember14,2021,andhavebeensubjecttoalimitedreviewby

ourStatutoryAuditors.TheyhavebeenexaminedbytheSupervisoryBoardoftheCompanyonSeptember14,2021.

SUMMARY

INNATEPHARMAATAGLANCE............................................................................................................. 3

HALF-YEARMANAGEMENTREVIEW...................................................................................................... 5

A. Revenueandotherincome..................................................................................................... 6

B. Operatingexpenses................................................................................................................. 8

C. Balancesheetitems................................................................................................................. 11

D. Cash-flowitems....................................................................................................................... 11

E. KeyeventssinceJanuary1,2021........................................................................................... 12F. Nota......................................................................................................................................... 13G. Mainrisksanduncertaintiesfortheremainingsixmonthsofthefiscal

year.......................................................................................................................................... 13

H. Relatedpartytransactions...................................................................................................... 13

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30,2021........................................................................................................................... 13

A. InterimCondensedConsolidatedStatementsofFinancialPosition(amountsinthousandsofeuro).................................................................................................................................... 14

B. InterimCondensedConsolidatedStatementsofIncome(Loss)(amountsinthousandsofeuro,exceptshareandpershareamounts)........................................................................... 15

C. InterimCondensedConsolidatedStatementsofComprehensiveIncome(Loss)(amountsinthousandsofeuro).............................................................................................................. 16

D. InterimCondensedConsolidatedStatementsofCashFlows(amountsinthousandsofeuro)........................................................................................................................................ 17

E. InterimConsolidatedStatementsofChangesinShareholders’Equity(amountsinthousandsofeuro,exceptsharedata).................................................................................... 19

F. InterimCondensedNotestotheConsolidatedFinancialStatements.............................................................................................................................. 20

STATUTORYAUDITORS’REVIEWREPORTONTHEHALF-YEARLYFINANCIALINFORMATION....................................................................................................................................... 41DECLARATIONBYTHEPERSONRESPONSIBLEFORTHISHALF-YEARFINANCIALREPORT.................................................................................................................................................. 43

InnatePharma|Half-yearfinancialreportJune30,2021|3

INNATEPHARMAATAGLANCE

InnatePharmaSA(the“Company”and,with itssubsidiary,referredtoasthe“Group”), isaglobal,clinical-stageoncology-focusedbiotechcompanydedicatedtoimprovingtreatmentandclinicaloutcomesforpatientsthroughtherapeuticantibodiesthatharnessthe immunesystemtofightcancer.Company’sbroadpipelineofantibodiesincludes several potentially first-in-class clinical and preclinical candidates in cancers with high unmet medicalneed.

ThecompanyisapioneerintheunderstandingofNaturalKillercellbiologyandhasexpandeditsexpertiseinthetumor microenvironment and tumor-antigens, as well as antibody engineering. This innovative approach hasresulted inadiversifiedproprietaryportfolioandmajorallianceswith leaders in thebiopharmaceutical industryincludingBristol-MyersSquibb,NovoNordiskA/S,Sanofi,andamulti-productscollaborationwithAstraZeneca.

Since itscreation, theCompanyhassuffered lossesdue to its researchanddevelopment ("R&D")activities.Thefirst half of 2021 generated a net loss of 23,719 thousand euros. As of June 30, 2021, shareholders' equityamounted to133,561 thousandeuros.Subject to receivingnewmilestonepayments related to its collaborationagreements,theCompanyexpectstoincuradditionallossesuntil,ifnecessary,itcangeneratesignificantrevenuesfromitsproductcandidatesindevelopment.

TheCompany’sfutureoperationsarehighlydependentonacombinationoffactors,including:(i)thesuccessofitsR&D;(ii)regulatoryapprovalandmarketacceptanceoftheCompany’sfutureproductcandidates;(iii)thetimelyand successful completion of additional financing; and (iv) the development of competitive therapies by otherbiotechnologyandpharmaceutical companies.Asa result, theCompany is and should continue, in the short tomid-term,tobefinancedthroughpartnershipagreementsforthedevelopmentandcommercializationofitsdrugcandidatesandthroughtheissuanceofnewequityinstruments.

TheactivityoftheCompanyisnotsubjecttoseasonaleffects.

AsofJune30,2021,theCompanyhadonewhollyownedsubsidiary:InnatePharma,Inc.,incorporatedunderthelawsofDelawarein2009.

Innate Pharma is based in Marseille, France and listed on Euronext in Paris and Nasdaq in US, and had 212employeesasofJune30,2021.

LearnmoreaboutInnatePharmaatwww.innate-pharma.com.


HALF-YEARMANAGEMENTREVIEW

ThekeyelementsofInnatePharma’sfinancialresultsforthefirsthalfof2021areasfollows:

• Cash,cashequivalentsandfinancialassets(currentandnon-current)amountingto€159.4m(millioneuros)asofJune30,2021(€190.6masofDecember31,2020).Atthesamedate,thefinancialliabilitiesamountedto€16.5m, including€14.5mofnon-current liabilities (€19.1masofDecember31, 2020, including€16.9mofnon-currentfinancialliabilities).

• Revenue and other income amounting to €15.7m (€36.7m for the first half of 2020). This amountmainlyresultsfromcollaborationandlicensingrevenue(€7.1m)andfromresearchtaxcredit(€4.9m).Revenuefromcollaboration and licensing agreementsmainly result from the agreementswith AstraZeneca/MedimmuneandSanofi.

• Operatingexpensesamountingto€41.1m(€46.0mfirsthalfof2020),ofwhich53.0%arerelatedtoresearch

anddevelopment.Researchanddevelopmentexpensesamountto€21.8mcomparedto€31.5mforthefirst

half of 2020 and decrease by €9.7m, notably explained by (i) a €3.8m decrease in direct R&D expenses

relatingtoLumoxiti(returnofcommercialrightsintheUSandEuropenotifiedinend2020)andavdoralimab

programs (decision takenby the Company in the first half of 2020 to stop recruitment in trials evaluating

avdoralimab inoncology); (ii)a€4.7mdecrease inR&Ddepreciationandamortizationexpenses relating to

the decrease of amortization expenses linked to acquired licenses (Lumoxiti, IPH5201 andmonalizumab).

Selling, general and administrative expenses amounting to €19.3m (€14.5m for the first half of 2020),

increasingby€4.8m,mainlyexplainedby theprovision for charges relating to thepaymentof€5.2million

($6.2million) to bemadeonApril 30, 2022 toAstraZenecaunder the Lumoxiti transition and termination

agreementeffectiveasofJune30,2021.

• Anetlossforthefirsthalfof2021amountingto€23.7m(comparedtonetlossof€10.3mforthefirsthalfof2020).

Noteonchangeofaccountingstandardsduringtheperiod

ApplicationofthefollowingamendedstandardsismandatoryforthefirsttimeforthefinancialperiodbeginningonJanuary1,2021and,assuch,theyhavebeenadoptedbytheCompany:

• AmendmentstoIFRS16:Covid-19-RelatedRentConcessions,publishedonMay22,2020.

• AmendmentstoIFRS9,IAS39,IFRS7andIFRS16:InterestRateBenchmarkReform—Phase2,publishedonSeptember26,2019.

Thoseamendedstandardshavenoimpactontheinterimcondensedconsolidatedfinancialstatements.


A. Revenueandotherincome

Revenueandother income resulted fromcollaborationand licensingagreements andgovernment financing forresearchexpenditure.Revenueandotherincomedecreasedby€21.1million,or57.3%,to€15.7millionforthesixmonthsendedJune30,2021,ascomparedtorevenueandotherincomeof€36.7millionforthesixmonthsendedJune30,2020.

inthousandsofeuro June30,2021 June30,2020

Revenuefromcollaborationandlicensingagreements 8,304 29,841

Governmentfundingforresearchexpenditures 6,368 6,904

Lumoxitisales 1,015 —

Revenueandotherincome 15,686 36,745

Revenuefromcollaborationandlicensingagreements

Revenuefromcollaborationandlicensingagreementsdecreasedby€21.5million,or72.2%,to€8.3millionforthesixmonthsendedJune30,2021,ascomparedtorevenuesfromcollaborationandlicensingagreementsof€29.8million for thesixmonthsendedJune30,2020.TheserevenueswerederivedprincipallyunderouragreementswithAstraZenecaandaresetforthinthetablebelow:

(inthousandsofeuro) June30,2021 June30,2020

Proceedsfromcollaborationandlicensingagreements 7,095 28,349

ofwhichmonalizumabagreement 6,095 19,636

ofwhichIPH5201agreement — 8,713

ofwhichotheragreement 1,000 —

InvoicingofR&Dcosts(IPH5201andadvoralimabagreements) 1,209 1,090

Exchangegainsoncollaborationagreement — 402


Proceedsfromcollaborationandlicensingagreements

ProceedsfromcollaborationandlicensingagreementsresultfromthepartialorentirerecognitionoftheproceedsreceivedpursuanttotheagreementswithAstraZenecaandSanofiandwhicharerecognizedonthebasisofthepercentageofcompletionoftheworksperformedbytheCompanyundersuchagreements.

Formonalizumab, theseamountsresult fromthepartial recognitionof the$250millionnon-refundableupfrontpaymentandthe$100millionmilestoneregardingtheexerciseoftheoptionreceivedinJune2015andOctober2018 fromAstraZeneca. The additional payment of $50.0million received fromAstraZeneca inDecember 2020triggeredby thedosingof the first patient in thePhase3 trial evaluatingmonalizumabwas treated in full as acollaborationcommitment("collaborationliability"intheconsolidatedbalancesheet)inviewtothecommitmentlinked to the contract for thePhase I / II (co-financing) andPhase III studies (amendment signed in September2020).Consequently,thisadditionalpaymenthasnoimpactonthetransactionprice.

For IPH5201, revenue related to the partial recognition of the $50.0 million non-refundable upfront paymentreceivedfromAstraZenecainOctober2018andthe$5.0mmilestonepaymentreceivedinMarch2020.

Theamountsnotyetrecognizedinrevenueareclassifiedasdeferredrevenue.


Proceedsrelatedtomonalizumab-AstraZeneca:

Revenuerelatedtomonalizumabdecreasedby€13.5million,or69.0%,to€6.1millionforthesixmonthsendedJune30,2021,ascomparedto€19.6millionforthesixmonthsendedJune30,2020.Thisvariancemainlyresultsfromlowercostsinconnectionwiththecollaborationworksperformedrelatingtothetrialsmaturity.

As of June 30, 2021, the deferred revenue related tomonalizumab is €20.7million (€10.5million as “Deferredrevenue—Currentportion”and€10.2millionas“Deferredrevenue—Non-currentportion”).

ProceedsrelatedtoIPH5201-AstraZeneca:

RevenuerelatedtoIPH5201arenilforthesixmonthsendedJune30,2021,ascomparedto€8.7millionforthesixmonthsendedJune30,2020.

AsofDecember31,2020,sincetheCompanyhadfulfilledallofitscommitmentsonpreclinicalworkrelatedtothestartofPhase1oftheIPH5201program,theinitialpaymentof$50.0millionandthemilestonepaymentof$5.0millionwerefullyrecognizedinrevenue.Consequently,theCompanyhasnotrecognizedanyrevenuerelatedtothespreadingofmilestonereceivedfromtheagreementwithAstraZenecaonIPH5201asofJune30,2021.

Invoicingofresearchanddevelopmentcosts-AstraZeneca:

PursuanttoouragreementswithAstraZeneca,clinicalcostsfortheongoingPhaseItrialofavdoralimabareequallysharedbetweenInnatePharmaandAstraZenecaandresearchanddevelopmentcostsrelatedtoIPH5201arefullybornebyAstraZeneca,resultinginperiodicsettlementinvoices.Thesecostsareinvoicedbackonaquarterlybasis.

RevenuefrominvoicingofresearchanddevelopmentcostsforthesixmonthsendedJune30,2021is€1.2millioncomparedto€1.1millionforthesixmonthsendedJune30,2020.Oranincreaseof€0.1million,or11%,betweenthefirsthalfof2020andthefirsthalfof2021.

Governmentfinancingforresearchexpenditures

Government financing for research expenditures decreased by €0.5million, or 7.8%, to €6.4million for the sixmonths ended June 30, 2021 as compared to €6.9million the sixmonths ended June 30, 2020. This change isprimarilyaresultofadecreaseintheresearchtaxcreditof€1.8million,whichismainlydueto(i)adecreaseinamortizationoftheacquiredlicenses(monalizumabandIPH5201)anddecreaseineligibleprivatesubcontractingcostsincludedinresearchtaxcreditcalculation,inconnectionwiththedecreaseinR&Dsubcontractingovertheperiod;(ii)partlyoffsetbyanincreaseingrantsof€1.3millioninconnectionwiththerecordinginrevenueofthefirst relative repayableadvance tranchepaid to theCompanyand linked to theBPI financingcontract signed inAugust2020.ThispaymentwasreceivedbytheCompanyatcontractsigning.ThisfinancingcontractwassetupaspartoftheprogramsetupbytheFrenchgovernmenttohelpdevelopatherapeuticsolutionwithapreventiveorcurative aim against COVID-19. As of June 30, 2021, this financing is considered by the Company to be non-refundable,inaccordancewiththetermsoftheagreement,inlightofthetechnicalandcommercialfailureoftheprojectbasedontheresultsofthePhase2"Force"trialevaluatingavdoralimabinCOVID-19,publishedonJuly6,2021.

ThetablebelowdetailsgovernmentfundingforresearchexpendituresforthesixmonthsendedJune30,2021and2020.



Researchtaxcredits 4,933 6,733

Grants 1,435 171

Governmentfinancingforresearchexpenditures 6,368 6,904

Theresearchtaxcreditiscalculatedas30%oftheamountofresearchanddevelopmentexpenses,netofgrantsreceived,eligiblefortheresearchtaxcreditforthesixmonthsendedJune30,2021and2020.

B. Operatingexpenses

ThetablebelowpresentsouroperatingexpensesforthesixmonthsperiodsendedJune30,2021and2020:


Researchanddevelopmentexpenses (21,794) (31,499)

Generalandadministrativeexpenses (19,321) (14,490)

Operatingexpenses (41,115) (45,989)

Researchanddevelopmentexpenses(R&D)

OurR&Dexpensesintheperiodspresentedprimarilyrelatetoactivitiesforourclinicalprograms.Ourresearchanddevelopmentexpensesarebrokendownassetforthinthetablebelow:


Monalizumab (1,450) (2,112)

Lacutamab (5,250) (5,003)

Avdoralimab (1,970) (3,654)

Lumoxiti (417) (1,797)

Sub-totalprogramsinclinicaldevelopment (9,087) (12,566)

Sub-totalprogramsinpreclinicaldevelopment (3,023) (3,333)

Totaldirectresearchanddevelopmentexpenses (12,110) (15,899)

Personnelexpenses(includingshare-basedpayments) (7,129) (8,021)

Depreciationandamortization (1,472) (6,145)

Otherexpenses (1,083) (1,434)

Personnelandotherexpenses (9,684) (15,600)

Totalresearchanddevelopmentexpenses (21,794) (31,499)

R&Dexpensesdecreasedby€9.7million,or30.8%, to€21.8million for thesixmonthsendedJune30,2021,ascomparedtoR&Dof€31.5millionforthesixmonthsendedJune30,2020.

R&Dexpensesrepresentedatotalof53.0%and68.5%ofthetotaloperatingexpensesforthesixmonthsendedJune 30, 2021 and 2020, respectively. June 30, 2021, we had 153 employees in research and developmentfunctions,comparedto164employeesasofJune30,2020.

DirectR&Dexpensesdecreasedby€3.8million,or23.8%,to€12.1millionforthesixmonthsendedJune30,2021,as compared to an amount of €15.9 million for the six months ended June 30, 2020. This decrease is mainlyexplainedby(i)adecreaseof€1.4million inexpensesrelatingtoLumoxiti,which isexplainedbytheendofthetransition period with AstraZeneca in September 2020 and the decision taken by the Company to return


commercialrightsintheUnitedStatesandinEuropenotifiedinDecember2020,(ii)adecreaseof€1.7millioninexpensesrelatingtotheavdoralimabprograminconnectionwiththedecisiontakenbytheCompanyattheendofthe first half of 2020 to stop recruitment in trials evaluating avdoralimab in oncology, and (iii) a €0.7 milliondecrease inexpensesrelatingtomonalizumab inconnectionwiththematurityofclinical trials fallingwithin thescopeofthecollaborationwithAstraZeneca.

Personnel andotherexpenses allocated toR&Ddecreasedby€5.9million,or 37.9%, to€9.7million for the sixmonthsendedJune30,2021,ascomparedtoanamountof€15.6millionforthesixmonthsendedJune30,2020.ThisdecreaseismainlyexplainedbythedecreaseindepreciationandamortizationexpensesallocatedtoR&Dfor€4.7 million in connection with the decrease in depreciation expenses relating to the licenses acquired andconcerning(i)Lumoxiti for€2.0million(intangibleassetfullydepreciatedasofDecember31,2020),(ii) IPH5201for€1.8million(intangibleassetfullyamortizedasofDecember31,2020)and(iii)monalizumabfor€0.7million,inconnectionwiththeextensionoftheestimatedenddateoftheprogramclinicalstudies.

Selling,generalandadministrativeexpenses:

Selling,generalandadministrativeexpensesincreasedby€4.8million,or33.3%,to€19.3millionforthesixmonthsended June 30, 2021, as compared to selling, general and administrative expenses of €14.5million for the sixmonthsendedJune30,2020.Selling,generalandadministrativeexpensesrepresentedatotalof47.0%and31.5%ofthetotaloperatingexpensesforthesixmonthsendedJune30,2021and2020,respectively.Thetablebelowpresentsourselling,generalandadministrativeexpensesbynatureforthesixmonthsendedJune30,2021and2020:


Personnelexpenses(includingshared-basedpayments) (6,425) (6,436)

Nonscientificadvisoryandconsulting (3,293) (4,109)

TerminationagreementLumoxiti-provision (5,217) —

Otherexpenses(1) (4,386) (3,945)

Totalselling,generalandadministrativeexpenses (19,321) (14,490)

(1) Other expenses are related to intellectual property, maintenance costs for laboratory equipment and our premises,depreciationandamortizationandotherselling,generalandadministrativeexpenses.

Personnelexpense includes thecompensationpaid toouremployees,andarestable, to€6.4million for thesixmonthsendedJune30,2021andJune30,2020.AsofJune30,2021,wehad59employeesinselling,generalandadministrativefunctions,comparedto74employeesasofJune30,2020.

Non-scientificadvisoryandconsultingexpensesmostlyconsistofauditing,accounting,taxationandlegalfeesaswellasconsultingfeesinrelationtobusinessstrategyandoperationsandhiringservices.Non-scientificadvisoryandconsultingexpensesdecreasedby€0.8million,or19.9%, to€3.3million for thesixmonthsended June30,2021ascomparedto€4.1millionforthesixmonthsendedJune30,2020,primarilyresultingfromtheexpensesrelatedtothecommercializationofLumoxitiandthestructuringofourUSsubsidiaryinthefirstsemesterof2020.

Selling, general and administrative expenses include the provision for charges relating to the payment of $6.2million(€5.2millionasofJune30,2021)tobemadeonApril30,2022toAstraZenecaundertheLumoxititransitionand termination agreement effective as of June 30, 2021. The provision thus constituted is presented under“Provision-currentportion”intheconsolidatedbalancesheet.

Following theDecember 2020 announcement, Innate and AstraZeneca have successfully executed the Lumoxititermination and transition agreement. The companies are currently in a transition period, inwhich Innatewill


remaintheMarketingAuthorizationholderintheUSuntilSeptember30,2021.AstraZenecawillreimburseInnateforallLumoxitirelatedcostsandexpenses,andInnatewillremitproceedsfromnetsalestoAstraZeneca.Inthefullyearresults2020announcement1,theCompanyreportedacontingentliabilityofupto$12.8minitsconsolidatedfinancialstatements,whichwaslinkedtothesplitofcertainmanufacturingcosts.Aspartoftheterminationandtransitionagreement,InnateandAstraZenecaagreedtosplitthemanufacturingcosts,andInnatewillpay$6.2monApril30,2022.

The rise in other expensesmainly results from the insurance costs, which increase following the listing of theCompanyontheNasdaq.

Netincome(loss)fromdistributionagreements

DuringthetransitionperiodwhichhasendedonSeptember30,2020,LumoxitiproductswerecommercializedintheUSbyAstraZenecawhoistheowneroftheregulatoryapproval.TheCompanyconcludedthatitdidnotmeetthecriteria forbeingprincipalunder IFRS15during the transitionperiod.Consequently, thenet result resultingfrom all Lumoxiti marketing’s operations was disclosed in the item line “Net income / (loss) from distributionagreements.” The Company recognized a €896 thousand net gain for the six months ended June 30, 2020,correspondingtoproductionandmarketingcosts,netofsalesproceeds,asinvoicedbyAstraZenecainrelationtoLumoxitidistributionagreementfortheperiod.

Financialincome(loss),net

Werecognizedanet financialgainof€1.7million in thesixmonthsended June30,2021ascompared toanetfinanciallossof€2.0millioninthesixmonthsendedJune30,2020.Thisvariancemainlyresultsfromthevarianceinfairvalueofourfinancialinstruments(netlossof€2.5millionascomparedtoanetgainof€1.0millionforthesixmonthsendedJune30,2020and2021,respectively).ThisresultsfromtheimpactoftheCOVID-19healthcrisisonthefinancialmarketsinthefirstsemester2020.

The tablebelowpresents the componentsofournet financial income (loss) for the sixmonthsended June30,2021and2020:


Interestsonfinancialassets 171 343

Changeinvaluationallowanceonfinancialinstruments 1,040 173

Foreignexchangegains 2,185 1,929

Otherfinancialincome 94 1

Financialincome 3,490 2,446

Foreignexchangelosses (1,602) (1,545)

Unrealizedlossesonfinancialassets — (2,712)

Interestonfinancialliabilities (160) (173)

Otherfinancialexpenses (18) (1)

Financialexpenses (1,781) (4,431)

Netfinancialincome(loss) 1,710 (1,985)

ForthesixmonthsendedJune30,2021and2020,theforeignexchangegainsandlossesmainlyresultfromthevariance of the exchange rate between the Euro and theU.S. dollar onU.S. dollar-denominated cash and cashequivalentsandfinancialassets.Unrealizedlossesonfinancialassetsrelatetounquotedinstruments.


1Seenote18)ofthe2020consolidatedfinancialstatements(section18.1oftheuniversalregistrationdocument(“Documentd’EnregistrementUniversel”)

C. Balancesheetitems

Cash,cashequivalents,short-terminvestmentsandnon-currentfinancialassetsamountedto€159.4masofJune30,2021,ascomparedto€190.6masofDecember31,2020.NetcashasofJune30,2021amountedto€117.3m(€149.5masofDecember31,2020).Netcashisequaltocash,cashequivalentsandshort-terminvestmentslesscurrentfinancialliabilities.

Since its incorporation in 1999, the Company has been primarily financed by revenue from its collaboration,licensingagreements(€469.7mintotal,or$539.6m),andbyissuingnewshares(€306.4mintotalexcludingshare-basedpaymentsandthecoststhecostsassociatedwithcapitalincreases).TheCompanyhasalsobenefitedfromtheresearchtaxcredit(CIR)andfundingsreceivedfromBPIFrance(ex-Oseo) inrepayableadvancesnotbearinginterestandPTZIloan.AsofJune30,2021,theCompanyisnotliableforanyreimbursementinrespectofthesereimbursableadvancesandPTZIloan.TheCompanyalsohasbankborrowingsof€13.3masofJune30,2021and€3.1mofleaseliabilities.

RegardingtheCIR,theCompanylostthestatusofSMEattheendofthefiscalyear2019.Consequently,itdoesnotbenefit anymore from the immediate reimbursement of the CIR, which is now a debt towards the Frenchgovernment that will be settled against the corporate tax due in France for the three following years. TheremainingportionofthetaxcreditnotsettledfollowingthisperiodwillbereimbursedtotheCompany.Sinceitsincorporation, theCompanybenefitedof theCIR for a cumulative amountof €115.3m , ofwhich€80.6mwerereimbursed.

TheotherkeybalancesheetitemsasofJune30,2021areasfollows:

• Deferred revenue of €38.1m (including €27.6m booked as ‘Deferred revenue – non-current portion’) andcollaboration liabilities amounting to €45.9m (including €38.4m booked as ‘Collaboration liabilities - non-current portion’) relating to the remainder of the initial payment fromAstraZeneca not yet recognized asrevenueorusedaspartoftheco-financingofthemonalizumabprogramwithAstraZeneca;

• ReceivablesfromtheFrenchgovernmentamountingto€34.8minrelationtotheresearchtaxcreditfor2019,2020andthesix-monthperiodendedJune30,2021;

• Intangibleassetsforanetbookvalueof€45.2m,mainlycorrespondingtotherightsandlicensesrelatingtotheacquisitionofthemonalizumab,IPH5201,avdoralimab;

• Shareholders’equityof€133.6mincludingthenetlossforthefirsthalfof2021of€23.7m.

D. Cash-flowitems

As of June 30, 2021, cash and cash equivalents amounted to €104.0m, a decrease of €32.8m compared toDecember31,2020.

ThefollowingtablesetsforthcashflowdataforthesixmonthsendedJune30,2021and2020:


Cashflowsfrom/(usedin)operatingactivities (31,162) (58,026)

Cashflowsfrom/(usedin)investingactivities (247) (12,108)

Cashflowsfrom/(usedin)financingactivities (1,226) (1,199)

Effectoftheexchangeratechanges (178) (13)

Netincrease/(decrease)incashandcashequivalents: (32,814) (71,347)


Cashflowsfrom/(usedin)operatingactivities:

Ournetcashflowusedbyoperationsdecreasedby€26.9milliontoanetcashconsumptionof€31.2millionforthesixmonthsendedJune30,2021ascomparednetcashconsumptionof€58.0millionforthesixmonthsendedJuneJune30, 2020. This change ismainly explainedby thedecrease in commercial activities relating to Lumoxiti, inconnectionwith thedecision takenby theCompany inend2020 to return the commercial rights in theUnitedStatesandinEuropetoAstraZeneca.

Cashflowsfrom/(usedin)investingactivities:

Our net cash flow used in investing activities for the sixmonths ended June 30, 2021were €0.2million. TheCompanyhasnotmadeanyinvestmentsintangible,intangibleorsignificantfinancialassetsduringthefirsthalfof2021.

Asareminder,ournetcashflowused in investingactivitiesforthesixmonthsendedJune30,2020were€12.1millionandweremainlydrivenby(i)a€13.4million($15.0million)additionalconsiderationpaidtoAstraZenecaregarding Lumoxiti following the submission of the BLA to the EuropeanMedicine Agency (EMA) in November2019(ii)a€2.7millionadditionalconsiderationpaidtoOregaBiotechinApril2020relatingtoIPH5201followingthedosingofafirstpatientinaPhaseIclinicaltrialand(iii)theacquisitionoffinancialassetsforanetamountof€3.0million.These itemswerepartlyoffsetby the reimbursementbyAstraZenecaof the rebate relating to theacquisitionofLumoxiti(€7.0million).

Cashflowsfrom/(usedin)financingactivities:

OurnetcashflowsusedinfinancingactivitiesforthesixmonthsendedJune30,2021,arestableascomparedtothesixmonthsendedJune30,2020.Theseamountedto€1.2millionandweremainlyrelatedtorepaymentsoffinancialliabilities.

E. KeyeventssinceJanuary1,2021

• Following the December 2020 announcement, Innate and AstraZeneca have successfully executed the

Lumoxititerminationandtransitionagreement.Thecompaniesarecurrently inatransitionperiod, inwhich

Innate will remain the Biologics License Application (BLA) holder in the US until September 30, 2021.

AstraZenecawillreimburseInnateforallLumoxitirelatedcostsandexpenses,andInnatewillremitproceeds

from net sales to AstraZeneca. In the full year results 2020 announcement, the Company reported a

contingent liabilityofupto$12.8min itsconsolidatedfinancialstatements,whichwas linkedtothesplitof

certainmanufacturing costs. As part of the termination and transition agreement, Innate and AstraZeneca

agreedtosplitthemanufacturingcosts,andInnatewillpay$6.2milliononApril30,2022.Thisamountof$6.2

million(€5.2millionasofJune30,2021)wasbookedasaprovisionforchargesasofJune30,2021.

• OnJuly6,2021,theCompanyannouncedthatFORCE(FORCOVID-19Elimination),theinvestigator-sponsored,Phase 2 clinical trial evaluating the safety and efficacy of avdoralimab, in COVID-19 patients with severepneumonia, did not meet its primary endpoints in all three cohorts of the trial. These results reflect thetechnical and commercial failure of the project. Consequently, the Company considers that as of June 30,2021, the €1,360 thousand first tranche of refundable advance as non refundable in accordance with thetermsof theagreement, in lightof the technical and commercial failureof theproject.Asa reminder, thispaymentwasreceivedbytheCompanyfollowingthefinancingcontractsignedinAugust2020withBPI.ThisfinancingcontractwassignedaspartoftheprogramsetupbytheFrenchgovernmenttohelpanddevelopatherapeuticsolutionwithpreventiveorcurativeaimagainstCOVID-19.


F. Nota

The interim condensed consolidated financial statements for the six-month period ended June 30, 2021 wereestablished inaccordancewith IAS34standardadoptedbyEuropeanUnionandhavebeensubject toa limitedreviewbyourStatutoryAuditorsandwereapprovedbytheExecutiveBoardof theCompanyonSeptember14,2021. Theywere reviewedby the SupervisoryBoardof theCompanyon September 14, 2021. Theywill not besubmittedforapprovaltothegeneralmeetingofshareholders.

G. Mainrisksanduncertaintiesfortheremainingsixmonthsofthefiscalyear

Risk factors identified by the Company are presented in section 3 of the universal registration document(“Document d’Enregistrement Universel”) submitted to the French stock-market regulator, the “Autorité desMarchésFinanciers”,onApril27,2021(AMFnumberD.21-0361).ThemainrisksanduncertaintiestheCompanymayfaceinthesixremainingmonthsoftheyeararethesameastheonespresentedintheuniversalregistrationdocumentavailableontheinternetwebsiteoftheCompany,excepttheriskdescribedintheparagraph3.4“RisksrelatingtothereturnofrightsfromLumoxititoAstraZeneca”oftheuniversalregistrationdocument,whichisnotrelevant anymore for the Company, as the Company and AstraZeneca have entered into an agreement("TerminationandTransitionAgreement").

Ofnote,therisksthatarelikelytoariseduringtheremainingsixmonthsofthecurrentfinancialyearcouldalsooccurduringsubsequentyears.

H. Relatedpartytransactions

Transactions with related parties during the periods under review are disclosed in Note 19 to the interimconsolidatedfinancialstatements.

INTERIMCONDENSEDCONSOLIDATEDFINANCIALSTATEMENTSASOFJUNE30,2021


A. InterimCondensedConsolidated Statementsof Financial Position (amounts in thousandsofeuro) Note June30,2021 December31,2020

Assets

Currentassets

Cashandcashequivalents 4 103,980 136,792

Short-terminvestments 4 15,341 14,845

Tradereceivablesandothers 5 10,368 21,814

Totalcurrentassets 129,688 173,451

Non-currentassets

Intangibleassets 6 45,193 46,289

Propertyandequipment 7 10,891 11,694

Non-currentfinancialassets 4 40,081 38,934

Othernon-currentassets 210 147

Tradereceivablesandothers-non-current 5 34,753 29,821

Deferredtaxasset 17 5,400 7,087

Totalnon-currentassets 136,528 133,972

Totalassets 266,217 307,423

Liabilities

Currentliabilities

Tradepayablesandothers 8 17,026 29,538

Collaborationliabilities–currentportion 13 7,489 1,832

Financialliabilities–currentportion 9 2,017 2,142

Deferredrevenue–currentportion 13 10,464 11,299

Provisions-currentportion 18 5,623 676

Totalcurrentliabilities 42,619 45,488

Non-currentliabilities

Collaborationliabilities–non-currentportion 13 38,445 44,854

Financialliabilities–non-currentportion 9 14,485 16,945

Definedbenefitobligations 10 3,879 4,177

Deferredrevenue–non-currentportion 13 27,602 32,674

Provisions-non-currentportion 18 226 221

Deferredtaxliabilities 17 5,400 7,087

Totalnon-currentliabilities 90,037 105,959

Shareholders’equity

Sharecapital 11 3,952 3,950

Sharepremium 11 373,043 372,130

Retainedearnings (220,431) (156,476)

Otherreserves 715 355

Netincome(loss) (23,719) (63,983)

Totalshareholders’equity 133,561 155,976

Totalliabilitiesandshareholders’equity 266,217 307,423


B. InterimCondensedConsolidatedStatementsofIncome(Loss)(amountsinthousandsofeuro,exceptshareandpershareamounts)

Note June30,2021 June30,2020

Revenuefromcollaborationandlicensingagreements 13 8,304 29,841

Governmentfinancingforresearchexpenditures 13 6,368 6,904

LumoxitiSales 13 1,015 —

Revenueandotherincome 15,686 36,745

Researchanddevelopmentexpenses 14 (21,794) (31,499)

Selling,generalandadministrativeexpenses 14 (19,321) (14,490)

Operatingexpenses (41,115) (45,989)

Netincome/(loss)distributionagreements 15 — 896

Operatingincome(loss) (25,428) (8,348)

Financialincome 16 3,490 2,446

Financialexpenses 16 (1,781) (4,431)


Netincome(loss)beforetax (23,719) (10,334)

Incometaxexpense 17 — —

Netincome(loss) (23,719) (10,334)

Netincome(loss)pershare:

Weightedaveragenumberofshares: 78,997,954 78,892,031

(in€pershare)

-Basicincome(loss)pershare 20 (0.30) (0.13)

-Dilutedincome(loss)pershare 20 (0.30) (0.13)


C. Interim Condensed Consolidated Statements of Comprehensive Income (Loss) (amounts inthousandsofeuro)

June30,2021 June30,2020

Netincome(loss)fortheperiod: (23,719) (10,334)

Itemswhichwillnotreclassifiedintheconsolidatedstatementofincome(loss)

Actuarialgainsand(losses)relatedtodefinedbenefitobligations 566 (131)

Elementswhichwillbereclassifiedintheconsolidatedstatementofincome(loss)

Foreigncurrencytranslationgain(loss) (178) (13)

Othercomprehensiveincome(loss) 388 (144)

Totalcomprehensive(loss) (23,331) (10,478)


D. InterimCondensedConsolidatedStatementsofCashFlows(amountsinthousandsofeuro)

Note June30,2021 June30,2020

Netincome(loss) (23,719) (10,334)

Depreciationandamortization,net 6,7 2,168 6,719

Employeebenefitscosts 10 268 264

Changeinprovisionforcharges 18 4,952 142

Share-basedcompensationexpense 14 853 824

Changeinvaluationallowanceonfinancialassets 4 (1,031) 2,536

Gains(losses)onfinancialassets 4 (443) (48)

Changeinvaluationallowanceonfinancialinstruments 4 (170) 425

Gainsonassetsandotherfinancialassets 16 (86) (758)

Interestpaid 16 160 173

Otherprofitorlossitemswithnocasheffect 13 (1,476) (373)

Operatingcashflowbeforechangeinworkingcapital (18,524) (430)

Changeinworkingcapital (12,638) (57,595)

Netcashgeneratedfrom/(usedin)operatingactivities: (31,162) (58,025)

Acquisitionofintangibleassets,net 5,6&8 (33) (9,306)

Acquisitionofpropertyandequipment,net 7.8 (240) (544)

Purchaseofnon-currentfinancialinstruments 4 — (3,000)

Disposalofpropertyandequipment 4 2 36

Purchaseofotherassets (63) (52)

Interestreceivedonfinancialassets 16 86 758

Netcashgeneratedfrom/(usedin)investingactivities: (247) (12,108)

Proceedsfromtheexercise/subscriptionofequityinstruments 11 61 3

Repaymentofborrowings 9 (1,127) (1,029)

Netinterestpaid (160) (173)

Netcashgenerated/(usedin)fromfinancingactivities: (1,226) (1,199)

Effectoftheexchangeratechanges (178) (13)

Netincrease/(decrease)incashandcashequivalents: (32,813) (71,345)

Cashandcashequivalentsatthebeginningoftheyear: 4 136,792 202,887

Cashandcashequivalentsattheendofthesix-monthsperiod: 4 103,980 131,542


Changeinworkingcapital Note June30,2021 December31,2020 Variance

Trade receivables and others (excluding rebates related tocapitalexpenditures)

5 45,121 51,635 6,514

Deferredrevenue-currentandnon-currentportion 13 (38,066) (43,973) (5,907)

Trade payables and others (excluding payables related tocapitalexpenditures)

8 (17,026) (29,519) (12,493)

Collaborationliabilities-currentandnon-currentportion 13 (45,934) (46,686) (752)

TotalchangeinWorkingCapital (55,905) (68,543) (12,638)

Changeinworkingcapital Note June30,2020 December31,2019 Variance

Trade receivables and others (excluding rebates related tocapitalexpenditures)

5 39,394 28,716 (10,678)

Deferredrevenue-currentandnon-currentportion 13 (62,072) (89,112) (27,040)

Trade payables and others (excluding payables related tocapitalexpenditures)

8 (25,461) (36,047) (10,585)

Collaborationliabilities-currentandnon-currentportion 13 (12,012) (21,304) (9,292)

Totalchangeinworkingcapital (60,151) (117,746) (57,595)


E. InterimConsolidatedStatementofChangesinShareholders’Equity(amountsinthousandsofeuro,exceptsharedata)

Inthousandsofeuro,exceptfordatashare

OrdinaryShares

PreferredShares

Sharecapital

Sharepremium

Retainedearnings

Otherreserves

Netincome(loss)

Totalattributabletoequityholdersof

theCompany

December31,2019 78,811,114 14,507 3,941 369,617 (134,912) (472) (20,759) 217,416

Netloss — — — — — — (10,334) (10,334)

Actuarialgainsondefinedbenefitobligations

— — — — — (131) — (131)

Foreigncurrencytranslationloss

— — — — (48) 35 — (13)

Totalcomprehensivelossfortheperiod

— — — — (48) (96) (10,334) (10,478)

Allocationofpriorperiodincome(loss)

— — — — (20,759) — 20,759 —

Exerciseandsubscriptionofequityinstruments

87,150 — 4 (1) — — — 3

Shared-basedpayment — — — 824 — — — 824

June30,2020 78,898,264 14,507 3,946 370,440 (155,719) (568) (10,334) 207,764

December31,2020 78,986,490 14,462 3,950 372,131 (156,476) 355 (63,984) 155,976

Netloss — — — — — — (23,719) (23,719)

Actuariallossondefinedbenefitobligations

— — — — — 566 — 566

Foreigncurrencytranslationloss

— — — — 28 (206) — (178)

Totalcomprehensivelossfortheperiod

— — — — 28 360 (23,719) (23,331)

Allocationofpriorperiodincome(loss)

— — — — (63,984) — 63,984 —

Exerciseandsubscriptionofequityinstruments

41,050 (85) 2 59 — — — 61

Shared-basedpayment — — — 853 — — — 853

June30,2021 79,027,540 14,377 3,952 373,043 (220,431) 715 (23,719) 133,561


F. InterimCondensedNotestotheConsolidatedFinancialStatements

1. TheCompanyandkeyevents

1.1 Thecompany

InnatePharmaSA(the“Company”and,with itssubsidiary,referredtoasthe“Group”), isaglobal,clinical-stageoncology-focusedbiotechcompanydedicatedtoimprovingtreatmentandclinicaloutcomesforpatientsthroughtherapeuticantibodiesthatharnesstheimmunesystemtofightcancer.

Company’sbroadpipelineofantibodiesincludesseveralpotentiallyfirst-in-classclinicalandpreclinicalcandidatesincancerswithhighunmetmedicalneed.

ThecompanyisapioneerintheunderstandingofNaturalKillercellbiologyandhasexpandeditsexpertiseinthetumor microenvironment and tumor-antigens, as well as antibody engineering. This innovative approach hasresulted inadiversifiedproprietaryportfolioandmajorallianceswith leaders in thebiopharmaceutical industryincludingBristol-MyersSquibb,NovoNordiskA/S,Sanofi,andamulti-productscollaborationwithAstraZeneca.

Since itscreation, theCompanyhassuffered lossesdue to its researchanddevelopment ("R&D")activities.Thefirst half of 2021 generated a net loss of 23,719 thousand euros. As of June 30, 2021, shareholders' equityamounted to133,561 thousandeuros.Subject to receivingnewmilestonepayments related to its collaborationagreements,theCompanyexpectstoincuradditionallossesuntil,ifnecessary,itcangeneratesignificantrevenuesfromitsproductcandidatesindevelopment.

TheCompany’sfutureoperationsarehighlydependentonacombinationoffactors,including:(i)thesuccessofitsR&D;(ii)regulatoryapprovalandmarketacceptanceoftheCompany’sfutureproductcandidates;(iii)thetimelyand successful completion of additional financing; and (iv) the development of competitive therapies by otherbiotechnologyandpharmaceutical companies.Asa result, theCompany is and should continue, in the short tomid-term,tobefinancedthroughpartnershipagreementsforthedevelopmentandcommercializationofitsdrugcandidatesandthroughtheissuanceofnewequityinstruments.

TheactivityoftheCompanyisnotsubjecttoseasonaleffects.

AsofJune30,2021,theCompanyhadonewhollyownedsubsidiary:InnatePharma,Inc.,incorporatedunderthelawsofDelawarein2009.

Innate Pharma is based inMarseille, France and listed on Euronext Paris andNasdaq in theU.S., and had 212employeesasofJune30,2021.

1.2 Keyeventsforthesix-monthperiodendedJune30,2021

• Following the December 2020 announcement, Innate and AstraZeneca have successfully executed the

Lumoxititerminationandtransitionagreement.Thecompaniesarecurrently inatransitionperiod, inwhich

Innate will remain the Biologics License Application (BLA) holder in the US until September 30, 2021.

AstraZenecawillreimburseInnateforallLumoxitirelatedcostsandexpenses,andInnatewillremitproceeds

from net sales to AstraZeneca. In the full year results 2020 announcement, the Company reported a

contingentliabilityofupto$12.8millioninitsconsolidatedfinancialstatements,whichwaslinkedtothesplit

ofcertainmanufacturingcosts.Aspartoftheterminationandtransitionagreement,InnateandAstraZeneca


agreed to split themanufacturing costs, and Innatewill pay$6.2milliononApril 30, 2022. This amountof

$6.2million(€5.2millionasofJune30,2021)wasbookedasaprovisionforchargesasofJune30,2021.

▪ OnJuly6,2021,theCompanyannouncedthatFORCE(FORCOVID-19Elimination),theinvestigator-sponsored,Phase 2 clinical trial evaluating the safety and efficacy of avdoralimab, in COVID-19 patients with severepneumonia, did not meet its primary endpoints in all three cohorts of the trial. These results reflect thetechnical and commercial failure of the project. Consequently, the Company considers that as of June 30,2021, the €1,360 thousand first tranche of refundable advance as non refundable in accordance with thetermsof theagreement, in lightof the technical and commercial failureof theproject.Asa reminder, thispaymentwasreceivedbytheCompanyfollowingthefinancingcontractsignedinAugust2020withBPI.ThisfinancingcontractwassignedaspartoftheprogramsetupbytheFrenchgovernmenttohelpanddevelopatherapeuticsolutionwithpreventiveorcurativeaimagainstCOVID-19.

2. Basisofpresentationandstatementofcompliance

2.1 Basisofpreparation

TheinterimcondensedconsolidatedfinancialstatementsasofJune30,2021andforthesixmonthsendedJune30,2021and2020and the relatednotes (together, the“interimcondensedconsolidated financial statements”)have been prepared under the responsibility of the management of the Company in accordance with theunderlyingassumptionsof going concernas theCompany’s loss-making situation is explainedby the innovativenatureoftheproductsdeveloped,thereforeinvolvingamulti-yearresearchanddevelopmentphase.

The interim condensed consolidated financial statements were closed by the Executive Board, approved andauthorizedbytheSupervisoryBoarduponrecommendationoftheAuditCommitteeonSeptember14,2021.Theyhavebeenprepared inaccordancewith IAS34, ‘InterimFinancialReporting’as issuedby the InternationalAccountingStandardBoard(“IASB”).DuetothelistingofordinarysharesoftheCompanyonEuronextParisandinaccordance with the European Union’s regulation No. 1606/2002 of July 19, 2002, the interim condensedconsolidatedfinancialstatementsarealsoprepared inaccordancewith IFRS,asadoptedbytheEuropeanUnion(EU).For thepresentedperiods, thedifferencesbetween IFRSas issuedby IASBand IFRSadoptedbyEUhadnoimpactontheinterimcondensedconsolidatedfinancialstatements.

Thegeneralaccountingconventionswereappliedinaccordancewiththeunderlyingassumptions,namely(i)goingconcern, (ii) permanence of accountingmethods from one year to the next and (iii) independence of financialyears, and in conformity with the general rules for the preparation and presentation of consolidated financialstatements in accordance with International Financial Reporting Standards (“IFRS”). The interim condensedconsolidated financial statements do not include all disclosures required for annual financial statements andshouldthereforebereadinconjunctionwiththeconsolidatedfinancialstatementsasofandfortheyearendedDecember31,2020.

TheresultsoftheoperationsforthesixmonthsendedJune30,2021arenotnecessarilyindicativeoftheresultstobeexpectedfortheyearendingDecember31,2021orforanyotherinterimperiodorforanyyearinthefuture.

Except for number of shares and per share amounts, all amounts are expressed in thousands of euros, unlessstated otherwise. Some amountsmay be rounded for the calculation of financial information contained in theinterimcondensedconsolidatedfinancialstatements.Accordingly,thetotalsinsometablesmaynotbetheexactsumoftheprecedingfigures.

2.2 Useofjudgmentsandestimates

ThepreparationoffinancialstatementsinaccordancewithIFRSrequirestheCompanytomakecertainestimatesandassumptionsthataffectthereportedamountsofassetsandliabilitiesandthedisclosureofcontingentassets


andliabilitiesatthedateofthefinancialstatements,andthereportedamountsofrevenueandexpensesduringthereportingperiod.

Theseestimatescanberevisedwherethecircumstancesonwhichtheyarebasedchange.Theactualresultsmaythereforedifferfromtheestimatesinitiallyformulated.TheestimatesandjudgmentswhicharemainlyusedbytheCompanyaredetailedinnote18.1.1inparagraph2.x)oftheappendixtotheconsolidatedfinancialstatementsasof December 31, 2020 of the Universal Registration Document published on April 27, 2021. Estimates andjudgmentswhichimpactthecondensedconsolidatedfinancialstatementsatJune30,2021are:

• accountingforcollaborationandlicensingagreements(note6and13);

• estimateoftherecoverableamountoftheacquiredandunderprogresslicenses(note6);

• estimateoftheusefullifeoftheacquiredlicenses(note6).

2.3 Recentlyissuedaccountingstandardsandinterpretations

ApplicationofthefollowingamendedstandardsismandatoryforthefirsttimeforthefinancialperiodbeginningonJanuary1,2021and,assuch,theyhavebeenadoptedbytheCompany:

• AmendmentstoIFRS16:Covid-19-RelatedRentConcessions,publishedonMay22,2020.

• Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 : Interest Rate Benchmark Reform— Phase 2,publishedonSeptember26,2019.

Thoseamendedstandardshavenoimpactontheinterimcondensedconsolidatedfinancialstatements.

2.4 Translationoftransactionsdenominatedinforeigncurrency

Foreigncurrencytransactionsaretranslatedintothepresentationcurrencyusingthefollowingexchangerates:

June30,2020 December31,2020 June30,2021

€1equalsto Averagerate Closingrate Averagerate Closingrate Averagerate Closingrate

USD 1.1020 1.1198 1.1422 1.2271 1.2053 1.1884

3. Managementoffinancialrisks

TheCompanydidnotidentifyotherrisksthantheonespresentedintheconsolidatedfinancialstatementsasofandfortheyearendedDecember31,2020.

4. Cash,cashequivalents,short-terminvestmentsandnon-currentfinancialassets

(inthousandsofeuro) June30,2021 December31,2020

Cashandcashequivalents 103,980 136,792

Short-terminvestments 15,341 14,845

Cash,cashequivalentsandshort-terminvestments 119,321 151,637

Non-currentfinancialassets 40,081 38,934

Cash,cashequivalentsandfinancialassets 159,402 190,571


Cashand cashequivalents aremainly composedof currentbank accounts, interest-bearing accounts and fixed-termaccounts.

AsofJune30,2021,theCompanyalsoholdssevenunitsin“SICAVs”andsharesinmutualfunds.Theriskprofilesofthesefundsareratedfrom1to7bythefinancialinstitutionthatmanagesandmarketsthesefunds(1beingthelowestriskprofile).Whenthematurityofsharesinmutualfundsislongerthanoneyear,theyareclassifiedasnon-currentfinancialinstruments.

Non-currentfinancialassetsgenerallyincludeaguaranteeofcapitalatthematuritydate(whichisalwayslongerthanoneyear).These instrumentsaredefinedbytheCompanyasfinancialassetsatfairvaluethroughprofitorlossandclassifiedasnon-currentduetotheirmaturity.

As of June 30, 2021 and December 31, 2020, the amount of cash, cash equivalents and financials assetsdenominatedinUSdollarsamountedto€53,029thousandand€64,654thousand,respectively.

Changes inshort-terminvestmentsandnon-currentfinancialassetsforthesixmonthsendedJune30,2020and2021arethefollowing:

(inthousandsofeuro)

December31,2020

Acquisitions Disposals

Varianceoffairvaluethrough

theconsolidatedstatementofincome(loss)

Variationofaccruedinterests

Foreigncurrencyeffect

June30,2021

Short-terminvestments

14,845 — — 53 — 443 15,341

Non-currentfinancialassets

38,934 — — 978 170 — 40,081

Total 53,779 — — 1,031 170 443 55,422

(inthousandsofeuro)

December31,2019

Acquisitions Disposals

Varianceoffairvaluethrough

theconsolidatedstatementofincome(loss)

Variationofaccruedinterests

Foreigncurrencyeffect

June30,2020

Short-terminvestments

15,978 — — 173 — 48 16,199

Non-currentfinancialassets

37,005 3,000 — (2,709) (425) — 36,872

Total 52,983 3,000 — (2,536) (425) 48 53,071

InthesixmonthsendedJune30,2021,varianceoffairvaluethroughtheconsolidatedstatementofincome(loss)ismadeof€978thousandofunrealizedgainsonnon-currentfinancialassetsand€53thousandofunrealizedgainsonshort-terminvestments.InthesixmonthsendedJune30,2020,varianceoffairvaluethroughtheconsolidatedstatementofincome(loss)wasmadeof€2,709thousandofunrealizedlossesonnon-currentfinancialassetsand€173thousandofunrealizedgainsonshort-terminvestments(seenote16).


5. Tradereceivablesandothers


Otherreceivables 68 741

Othertaxcredits 333 333

Prepaidexpenses 5,678 6,833

VATrefund 1,729 2,208

Tradeaccountreceivables(2) 1,469 10,585

Prepaymentsmadetosuppliers 1,091 1,114

Receivablesandothers 10,368 21,815

Researchtaxcredit(1) 34,753 29,821

Receivablesandothers-non-current 34,753 29,821

Tradereceivablesandothers 45,121 51,636

(1) The Research tax credit is recognized as other operating income in the year to which the eligible research expenditurerelates.FollowingthefactthattheCompanynolongermeetstheeligibilitycriteriafortheSMEstatusasofDecember31,2019,theCIRforthetaxyear2019andsubsequentyearswillinprinciplebeoffsetagainsttheFrenchcorporateincometaxduebythecompanywithrespecttothethreefollowingyears,orrefundedifnecessaryuponexpiryofsuchaperiod.TheCIRforthetax year 2019 and 2020 amounted respectively to €16,737 thousand and €13,084 thousand . The Company recorded anadditionalResearchtaxcreditforthesixmonthsendedJune30,2021of€4,933thousand.

(2)AsofDecember31,2020,thisamountincludedareceivableof€8,400thousands(including€1,400thousandofvalueaddedtax)linkedtothecollaborationandlicensingagreementsignedwithSanofiinJanuary2016.Thisreceivableresultedfromthedecision taken by Sanofi to advance IPH6101/SAR443579 towards regulatory preclinical studies for the study of a newinvestigationaldrug.ThispaymentwasreceivedbytheCompanyinJanuary2021.

Thenetbookvalueofthereceivablesisconsideredtobeareasonableapproximationoftheirestimatedfairvalue.Tradereceivablesandothershavepaymenttermsoflessthanoneyear.Novaluationallowancewasrecognizedontradereceivablesandothersasthecreditriskofeachdebtorwasconsideredasnotsignificant.


6. Intangibleassets

(inthousandsofeuro)Purchased

licensesOtherintangible

assetsInprogress Total

January1,2020 56,851 116 40,000 96,967

Acquisitions — 195 — 195

Additionalconsiderations 2,685 — 1,000 3,685(1)

Disposals — — — —

Amortizations (5,545)(2) (86) — (5,632)

Transfers — — — —

June30,2020 53,991 225 41,000 95,215

January1,2021 5,103(3) 185 41,000 46,289

Acquisitions — 13 — 13

Additionalconsiderations — — — —

Disposals — — — —

Amortizations (1,039)(4) (70) — (1,109)

Transfers — — — —

June30,2021 4,064 128 41,000 45,193

(1)Thisamountincludes(i)anadditionconsiderationof€2,685thousandpaidtoOregaBiotechinApril2020(€2,500thousand)andJune2020(€185thousand)inrelationtotheIPH5201rightsfollowingthefirstpatientdosedinPhase1clinicaltrialinMars2020and;(ii)anamountof€1,000thousandtobepaidtoNovoNordiskA/SfollowingthelaunchofthefirstavdoralimabPhase1clinicaltrial.

(2)Thisamountincludestheamortizationofrightsrelatedtothemonalizumab(€1,686thousand),IPH5201(€1,818thousands)andLumoxiti(€2,041thousand)intangibleassets.

(3)Thedecreaseof€48,888thousandinthenetbookvalueoftheLicensesacquiredbetweenJune30,2020andDecember31,2020 ismainly explainedby the full impairmentof the rights relating to Lumoxiti intangible asset, following thedecision toreturn the commercial rights in the United States and Europe. The rights relating to the intangible asset have been fullyimpairedforthecarryingamountoftheintangibletothedateofthedecision,amountingto€43,529thousand.

(4)Thisamountcorrespondtotheamortizationofrightsrelatedtothemonalizumabintangibleasset(1,039thousand).

Monalizumabrightsunderthe2014monalizumab(NKG2A)NovoNordiskagreement

Since their acquisition,monalizumab rights are amortized on a straight-line basis over the anticipated residualdurationofthePhaseIItrials.TheCompanyestimatedthatitwouldbefullyamortizedbyearly2023,whichisthesameestimationasofDecember31,2020.

Thenetbookvaluesofthemonalizumabrightswere€4,057thousandand€5,096thousandasofJune30,2021andDecember31,2020,respectively.

IPH5201(Anti-CD39)rightsacquiredfromOregaBiotech

Thisassetwasamortizedonastraight-linebasissinceNovember1,2018(correspondingtotheeffectivebeginningdate of the collaboration) until the date the Company expected to fulfill its commitment (end of fiscal year2020).AsofDecember31,2020,thesecollaborationcommitmentshaveallbeenfulfilled.Thus,therightsrelatingtoIPH5201havebeenfullyamortizedsinceDecember31,2020.


LumoxitirightsacquiredfromAstraZenecaunderthe2018AstraZenecamulti-termagreement

Thelicensewasinitiallyamortizedonastraight-linebasisuntilJuly31,2031,whichcorrespondedtotheexpirationofthecurrentcompositionofmatterpatent,notincludinganyadditionalpatentextensionsorpatents.

EndofNovember2020,theCompanydecidedtoreturnthemarketingrightsofLumoxitiintheUnitedStatesandinEurope.Followingthisdecision,theCompanyappliedIAS36"Impairmentofassets"andassessedthattherewasan indication of impairment sufficiently significant to result in the full impairment of the intangible asset. ThisdepreciationwasrecognizedwithregardtotheestimateoftherecoverablevalueofLumoxiti'sintangibleassets,basedonexpectedfuturecashflows,determinedusingthemarketingplanandbudgetapprovedbymanagement,andfutureexpensestobeexposedinparticularaspartofthetransitionplan,whichwasundernegotiation.

Thus,onthedateofthedecisiontoreturntherights,theLumoxitirightswerefullywrittendowntotheirnetbookvalueasofOctober31,2020,i.e.€43,529thousand

ThetermsofthetransitionandterminationagreementsignedonJuly2,2021(effectiveasofJune30,2021)withAstraZenecaconfirmthefulldepreciationoftheintangibleassetrelatingtoLumoxitirights,inparticularwithregardtocashflowstobeexposed(payments)bythecompanyintheshorttermaspartofthisagreement(seenote1.2and18).

Avdoralimab(IPH5401)(anti-C5aR)rightsacquiredfromNovoNordiskA/S

At theagreement inception, anupfrontpaymentof€40million for acquired rightswere recordedas intangibleasset.Aspartofthisagreement,anadditionalamountof€1.0millionwaspaidinOctober2020toNovoNordiskA/SfollowingthelaunchofthefirstavdoralimabPhaseIItrial.Asavdoralimabisstillinclinicaltrial,theacquiredrightsareclassifiedasintangibleassetinprogress.Theyweresubjecttoannual impairmenttest.Noimpairmentwere recorded since inception. These acquired rights will be amortized when the Company obtains economicbenefits.

The Company has identified a potential impairment of the avdoralimab rights in the first half of 2021. TheCompanyhasthereforeperformedanimpairmenttestasofJune30,2021.

TheCompanyappliedIAS36"Impairmentofassets"andassessedwhethertherewasanyindicationofimpairmentthat could lead to the impairment of a recognized intangible asset. The Company estimated the recoverableamountoftheunamortizedintangibleassetavdoralimabusingadiscountedcashflowmodelwhichconfirmedthatthis assetwasnot impaired. The followingmain assumptionswereused todetermine the recoverable amount,basedonthecashflowsdeterminedusingthemarketingplanandbudgetapprovedbymanagement:

• CashflowsaresetonthebasisofthedevelopmentandcommercializationplansandbudgetsapprovedbyManagement;

• Adiscountrateof12%;

• Ariskofdevelopment istakenintoconsiderationbyapplyingprobabilitiesofsuccessofreachingfuturephasesofdevelopmenttocashflowsrelatedtoeachdevelopmentphasesThoseaverageprobabilitiesofsuccessofR&DprojectsarebasedonanarticlepublishedinNatureReviewDrugDiscovery;

• For the commercialization phase, selling price and sales volume are estimated on the basis of thepotentialmarketandtheobservedperformancesofcomparabledrugscurrentlyonthemarket.Decreaseinsalesvolumeappliedtotheforecastedrevenueoncetherelatedrightsfalloff-patent.

In case of failure of the clinical trials in progress, the Company may have to depreciate the intangible assetcorrespondingtotheavdoralimabrights.


The Company did not identify any reasonable potential variance in the key assumptions thatmay generate animpairmentasofJune30,2021.Sensitivity testing regarding these following assumptions and other assumptions such as: discount rate (+1%),selling price (-25%) and growth rate at termination (-1%) were performed. These tests did not reveal anyimpairment.

Avdoralimab does not generate economic benefits yet for the Company. In accordance with IAS 38, it will beamortizedwhenitgenerateseconomicbenefits,whichcanresultfrom:

• ThedrugcandidatecommercializationifInnatePharmacarriesouttheentiredevelopmentbyitsown;or,

• Anout-licensedagreement.

IftheCompanycommercializethedrugproductonitsown,itwillhavetodeterminetheamortizationperiodoftherelatedcapitalizedrights.Itwillhavetoestimatetheiruseful life,consideringthedatewhentheyfalloffpatent.Thosecapitalizedrightswillbeamortizedonastraightlinebasisduringtheestimatedusefullife.

IftheCompanyenteredinanout-licensedagreement,theCompanywillhavetoperformananalysistodetermineifthecontroloftherightsaretransferredtoathird-party,andthuswillhavetoderecognizethecapitalizedrights.IftheCompanyconcludethatitkeepsthecontroloftherights,itwilldeterminetheirusefullifeandwillamortizethemonastraightlinebasisduringthisusefullife.

7. Propertyandequipment

(inthousandsofeuro)Landsandbuildings

Laboratoryequipmentand

otherInprogress Total

Ofwhichfinannceleases

January1,2020 5,356 5,947 369 11,672 6,270

Acquisitions 1,152 604 129 1,885 1,152

Disposals — (36) — (36) —

Depreciation (342) (745) — (1,087) (442)

Transfers — — — — —

June30,2020 6,166 5,770 498 12,434 6,980

(inthousandsofeuro)Landsandbuildings

Laboratoryequipmentand

otherInprogress Total

Ofwhichrightofuseassets(3)

January1,2021 5,751 5,576 367 11,694 6,423

Acquisitions — 260 — 260 —

Disposals — (2) — (2) —

Depreciation (393) (668) — (1,061) (535)

Transfers — 4 (4) — —

June30,2021 5,358 5,170 363 10,891 5,888


8. Tradepayablesandothers


Suppliers(excludingpayablesrelatedtocapitalexpenditures) 11,183 20,730

Taxandemployee-relatedpayables 5,684 8,325

Otherpayables 139 463

Tradepayablesandothers(excludingpayablesrelatedtocapitalexpenditures) 17,006 29,519

Payablesrelatedtocapitalexpenditures 20 20

Payablesandothers 17,026 29,538

Thebookvalueoftradepayablesandothersisconsideredtobeareasonableapproximationoftheirfairvalue.

9. Financialliabilities

(inthousandsofeuro)December31,

2020

Proceedsfrom

borrowing

Proceedsfromlease

liabilitiesandothernoncasheffects

Repaymentsofborrowings/

leasesliabilities

Exchangeratevariation(non

cash)June30,2021

BPIPTZIIPH41(1) 150 — — (150) — —

BPIRefundableadvance-FORCE(2) 1,454 — (1,454) — — —

Leaseliabilities–Building"LeVirage" 2,387 — — (255) — 2,131

Leaseliabilities–PremisesInnateInc. 447 — — (18) (5) 423

Leaseliabilities–Laboratoryequipment 639 — — (87) — 551

Leaseliabilities–Vehicles 21 — — (6) — 14

Leaseliabilities-Printers 41 — — (2) — 39

Borrowing–Equipment 262 — — (25) — 236

Borrowing–Building 13,687 — — (579) — 13,107

Total 19,088 — (1,454) (1,121) (5) 16,502


(inthousandsofeuro)December31,

2019Proceedsfromborrowing

Proceedsfromleaseliabilities(noncash)

Repaymentsofborrowings/leases

liabilities

Exchangeratevariation(non

cash)June30,2020

BPIPTZIIPH41(1) 450 — — — — 450

Leaseliabilities–Realestateproperty

418 — — (418) — —

Propertytransaction(down-payment)

(74) — — 74 — —

Leaseliabilities–Building"LeVirage"

1,437 — 1,120 — — 2,557

Leaseliabilities–PremisesInnateInc.

496 — — (3) 9 502

Leaseliabilities–Laboratoryequipment

815 — — (87) — 728

Leaseliabilities–Vehicles 37 — — (9) — 28

Borrowing–Equipment 319 — — (27) — 292

Borrowing–Building 14,826 — — (567) — 14,259

Total 18,723 — 1,120 (1,037) 9 18,817

(1) Interestfreeloan

(2)Asa reminder,onAugust11,2020, theCompany signeda financing contractwithBpifranceFinancementaspartof theprogramsetupby theFrenchgovernment tohelpdevelopa therapeutic solutionwithapreventiveor curativeaimagainstCOVID-19.Thisfunding,foramaximumamountof€6.8m,consistedof(i)anadvancerepayableonlyintheeventoftechnicalandcommercialsuccessand(ii)anon-repayablegrant.Thisfundingshouldbereceivedinfoursuccessiveinstallments.Thefirsttrancheof1.7millioneuroswaspaidatsigning,andtheotherthreetranchesshouldbereceivedaftersuccessfulcompletionofcertain clinical milestones, particularly around Phase 2 of the FORCE trial. The portion relating to the repayable advanceincluded in this first trancheamounts to€1,454 thousandasofDecember31,2020 (includingactualization). Asof June30,2021,thisfinancing isconsideredbytheCompanytobenon-refundable, inaccordancewiththetermsoftheagreement, inlight of the technical and commercial failure of the project based on the results of the Phase 2 "Force" trial evaluatingavdoralimabinCOVID-19,publishedonJuly6,2021.

Finance lease obligations relate primarily to real estate property in relation to the acquisition in 2008 of theCompany’sheadquartersandmainlaboratories.TheyarepresentedintheabovetablenetofthecashcollateralpaidtoSogebail,thelessor.

OnJuly3,2017,theCompanyborrowedfromtheBank“SociétéGénérale”inordertofinancetheconstructionofitsfutureheadquarters.Thisloanamountingtoamaximumof€15,200thousandwillberaisedduringtheperiodoftheconstructioninordertopaythesupplierpaymentsastheybecomedue.AsofDecember31,2018and2019,theloanwasraisedatanamountof€1,300thousand.

The loan release period was limited to August 30, 2019. On August 30, 2019, the Company drew down theremainingportionofthe€15,200thousandloangranted,foranamountof€13,900thousand.ThereimbursementofthecapitalhasbeguninAugust30,2019andwillproceeduntilAugust30,2031(12years).AsofJune30,2021,theremainingcapitaloftheloanamountedto€13,107thousand.TheCompanyauthorizedcollateraloverfinancial“Société Générale” instruments amounting to €15,200 thousand. The security interest on the pledge financialinstruments will be released in accordance with the following schedule: €4,200 thousand in July 2024,€5,000thousandinJuly2027and€6,000thousandinJuly2031.

Thisloanbearsafixedinterestrateof2.01%.Itissubjecttoacovenantbasedontheassumptionthatthetotalcash,cashequivalentsandcurrentandnon-currentfinancialassetsareatleastequaltoprincipalasoffinancialyearend.

The table below shows the schedule for the contractual repayment of financial liabilities (being principal andinterestpayments)asofJune30,2021:


(inthousandsofeuro) Within1yearFrom2ndto5thyearincluded

Over5years Total

Leaseliabilities–Building"LeVirage" 558 1,675 — 2,233

Leaseliabilities–PremisesInnateInc. 83 354 8 445

Leaseliabilities–Laboratoryequipment 179 380 — 559

Leaseliabilities–Vehicles 11 4 — 15

Leaseliabilities-Printers 9 32 — —

Borrowing–Equipment 57 185 — 242

Borrowing–Building 1,427 5,706 7,252 14,385

Totalfinancialliabilities 2,324 8,336 7,260 17,920

10. Employeebenefit

Definedbenefitobligation


Allowanceforretirementdefinedbenefit 3,411 3,713

Allowanceforseniorityawards 468 463

Definedbenefitobligations 3,879 4,177

Amountsrecognizedinthestatementoffinancialpositionaredeterminedasfollows(inthousandeuros):

AsofJanuary1,2020 3,760

Servicecost 252

Interestcosts (35)

Actuarial(gain)/loss 200

AsofDecember31,2020 4,177

Servicecost 291

Interestcosts (22)

Actuarial(gain)/loss (566)

AsofJune30,2021 3,879

DiscountratesusedbytheCompanytoevaluateretirementbenefitswerebasedoniBoxxCorporateAA.Theyamountedto0.9%and0.50%asofJune30,2021andDecember31,2020,respectively.

11. Capital

11.1 Sharecapital

TheCompanymanages itscapitaltoensurethattheCompanywillbeabletocontinueasagoingconcernwhilemaximizingthereturntoshareholdersthroughtheoptimizationofthedebtandequitybalance.As of June 30, 2021, the Company’s share capital amounted to €3,952,096 divided into (i) 79,027,540 ordinaryshares,eachwithanominalvalueof€0.05;(ii)6,796“2016”preferredshares,eachwithanominalvalueof€0.05,and(iii)7,581“2017”preferredshares,eachwithanominalvalueof€0.05,respectively,fullypaidup.

Share capital does not include BSAs, BSAAR, AGAs and AGAPs that have been granted to certain investors ornaturalpersons,bothemployeesandnon-employeesoftheCompany,butnotyetexercised.


OnOctober21,2019andDecember30,2019,theretentionperiodforthe“2016freepreferredshares”hasended.The number of ordinary shares to which the conversion of one preferred share entitle has been determinedaccordingtothefulfilmentoftheperformancecriteria.Holdersof“2016”preferredshares”areentitledtovoteatour shareholders’meetings, to dividends and to preferential subscription rights, on the basis of the number ofordinarysharestowhichtheyareentitlediftheyconverttheirpreferredshares.

OnApril3,2021,theGroupissuedpreferredshares“2017freepreferredshares”whichwillbecomeconvertibleintoordinarysharesfollowingavestingperiodofoneyearandaretentionperiodoftwoyearsiftheperformancecriteria and presence aremet at the end of the retention period. The number of ordinary shares towhich theconversionofonepreferredsharewillentitlewillbedeterminedaccordingtothefulfillmentoftheperformancecriteria. During the retention period, holders of the 2017 preferred shares are entitled to vote the generalshareholders’meetings, todividendsandtopreferential subscriptionrights,as if theyheld thesamenumberofordinary shares as their number of vested 2017 free preferred shares. The 2017 preferred shares are nottransferableduringtheretentionperiodexceptundercertaincircumstances.Aftertheendoftheretentionperiod,holdersofallofpreferredsharesthathavenotyetconvertedthemintoourordinaryshares,areentitledtovoteatour shareholders’meetings, to dividends and to preferential subscription rights, on the basis of the number ofordinarysharestowhichtheyareentitlediftheyconverttheirpreferredshares.

InthesixmonthsendedJune30,2021,acapitalincreaseof€2,048(includingsharepremium)occurredasaresultoftheExecutiveBoarddecisiononJuly19,2021,subsequentto(i)theconversionof85“2016preferredshares”in11,050ordinarysharesand(ii)theexerciseof30,000“2011”BSAAR,tocarryoutanetcapitalincreaseof€2,048andanincreaseinsharepremiumof€59,152,brokendownasfollows:(i)acreationof11,050ordinarysharesbytheconversionof85“2016preferredshares”,withanominalvalueof€0.05pershareand(ii)acreationof30,000ordinaryshares,withanominalvalueof€0.05,foranissuepriceof€2.04pershare.

11.2 TreasurysharesTheCompanyheld18,575ofitsownsharesasofJune30,2021andDecember31,2020,respectively.

11.3 SharebasedpaymentsTheCompanyhasissuedBSAs,BSAARs,AGAsandAGAPsasfollows:


Date Types

Numberofwarrants

issuedasof6/30/2021

Numberofwarrantsvoidasof6/30/2021

Numberofwarrants

exercisedasof6/30/2021

Numberofwarrants

outstandingasof

6/30/2021

Maximumnumberofsharestobeissuedasof6/30/2021

Exercisepricepershare(in

€)

Sept.9,2011 BSAAR2011 650,000 — 425,000 225,000 225,000 2.04

May27,2013 BSAAR2012 146,050 — 85,950 60,100 60,100 2.04

July1,2015 BSAAR2015 1,050,382 2,720 1,940 1,045,722 1,045,722 7.20

October21,2016

AGAPManagement2016-1 2,000 550 — 1,450 188,500 -

October21,2016

AGAPEmployees2016-1 2,486 251 135 2,100 273,000 -

October21,2016

AGAManagement2016-1 50,000 — 50,000 — — -

December30,2016

AGAPManagement2016-2 3,000 — — 3,000 333,000 -

December30,2016

AGAManagement2016-2 250,000 — 250,000 — — -

April3,2018 AGAPEmployees2017-1 5,725 833 — 4,892 489,200 -

April3,2018 AGAPManagement2017-1 2,400 800 — 1,600 160,000 —

April3,2018 AGAEmployees2017 114,500 4,000 110,500 — — —

July3,2018 AGABonus2018-1 67,028 469 66,559 — — -

November20,2018

AGAPPerfEmployees2018-1

327,500 140,000 — 187,500 187,500 -

November20,2018

AGAPPerfManagement2018-1

260,000 60,000 — 200,000 200,000 -

January14,2019

AGAEmployees2018 90,650 5,000 85,650 — — -

April29,2019 AGANewMembers2017-1 25,000 — — 25,000 25,000 -

July3,2019 AGABonus2019-1 57,376 — — 57,376 57,376 -

July13,2020 AGABonus2020-1 79,861 — — 79,861 79,861 -

August5,2020 AGAPEmployees2020-1 766,650 176,092 — 590,558 590,558 -

August5,2020 AGAPManagement2020-1 710,000 — — 710,000 710,000 -

July21,2020 StockOptions2020-1 102,000 72,000 — 30,000 30,000 -

November4,2019

AGAP2019Employees2019

546,700 149,600 — 397,100 397,100 -

November4,2019

AGAP2019Management2019

355,000 30,000 — 325,000 325,000 -

July29,2011 BSA2011-2 225,000 — 183,060 41,940 41,940 -

July17,2013 BSA2013 237,500 — 191,140 46,360 46,360 2.36

July16,2014 BSA2014 150,000 — 75,000 75,000 75,000 8.65

April27,2015 BSA2015-1 70,000 — — 70,000 70,000 9.59

July1,2015 BSA2015-2 14,200 — — 14,200 14,200 14.05

September20,2017

BSA2017 37,000 — — 37,000 37,000 11.00

TotalasofJune30,2021 6,398,008 642,315 1,524,934 4,230,759 5,661,417


12. Financialinstrumentsrecognizedinthestatementoffinancialpositionandrelatedeffectontheincomestatement

The following tables show the carrying amounts and fair values of financial assets and financial liabilities. Thetablesdonotincludefairvalueinformationforfinancialassetsandfinancialliabilitiesnotmeasuredatfairvalueifthecarryingamountisareasonableapproximationoffairvalue.

AsofJune30,2021

Bookvalueonthestatementof

financialposition

Fairvaluethroughprofitandloss(1)

Amortizedcost(2)

Fairvalue

Financialassets

Non-currentfinancialassets 40,081 40,081 — 40,081

Tradereceivablesandothers 45,121 — 45,121 45,121

Short-terminvestments 15,341 15,341 — 15,341

Cashandcashequivalents 103,980 103,980 — 103,980

Totalfinancialassets 204,523 159,402 45,121 204,524

Financialliabilities

Financialliabilities—non-currentportion 14,485 — 14,485 14,485

Financialliabilities—currentportion 2,017 — 2,017 2,017

Tradepayablesandothers 17,026 — 17,026 17,026

Totalfinancialliabilities 33,528 — 33,528 33,528

AsofDecember31,2020

Bookvalueonthestatementof

financialposition

Fairvaluethroughprofitandloss(1)

AmortizedCost(2)

Fairvalue

Financialassets

Non-currentfinancialassets 38,934 38,934 — 38,934

Tradereceivablesandothers 51,635 — 51,635 51,635

Short-terminvestments 14,845 14,845 — 14,845

Cashandcashequivalents 136,792 136,792 — 136,792

Totalfinancialassets 242,206 190,571 51,635 242,206

Financialliabilities

Financialliabilities—non-currentportion 16,945 — 16,945 16,945

Financialliabilities—currentportion 2,142 — 2,142 2,142

Tradepayablesandothers 29,539 — 29,539 29,539

Totalfinancialliabilities 48,626 — 48,626 48,626

(1)Thefairvalueoffinancialassetsclassifiedasfairvaluethroughprofitandlosscorrespondstothemarketvalueoftheassets,whichareprimarilydeterminedusinglevel2measurements.

(2)Thebookamountoffinancialassetsandliabilitiesmeasuredatamortizedcostwasdeemedtobeareasonableestimationoffairvalue.

InaccordancewiththeamendmentstoIFRS7,financialinstrumentsarepresentedinthreecategoriesbasedonahierarchyofmethodsusedtodeterminefairvalue:

Level1:fairvaluedeterminedbasedonquotedpricesinactivemarketsforassetsorliabilities;

Level2:fairvaluedeterminedontheobservabledatabasefortheassetorliabilityconcernedeitherdirectlyorindirectly;


Level3:fairvaluedeterminedonthebasisofevaluationtechniquesbasedinwholeorinpartonunobservabledata.

13. Revenue,governmentfinancingforresearchexpendituresandsales

13.1 Revenuefromcollaborationandlicensingagreements

Revenues from collaboration and licensing agreements result from agreements signed with AstraZeneca andSanofi:


Proceedsfromcollaborationandlicensingagreements 7,095 28,349

ofwhichmonalizumabagreement 6,095 19,636

ofwhichIPH5201agreement — 8,713

ofwhichotheragreement 1,000 —

InvoicingofR&Dcosts(IPH5201andadvoralimabagreements) 1,209 1,090

Exchangegainsorlossesoncollaborationagreement — 402


a)RevenuerecognitionrelatedtomonalizumabAZagreementsandamendments

Changeindeferredrevenuerelatingtomonalizumabagreement:

(inthousandsofeuro) Total


RevenueforthesixmonthsendedJune30,2020 (19,636)

Transferto/(from)collaborationliabilities (3,055)

AsofJune30,2020 39,966


RevenueforthesixmonthsendedJune30,2021 (6,095)

Transferto/(from)collaborationliabilities 188

AsofJune30,2021 20,665


Changeincollaborationliabilitiesrelatingtomonalizumabagreement:



RevenueforthesixmonthsendedAdditions 3,055

Deductions (12,347)

AsofJune30,2020 12,012


RevenueforthesixmonthsendedAdditions 1,501

Deductions (2,253)

AsofJune30,2021 45,934

TheincreaseincollaborationliabilitiesrelatingtomonalizumabagreementbetweenJune30,2020andDecember31,2020isexplainedbytheadditionalpaymentof$50.0millionmadebyAstraZenecatriggeredbythedosingofthefirstpatient inthePhase3trialevaluatingmonalizumab.Thispaymentwastreated infullasacollaborationcommitment("collaborationliability"intheconsolidatedbalancesheet)inviewtothecommitmentlinkedtothecontract for the Phase I/II (co-financing) and Phase III studies (amendment signed in September 2020).Consequently,thisadditionalpaymenthasnoimpactonthetransactionprice.

b)RevenuerecognitionrelatedtoIPH5201AstraZenecacollaborationandoptionagreement

ChangeindeferredrevenuerelatingtoIPH5201agreement



RevenuerecognizedforthesixmonthsendedJune30,2020 (8,713)

Increaseindeferredrevenueresultingfromthe$5MmilestonerelatingtothedosageofthefirstphaseIpatientdosed

4,365

AsofJune30,2020 4,705

AsofDecember31,2020,sincetheCompanyhadfulfilledallofitscommitmentsonpreclinicalworkrelatedtothestart of Phase 1 of the IPH5201 program, the initial payment of $50.0 million and the milestone payment of$5.0millionwerefullyrecognizedinrevenue.Assuch,theCompanyhasnotrecognizedanyincomerelatedtotheagreementwithAstraZenecaonIPH5201asofJune30,2021.

c)Scheduleofvarianceofdeferredrevenue

(inthousandsofeuro) AsofDecember31,2020

RecognitioninP&L ProceedsTransferfrom/(to)collaboration

liabilitiesAsofJune30,2021

Monalizumab 26,572 (6,095) — 188 20,666

IPH5201 — — — — —

Preclinicalmolecules 17,400 — — — 17,400

Total 43,972 (6,095) — 188 38,066


(inthousandsofeuro) AsofDecember31,2019

RecognitioninP&L ProceedsTransferfrom/(to)collaboration

liabilitiesAsofJune30,2020

Monalizumab 62,657 (19,636) — (3,055) 39,966

IPH5201 9,054 (8,713) 4,365 — 4,706

Preclinicalmolecules 17,400 — — — 17,400

Total 89,112 (28,349) 4,365 (3,055) 62,072

13.2 Governmentfinancingforresearchexpenditures

The Company receives grants from the European Commission, French government and state organizations inseveraldifferentforms:

• ResearchTaxCredits;and

• Investmentandoperatinggrants.

AsofJune30,2021and2020,anestimateoftheresearchtaxcreditamountforthefirsthalfperiodiscalculatedon the basis of eligible expenses over the period with a limitation representing 50% of the annual eligiblesubcontractingcosts.Asaremindersincethefiscalyear2015,theCompanyreachedthelimitationrelatingtotheeligiblesubcontractingcosts.

Howeverasof June30,2021, the limitationhasnotbeen reached regarding the levelofprivate subcontractingcostsincludedintheCIRcalculation.

The total amount for government financing for research expenditures recorded as other income in the incomestatementcanbeanalysedasfollows:


Researchtaxcredit 4,933 6,733

Grant 1,435 171

Governmentfinancingforresearchexpenditures 6,368 6,904

AsofJune30,2021,thetotalamountofgrantsrecognizedintheincomestatementincludesanamountof€1,360thousandrepresentingthefirsttrancherelatedtotheBPIfinancingcontractsignedinAugust2020aspartoftheprogramsetupbytheFrenchgovernmenttohelpdevelopatherapeuticsolutionwithapreventiveorcurativeaimagainst COVID-19. As of June 30, 2021, this financing is considered by the Company to be non-refundable , inaccordancewiththetermsoftheagreement,inlightofthetechnicalandcommercialfailureoftheprojectbasedontheresultsofthePhase2"Force"trialevaluatingavdoralimabinCOVID-19,publishedinJuly6,2021.

13.3 Sales(Lumoxiti)

AsofJune30,2021,followingtheendofthetransitionperiodrelatingtothecommercializationofLumoxitiintheUnitedStatesonSeptember30,2020,theCompanyrecognizednetsalesofLumoxitiforthefirsthalfof2021foranamountof€1,015thousand.


14. Operatingexpenses


R&D SG&A Total R&D SG&A Total

Subcontractingcosts(1) (10,596) (75) (10,672) (14,394) — (14,394)

Costofsuppliesandconsumablematerials (1,513) (666) (2,180) (1,865) — (1,865)

Personnel expenses other than share-basedcompensation

(6,908) (5,792) (12,700) (7,644) (5,989) (13,633)

Share-basedcompensation (219) (633) (852) (377) (447) (824)

Personnelexpenses (7,127) (6,425) (13,552) (8,021) (6,436) (14,457)

Non-scientificadvisoryandconsulting(2) (165) (3,293) (3,458) (20) (4,109) (4,129)

Leasingandmaintenance (131) (1,053) (1,184) (408) (665) (1,073)

Travelexpensesandmeetingattendance (22) (36) (58) (145) (128) (273)

Marketing,communicationandpublicrelations (44) (145) (189) (70) (725) (795)

Scientificadvisoryandconsulting(3) 51 (83) (32) (140) — (140)

Otherpurchasesandexternalexpenses — (1,255) (1,255) 190 (911) (722)

Depreciationandamortization (1,473) (719) (2,191) (6,145) (574) (6,718)

Intellectualpropertyexpenses (779) 278 (500) (122) (398) (520)

Otherincomeand(expenses),net 5 (632) (627) (358) (545) (904)

TerminationagreementLumoxiti-provision(4) — (5,217) (5,217) — — —

Totaloperatingexpenses (21,794) (19,321) (41,115) (31,499) (14,490) (45,989)

(1) TheCompanysubcontractsa significantpartof itspre-clinical (pharmaceuticaldevelopment, tolerancestudiesandothermodelexperiments,etc.)andclinicaloperations(coordinationoftrials,hospitalcosts,etc.)tothirdparties.

(2) Non-scientific advisory and consulting are services performed to support the selling, general and administrationactivitiesoftheCompany,suchaslegal,accountingandauditfeesaswellasbusinessdevelopmentsupport.

(3) Scientific advisory and consulting expenses relate to consulting services performedby third parties to support theresearchanddevelopmentactivitiesoftheCompany.

(4) Seenote18.3.

14.1 Personnelexpensesotherthanshare-basedcompensation

Thelineitemamountedto€12,700thousandand€13,633thousandforthesixmonthsendedJune30,2021and2020respectively.TheCompanyhad212employeesatJune30,2021,comparedto247atJune30,2020.

14.2 Depreciationandamortization

ThelineitemismainlycomposedoftheamortizationoftherightsofmonalizumabintangibleassetasofJune30,2021,andoftherightsofmonalizumab,IPH5201andLumoxitiintangibleassetsasofJune30,2020(seeNote6).

14.3 Costofsuppliersandconsumablematerials

Cost of supplies and consumablematerials consistsmainly of the cost of procurement of the Company’s drugsubstanceand/ordrugproductthatismanufacturedbythird-parties,respectively.


15. Netincome/(loss)fromdistributionagreements

DuringthetransitionperiodwhichhasendedonSeptember30,2020,LumoxitiproductswerecommercializedintheUSbyAstraZenecawhoistheowneroftheregulatoryapproval.TheCompanyconcludedthatitdidnotmeetthecriteria forbeingprincipalunder IFRS15during the transitionperiod.Consequently, thenet result resultingfrom all Lumoxiti marketing’s operations was disclosed in the item line “Net income / (loss) from distributionagreements.”

The Company recognized a €896 thousand net gain for the sixmonths ended June 30, 2020, corresponding toproduction and marketing costs, net of sales proceeds, as invoiced by AstraZeneca in relation to Lumoxitidistributionagreementfortheperiod.

AsofJune30,2021,followingtheendofthetransitionperiodrelatingtothecommercializationofLumoxitiintheUnitedStatesonSeptember30,2020,theCompanyrecognizednetsalesofLumoxitiforthefirsthalfof2021foranamountof€1,015thousand(seenote13.3)

16. Netfinancialincome/(loss)

Netfinancialincome(loss)canbeanalyzedasfollows:


Interestsonfinancialassets 171 343

Changeinvaluationallowanceonfinancialinstruments 1,040 173

Foreignexchangegains 2,185 1,929

Otherfinancialincome 94 1

Financialincome 3,490 2,446

Foreignexchangelosses (1,602) (1,545)

Unrealizedlossesonfinancialassets — (2,712)

Interestonfinancialliabilities (160) (173)

Otherfinancialexpenses (18) (1)

Financialexpenses (1,781) (4,431)


ForthesixmonthsendedJune30,2021and2020,theforeignexchangegainsandlossesmainlyresultfromthevarianceoftheexchangeratebetweentheEuroandtheUSdollaronUSdollarsdenominatedcashandcashequivalentandfinancialassetsaccounts.

17. Incometax/(expense)

Due to theCompany’searly stageofdevelopment, it isnotprobable that future taxableprofitwillbeavailableagainstwhichtheunusedtax lossescanbeutilized.Asaconsequence,deferredtaxassetsarerecognizeduptodeferredtaxliabilities.TheCompanydidnotrecognizeacurrenttaxexpenseasatJune30,2021regardingaprojectedtaxrateofnilasofDecember31,2021.

AsofJune30,2021,theaccumulatedtaxlossescarryforwardsofInnatePharmaSAandInnatePharmaFranceSASwere€339,274thousandwithnoexpirationdate(sameamountasofDecember31,2020).AsofJune30,2020,the


accumulated tax losses carryforwards of Innate Pharma Inc. was €5,114 thousand, or $5,727 thousand, (sameamountsasofDecember31,2020),witha20-yearperiodexpiration.

18. Commitments,contingenciesandlitigation

18.1 Commitments

TheCompanyhasidentifiedthefollowingchangesinoff-balancesheetcommitmentssinceDecember31,2020:

• non-cancellable purchase commitments as of June 30, 2021 for a total of €6,859 thousand with variousCMOs.

18.2 Contingenciesandlitigations

TheCompanyisexposedtocontingentliabilitiesrelatingtolegalactionsbeforethelaborcourthappeningintheordinary course of its activities. Each pre-litigation, known litigation or procedure in course the Company isinvolvedinisanalyzedateachclosingdateafterconsultationoflegalcounsel.ThereisnoacknowledgedlitigationasofJune30,2021.

18.3 Provisions

Provisions amounted to €5,849 thousand and €897 thousand as of June 30, 2021 and December 31, 2020,respectively.TheamountofprovisionsasofJune30,2021mainlyrelatestotheprovisionforchargesrelatingtothe payment to be made to AstraZeneca on April 30, 2022 under the Lumoxiti transition and terminationagreementeffectiveasofJune30,2021.Thispaymentof$6,200thousand(€5,217thousandasofJune30,2021)correspondstocostsharing, includingcertainmanufacturingcosts,betweentheCompanyandAstraZeneca.Theprovision thus constituted for this payment is presented under “Provision - current share” in the consolidatedbalancesheet.

Asareminder,inDecember2020,theCompanyannouncedthatitwasreturningthecommercialrightsofLumoxiti(moxetumomab pasudotox-tdfk) in the United States and Europe to AstraZeneca (MedImmune). Innate hadlicensed the commercial rightsof Lumoxiti in theUnited States andEurope fromAstraZeneca inOctober 2018.DiscussionsonthetransitionagreementwereunderwaybetweentheCompanyandAstraZeneca,inparticularonthetimingandcosts,notablyonthesharingofcertainmanufacturingcosts,themaximumamountestimatedbytheCompanyofwhichcouldreach$12.8million.Thispointwas indicatedinparagraph18.b)oftheappendixtotheconsolidatedaccountsasofDecember31,2020oftheUniversalRegistrationDocumentpublishedonApril27,2021.

19. Relatedpartytransactions

MembersoftheExecutiveBoardandOtherExecutiveMembersFor each of the period presented, the following compensation was granted to the members of the ExecutiveCommitteeoftheCompanyandwererecognizedasexpense:


Personnelandothershort-termemployeebenefits 1,881 1,461

Extrapensionbenefits — —

Share-basedcompensation 538 336

ExecutiveBoardMembersandotherExecutiveMemberscompensation 2,419 1,797


Odile Laurent was appointed as members of the Other Executive Members on January 22, 2020 as humanresourcesdirector.

Personnelandothershort-termemployeebenefitscorrespondtoamountsincludedinpersonnelexpensesforthesix-monthperiodsendedJune30,2021and2020respectively.

MembersoftheSupervisoryBoard

TheCompanyrecognizedaprovisionof€176thousandforattendancefees(jetonsdepresence)relatingtothesixmonthsendedJune30,2021.ThisamountincludesthecompensationfortheChairmanoftheSupervisoryBoard.

Relatedparties

NovoNordiskA/S isashareholder,SupervisoryBoardmemberand isrelatedtotheCompanybythree licensingagreements related to the drug-candidates lirilumab, monalizumab and avdoralimab. Under the terms of theagreements,NovoNordiskA/Siseligibletoreceivemilestonepaymentsaswellasroyaltiesonfuturesales.AsofJune30,2021,theCompanyhasnoliabilitytoNovoNordiskA/S.

AstraZenecaisashareholderandisrelatedtotheCompanythroughseveralcollaborationandoptionlicensingorlicenseagreementsfordifferentdrugcandidates(monalizumab,avdoralimab,IPH5201andpreclinicalmolecules)andalicenseagreementfortherightsofthedrugLumoxiti.ThepaymentsbetweenthetwocompaniesaswellastheliabilitiesandreceivablesasofJune30,2021areasfollows:

AsofJune30,2021

(inthousandsofeuro) Payments Assets/Liabilities

Collection(AstraZenecatotheCompany)/Receivables 1,711 1,813

Payments(theCompanytoAstraZeneca)/Liabilities (5,531) (13,368)(1)

Total (3,820) (11,555)

(1)Thisamount includestheprovisionforchargesof$6,200thousand(€5,217thousandasof June30,2021)relatingtothepaymenttobemadetoAstraZenecaonApril30,2022undertheLumoxititransitionandterminationagreementeffectiveasofJune30,2021.

BPI is aboardmemberandandhas granted theCompanya loan (PTZI) andan interest-freeadvance. The loan(PTZI) is fully repaid on June30, 2021. Regarding the repayable advance, it is considerednon-repayable by theCompany on June 30, 2021 in accordancewith the terms specified in the financing contract signedwith BPI inAugust2020,inviewofthetechnicalandcommercialfailureoftheproject,giventheresultsofthePhase2“Force”trialevaluatingavdoralimabinCOVID-19,publishedonJuly6,2021(seenote9and13.2).

HervéBraillyisChairmanoftheSupervisoryBoardoftheCompanyandmemberoftheStrategicCommitteeofMi-mAbs,acompanywithwhichtheCompanyenteredintoaframeworkserviceagreementonFebruary2,2021fortheprovisionbyMi-mAbsofservicesintheframeworkofthegenerationofmonoclonalantibodies,theproductionofmonoclonalantibodiesorassociatedantibodies,or thepharmacological characterization invitroor invivoofpotentialdrugcandidatesbelongingtotheCompany.ThemaximumamountofsumspaidbytheCompanyunderthiscontract iscappedat€600thousand.Thecontractwasconcludedforaperiodofoneyear, fromJanuary1,2021toDecember31,2021.

Subsidiaries

ThebusinessrelationshipsbetweentheCompanyanditssubsidiaryaregovernedbyintra-groupandcommercialagreements,concludedatmarketstandardconditionsonanarm’slengthbasis.


20. Income/(loss)pershare

20.1 Basicincome/(loss)pershareBasic income / (loss) per share are calculatedbydividing thenet earnings attributable to equityholdersof theCompanybytheweightedaveragenumberofordinarysharesinissueduringtheperiod.

June30,2021 June30,2020

Netincome/(loss) (23,719) (10,334)

Weightedaveragenumberofordinarysharesincirculation 78,997,954 78,892,031

Basicincome/(loss)pershare(€pershare) (0.30) (0.13)

20.2 Dilutedincome/(loss)pershareDilutedincome(loss)pershareiscalculatedbydividingthenetincome(loss)attributabletoequityholdersoftheCompany by the weighted average number of ordinary shares in circulation during the corresponding period,increasedbyalldilutivepotentialcommonshares.

Inthousandsofeuro,exceptfordatashare June30,2021 June30,2020

Netincome/(loss)fortheperiod (23,719) (10,334)

Weightedaveragenumberofordinarysharesincirculation 78,997,954 78,892,031

Adjustmentforshareinstruments — —

Dilutedincome/(loss)pershare(€pershare) (0.30) (0.13)

21. Eventsafterthereportingdate

None.


STATUTORYAUDITORS'REVIEWREPORTONTHEHALF-YEARLYFINANCIALINFORMATION

TotheShareholdersofINNATEPHARMA,

IncompliancewiththeassignmententrustedtousbyyourAnnualGeneralMeetingand inaccordancewiththerequirementsofarticleL.451-1-2-IIIoftheFrenchMonetaryandFinancialCode("codemonétaireet financier"),weherebyreporttoyouon:

• the review of the accompanying condensed half-yearly consolidated financial statements of InnatePharma,fortheperiodfromJanuary1toJune30,2021,

• theverificationoftheinformationpresentedinthehalf-yearlymanagementreport.

Due to the global crisis related to the Covid-19 pandemic, the condensed half-yearly consolidated financialstatementsofthisperiodhavebeenpreparedandreviewedunderspecificconditions.Indeed,thiscrisisandtheexceptionalmeasurestakeninthecontextofthestateofsanitaryemergencyhavehadnumerousconsequencesforcompanies,particularlyontheiroperationsandtheirfinancing,andhaveledtogreateruncertaintiesontheirfutureprospects.Thosemeasures,suchastravelrestrictionsandremoteworking,havealsohadanimpactonthecompanies'internalorganizationandtheperformanceofourprocedures.

These half-year condensed consolidated financial statements were prepared under the responsibility of theExecutiveBoard.Ourroleistoexpressaconclusiononthesefinancialstatementsbasedonourreview.

Conclusiononthefinancialstatements

We conducted our review in accordance with professional standards applicable in France. A review of interimfinancial information consists ofmaking inquiries, primarily of persons responsible for financial and accountingmatters,andapplyinganalyticalandotherreviewprocedures.AreviewissubstantiallylessinscopethananauditconductedinaccordancewithprofessionalstandardsapplicableinFranceandconsequentlydoesnotenableustoobtain assurance that we would become aware of all significant matters that might be identified in an audit.Accordingly,wedonotexpressanauditopinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanyingcondensedhalf-yearlyconsolidatedfinancialstatementsarenotprepared, inallmaterialrespects, inaccordancewithIAS34,theIFRSstandardasadoptedbytheEuropeanUnionapplicabletointerimfinancialinformation.

Specificverification

We have also verified the information presented in the half-yearly management report commenting thecondensedhalf-yearlyconsolidatedfinancialstatementssubjecttoourreview.We have no matters to report as to its fair presentation and consistency with the condensed half-yearlyconsolidatedfinancialstatements.

MarseilleandParis-LaDéfense,September14,2021

TheStatutoryAuditors

AuditConseilExpertiseSAS Deloitte&AssociésMemberofPKFInternational

GuyCASTINEL StéphaneMENARD


DECLARATIONBYTHEPERSONRESPONSIBLEFORTHISHALF-YEARFINANCIALREPORT

Iherebydeclare,tothebestofmyknowledge,thatthecondensedconsolidatedinterimfinancialstatementsforthesixmonthsendedJune30,2021havebeenpreparedinaccordancewithapplicableaccountingstandardsandgiveatrueandfairviewoftheassets,liabilities,financialpositionandresultsoftheCompanyandthesubsidiariesincludedintheconsolidation,andthatthehalfyearmanagementreviewsstatedonpage5givesafairdescriptionofthematerialeventsthatoccurred inthefirstsixmonthsofthefinancialyearandtheir impactonthe interimfinancialstatements,aswellasadescriptionoftheprincipalrisksanduncertaintiesfortheremainingsixmonthsoftheyear,alongwiththeprincipaltransactionswithrelatedparties.

ChairmanoftheExecutiveBoard

MrMondherMahjoubi


innate pharma sa

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