Nanobiotix Closes $100 Million Global Offering in May 2026
Key Facts
Nanobiotix announced that it closed its global offering on May 26, 2026, raising gross proceeds of approximately $100 million, or €86.1 million, before underwriting commissions and estimated expenses, according to an investor relations statement. The date corrects the impression that the financing was completed in October; October 29 was the publication date of the previous draft, not the transaction’s closing date. The company priced its ordinary shares at €33.60, while the American depositary share price was $38.98. It said the offering price represented a 14.92% discount to the volume-weighted average share price over the May 18, 19 and 20 sessions. The offering provides funding to develop the company’s platforms and clinical programs, while Nanobiotix said net proceeds, together with available cash, would cover working capital needs through 2029.
The offering included 2,218,467 ordinary shares, including 225,373 shares in the form of American depositary shares and an additional 33,805 shares in the form of American depositary shares, as well as 345,099 pre-funded warrants, according to the statement. Each pre-funded warrant entitles its holder to subscribe for one ordinary share. The structure therefore combined ordinary shares and related securities in the same transaction. The distinction between an ordinary share and an American depositary share explains the difference between the prices of €33.60 and $38.98: the former applies to the ordinary share and the latter to the American depositary security. Gross proceeds of approximately $100 million were before underwriting commissions and estimated expenses.
The company allocated less than 10% of net proceeds to support development of JNJ-1900, also known as NBTXR3, while earmarking 50–60% for development of Nanoprimer and other platforms. The remaining 30–40% went to general corporate purposes, according to the company. The allocation puts the largest share of funding toward Nanoprimer and other platforms, compared with a share of less than one-tenth of net proceeds for the JNJ-1900 program. The company said the offering proceeds, combined with available cash, would be sufficient to meet working capital needs for its operations through 2029 at its expected cash-burn rate. That is the period the company set for covering operating needs, not a target date for completing a particular clinical program.
Nanobiotix’s first-half 2026 update showed cash and cash equivalents of €110.9 million on June 30, compared with €52.8 million on December 31, 2025. Over the same period, the company reported a net loss attributable to ordinary shareholders of €34.3 million, compared with €5.4 million in the first half of 2025. Basic loss per share was €0.70, compared with €0.11 a year earlier. The figures show the loss widening between the periods, alongside an increase in the cash balance reported by the company at the end of June. The offering closed in May, before this financial update, while the June figures reflected the cash position after the transaction.
For JNJ-1900 programs led by Johnson & Johnson, the company’s update cited the global randomized Phase 3 NANORAY-312 study in head and neck cancer. It also listed the Phase 1b LUMIRAY study and the randomized Phase 2 CONVERGE study in patients with unresectable Stage III non-small cell lung cancer. The update also discussed early data from a Phase 1 study in non-small cell lung cancer, at a median follow-up of 12 months. Nanobiotix said the one-year local control rate was 79%, and one-year local progression-free survival was 61%. It added that one-year overall survival was 70% among evaluable patients.
In October trading, NBTX closed at $29.19 on October 22, then reached $34.53 on October 27, before closing at $33.98 on October 28, according to EL7 data. This performance covers late-October sessions, about five months after the offering closed, and does not represent the May offering price. The offering price was $38.98 per American depositary share, while the figure recorded on October 28 was that day’s closing price. The available data do not include the session’s daily low and high range on October 28. The operating runway cited by the company in its transaction-closing statement extends through 2029.