Progress in Johnson & Johnson Collaboration
Transferred sponsorship of the Phase III NANORAY-312 head & neck trial to J&J and J&J now runs operations and finances the study; CONVERGE (randomized Phase II in unresectable Stage III NSCLC) safety lead-in showed 5/7 responses (71% ORR) and 100% disease control in the small cohort; Phase II randomized readout expected beginning of 2027 and Phase III head & neck readout expected H1 2027.
Revenue Recognition Improvement (One-Time)
Reported positive revenue of EUR 32.6 million for 2025 versus negative EUR 7.2 million in 2024; the 2025 figure includes a nonrecurring EUR 21.8 million accounting impact related to the March 2025 amendment of the Janssen licensing agreement (purchase price adjustment).
Material Reduction in R&D Spend
R&D expenses fell to EUR 23.1 million in 2025 from EUR 40.5 million in 2024, a ~43% year-over-year decrease driven primarily by removal of Nanoray-312 development funding obligations after transfer to J&J.
Substantial Reduction in Net Loss
Net loss attributable to shareholders improved to EUR 24.0 million (EUR 0.50 per share) in 2025 from EUR 68.1 million (EUR 1.44 per share) in 2024 — a reduction of approximately 65%, driven by the noncash revenue recognition and lower R&D spend.
Strengthened Liquidity and Nondilutive Financing
Secured up to $71 million of nondilutive royalty financing with Healthcare Royalty Partners; cash and cash equivalents were EUR 52.8 million at 12/31/2025 (up from EUR 49.7 million), and management expects cash to fund operations into early 2028 assuming receipt of the remaining $21 million in Q4 2026.
Curadigm Platform Advancement
Curadigm (nanoprimer) development progressed: filed 4 new patent applications, initiated CMC activity and GMP manufacturing, advanced preclinical studies toward an IND, and executed >20 MTAs with pharma/biotech across oncology, rare disease and CNS — planned updates before end of summer.
Clinical Portfolio and IST Progress
Multiple investigator-sponsored trials (including MD Anderson trials) completed recruitment in 2025 with several readouts expected in 2026–2027; management highlighted 4 clinical trial results due this year (three completed) which could further inform value of NBTXR3.
Increased Market Visibility
Listed inclusion in the Euronext SBF 120 index in 2025, improving institutional visibility and attracting new investors.