In the segment of stocks eligible for the SRD (Deferred Settlement Service) market, biotechnology and biopharmaceutical companies were the clear favorites. Nanobiotix posted the strongest gain on the SRD (+544.84%, at 19.50 euros), followed by DBV Technologies (+434.92%, at 3.37 euros) and Exail Technologies (+369.47%, at 81.50 euros) in the defense sector.

For Nanobiotix, this year's stock market success is tied to positive interim results for its flagship product, NBTXR3, in the treatment of head and neck cancers. Additionally, the biotech company strengthened its partnership with Janssen, a subsidiary of Johnson & Johnson, which enabled it to secure long-term cash flow through substantial payments.

For DBV Technologies, the stock likely benefited from a market rebound, but above all from the green light given at the start of the year by U.S. health authorities (FDA) to begin the final review of its skin patch for treating peanut allergy. Mid-year, the FDA indicated there were no longer any major obstacles regarding the product's design, an issue that had previously weighed on DBV Technologies' shares. The final decision allowing commercialization is expected soon.

Finally, Exail Technologies benefited from its activities in the Defense sector, particularly in underwater operations. In the first nine months of the year, the group saw its order intake soar by 128%, while revenue grew by 29%. Its order book jumped by 58%. Exail Technologies specializes in autonomous robotics and navigation systems. The company notably offers maritime drones, especially designed for mine countermeasures.

The Biggest Declines on the SRD in 2025

Still within the stocks eligible for the SRD, the year's worst performers were Phaxiam Therapeutics (-94.05%), Worldline (-81.58%, at 1.562 euro), and Casino Guichard (-77.61%, at 0.245 euro).

Phaxiam Therapeutics announced its judicial liquidation and withdrawal from the Paris stock exchange on June 12. Earlier in the year, the former Erytech Pharma reported the failure of a phase 2 study for the treatment of infectious endocarditis. This was its most advanced program using phage therapy technology (a virus that kills bacteria).

Meanwhile, Worldline continued its downward spiral after already losing 45.9% over the whole of 2024. In the 2025 financial year, the payment services specialist reported weak results and lowered some of its annual financial targets. The company notably announced asset impairments of 4.1 billion euros when publishing its first-half results at the end of July. Furthermore, Worldline suffered a reputational blow following an investigation by several media outlets, dubbed "Dirty Payments," accusing it of working with high-risk clients in areas such as illegal gambling and pornography…

Finally, Casino Guichard, which already posted the largest drop in the SBF 120 index in 2024, continued its decline and logically exited the CAC 40's waiting room. After last year's massive restructuring, the retail group faced reality: a loss of market share and revenue that failed to recover (+0.5% in the third quarter on a comparable basis). Additionally, its cost structure remains too heavy, and on November 24, the group announced a plan called Renouveau 2030 and a project to strengthen its financial structure.