Nanobiotix S.A.

For full-year 2025, Nanobiotix reported revenue of EUR 32.6 million versus negative EUR 7.2 million in 2024. R&D expense was EUR 23.1 million versus EUR 40.5 million a year ago, SG&A was EUR 20.4 million versus EUR 20.5 million, and net loss was EUR 24 million, or EUR 0.50 per share, versus EUR 68.1 million, or EUR 1.44 per share. Cash and cash equivalents were EUR 52.8 million at December 31, 2025, up from EUR 49.7 million a year earlier. Management said the company expects to fund operations into early 2028, assuming receipt of the remaining $21 million from Healthcare Royalty Partners in Q4 2026. For the coming period, management expects the first readout from the Phase III head and neck trial in the first half of 2026, the lung Phase II readout in early 2027, and several additional clinical trial data sets over the next 12 to 18 months.

Laurent Levy framed 2025 as a year of execution on two tracks: advancing the Johnson & Johnson collaboration for NBTXR3/JNJ-1900 and accelerating the Curadigm platform. He emphasized that the company is trying to build “new class of drugs,” not just incremental therapies, and repeatedly pointed to the large untreated opportunity in locally advanced cancer where radiation is already widely used. His tone was optimistic but cautious, especially when discussing data timelines and the fact that many key decisions will ultimately sit with J&J.

Bart Van Rhijn focused on the company’s improved financial structure. He highlighted the amended Janssen agreement, which removed most funding obligations for the Phase III NANORAY-312 study while preserving milestone upside that could total hundreds of millions of euros over 24 to 36 months, and the royalty financing with Healthcare Royalty Partners for up to $71 million. He reiterated that year-end cash was EUR 52.8 million and that the company expects runway into early 2028, excluding milestone inflows, while keeping capital allocation disciplined. He also said Curadigm spending in full-year 2025 was in the low single-digit millions and should rise as the platform advances.

Analysts focused heavily on the CONVERGE lung study, asking how the early 7-patient data compare with PACIFIC, whether J&J could file from the study, and whether interim updates or endpoints like ORR, PFS, and OS might be disclosed. Management said Part 1 is complete, Part 2 is enrolling, and the early readout is still expected in early 2027, but all filing and disclosure decisions belong to J&J. On expansion, management said J&J could theoretically broaden into other lung subpopulations or other indications, but would not speculate on priorities beyond noting that J&J’s current focus includes lung, bladder, and head and neck. On Curadigm, management said it is building both an internal first-in-human program and external partnerships, with the company aiming to move some MTAs into deals and eventually into an IND path.