Nanobiotix S.a Stock Earnings Reports

Key points for investors: Nanobiotix strengthened its balance sheet and extended cash runway into early 2028 (assuming receipt of remaining royalty financing), driven by a nondilutive royalty financing (up to $71M) and an amended Janssen (J&J) license that removed most of Nanobiotix's funding obligations for the Phase III NANORAY-312 study. The company remains focused on two value drivers: JNJ-1900 (NBTXR3) and the new Curadigm nanoprimer platform. JNJ-1900: the Phase III head & neck study (transferred to J&J) is expected to have a readout in H1 2027; the randomized Phase II CONVERGE trial in unresectable Stage III NSCLC (120 patients, 1:1:1, two dose arms) has an early safety lead-in showing encouraging results (feasible injections, no serious device-related SAEs, 5/7 responses and 100% disease control so far) and the randomized part readout is expected beginning of 2027. Nanobiotix continues to deliver supportive data across multiple indications (head & neck, pancreatic, esophageal, melanoma, lung, soft tissue sarcoma) via investigator trials (including MD Anderson) and expects four clinical readouts this year. Curadigm (nanoprimer) strategy: multiple patent filings, initiation of CMC/GMP activities toward IND, >20 MTAs with pharma/biotech partners across oncology, rare disease and CNS; company intends to build both an internal pipeline and partner deals. Financials: FY2025 reported revenue of EUR 32.6M included a nonrecurring accounting benefit (~EUR 21.8M) from the J&J amendment; R&D expense fell ~43% YoY to EUR 23.1M due to transfer of Phase III costs; FY2025 net loss narrowed to EUR 24M (vs EUR 68.1M in 2024). Operational priorities: advance Curadigm to IND and convert MTAs to deals, support J&J’s development/possible label expansion for JNJ-1900, and deliver multiple near-term readouts that could be material inflection points.