Nanobiotix (NASDAQ: NBTX) closed a non‑dilutive royalty financing with Healthcare Royalty (HCRx) that delivers an upfront payment of $50 million and a contingent $21 million payable one year later. The transaction is structured through a trust that will hold the proceeds and repay HCRx from a capped portion of future milestone payments and royalties on NBTXR3 sales under the Janssen license. The arrangement preserves equity, aligns cash flow with the expected commercial upside of the lead asset, and extends the company’s runway into early 2028.
The additional $21 million is payable only if Nanobiotix meets the milestone conditions specified in the Janssen license agreement. These conditions include regulatory milestones and sales thresholds that are tied to the commercialization of NBTXR3 in the United States and Europe. By linking the payment to performance, the deal protects shareholders from dilution while ensuring that the company’s cash outflows are directly tied to the product’s commercial success.
Nanobiotix also announced that the Phase 3 head‑and‑neck cancer study sponsorship has been transferred to Janssen in most regions, a transfer that was completed on November 24, 2025. The move removes a key operational hurdle, allowing Janssen to take full responsibility for regulatory submissions and global commercialization. In addition, the company presented first‑in‑class data from a Phase 1 esophageal cancer study at the 2025 Annual Meeting of the American Society for Radiation Oncology (ASTRO). The data showed an 85 % disease‑control rate and a 69 % objective‑response rate among 13 patients, supporting an expanded indication for NBTXR3.
The financing and clinical milestones together strengthen Nanobiotix’s financial position and de‑risk its pipeline. The $50 million infusion provides immediate liquidity for continued development and clinical testing, while the contingent $21 million aligns future cash outflows with the product’s commercial performance. The partnership with Janssen, which could generate up to $1.8 billion in milestone payments and royalties, gives Nanobiotix a powerful commercialization partner and a clear path to market. Management emphasized that the deal preserves shareholder value and allows the company to focus on advancing NBTXR3. CEO Laurent Levy said the financing “strengthens our financial position and allows us to focus on advancing NBTXR3,” while CFO Bart van Rhijn highlighted the non‑dilutive nature of the deal.
Overall, the event positions Nanobiotix for sustained growth. The combination of robust liquidity, a strong partnership with Janssen, and promising early‑stage data expands the potential market for NBTXR3 and provides a clear trajectory toward commercialization. The company’s strategic focus on a first‑in‑class radio‑enhancer, coupled with the financial flexibility gained from the royalty financing, sets the stage for future milestones and potential market entry.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.