Initial results revealed an objective response rate of 71.4%, or 5 out of 7 patients, compared to a historical benchmark of 45% to 50% for cCRT alone. The disease control rate reached 100%, while the treatment was well tolerated, with no product-related serious adverse events observed, and did not impact patients' ability to continue their planned therapy.

According to Jefferies, peak global sales could reach 1.7 billion dollars in this indication, with a 50% probability of success.

Regarding next steps and ongoing studies, recruitment for the second stage of the study is underway, specifically for dose optimization. Data are expected in early 2027, which will allow for an assessment of procedural reproducibility and durability of response.

For the Phase III study in head and neck cancer, interim data for chemotherapy-ineligible patients are expected in the first half of 2027. Jefferies projects peak sales of 1 billion dollars in this indication with a 65% probability of success.

Regarding the partnership with Johnson & Johnson, Jefferies notes that the total value of the agreement stands at 2.6 billion dollars, with royalties for Nanobiotix ranging from 12% to over 20%.

The U.S. investment bank maintains a Buy rating on Nanobiotix with a price target of 21.50 euros, which would represent a decline of approximately 19% for the stock.

For its part, Stifel is significantly more optimistic with a price target of 45 euros, representing an upside potential of nearly 70%, and a Buy recommendation.

Analysts there see significantly higher peak sales potential than their counterparts at Jefferies, estimated at 2.2 billion euros in the unresectable Stage III non-small cell lung cancer indication.