Strengthened balance sheet and extended cash runway
Cash and cash equivalents of EUR 52.8M as of 31-Dec-2025 (up from EUR 49.7M), nondilutive royalty financing agreement for up to $71M with Healthcare Royalty Partners, and management guidance that current cash plus expected financing should fund operations into early 2028 (contingent on receipt of remaining $21M expected in Q4 2026).
Positive revenue recognition and year-over-year swing
Reported positive revenue of EUR 32.6M in FY2025 versus negative EUR 7.2M in FY2024 — driven by a nonrecurring EUR 21.8M accounting gain from the March 2025 amendment to the Janssen licensing agreement which removed most development cost obligations for NANORAY-312.
Material reduction in R&D spend and narrower net loss
R&D expenses declined to EUR 23.1M in FY2025 from EUR 40.5M in FY2024 (approximately a 43% decrease) primarily due to transfer of NANORAY-312 costs to Janssen. Net loss attributable to shareholders improved to EUR 24.0M (EUR 0.50 per share) versus EUR 68.1M (EUR 1.44 per share) in FY2024 — a ~65% year-over-year reduction.
Progressed strategic collaboration with Johnson & Johnson
Phase III NANORAY-312 (head & neck) sponsorship and operations transferred to J&J; J&J running a separate Phase Ib in head & neck. CONVERGE randomized Phase II in unresectable Stage III NSCLC is underway (1:1:1, ~120 patients) with randomized readout expected beginning of 2027. Transfer of Phase III reduces Nanobiotix funding obligations and aligns future upside via milestones.
Encouraging early CONVERGE safety lead-in data
CONVERGE safety lead-in (small n) showed feasibility of injection with no serious adverse events attributed to procedure, an early objective response signal (5 of 7 patients responding) and 100% disease control in the safety cohort — described by management as an encouraging initial readout (caveated as small sample size).
Curadigm platform advancement and external engagement
Curadigm (nanoprimer) progress: four new patent applications filed, GMP manufacturing and CMC activities started to support IND-enabling work, positive in vivo preclinical combination data presented, and 20+ MTAs signed with pharma/biotech across oncology, rare disease and CNS — internal Curadigm spend low single-digit millions in 2025.
Broader clinical data set and increased market visibility
Published 2025 clinical data across multiple tumor types (soft tissue sarcoma, head & neck, pancreatic, esophageal, melanoma, lung) showing consistent safety and signs of efficacy; listing added to the Euronext SBF 120 index in 2025, improving institutional visibility.