NANOBIOTIX : UBS a la conf a rencontré Nano

TNJC0503

16 janv. 2026 •17:03

NANOBIOTIX SA

NBTX

Key Takeaways: Phase 3 NANORAY-312 Study Progressing Well; Multiple Pipeline Updates in 2026

We are in San Francisco attending a broker conference, and we met Nanobiotix (NBTX) mgmt.

We provide a summary of key takeaways from our discussion below:

NANORAY-312 interim data readout delayed to 1H27, but enrolment progressing well. I
nterim data for NANORAY-312 trial of NBTXR3 in LA HNSCC is expected in 1H27 (vs. 1H26 prior), which mgmt related to transfer of sponsorship to JNJ, but financing from JNJ should be a positive.

Despite this, mgmt indicated that enrolment has gone well with support of JNJ.
We see the update as a major stock moving catalyst, although uncertainty remains on performance of control arm (radiation ± cetuximab) and study powering.

Final data from Phase 1 study of NBTXR3 in 2L+ melanoma in 2026. Mgmt reiterated plans to provide final data update for NBTXR3 in 2L+ melanoma in 2026. In Sept, preliminary data showed impressive 47% ORR (9/19), well above standards of care, along with clean safety but from a small sample size and skewed toward low tumor burdens (see our recap note).