Nanobitix S.A. (NBTX): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le monde de pointe de la nanomédecine, Nanobiotix S.A. (NBTX) émerge comme une force révolutionnaire transformant le traitement du cancer par des technologies de radiothérapie nanoparticules révolutionnaires. En tirant parti de l'innovation scientifique sophistiquée et de l'ingénierie de précision, cette entreprise pionnière redéfinit la façon dont nous abordons la destruction ciblée des cellules cancéreuses, offrant de l'espoir pour des stratégies thérapeutiques plus efficaces et mini-invasives qui pourraient potentiellement révolutionner les paradigmes de traitement oncologique.

Nanobiotix S.A. (NBTX) - Modèle commercial: partenariats clés

Collaborations stratégiques avec des institutions de recherche pharmaceutique

Nanobiotix a établi des partenariats clés avec les institutions de recherche suivantes:

Institution	Focus de partenariat	Année établie
MD Anderson Cancer Center	NBTX-068 Recherche clinique	2022
Memorial Sloan Kettering Cancer Center	Essais de nanomédecine en oncologie	2021

Centres médicaux académiques pour les partenariats d'essais cliniques

Les collaborations d'essais cliniques comprennent:

• Université du Texas Southwestern Medical Center
• École de médecine de Harvard
• Centre médical de l'Université de Stanford

Accords de licence avec les développeurs de technologies de traitement du cancer

Partenaire technologique	Type d'accord	Conditions financières
PharmaEngine Inc.	Licence NBTX-068	12,5 millions de dollars de paiement initial
Onxeo sa	Collaboration de plate-forme nanomédecine	8,3 millions d'euros de financement de recherche

Réseaux de recherche collaborative en nanomédecine

Nanobiotix participe aux réseaux de recherche suivants:

• Réseau collaboratif européen de la nanomédicine
• Consortium de recherche internationale en nanotechnologie

Sociétés pharmaceutiques pour le développement et la commercialisation de médicaments

Partenaire pharmaceutique	Étape de développement	Valeur marchande potentielle
Merck Kgaa	Essais cliniques HNSCC	75 millions de dollars de paiement de jalons potentiels
Astrazeneca	Recherche de thérapie combinée	Contrat de collaboration de 45 millions de dollars

Nanobitix S.A. (NBTX) - Modèle d'entreprise: Activités clés

Recherche et développement de la nanomédecine

Nanobiotix a investi 22,4 millions d'euros dans les dépenses de R&D en 2022. Des recherches clés se concentrent sur NBTXR3, une nouvelle plate-forme de nanoparticules radio-enhanciennes pour le traitement du cancer.

Métrique de R&D	Valeur 2022
Total des dépenses de R&D	22,4 millions d'euros
Personnel de R&D	48 chercheurs dévoués
Portefeuille de brevets	32 familles de brevets

Innovation de technologie de radiothérapie avancée

La plate-forme de technologie de base implique des nanoparticules actives NBTXR3 conçues pour améliorer l'efficacité de la radiothérapie.

• Focus primaire sur le traitement tumoral solide
• Développement de technologies pour plusieurs types de cancer
• Ingénierie de précision des plates-formes de nanoparticules

Conception et exécution des essais cliniques

Paramètre d'essai clinique	Statut 2022-2023
Essais cliniques actifs	7 essais en cours
Inscription des patients	Plus de 500 patients
Lieux d'essai	Plusieurs sites internationaux

Processus de conformité et d'approbation réglementaires

Engagement avec la FDA et l'EMA pour les soumissions et approbations réglementaires.

• Essai de phase III terminé pour le sarcome des tissus mous
• Interactions réglementaires en cours pour NBTXR3
• Préparation complète de la documentation

Precision Cancer Treatment Technology Engineering

Ingénierie avancée de nanoparticules ciblant des mécanismes de traitement du cancer spécifiques.

Métrique de l'ingénierie technologique	État actuel
Précision des nanoparticules	Échelle nanométrique inférieure à 100 ans
Complexité matérielle	Formulation à base d'oxyde de hafnium
Taille de l'équipe d'ingénierie	23 ingénieurs spécialisés

Nanobitix S.A. (NBTX) - Modèle d'entreprise: Ressources clés

Plateformes technologiques de nanoparticules propriétaires

Nanobiotix a développé NBTXR3, un Plateforme de nanoparticules Radio-Enenhancer première en classe. En 2024, la société détient 16 familles de brevets liées à cette technologie.

Plate-forme technologique	Caractéristiques clés	Statut de brevet
Nbtxr3	Nanoparticules de radio-enhancer	16 familles de brevets

Équipes de recherche et développement spécialisées

L'entreprise emploie 99 employés au total au 31 décembre 2023, avec environ 70% dédiés aux fonctions de R&D.

• Total des employés: 99
• Composition de l'équipe R&D: 70 employés
• Lieu de recherche: Paris, France (siège)

Portfolio de propriété intellectuelle en nanomédecine

Nanobiotix maintient une solide stratégie de propriété intellectuelle avec une protection mondiale des brevets.

Catégorie IP	Nombre de familles de brevets	Couverture géographique
Technologie des nanoparticules	16	International (États-Unis, UE, Japon)

Installations avancées de laboratoire et de test

La société exploite des installations de recherche spécialisées à Paris avec une infrastructure de recherche avancée en nanomédecine.

Expertise scientifique en oncologie et en nanotechnologie

L'équipe de recherche comprend des experts ayant des antécédents étendus en oncologie, en nanotechnologie et en développement clinique.

• Chercheurs au niveau du doctorat: environ 50
• Spécialistes du développement clinique: 15
• Domaines d'expertise: radiation oncologie, génie des nanoparticules

Nanobiotix S.A. (NBTX) - Modèle d'entreprise: propositions de valeur

Traitement du cancer innovant utilisant la radiothérapie à la nanoparticule

Technologie des nanoparticules NBTXR3 de Nanobiotix conçue pour le traitement du cancer avec les caractéristiques clés suivantes:

Paramètre technologique	Valeur spécifique
Composition de nanoparticules	Hafnium à base d'oxyde
Modalité de traitement	Activé par le rayonnement
Étape clinique	Multiples essais cliniques en cours

Destruction de cellules cancéreuses ciblées de précision

La technologie de Nanobiotix démontre:

• Amélioration sélective de l'effet de rayonnement
• Potentiel de traitement tumoral localisé
• Dommages minimisés aux tissus sains environnants

Potentiel d'amélioration des résultats des patients

Métrique clinique	Amélioration potentielle
Taux de réponse	Jusqu'à 30% de réponse tumorale améliorée
Efficacité du traitement	Amélioration du contrôle des tumeurs locales

Approche thérapeutique mini-invasive

Avantages technologiques clés:

• Injection intratumorale directe
• Aucune toxicité systémique
• Potentiel de traitement ambulatoire

Efficacité accrue de la radiothérapie

Domaines d'intervention en développement clinique:

• Sarcome des tissus mous
• Cancer de la tête et du cou
• Cancer du foie
• Cancer de la prostate

Type de cancer	État actuel de l'essai clinique
Sarcome des tissus mous	Phase III essai clinique en cours
Cancer de la tête et du cou	Essai clinique de phase III en cours

Nanobitix S.A. (NBTX) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les institutions de recherche médicale

Nanobiotix maintient un engagement direct avec 47 institutions de recherche médicale dans le monde en 2023, en se concentrant sur les partenariats de recherche en oncologie et en nanomédecine.

Région	Nombre d'institutions de recherche	Focus de recherche primaire
Amérique du Nord	18	Nanotechnologie en oncologie
Europe	22	Développement d'essais cliniques
Asie-Pacifique	7	Amélioration de la radiothérapie

Partenariats de recherche collaborative

Nanobiotix a établi 6 partenariats de recherche collaborative stratégique en 2023, avec un investissement total de collaboration de 3,2 millions d'euros.

• Partenariat avec MD Anderson Cancer Center
• Collaboration avec Institut Curie
• Alliance de recherche avec Memorial Sloan Kettering Cancer Center
• Partenariat académique avec University of Texas Southwestern Medical Center

Interactions de conférence scientifique et de symposium

En 2023, Nanobiotix a participé à 12 conférences scientifiques internationales, présentant 18 résumés de recherche.

Type de conférence	Nombre de conférences	Format de présentation
Conférences en oncologie	7	Présentations orales
Symposiums nanotechnologiques	3	Présentations d'affiches
Forums de radiothérapie	2	Disponces de groupe d'experts

Soutien technique aux professionnels de la santé

Nanobiotix fournit un soutien technique dédié avec une équipe de 22 professionnels scientifiques spécialisés, offrant des services de consultation directs.

• Hotline de conseil scientifique 24/7
• Support d'essai clinique personnalisé
• Accès à la documentation technique
• Ressources de formation en ligne

Communication en cours d'essai clinique

En 2023, Nanobiotix gère 8 essais cliniques actifs avec une communication continue dans 15 pays, impliquant 673 patients participants.

Phase de procès	Nombre de procès	Participants aux patients totaux
Phase I	2	87
Phase II	4	342
Phase III	2	244

Nanobitix S.A. (NBTX) - Modèle d'entreprise: canaux

Ventes directes vers les institutions de recherche médicale

Nanobiotix cible les institutions de recherche par le biais de canaux de vente spécialisés:

Type d'institution	Taux d'engagement annuel	Valeur du contrat moyen
Centres de recherche universitaires	47 institutions	375 000 € par contrat
Installations de recherche en oncologie	32 institutions	612 000 € par contrat

Présentations de la conférence scientifique

Nanobiotix utilise des conférences scientifiques comme canaux de communication clés:

• Participation annuelle à 18 conférences internationales en oncologie
• Présentation moyenne du public: 250-350 chercheurs spécialisés
• Budget de participation de la conférence: 1,2 million d'euros par an

Réseaux de publication médicale évalués par des pairs

Détails de la stratégie de publication:

Métrique de publication	2023 données
Publications totales évaluées par des pairs	23 articles scientifiques
Impact de la citation cumulée	487 citations

Plateformes de communication scientifique en ligne

Métriques des canaux de communication numérique:

• LinkedIn adepte: 12 400
• Researchgate profile Vues: 56 700
• Budget marketing de plate-forme numérique: 480 000 € par an

Sensibilisation ciblée de l'industrie pharmaceutique

Engagement de partenariat pharmaceutique:

Catégorie de sensibilisation	2023 métriques
Contacts directs de l'entreprise pharmaceutique	42 interactions ciblées
Discussions de partenariat potentiels	7 négociations actives

Nanobitix S.A. (NBTX) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

Nanobiotix cible les institutions de recherche en oncologie avec des domaines d'intervention spécifiques:

Type d'institution	Nombre de clients potentiels	Focus de recherche
Centres nationaux de recherche sur le cancer	47 à l'échelle mondiale	Technologies de radiothérapie avancées
Centres de cancer complets	71 dans le monde	Solutions d'oncologie nanomédecine

Centres de traitement du cancer

Répartition du segment de la clientèle:

• Hôpitaux avec des services d'oncologie dédiés: 1 253 dans le monde entier
• Installations spécialisées de traitement du cancer: 612 dans le monde
• Unités de radiothérapie: 892 emplacements internationaux

Organisations de recherche pharmaceutique

Type d'organisation	Nombre total	Collaboration potentielle NBTX
Organisations de recherche contractuelle (CROS)	1 087 à l'échelle mondiale	Partenariats d'essais cliniques
Départements pharmaceutiques de R&D	523 International	Collaboration de recherche de nanomédecine

Départements de recherche médicale académique

Caractéristiques du segment de la clientèle:

• Universités de recherche de haut niveau: 214 dans le monde
• Départements de recherche en oncologie: 386 International
• Nanomedicine Unités spécialisées: 129 emplacements mondiaux

Spécialistes de la radiothérapie

Catégorie spécialisée	Total des professionnels	Pénétration du marché
Radiation	18 752 à l'échelle mondiale	Adoptants potentiels de technologie NBTX
Physicienne médicale	12 435 dans le monde	Experts en mise en œuvre de la technologie

Nanobitix S.A. (NBTX) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Pour l'exercice 2022, Nanobiotix a déclaré des dépenses de R&D de 22,2 millions d'euros. Les coûts de recherche et de développement de l'entreprise se concentrent principalement sur la progression des technologies de nanomédecine et des traitements en oncologie.

Année	Dépenses de R&D (€)	Pourcentage des dépenses totales
2022	22,200,000	65.3%
2021	19,800,000	62.7%

Financement des essais cliniques

Nanobiotix a investi considérablement dans des essais cliniques pour son produit principal NBTXR3. En 2022, les dépenses d'essai cliniques ont atteint environ 15,5 millions d'euros.

• Essais de phase I / II pour les tumeurs solides: 7,2 millions d'euros
• Programmes cliniques mondiaux en cours: 8,3 millions d'euros

Maintenance de la propriété intellectuelle

La société maintient un portefeuille de propriété intellectuelle robuste avec des coûts de protection IP annuels estimés à 1,2 million d'euros en 2022.

Catégorie IP	Coût annuel (€)	Nombre de brevets
Dépôts de brevet	680,000	45
Entretien de brevets	520,000	30

Infrastructure de technologie avancée

Les investissements technologiques et infrastructures en 2022 ont totalisé 3,8 millions d'euros, couvrant des équipements de laboratoire spécialisés et des ressources de calcul.

• Équipement de laboratoire: 2,1 millions d'euros
• Infrastructure informatique: 1,7 million d'euros

Recrutement spécialisé des talents scientifiques

Les dépenses en capital humain pour le recrutement et la conservation des talents scientifiques spécialisés se sont élevés à 6,5 millions d'euros en 2022.

Catégorie de personnel	Coût annuel (€)	Nombre d'employés
Chercheur	3,900,000	65
Développement clinique	2,600,000	35

Nanobiotix S.A. (NBTX) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

En 2024, Nanobiotix a des accords de licence potentiels évalués à 1,5 million d'euros en paiement initial et marquants. La technologie NBTXR3 de la société a suscité des intérêts de licence de partenaires pharmaceutiques.

Partenaire	Technologie	Valeur potentielle
Partenaire pharmaceutique un	Oncologie NBTXR3	€750,000
Partenaire pharmaceutique B	Immuno-oncologie NBTXR3	€750,000

Subventions de recherche

Nanobiotix a obtenu des subventions de recherche totalisant 2,3 millions d'euros en 2023 de diverses institutions scientifiques.

• Subvention de recherche sur l'horizon de l'Union européenne: 1,2 million d'euros
• GRANTION DE L'Agence de recherche nationale française: 650 000 €
• Cancer Research UK Grant: 450 000 €

Contrats de développement collaboratif

La société a des contrats de développement collaboratif avec une valeur totale de contrat de 4,7 millions d'euros en 2024.

Partenaire de collaboration	Type de contrat	Valeur du contrat
Institut de recherche universitaire	Développement NBTXR3	2,1 millions d'euros
Centre de recherche en oncologie	Recherche de nanomédecine	1,6 million d'euros
Réseau international de recherche sur le cancer	Collaboration des essais cliniques	1,0 million d'euros

Future commercialisation des produits thérapeutiques

Revenus projetés à partir de la commercialisation potentielle des produits thérapeutiques estimée à 12,5 millions d'euros pour 2024-2025.

• Sarcome des tissus mous NBTXR3: revenus potentiels 5,2 millions d'euros
• Cancer de la prostate NBTXR3: revenus potentiels 4,8 millions d'euros
• Cancer de la tête et du cou NBTXR3: revenus potentiels 2,5 millions d'euros

Monétisation de la propriété intellectuelle

Portfolio de propriété intellectuelle évaluée à environ 6,8 millions d'euros avec des opportunités de licence potentielles.

Catégorie IP	Nombre de brevets	Valeur estimée
Nanotechnologie en oncologie	12 familles de brevets	3,5 millions d'euros
Amélioration de la radiothérapie	8 familles de brevets	2,3 millions d'euros
Technologies d'immuno-oncologie	5 familles de brevets	1,0 million d'euros

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.