Innate Pharma SA (IPHA) 2022 Q2 法說會逐字稿

(technical difficulty) And Communications. Mr. Wheeler, you may begin your conference.

Thank you very much. Good morning and good afternoon, and welcome, everybody. This morning, Innate issued a press release providing a business update for the half year '22 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 #2. Before we start, I'd like to remind you that we will make forward-looking statements regarding the financial outlook and additional -- in addition to regulatory and product plan development. These statements are subject to risks and uncertainties that may cause actual results to differ as 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 will now hand the call over to you.

Good morning. Good afternoon, everyone. Before we start, let me remind you our strategy, please move to Slide #4. Our strategy centers around 3 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 read out during the second half of this year and 2 ongoing trials in the larger indication of peritol 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 a primary focus on our multi-specific NK cell engager platform called 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 announced plans to progress our entire CD39-AP-5201 to Phase II 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. AstraZeneca partnership with monalizumab is continuing in lung cancer. Our focus is to leverage the value of our products 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 you 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 I through to Phase III trials.

At this update, we announced that we have regained the rights to 4 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, who will review the progress made on our portfolio, starting with lacutamab, our most advanced proprietary asset. Joyson, over to you.

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 lymphomas. In the TELLOMAK trial, Cohort 1, including Sézary 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 forward to a high global response rate in comparison to the benchmark and the non-expressor cohort which had a low global response rate.

As promised, on September 23rd, 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 the care now. We are pursuing a fast-to-market strategy for lacutamab in the NIS study of Sézary syndrome where lacutamab was granted U.S. Fast Track designation and EU prime designation in 2020. We have expanded past Sézary syndrome to mycosis fungoides, where we have seen encouraging preliminary data from our Phase II trial. For Sézary 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 in combination trials in the relapsed setting. On Slide 8, I would like to update you on monalizumab. To remind you, monalizumab is an anti-NKG2A, which acts upon the checkpoint pathway to potentiate in T-cell activation that we have licensed to AstraZeneca for oncology. Although we are disappointed with the results from 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 2 ongoing AstraZeneca-sponsored early lung cancer trials underway with nemolizumab in combination with anti-PD-L1 durvalumab.

On Slide 9, you can see an overview of the late-stage development plan for monalizumab and lung cancer. As mentioned, based on the AstraZeneca sponsored Phase II COAST data, AstraZeneca has commenced PACIFIC-9, a Phase III trial evaluating the combination of either monalizumab or oliculumab plus divalumab in the unresectable Stage III non-small cell lung cancer study who have not progressed after concurrent chemoradiation therapy. For the Phase II COAST study, the 3 arms evaluated the combination of durvalumab plus monalizumab and durvalumab plus ocoliculumab, 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 to 25 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 tumors with high HLA-E and NKG2A expression and supporting the mastimistic 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 II 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 2 approaches we at Innate are taking. For our ATCD39-IPH-5201, we have announced that we are progressing to Phase II trials in collaboration with AstraZeneca in lung cancer and received a $5 million milestone payment. The Phase I in collaboration with AstraZeneca has concluded in solid tumors in combination with durvalumab and AstraZeneca expects the data this year.

For our NTCD73-IPH5301, an investigator-sponsored Phase I 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 in this clinical program next year. I will now hand over to Yannis to cover our NCAP program.

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 for Antibody-based NK cell Engager Therapeutics. We are pleased to have presented our latest innovation at major scientific and medical conferences, including ESMO last weekend by our CFO, Professor Eric Vivier, as well as ACR and Citi 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 engager 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 drug candidates addressing multiple tumor targets.

Our excitement for this NK platform is supported by preclinical data we have to date. First, the ANKET platform allows for optimal harnessing of the NK-cell effector functions due to the unique engagement of the activating receptor NKp46 and CD16 that are both expressed on NK cells. 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 constitutively expressed on NK-cells, inducing their proliferation within the tumor microenvironment. Overall, this platform demonstrates better preclinical antitumor efficacy than we have seen clinically with clinical approved benchmark antibodies against the same tumor targets.

On Slide 12, you can see our most advanced and ANKET program is the CD123 targeted trispecific molecule, IPH-6101 or SAR579 that we are in collaboration with Sanofi. It is now licensed to them and currently in Phase I trial. We also announced over the summer that Sanofi has selected for further development, a second candidate. It is called IPH-6401 or SAR'514 and it is a BCMA-targeted tri-specific ANKET molecule, yielding Sanofi Prosodie format, which shows the versatility of our platform. We now have announced EUR 13 million in milestones 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. It is also progressing towards the IND study with the first IND filing expected in 2023 for the IPH6501. As Mondher also mentioned, we will provide updates on next step for the other assets from our preclinical portfolio in due course. I will now hand over to Frederic for an update on the financials.

Thank you, Yannis. On Slide 13, as usual, you can find the consolidated financial statements as of the 6 months ended June 30 this year and included in our press release for further information. I will cover the highlights on this slide. Cash and cash equivalents, short-term investment and financial assets amounted to EUR 158.2 million as of end of June this year. This does not include the $5 million and EUR 3 million announced from AstraZeneca and Sanofi for the IPH5201 Phase II progression and the ANKET target selection of -- or the expected EUR 10 million of reserve tax credit due in H2.

Revenue and other income from continuing operation amounted to EUR 45.6 million in the first half of 2022, there of EUR 14.7 million in -- sorry, versus EUR 14.7 million in the first half of 2021 and mainly comprised revenue from collaboration and licensing agreements. These mainly resulted from the partial or entire recognition of the proceeds received from peripheral to the agreements with AstraZeneca and Sanofi and which are recognized on the basis of the percentage completion of the works performed by the company under such agreements. Governmental funding for research expenditure were EUR 4.3 million in the first half of 2022.

Operating expenses from continuing operations were EUR 37.1 million in the first half of 2022, of which 67.3% or EUR 25 million were related to R&D. R&D expenses from continuing operations increased by EUR 3.7 million to EUR 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 and an increase in personnel expenses, mainly explained by the decrease in the share-based payments. General and administrative expenses from consumer operations decreased by EUR 0.5 million with EUR 12.1 million in the first half of 2022. I will now turn to Mondher for a summary of the catalyst and close.

Thank you Frederic. As you can tell, we are working consistently and diligently to execute our strategy across all 3 key pillars and believe that we are laying the foundation to drive near and long-term value for patients and our shareholders.

Please move to Slide 14. Looking at our clinical program, we expect to achieve a number of milestones over the next 2 years. As you heard from Joyson, our Phase II 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 II plans in due course.

In parallel, we continue to develop our ANKET technology platform with our partner Sanofi, and we are very encouraged by the preclinical results from our next-generation NK-cell engagers. We believe that this represents a natural evolution of our platform with data presented at conferences last year. We look forward to 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 net. 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 3 strategic pillars. We have carefully managed our resources so we can continue to invest in progress in our pipeline. And I am very pleased that we continue to have a very strong cash position with a runway into the second half of 2024 with EUR 158 million as of June 30, 2022, not taking into account additional BD milestones. Collectively, we are driving value across our business and ultimately advancing our goal to deliver innovative medications. We look forward to keeping you updated on our progress throughout the year. This concludes our prepared remarks. We will now open the call to questions.

As a reminder, to ask a question please press star then #1 on your telephone keypad. Again, that's star, then the #1 to ask a question. You can also e-mail IR too if you have a question. Your first question comes from Yigal Nochomovitz with Citi.

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?

Absolutely, thank you. So let me repeat the question. Is it about the design of the new COAST-2 trial and the rationale 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.

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 kind of go into the mechanism a little bit about it about monalizumab. Using the chemotherapy itself as we've seen from the COAST study does provide synergy and would they enhance the efficacy of monalizumab from a mechanistic perspective.

Okay. Got it. 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 motolizumab in other tumor types?

Yes. So thank you again for the question. So internally we are looking further into it. So of course, it is a large Phase III, and due to that, we're kind of really delving deeper into the data to determine if there are any learnings that we could get from the results that we see.

Your next question comes from the line of Daina Graybosch with SVB Securities.

Two for me. I wonder if you could give us some more context on the TELLOMAK MS readout, I think, on September 23rd. Why MS and not 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? Is it program specific or sort of an overall strategic collaboration change?

So this is Joyson. So maybe I can start with the first question and then hand it over to 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 its release. And as mentioned in Sézary syndrome, we will be releasing the data in second half, most likely at an upcoming major conference. So it will be by the end of the second half. And maybe I'll hand it over to Yannis for the second question.

Hey, Daina. Actually, the 4 triclinical program, that were under option with AZ. For these programs, the targets were selected obviously, 4 years ago, and as you can imagine, in 4 years, many things can change in a big pharma. And again, it was very early stage. But I think we see that as an opportunity regaining the full right, we see that as an opportunity to further develop these programs completely freely or even to partner with a third party. But most importantly, through our collaboration with AZ, which is very active, we really should focus on the development of actual assets, and like Mondher mentioned in his intervention, CD39 is moving into Phase II, and we have mona in Phase II and Phase III in an which are very important signals of the very good and active collaboration that we have with our colleagues.

Maybe one more follow-up for those 4 really early programs, were those being worked on at Innate Pharma or AstraZeneca?

No, these are -- they are actually options on program that we have developed at Innate Pharma.

Next, we have a question from the line of Eric Berrigaud with Stifel.

I will read out Eric's questions submitted online. So it's a similar follow-up to the AZ 4. The market looks quite disappointed by the exercise of zero out of the 4 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 that some of those will find other partners to move forward?

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 4 years we made significant progress with the assets for which we had a proper development and commercialization agreement with, as you know, monalizumab now in Phase III and Phase II in early stageline and IPH5201 anti-CD39 moving into Phase II. The preclinical option was one of the many collaborations underway. AZ had, as you said yourself, a lot of other programs in the way, and you can imagine for a company of that size, they do prioritization of their portfolio on a regular basis.

What really important is that during the period -- we have received notice that it will not -- AstraZeneca will not exercise its option to license those 4 preclinical program. And this option agreement was part of the 2018 multi-term agreement between AstraZeneca in May. There has been no update on the progress since the agreement, but you said now that we regained full rights, we can further develop those for preclinical molecule, and we will share our plans for further development, either in partnership or as property assets in future. 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.

Your next question comes from the line of Nick Hallatt with Goldman Sachs.

It's Nick Hallatt here, on for Keyur. Just one question on your cash flow on my guidance into 2024. Can we just clarify if that includes any assumptions around potential lacutamab revenues or if it includes any proceeds from the HM facility?

Thank you for the question. So we are really having a safe approach on that front for the cash one calculation. So we do not include any proceed or revenue that is not fully committed, and as you know, if we would do so, we would have communicated it to the market, which is not the case so far.

Your next question comes from the line of Olga Smolentseva with Bryan Garnier.

I just want to maybe touch upon NICO's presentation at ESMO. I believe there were sort of more granular data on intratumor immune activation by durva and 2 combinations. And it sort of seemed like combination with durva in general -- with durva with mona, in general, showed order change in gene expression and sort of upregulation of selected genes, including cytoxicity, lymphocytic , et cetera, were higher. So I'm just curious if this provides additional basis to differentiate between do oleclumab and duramona 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 durvan combination... Better?

Thank you, Olga. This is a very important question that goes beyond the data that were presented at ESMO a 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 III trial is testing 2 hypotheses. One is, of course, the combination of tarelumab 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 patients 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 a 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.

Yes. Yes, I think you said it very right, Olga. It's -- and like Mondher said, the number of patients is, for which we have the professional data, is pretty limited, but it's really, I would say, reinsuring and asking from the mechanism of action perspective because we clearly show, and I'm sure you're referring to this slide, a very strong immune activation, whether in the durva oleclumab arm or the durva and monalizumab arm as compared to the durvalumab. But the numbers are very limited, but what is also important to keep in mind is that this new cost data where, I would say, monitor after a single cycle of durva plus oleclumab, whereas in the new cost, there will be multiple cycle plus chemo, a bit like in the CheckMate 816 trial. So it's really, I would say, an important asking step from the mechanism of action perspective.

Great, thank you. And then, if I may, I understand that the resultsfor MF cohort will be presented soon for, apologies, to 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.

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 the abstract. We are, of course, just keeping in mind the enrollment criteria that we have mentioned before. The MF cohort is only greater than 2 runs 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.

Again, if you'd like to ask a question please press star then the #1 on your telephone keypad. You may also email your questions. Your next question comes from Arsene with Kepler.

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 that one go first and then I'll ask the second one.

Thank you, Arsene, for the question. So, number one, lacutamab, as you know, is a proprietary product that is coming from our labs 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 the Phase I 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 fast-to-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 you've heard from Joyson, we have the first preliminary data coming from the potential -- potentially pivotal arm and 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 there's, like I said, less aggressive form of cutaneous lymphoma like mycosis fungoides. That's also something that we have disclosed early in the program last year and precisely at the lucutamab meeting, and we will be providing an update at the upcoming EORTC Cutaneous Lymphoma meeting in Madrid in a couple of days.

And of course, the next step in cutaneous T-cell lymphoma is to go into Phase III, but it's too early to really embark in that type of discussion before we see the readout from this Phase II trial. I think most important, and I think that's what I understand in 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 patients diagnosed with peripheral T-cell lymphoma every year. About half of them express the CDL2.

And of course, there is a significant and medical need, not only in second line, but even in first line, there is room for improvement. I think we are the early steps of the development and the readout from the ongoing Phase Ib trial that we started and that we announced preliminary results next year, we'll 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 a 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 we can reinvest into our portfolio. I hope I gave you a broad answer to the question.

And then the second question from Arsene at Kepler. I brought another question on AstraZeneca. I think more of a broader collaboration question. So how is your collaboration going with AstraZeneca the recent failures of the head and neck and the exercise option?

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 2 assets, that are in collaboration with AstraZeneca, which are monalizumab and IPH5201, are progressing. Monalizumab is in Phase III, (inaudible), not only in the PACIFIC9 trial, but also in a new randomized Phase II trial called the NeoCOAST-2.

And this is, of course, an important signal about the 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 II despite the fact that they have progressed already, the CD73 in Phase III, they are still involved in the development of our anti-CD39. I mean these are 2 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 futility 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 4 targets does not preclude or does not mean that AstraZeneca is no longer a very important partner for us. It is just part of what any large pharmacy companies do from time to time, and I think part of the peroration portfolio that they have to conduct on a regular basis.

Your next question comes from Jingming at Evercore.

This is an online significant question. Can you comment on the amount of potential milestones from AstraZeneca tied to non-small cell lung cancer?

Yes, actually, we did not disclose the breakdown of the milestone. We -- maybe just to remind you, the total amount of milestone of the deal is EUR 1.2 billion. We already cashed in EUR 450 million. The last 2 milestones that we disclosed were first patients in Phase III or we get EUR 50 million for the first Phase III, EUR 50 million for the second Phase III. And we still -- I mean there is a total of EUR 400 million in regulatory and development milestones as well as EUR 425 million in commercial milestones...

And at this time, there are no further questions. Are there any closing remarks?

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 the light now and we will be presenting data in the second half of this year. We are also very excited with the progress of our ANKET platform and seeing now molecules being entered into the clinic and the next opportunity we have to bring our own proprietary asset, the IPH5201, 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 about INTERLINK-1, but we are extremely excited by the progress of monalizumab in early stage of cancer. And we look forward to update you also on the IPH5201 Phase II program that we announced. Last but not least, we have a very strong cash position and the 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 patients and shareholders. Thank you. Have a good day.

Thank you for participating. You may disconnect at this time.