Nanobiotix S.A. (NBTX): Business Model Canvas

In der hochmodernen Welt der Nanomedizin entwickelt sich Nanobiotix S.A. (NBTX) zu einer revolutionären Kraft, die die Krebsbehandlung durch bahnbrechende Nanopartikel-Strahlentherapietechnologien verändert. Durch die Nutzung anspruchsvoller wissenschaftlicher Innovationen und Präzisionstechnik definiert dieses Pionierunternehmen die Art und Weise, wie wir die gezielte Zerstörung von Krebszellen angehen, neu und bietet Hoffnung auf wirksamere und minimalinvasivere Therapiestrategien, die möglicherweise die Paradigmen der onkologischen Behandlung revolutionieren könnten.

Nanobiotix S.A. (NBTX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit pharmazeutischen Forschungseinrichtungen

Nanobiotix hat wichtige Partnerschaften mit folgenden Forschungseinrichtungen aufgebaut:

Institution	Partnerschaftsfokus	Gründungsjahr
MD Anderson Krebszentrum	Klinische Forschung NBTX-068	2022
Memorial Sloan Kettering Krebszentrum	Nanomedizinische Onkologiestudien	2021

Akademische medizinische Zentren für Partnerschaften bei klinischen Studien

Zu den Kooperationen bei klinischen Studien gehören:

• Southwestern Medical Center der University of Texas
• Harvard Medical School
• Medizinisches Zentrum der Stanford University

Lizenzvereinbarungen mit Entwicklern von Krebsbehandlungstechnologien

Technologiepartner	Vereinbarungstyp	Finanzielle Bedingungen
PharmaEngine Inc.	NBTX-068-Lizenzierung	12,5 Millionen US-Dollar Vorauszahlung
Onxeo SA	Zusammenarbeit auf der Nanomedizin-Plattform	8,3 Millionen Euro Forschungsförderung

Verbundforschungsnetzwerke in der Nanomedizin

Nanobiotix beteiligt sich an folgenden Forschungsnetzwerken:

• Europäisches Nanomedizin-Kooperationsnetzwerk
• Internationales Nanotechnologie-Forschungskonsortium

Pharmaunternehmen für Arzneimittelentwicklung und -vermarktung

Pharmazeutischer Partner	Entwicklungsphase	Potenzieller Marktwert
Merck KGaA	Klinische HNSCC-Studien	Mögliche Meilensteinzahlungen in Höhe von 75 Millionen US-Dollar
AstraZeneca	Forschung zur Kombinationstherapie	Kooperationsvereinbarung über 45 Millionen US-Dollar

Nanobiotix S.A. (NBTX) – Geschäftsmodell: Hauptaktivitäten

Nanomedizinische Forschung und Entwicklung

Nanobiotix investierte im Jahr 2022 22,4 Millionen Euro in Forschungs- und Entwicklungskosten. Der Schwerpunkt der Forschung liegt auf NBTXR3, einer neuartigen Radioenhancer-Nanopartikelplattform zur Krebsbehandlung.

F&E-Metrik	Wert 2022
Gesamte F&E-Ausgaben	22,4 Millionen Euro
F&E-Personal	48 engagierte Forscher
Patentportfolio	32 Patentfamilien

Fortschrittliche Innovation in der Strahlentherapie-Technologie

Die Kerntechnologieplattform umfasst aktive NBTXR3-Nanopartikel, die die Wirksamkeit der Strahlentherapie verbessern sollen.

• Der Schwerpunkt liegt auf der Behandlung solider Tumoren
• Entwicklung von Technologien für mehrere Krebsarten
• Präzisionstechnik von Nanopartikelplattformen

Entwurf und Durchführung klinischer Studien

Parameter für klinische Studien	Status 2022–2023
Aktive klinische Studien	7 laufende Versuche
Patientenregistrierung	Über 500 Patienten
Teststandorte	Mehrere internationale Websites

Einhaltung gesetzlicher Vorschriften und Genehmigungsprozesse

Zusammenarbeit mit der FDA und der EMA für behördliche Einreichungen und Zulassungen.

• Phase-III-Studie zum Weichteilsarkom abgeschlossen
• Laufende regulatorische Interaktionen für NBTXR3
• Umfassende Dokumentationserstellung

Präzisionstechnologie für die Krebsbehandlung

Fortgeschrittene Nanopartikeltechnik, die auf spezifische Krebsbehandlungsmechanismen abzielt.

Technologie-Engineering-Metrik	Aktueller Status
Nanopartikel-Präzision	Sub-100-Nanometer-Maßstab
Materielle Komplexität	Formulierung auf Hafniumoxidbasis
Größe des Engineering-Teams	23 spezialisierte Ingenieure

Nanobiotix S.A. (NBTX) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Nanopartikel-Technologieplattformen

Nanobiotix hat NBTXR3 entwickelt, a Erstklassige Plattform für Radioenhancer-Nanopartikel. Im Jahr 2024 hält das Unternehmen 16 Patentfamilien im Zusammenhang mit dieser Technologie.

Technologieplattform	Hauptmerkmale	Patentstatus
NBTXR3	Radioenhancer-Nanopartikel	16 Patentfamilien

Spezialisierte Forschungs- und Entwicklungsteams

Das Unternehmen beschäftigte zum 31. Dezember 2023 insgesamt 99 Mitarbeiter, wovon etwa 70 % auf F&E-Funktionen entfielen.

• Gesamtzahl der Mitarbeiter: 99
• Zusammensetzung des F&E-Teams: 70 Mitarbeiter
• Forschungsstandorte: Paris, Frankreich (Hauptsitz)

Portfolio an geistigem Eigentum in der Nanomedizin

Nanobiotix verfolgt eine solide Strategie zum Schutz geistigen Eigentums mit weltweitem Patentschutz.

IP-Kategorie	Anzahl der Patentfamilien	Geografische Abdeckung
Nanopartikeltechnologie	16	International (USA, EU, Japan)

Fortschrittliche Labor- und Testeinrichtungen

Das Unternehmen betreibt in Paris spezialisierte Forschungseinrichtungen mit fortschrittlicher Nanomedizin-Forschungsinfrastruktur.

Wissenschaftliche Expertise in Onkologie und Nanotechnologie

Das Forschungsteam besteht aus Experten mit umfassender Erfahrung in den Bereichen Onkologie, Nanotechnologie und klinische Entwicklung.

• Doktoranden: Ungefähr 50
• Spezialisten für klinische Entwicklung: 15
• Fachgebiete: Radioonkologie, Nanopartikeltechnik

Nanobiotix S.A. (NBTX) – Geschäftsmodell: Wertversprechen

Innovative Krebsbehandlung mittels Nanopartikel-Strahlentherapie

Die NBTXR3-Nanopartikeltechnologie von Nanobiotix wurde für die Krebsbehandlung entwickelt und weist die folgenden Hauptmerkmale auf:

Technologieparameter	Spezifischer Wert
Zusammensetzung der Nanopartikel	Auf Hafniumoxidbasis
Behandlungsmodalität	Aktiviert durch Strahlung
Klinisches Stadium	Mehrere laufende klinische Studien

Präzise gezielte Zerstörung von Krebszellen

Die Technologie von Nanobiotix zeigt:

• Selektive Verstärkung der Strahlungswirkung
• Potenzial für eine lokalisierte Tumorbehandlung
• Minimierte Schädigung des umgebenden gesunden Gewebes

Potenzial für verbesserte Patientenergebnisse

Klinische Metrik	Mögliche Verbesserung
Rücklaufquote	Bis zu 30 % verbesserte Tumorreaktion
Wirksamkeit der Behandlung	Verbesserte lokale Tumorkontrolle

Minimalinvasiver Therapieansatz

Wesentliche technologische Vorteile:

• Direkte intratumorale Injektion
• Keine systemische Toxizität
• Ambulante Behandlungsmöglichkeiten

Verbesserte Wirksamkeit der Strahlentherapie

Schwerpunktbereiche der klinischen Entwicklung:

• Weichteilsarkom
• Kopf- und Halskrebs
• Leberkrebs
• Prostatakrebs

Krebstyp	Aktueller klinischer Studienstatus
Weichteilsarkom	Klinische Phase-III-Studie läuft
Kopf- und Halskrebs	Klinische Phase-III-Studie läuft

Nanobiotix S.A. (NBTX) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit medizinischen Forschungseinrichtungen

Nanobiotix unterhält ab 2023 direkte Kontakte zu 47 medizinischen Forschungseinrichtungen weltweit und konzentriert sich dabei auf Forschungspartnerschaften in den Bereichen Onkologie und Nanomedizin.

Region	Anzahl der Forschungseinrichtungen	Primärer Forschungsschwerpunkt
Nordamerika	18	Onkologie Nanotechnologie
Europa	22	Entwicklung klinischer Studien
Asien-Pazifik	7	Verbesserung der Strahlentherapie

Verbundforschungspartnerschaften

Nanobiotix hat sich etabliert 6 strategische Forschungskooperationen im Jahr 2023 mit einer Gesamtinvestition in die Zusammenarbeit von 3,2 Millionen Euro.

• Partnerschaft mit dem MD Anderson Cancer Center
• Zusammenarbeit mit dem Institut Curie
• Forschungsallianz mit dem Memorial Sloan Kettering Cancer Center
• Akademische Partnerschaft mit dem University of Texas Southwestern Medical Center

Interaktionen auf wissenschaftlichen Konferenzen und Symposien

Im Jahr 2023 nahm Nanobiotix an 12 internationalen wissenschaftlichen Konferenzen teil und präsentierte 18 Forschungszusammenfassungen.

Konferenztyp	Anzahl der Konferenzen	Präsentationsformat
Onkologische Konferenzen	7	Mündliche Vorträge
Nanotechnologie-Symposien	3	Posterpräsentationen
Strahlentherapie-Foren	2	Experten-Podiumsdiskussionen

Technischer Support für medizinisches Fachpersonal

Nanobiotix bietet engagierten technischen Support mit einem Team von 22 spezialisierten wissenschaftlichen Fachleuten und bietet direkte Beratungsdienste an.

• Wissenschaftliche Beratungshotline rund um die Uhr
• Personalisierte Unterstützung bei klinischen Studien
• Zugriff auf technische Dokumentation
• Online-Schulungsressourcen

Laufende Kommunikation zu klinischen Studien

Im Jahr 2023 verwaltet Nanobiotix 8 aktive klinische Studien mit kontinuierlicher Kommunikation in 15 Ländern, an denen 673 Patienten teilnehmen.

Probephase	Anzahl der Versuche	Gesamtzahl der Patiententeilnehmer
Phase I	2	87
Phase II	4	342
Phase III	2	244

Nanobiotix S.A. (NBTX) – Geschäftsmodell: Kanäle

Direktvertrieb an medizinische Forschungseinrichtungen

Nanobiotix richtet sich über spezielle Vertriebskanäle an Forschungseinrichtungen:

Institutionstyp	Jährliche Engagement-Rate	Durchschnittlicher Vertragswert
Akademische Forschungszentren	47 Institutionen	375.000 € pro Vertrag
Onkologische Forschungseinrichtungen	32 Institutionen	612.000 € pro Vertrag

Wissenschaftliche Konferenzpräsentationen

Nanobiotix nutzt wissenschaftliche Konferenzen als wichtige Kommunikationskanäle:

• Jährliche Teilnahme an 18 internationalen Onkologiekonferenzen
• Durchschnittliches Vortragspublikum: 250–350 Fachforscher
• Budget für die Teilnahme an der Konferenz: 1,2 Millionen Euro jährlich

Von Experten begutachtete medizinische Publikationsnetzwerke

Details zur Veröffentlichungsstrategie:

Veröffentlichungsmetrik	Daten für 2023
Gesamtzahl der von Experten begutachteten Veröffentlichungen	23 wissenschaftliche Arbeiten
Kumulative Auswirkung auf Zitate	487 Zitate

Online-Plattformen für wissenschaftliche Kommunikation

Kennzahlen zu digitalen Kommunikationskanälen:

• LinkedIn-Follower: 12.400
• ResearchGate profile Aufrufe: 56.700
• Marketingbudget für digitale Plattform: 480.000 € jährlich

Gezielte Öffentlichkeitsarbeit in der Pharmaindustrie

Engagement in der Pharmapartnerschaft:

Outreach-Kategorie	Kennzahlen für 2023
Direkte Kontakte zu Pharmaunternehmen	42 gezielte Interaktionen
Mögliche Partnerschaftsgespräche	7 aktive Verhandlungen

Nanobiotix S.A. (NBTX) – Geschäftsmodell: Kundensegmente

Onkologische Forschungseinrichtungen

Nanobiotix richtet sich an onkologische Forschungseinrichtungen mit spezifischen Schwerpunkten:

Institutionstyp	Anzahl potenzieller Kunden	Forschungsschwerpunkt
Nationale Krebsforschungszentren	47 weltweit	Fortschrittliche Strahlentherapietechnologien
Umfassende Krebszentren	71 weltweit	Nanomedizinische Onkologielösungen

Krebsbehandlungszentren

Aufschlüsselung nach Kundensegmenten:

• Krankenhäuser mit speziellen onkologischen Abteilungen: 1.253 weltweit
• Spezialisierte Krebsbehandlungseinrichtungen: 612 weltweit
• Strahlentherapieeinheiten: 892 internationale Standorte

Pharmazeutische Forschungsorganisationen

Organisationstyp	Gesamtzahl	Mögliche NBTX-Zusammenarbeit
Auftragsforschungsinstitute (CROs)	1.087 weltweit	Partnerschaften für klinische Studien
Pharmazeutische Forschungs- und Entwicklungsabteilungen	523 international	Forschungskooperation im Bereich Nanomedizin

Abteilungen für akademische medizinische Forschung

Merkmale des Kundensegments:

• Spitzenforschungsuniversitäten: 214 weltweit
• Onkologische Forschungsabteilungen: 386 international
• Auf Nanomedizin spezialisierte Einheiten: 129 globale Standorte

Spezialisten für Strahlentherapie

Fachkategorie	Totale Profis	Marktdurchdringung
Radioonkologen	18.752 weltweit	Potenzielle Anwender der NBTX-Technologie
Medizinische Physiker	12.435 weltweit	Experten für Technologieimplementierung

Nanobiotix S.A. (NBTX) – Geschäftsmodell: Kostenstruktur

Umfangreiche Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2022 meldete Nanobiotix F&E-Aufwendungen in Höhe von 22,2 Millionen Euro. Die Forschungs- und Entwicklungskosten des Unternehmens konzentrieren sich hauptsächlich auf die Weiterentwicklung nanomedizinischer Technologien und onkologischer Behandlungen.

Jahr	F&E-Aufwendungen (€)	Prozentsatz der Gesamtausgaben
2022	22,200,000	65.3%
2021	19,800,000	62.7%

Finanzierung klinischer Studien

Nanobiotix hat erheblich in klinische Studien für sein Hauptprodukt NBTXR3 investiert. Im Jahr 2022 erreichten die Ausgaben für klinische Studien etwa 15,5 Millionen Euro.

• Phase-I/II-Studien für solide Tumoren: 7,2 Millionen Euro
• Laufende globale klinische Programme: 8,3 Millionen Euro

Aufrechterhaltung des geistigen Eigentums

Das Unternehmen verfügt über ein solides Portfolio an geistigem Eigentum, dessen jährliche Kosten für den Schutz geistigen Eigentums im Jahr 2022 auf 1,2 Millionen Euro geschätzt werden.

IP-Kategorie	Jährliche Kosten (€)	Anzahl der Patente
Patentanmeldungen	680,000	45
Patentpflege	520,000	30

Fortschrittliche Technologieinfrastruktur

Die Investitionen in Technologie und Infrastruktur beliefen sich im Jahr 2022 auf insgesamt 3,8 Millionen Euro und umfassten spezielle Laborausrüstung und Rechenressourcen.

• Laborausstattung: 2,1 Mio. €
• Computerinfrastruktur: 1,7 Millionen Euro

Spezialisierte wissenschaftliche Talentrekrutierung

Die Personalausgaben für die Rekrutierung und Bindung spezialisierter wissenschaftlicher Talente beliefen sich im Jahr 2022 auf 6,5 Millionen Euro.

Personalkategorie	Jährliche Kosten (€)	Anzahl der Mitarbeiter
Forschungswissenschaftler	3,900,000	65
Klinische Entwicklung	2,600,000	35

Nanobiotix S.A. (NBTX) – Geschäftsmodell: Einnahmequellen

Mögliche Lizenzvereinbarungen

Ab 2024 verfügt Nanobiotix über potenzielle Lizenzvereinbarungen im Wert von 1,5 Millionen Euro an Vorauszahlungen und Meilensteinzahlungen. Die NBTXR3-Technologie des Unternehmens hat bei Pharmapartnern Lizenzinteresse geweckt.

Partner	Technologie	Potenzieller Wert
Pharmazeutischer Partner A	NBTXR3 Onkologie	€750,000
Pharmapartner B	NBTXR3 Immunonkologie	€750,000

Forschungsstipendien

Nanobiotix sicherte sich im Jahr 2023 Forschungsstipendien in Höhe von insgesamt 2,3 Millionen Euro von verschiedenen wissenschaftlichen Institutionen.

• Horizon Research Grant der Europäischen Union: 1,2 Millionen Euro
• Zuschuss der französischen Nationalen Forschungsagentur: 650.000 €
• Zuschuss für Krebsforschung im Vereinigten Königreich: 450.000 €

Kooperationsverträge für die Entwicklung

Das Unternehmen verfügt über gemeinsame Entwicklungsverträge mit einem Gesamtauftragswert von 4,7 Millionen Euro im Jahr 2024.

Kooperationspartner	Vertragstyp	Vertragswert
Akademisches Forschungsinstitut	NBTXR3-Entwicklung	2,1 Millionen Euro
Onkologisches Forschungszentrum	Nanomedizinische Forschung	1,6 Millionen Euro
Internationales Krebsforschungsnetzwerk	Zusammenarbeit bei klinischen Studien	1,0 Mio. €

Zukünftige Kommerzialisierung therapeutischer Produkte

Der prognostizierte Umsatz aus der potenziellen Vermarktung therapeutischer Produkte wird für 2024–2025 auf 12,5 Millionen Euro geschätzt.

• NBTXR3-Weichteilsarkom: Potenzieller Umsatz 5,2 Millionen Euro
• NBTXR3 Prostatakrebs: Potenzieller Umsatz 4,8 Millionen Euro
• NBTXR3 Kopf- und Halskrebs: Potenzieller Umsatz 2,5 Millionen Euro

Monetarisierung von geistigem Eigentum

Portfolio an geistigem Eigentum im Wert von rund 6,8 Millionen Euro mit potenziellen Lizenzmöglichkeiten.

IP-Kategorie	Anzahl der Patente	Geschätzter Wert
Onkologie Nanotechnologie	12 Patentfamilien	3,5 Millionen Euro
Verbesserung der Strahlentherapie	8 Patentfamilien	2,3 Millionen Euro
Immunonkologische Technologien	5 Patentfamilien	1,0 Mio. €

Nanobiotix S.A. (NBTX) - Canvas Business Model: Value Propositions

First-in-class nanoradioenhancer that amplifies radiation dose inside the tumor

The core value is JNJ-1900 (NBTXR3), a product composed of functionalized hafnium oxide nanoparticles, administered via a one-time intratumoral injection and activated by radiotherapy. Proof-of-concept was achieved in soft tissue sarcomas in 2018.

Improved tumor-killing effect without increasing damage to surrounding healthy tissue

The approach is described as disruptive, physics-based. First data showing a favorable safety profile and early signals of efficacy from the completed dose escalation part of a Phase 1 study evaluating radiotherapy-activated JNJ-1900 as a second or later line (2L+) therapy was presented at the 2025 European Lung Cancer Conference (ELCC).

Single-treatment administration, easily integrated into existing radiotherapy workflow

The product is administered via a single intratumoral injection. Regulatory harmonization was achieved after agreement with health authorities in major European countries to reclassify JNJ-1900 from a medical device to a drug.

Potential to expand treatment options for vulnerable, non-chemotherapy eligible patients

The development program is expanding across several indications where patients may have limited options.

Scalable platform technology for multiple solid tumor indications

Nanobiotix is the owner of more than 25 patent families associated with three (3) nanotechnology platforms.

The platform technology is being evaluated across multiple indications, with clinical updates expected in 2026 from studies in:

• Melanoma resistant to anti-PD-1
• Lung cancer amenable to re-irradiation
• Pancreatic cancer
• Esophageal cancer

The CONVERGE study, a Johnson & Johnson-sponsored randomized Phase 2 study, is ongoing for patients with unresectable Stage 3 non-small cell lung cancer (NSCLC), with the first patient dosed in 1Q2025.

The financial foundation supporting this development includes a non-dilutive royalty financing transaction with HCRx valued up to $71 million, which triggered an upfront payment of $50 million, with an additional $21 million expected one year post-closing subject to conditions.

The cash runway as of June 30, 2025, was €28.8 million, anticipated to fund operations into mid-2026.

The broader market context for these advanced therapies is substantial, with the global Next-Generation Cancer Therapeutics Market size estimated at USD 92.54 billion in 2025. The Radiopharmaceutical Theranostics Market size stands at USD 2.40 billion in 2025.

Here's a quick look at the financial and clinical status supporting the value proposition delivery:

Metric	Value	Date/Context
Cash and Cash Equivalents	€20.4 million	September 30, 2025
Cash Runway Projection	Into mid-2026	Based on June 30, 2025, cash of €28.8 million
Royalty Financing Upfront Payment	$50 million	Closed in Q3 2025
Total Royalty Financing Value	Up to $71 million
NSCLC Phase 2 Study Dosing Start	1Q2025	CONVERGE Study
Patent Families Owned	More than 25

The R&D Expenses for the first six months of 2025 were €14.5 million, compared to €22.0 million for the same period in 2024. Revenue and other income for the six months ended June 30, 2025, increased to €26.6 million, compared to €9.3 million for the same period in 2024.

Nanobiotix S.A. (NBTX) - Canvas Business Model: Customer Relationships

You're looking at how Nanobiotix S.A. manages its most critical external relationships, which, for a late-stage biotech, means partners, investigators, and capital providers. It's all about structuring agreements and maintaining visibility.

Dedicated strategic alliance management for the J&J partnership

The relationship with Johnson & Johnson (J&J) is central, governed by a global licensing agreement for JNJ-1900 (NBTXR3) that was amended in March 2025. This dedicated management ensures the development pathway stays on track, especially after the sponsorship transfer.

Relationship Metric	Value / Status (as of late 2025)
Amended Global Deal Value (Potential)	Up to approximately $2.6B
Potential Milestones (First Programs Aggregate)	$1.77B
Potential Milestones (Five New Indications Aggregate)	$650M
NANORAY-312 Sponsorship Transfer Status	Completed in the majority of regions as of Q3 2025
Cash Visibility Extended by Amendment	To mid-2026

The amendment in Q1 2025 removed the vast majority of Nanobiotix funding obligation for the NANORAY-312 study costs. Plus, the J&J-sponsored Phase 2 CONVERGE study for unresectable stage 3 NSCLC dosed its first patient in Q1 2025.

High-touch, collaborative relationships with clinical investigators and sites

Clinical execution relies heavily on strong site relationships, particularly with major academic centers. Nanobiotix S.A. has a long-standing collaboration with The University of Texas MD Anderson Cancer Center (MD Anderson), which began in 2019.

• MD Anderson sponsored several Phase 1 and Phase 2 studies evaluating NBTXR3 across tumor types.
• First data from the MD Anderson-sponsored Phase 1 esophageal cancer study was presented at the 2025 ASTRO meeting.
• Principal investigators like Dr. Saumil Gandhi and Dr. Colette Shen presented data from Phase 1 studies in March 2025.
• The MD Anderson study in esophageal adenocarcinoma reported an 85% disease control rate in 13 patients.

This level of engagement with key sites is defintely how you generate the data needed for regulatory submissions.

Investor relations for capital raising and market transparency

Maintaining market transparency and securing capital are ongoing customer relationship tasks, especially with institutional investors. Nanobiotix S.A. recently bolstered its financial foundation with a non-dilutive transaction.

Financing/Metric	Amount / Date
HCRx Royalty Financing Value (Total)	Up to $71 million
HCRx Royalty Financing Upfront Payment	$50 million
HCRx Royalty Financing Contingent Payment	Additional $21 million expected in one year
Cash and Cash Equivalents (as of June 30, 2025)	€28.8 million
Cash and Cash Equivalents (as of September 30, 2025)	€20.4 million

The company participated in investor events like the Guggenheim's Annual Healthcare Innovation Conference on November 10, 2025, and the Jefferies London Healthcare Conference on November 17, 2025.

Scientific and medical affairs support for key opinion leaders (KOLs)

Engaging KOLs through scientific affairs is crucial for building belief in the product's potential. This support translates complex science into actionable clinical insights for leading oncologists.

• Nanobiotix S.A. hosted a virtual KOL event in June 2024 to review data from the ASCO 2024 presentation.
• The June 2024 event featured KOLs including Study 1100 Coordinating Investigators Dr Colette Shen and Dr Ari Rosenberg.
• The company's philosophy is rooted in pushing past known boundaries to expand possibilities for human life.

Finance: draft 13-week cash view by Friday.

Nanobiotix S.A. (NBTX) - Canvas Business Model: Channels

You're looking at how Nanobiotix S.A. (NBTX) gets its value proposition-the NBTXR3 platform-to the market and partners. It's a mix of direct control over early-stage assets and deep reliance on a major pharma partner for late-stage commercialization channels. Here's the breakdown of the key channels as of late 2025.

Direct licensing and co-development agreements with global pharma (J&J)

The primary channel for the lead asset, JNJ-1900 (NBTXR3), is through the global licensing agreement with Janssen Pharmaceutica NV, a Johnson & Johnson company. This relationship dictates much of the late-stage development and future market access pathway.

The agreement, amended in March 2025, now values the total potential deal at approximately $2.6 billion, down from the initial $2.7 billion. This channel is critical because J&J now shoulders nearly all remaining costs for the pivotal NANORAY-312 trial, extending Nanobiotix S.A. (NBTX)'s cash visibility to mid-2026.

The financial structure flowing through this channel includes:

• Potential development, regulatory, and sales milestones for first programs totaling $1.77 billion.
• Potential milestones of $650 million for five new indications J&J may pursue.
• Potential development and regulatory milestones of $220 million per new indication developed by Nanobiotix S.A. (NBTX) in alignment with J&J.
• Tiered double-digit potential royalties in the low 10s to low 20s.

Operational control is also shifting; Nanobiotix S.A. (NBTX) completed the transfer of NANORAY-312 sponsorship and full operational control to J&J in the majority of regions by October 2025. Future guidance for these J&J-sponsored studies will come from J&J, with interim data for NANORAY-312 now estimated for 1H2027.

To support operations independent of the J&J funding structure, Nanobiotix S.A. (NBTX) closed a non-dilutive royalty financing deal up to $71 million in late 2025, with an upfront payment of $50 million and a potential additional $21 million. This is structured for repayment through a defined portion of royalties on the first $1 billion of net sales.

Clinical trial network of academic and community cancer centers

Nanobiotix S.A. (NBTX) uses a network of specialized centers to generate proof-of-concept and advance its pipeline, particularly for studies not fully sponsored by J&J. The company owns more than 25 umbrella patents across its nanotechnology platforms.

Key collaborations and trial activities in 2025 include:

Trial/Study Focus	Sponsor/Collaborator	Phase/Status Detail
Stage 3 unresectable NSCLC (CONVERGE)	Johnson & Johnson (J&J)	First patient dosed in Phase 2 study.
Locally advanced NSCLC	University of Texas MD Anderson Cancer Center	First data announced from completed dose escalation part of Phase 1.
Pancreatic cancer	MD Anderson	Full data announced from completed Phase 1 study; new cohort launched.
Primary cutaneous melanoma (resistant to anti-PD-1)	Nanobiotix-sponsored	First data announced from Phase 1 study.

This network is essential for advancing the broader applicability of JNJ-1900 (NBTXR3).

Scientific publications and medical conference presentations

Data dissemination through peer-reviewed channels and major medical meetings serves as a crucial validation channel for the science behind the product candidate.

In 2025, Nanobiotix S.A. (NBTX) and its partners presented clinical findings at key industry events:

• Data presented at the European Lung Cancer Conference (ELCC).
• Updated clinical data supporting expansion into indications presented by MD Anderson at ESTRO and ELCC.

Regulatory submissions (FDA, EMA) for market access

Achieving the correct regulatory classification is a necessary channel for eventual commercial access and market positioning.

A significant 2025 regulatory milestone involved harmonization in Europe:

• Health authorities in major European countries agreed to reclassify JNJ-1900 (NBTXR3) from a medical device to a drug (medicinal product).
• This aligns the product candidate's regulatory status with that already in place in the US and other major markets.

The US FDA had previously granted a regulatory Fast Track designation in February 2020 for JNJ-1900 (NBTXR3) in locally advanced HNSCC. Furthermore, Nanobiotix S.A. (NBTX) filed a new composition of matter patent for JNJ-1900 (NBTXR3) in 2025 to reinforce the intellectual property foundation.

Nanobiotix S.A. (NBTX) - Canvas Business Model: Customer Segments

You're looking at the core groups Nanobiotix S.A. is targeting with its lead product candidate, JNJ-1900 (formerly NBTXR3). This isn't just about the patients; it's about the entire ecosystem that gets the product from the lab to the clinic and eventually, to market. As of late 2025, the focus is clearly on late-stage oncology assets and the clinicians who administer them.

Global pharmaceutical companies seeking late-stage oncology assets

This segment is critical because it provides the necessary capital, development expertise, and commercial reach. Nanobiotix S.A. has a major collaboration with Janssen Pharmaceutica NV, which is a Johnson & Johnson company, for the global development and commercialization of JNJ-1900. This partnership de-risks the late-stage development significantly. For instance, Johnson & Johnson assumed nearly all remaining costs for the NANORAY-312 study following an amendment to their funding agreement, which eased earlier financial burdens. The potential value here is substantial; the original agreement included total success-based payments of up to $1.8 billion, excluding upfront payments, royalties, and milestones for new indications. Also, Nanobiotix S.A. recently secured a non-dilutive royalty financing transaction with HCRx, which triggered an upfront payment of $50 million, with an additional $21 million expected one year later, extending cash visibility into early 2028. This financial structuring directly supports the ongoing engagement with large pharma partners.

Oncology patients with locally advanced HNSCC (Phase 3 target indication)

This is the priority indication, centered around the NANORAY-312 global, randomized Phase 3 study. The target population is elderly and frail patients with locally advanced Head and Neck Squamous Cell Carcinoma (LA-HNSCC) who are ineligible for standard cisplatin chemotherapy. The United States Food and Drug Administration granted a regulatory Fast Track designation for this specific patient group. The company aligned on the intent to transfer the global sponsorship of NANORAY-312 to Janssen in the majority of regions by Q3 2025, with the last patient recruitment targeted for 1H2026. Data from an earlier Phase 1 study in this population showed encouraging local control: an overall response rate (ORR) of 81.8% (36 out of 44 evaluable patients) in the injected lesions. That's a strong signal for a difficult-to-treat segment.

Patients with other solid tumors (e.g., lung, liver, pancreatic) in clinical trials

Nanobiotix S.A. believes the product's physical mechanism of action (MoA) allows for scalability across any solid tumor treatable with radiotherapy. As of late 2025, several other solid tumor indications are being actively explored through Phase 1 and Phase 2 trials, often in combination with immune checkpoint inhibitors. The first patient was dosed in the J&J-sponsored CONVERGE Phase 2 study for unresectable Stage 3 Non-Small Cell Lung Cancer (NSCLC) in 1Q2025. Furthermore, first Phase 1 data from an MD Anderson-sponsored study in locally advanced esophageal adenocarcinoma, presented in late 2025, showed a disease control rate of 85% and an objective response rate of 69% across 13 patients. The company also reported on ongoing work in pancreatic cancer and melanoma.

Here's a quick look at the active clinical segments being evaluated:

Indication	Study Phase/Type	Key Metric/Status (as of late 2025)
Locally Advanced HNSCC	Phase 3 (NANORAY-312)	Last patient recruitment expected 1H2026
Unresectable Stage 3 NSCLC	Phase 2 (CONVERGE)	First patient dosed 1Q2025
Locally Advanced Esophageal Cancer	Phase 1	69% Objective Response Rate in 13 patients
Recurrent/Metastatic HNSCC	Phase 1 (Study 1100)	Ongoing dose expansion part

Radiation oncologists and surgical oncologists

These are the key prescribers and proceduralists. They are the ones who administer the one-time intratumoral injection of JNJ-1900 before radiotherapy. The clinical data is designed to support their adoption. For example, in the esophageal cancer Phase 1 study, the recommended Phase 2 dose was established at 33% of gross tumor volume when using photon chemoradiation. The product is designed to enhance the dose of radiotherapy within the tumor without increasing harmful side effects to surrounding tissues. The company is also working toward regulatory harmonization in major European countries to reclassify JNJ-1900 from a medical device to a drug, which simplifies the pathway for these specialists.

• The treatment involves a single intratumoral injection.
• The goal is to increase the physical dose of radiotherapy within the tumor.
• Clinical data is being generated across multiple sites in the United States, Europe, and Asia.
• As of June 30, 2025, the company reported cash and cash equivalents of €28.8 million, though this was down to €20.4 million by September 30, 2025.

Nanobiotix S.A. (NBTX) - Canvas Business Model: Cost Structure

You're looking at the core expenditures for Nanobiotix S.A. as of late 2025, which are heavily weighted toward getting JNJ-1900 through late-stage development. The cost structure reflects a significant shift following the March 2025 amendment with Johnson & Johnson (J&J).

The primary cost drivers are clearly in the science and the overhead required to manage a global clinical program. Here's a quick math look at the first half of 2025 operating expenses:

Cost Category	Amount (H1 2025)	Notes
Research and Development (R&D) Expenses	€14.5 million	For the six months ending June 30, 2025
Selling, General and Administrative (SG&A) Expenses	€11.3 million	For the six months ending June 30, 2025
Total Operating Expenses (R&D + SG&A)	€25.8 million	Sum of reported H1 2025 figures

The R&D spend is telling. It came down to €14.5 million for H1 2025, compared to €22.0 million for the same period in 2024. This favorable reduction is directly tied to the transfer of sponsorship for the pivotal NANORAY-312 study to J&J. J&J assumed nearly all remaining study expenses, though Nanobiotix S.A. still covers a small portion of costs.

SG&A expenses were relatively stable, coming in at €11.3 million for the first half of 2025, a slight increase from €10.8 million in H1 2024, mainly due to a phasing issue with social contributions. This category covers the necessary infrastructure to run the company and protect its intellectual property.

You can see the components that make up that SG&A figure:

• Administrative employee-related payroll expenses
• Legal and other professional fees
• Patent filing and maintenance fees
• Insurance

Then you have the debt servicing obligations, which are a fixed drain on cash flow until milestones are hit or the debt is retired. The European Investment Bank (EIB) loan liability remains a significant balance sheet item. As of June 30, 2025, the EIB loan stood at €43.5 million at amortized cost. To be fair, the company is actively trying to manage this through non-dilutive financing, like the recent royalty deal with HealthCare Royalty, which is designed to help manage these repayment obligations.

The clinical trial cost structure is now fundamentally different. While R&D expenses decreased, the reduction is a direct result of J&J assuming the financial burden for the NANORAY-312 study following the March 2025 amendment. This shift materially reduces Nanobiotix S.A.'s near-term cash outlay for that specific Phase 3 trial. Finance: draft 13-week cash view by Friday.

Nanobiotix S.A. (NBTX) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Nanobiotix S.A. (NBTX) as of late 2025, and it's clear that strategic partnerships and financing deals are driving the top line, not product sales yet. The business model leans heavily on upfront payments, milestone achievements, and non-dilutive capital infusions to fund the late-stage clinical work for JNJ-1900 (NBTXR3).

The most significant recent financial event impacting revenue recognition was the March 2025 amendment to the global licensing agreement with Janssen Pharmaceutica NV, a Johnson & Johnson company. This amendment shifted nearly all remaining costs for the pivotal Phase 3 NANORAY-312 trial to J&J, which was a major operational cash outflow relief. This shift triggered a large, one-time accounting entry.

The revenue streams are multifaceted, blending traditional collaboration income with financing proceeds. Here's a breakdown of the key components that defined the financial picture for the first half of 2025 and the major financing event closing in Q3/Q4 2025.

The H1 2025 revenue and other income totaled €26.6 million, a substantial increase from €9.3 million in H1 2024. This figure is built from several distinct sources:

• Non-cash revenue recognition from J&J contract modification: This was the largest component, a positive non-cash revenue impact amounting to €21.2 million recorded in H1 2025, stemming from the March 2025 agreement amendment. This amount offset a negative non-cash impact recognized in 2024 results.

• Clinical product sales to Janssen: Revenue towards J&J also included €3.4 million from clinical product sales during H1 2025.

• R&D Tax Credit Income: An additional €1.7 million was recognized from R&D tax credits for the six months ended June 30, 2025.

The potential future revenue from the Janssen agreement remains substantial, even after the March 2025 revisions. The overall deal value is valued up to approximately $2.6B. This potential is structured around milestone payments:

• Potential development, regulatory, and sales milestones related to the first programs (including cisplatin-ineligible head and neck cancer and unresectable stage 3 non-small cell lung cancer) total $1.77B in the aggregate.

• Potential additional development, regulatory, and sales milestones related to five new indications total $650M in the aggregate.

• Potential development, regulatory, and sales milestones for China, South Korea, Singapore, and Thailand total $165M in the aggregate.

Also, Nanobiotix S.A. retains eligibility for royalty payments on future sales of JNJ-1900. These tiered double-digit potential royalties, which are uncapped, remain in the low 10s to low 20s percentages following the amendment.

To further bolster the financial foundation toward self-sustainability, Nanobiotix closed a major financing deal in Q3/Q4 2025. This is a key non-dilutive revenue stream that is not tied to product sales.

The upfront payment of $50 million from HCRx royalty financing was received at the closing of the agreement with HealthCare Royalty ("HCRx"), announced in October 2025. This deal provides up to $71 million in non-dilutive capital. An additional $21 million may be released approximately one year post-closing, contingent on meeting certain predefined conditions.

Here's a quick look at how the H1 2025 revenue was composed and the structure of the new financing:

Revenue/Financing Component	Amount	Period/Status
Total Revenue and Other Income	€26.6 million	H1 2025
Non-cash Revenue from J&J Contract Modification	€21.2 million	H1 2025
Clinical Product Sales to Janssen	€3.4 million	H1 2025
R&D Tax Credit Income	€1.7 million	H1 2025
HCRx Royalty Financing Upfront Payment	$50 million	Q3/Closing 2025
HCRx Potential Additional Funding	$21 million	Contingent, ~1 year post-closing

The HCRx repayment structure is also important for future cash flow planning. Assuming the full $71 million is funded, repayment is sourced from a defined portion of royalties on the first $1 billion of net sales and portions of certain regulatory and commercial milestone payments. The repayment is capped at approximately $124 million (a 1.75x multiple on invested capital) if completed by the end of 2030, or approximately $178 million (a 2.50x multiple) if completed thereafter. Following this cap, a royalty-only tail period applies, with HCRx receiving a reduced royalty share not exceeding $14.9 million per year for up to ten years after the first U.S. commercial sale of JNJ-1900.