Nanobiotix Sa · EURONEXT:NANO
Nanobiotix Sa — Q4 2025 Earnings Presentation
50 slides from Nanobiotix Sa's earnings presentation, Apr 1, 2026
Slide 1: Corporate Presentation
CORPORATE PRESENTATION March 2026 Developing disruptive physics-based nanotherapeutics to transform outcomes for millions of patients 1
Slide 2: Important notice regarding forward-looking statements
Important notice regarding forward-looking statements IMPORTANT: You must read the following before continuing. References herein to this presentation (the “Presentation”) shall mean and include this document, the oral presentation accompanying this document provided by Nanobiotix SA (the "Company"
Slide 3: Pathway to Sustainability and Growth
Pathway to Sustainability and Growth Targeting sustainability and growth in the next few years Addressing one of the Largest Untapped Markets in Oncology Beyond JNJ-1900 (NBTXR3): With Johnson & Johnson (1) Developing new First in Class Products First in Class Radioenhancer JNJ-1900 (NBTXR3) With Cu
Slide 4: Develop First-in-Class Nanophysics-Based Drugs to Benefit Millions
Develop First-in-Class Nanophysics-Based Drugs to Benefit Millions Three platforms leading to multiple products, from Phase 3 to preclinical stage NBTXR3 Curadigm OOcuity Nano-radioenhancer to help Nanoprimers to redefine the way Nanoswitches to rewire the brain millions of patients receiving Radiot
Slide 5: Addressing one of the Largest Untapped Markets in Oncology With Johnson & Johnson
Addressing one of the Largest Untapped Markets in Oncology With Johnson & Johnson Potential First-in-Class Radioenhancer NBTXR3 5
Slide 6: Interventional Oncology's Solution Could Be one of the Largest Untapped Oncology Markets
Interventional Oncology’s Solution Could Be one of the Largest Untapped Oncology Markets Millions of cancer patients share an unmet medical need for local treatment, whereas most drug development is focused on highly segmented, later-stages of disease – incidence data US and EU5 Most patients are di
Slide 7: Radiotherapy is one of the Largest Market Opportunities in Oncology
Radiotherapy is one of the Largest Market Opportunities in Oncology We seek to help many more patients by leveraging radiotherapy 1 20M % PATIENTS RECEIVING RT3 87% Breast cancer # PATIENTS RECEIVING RT 1,3 2.00M new patients diagnosed with cancer 77% Lung cancer 1.91M worldwide per year Up to 74% H
Slide 8: Radiotherapy is one of the Largest Market Opportunities in Oncology
Radiotherapy is one of the Largest Market Opportunities in Oncology We seek to help many more patients by leveraging radiotherapy, not the more limited reach of targeted therapy, e.g., anti-PD-1 1 20M % PATIENTS RECEIVING RT3 87% Breast cancer # PATIENTS RECEIVING RT 1,3 2.00M new patients diagnosed
Slide 9: Delivery of Efficient Radiation Dose is Limited by Damage to Healthy Tissue
Delivery of Efficient Radiation Dose is Limited by Damage to Healthy Tissue Increasing the dose to the tumor without increasing the dose to healthy tissue is not achievable with current technology Beam of radiation passes through healthy tissue to reach tumor, damaging both tissues Dosing is limited
Slide 10: NBTXR3 Causes Much Higher Energy Absorption Only in the Tumor
NBTXR3 Causes Much Higher Energy Absorption Only in the Tumor 01 Aqueous suspension of inorganic crystalline hafnium oxide (HfO2) nanoparticles NEGATIVELY charged coating 02 providing highly efficient energy absorption High electron density (Atomic Number Z=72) material 03 Activated by ionizing radi
Slide 11: Hyper-Focused Delivery of Enhanced Radiation Into Cancer Cells
Hyper-Focused Delivery of Enhanced Radiation Into Cancer Cells 9x dose enhancement* of radiotherapy for selective and robust tumor killing X-Rays RADIOTHERAPY ALONE electrons X-rays interact with H2O Free electrons generated ROS Triggers cell death or damage Cell Death X-Rays NBTXR3 RADIOTHERAPY + N
Slide 12: NBTXR3 is Designed to Create Local and Systemic Effects
NBTXR3 is Designed to Create Local and Systemic Effects Local and systemic benefits through cell death and immune activation against tumor antigens PHYSICAL DESTRUCTION OF CANCER CELLS TO PROVIDE BETTER LOCAL CONTROL Lesion Size Direct Cell Death Decrease (apoptosis, necrosis) AndNBTXR3 triggers sys
Slide 13: NBTXR3: Key Value Drivers of Clinical Differentiation
NBTXR3: Key Value Drivers of Clinical Differentiation Designed to disrupt outcomes without disrupting clinical practice One-time intratumoral administration before the first session of radiotherapy Single Treatment Maximizing the dose in the tumor, minimizing the systemic exposure Easily Integrated
Slide 14: Proof-of-Concept Established in Randomized Phase 2/3
Proof-of-Concept Established in Randomized Phase 2/3 In tough to treat soft tissue sarcoma population Doubling of Pathological Complete Response Results Pathological Complete Response Rate - ITT Full Analysis Set Achieved its primary endpoint of pathological CRR 20 Achieved its secondary endpoint in
Slide 15: Pan-Solid Tumor Potential, Beginning in Head and Neck and Lung Cancers
Pan-Solid Tumor Potential, Beginning in Head and Neck and Lung Cancers Patients (Current Study) N Phase 1 Phase 2 Phase 3 Operational Sponsor Head & Neck Elderly Cisplatin-ineligible (NANORAY-312, RT-NBTXR3 ± cetuximab 500 Johnson & Johnson vs RT ± cetuximab) Cisplatin-eligible (CRT-NBTXR3) NA Johns
Slide 16: RT-NBTXR3 Offers Multi-Billion $ Potential
RT-NBTXR3 Offers Multi-Billion $ Potential First three indications alone offer potential path to registration and address over 160,000 patients, and much more in ROW Average pricing for innovative oncology drugs ranges from $100,000-$200,000* NBTXR3: Addressable Patient Population Stage North Americ
Slide 17: Nanobiotix and Johnson & Johnson Advance NBTXR3 Together
Nanobiotix and Johnson & Johnson* Advance NBTXR3 Together License agreement and LianBio rights assignment consolidates global rights with Johnson & Johnson $2.6B+ milestones and Royalties from low 10s to low 20s Development, regulatory and sales milestones** Up to $1.77 billion Additional regulatory
Slide 18: Moving Toward Financial Sustainability and Growth
Moving Toward Financial Sustainability and Growth To date $80M+ $200M+ *** • Upfront, Equity, $60M of medium-term milestones in the next 2-3 • First development milestone, $20M years • In-kind contribution* Development and regulatory milestones on two first programs: Royalties • Locally Advanced Hea
Slide 19: Potential Medium-Term Milestone Payments for Two First Programs
Potential Medium-Term Milestone Payments for Two First Programs Ensuring our path to sustainability via hundreds of millions in potential milestones in the coming years Milestone Payment Cisplatin-Ineligible Head and Neck Cancer: Positive NANORAY-312 interim readout $50 million U.S. Approval $90 mil
Slide 20: Establishing a Foothold Through Treatment of Head and Neck Cancers
Addressing one of the Largest Untapped Markets in Oncology With Johnson & Johnson Establishing a Foothold Through Treatment of Head and Neck Cancers 20
Slide 21: RT-Activated NBTXR3 Could Benefit Most Patients With LA-HNSCC
RT-Activated NBTXR3 Could Benefit Most Patients With LA-HNSCC LA-HNSCC biggest unmet need is in front line local treatment; PD-1 treatment is mainly after local treatment fails Local or locally-advanced at diagnosis 90% (~135,000) Metastatic at diagnosis 10% (~15,000) Cisplatin ineligible Cisplatin
Slide 22: NBTXR3 for Treatment of Locally-Advanced HNSCC In Cis Ineligible Patients
NBTXR3 for Treatment of Locally-Advanced HNSCC In Cis Ineligible Patients Post IT injection Post radiotherapy 7 months after RT CT scan presented at MHNCS 2020 – Ph1 Study 102 22
Slide 23: Study 102 Design
Study 102 Design Phase 1 dose escalation and dose expansion evaluated RT-NBTXR3 in locally-advanced head and neck cancers Diagnosed with Locally Advanced Head and Neck Squamous Cell Carcinoma Cetuximab Ineligible Key Inclusion Criteria >70 years of age or >65 but <70 and cisplatin ineligible or Cisp
Slide 24: RT-Activated NBTXR3 Associated With Locoregional Control 81.8% ORR
RT-Activated NBTXR3 Associated With Locoregional Control 81.8% ORR Including 63.6% CR Best Overall Response Based on Investigator Assessment Study 102 data cut-off date: Jan 20, 2023. Evaluable patients for Objective Tumor Response: Underwent at least one post-treatment assessment and received at le
Slide 25: Potential Benefit in Survival Compared to Historical Control
Potential Benefit in Survival Compared to Historical Control With patients having better prognosis including less comorbidity (67% in Study 102 vs ~20% in historical controls) Median OS: 23.1 months Median OS: ~ 12 months Study 102, Evaluable Population, n=44 Historical control* Cut-off date: Jan 20
Slide 26: NANORAY-312 Trial Design
NANORAY-312 Trial Design Ongoing global Phase 3 registration trial locally-advanced HNSCC Designed to provide robust evidence for survival superiority Age ≥60 years: Eligible for definitive RT, at least one measurable and IT injectable tumor Key Inclusion Criteria Ineligible for platinum-based chemo
Slide 27: Moving to Broad Adoption Through Treatment of Lung Cancers
Addressing one of the Largest Untapped Markets in Oncology With Johnson & Johnson Moving to Broad Adoption Through Treatment of Lung Cancers 27
Slide 28: NBTXR3 Could Benefit Unresectable LA-NSCLC Patients in the Near Term
NBTXR3 Could Benefit Unresectable LA-NSCLC Patients in the Near Term And could potentially reach a significant proportion of NSCLC in the long term based on its agnostic MoA Local or locally advanced at diagnosis: 40% (~200,000) EU5 & US Metastatic at diagnosis: 60% (~290,000) EU5 & US Early stage o
Slide 29: CONVERGE Trial Design (Sponsored by J&J)
CONVERGE Trial Design (Sponsored by J&J) Ongoing Phase 2 trial in Stage III unresectable NSCLC Locally advanced unresectable stage III NSCLC Candidate for SOC in NSCLC: Eligible for concurrent platinum-based doublet chemotherapy with radiation therapy Key Inclusion Criteria (CRT), at least one measu
Slide 30: RT-Activated NBTXR3 Associated With 100% DCR and 71% ORR in Stage III NSCLC
RT-Activated NBTXR3 Associated With 100% DCR and 71% ORR in Stage III NSCLC Post-CRT Evaluation Initial efficacy responses observed at first disease evaluation following concurrent chemoradiotherapy are promising (ORR = 71.4%) relative to the estimated ORR benchmark of 45% –50%.1,2 1 Hung, M. Et al.
Slide 31: CONVERGE: Encouraging Early Signals in Stage III NSCLC
CONVERGE: Encouraging Early Signals in Stage III NSCLC Post-cCRT / pre-cIT Evaluation Early results from the run-in phase of CONVERGE suggest that intratumoral / intranodal injection of JNJ-1900 (NBTXR3) is feasible and can be performed safely in patients with stage III unresectable NSCLC. • The pro
Slide 32: Leading the Market Through Expansion Across Solid Tumor Indications
Addressing one of the Largest Untapped Markets in Oncology With Johnson & Johnson Leading the Market Through Expansion Across Solid Tumor Indications
Slide 33: RT-NBTXR3 Offers Multi-Billion $ Potential
RT-NBTXR3 Offers Multi-Billion $ Potential First three indications alone offer potential path to registration and address over 160,000 patients, and much more in ROW Average pricing for innovative oncology drugs ranges from $100,000-$200,000* NBTXR3: Addressable Patient Population Stage North Americ
Slide 34: Nanobiotix: Three Platforms, One Vision
Nanobiotix: Three Platforms, One Vision From Preclinical to Phase 3, Delivering First-in-Class Therapeutics 34
Slide 35: Addressing one of the Biggest Universal Challenges in Drug Design: Extrahepatic Delivery
Addressing one of the Biggest Universal Challenges in Drug Design: Extrahepatic Delivery Laying the Foundation for Future Growth 35
Slide 36: A Challenge Complexifying or Preventing the Development of many Innovative Therapeutics
A Challenge Complexifying or Preventing the Development of many Innovative Therapeutics Small molecule RNA / DNA- Oncolytic Small molecule- Inorganic Recombinant Small molecule- / peptide- loaded lipid viruses loaded nanoparticles proteins or RNA-polymer loaded nanoparticles polymeric conjugates lip
Slide 37: Drug Delivery: The Bottleneck of Therapeutic Success
Drug Delivery: The Bottleneck of Therapeutic Success Even the Best Therapies Fail If They Don’t Reach Their Target Barrier 1: organ level 2 <1% of the administered nanomedicine dose reaches target1 – results in: • Suboptimal efficacy • Increased dosing requirements • Dose-limiting toxicity Barrier 2
Slide 38: Curadigm Technology Improves Systemic Bioavailability of Therapeutics
Curadigm Technology Improves Systemic Bioavailability of Therapeutics By reducing liver clearance, Nanoprimer increases blood bioavailability by enabling increased accumulation in target tissues Traditional Liver therapeutic Trapping administration 38
Slide 39: The Nanoprimer Allows For Specific Liver's Cells Blockade
The Nanoprimer Allows For Specific Liver’s Cells Blockade Physico-chemical Properties Composition • Few hundred nanometers in diameter • Lipid-based nanoparticle with a specific ies Com composition • Engineered such that it has the right combination of size, shape, charge, and “hardness/rigidity” rt
Slide 40: Curadigm Nanoprimer Technology: Priming the Body to Receive Treatment
Curadigm Nanoprimer Technology: Priming the Body to Receive Treatment Nanoprimer is administered prior to a therapeutic to transiently occupy liver pathways and limit therapeutic clearance PRIME with Nanoprimer TREAT with the Therapeutic Nanoprimer Nanoprimer Therapeutic Therapeutic Accumulation Adm
Slide 41: Curadigm Technology Improves Systemic Bioavailability of Therapeutics
Curadigm Technology Improves Systemic Bioavailability of Therapeutics By reducing liver clearance, Nanoprimer increases blood bioavailability by enabling increased accumulation in target tissues Traditional Liver therapeutic Trapping administration Curadigm Nanoprimer Increased + systemic Therapeuti
Slide 42: Curadigm Nanoprimers: A New Paradigm in Delivery
Curadigm Nanoprimers: A New Paradigm in Delivery Priming the Body, Not the Drug, to Maximize Bioavailability and Efficacy Improve Bioavailability & Biodistribution Enhances accumulation in extrahepatic tissues (e.g., tumors, brain, lungs, etc…) Reduce Hepatotoxicity Universal Mechanism Lowers hepati
Slide 43: Curadigm Nanoprimer: in vivo Preclinical POC with Lipoplex mRNA
mRNA Curadigm Nanoprimer: in vivo Preclinical POC with Lipoplex mRNA-based Therapeutic Vaccines Nanoprimer enhances mRNA lipoplex vaccine priming, Nanoprimer improves the memory vaccination of boosting effector T cell response and IFN-γ production mRNA lipoplex vaccines with a strong T-cell response
Slide 44: Curadigm Nanoprimer: Preclinical Results with Lipoplex
mRNA Peptide Curadigm Nanoprimer: Preclinical Results with Lipoplex Liposome Peptide-based Therapeutic Vaccines Nanoprimer enables OVA-peptide liposome vaccine priming, inducing Robust vaccination and long-term memory response strong specific T cell response (Day 7) and IFN-γ production are observed
Slide 45: Advancing the Curadigm Nanoprimer Platform: Recent Progress & Expansions
Advancing the Curadigm Nanoprimer Platform: Recent Progress & Expansions BUILD, PROTECT, AND MULTIPLE GROWTH PATHWAYS VIA INDUSTRIALIZE PLATFORM DEVELOP INTERNAL PIPELINE DEALS Developing and reinforcing a fully Exploiting the business model Developing the industrial owned pipeline with products and
Slide 46: Curadigm Platform Enables Five Critical Value Drivers
Curadigm Platform Enables Five Critical Value Drivers Nanoprimer A short-acting intravenous nanoparticle that transiently modulates liver clearance pathways, helping drugs reach Technology their targets Plug-and-Play Platform for Combined with existing drugs to boost their efficacy & safety and enab
Slide 47: Develop First-in-Class Nanophysics-Based Drugs to Benefit Millions
Develop First-in-Class Nanophysics-Based Drugs to Benefit Millions Three platforms leading to multiple products, from Phase 3 to preclinical stage NBTXR3 Curadigm OOcuity Nano-radioenhancer to help Nanoprimers to redefine the way Nanoswitches to rewire the brain millions of patients receiving Radiot
Slide 48: Moving Toward Financial Sustainability While Developing Next Generation Platforms for Growth
Moving Toward Financial Sustainability While Developping Next Geneneration Plaftorms for Growth Cash visibility into 2028 Royalties $200M+ *** Low 10s to Low 20s of medium-term milestones in the next 2-3 years Development and regulatory milestones on two first programs: • Locally Advanced Head and N
Slide 49: Multiple Potential Value Inflection Points Expected Within 12-24 Months
Multiple Potential Value Inflection Points Expected Within 12-24 Months1 NBTXR3 (license agreement with Johnson & Johnson2) Addressing one of the Largest Untapped Markets in Oncology Locally advanced head and neck squamous cell carcinoma H&N LA ineligible to Cis, Phase 3 (NANORAY-312, Jansen Sponsor
Slide 50: Financial Summary
Financial Summary (Amounts in thousands of euros, except per share numbers) Cash* as of December 31, 2025: €52.8M For the year ended December 31 Cash runway into early-2028+ 2025 2024 Principal remaining from key loans**: Revenue and other income Revenue 29,643 (11,609) – €25.3M credit facility from