NBTX

• 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.

• 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.

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.

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