Nanobiotix S.A. Q4 FY2025 earnings call

• Collaborated with Johnson & Johnson, transferred phase three in head and neck cancer to J&J, and J&J started phase 1b in head and neck. - Pivoted towards new platform CuraDyn, filed for new patent applications, had positive preclinical combinations, moved towards IND, and expanded external reach - outs with over 20 NTAs. - Amended global licensing agreement with J&J to improve financial profile, secured non - dilutive royalty financing, and strengthened balance sheet.

In 2025, positive revenue of 32.6 million euro was recognized compared to negative €7.2 million in 2024. R&D expenses were 23.1 million euro for the 12 - month period ended December 31, 2025, compared to 14.5 million euro in 2024. Selling general and administrative expense for the 12 - month period ended December 31, 2025, were slightly down at 20.4 million euro compared to 20.5 million euro. Net loss attributable to shareholders was €25 million for the 12 - month period ended December 31, 2025, a year - over - year decrease of 65%. Cash and cash equivalents as of December 31, 2025, amounted to €52.8 million.

• Expect first readout of phase three in head and neck cancer in the first half of next year. - Results of CONVERT trial expected beginning of 2027. - Anticipates cash - in - cash equivalents of €52.8 million as of December 31, 2025, will fund operations into early 2028 assuming receipt of remaining $21 million from healthcare royalty partners in Q4 of 2026. - Will continue to push new platform CuraDyn and deliver new data and visibility on transforming it into business. - 2026 will have additional data sets from various trials.

Risks related to the timing, progress, and outcomes of research and clinical development programs, regulatory developments, and financial and operational performance. Also, risks associated with the decision - making process of partners like Johnson & Johnson regarding trial data and potential phase three decisions.

Q: About the data from Converge, how benchmarked to 45% - 50% ORR and when assessments taken?

A: Explained benchmarking related to Pacific regimen and response rates over time.

Q: Regarding the study, chance to file based on study or need phase three after?

A: J&J running the trial, early to talk, depends on GMJ's decision.

Q: About J&J's time allocation for different projects and abscopal effect in lung?

A: Phase three bigger than phase two, abscopal effect observed in some trials but local control key in local regional disease.

Q: About Curadyn's IND initiation and external collaboration?

A: Pushing both internal pipeline and external collaboration.

Q: About J&J's phase 2 trial readout and MD Anderson lung re - irradiation trial timing?

A: Multiple readouts possible in phase 2, MD Anderson trial recruitment completed last year, final data this year.

Q: About CONVERGE trial part two enrollment and phase three decision?

A: Part one completed, phase two enrolling since last year, impact of response rate on phase three decision.

Q: About potential indication expansion and cash burn steady state?

A: J&J able to expand indications, no specific forward - looking guidance on annual cash burn.

Q: About R&D spend proportion and Curadyn's mechanism?

A: R&D spend on R3 was low single digit millions, Curadyn's nanoprimer has correlation between dose and liver circulation impact