Nanobiotix (NBTX) Company Report

Nanobiotix is developing nanophysics-based therapeutics, with its most advanced program, NBTXR3, focused on improving radiation therapy in oncology.
In July 2023, Nanobiotix partnered with J&J for NBTXR3, a deal valued at EUR 2.6 billion in milestones and royalties in the low teens to low twenties %.
J&J is currently running three NBTXR3 trials: two in head and neck cancer (including a Phase 3) and one in lung cancer. The Phase 3 trial for head and neck cancer expects an interim readout on the primary endpoint (PFS) in H1 2027, with success defined as improving PFS from nine months to 13 months.
Nanobiotix anticipates having sufficient cash until the beginning of 2028, with expected milestone payments and royalties from the J&J deal contributing hundreds of millions.

Nov 17, 2025, 3:00 PM

Transcript

Nanobiotix discusses NBTXR3 development, J&J partnership, and financial outlook

NBTX

New Projects/Investments

Guidance Update

Nanobiotix is developing nanophysics-based therapeutics, with its most advanced program, NBTXR3, currently in a Phase 3 study for head and neck cancer.
The company entered into a deal with J&J in July 2023 for NBTXR3, which includes $2.6 billion in milestones and royalties ranging from the low teens to low twenties percent.
J&J is managing three clinical trials for NBTXR3, including two in head and neck cancer and one in lung cancer. The interim readout for the primary endpoint (PFS) of the Phase 3 head and neck cancer trial is anticipated in H1 2027.
Nanobiotix expects to have sufficient cash to fund operations until early 2028, with future funding projected from J&J milestone payments and recurrent royalty revenue.
The company is also advancing other platforms, such as Curadigm, a nanoprimer technology designed to improve drug distribution by temporarily affecting liver capture.

Nov 17, 2025, 3:00 PM

Transcript

Nanobiotix Discusses J&J Partnership and NBTXR3 Clinical Development

NBTX

New Projects/Investments

Guidance Update

Nanobiotix has partnered with J&J for its lead oncology product, NBTXR3, a nanophysics-based therapeutic designed to enhance radiation therapy.
The deal, signed in July 2023, includes $2.6 billion in potential milestones and royalties ranging from the low teens to low twenties %.
J&J is currently running three clinical trials for NBTXR3: two in head and neck cancer (including a Phase 3 study) and one in lung cancer. The Phase 3 study for head and neck cancer is expected to have an interim readout on its primary endpoint (PFS) in H1 2027.
Nanobiotix anticipates receiving hundreds of millions from the J&J deal through milestone payments and royalties, and has sufficient cash to operate until the beginning of 2028.

Nov 17, 2025, 3:00 PM

Transcript

Nanobiotix Provides Update on NBTXR3 Development, J&J Partnership, and Financial Outlook

NBTX

New Projects/Investments

Guidance Update

Nanobiotix's lead product, NBTXR3, is a nanoparticle drug designed to enhance radiation therapy in solid tumors by absorbing X-ray energy directly within cancer cells, aiming to increase the dose in the tumor without affecting surrounding healthy tissue.
The company's partnership with Johnson & Johnson for NBTXR3 includes J&J taking over the sponsorship of the Nanoray 312 Phase III study in head and neck cancer, with an interim analysis now anticipated in H1 2027. J&J is also conducting a Phase II study in lung stage III cancer.
The potential market for NBTXR3 in head and neck cancer (EU-5 and North America) is estimated at 30,000 patients, expanding to 160,000 patients when including lung stage III and cisplatin-eligible head and neck populations.
Nanobiotix secured $71 million in royalty financing, which is expected to extend its financial runway into 2028.

Nov 10, 2025, 9:30 PM

Transcript

Nanobiotix Announces Royalty Monetization Agreement for Up to $71 Million

NBTX

New Projects/Investments

Guidance Update

Nanobiotix S.A. has entered into a strategic royalty monetization agreement with HealthCare Royalty (HCRx) to secure up to $71 million in non-dilutive capital.
The agreement provides an upfront payment of $50 million, with an additional $21 million expected one year post-closing, contingent on certain conditions.
This financing is projected to extend Nanobiotix's cash visibility into early 2028.
HCRx will receive a capped portion of milestones and royalties from sales of JNJ-1900 (NBTXR3), with a return cap of approximately $124 million (1.75x Multiple on Invested Capital) if repaid by the end of 2030, or approximately $178 million (2.50x MOIC) if repaid thereafter, assuming the full $71 million is funded.

Oct 31, 2025, 10:00 AM

6-K

Nanobiotix Updates JNJ-1900 (NBTXR3) Clinical Program

NBTX

New Projects/Investments

Guidance Update

Nanobiotix S.A. has completed the transfer of sponsorship and full operational control of the NANORAY-312 Phase 3 clinical trial for JNJ-1900 (NBTXR3) to Johnson & Johnson, a process initiated in 3Q2024.
Following this transfer, Nanobiotix estimates that interim data for NANORAY-312 will be analyzed and reported in the first half of 2027.
Future guidance for JNJ-1900 (NBTXR3)-related studies sponsored by J&J will be communicated by J&J, while Nanobiotix will continue to provide updates for its own and The University of Texas MD Anderson Cancer Center-sponsored studies.

Oct 24, 2025, 10:30 AM

6-K

Nanobiotix Announces First Data from Phase 1 Study of JNJ-1900 (NBTXR3) for Esophageal Cancer

NBTX

New Projects/Investments

Product Launch

Nanobiotix announced first data from a Phase 1 study evaluating JNJ-1900 (NBTXR3) for patients with locally advanced adenocarcinoma of the esophagus on October 1, 2025.
The treatment was well-tolerated, and injection feasibility was confirmed in 13 patients.
Key efficacy signals included an 85% disease control rate and a 69% objective response rate, with 6 complete responses and 3 partial responses.
Recruitment of 17 additional patients for the study is ongoing as planned.

Oct 1, 2025, 8:15 PM

6-K

Nanobiotix Reports Improved H1 2025 Financials Driven by Amended Janssen Agreement and Clinical Progress

NBTX

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Nanobiotix reported a significant increase in revenue and other income to €26.6 million for the first half of 2025, up from €9.3 million in H1 2024, primarily driven by a €21.2 million one-off positive impact from an amendment to the Janssen Agreement. The company achieved an operating income of €0.8 million for H1 2025, a substantial improvement from a €23.7 million operating loss in H1 2024, and reduced its net loss to €5.4 million from €21.9 million in the prior year.
In March 2025, Nanobiotix and Janssen Pharmaceutica NV (J&J) amended their License Agreement, transferring almost full financial responsibility for the ongoing Phase 3 NANORAY-312 trial to J&J and adjusting total expected payments from $2.7 billion to $2.6 billion.
As of June 30, 2025, Nanobiotix held €28.8 million in cash and cash equivalents and projects it can finance its activities into mid-2026. Net cash flows used in operating activities for the six-month period ended June 30, 2025, increased to €(17.4) million compared to €(5.8) million in the same period of 2024, mainly due to lower cash inflows from Janssen.
The company advanced its JNJ-1900 (NBTXR3) clinical program, with J&J dosing the first patient in the CONVERGE randomized global Phase 2 trial for NSCLC in Q1 2025. Additionally, Phase 1 results for recurrent NSCLC showed promising early efficacy signals with a 12-month LPFS of 64% and 12-month OS of 83%, while full Phase 1 data for pancreatic cancer demonstrated a median overall survival of 23.0 months and CA19-9 normalization in 59% of patients.

Sep 30, 2025, 8:19 PM

6-K

Nanobiotix S.A. Reports Half Year 2025 Financial Results and Business Update

NBTX

Earnings

Guidance Update

Nanobiotix S.A. reported half year 2025 revenue and other income of €26.6 million, a significant increase from €9.3 million in the prior year, primarily due to a €21.2 million positive non-cash revenue impact from an amendment to the J&J agreement, which also contributed to a reduced net loss of €5.4 million for the period ended June 30, 2025.
As of June 30, 2025, cash and cash equivalents stood at €28.8 million. An amendment to the J&J global licensing agreement has extended the company's cash visibility to mid-2026.
However, Nanobiotix anticipates its current cash will be insufficient to fund operations over the next twelve months, leading to a material uncertainty regarding its ability to continue as a going concern, although it is actively discussing non-dilutive financing.
Operationally, the company achieved milestones including the first patient dosed in the J&J-sponsored CONVERGE study for JNJ-1900 (NBTXR3) in NSCLC and the regulatory reclassification of JNJ-1900 (NBTXR3) from a medical device to a drug in major European countries.

Sep 30, 2025, 8:15 PM

6-K

Nanobiotix Announces Updated Phase 1 Results for JNJ-1900 (NBTXR3)

NBTX

New Projects/Investments

Nanobiotix announced updated Phase 1 results for JNJ-1900 (NBTXR3) in combination with anti-PD-1 for recurrent/metastatic head and neck squamous cell carcinoma (R/M-HNSCC) on September 29, 2025.
The treatment demonstrated a well-tolerated safety profile and consistent injection feasibility in 103 heavily pre-treated patients.
Efficacy signals included a 63% Disease Control Rate (DCR) and 37% Objective Response Rate (ORR) in evaluable anti-PD-1 naive patients, and a 74% DCR and 32% ORR in evaluable anti-PD-1 resistant patients.
Median Overall Survival (mOS) was 15.5 months in evaluable anti-PD-1 naive patients and 11.4 months in evaluable anti-PD-1 resistant patients.
Investigators concluded that these promising results warrant further exploration in randomized controlled trials.