Nanobiotix S.A. (NBTX): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how Nanobiotix S.A. makes its money and manages its big bet on NBTXR3, right? Honestly, looking at their structure, it's clear this isn't just a science play anymore; it's a tightly managed alliance. The whole model hinges on the global deal with Janssen, which brought in a hefty €21.2 million in non-cash revenue recognition in H1 2025 alone, alongside that massive potential upside of up to $2.6 billion. We need to see how their €14.5 million in H1 R&D spend supports this partnership while managing debt, like that EIB loan. Dive into the full Canvas below to see the mechanics of this pharma-backed biotech.

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

You're analyzing the structure of Nanobiotix S.A. (NBTX) as of late 2025, and the partnerships are central to its financial runway and development strategy. Honestly, the non-dilutive financing and the J&J deal are the biggest levers here.

Global licensing and co-development with Janssen Pharmaceutica NV (J&J)

The global licensing agreement for JNJ-1900 (NBTXR3) with Janssen Pharmaceutica NV, a Johnson & Johnson company, has been disciplinedly managed, especially following a March 2025 amendment. This amendment adjusted the overall deal value down slightly but secured Nanobiotix's financial position. The agreement is now valued up to approximately $2.6B in potential success-based payments, down from approximately $2.7B.

The potential milestone payments are structured as follows:

• Eligibility for $1.77B in aggregate milestones for the first programs, including cisplatin-ineligible head and neck cancer and unresectable stage 3 non-small cell lung cancer.
• Eligibility for $650M in aggregate milestones related to five new indications J&J may pursue at its sole discretion.
• Tiered double-digit potential royalties, specifically in the low 10s to low 20s, remain unchanged.

A key component of the March 2025 amendment was J&J assuming nearly all remaining costs for the ongoing pivotal Phase 3 NANORAY-312 trial through completion, which significantly reduced Nanobiotix's operational cash burn and extended cash visibility to mid-2026 before the HCRx deal. Furthermore, the sponsorship transfer of the NANORAY-312 Phase 3 study to Johnson & Johnson is completed in the majority of regions.

Royalty financing partner HealthCare Royalty (HCRx) for up to $71 million

Nanobiotix closed a royalty-based financing agreement with HealthCare Royalty ("HCRx") on October 31, 2025, providing up to $71 million in non-dilutive capital. This transaction is designed to establish a financial foundation toward self-sustainability and extends cash visibility into early 2028.

The terms involve specific payments:

• An upfront payment of $50 million received at closing.
• An additional $21 million expected one year post-closing, contingent on meeting predefined conditions.

Repayment to HCRx is success-based, coming from a defined portion of royalties on the first $1 billion of net sales, plus portions of certain regulatory and commercial milestone payments. The total return is capped:

If repayment is complete by the end of 2030, the cap is approximately $124 million (a 1.75x Multiple on Invested Capital, assuming full funding). If repayment occurs thereafter, the cap rises to approximately $178 million (a 2.50x multiple). Following this cap achievement, a "royalty-only tail period" begins, where HCRx receives a reduced share not exceeding $14.9 million per year. Obligations under this deal, along with the existing European Investment Bank (EIB) royalty agreement, are managed via a French law trust receiving receivables from the JNJ-1900 license agreement.

Clinical research collaboration with MD Anderson Cancer Center

Nanobiotix initiated a broad, comprehensive clinical research collaboration with The University of Texas MD Anderson Cancer Center in 2019. This partnership focuses on sponsoring several Phase 1 and Phase 2 studies to evaluate JNJ-1900 (NBTXR3) across various tumor types and combinations.

Key clinical activities include:

• Sponsorship of Phase 1 and Phase 2 studies since 2019.
• Presentation of first data from a Phase 1 esophageal cancer study sponsored by MD Anderson at the 2025 Annual Meeting of the American Society for Radiation Oncology (ASTRO).
• Involvement in the Locally Advanced or Borderline Resectable Pancreatic Cancer Phase 1 Study MDA 2019-1001.

Contract Research Organizations (CROs) for global clinical trial execution

Nanobiotix utilizes Contract Research Organizations (CROs) to execute its global clinical trials, such as the lead program NANORAY-312. The transfer of full operational control for the NANORAY-312 Phase 3 study to Johnson & Johnson in the majority of regions is a key operational step.

Specialized manufacturing and supply chain partners

Nanobiotix's operations rely on specialized partners for Chemistry, Manufacturing, and Controls (CMC) activities to support its internal pipeline and external collaborations. The company owns more than 25 umbrella patent families across its three nanotechnology platforms.

Here is a summary of the key financial relationships as of late 2025:

The HCRx deal, in particular, is structured to provide cash visibility into early 2028, which is a critical near-term milestone for Nanobiotix.

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

You're looking at the core engine driving Nanobiotix S.A. (NBTX) right now-the day-to-day work that turns their science into potential revenue. It's heavily weighted toward clinical execution and partnership management, especially with Johnson & Johnson (J&J).

Clinical development and regulatory submission for NBTXR3 (JNJ-1900)

The focus here is pushing NBTXR3 through late-stage trials and solidifying its regulatory standing globally. You saw first data from a Phase 1 esophageal cancer study, sponsored by The University of Texas MD Anderson Cancer Center ("MD Anderson"), presented at the 2025 Annual Meeting of the American Society for Radiation Oncology (ASTRO). Also, health authorities in major European countries agreed to formally reclassify JNJ-1900 (NBTXR3) from a medical device to a drug, harmonizing its status with the United States. Clinical updates from other Nanobiotix-sponsored Phase 1 studies-covering melanoma, lung cancer amenable to re-irradiation, pancreatic cancer, and esophageal cancer-are expected in 2026. Remember, the United States Food and Drug Administration granted a regulatory Fast Track designation back in February 2020 for the investigation of JNJ-1900 (NBTXR3) in locally advanced HNSCC patients ineligible for platinum-based chemotherapy.

Managing the global Phase 3 NANORAY-312 trial (sponsorship transferred to J&J)

This activity is now largely under J&J's operational control. Nanobiotix completed the transfer of NANORAY-312 sponsorship in the majority of regions, along with the transfer of full operational control, to Johnson & Johnson ("J&J"). Nanobiotix estimates that the interim data for NANORAY-312 will be analyzed and reported in 1H2027, once the requisite number of events are observed and the last patient is recruited. The financial impact of this transfer is notable; a negative non-cash revenue impact of €19.3 million was recognized in 2024 results following the initial sponsorship transfer signed at the end of 2024. However, a March 2025 amendment to the License Agreement, which saw J&J assume nearly all remaining costs for the pivotal Phase 3 trial through completion, resulted in a positive non-cash revenue impact of €21.2m recorded in the first six months of 2025.

Research and development for Curadigm and Oocuity nanotherapeutic platforms

The Curadigm Nanoprimer program is clearly being advanced as a separate growth driver. Nanobiotix launched Chemistry, Manufacturing, and Controls (CMC) activities to support both the internal pipeline and external collaborations. They filed four new patent applications to expand the Curadigm Nanoprimer intellectual property portfolio. Plus, new in vivo pre-clinical data evaluating the Nanoprimer in combination with therapeutic vaccines was presented at the 2025 Partnership Opportunities in Drug Delivery conference (PODD).

Intellectual Property (IP) protection and patent maintenance

Protecting the core technology requires ongoing investment. Nanobiotix is the owner of more than 25 umbrella patents across its three nanotechnology platforms. A key IP move in 2025 was filing a new composition of matter patent for JNJ-1900 (NBTXR3) in July 2025 to reinforce the foundation supporting that candidate. For the six months ending June 30, 2025, Selling, General and Administrative (SG&A) Expenses, which include patent filing and maintenance fees, totaled €11.3 million.

Strategic partnership management and alliance coordination

Managing the J&J alliance and securing financing are critical cash-generating activities. Here's a quick look at the financial structure as of late 2025:

The March 2025 amendment to the License Agreement with J&J was key, as it reduced Nanobiotix's funding obligation on future NANORAY-312 study costs. Also, numerous material transfer agreements are in place to support external collaborations featuring the Nanoprimer platform.

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

You're looking at the core assets Nanobiotix S.A. (NBTX) relies on to execute its strategy, and honestly, they are heavily weighted toward science and partnerships. These aren't just line items; they are the foundation of the company's near-term value proposition.

The most critical tangible asset right now is the financial cushion. As of September 30, 2025, Nanobiotix S.A. reported cash and equivalents of €20.4 million. That number, combined with the J&J deal structure, dictates the operational runway you need to watch closely.

The proprietary technology itself is the engine. This is the NBTXR3 (hafnium oxide nanoparticle) technology, which is physics-based, designed to enhance radiotherapy efficacy when injected directly into tumors. Furthermore, the company has built a significant moat around this core asset.

Here's a quick look at the key quantifiable resources supporting the NBTXR3 platform:

The intellectual property portfolio is definitely substantial. You need to track the expansion of this protection, as it underpins the entire asset base. The company has been actively reinforcing its position.

• Proprietary NBTXR3 technology platform.
• Intellectual property portfolio exceeding 30 umbrella patents.
• Four new patent applications filed in the third quarter of 2025 to expand the Curadigm Nanoprimer IP.

The partnership with Johnson & Johnson is arguably the most significant non-cash resource. The global licensing agreement for JNJ-1900 (NBTXR3) remains valued up to approximately $2.6 billion in potential success-based payments following the March 2025 amendment. This deal structure shifts major financial burdens, extending cash visibility.

The breakdown of that potential value is important for understanding the upside you are tracking:

• $1.77 billion aggregate in potential development, regulatory, and sales milestones for the first programs (e.g., head and neck cancer, NSCLC).
• $650 million aggregate in potential milestones for five new indications J&J may develop.
• $165 million aggregate in potential milestones specifically for China, South Korea, Singapore, and Thailand.

Finally, you can't build a late-stage biotech without the right people. The company's key resource includes its highly specialized scientific and clinical talent, focused on advancing NBTXR3 through pivotal trials like NANORAY-312 and expanding the Nanoprimer platform applications beyond oncology.

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:

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.

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.

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:

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:

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:

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:

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.