Nanobiotix S.A. (NBTX): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo de ponta da nanomedicina, Nanobiotix S.A. (NBTX) surge como uma força revolucionária que transforma o tratamento do câncer através de tecnologias de radioterapia de nanopartículas inovadoras. Ao alavancar a inovação científica sofisticada e a engenharia de precisão, esta empresa pioneira está redefinindo como abordamos a destruição de células cancerígenas direcionadas, oferecendo esperança de estratégias terapêuticas mais eficazes e minimamente invasivas que possam potencialmente revolucionar os paradigmas de tratamento oncológico.

Nanobiotix S.A. (NBTX) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com instituições de pesquisa farmacêutica

A Nanobiotix estabeleceu as principais parcerias com as seguintes instituições de pesquisa:

Instituição	Foco em parceria	Ano estabelecido
MD Anderson Cancer Center	Pesquisa clínica NBTX-068	2022
Memorial Sloan Kettering Cancer Center	Ensaios de nanomedicina oncologia	2021

Centros Médicos Acadêmicos de Parcerias de Ensaios Clínicos

As colaborações de ensaios clínicos incluem:

• Centro Médico do Sudoeste da Universidade do Texas
• Escola de Medicina de Harvard
• Centro Médico da Universidade de Stanford

Acordos de licenciamento com desenvolvedores de tecnologia de tratamento de câncer

Parceiro de tecnologia	Tipo de contrato	Termos financeiros
PharmaEngine Inc.	NBTX-068 LICENCIAMENTO	Pagamento inicial de US $ 12,5 milhões
Onxeo SA	Colaboração da plataforma de nanomedicina	Financiamento de pesquisa de 8,3 milhões de euros

Redes de pesquisa colaborativa em nanomedicina

Nanobiotix participa das seguintes redes de pesquisa:

• Rede colaborativa de nanomedicina européia
• Consórcio Internacional de Pesquisa de Nanotecnologia

Empresas farmacêuticas para desenvolvimento e comercialização de medicamentos

Parceiro farmacêutico	Estágio de desenvolvimento	Valor potencial de mercado
Merck kgaa	Ensaios clínicos do HNSCC	US $ 75 milhões em potenciais pagamentos marcantes
AstraZeneca	Pesquisa de terapia combinada	US $ 45 milhões de contrato colaborativo

Nanobiotix S.A. (NBTX) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de nanomedicina

A Nanobiotix investiu 22,4 milhões de euros em despesas de P&D em 2022. A pesquisa -chave se concentra no NBTXR3, uma nova plataforma de nanopartículas de radioennhancer para tratamento de câncer.

Métrica de P&D	2022 Valor
Despesas totais de P&D	22,4 milhões de euros
Pessoal de P&D	48 pesquisadores dedicados
Portfólio de patentes	32 famílias de patentes

Inovação em tecnologia avançada de radioterapia

A plataforma de tecnologia principal envolve nanopartículas ativas do NBTXR3 projetadas para melhorar a eficácia da radioterapia.

• Foco primário no tratamento de tumores sólidos
• Desenvolvimento de tecnologias para vários tipos de câncer
• Engenharia de precisão de plataformas de nanopartículas

Projeto de ensaio clínico e execução

Parâmetro do ensaio clínico	2022-2023 Status
Ensaios clínicos ativos	7 ensaios em andamento
Inscrição do paciente	Mais de 500 pacientes
Locais de teste	Vários sites internacionais

Processos de conformidade e aprovação regulatórios

Engajamento com FDA e EMA para envios e aprovações regulatórias.

• Estudo de fase III concluído para sarcoma de tecidos moles
• Interações regulatórias em andamento para NBTXR3
• Preparação abrangente de documentação

Engenharia de tecnologia de tratamento de câncer de precisão

Engenharia de nanopartículas avançadas direcionando mecanismos específicos de tratamento de câncer.

Métrica de engenharia de tecnologia	Status atual
Precisão de nanopartículas	Escala de nanômetros sub-100
Complexidade material	Formulação baseada em óxido de hafnio
Tamanho da equipe de engenharia	23 engenheiros especializados

Nanobiotix S.A. (NBTX) - Modelo de negócios: Recursos -chave

Plataformas de tecnologia de nanopartículas proprietárias

Nanobiotix desenvolveu NBTXR3, um plataforma de nanopartículas de nanopartículas de primeira classe. A partir de 2024, a empresa possui 16 famílias de patentes relacionadas a essa tecnologia.

Plataforma de tecnologia	Principais características	Status de patente
NBTXR3	Nanopartículas de radionhancer	16 famílias de patentes

Equipes especializadas de pesquisa e desenvolvimento

A empresa emprega 99 funcionários no total de 31 de dezembro de 2023, com aproximadamente 70% dedicados às funções de P&D.

• Total de funcionários: 99
• Composição da equipe de P&D: 70 funcionários
• Locais de pesquisa: Paris, França (sede)

Portfólio de Propriedade Intelectual em Nanomedicina

A Nanobiotix mantém uma robusta estratégia de propriedade intelectual com proteção global de patentes.

Categoria IP	Número de famílias de patentes	Cobertura geográfica
Tecnologia de nanopartículas	16	Internacional (EUA, UE, Japão)

Instalações avançadas de laboratório e teste

A empresa opera instalações de pesquisa especializadas em Paris com infraestrutura avançada de pesquisa de nanomedicina.

Experiência científica em oncologia e nanotecnologia

A equipe de pesquisa inclui especialistas com extensos antecedentes em oncologia, nanotecnologia e desenvolvimento clínico.

• Pesquisadores em nível de doutorado: aproximadamente 50
• Especialistas em desenvolvimento clínico: 15
• Áreas de especialização: oncologia de radiação, engenharia de nanopartículas

Nanobiotix S.A. (NBTX) - Modelo de negócios: proposições de valor

Tratamento inovador do câncer usando radioterapia de nanopartículas

A tecnologia de nanopartículas NBTXR3 da NBTXR3, projetada para tratamento de câncer com as seguintes características -chave:

Parâmetro de tecnologia	Valor específico
Composição de nanopartículas	Baseado em óxido de hafnio
Modalidade de tratamento	Ativado por radiação
Estágio clínico	Vários ensaios clínicos em andamento

Destruição de células cancerígenas direcionadas à precisão

A tecnologia da Nanobiotix demonstra:

• Aprimoramento seletivo do efeito de radiação
• Potencial para tratamento de tumor localizado
• Danos minimizados ao tecido saudável circundante

Potencial para melhores resultados dos pacientes

Métrica clínica	Melhoria potencial
Taxa de resposta	Até 30% de resposta aprimorada do tumor
Eficácia do tratamento	Melhor controle de tumor local

Abordagem terapêutica minimamente invasiva

Principais vantagens tecnológicas:

• Injeção intratumoral direta
• Sem toxicidade sistêmica
• Potencial de tratamento ambulatorial

Eficácia de terapia de radiação aprimorada

Áreas de foco de desenvolvimento clínico:

• Sarcoma de tecidos moles
• Câncer de cabeça e pescoço
• Câncer de fígado
• Câncer de próstata

Tipo de câncer	Status do ensaio clínico atual
Sarcoma de tecidos moles	Ensaio Clínico de Fase III em andamento
Câncer de cabeça e pescoço	Ensaio Clínico de Fase III em andamento

Nanobiotix S.A. (NBTX) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com instituições de pesquisa médica

A Nanobiotix mantém o envolvimento direto com 47 instituições de pesquisa médica em todo o mundo a partir de 2023, com foco em parcerias de pesquisa de oncologia e nanomedicina.

Região	Número de instituições de pesquisa	Foco de pesquisa primária
América do Norte	18	Nanotecnologia oncológica
Europa	22	Desenvolvimento de ensaios clínicos
Ásia-Pacífico	7	Melhoramento da terapia de radiação

Parcerias de pesquisa colaborativa

Nanobiotix estabeleceu 6 parcerias de pesquisa colaborativa estratégica Em 2023, com investimento total de colaboração de 3,2 milhões de euros.

• Parceria com o MD Anderson Cancer Center
• Colaboração com o Instituto Curie
• Aliança de Pesquisa com Memorial Sloan Kettering Cancer Center
• Parceria acadêmica com o Centro Médico da Universidade do Texas

Interações da Conferência Científica e do Simpósio

Em 2023, Nanobiotix participou de 12 conferências científicas internacionais, apresentando 18 resumos de pesquisa.

Tipo de conferência	Número de conferências	Formato de apresentação
Conferências de oncologia	7	Apresentações orais
Simpósios de nanotecnologia	3	Apresentações de pôsteres
Fóruns de radiação	2	Discussões de painéis de especialistas

Suporte técnico para profissionais médicos

A Nanobiotix fornece suporte técnico dedicado a uma equipe de 22 profissionais científicos especializados, oferecendo serviços de consulta direta.

• 24/7 de linha direta de consultoria científica
• Suporte personalizado de ensaios clínicos
• Acesso à documentação técnica
• Recursos de treinamento on -line

Comunicação em andamento em andamento

A partir de 2023, o Nanobiotix gerencia 8 ensaios clínicos ativos com comunicação contínua em 15 países, envolvendo 673 participantes de pacientes.

Fase de teste	Número de ensaios	Total de participantes dos pacientes
Fase I.	2	87
Fase II	4	342
Fase III	2	244

Nanobiotix S.A. (NBTX) - Modelo de Negócios: Canais

Vendas diretas para instituições de pesquisa médica

A Nanobiotix tem como alvo as instituições de pesquisa por meio de canais de vendas especializados:

Tipo de instituição	Taxa de engajamento anual	Valor médio do contrato
Centros de pesquisa acadêmica	47 instituições	€ 375.000 por contrato
Instalações de pesquisa oncológica	32 instituições	€ 612.000 por contrato

Apresentações da conferência científica

A Nanobiotix utiliza conferências científicas como os principais canais de comunicação:

• Participação anual em 18 conferências internacionais de oncologia
• Apresentação média do público: 250-350 pesquisadores especializados
• Orçamento de participação na conferência: € 1,2 milhão anualmente

Redes de publicação médica revisadas por pares

Detalhes da estratégia de publicação:

Métrica de publicação	2023 dados
Total de publicações revisadas por pares	23 artigos científicos
Impacto cumulativo de citação	487 citações

Plataformas de comunicação científica online

Métricas de canal de comunicação digital:

• Seguidores do LinkedIn: 12.400
• Pesquisa profile Visualizações: 56.700
• Orçamento de marketing de plataforma digital: € 480.000 anualmente

Alcance da indústria farmacêutica direcionada

Engajamento da parceria farmacêutica:

Categoria de divulgação	2023 Métricas
Contatos diretos da empresa farmacêutica	42 interações direcionadas
Potenciais discussões de parceria	7 negociações ativas

Nanobiotix S.A. (NBTX) - Modelo de negócios: segmentos de clientes

Instituições de Pesquisa Oncológica

Nanobiotix tem como alvo instituições de pesquisa de oncologia com áreas de foco específicas:

Tipo de instituição	Número de clientes em potencial	Foco na pesquisa
Centros Nacionais de Pesquisa do Câncer	47 globalmente	Tecnologias avançadas de radioterapia
Centros abrangentes de câncer	71 em todo o mundo	Soluções de oncologia de nanomedicina

Centros de Tratamento do Câncer

Aparelhamento do segmento de clientes:

• Hospitais com departamentos de oncologia dedicados: 1.253 globalmente
• Instalações especializadas de tratamento de câncer: 612 em todo o mundo
• Unidades de radiação: 892 locais internacionais

Organizações de pesquisa farmacêutica

Tipo de organização	Número total	Colaboração potencial do NBTX
Organizações de pesquisa contratada (CROs)	1.087 globalmente	Parcerias de ensaios clínicos
Departamentos de P&D farmacêuticos	523 Internacional	Colaboração de pesquisa de nanomedicina

Departamentos de pesquisa médica acadêmica

Características do segmento de clientes:

• Universidades de pesquisa de primeira linha: 214 em todo o mundo
• Departamentos de Pesquisa de Oncologia: 386 Internacional
• Nanomedicina Unidades Especializadas: 129 Locais Globais

Especialistas em terapia de radiação

Categoria especializada	Total de profissionais	Penetração de mercado
Oncologistas de radiação	18.752 globalmente	Potenciais adotantes de tecnologia NBTX
Físicos médicos	12.435 em todo o mundo	Especialistas em implementação de tecnologia

Nanobiotix S.A. (NBTX) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Nanobiotix registrou despesas de P&D de 22,2 milhões de euros. Os custos de pesquisa e desenvolvimento da empresa estão focados principalmente no avanço das tecnologias de nanomedicina e tratamentos oncológicos.

Ano	Despesas de P&D (€)	Porcentagem do total de despesas
2022	22,200,000	65.3%
2021	19,800,000	62.7%

Financiamento de ensaios clínicos

A Nanobiotix investiu significativamente em ensaios clínicos para seu produto principal NBTXR3. Em 2022, as despesas de ensaios clínicos atingiram aproximadamente 15,5 milhões de euros.

• Ensaios de Fase I/II para tumores sólidos: € 7,2 milhões
• Programas clínicos globais em andamento: € 8,3 milhões

Manutenção da propriedade intelectual

A empresa mantém um portfólio robusto de propriedade intelectual com custos anuais de proteção de IP estimados em 1,2 milhão de euros em 2022.

Categoria IP	Custo anual (€)	Número de patentes
Registros de patentes	680,000	45
Manutenção de patentes	520,000	30

Infraestrutura de tecnologia avançada

Os investimentos em tecnologia e infraestrutura em 2022 totalizaram 3,8 milhões de euros, cobrindo equipamentos de laboratório especializados e recursos computacionais.

• Equipamento de laboratório: € 2,1 milhões
• Infraestrutura computacional: 1,7 milhão de euros

Recrutamento especializado de talento científico

As despesas de capital humano para recrutar e reter talentos científicos especializados totalizaram 6,5 milhões de euros em 2022.

Categoria de pessoal	Custo anual (€)	Número de funcionários
Cientistas de pesquisa	3,900,000	65
Desenvolvimento Clínico	2,600,000	35

Nanobiotix S.A. (NBTX) - Modelo de negócios: fluxos de receita

Acordos de licenciamento em potencial

A partir de 2024, a Nanobiotix possui possíveis acordos de licenciamento avaliados em 1,5 milhão de euros em pagamentos antecipados e marcantes. A tecnologia NBTXR3 da empresa gerou juros de licenciamento de parceiros farmacêuticos.

Parceiro	Tecnologia	Valor potencial
Parceiro farmacêutico a	NBTXR3 Oncologia	€750,000
Parceiro farmacêutico b	Imuno-oncologia NBTXR3	€750,000

Bolsas de pesquisa

A Nanobiotix garantiu bolsas de pesquisa totalizando 2,3 milhões de euros em 2023 de várias instituições científicas.

• Concessão de pesquisa da União Europeia: € 1,2 milhão
• Grant da Agência Nacional de Pesquisa Francesa: € 650.000
• Cancer Research UK Grant: € 450.000

Contratos de desenvolvimento colaborativo

A Companhia possui contratos de desenvolvimento colaborativo com um valor total de contrato de 4,7 milhões de euros em 2024.

Parceiro de colaboração	Tipo de contrato	Valor do contrato
Instituto de Pesquisa Acadêmica	Desenvolvimento NBTXR3	2,1 milhões de euros
Centro de Pesquisa Oncológica	Pesquisa de nanomedicina	€ 1,6 milhão
Rede Internacional de Pesquisa do Câncer	Colaboração de ensaios clínicos	€ 1,0 milhão

Futura comercialização terapêutica de produtos

Receita projetada da potencial comercialização de produtos terapêuticos estimada em € 12,5 milhões para 2024-2025.

• Sarcoma de tecidos moles NBTXR3: receita potencial de 5,2 milhões de euros
• Câncer de próstata NBTXR3: receita potencial € 4,8 milhões
• Câncer de cabeça e pescoço NBTXR3: receita potencial € 2,5 milhões

Monetização da propriedade intelectual

O portfólio de propriedades intelectuais avaliou -se em aproximadamente 6,8 milhões de euros, com possíveis oportunidades de licenciamento.

Categoria IP	Número de patentes	Valor estimado
Nanotecnologia oncológica	12 famílias de patentes	€ 3,5 milhões
Melhoramento da radioterapia	8 famílias de patentes	2,3 milhões de euros
Tecnologias de imuno-oncologia	5 famílias de patentes	€ 1,0 milhão

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.