NBTX · Nanobiotix S.A.

Nanobiotix's 2025 financial results show a significant improvement in net loss, decreasing 65% to €24.0 million, primarily driven by a one-time non-cash revenue recognition impact of €21.8 million from the amendment to the licensing agreement with Janssen. This amendment removed the company's funding obligation for the NANORAY-312 study, which also contributed to a 43% reduction in R&D expenses to €23.1 million. Revenue and other income turned positive at €32.6 million compared to negative €7.2 million in 2024, with components including €7.0 million in clinical product sales to Janssen and €2.8 million in research tax credits. The company strengthened its financial position through a non-dilutive royalty financing agreement with HealthCare Royalty for up to $71 million, with $50 million already received in December 2025. Management anticipates the cash runway will extend into early 2028, assuming receipt of the remaining $21 million from HCRx. Operationally, the company reported progress across multiple clinical programs for JNJ-1900 (NBTXR3), including completed transfer of NANORAY-312 sponsorship, first patient dosed in the CONVERGE lung cancer study, and clinical data presentations across multiple tumor types. The Curadigm Nanoprimer platform advanced with four new patent applications and launch of CMC activities. Clinical data readouts are expected in 2026 from Phase 1 and 2 studies in NSCLC, pancreatic cancer, melanoma, and esophageal cancer.