UBS || 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. Interim 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).
12-month rating Neutral *
12m price target US$3.50
NBTX catalysts
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