Nanobiotix SA
F:5NR
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Nanobiotix SA
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Nanobiotix SA
Nanobiotix is a French biotechnology company focused on cancer treatment. Its main product is a nanoparticle-based therapy that is designed to be injected into a tumor and activated by radiotherapy, with the goal of making radiation kill more cancer cells while limiting damage to healthy tissue. The company is still building this into an approved medical business rather than selling a broad range of medicines. Its main customers are not patients directly, but hospitals, cancer doctors, and larger pharmaceutical partners that help test, develop, or commercialize the therapy. Nanobiotix makes money through collaboration agreements, licensing deals, and development payments tied to its technology, rather than through large-scale drug sales. If the product reaches the market, future revenue would also come from sales or royalties tied to its cancer treatment platform. What makes Nanobiotix different is that it is more of a targeted technology developer than a traditional drugmaker. It sits at the intersection of nanomedicine and oncology, supplying a treatment approach that other companies or medical centers can pair with radiation therapy. That gives it a business model built around partnering, clinical development, and intellectual property rather than running a large commercial sales force.
Nanobiotix is a French biotechnology company focused on cancer treatment. Its main product is a nanoparticle-based therapy that is designed to be injected into a tumor and activated by radiotherapy, with the goal of making radiation kill more cancer cells while limiting damage to healthy tissue. The company is still building this into an approved medical business rather than selling a broad range of medicines.
Its main customers are not patients directly, but hospitals, cancer doctors, and larger pharmaceutical partners that help test, develop, or commercialize the therapy. Nanobiotix makes money through collaboration agreements, licensing deals, and development payments tied to its technology, rather than through large-scale drug sales. If the product reaches the market, future revenue would also come from sales or royalties tied to its cancer treatment platform.
What makes Nanobiotix different is that it is more of a targeted technology developer than a traditional drugmaker. It sits at the intersection of nanomedicine and oncology, supplying a treatment approach that other companies or medical centers can pair with radiation therapy. That gives it a business model built around partnering, clinical development, and intellectual property rather than running a large commercial sales force.
J&J partnership: Nanobiotix said the Johnson & Johnson collaboration kept advancing in 2025, with Phase III head and neck work continuing and a new Phase Ib head and neck study and lung cancer study broadening the opportunity set.
Lung data: Early CONVERGE data from the first 7 patients showed 5 of 7 responses, 100% disease control, no serious adverse events tied to treatment, and feasibility of injection in every patient, but management stressed it is still only a small safety lead-in.
Cash runway: The company said cash and cash equivalents were EUR 52.8 million at year-end 2025 and now expect funding into early 2028, assuming receipt of the remaining $21 million from Healthcare Royalty Partners in Q4 2026.
Financial profile: Full-year revenue was EUR 32.6 million, R&D expense fell to EUR 23.1 million, SG&A was EUR 20.4 million, and net loss improved to EUR 24 million, or EUR 0.50 per share.
Curadigm push: Nanobiotix continues to build its new Curadigm platform, filing 4 new patent applications, starting GMP manufacturing and pre-IND work, and signing more than 20 MTAs with pharma and biotech partners.
2026-27 catalysts: Management highlighted multiple upcoming clinical readouts, including the Phase III head and neck readout in the first half of 2027, the Phase II lung readout in early 2027, and additional trial data later this year and into 2026.
