aibioNanobiotix reports €110.9 million cash after ~€86 million follow-on, runway into 2029
Tickers NANO
The company says cash of €110.9 million funds operations into 2029. Its first half net loss was €34.3 million, and revenue fell to €5.6 million from a year earlier that included a one-off €21.2 million gain.
Key facts
- Company
- Nanobiotix SA (EURONEXT: NANO)
- News type
- Financings
- Primary source
- Nanobiotix SA 6-K (2026-09-24)
Nanobiotix SA (Euronext: NANO, Nasdaq: NBTX) reported on September 24, 2026 that it held €110.9 million in cash and cash equivalents on June 30, 2026, up from €52.8 million at December 31, 2025. The increase followed a global follow-on offering completed in May 2026 that the company describes as oversubscribed, with total gross proceeds of about €86 million after the underwriters' over-allotment option was fully exercised. The company says cash should fund operations into 2029 on its current plan.
Who arranged the offering
The release names no underwriter, bank, placement agent or counsel for the May offering, and gives no share count or offering price, so the dilution cannot be measured from it.
The runway is a projection
The 2029 runway rests on the company's current operating plan and financial projections. The release itself lists the risk that the assumptions behind the cash runway projections are not realized.
Losses and revenue
Revenue and other income was €5.6 million for the six months ended June 30, 2026, down from €26.6 million a year earlier. The company says the 2025 figure included a one-off non-cash revenue gain of €21.2 million, tied to the transfer of sponsorship of the NANORAY-312 study to Johnson & Johnson. The company says the variance is mainly due to that gain. It also included €3.1 million of clinical product supply sales to Johnson & Johnson.
Net loss attributable to common shareholders was €34.3 million, or €0.70 a share, against €5.4 million, or €0.11 a share, for the first half of 2025. Research and development expense was €12.7 million, against €14.5 million, and selling, general and administrative expense was €10.8 million, against €11.3 million.
The clinical data, as the company reports it
The release sets out results from a Phase 1 study in non-small cell lung cancer, presented at the 2026 WCLC meeting and sponsored by the University of Texas MD Anderson Cancer Center. At a median follow-up of 12 months, the one-year locoregional control rate was 79%, one-year local progression-free survival was 61%, and one-year overall survival was 70%. The release says these rates are for evaluable patients, without saying how many were evaluable, and it gives no comparison group. All 24 patients completed treatment, and the recommended Phase 2 dose was set at 33% of gross tumor volume. The company reports no dose-limiting toxicities and no Grade 3 or higher adverse events related to the drug or the injection procedure.
The Phase 2 CONVERGE study, led by Johnson & Johnson and described as randomized, open-label and active-controlled, reported initial investigator-reported responses in 7 patients with unresectable Stage 3 non-small cell lung cancer. The overall response rate was 85.7% (6/7 patients) at ESTRO 2026, against 71.4% (5/7 patients) at the earlier ELCC 2026 time point, and the complete response rate was 57.1% (4/7 patients). The release sets that against about 15% complete responses with the current standard of care, but the figures come from a very small group and are not a controlled comparison.
The Phase 3 NANORAY-312 study in head and neck cancer matters most to the company. The release says a protocol amendment, cleared by the U.S. FDA, eliminated a previously planned interim analysis and changed the final analysis to include fewer events than originally planned, to be conducted sooner. The company calls that streamlining. It is also a change to the design of the pivotal trial, and the release does not give the reason for the lower event count.
Partners and the platform
Johnson & Johnson leads NANORAY-312, LUMIRAY and CONVERGE under a 2023 license agreement with Janssen Pharmaceutica NV, while MD Anderson sponsors several Phase 1 and Phase 2 studies. The annual report on Form 20-F filed March 31, 2026 says Nanobiotix was incorporated in France on March 4, 2003, began trading on Euronext in Paris in October 2012, and listed its ADSs on the Nasdaq Global Select Market on December 11, 2020. The release also cites preclinical data on the Nanoprimer platform presented at the 2026 AACR meeting, but it gives no clinical numbers for that work.
What the release leaves open
The release gives no net proceeds figure and does not say how much of the €110.9 million the company needs to reach 2029.