Nanobiotix (NANO) Q4 2024 earnings summary

Executive summary

• Advanced global development of NBTXR3 (JNJ-1900) in partnership with J&J/Janssen, including a $2.6 billion deal and progress in pivotal Phase 3 and Phase 2 studies for head and neck and lung cancers, targeting a $10 billion market with over 100,000 patients in US and EU5.

• Launched Curadigm, a next-generation nanotherapeutic platform, to expand drug design, development, and partnership opportunities.

• Strengthened board with two new observers, with plans to confirm them as full members at the next general assembly, supporting long-term growth.

Financial highlights

• Recognized negative revenue of €7.2 million in 2024 due to a one-time IFRS 15 adjustment from the transfer of NANORAY-312 to J&J/Janssen; this is a non-cash item.

• R&D expenses rose 5% year-over-year to €40.5 million, mainly due to increased clinical activity.

• SG&A expenses decreased 7% to €20.5 million in 2024.

• Net loss increased 72% year-over-year to €68.1 million (€1.44/share), primarily due to the non-cash negative revenue impact.

• Cash and cash equivalents stood at €49.7 million at year-end 2024, expected to fund operations into mid-2026.

Outlook and guidance

• Expect to complete the transfer of NANORAY-312 sponsorship to J&J/Janssen by Q3 2025.

• Anticipate key milestones in 2025, including end of recruitment for the phase III head and neck trial and multiple clinical data readouts across indications.

• Multiple value inflection points expected within 12–24 months, including interim analysis for Phase 3 NANORAY-312 and first data from CONVERGE lung trial.

• Exploring non-dilutive financing options to extend cash runway into 2027.

• Anticipates meaningful reduction in cash burn beyond mid-2026.