Nanobiotix S.A.
NBTX evidence brief
What we can confirm
- Market Cap:
- $1.88B
What it means
What to watch
Prepared research question
What matters most for NBTX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · NBTX
Nanobiotix is a late-clinical stage biotechnology company developing the nanotherapeutic JNJ-1900 (NBTXR3) for cancer, with a focus on head and neck and lung cancer programs, and has strengthened its financial position through a 2026 follow-on offering and a 2025 royalty financing agreement.
Key risk: No approved products
Market Cap
$1.88B
Cash Runway
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Lead Asset
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Next Catalyst
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Tracking 1 clinical trial for Nanobiotix S.A..
Nanobiotix is a late-clinical stage biotechnology company developing the nanotherapeutic JNJ-1900 (NBTXR3) for cancer, with a focus on head and neck and lung cancer programs, and has strengthened its financial position through a 2026 follow-on offering and a 2025 royalty financing agreement.
- Nanobiotix reported promising early results from a Phase 1 study of JNJ-1900 (NBTXR3) for inoperable, locoregionally recurrent NSCLC amenable to re-irradiation [news · published 2026-09-24].
- The company completed an oversubscribed ~€86 million global follow-on offering in May 2026, extending cash runway into 2029 [news · published 2026-09-24].
- In 2025, Nanobiotix secured a non-dilutive royalty financing valued up to $71 million with HealthCare Royalty, extending cash visibility into early 2028 [news · published 2025-10-31].
- The Phase 3 head and neck cancer trial (NANORAY-312) sponsorship and operational control were transferred to Johnson & Johnson in 2025 [news · published 2025-10-24].
- First data from the CONVERGE study, a Johnson & Johnson-sponsored randomized Phase 2 trial in stage 3 inoperable lung cancer, were presented in 2026 [news · published 2026-03-30].
What works
- Nanobiotix has established a global partnership with Johnson & Johnson for JNJ-1900 (NBTXR3), including sponsorship of Phase 2 and Phase 3 trials, which provides development and financial support [news · published 2025-10-24].
- The company has secured multiple non-dilutive financing sources, including a $71 million royalty financing in 2025 and an ~€86 million follow-on offering in 2026, extending cash runway into 2029 [news · published 2026-09-24] [news · published 2025-10-31].
- Early clinical data show an acceptable safety profile and promising initial efficacy responses for JNJ-1900 in NSCLC re-irradiation settings [news · published 2026-09-24].
What to weigh
- Nanobiotix is a pre-revenue biotechnology company with no approved products, relying on partnership milestones and financing to fund operations [news · published 2025-04-03].
- The company's financial position depends heavily on the success of JNJ-1900 (NBTXR3) clinical programs, which are still in Phase 2 and Phase 3 stages and face inherent clinical and regulatory risks [news · published 2025-10-24].
- The transfer of NANORAY-312 sponsorship to Johnson & Johnson reduces Nanobiotix's direct operational control over its lead Phase 3 program [news · published 2025-10-24].
From the filings
Quoted directly from source documents.
Oversubscribed ~€86 million follow-on offering in May 2026
“Strengthened financial position through an oversubscribed ~€86 million global follow-on offering completed in May 2026, extending cash runway into 2029”
News · September 24, 2026
Transfer of NANORAY-312 sponsorship to Johnson & Johnson
“Nanobiotix has completed the transfer of NANORAY-312 sponsorship, initiated in 3”
News · October 24, 2025
Catalyst timeline
- 2019-01-16 · Phase1_Start: A Phase I Dose Escalation / Dose Expansion Study of NBTXR3 Activated by Radiotherapy for Patients With Advanced Cancers Treated With An Anti-PD-1 Therapy — This early-phase study evaluates NBTXR3 combined with radiotherapy and anti-PD-1 therapy, providing foundational safety and efficacy data.
Risks & what to watch (3)›
Key risks
- No approved products — Nanobiotix has no marketed products; all revenue depends on partnership milestones and future product approvals [news · published 2025-04-03].
- Clinical trial execution risk — Lead programs (Phase 2 lung, Phase 3 head & neck) are ongoing and subject to enrollment, safety, and efficacy uncertainties [news · published 2025-10-24].
- Dependence on partnership — Operational control of the Phase 3 head and neck trial transferred to Johnson & Johnson, reducing Nanobiotix's direct influence [news · published 2025-10-24].
What to watch
- Data from the CONVERGE Phase 2 lung cancer study (sponsored by Johnson & Johnson) expected to inform pivotal trial design [news · published 2026-03-30].
- Progress of the Phase 3 NANORAY-312 head and neck cancer trial under Johnson & Johnson sponsorship [news · published 2025-10-24].
- Nanobiotix's cash runway and any additional financing or partnership milestones as it approaches 2029 [news · published 2026-09-24].
- Early results from the Phase 1 esophageal cancer study sponsored by MD Anderson [news · published 2025-11-25].
Sources: Catalysts · News · Generated October 13, 2026 · How we verify sources →
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Evidence & data
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
15
Total value held
$175.9M
| Holder | Shares | Value |
|---|---|---|
| johnson & johnson | 5,623,816 | $173.6M |
| morgan stanley | 36,274 | $1.1M |
| optiver holding b.v. | 13,501 | $417K |
| marshall wace, llp | 9,239 | $285K |
| ubs group ag | 5,557 | $172K |
| bnp paribas financial markets | 3,559 | $110K |
| rhumbline advisers | 2,281 | $70K |
| royal bank of canada | 1,825 | $56K |
| gamma investing llc | 828 | $26K |
| eversource wealth advisors, llc | 514 | $16K |
Showing top 10 of 15 institutional holders of Nanobiotix S.A.. Open the full 13F history after sign-in.
Short Interest
as of Apr 30, 2026- % of float
- 0.0%
- Days to cover
- 0.2
- Shares short
- 11,234
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
NBTX short interestFrequently asked questions
What is the AI investment thesis for Nanobiotix S.A.?
Nanobiotix is a late-clinical stage biotechnology company developing the nanotherapeutic JNJ-1900 (NBTXR3) for cancer, with a focus on head and neck and lung cancer programs, and has strengthened its financial position through a 2026 follow-on offering and a 2025 royalty financing agreement.
Who is the CEO of Nanobiotix S.A.?
Dr. Laurent Levy Ph.D. is the chief executive officer of Nanobiotix S.A. (NBTX).
Where is Nanobiotix S.A. headquartered?
Nanobiotix S.A. (NBTX) is headquartered in Paris, France.
What therapeutic areas does Nanobiotix S.A. focus on?
Nanobiotix S.A. develops therapies across Oncology, Immunology, Dermatology, Nephrology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.