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PRESS RELEASE

NOT FOR DISTRIBUTION IN THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN

Innate Pharma Announces Proposed Offering of Ordinary Shares

Marseille, France, August 13, 2026, 10:00 PM CEST

Innate Pharma SA (Euronext Paris: IPH; Nasdaq: IPHA) ("Innate" or the "Company"), today announced the launch of an offering of approximately €22.5 million (the “Offering”). The Offering consists of an offering of the Company's ordinary shares (nominal value €0.05 per share – the “Ordinary Shares”) in a private placement (i) in the European Union (including in France), to “qualified investors” within the meaning of Article 2(e) of the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, as amended from time to time (the “Prospectus Regulation”), (ii) outside of the European Union and the United States to institutional investors pursuant to the applicable private placement exemptions, in each case of (i) and (ii) pursuant to Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and (iii) in the United States, to a limited number of “qualified institutional buyers” within the meaning of Rule 144A under the Securities Act, pursuant to the exemption from registration under the Securities Act.

Stifel is acting as sole global coordinator and, together with BTIG, are acting as joint bookrunners (the “Joint Bookrunners”) in connection with the Offering.

The Company currently intends to use the net proceeds of the Offering to support in priority the continued clinical development of IPH4502 which will be designed based on the results from the dose escalation, then the advancement of Innate’s preclinical ADC portfolio candidates, as well as working capital and general corporate purposes.

The Offering is subject to market and other conditions and the final aggregate amount of the Offering is subject to change. The aggregate amount of the Offering, the prices at which the Ordinary Shares will be sold in the proposed Offering, as well as the final number of Ordinary Shares, will be determined by the Chief Executive Officer following an accelerated bookbuilding process commencing immediately, in accordance with a sub-delegation granted by the Company’s Board of Directors (Conseil d’Administration) on July 29, 2026. The subscription price of the new Ordinary Shares will not be less than the volume weighted-average of the trading prices of the Company’s Ordinary Shares on the regulated market of Euronext Paris (“Euronext Paris”) over the five trading sessions preceding the pricing of the Offering, subject to a maximum discount of 15%. The new Ordinary Shares will be issued through a capital increase without shareholders’ pre-emptive rights under the provisions of Article L. 225-136 of the French Commercial Code and in accordance with the delegations granted pursuant to the 26th and 30th resolutions adopted at the combined meeting of the Company’s shareholders held on May 21, 2026.

The Company will announce the results of the Offering as well as the number and subscription price of the Ordinary Shares to be issued in the context of the Offering as soon as practicable after pricing thereof in a subsequent press release. The closing of the Offering is expected to occur on the second trading day after the final pricing and allocation of the Offering.

New Ordinary Shares issued in the Offering will be subject to an application for admission to trading on Euronext Paris on the same trading line as the existing ordinary shares of the Company currently listed on Euronext Paris, under the same ISIN code FR0010331421. No new American Depositary Receipts ("ADSs") will be issued in the context of the Offering and the new Ordinary Shares cannot be deposited in the Company’s existing ADSs program.

Bpifrance Participations S.A., which is an existing shareholder, has committed to the Joint Bookrunners to place a €3 million order in the book. The representative of Bpifrance Participations S.A. to the Board of Directors (Conseil d’Administration) did not take part in the vote on the decisions (relating to the approval for the principle of the Offering and for the delegation of authority) at the meeting of the Board of Directors (Conseil d’Administration) held on July 29, 2026.

The Offering is anchored by, among others, European and US institutional healthcare specialist investors on the back of a market sounding exercise conducted ahead of commencement of the accelerated bookbuilding procedure.

The Offering is not subject to a prospectus requiring an approval of the French Autorité des marchés financiers ("AMF"). The Company will not prepare and make public an information document as provided in article 1(4) dter) of the Prospectus Regulation because the number of Ordinary Shares issued in the Offering will not exceed the 30% of the share capital limit set forth in such article.

The Placement Agreement to be entered into between the Company and the Joint Bookrunners for the Offering will not constitute a performance guarantee (garantie de bonne fin) within the meaning of Article L. 225-145 of the French Commercial Code.

In connection with the Offering, each member of the Company’s board of directors, except Bpifrance Participations, and certain executive officers are subject to a contractual lock-up with respect to ordinary shares held by them at the time of the Offering for a period of 90 days after the closing of the Offering, subject to customary exceptions. The Company will also agree to be bound by a contractual lock-up for a period of 90 days after the closing of the Offering, subject to customary exceptions.

Cash horizon update

The Company’s current cash, cash equivalents, short term investments and financial assets provide the Company with cash runway until end of Q3 2026.

Prior to the Offering and subject to receiving the USD 75 million upfront payment payable upon closing of the strategic partnership with Sobi, the Company’s projected cash runway is anticipated to extend through Q3 2027. Closing of the strategic partnership with Sobi is subject to closing conditions, including the receipt of transaction related anti-trust clearance.

Risk Factors

Potential investors should carefully consider the risks described in Chapter 3 of the 2025 universal registration document filed with the AMF under number D.26-0204 on April 1, 2026, which is available free of charge on the Company’s website, as well as on the AMF’s website at www.amf-france.org. Further information on the risk factors that may affect the Company’s business and financial performance is included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission ("SEC") on March 31, 2026 under “Item 3.D. Risk Factors”, and subsequent filings the Company makes with the SEC from time to time, which are available on the SEC’s website at www.sec.gov.

• The market price for the Ordinary Shares and ADSs may be volatile or may decline regardless of the Company’s operating performance.
• Shareholders who do not purchase Ordinary Shares in this Offering will experience substantial and immediate dilution due to the issuance of new Ordinary Shares.
• Investors may experience future dilution as a result of future equity offerings or other transactions.
• The Company has broad discretion in the use of the net proceeds from the Offering and may not use them effectively.
• If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about the Company, the price of the Ordinary Shares and ADSs and trading volume could decline.
• The biotechnology industry has been included in the list of critical technologies subject to foreign investment control procedure in France, which may limit the ability to certain non-French investors to participate in this Offering or any other offering of the Company’s securities.

About Innate Pharma

Innate Pharma S.A. is a global, clinical-stage biotechnology company developing immunotherapies for cancer patients. Leveraging its expertise on antibody-engineering and innovative target identification, Innate Pharma is developing innovative and differentiated next generation antibody therapeutics.

Innate Pharma is advancing a portfolio of differentiated potential first- and/or best-in-class assets, focused on areas of high unmet medical need. Its proprietary pipeline is centered on antibody-drug conjugates (ADCs), led by IPH4502, a differentiated Nectin-4 ADC in clinical development for solid tumors, and supported by a preclinical portfolio of next-generation ADC candidates. In parallel, Innate is advancing two partnered late-stage assets: lacutamab, developed with Sobi for cutaneous T-cell lymphomas, and monalizumab, developed with AstraZeneca for non-small cell lung cancer (NSCLC).

Innate Pharma has established collaborations with leading biopharmaceutical companies, including Sobi, Sanofi and AstraZeneca, as well as renowned academic and research institutions, to advance innovation in immuno-oncology.

Headquartered in Marseille, France, Innate Pharma is listed on Euronext Paris and Nasdaq in the US.

Learn more about Innate Pharma at www.innate-pharma.com and follow us on LinkedIn and X.

Information about Innate Pharma shares

ISIN code: FR0010331421
Ticker code: Euronext Paris: IPH | Nasdaq: IPHA
LEI: 9695002Y8420ZB8HJE29

Disclaimer on forward-looking information

This press release contains certain forward-looking statements, including those within the meaning of applicable securities laws, including the Private Securities Litigation Reform Act of 1995. The use of certain words, including “anticipate,” “believe,” “can,” “could,” “estimate,” “expect,” “may,” “might,” “potential,” “should,” “will,” or the negative of these and similar expressions, is intended to identify forward-looking statements. Although Innate believes its expectations are based on reasonable assumptions, these forward-looking statements are subject to numerous