Release Date: April 03, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Nanobiotix SA (NBTX, Financial) has made significant progress in its collaboration with Johnson & Johnson, including a $2.6 billion deal plus royalties.
- The company has launched a new platform, Curadigm, which is expected to be applicable across multiple therapeutic areas.
- The NANORAY-312 Phase 3 study in head and neck cancer is progressing well, with a transfer to J&J expected to be completed by Q3 2025.
- Nanobiotix SA (NBTX) has extended its cash runway to mid-2026 due to an amended licensing agreement with J&J, reducing its financial obligations.
- The company has received a $20 million milestone payment related to the progress of NANORAY-312, contributing to its financial stability.
Negative Points
- Nanobiotix SA (NBTX) reported a net loss of EUR68.1 million for 2024, a 72% increase from the previous year, primarily due to a one-off negative revenue recognition accounting impact.
- Cash and cash equivalents decreased from EUR75.3 million in 2023 to EUR49.7 million in 2024, indicating a significant cash burn.
- The company faces potential challenges in securing non-dilutive financing options to extend its cash runway into 2027.
- Negative revenue of EUR7.2 million was recognized in 2024 due to the transfer of NANORAY-312 study sponsorship to Janssen.
- R&D expenses increased by 5% to EUR40.5 million in 2024, driven by clinical development activities related to NANORAY-312 and other trials.
Q & A Highlights
Q: Could you provide more details on the recently initiated Phase 2 CONVERGE study by J&J? Specifically, when can we expect to see the initial data? And what factor gives you confidence in the study's potential for success?
A: Unfortunately, we can't provide specific details on the timeline for the initial data readout. However, the study is progressing well. We are confident in the study's potential due to NBTXR3's ability to enhance local control when combined with radiation, which is crucial for locally advanced non-small cell lung cancer patients.
Q: Regarding the upcoming pancreatic cancer data presentation, how will it differ from last year's press release? What are the next steps if the results are promising?
A: The upcoming presentation will provide full data, including efficacy, safety, and potential biomarkers. If results are promising, the next step involves a new cohort receiving full standard care, including chemo, radiation, and NBTXR3, which could enhance efficacy.
Q: What portion of costs are you still liable for in the NANORAY study, and what are they related to?
A: The remaining costs for Nanobiotix are relatively immaterial, with the vast majority now covered by J&J. The remaining costs are in the single-digit millions for the years 2025, 2026, and 2029, and they do not significantly impact our cash runway.
Q: Now that the NBTXR3 program has transitioned to J&J, what are some of the R&D initiatives at Nanobiotix that could create additional value beyond NBTXR3?
A: While J&J is taking over much of the NBTXR3 program, Nanobiotix is focusing on the Curadigm platform, which has broad applicability and potential for partnerships. We plan to provide more details on this initiative by the end of the year.
Q: Regarding the NANORAY-312 trial, what percentage of patients will receive cetuximab, and how will it impact the trial?
A: Cetuximab is not widely used in elderly head and neck cancer patients, but it is included in the trial as a stratification factor to ensure balance. Its impact is expected to be neutral or slightly positive, with any benefits likely equal or better in the NBTXR3 arm.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
