Nanobiotix (Euronext: NANO – NASDAQ: NBTX) reported its full‑year 2025 financial results, showing revenue of €32.6 million and a net loss attributable to shareholders of €24.0 million. The company’s revenue swing was largely driven by a one‑time accounting impact that added €21.8 million in 2025, while a one‑time net liability recognition of €7.2 million in 2024 had previously depressed revenue. The net loss narrowed from €68.1 million in 2024, reflecting the combined effect of the accounting adjustment and a significant reduction in research and development spending.
The company’s R&D expenses fell to €23.1 million from €40.5 million in 2024, a drop that the company attributes to the transfer of the majority of the NANORAY‑312 Phase 3 funding obligations to Janssen. This shift removed a large, recurring cost from the 2025 budget and helped bring the loss margin closer to breakeven. Cash and cash equivalents stood at €52.8 million at year‑end, up from €49.7 million in 2024, giving the company a runway into early 2028 under its current operating plan.
Nanobiotix highlighted progress in its JNJ‑1900 (NBTXR3) programs, the lead product candidate licensed to Janssen for global development and commercialization. The company also advanced its Curadigm nanoprimer platform, which is expected to generate additional non‑dilutive capital in 2026 as it seeks collaborations to improve the bioavailability of intravenously administered therapeutics. These initiatives position Nanobiotix to support its clinical pipeline through the critical Phase 3 data readout expected in the first half of 2027.
The company’s earnings per share of –€0.51 missed analyst consensus of –€0.39, a miss of €0.12 or 31%. The miss was driven by the one‑time accounting impact that, while boosting revenue, also increased operating expenses and diluted earnings. Market reaction was muted, with the stock falling 4.37 % on the day of the announcement, reflecting investor concern over the EPS miss and the reliance on accounting adjustments for the revenue increase.
Nanobiotix will host a conference call and webcast on April 1 2026 at 8:00 a.m. EDT / 2:00 p.m. CEST to discuss the results and provide an update on ongoing clinical programs and the company’s financial position. Investors can find the full financial statements and detailed commentary on the company’s investor relations website.
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