Le Journal des biotechs : Laurent Levy, président du directoire de Nanobiotix

Hello.

I think the main thing to remember is all the operational progress that was made in 2024 and early 2025, first of all with the increase and acceleration of the collaboration with JNJ. Yes, we'll talk about that. We'll come back to it a little bit. Then there is all the operational progress within Nanobiotix on all the trials we are running, and we also strengthened our financial position through various elements, such as the first milestones from the collaboration with J&J that came in, the renegotiation of the deal that gives us greater financial visibility. So we have made a lot of progress this year, and in addition, we are now approaching a very interesting zone. We are approaching a period during which we can start generating revenue.

First of all, it shows the continued commitment of our partner Johnson & Johnson. We saw last year that we decided with them to move the Phase 3 forward so they could prepare for the result and registration of the product. So we continued in this vein where we took the opportunity to renegotiate part of this license agreement with J&J, where for distant milestones, we exchanged all or most of the costs related to the 312, which is our Phase 3. So this represents a deal that is more than favorable for Nanobiotix since it involves exchanging a large part of our costs in the coming years against potential milestones that would arrive in the medium to long term. And through this deal, we have obviously preserved all the short-term milestones, which allows us to show important prospects. The royalties are still the same and still as important.

I think we gave a bit more details on how the deal was structured, as expected by investors in particular. Yes, completely. So what I understand is that in the past, we obviously showed everything that had been done, including J&J's investment in duplicating our manufacturing plant to have two sources for the product, the start of Phase 2 in lung cancer, etc., etc. Now on the revenue side, what we were able to say is that for the first two programs, which are head and neck cancers and lung cancer, we expect more than $200 million in the medium term with royalties that have not changed, which are over 10% to over 20%. And then, depending on the other programs that could start or more distant milestones, we will also have up to an additional $1.7 billion in revenue plus other potential milestones. And in the very short term, when we look at the structure of these deals, for the interim results we expect $50 million, $90 million for US registration, then Japan, etc. And for the lung program, the Phase 2 results as well as the start of Phase 3 should also be sanctioned by milestones.

We cannot speak for our partner, but we always work hand in hand with J&J. Our teams are in contact every day for development, for manufacturing, for many aspects of development and marketing of the product. It has started. What I can tell you is that it is going well, it is progressing well. Now, we haven't given a fixed date yet, but these are things we are working on.