Innate Pharma provides update on SVB Financial exposure

Innate Pharma (IPHA) has learned that Silicon Valley Bank (SIVB) has been closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation, or FDIC, as receiver. None of Innate Pharma’s cash and cash equivalents are held through Silicon Valley Bank and none of its investment portfolio has exposure to Silicon Valley Bank. In May 2022, Innate Pharma established an At-The-Market program with SVB Securities. The company understand that SVB Securities is owned by SVB Financial Group, the parent of Silicon Valley Bank. SVB Securities has published a press release on March 11 stating that it "continues its independent operations unimpeded by Silicon Valley Bank’s receivership proceedings." Innate Pharma therefore does not see any impact to its liquidity position or its ongoing operations as a result of this event.