Nanobiotix (NANO) Q4 2024 earnings summary

Executive summary

• Advanced global development of NBTXR3 (JNJ-1900) in partnership with J&J/Janssen, with pivotal Phase 3 and Phase 2 studies in head and neck and lung cancer, targeting large oncology markets in the US and EU5.

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

• Strengthened board with two new observers, to be confirmed as full members, supporting long-term growth.

Financial highlights

• Recognized negative revenue of €7.2 million in 2024, mainly due to a one-time non-cash accounting adjustment from the NANORAY-312 sponsorship transfer to J&J/Janssen.

• R&D expenses rose 5% year-over-year to €40.5 million; SG&A expenses decreased 7% to €20.5 million.

• Net loss increased to €68.1 million (€1.44 per share) for 2024, 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.

• Received €80 million from upfront equity and milestone payments, including a $20 million milestone in May 2024.

Outlook and guidance

• Anticipates key milestones in 2025, including completion of phase III head and neck cancer trial recruitment and data from multiple ongoing studies.

• Expects further clinical data readouts in pancreatic, lung, esophageal, and other solid tumors, and updates on the Curadigm platform.

• Exploring non-dilutive financing options to extend cash runway into 2027, with a focus on royalty financing.

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