Nanobiotix (NANO) H2 2025 earnings summary

Executive summary

• Advanced global development of JNJ-1900 (NBTXR3) in head and neck and lung cancer, targeting large oncology markets and achieving positive clinical results across multiple solid tumor types.

• Strengthened financial position with up to $71 million in non-dilutive royalty financing and amended licensing agreement, reducing funding obligations and extending cash runway into early 2028.

• Advanced Curadigm Nanoprimer platform with new patents, preclinical data, and over 20 MTAs signed with pharma and biotech partners.

• Achieved significant operational milestones, including new data publications, regulatory harmonization in Europe reclassifying JNJ-1900 (NBTXR3) as a medicinal product, and admission to CAC Mid 60 and SBF 120 indices.

• Pivoted toward new platforms, notably Curadigm, focusing on innovative nanotechnology to enhance drug delivery and efficacy.

Financial highlights

• Revenue and other income reached €32.6 million for 2025, compared to negative €7.2 million in 2024, driven by a one-off €21.8 million accounting impact from a licensing agreement amendment.

• R&D expenses decreased 43% year-over-year to €23.1 million, reflecting reduced funding obligations and lower clinical development costs.

• SG&A expenses were stable at €20.4 million, down 1% from 2024.

• Net loss attributable to shareholders was €24.0 million (€0.50 per share), a 65% improvement from €68.1 million (€1.44 per share) in 2024.

• Cash and cash equivalents stood at €52.8 million at year-end 2025, up from €49.7 million in 2024.

Outlook and guidance

• Cash runway projected into early 2028, assuming receipt of remaining $21 million from royalty financing.

• Multiple clinical data readouts anticipated in 2026–2027 from Phase 1, 2, and 3 studies in head and neck, lung, NSCLC (re-irradiation), pancreatic, melanoma, and esophageal cancer.

• Plans to deliver new data and business visibility for Curadigm platform before end of summer.