PARIS and CAMBRIDGE, Mass. - Nanobiotix, a late-clinical stage biotechnology company, announced significant operational progress and financial results for the year ending December 31, 2023. The company highlighted the expansion of its radioenhancer NBTXR3's global potential through a licensing agreement with Janssen Pharmaceutica NV, and provided insights into multiple anticipated clinical readouts in 2024.
Nanobiotix entered into a global licensing, co-development, and commercialization agreement with Janssen on July 10, 2023, to advance NBTXR3, a potential first-in-class radioenhancer designed to amplify anti-tumor activity and minimize healthy tissue exposure. The company reported compelling data supporting a well-tolerated safety profile and robust efficacy in various tumor types.
In 2023, the company achieved prolonged survival in Study 102 for head and neck cancer, which supports the ongoing pivotal NANORAY-312 trial design. Initial efficacy and favorable safety profile of NBTXR3 in pancreatic cancer were also reported, and a recommended phase 2 dose for a lung study at MD Anderson was determined.
Nanobiotix expects to release immunotherapy combination data from its Study 1100 in head and neck cancer, as well as chemotherapy combination data in esophageal cancer from its collaboration with MD Anderson in 2024.
The company secured $114 million in gross funding since June, including an equity offering, an investment from Johnson & Johnson (NYSE:JNJ) Innovation, and a NANORAY-312 operational milestone. As of December 31, 2023, Nanobiotix reported having €75.3 million in cash and cash equivalents, with a cash runway into Q3 2025, bolstered by a $20 million development milestone due from Janssen.
Financially, Nanobiotix recognized revenues of €30.1 million in 2023, with significant increases in other income to €6.2 million for the year. Research and Development expenses totalled €38.4 million, reflecting ongoing development costs for NBTXR3. Selling, General and Administrative expenses rose to €22.0 million due to growth in employee costs and non-recurring activities.
The net loss attributable to shareholders decreased by 30% year over year to €39.7 million, or €1.08 per share. The company's supervisory board reviewed the financial statements on April 19, 2024, and the statutory auditors issued a clean opinion on both statutory and consolidated financial statements on April 24, 2024.
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