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, with transfer of key clinical trials and expanded development in collaboration with Johnson & Johnson.

• Achieved significant operational milestones, including positive clinical results across multiple solid tumor types, new data publications, and expanded institutional visibility by joining the SBF 120 and CAC Mid 60 indices.

• Pivoted toward new platforms, notably Curadigm, advancing with new patents, preclinical data, and collaborations to enhance drug delivery and efficacy.

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

• Reported positive regulatory developments, including reclassification of JNJ-1900 (NBTXR3) as a medicinal product in Europe.

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 transfer of development costs.

• SG&A expenses were stable at €20.4 million, nearly flat year-over-year.

• Net loss attributable to shareholders was €24.0 million (€0.50 per share), a 65% decrease 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 Healthcare Royalty Partners.

• Anticipates key clinical data readouts in 2026 and early 2027, including phase III head and neck and phase II lung cancer trials, as well as studies in NSCLC, pancreatic, melanoma, and esophageal cancer.

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