Nanobiotix (NASDAQ: NBTX) reported a net loss of €34.3 million for the first half of 2026, a significant expansion from the €5.4 million loss recorded in the same period of 2025. The widened deficit stems primarily from a steep decline in revenue and other income, which fell to €5.6 million from €26.6 million year-on-year.

The variance is largely attributable to a one-off non-cash revenue impact of €21.2 million recognized in H1 2025 following the transfer of NANORAY-312 study sponsorship to Johnson & Johnson. Excluding this accounting adjustment, operational expenses remained relatively stable, with R&D spending decreasing slightly to €12.7 million from €14.5 million.

Financial performance overview

The company’s cash position strengthened significantly during the period, aided by a successful capital raise. Cash and cash equivalents stood at €110.9 million as of June 30, 2026, compared to €52.8 million at the end of 2025. This increase supports management’s guidance that current funds will extend the cash runway into 2029.

Operational highlights

Nanobiotix advanced its clinical pipeline through several key milestones involving its lead candidate, JNJ-1900 (NBTXR3):

• Phase 1 NSCLC Study: Data presented at the 2026 WCLC Meeting showed a one-year locoregional control rate of 79% and overall survival of 70% in evaluable patients. No dose-limiting toxicities were reported among the 24 patients treated.
• Phase 2 CONVERGE Study: Early results from the Johnson & Johnson-led study in unresectable Stage 3 NSCLC indicated an overall response rate of 85.7% and a complete response rate of 57.1% in seven patients.
• Phase 3 NANORAY-312: The FDA cleared a protocol amendment that eliminates the interim analysis and modifies the final analysis to include fewer events, aiming for earlier completion.
• Capital Raise: The company completed an oversubscribed global follow-on offering in May 2026, generating approximately €86 million in gross proceeds.

What the numbers show

A critical divergence exists between the reported net loss and the underlying operational burn. While the net loss expanded by €28.9 million, this figure is heavily skewed by the absence of the €21.2 million non-cash revenue recognition from the prior year. When isolating operational costs, R&D expenses fell by €1.8 million and SG&A decreased by €0.5 million, indicating that core spending discipline was maintained despite the headline loss increase. The primary driver of the financial deterioration was the structural change in revenue recognition tied to the J&J partnership, rather than an escalation in cash outflows.

Strategic positioning

Laurent Levy, Chief Executive Officer and Chairman, stated that the company remains strategically equipped to support the development of Nanoradioenhancer JNJ-1900 (NBTXR3) and next-generation platforms like Nanoprimer. The inclusion of Nanobiotix in the Euronext Tech Leaders Index further underscores its standing among high-growth European technology firms.

Nanobiotix reported 50,941,528 shares outstanding as of August 31, 2026. The disclosure aligns with French Commercial Code requirements for listed companies.

The company operates on Euronext Paris and Nasdaq Global Select Market. It maintains a subsidiary in Cambridge, Massachusetts. Nanobiotix focuses on physics-based therapeutic approaches for oncology and other conditions.

Voting rights structure

The filing distinguishes between theoretical and exercisable voting rights. Theoretical rights include all shares with attached voting rights, even if suspended. Exercisable rights exclude treasury shares where voting is suspended.

Regulatory context

The data complies with Article L.233-8 II of the French Commercial Code. It also follows Article 223-16 of the General Regulation of the French Financial Markets Authority (AMF). These regulations mandate transparency in share capital structures for public companies.

Theoretical voting rights serve as the basis for calculating threshold crossings. This figure includes shares with suspended voting rights. Exercisable rights reflect the actual voting power available at shareholders' meetings.