Nanobiotix S.A.

What they do

Nanobiotix develops NBTXR3, an injectable nanoparticle designed to increase the effectiveness of radiotherapy. The company is conducting clinical trials across multiple cancer types, including head and neck, prostate, pancreatic, and esophageal cancers. It has partnership agreements with Janssen Pharmaceutica NV and MD Anderson Cancer Center. It also signed a royalty financing agreement in October 2025.

Revenue drivers

• Licensing and collaboration arrangements — Nanobiotix has license and collaboration agreements with Janssen Pharmaceutica NV (signed July 7, 2023) and MD Anderson Cancer Center for NBTXR3. Revenue historically included payments from a licensing agreement with LianBio (terminated December 22, 2023). No product sales revenue is currently generated.
• Royalty financing — On October 30, 2025, Nanobiotix entered a royalty financing agreement, potentially monetizing future royalties on NBTXR3 sales from the Janssen collaboration. No royalty revenue has been recorded to date.
• Government grants and other income — The company may receive research grants or other subsidies, but these are not a significant ongoing revenue source based on the filing excerpts.

Recent performance

Nanobiotix is a clinical-stage company with no approved products and no product revenue. For full year 2025, the company reported a net loss of €28.8 million (per XBRL context). For 2024, net loss was €47.2 million, and for 2023, net loss was €55.5 million. The company recognized revenue from collaboration agreements, but specific revenue figures are not provided in the excerpts.

Strategy

Nanobiotix is focused on advancing NBTXR3 through clinical trials, including the A1100 study in head and neck cancer. It entered a license and collaboration agreement with Janssen Pharmaceutica NV in July 2023 for the development and commercialization of NBTXR3, with potential milestones and royalties. In October 2025, it secured a royalty financing agreement to fund operations. The company also has an agreement with MD Anderson Cancer Center for clinical research. It continues to manage costs while investing in clinical development.

Risks

• Clinical development risk — NBTXR3 is still in clinical trials and may fail to demonstrate sufficient efficacy or safety, delaying or preventing regulatory approval and commercialization.
• Dependence on partners — The Janssen collaboration is critical for development and commercialization of NBTXR3; if Janssen terminates or does not perform, Nanobiotix's prospects would be materially harmed.
• Funding and liquidity risk — The company has incurred significant losses and will require additional capital to fund operations, which may not be available on favorable terms.
• Regulatory and reimbursement risk — Even if approved, NBTXR3 may not receive adequate reimbursement from payors, limiting its commercial potential.

Outlook

Management's stated focus is on executing clinical trials for NBTXR3 and advancing the Janssen collaboration. The royalty financing agreement signed in October 2025 provides capital to support these activities. However, no product revenue is expected until regulatory approvals and commercial launches occur, which are subject to significant uncertainties.