Operator
Good day, and thank you for standing by. Welcome to the Nanobiotix License Agreement with Janssen Pharmaceutica NV, one of Janssen Pharmaceutical Companies of J&J for the corporate -- for the co-development and commercialization of NBTXR3 conference call. A slide presentation accompanying this call can be found on the Investors section of the company's website at www.nanobiotix.com. [Operator Instructions] After the speaker's presentation, there will be a question-and-answer session. Please be advised that today's conference is being recorded. At this point, I'll turn the call over to Craig West, Senior Vice President of Investor Relations of Nanobiotix.
Craig West
Thank you, Melissa. Good afternoon and good morning, everyone, and welcome to the Nanobiotix conference call to discuss our worldwide agreement with Janssen for the co-development and commercialization of our potentially first-in-class radioenhancer NBTXR3. By Janssen, we mean Janssen Pharmaceutica NV, one of the Janssen Pharmaceutical Companies of Johnson & Johnson. Slides for today's call can be found on the Investors section of Nanobiotix's website. Joining me on the call today are Laurent Levy, Co-Founder and Co-Chief Executive Officer; and Bart Van Rhijn, Chief Financial Officer. As a reminder, today's call is being webcast and will be available on our website for replay.
I would like to remind you that this call will include forward-looking statements, which may include statements regarding the progress, success and timing of our ongoing and planned clinical trials, collaborations, regulatory filings, dates of presentation and future research and development efforts amongst other things. These forward-looking statements are based on current information, assumptions, and expectations that are subject to change. They are subject to significant risks and uncertainties that could cause the company's actual results to differ materially from our current expectations.
Accordingly, you are cautioned not to place undue reliance on forward-looking statements. Please review the full description of risk factors that can be found in the documents we filed with the AMF in France and the SEC in the United States, including the URD and 20-F, both of which are available on the Investor Relations section of our website, along with the press release issued this morning. In addition, any forward-looking statements represent our views only as of today and should not be relied upon as representing our views of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, Nanobiotix undertakes no obligation to update them to reflect subsequent events or future circumstances. With that said, I'd like to turn the call over to Laurent. Please go ahead.
Laurent Levy
Thank you, Craig, and thank you, everyone, for joining this call. We are very happy to welcome you here to share this very good news with you and tell you why we are so excited about this deal. This is an important step for Nanobiotix [indiscernible] fulfilled several of our goals, starting with the possibility to develop our product and to develop it in a way that it could benefit multiple patient populations across multiple indications. What was important for us also in it is to make sure that we could leverage strength of both parties, not only the strength of Janssen, but also the strength of Nanobiotix. And that Nanobiotix could continue to play an important role in the development of this product and the value creation.
Talking about value, we think we've been able, through this deal, to preserve terms and the ability to generate long-term value for our shareholders. And for a more short term, near term, we think that the financial, presenting this deal, will put Nanobiotix in a much better situation from a financial perspective and cash visibility. So let's go into some detail of this deal and what it is about.
So Nanobiotix and Janssen will collaborate on advancing NBTXR3 across oncology indication. And we're going to start with our head and neck program, where you know we have an ongoing global Phase III, and Janssen will start developing in lung cancer and potentially later, we will deploy this product into other indications. Broadly, this agreement and this collaboration is designed to broaden the potential of NBTXR3 and to bring it as fast as possible to patients. When we look at the full strengths of each organization, we will see that Nanobiotix will contribute being focused on the development, the manufacturing and will serve as an innovation engine whereas Janssen will contribute with substantial development support, regulatory and commercial capabilities.
Looking at the overall metrics of this deal, you may notice that we have a $1.8 billion plus in terms of milestone payments that include development, regulatory and sales milestones. There is also a short cash linked to this deal that we'll come back to that in the financial presentation. So beyond the milestone, Nanobiotix will be eligible for sheer double-digit sales royalty. Next slide, please.
Before moving forward in giving more details about this deal, I would like to remind to the people that are new on this call, what is NBTXR3. So this product has been designed to potentially fulfill needs shared by millions of patients which are the patients that get radiation therapy. As you know, more than 60% of all cancer patients will receive radiation therapy during their treatment. And we have developed one single solution that is a treatment that you inject directly into the tumor. It is done as a single treatment and easily integrated in the medical practice and so far have been shown well tolerated with consistent activity across a broad number of applications. So we're talking this year about NBTXR3, which is a first-in-class radioenhancer with a mode of action that it is Physics-based. Physics based, meaning that has this mode of action does not depend on some molecular biology target, that's something that could be broadly applicable across a wide range of solid tumors.
And we've been showing and will continue to show potential synergy with IO, chemo and other kind of drugs. Interestingly, we already have been demonstrating human proof of concept with this product in soft tissues sarcoma, randomized Phase III, where we have shown by the addition of our product superiority versus standard of care. Now our priority indication as Nanobiotix is going forward with head and neck cancer treatment. And as you know, we have been a fast track for that and potential accelerated approval that we expect, assuming the data are positive, to be led by the next key milestone we wait for the head and neck study, which is the interim efficacy readout that we expect in H2 '24. Assuming that those data are positive, then we may be eligible for an accelerated approval for FDA. Next slide, please.
As I was mentioning, this product is a physical-based mode of action, and therefore, it's something that is tumor agnostic and potentially combination agnostic. You see here in this simple picture, the different cancer or different clinical trial we have been running or are ongoing. And then you can start seeing why this product could have such a broad applicability. And when you look at the data we've been generating so far on all this indication, we all have been showing positive outcome. And that's why we think this collaboration could help to reach a good number of patients in different indications in the near and long-term future. Next slide, please.
So what do the partner bring into this collaboration. From Nanobiotix perspective, we've been pioneering for the past 20 years, nanophysics for health care. And we bring this unique expertise not only in radioenhancer, but also in all understanding on how you bring Nano technology into the biological world to provide treatment for patients. We have a product with potential near-term commercial and we have also shown the key element of the drug with some specific thing around the IT injection and have been starting implementing supply strategy for this product. What we've been working on for the past 20 years also brought us some expertise in innovative development on how to combine this specific product in a broad number of indications, including IO combination.
And to finish and which is not the less important thing, it's all the know-how we've been developing around the manufacturing of such a product. As you know, manufacturing is often complex in the biotech world. And for nanotechnology and crystalline inorganic nanoparticle, we have been able to develop such a very specific manufacturing process that allow us today to manufacture product for clinical and hopefully soon for first market in head and neck and beyond. As Janssen is concerned, we all know that it is one of the leader in Oncology, and they have a global reach, which is very important to us, both from a development but also from a commercial perspective and those 2 big things, clinical and regulatory expertise, commercial scale and capabilities will be critical in this collaboration and critical for the success of NBTXR3.
And it is also one of the rare company in this world that can combine pharmaceutical and medical technology at the same time. So all those things, from our perspective, make us think that this is a perfect partner for Nanobiotix and for NBTXR3. Next slide, please. Let's not precise how this collaboration is going to start and what will be the respective roles of the partner. As I did mention, Nanobiotix will continue the execution of the ongoing Phase III in head and neck cancer, named NANORAY-312. And we also continue to execute the 1100 trial, which is our IO combination trial with radiation, nano and checkpoint inhibitor.
We'll continue working with MD Anderson, where as you know, they have been starting a number of clinical studies, including pancreatic cancer, esophageal cancer, non-small cell and head and neck cancer. And as I mentioned during one of the previous calls, MD Anderson is starting to planning for more trial. There will be also a potential for pursuing additional development and indication, but this will be discussed obviously at the Joint Steering Committee during this collaboration. Nanobiotix will be also responsible for manufacturing NBTXR3 for near-term clinical and commercial supply. And of course, our partnership with LianBio for China and a few other countries around will continue to exist, and we continue to amplify and how we'll be [ tried ] to develop this product across the world.
On the Janssen's side, they're going to initiate a late-stage lung cancer development, starting with the establishment into a Phase II trial with the idea to establish a proof of concept in lung cancer patients, Stage III, similarly a population that we could imagine being close to the PACIFIC trial population. And assuming that this trial is positive, they may start to pivotal trial in the lung cancer arena. There will be, of course, potential for other indications, but that's something we will discuss or disclose at a later stage. And obviously, they will play a [ seminal ] role in all the regulatory and commercialization, development, regulatory capabilities and global commercialization as they will have the responsibility for the global commercialization of this product outside the LianBio territory. Next slide, please.
This slide is summarizing the multiple potential value inflection points that we expect in the 12, 24 months, knowing that this image just represents what has been shown to the market [indiscernible] this deal, so exclude additional development that this collaboration will bring on the table. But for now, as you know, our NANORAY-312 clinical trial, the global Phase III in head and neck is moving in the right direction, and we expect to get to futility analysis, H1 and second part of the year, the interim analysis. We should be able to present soon, before the end of the year, obviously, all the final data coming from the Study 102. And from our perspective, the 102 study will be very important and the final data to start looking at how the Phase III could look like.
So we will pay a particular attention when these data are available to disclose them to the market and to make sure that everyone understand what is at stake here? As you know, we also have our other program in head and neck, which is the combination of radiation, nano and anti-PD-1 molecule. Here, we're moving well right now in the expansion part of the trial, and we expect to start presenting data either before the end of the year or H1 next year.
And as far as MD Anderson is concerned, we're waiting to get the RP2D in the non-small cell lung cancer trial. We expect to show the first data in pancreatic cancer trial during one of the conferences that is coming in the coming months and for next year to start showing data in esophageal cancer. So as I did mention at the beginning of this slide, this is the Nanobiotix's [indiscernible] program, and that excludes what Janssen will have in the development. And I'm sure we have time and many occasions to talk to you about what would be the other level and other milestone importance that will be part of this collaboration. Now I will suggest that we move to the financial part of this deal. And for that, I will give the mic to Bart.
Bart Van Rhijn
Thank you, Laurent. Good morning, and good afternoon, everyone. As we move on to the next slide, I'm pleased to describe how this agreement provides Nanobiotix with substantial near long-term value. In the near term, the company will receive $30 million in cash and is eligible to receive up to $30 million in in-kind support for our pivotal NANORAY-312 study in head and neck cancer. There is up to $30 million in equity as well, and I'll describe that in subsequent slides. Thus, the near-term support plus equity total up to $90 million. The next and largest element of value shown here is the development of regulatory milestones related to work around the 2 nearest-term indications, those of head and neck and lung cancers as well as sales milestones, which are of course not indication-specific. In total, the success-based payments account for up to $1.8 billion indicating the very substantial level of return that Nanobiotix will enjoy if all these events occur.
The next 2 elements of return to Nanobiotix are payments for the achievement of development and regulatory milestones by Janssen in its additional indications and those resulting from indications that Nanobiotix can pursue development of with approval from the Joint Strategy Committee. The Janssen lead indications may result in up to $650 million in total from regulatory and development milestone payments to Nanobiotix. And as noted here, the $220 million is on a per indication basis for Nanobiotix lead indications it develops. The final element of value that can accrue to Nanobiotix is the royalties that the company will enjoy on all net sales of NBTXR3. Our level of these royalties is tiered and the percentages range from the low 10s to low 20s. Next slide, please.
I want to drill down on the near-term support to show how the agreement has a substantial beneficial impact on our near-term finances. As noted above, this starts with $30 million in cash Nanobiotix will receive upon the agreement becoming effective post HSR clearance. In addition, the agreement provides for the purchase of equity by Johnson & Johnson Innovation or JJDC in 2 tranches. The first is in process and may occur subject to the satisfaction of HSR clearance and acceptance by the general assembly. The second tranche is expected to occur in the future at the time of Nanobiotix's election. I'll talk more about this in a moment. The third element of near-term support is the in-kind support at Janssen can elect to provide to aid in execution of NANORAY-312 pivotal study in head and neck cancer. The time line for this elemental support could begin in 2023 and extend beyond 2024.
And finally, there are certain unspecified milestones that we believe we will be able to achieve in the near term that will also add to this list of events that we believe will provide Nanobiotix with improved financial visibility. The press release notes that are specifying a cash runway of Q1 2024. This expectation excludes any near-term development milestones, potential use of our equity line and the proceeds from the second equity tranche, which I'll discuss more on the next slide, while it takes into account adherence to the EIB cash covenant. Next slide.
JJDC or Johnson & Johnson Innovation is to become a strategic investor of Nanobiotix. Of the total expected investment of up to $30 million, the initial tranche was set in motion by the signing of the agreement and subject to the conditions I just noted. This will result in a purchase of up to $5 million of newly created ADS shares so that the price to be determined according to the terms of the agreement and subject to shareholder agreement. As illustrated in this morning's press release, the dilutive impact from these new shares would be 0.97%, if issued at a price of $5.21 per ADS, the 20-day VWAP. After the transaction, JJDC would own 2.65% of the company's outstanding shares. The second tranche is expected to be an investment of up to $25 million from JJDC that will have to be paired with investments from other parties such that the minimum size of the total raise will be at least $50 million. The other parties are expected to be investors, such as healthcare or biotech-focused investors.
The second tranche is subject to certain conditions and is expected to be initiated by Nanobiotix at a time in the future at the then prevailing price. We will, of course, have more to say about this at the appropriate time. I'd now like to turn the call back to Laurent. Laurent?
Laurent Levy
Thank you, Bart. So let's move to the next slide, please. So before opening the station of question, I just want to remind how happy we are. And also welcome our new partner, Janssen, in this big development of NBTXR3 with the goal to try to help as many patients as we can, which is the global goal for Nanobiotix since many years. We think also, to this deal, we will bring our potential excellent value for our stakeholders. And the Nano team will continue to be involved in the value creation and the development of NBTXR3. Altogether, we think that's a very good deal for Nano and for every stakeholder of Nanobiotix and think with that, it will be easier and faster to reach our goal that keeps increasing over time. So the key messages we would like you to retain is this will help us really to advance the development of NBTXR3 across oncology indications, starting with head and neck development and lung cancer. The metrics of this deal makes this deal a good deal with the $1.8 billion and the additional potential payment of $650 million and $220 million per new indication run by Nanobiotix.
Not only we will bring potentially a good value for shareholders, but will bring near-term and medium-term financial visibility for Nanobiotix. In this deal, we will really leverage the strengths of each organization, and we think we found a perfect match in that regard. And to finish with, with the addition of new development in lung cancer and potentially beyond, we'll have multiple potential value inflection points within the next 12 to 24 months, and we think that we will be just at the beginning of a new story for Nanobiotix. So thank you for having listened to this presentation, and now we'll be happy to take questions. Operator?
Operator
[Operator Instructions] Our first question comes from the line of [indiscernible].
Unknown Analyst
Tim, congrats on this awesome deal with Janssen. I have a couple. So let me just start off with the first one and then go on to the others. Maybe first of all, on the process, can you give some more context on how competitive it was? And especially, what can you tell us about the last few months since your previous disclosure of the nonbinding term sheet, how did it all go about?
Laurent Levy
Thank you, [ Suzanne ]. So we can't say more about the process. Those are not public information, but I can tell you how we move forward in that and what has been the key points in order to select our partner. As I did mention at the beginning of the presentation, there were some prerequisites or things we wanted to guarantee including the possibility for Nanobiotix to continue to play a role in the value creation. Two, to find a partner that will have the global reach necessary and the muscles and the brain necessary to help us to develop this product across the Oncology indication.
Point number 3 was about making sure that we keep good metrics, a good part of the value of what will be generated with NBTXR3 for shareholders. And finally, that this deal could cover our medium-term financial needs. So those were the prerequisites we had in mind when we started looking at a partner plus to find a partner that we think have a shared culture with us and could really make a good fit with our company. Now for the last 2 months since we have announced that the agreement from the nonbinding term sheet, I can tell you, we've been working heavily to make sure whether we can complete the deal as fast as possible. There has been an intense negotiation but a fair negotiation, and we are really happy about the outcome.
Now if you have some specific questions about that, I may be able to answer if it's not too sensitive.
Unknown Analyst
Got it. No, that's already very helpful. Maybe then regarding the deal terms, especially the $1.8 billion in milestones. That's a big number. So can you give a sense on how it's spread between development, regulatory and sales or perhaps how much it relates to head and neck versus lung cancer?
Laurent Levy
Well, it's hard to go into detail. That's not something we're willing to give at the moment. What we can say is on the top of the $1.8 billion that includes all those milestones, meaning development, regulatory and commercial milestones, that's for the initial program. And for the $650 million, which could be achievable for other indications, this will be exclusively regulatory and development milestone, but we are not intended to give detail on the $1.8 billion so far.
Unknown Analyst
Got it. All right. No, that's already helpful for the $650 million. And maybe 2 last ones -- 2 small last ones on my side. First of all, on the lung cancer opportunity, maybe it's implied by the targeted population, but will the proof of concept study be testing NBTXR3 in combination with immune checkpoint inhibition or not? And how do you look at the size of that opportunity in comparison to head and neck? And then lastly is on the initial Phase III plans for the combination therapy in head and neck cancer, what are your plans now? What should we expect basically on that front?
Laurent Levy
So for the lung cancer, I think in due time, we will disclose the detail of this clinical trial. As far as the opportunity is concerned, we all know that lung Stage III cancer is a much broader population that have locally advanced, frail elderly patients in head and neck. But we will not disclose them all at this stage. And I'm sure that our partner, when starting this trial, we'll start explaining how we're going to move forward in this specific indication.
Now for the IO trial, the -- based on the 1100 ongoing clinical trial, so just to remind to the audience here, we're talking here about many patients that have received a PD-1, so that a neck cancer patient being metastatic that have received PD-1 and that are resistant to PD-1, and that's the [ core 1 ] of our Phase I/II trial, which is ongoing. And here, we try to reverse or overcome the resistance to PD-1 for this patient. There is a second cohort in this trial, we take the same percent population but the naive to PD-1 treatment. And the third cohort of that is about patient having either lung met or liver met coming from any primary tumor, which is more an exploratory cohort.
So those data will continue to inform our best way forward to see how we could move into further development on some pivotal trial. We're not going to give detail about how this is going to move forward, knowing that the next step for this will be to give an update on this trial. As I did mention, the expansion part of the trial has been doing well. So we intend to give more info to the market. And with our new partner, we will see if and when we can move forward in this kind of application, combination with PD-1.
Unknown Analyst
Got it. And maybe just a last follow-up from my side, and then I'll back in the queue. For this combination setting, would -- is that already currently in the scope of the agreement? Or would that count as a new indication?
Laurent Levy
So the scope of the agreement is NBTXR3 for all indications, both from co-development and commercialization perspective, excluding the LianBio territory. So combination in IO or in other -- with other molecules is part of this agreement. But the population we are targeting with the 1100 is obviously different from the one we are targeting in Stage III lung cancer. But over time, we will give you more details about the program and how they are going to move forward.
Operator
Our next question comes from the line of RK with H.C. Wainwright.
Swayampakula Ramakanth
Thank you. Congratulations, Laurent. I know you worked hard to get to this point. There are a few questions that I have. The first one, starting off from where you left off in the last question. So on the IO combination study, the data that we are expecting before the end of this year, is there a milestone payment associated with that, which is part of that $1.8 billion?
Laurent Levy
Thank you, RK and thank you for asking, but that's not something I can answer.
Swayampakula Ramakanth
All right. Let's try the next one. On the -- I also read that you will be supporting manufacturing for the commercialization of the drug. So again, going back to the $1.8 billion, does that include the manufacturing cost or is that a separate revenue stream?
Laurent Levy
So we did not give that many details in the press release about manufacturing. Just for you to know, if you look at our previous disclosure that the current manufacturing line that Nanobiotix have would be okay to deliver for clinical trial and for early markets. It will be too small at some point to go beyond head and neck and maybe a few other indications. So at some point, assuming things are going in the right direction, and we continue to develop in many indications, then there will be a need for building something bigger in parallel to the existing facility. And at the time, the manufacturing is not our principal source of revenue. When we look at the sales milestone or the royalties, those are purely based on development, regulatory and sales milestones are the royalties we will get when the product is on the market.
Swayampakula Ramakanth
Perfect. And then that obviously NBTXR3 kind of spoken for with this deal with J&J or Janssen. So do you -- should we expect you trying to expand the pipeline beyond the current molecule?
Laurent Levy
You mean beyond NBTXR3?
Swayampakula Ramakanth
Yes.
Laurent Levy
Okay. Well, I did mention at the beginning of the presentation that we've been developing for the past 2 decades NBTXR3, but also building a strong know-how in nanophysics and nanomedicine. If you look at our patent portfolio, you will see that we have 2 other platforms, one for the CNS disorder broadly and another one that could help us to bring drug in a different stage at a different level when injected into the body. So certainly, those 2 platforms will play a key role in the future of Nano. But I think, first, we need to make sure that this collaboration is a success and that we push as fast and as strong as we can and the success of NBTXR3. But for sure, we will start informing the market over time about our future plan for the next platform.
Swayampakula Ramakanth
Perfect. So one last question from me. So the equity line that you currently have with EIB, what amount is still available for you?
Laurent Levy
Bart, do you want to take that one?
Bart Van Rhijn
Yes, happy to. Hi, RK, thank you for the question. The equity line is with Kepler Cheuvreux until May of 2024 and there is boundaries around the monthly volume that can be entertained. We will not go into detail, but certainly, that can be leveraged. That said, we're very pleased with the second tranche that JJDC included that can be leveraged for a future qualified financing event.
Laurent Levy
To your point, just one precision. So far, we did not touch the equity line.
Operator
Our next question comes from the line of Colin Bristow with UBS.
Unknown Analyst
This is [indiscernible] for Colin. Congrats on the deal. So I guess my first question is could you please elaborate a little bit more on your strategy of the cash allocation and what will be your focus in terms of the pipeline development, for example, the NANORAY-312 trial? And also, we noticed like the current cash runway based on the upfront and the first tranche of the active investment is expected to the first Q 2024. So just wondering, because NANORAY-312 trial will have futility data in the first half of next year and I think the Interim in the second half. So just wondering what are your thoughts here, how confident that you think from the financial wise, it is definitely sufficient to cover all of these important readouts. And the next -- my last question is also about NANORAY-312 trial. So just wondering what is the progress of the protocol manner and patient recruitment? And yes, just like some thoughts on that. Thank you so much.
Laurent Levy
So maybe I can start by the end, and Bart, I can leave you to mic for the capital allocation and how we're going to manage our near-term, medium-term financial for the company.
So the NANORAY-312 is progressing well. We maintain the guidance we gave to market in terms of interim readout, which is planned for second half of next year. I think what will be critical, as I did mention, is to look at the final data that's going to be communicated from the Phase I/II and this final data will be communicated during one of the next coming medical conferences. This will help us to understand what we should expect from the 312. It's not a direct readout, but at least could give us some hint and give us also some hints about how we should expect the timing for this interim readout.
So for the capital allocation, we continue to finance our priority program, nothing more at the moment. And I'll leave to Bart answering the details about how we're going to manage the cash needed over the next 12, 24 months.
Bart Van Rhijn
Yes. Thank you, Laurent. Yes, we cannot provide more specificity on the milestones and the timing thereof, but we feel very confident that we will be removing the financing overhang in the not-too-distant future. As indicated, the second tranche is not included in that outlook. And we have the EIB financing covenant that doesn't allow us to provide financial visibility beyond Q1. But based on what we have in the pipeline, we are confident that, that will be resolved in the not-too-distant future, but we will not go into detail how exactly whether that is milestones, leveraging JJDC as an anchor investor in the second tranche or a combination of...
Operator
[Operator Instructions] Our next question comes from the line of Lucy Codrington with Jefferies.
Lucy-Emma Codrington-Bartlett
So just a few left. Just firstly, how will you go about deciding the indications that you will develop versus those that J&J will develop? And I guess, was it J&J's choice that lung cancer should be their priority to develop over potentially some of the other indications where we've seen some potentially exciting possibilities? And then just on that then, I guess, this has already tried to ask beforehand but just trying to get an idea of J&J's enthusiasm for the IO combination. They don't, as far as I'm aware, have a PD-1 on the market.
So is this something that is a priority for them? It seems and maybe I'm reading too much into it, you're maybe backing away from the potentially pivotal IO combination trials starting with the -- or getting a clarity on that in the third quarter with the arrival of your new CMO? Am I reading too much into it, I guess, is the question. And then finally, just on the cash runway, just to make sure and I apologize if I missed this, but does the -- does that 1Q '24 runway exclude the discretionary $30 million to support the NANORAY trial that's included in part of this deal? Thank you.
Laurent Levy
Yes, it doesn't exclude this $30 million in current contribution. Now for the different questions you have before. So we're not backing up from the IO program. I can't talk for our partner about their plan in IO and the other molecule. I think right now we are continuing the development of the 1100. And based on what would be the readout, we will see how we move forward in the IO combination at a later stage. But now if we go back to the lung cancer, I think, as you know, lung cancer does many unmet medical needs here. Obviously, when you look at the metastatic patients refractory to PD-1, which is just a topic we've been talking about, they're here a big unmet medical need, but there's still also a big unmet medical need in the locally advanced lung cancer patients like Stage III cancer patients that are inoperable.
So when you look at sort of the data that have been generated in the past, for example, in the PACIFIC trial and you look at the rate of local control they get after the radio/chemo, or the local control they get after the radio/chemo plus the anti-PD-1, then you see that it's not big. It's not really big. Of course, it does provide benefit to patients, but not all the patients, far from it. So we may think here that having a stronger local control, as it is the primary end of our product could play a significant role here. But it does not exclude in the near future to also potentially move into some higher combination and with or without a molecule that our partner may have, which will be their decision at some point. So that's something we will develop and discuss in the near future.
Now for the -- and I think the choice beyond learned is obviously that radiation is a big tool to treat lung cancer patients and basically lung cancer patients, not all lung cancer patients get benefit out of it. So there is plenty of room to play from local to systemic in general, in lung cancer when you think about radiation therapy and NBTXR3. Now I did mention in the course of the presentation that it will be a Joint Strategic Committee or Joint Steering Committee, where a decision will be taken. So when moving into potential new indications that will go through this order and then we will decide if and when we go to a new indication, and who should be responsible for such developments or such indication.
Operator
Ladies and gentlemen, that concludes our question and answer session. I'll turn the floor back to Dr. Levy for any final comments.
Laurent Levy
Thank you. So again, everyone, very happy to share this very good news with you and happy to see you so interested in this call. On that note, I'm going to thank everyone, and we will make sure we have many occasions before the end of the year to come back to you and to discuss not only further development about this collaboration, but obviously, some of the new data that will be generated with our lead product, NBTXR3. And again, I would like to welcome our new partner, Janssen, in this big adventure. And thank you all for your support and let's stay tuned and we'll be in touch very soon. Thank you very much.
Operator
Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.
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