TheChek News Flow

>>> Europe : Brokers Upgrades & Downgrades - 1st of April 2026 V(+)

>>> Up

* ACS Raised to Buy at UBS; PT 120 euros

* Babcock Raised to Buy at Citi; PT 1,554 pence

* Bank of America Raised to Buy at HSBC; PT $55

* Barratt Redrow Raised to Outperform at RBC; PT 350 pence

* Beijer Alma Raised to Buy at Nordea; PT 282 kronor

* Berkeley Raised to Sector Perform at RBC; PT 3,900 pence

* Engie Raised to Overweight at JPMorgan; PT 31.50 euros

* Eni Raised to Reduce at AlphaValue/Baader

* Ferrari Raised to Buy at Jefferies; PT 350 euros

* GE Vernova PT Raised to $993 from $849 at Barclays (+)

* Heineken Raised to Buy at HSBC; PT 85 euros

* K+S Raised to Reduce at AlphaValue/Baader (+)
* Leonardo Raised to Buy at Citi; PT 69 euros

* Magellan Aerospace Raised to Buy at Paradigm Capital; PT C$28.50

* Moderna PT Raised to $48 from $25 at Barclays (+)

* Orion Raised to Buy at Inderes; PT 80 euros

* Orsted Raised to Equal-Weight at Barclays; PT 160 kroner

* Thule Raised to Hold at SEB Equities; PT 220 kronor

* TKMS Raised to Buy at Citi; PT 100 euros

* Unibail Raised to Overweight at JPMorgan; PT 115 euros

* Viscom Raised to Buy at mwb research AG (+)

* Wells Fargo Raised to Buy at HSBC; PT $94

>>> Down

* CLS Holdings Cut to Reduce at Peel Hunt; PT 45 pence

* Equinor Cut to Sell at SEB Equities; PT 366 kroner

* Friedrich Vorwerk Group PT Cut to 60 euros at mwb research AG (+)

* Future Plc Cut to Equal-Weight at Barclays; PT 285 pence

* Future Plc Cut to Hold at Berenberg; PT 330 pence

* Galp Cut to Neutral at JB Capital Markets; PT 20.70 euros (+)

* Nike PT Cut to $56 from $65 at Stifel (+)
* Pony AI ADRs Rated New Buy at HSBC; PT $16.60

* INWIT to Report Results; Shares Down 11.5% YTD: Preview (+)

* Viridien Cut to Hold at Arctic Securities; PT 145 euros

* WeRide ADRs Rated New Buy at HSBC; PT $11.40

>>> Initiation

* Airbus Rated New Equal-Weight at Wells Fargo; PT 175 euros

* Celestica Rated New Positive at Susquehanna; PT C$521.03 (+)

* *CONSTELLATION BRANDS ADDED TO EVERCORE TACTICAL OUTPERFORM LIST (+)

* Banco Macro ADRs Rated New Buy at Don Capital; PT $103

* Boeing Rated New Overweight at Wells Fargo; PT $250

* Booz Allen Reinstated Equal-Weight at Wells Fargo; PT $85

* Deutsche Telekom Rated New Buy at William O'Neil

* Inficon Rated New Overweight at JPMorgan; PT 130 Swiss francs

* Lockheed Reinstated Equal-Weight at Wells Fargo; PT $650

* Marex Group Reinstated Buy at William O'Neil

* Mobileye Rated New Buy at Berenberg; PT $9.30

* Northrop Grumman Reinstated Overweight at Wells Fargo; PT $800

* Palo Alto Networks Rated New Buy at Benchmark
* Rolls-Royce Rated New Overweight at Wells Fargo; PT 1,350 pence

* Safran Rated New Overweight at Wells Fargo; PT 325 euros

* Sandoz Group Rated New Buy at Goldman; PT 74 Swiss francs

* Severn Trent Rated New Buy at William O'Neil

* Woodward Reinstated Overweight at Wells Fargo; PT $440

* Zurich Ins. Resumed Neutral at Citi; PT 587 Swiss francs

>>> Call

* Babcock, Leonardo, TKMS Raised at Citi After Share-Price Drop

* JPMorgan More Constructive on Utilities, Engie Up to Overweight

* Jungheinrich Soars as Bernstein Raises Price Target on Prospects (+)
* Boeing Rated New Overweight at Wells Fargo on FCF Potential

* Inficon a Beneficiary of Wafer Upcycle, Overweight at JPMorgan

* Thule Gains as SEB Equities Upgrades to Remove Only Sell Rating (+)

* Unibail Raised to Overweight at JPMorgan Following Pullback

>>> Europe : Brokers Upgrades & Downgrades - 1st of April 2026 V(+)

>>> Up

* ACS Raised to Buy at UBS; PT 120 euros

* Babcock Raised to Buy at Citi; PT 1,554 pence

* Bank of America Raised to Buy at HSBC; PT $55

* Barratt Redrow Raised to Outperform at RBC; PT 350 pence

* Beijer Alma Raised to Buy at Nordea; PT 282 kronor

* Berkeley Raised to Sector Perform at RBC; PT 3,900 pence

* Engie Raised to Overweight at JPMorgan; PT 31.50 euros

* Eni Raised to Reduce at AlphaValue/Baader

* Ferrari Raised to Buy at Jefferies; PT 350 euros

* GE Vernova PT Raised to $993 from $849 at Barclays (+)

* Heineken Raised to Buy at HSBC; PT 85 euros

* K+S Raised to Reduce at AlphaValue/Baader (+)
* Leonardo Raised to Buy at Citi; PT 69 euros

* Magellan Aerospace Raised to Buy at Paradigm Capital; PT C$28.50

* Moderna PT Raised to $48 from $25 at Barclays (+)

* Orion Raised to Buy at Inderes; PT 80 euros

* Orsted Raised to Equal-Weight at Barclays; PT 160 kroner

* Thule Raised to Hold at SEB Equities; PT 220 kronor

* TKMS Raised to Buy at Citi; PT 100 euros

* Unibail Raised to Overweight at JPMorgan; PT 115 euros

* Viscom Raised to Buy at mwb research AG (+)

* Wells Fargo Raised to Buy at HSBC; PT $94

>>> Down

* CLS Holdings Cut to Reduce at Peel Hunt; PT 45 pence

* Equinor Cut to Sell at SEB Equities; PT 366 kroner

* Friedrich Vorwerk Group PT Cut to 60 euros at mwb research AG (+)

* Future Plc Cut to Equal-Weight at Barclays; PT 285 pence

* Future Plc Cut to Hold at Berenberg; PT 330 pence

* Galp Cut to Neutral at JB Capital Markets; PT 20.70 euros (+)

* Nike PT Cut to $56 from $65 at Stifel (+)
* Pony AI ADRs Rated New Buy at HSBC; PT $16.60

* INWIT to Report Results; Shares Down 11.5% YTD: Preview (+)

* Viridien Cut to Hold at Arctic Securities; PT 145 euros

* WeRide ADRs Rated New Buy at HSBC; PT $11.40

>>> Initiation

* Airbus Rated New Equal-Weight at Wells Fargo; PT 175 euros

* Celestica Rated New Positive at Susquehanna; PT C$521.03 (+)

* *CONSTELLATION BRANDS ADDED TO EVERCORE TACTICAL OUTPERFORM LIST (+)

* Banco Macro ADRs Rated New Buy at Don Capital; PT $103

* Boeing Rated New Overweight at Wells Fargo; PT $250

* Booz Allen Reinstated Equal-Weight at Wells Fargo; PT $85

* Deutsche Telekom Rated New Buy at William O'Neil

* Inficon Rated New Overweight at JPMorgan; PT 130 Swiss francs

* Lockheed Reinstated Equal-Weight at Wells Fargo; PT $650

* Marex Group Reinstated Buy at William O'Neil

* Mobileye Rated New Buy at Berenberg; PT $9.30

* Northrop Grumman Reinstated Overweight at Wells Fargo; PT $800

* Palo Alto Networks Rated New Buy at Benchmark
* Rolls-Royce Rated New Overweight at Wells Fargo; PT 1,350 pence

* Safran Rated New Overweight at Wells Fargo; PT 325 euros

* Sandoz Group Rated New Buy at Goldman; PT 74 Swiss francs

* Severn Trent Rated New Buy at William O'Neil

* Woodward Reinstated Overweight at Wells Fargo; PT $440

* Zurich Ins. Resumed Neutral at Citi; PT 587 Swiss francs

>>> Call

* Babcock, Leonardo, TKMS Raised at Citi After Share-Price Drop

* JPMorgan More Constructive on Utilities, Engie Up to Overweight

* Jungheinrich Soars as Bernstein Raises Price Target on Prospects (+)
* Boeing Rated New Overweight at Wells Fargo on FCF Potential

* Inficon a Beneficiary of Wafer Upcycle, Overweight at JPMorgan

* Thule Gains as SEB Equities Upgrades to Remove Only Sell Rating (+)

* Unibail Raised to Overweight at JPMorgan Following Pullback

>>> Stoxx 600 Pre-Market Indications

Siemens Energy (ENR TH) +4.1%

ASML (ASME TH) +3.5%

Infineon (IFX TH) +3.4%

TUI (TUI1 TH) +3.2%

Santander (BSD2 TH) +3.2%

Erste (EBO TH) +3%

Deutsche Bank (DBK TH) +2.9%

Ferraris, Advil and AI Chips: 10 Companies to Watch Right Now

Siemens (SIE TH) +2.9%

Schneider Electric (SND TH) +2.9%

Buzzi SpA (UCM TH) +2.8%

JD Sports (9JD TH) -1.8%

Repsol (REP TH) -2.5%

Shell (R6C0 TH) -2.6%

TotalEnergies (TOTB TH) -2.9%

Equinor (DNQ TH) -3.5%

Equinor Cut to Sell at SEB Equities; PT 366 kroner

BP (BPE5 TH) -3.8%

Aker BP (ARC TH) -4.1%

Var Energi (J4V TH) -5.9%

>>> TradeGate Pre-Market Indications

DAX:

Siemens Energy (ENR TH) +4.4%
Infineon (IFX TH) +3.6%
Deutsche Bank (DBK TH) +3.1%
Commerzbank (CBK TH) +3.1%
Siemens (SIE TH) +2.9%
E.On (EOAN TH) +1.2%
Deutsche Telekom (DTE TH) +1.2%
- Deutsche Telekom Rated New Buy at William O’Neil
Fresenius SE (FRE TH) +1.2%

MDAX:

Jungheinrich (JUN3 TH) +6.1%
Deutz (DEZ TH) +4.8%
TKMS (TKMS TH) +4.1%
- TKMS Raised to Buy at Citi; PT 100 euros
TUI (TUI1 TH) +3.6%
Lufthansa (LHA TH) +3.2%
- Lufthansa Prepares Crisis Plans That Include Grounding Jets

SDAX:

SMA Solar (S92 TH) +3%
Kontron (KTN TH) +2.8%
Deutsche PBB (PBB TH) +2.2%
Heidelberger Druck (HDD TH) +1.9%
SFC Energy (F3C TH) +1.9%
Suedzucker (SZU TH) +1.2%

>>> What to look at today - 1st of April 2026

Stocks and bonds extended gains on optimism the Middle East conflict that jolted global markets and disrupted energy supplies may be nearing a conclusion. Asian shares jumped 4.3% to bounce back from their worst month in more than 17 years, after President Donald Trump said he foresaw the US ending the war with Iran within two to three weeks. The advance followed gains on Wall Street as optimism grew that a resolution will ease crude oil flows and support economic growth. European index futures jumped 1.7%. The dollar edged lower and Treasuries continued their run of gains on Trump’s comments. Still, with uncertainty over the war and the status of the Strait of Hormuz, crude retraced some of the losses it made on Tuesday, with Brent edging back above $105 a barrel. A resolution would likely restore investor confidence after the five-week conflict roiled energy and equity assets, pushing some gauges into correction territory. The focus will also turn to policymakers’ response to elevated energy costs and supply disruptions and their impact on the economy, as well as whether corporate earnings later this month reflect the strain on growth. Trump, who will give an address to the nation at 9 p.m. Eastern Time Wednesday to provide an “important update” on Iran, said the Islamic Republic could still reach a deal with the US. He added, however, that an agreement with Tehran isn’t a prerequisite for the war to conclude. Iran has “the necessary will to end this war,” but expects certain requirements to be met “especially the essential guarantees to prevent the recurrence of aggression,” the Islamic Republic’s president Masoud Pezeshkian told the President of the EU Council António Costa in a call Tuesday. In other corners of the market, gold advanced for a fourth day to trade near $4,700 an ounce. Despite the rebound in the past few days, bullion’s near 12% decline in March was its worst monthly performance since October 2008. The Bloomberg Dollar Spot Index slipped 0.1%. The gauge rose 2.4% last month, with the greenback emerging as the haven of choice during the war. Treasuries extended their gains with the yield on the benchmark 10-year falling two basis points to 4.29%. A gauge of Asian technology shares jumped 6.8% with chipmakers such as Samsung Electronics Co. and SK Hynix Inc. surging more than 9%. Gains were broad based across the wider market, with eight shares advancing for every one that declined in the MSCI Asia Pacific Index. It is unclear how concrete the latest timeline offered by the president will be. Trump is known to frequently offer two weeks as the potential timeframe for big decisions — imposing deadlines on his own administration and regularly blowing past them. The US has also moved additional troops into the region in recent days, preserving the possibility for future escalation if Trump changes his mind. A third US aircraft carrier strike group is heading to the Middle East as military operations against Iran continue, according to a US official familiar with the matter, after the Navy’s flagship carrier left the region for repairs. Meanwhile, the Wall Street Journal reported that the United Arab Emirates is preparing to help the US and other allies open the Strait of Hormuz by force, Arab officials said. Trump called on other nations to take control of the Strait of Hormuz, expressing his frustration that the monthlong war is unresolved and the latest sign he is looking to exit the conflict as oil and gas prices surge. US After Hours RH -16.9%, NKE -8.8% lower on earnings; NCNO +19%, PLAY +5.4%, PVH +1.8% higher on earnings.

Nikkei +4.37% Hang Seng +1.98% CSI +1.43% Shanghai +1.36% Shenzen +1.23%

Eur$ 1.1561 CNH 6.8888 CNY 6.8858 JPY 158.86 GBP 1.3328 CHF 0.7978 RUB 81.3709 TRY 44.4869 WTI$ 102.89 +1.49% Gold 4,674 +0.77% BTC 68,037 -0.25% ETH 2,100 -0.26%

S&P +0.38% Nasdaq +0.60% EuroStoxx +1.93% FTSE +0.96% Dax +1.91% SMI +1.21%

Macro :

- MSCI Names Greece a Developed Market for First Time Since 2013
- Blue Owl Raises $2.9b for Asset Special Opportunities Fund

- Ares Management Raises Nearly $10 Billion for Opportunistic Private-Credit Strategy -- WSJ

- German Economy Minister Calls for Nuclear Power Rethink, FT Says

- UK Navy: Tanker Hit by Projectiles North of Ras Laffan, Qatar

- BlackRock, Morgan Stanley Queried by Lawmakers on Hegseth Report

- French March New Car Registrations Rise 12.9%: PFA Association

Keep an eye on :

- ADJ GY : Adler Group Sees 2026 Net Rental Income EU124M to EU129M

- AKAST NO : Baker Hughes, Akastor Joint Venture Raises $210.4 Million in IPO

- AAPL US : Apple Tests Siri Feature That Handles Multiple Commands at Once

- ATO FP : France Buys Atos Strategic Supercomputer Unit for €404 Million

- BIDU US : Baidu Robotaxis Stopped in Wuhan’s Roads on System Malfunction

- HOPE US : Bank of Hope to Buy SMBC Manubank Commercial Unit
- BAYN GY : Bayer Names Nelson Ambrogio to Lead US Pharmaceuticals Business

- BLank Street Coffee Chain IPO : Blank Street in Early Talks to Raise $100m in New Funding: FT

- CSG NA : CSG Buys Stake in Hirtenberger; to Boost Mortar Systems, Ammo

- DND CN : Dye & Durham Adopts Poison Pill to Protect Sales Process

- ELUXB SS : Electrolux to Close Chile Factory, Take SEK 500m Charge

- EL FP : Armani Heirs May Seek More Than One Investor for 15% Stake: Sole

- GTT FP : GTT Got Hanwha Ocean Order in 1Q to Design Two LNG Carrier Tanks

- ALHG FP : AMF: Déclaration des dirigeants LOUIS HACHETTE GROUP S.A. - 2026DD1104571

- DEC FP : JCDecaux Buys Vista Communications Inc. in Japan; No Terms

- KER FP : L’Oreal Completes €4 Billion Kering Beauty Unit Deal

- KNTK US : Morgan Stanley Energy Partners Said to Sell Kinetik Shares

- KOMN SW : Komax CEO Matijas Meyer Is Leaving Company With Immediate Effect

- LEON SW : Leonteq Withdraws Discharge Proposal for Board for 2024, 2025

- LHA GY : Lufthansa Prepares Crisis Plans That Include Grounding Jets

- MC FP : Armani Heirs May Seek More Than One Investor for 15% Stake: Sole

- MBG GY : Mercedes-Benz Plans Over $7b Investments Into US Ops by 2030

- MSFT US : Microsoft in Talks With Chevron, Engine No. 1 for Power Deal

- BMPS IM : Monte Paschi Says Maione, Lombardi Qualified for Board Roles

- NANO FP : Nanobiotix Provides Business Update and Reports Full Year 2025 Financial Results

- NKE US : Nike 3Q Revenue Beats Estimates, Nike Declines as Iran War Hurts Results, Outook Disappoints

- 7201 JP : Nissan Americas Head Says Cheap Cars Can’t Be Built in the US

- NDX1 GY :

- ORIC US : ORIC Pharmaceuticals Shares Sink as Program Update Underwhelms

- OR FP : Armani Heirs May Seek More Than One Investor for 15% Stake: Sole

- RNO FP : French March New Car Registrations Rise 12.9%: PFA Association

- ROSN RU : Rosneft 2025 Net Income Fell More Than Threefold to 293b Rubles

- SNAP FP : Activist Investor Irenic Is Said to Build Stake in Snap

- SYNT LN :

- SWON SW : SoftwareONE Holder Curti AG Offers About 7m Shares: Terms

- TSLA US : Laplace Says Hasn’t Secured Orders for Tesla’s Solar Project

- TTE FP : TotalEnergies Extends Petrol, Diesel Price Cap to April 7

- Valar Atomics : Luckey-Backed Nuclear Startup Valar Lands $2 Billion Valuation

- VWS DC : Vestas Receives 135 MW Order for Undisclosed Project

- WRD US : Singapore Gets Robotaxis as Grab, WeRide Launch Driverless Cars

>>> Europe : Brokers Upgrades & Downgrades - 1st of April 2026

>>> Up

* ACS Raised to Buy at UBS; PT 120 euros

* Babcock Raised to Buy at Citi; PT 1,554 pence

* Bank of America Raised to Buy at HSBC; PT $55

* Barratt Redrow Raised to Outperform at RBC; PT 350 pence

* Beijer Alma Raised to Buy at Nordea; PT 282 kronor

* Berkeley Raised to Sector Perform at RBC; PT 3,900 pence

* Engie Raised to Overweight at JPMorgan; PT 31.50 euros

* Eni Raised to Reduce at AlphaValue/Baader

* Ferrari Raised to Buy at Jefferies; PT 350 euros

* Heineken Raised to Buy at HSBC; PT 85 euros
* Leonardo Raised to Buy at Citi; PT 69 euros

* Magellan Aerospace Raised to Buy at Paradigm Capital; PT C$28.50

* Orion Raised to Buy at Inderes; PT 80 euros

* Orsted Raised to Equal-Weight at Barclays; PT 160 kroner

* Thule Raised to Hold at SEB Equities; PT 220 kronor

* TKMS Raised to Buy at Citi; PT 100 euros

* Unibail Raised to Overweight at JPMorgan; PT 115 euros

* Wells Fargo Raised to Buy at HSBC; PT $94

>>> Down

* CLS Holdings Cut to Reduce at Peel Hunt; PT 45 pence

* Equinor Cut to Sell at SEB Equities; PT 366 kroner

* Future Plc Cut to Equal-Weight at Barclays; PT 285 pence

* Future Plc Cut to Hold at Berenberg; PT 330 pence
* Pony AI ADRs Rated New Buy at HSBC; PT $16.60

* Viridien Cut to Hold at Arctic Securities; PT 145 euros

* WeRide ADRs Rated New Buy at HSBC; PT $11.40

>>> Initiation

* Airbus Rated New Equal-Weight at Wells Fargo; PT 175 euros

* Banco Macro ADRs Rated New Buy at Don Capital; PT $103

* Boeing Rated New Overweight at Wells Fargo; PT $250

* Booz Allen Reinstated Equal-Weight at Wells Fargo; PT $85

* Deutsche Telekom Rated New Buy at William O'Neil

* Inficon Rated New Overweight at JPMorgan; PT 130 Swiss francs

* Lockheed Reinstated Equal-Weight at Wells Fargo; PT $650

* Marex Group Reinstated Buy at William O'Neil

* Mobileye Rated New Buy at Berenberg; PT $9.30

* Northrop Grumman Reinstated Overweight at Wells Fargo; PT $800

* Palo Alto Networks Rated New Buy at Benchmark
* Rolls-Royce Rated New Overweight at Wells Fargo; PT 1,350 pence

* Safran Rated New Overweight at Wells Fargo; PT 325 euros

* Sandoz Group Rated New Buy at Goldman; PT 74 Swiss francs

* Severn Trent Rated New Buy at William O'Neil

* Woodward Reinstated Overweight at Wells Fargo; PT $440

* Zurich Ins. Resumed Neutral at Citi; PT 587 Swiss francs

>>> Call

* Babcock, Leonardo, TKMS Raised at Citi After Share-Price Drop

* JPMorgan More Constructive on Utilities, Engie Up to Overweight
* Boeing Rated New Overweight at Wells Fargo on FCF Potential

* Inficon a Beneficiary of Wafer Upcycle, Overweight at JPMorgan

* Unibail Raised to Overweight at JPMorgan Following Pullback

>>> NANOBIOTIX (NBTX) — FY2025 Results | Investor Summary

NANOBIOTIX (NBTX) — FY2025 Results | Investor Summary

April 1, 2026

THE HEADLINE: INFLECTION YEAR, THESIS INTACT

FY2025 was a structural turning point — not a binary catalyst year, but a year that quietly de-risked the J&J acquisition thesis on multiple fronts: clinical breadth, financial discipline, and regulatory alignment. The bear case (dilution spiral, binary HNSCC bet, cash cliff) has been materially weakened.

5 REASONS TO STAY LONG

① Balance sheet transformed — without dilution The HCRx royalty deal ($71M, $50M already received) extended runway into early 2028. Cash of €52.8M at year-end vs €49.7M a year prior — they actually grew cash despite burning. No equity raise. For a micro-cap biotech, this is exceptional capital discipline.

② Net loss compressed 65% YoY €24M loss vs €68M in 2024. Revenue swung from -€7.2M to +€32.6M. The NANORAY-312 funding obligation removal (amendment with Janssen, March 2025) was the masterstroke — J&J now bears the Phase 3 cost, while NBTX retains milestone economics worth hundreds of millions.

③ Clinical data breadth de-risks binary risk JNJ-1900 data presented across 5 tumor types in 2025 (HNSCC, lung, pancreatic, esophageal, melanoma). Highlights:

Esophageal: 85% DCR / 69% ORR (6 CRs) — striking response rates
Pancreatic: mOS of 23 months from diagnosis in locally advanced/borderline resectable (historically grim indication)
NSCLC re-irradiation: 64% 12-month local PFS, 83% OS — strong signals in a difficult population
RM-HNSCC (anti-PD1 resistant): 74% DCR / 32% ORR in a population with zero good options

This is no longer a one-indication story. The physical mechanism of action thesis — works wherever radiotherapy works — is accumulating clinical proof points systematically.

④ NANORAY-312 sponsorship transfer = J&J skin in the game Transfer of Phase 3 sponsorship completed in Q4 2025. J&J now owns and drives the pivotal trial. This is not a licensor-licensee relationship anymore — it is a co-development partnership with the world's largest pharma funding the pivotal read. Alignment is total.

⑤ Curadigm Nanoprimer: optionality the market isn't pricing 4 new patents, first in vivo combo data (therapeutic vaccines), CMC activities launched, multiple MTAs signed. This platform is essentially a free call option on a second major nanotechnology franchise. Revenue contribution is 3–5 years out but IP is being built now.

KEY 2026 CATALYSTS TO WATCH

Catalyst	Timing	Significance
CONVERGE (lung) Phase 1 data readout	Ongoing — first data Q1 2026 ✅	Validates second lead indication
NANORAY-312 Phase 3 enrollment update	2026	Critical path to NDA/MAA
Pancreatic / esophageal Phase 1 updates	2026	Continued label expansion narrative
Melanoma anti-PD1 resistant data	2026	Immunotherapy combination signal
HCRx second tranche ($21M)	~Dec 2026	Milestone-gated non-dilutive cash inflow
Curadigm external collaboration announcements	2026	Re-rating catalyst if pharma partner disclosed

FINANCIAL SNAPSHOT

Metric	FY2025	FY2024	Δ
Revenue & other income	€32.6M	-€7.2M	n/m
R&D expenses	€23.1M	€40.5M	-43%
SG&A	€20.4M	€20.5M	-1%
Net loss	€24.0M	€68.1M	-65%
EPS	-€0.50	-€1.44
Cash	€52.8M	€49.7M	+€3.1M

Burn rate now manageable. With NANORAY-312 costs off P&L, underlying cash consumption is dramatically lower.

RISK FACTORS TO MONITOR

NANORAY-312 timeline remains the single biggest variable — any delay from J&J side would defer milestone receipts
HCRx second tranche conditionality — the $21M is not guaranteed; conditions must be met
Regulatory re-classification (device → drug) in Europe accepted in Q3 2025 — a positive, but execution complexity remains

BOTTOM LINE

NBTX has successfully navigated from "speculative biotech" to "funded, multi-indication, J&J-partnered platform company" without diluting shareholders. The 2025 amendment was the defining strategic move — it transferred risk to J&J while preserving all milestone upside for NBTX. With cash through 2028, an active 2026 catalyst calendar, and a Curadigm platform that the market ignores entirely, the risk/reward for a long position remains asymmetrically favorable.

Maintain conviction. Watch NANORAY-312 enrollment pace as the primary lead indicator.

For professional investors only. Does not constitute investment advice.

WSJ : Big Drug Companies Hunting for Deals Are Lowering Their Sights

Big Drug Companies Hunting for Deals Are Lowering Their Sights

About three quarters of pharmaceutical deals so far this year have been between $1 billion and $10 billion

Big drugmakers are pursuing smaller acquisitions, typically under $10 billion, reflecting a more cautious approach to dealmaking.
Deals between $1 billion and $10 billion represent 76% of pharmaceutical transactions by value this year to date.
Companies like Eli Lilly and Biogen are making smaller deals to bolster pipelines and avoid risks associated with large acquisitions.

Big drugmakers on the deal hunt aren’t opening their wallets as wide as they used to.

The industry’s latest acquisitions, well below $10 billion, reflect a more tightfisted approach to dealmaking than previous periods, when big companies regularly spent tens of billions.

On Tuesday, Eli Lilly LLY 3.74%increase; green up pointing triangle agreed to buy sleep drugmaker Centessa Pharmaceuticals CNTA 44.02%increase; green up pointing triangle for an initial $6.3 billion, while Biogen BIIB -2.26%decrease; red down pointing triangle agreed to buy rare- and immune-disease drugmaker Apellis APLS 135.40%increase; green up pointing triangle for $5.6 billion upfront.

The deals are part of a run of small and midsize pharma acquisitions—a range that has become a sweet spot for companies seeking to bolster the work of their own labs or lineups.

“If you do a lot of these little bolt-on deals, you can kind of craft your own portfolio that could totally complement something that you have going on internally,” said Karen Anderson, director of healthcare equity research at Morningstar.

Deals between $1 billion and $10 billion have accounted for 76% of pharmaceutical transactions by value this year to date, up from 34% during the same period in 2025 and 42% in the first three months of 2024.

Dealmaking is a fundamental part of big drugmakers’ business. The companies have their own labs, but the difficulty and riskiness of drug discovery has sent companies looking for help outside their walls, too.

Their need to restock is high. Several companies face the loss of patent protection on top-selling medicines in the next several years, threatening the loss of tens of billions of dollars in sales apiece.

“M&A in biotech and biopharma is kind of the lifeblood of the way that the industry works,” said Evan Seigerman, head of healthcare research at BMO Capital Markets.

At the start of the year, industry officials and advisers predicted a robust year for dealmaking given the need, as well as a perception that the Trump administration wouldn’t stand in the way of large combinations.

So far this year, biotech and pharma companies have announced 365 acquisitions worth a combined $68.6 billion, according to LSEG.

Last week, Novartis agreed to buy allergy drugmaker Excellergy for up to $2 billion. Earlier, Novartis struck a deal to acquire a breast-cancer drug from Synnovation Therapeutics for $2 billion upfront, while Merck acquired the cancer biotech Terns Pharmaceuticals for $5.7 billion.

The volume of deals has picked up since a drop several years ago, analysts said. Yet so far there haven’t been the kind of big tie-ups seen in years past.

In 2023, for example, Pfizer paid $43 billion for cancer-drug biotech Seagen, while Amgen spent $27.8 billion on Horizon Therapeutics and its stable of rare-disease drugs.

This year, by contrast, Merck talked to cancer-drug biotech Revolution Medicines about a deal that could have reached around $30 billion, but The Wall Street Journal reported that the talks cooled.

“Looking in the area up to $15 billion is our sweet spot,” Merck CEO Robert Davis said during a February earnings call.

For companies, the smaller deals are less risky than huge outlays that can saddle acquirers with big debt loads. The acquirers can also more easily tuck in a smaller acquisition, avoiding the stomach aches that come with digesting a bigger organization.

“The idea of buying a running business has a lot of cons to it,” Lilly Chief Executive David Ricks said in an interview in January. “It is distracting. Often you’re just buying the problems of the thing that was there.”

To offset lower upfront payments, many smaller deals are coming with contingent payments, like contingent-value rights or milestones, that could eventually raise the value while protecting buyers from overpaying.

Lilly’s agreement with Centessa comes with an additional $1.5 billion in these incentive payments, while Apellis investors’ contingent right is worth up to $4 a share.

Lilly and Biogen arrived at similar deal sizes from significantly different places. Biogen ended 2025 with roughly $3.8 billion in cash and short-term investments—enough to anchor the Apellis deal, but well short of what a larger blockbuster acquisition would require.

Lilly, by contrast, is flush with cash from its blockbuster obesity and diabetes drugs and is choosing to stay focused on small deals.

“We’re not in a position where we need to buy revenue,” Ricks said in January. “We like buying things early, because you can add value to the program.”

The Centessa deal extends Lilly’s strategy of making modest, early-stage bets to diversify its pipeline beyond its obesity and diabetes franchises. The Apellis acquisition helps Biogen build out its portfolio of rare-disease and immune-disease drugs.

WSJ : Big Drug Companies Hunting for Deals Are Lowering Their Sights

Big Drug Companies Hunting for Deals Are Lowering Their Sights

About three quarters of pharmaceutical deals so far this year have been between $1 billion and $10 billion

Big drugmakers are pursuing smaller acquisitions, typically under $10 billion, reflecting a more cautious approach to dealmaking.

Deals between $1 billion and $10 billion represent 76% of pharmaceutical transactions by value this year to date.

Companies like Eli Lilly and Biogen are making smaller deals to bolster pipelines and avoid risks associated with large acquisitions.

Big drugmakers on the deal hunt aren’t opening their wallets as wide as they used to.

The industry’s latest acquisitions, well below $10 billion, reflect a more tightfisted approach to dealmaking than previous periods, when big companies regularly spent tens of billions.

The deals are part of a run of small and midsize pharma acquisitions—a range that has become a sweet spot for companies seeking to bolster the work of their own labs or lineups.