Monitor the NANORAY-312 Phase 3 head and neck cancer trial for final analysis results, which could be a major catalyst. Also watch for any milestone payments from Janssen or the $21 million additional payment from HealthCare Royalty Partners, as the company's high debt service costs (€14.5 million interest in H1 2026) will pressure cash runway despite the recent equity raise.
Price Chart
Executive Summary
Nanobiotix filed its H1 2026 half-year report, showing a net loss of €34.3 million (vs. €5.4 million in H1 2025) driven by a €9.6 million interest charge on the royalty financing and a sharp drop in revenue to €3.6 million (vs. €24.9 million) as the prior-year period included a €21.2 million one-off contract modification gain. The company completed a ~$100 million oversubscribed follow-on offering in May 2026, boosting cash to €110.9 million, and reported encouraging Phase 2 lung cancer data for JNJ-1900 (NBTXR3) with a 57.1% complete response rate. The operating loss widened to €17.9 million from a €0.8 million operating profit in H1 2025, reflecting the absence of the prior-year Janssen amendment revenue.
Key Facts
- Net loss of €34.3 million for H1 2026 vs. €5.4 million in H1 2025
- Revenue fell to €3.6 million from €24.9 million, primarily due to a €21.2 million one-off contract modification gain in H1 2025 not repeating
- Completed oversubscribed follow-on offering in May 2026 for aggregate gross proceeds of ~$100 million (€86.1 million), net proceeds of €80.1 million
- Cash and cash equivalents of €110.9 million as of June 30, 2026, up from €52.8 million at year-end 2025
- Operating loss of €17.9 million vs. operating income of €0.8 million in H1 2025
- Financial loss of €16.3 million vs. €6.2 million in H1 2025, driven by €9.6 million interest on royalty financing and €4.9 million on EIB loan
- Phase 2 CONVERGE lung cancer data showed investigator-reported ORR of 85.7% and complete response rate of 57.1% for JNJ-1900 (NBTXR3)
- Protocol amendment to Phase 3 NANORAY-312 head and neck cancer study eliminated interim analysis and modified final analysis
- Total financial liabilities of €106.6 million, including €52.4 million royalty financing and €50.7 million EIB loan
- Share-based payment expense of €2.8 million in H1 2026 vs. €2.2 million in H1 2025
Financial Impact
Net loss widened by €28.9 million year-over-year to €34.3 million; cash position strengthened by €58.1 million to €110.9 million after the May 2026 offering
Risk Factors
- High financial leverage with €106.6 million in total financial liabilities and €14.5 million in interest costs for H1 2026
- Revenue concentration on Janssen with no product sales; future revenue depends on milestone and royalty payments from JNJ-1900 (NBTXR3)
- Phase 3 NANORAY-312 trial protocol amendment may delay or alter the path to regulatory submission
- Royalty financing carries an effective interest rate of 52% and total undiscounted cash outflows of $268.9 million (€236 million)
- Going concern risk if JNJ-1900 (NBTXR3) fails to achieve regulatory approval or commercial success
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001760854-26-000006 |
| Document: 0001760854-26-000006-index-headers.html | 0001760854-26-000006 |
| Document: 0001760854-26-000006-index.html | 0001760854-26-000006 |
| Document: 0001760854-26-000006.txt | 0001760854-26-000006 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 6-K | $30.26 | awaiting T+20 | — | $31.53 (+4.20%) |
Oct 20, 2026 6d ago | 6-K | $25.83 | awaiting T+20 | — | $31.53 (+22.07%) |
Oct 1, 2026 25d ago | 6-K | $25.75 | awaiting T+20 | — | $31.53 (+22.45%) |
Oct 1, 2026 25d ago | Press Release | $25.75 | awaiting T+20 | — | $31.53 (+22.45%) |
Sep 24, 2026 4w ago | 6-K | $33.31 $29.36 | ▲ +11.86% | ▲ +10.38% | $31.53 (+5.34%) |
Sep 24, 2026 4w ago | 6-K | $33.31 $29.36 | ▼ −11.86% | ▼ −10.38% | $31.53 (−5.34%) |
Sep 24, 2026 4w ago | Press Release | $33.31 $29.36 | ▼ −11.86% | ▼ −10.38% | $31.53 (−5.34%) |
Sep 22, 2026 4w ago | Press Release | $35.24 $25.83 | ▼ −26.70% | ▼ −27.39% | $31.53 (−10.53%) |
Sep 14, 2026 6w ago | 6-K | $35.73 $23.40 | ▼ −34.51% | ▼ −36.77% | $31.53 (−11.75%) |
Jul 31, 2026 12w ago | 6-K | $38.89 $40.64 | ▲ +4.50% | ▲ +3.26% | $31.53 (−18.93%) |
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