[NBTX] Nanobiotix: Cash Runway to 2029 and the NANORAY-312 Readout

Nanobiotix is a Paris-based nanotherapeutics company whose lead product, NBTXR3, is a one-time intratumoral injection of hafnium oxide nanoparticles that amplifies the local radiation dose; Janssen, a Johnson & Johnson company, holds the exclusive global rights to develop, manufacture and commercialize it under the code JNJ-1900[1]. The Drillr earnings calendar lists 2026-09-29 as the company's results event for the first half of 2026, ended June 30, 2026[2]; the company already published results for that same period in a 6-K on 2026-09-24 but has not announced a conference call for that date[3]. In the first half of 2026, revenue and other income was €5.55 million, down from €26.64 million a year earlier, when the total included a €21.2 million one-off non-cash catch-up from the license amendment[3]; revenues were €3.64 million, the operating loss was €17.92 million, and the net loss was €34.29 million, or €0.70 per share[4]. Operating cash outflow was €18.18 million, and cash and cash equivalents stood at €110.9 million on June 30[5]. The company gives no revenue or expense guidance; it says only that this cash will fund operations into 2029[3] and that the amended final analysis of the J&J-led Phase 3 NANORAY-312 trial should read out in the same timeframe as the interim analysis it replaced[6], and on the 2026-04-01 call management placed the first Phase 3 readout in the first half of 2027[7].

Three things matter most around this half-year report and any communication near September 29. The first is the NANORAY-312 timeline: in May 2026 J&J dropped the 283-event interim analysis and set the final analysis at 335 events[8], so a reaffirmed first-half 2027 readout would keep the head and neck cancer milestone, the only potentially large revenue source, on its original track, while first-half revenue contained no milestone at all[4]. The second is cash burn after the equity raise: the company raised €80.1 million net in May and plans to put 50% to 60% of it into the still-preclinical Nanoprimer and other platforms[9], so whether first-half operating cash outflow of €18.18 million holds will decide whether the claim of funding into 2029 stands up[5]. The third is the cost of the HCRx royalty financing: the liability accrues interest at an original effective rate of 52%[10], which alone produced €9.6 million of interest in the half[11], and the next disclosure will show whether the gap between net loss and operating loss keeps widening and whether the €29.18 million current portion of that liability is maintained[12].

Company Background and Business Structure

Nanobiotix is a French biotechnology company that applies physics to nanomedicine, and it is repositioning itself from a single-product licensor into a nanotherapeutics platform company. Founded in Paris in 2003, it has an office in Cambridge, Massachusetts; its ordinary shares trade on Euronext Paris under NANO, and since December 2020 its ADSs have traded on Nasdaq under NBTX, one ADS per share. At the end of 2025 it had 97 employees, 11 fewer than a year earlier[13], and its chief executive and chairman of the executive board is founder Laurent Levy. Beyond NBTXR3, a second platform, Curadigm Nanoprimer, is designed to temporarily occupy the liver's clearance pathway so that intravenously delivered drugs such as RNA vaccines reach their target tissue in greater amounts; it remains preclinical.

The company has a single operating segment, the research and development of nanotechnology product candidates[14], and its only paying customer is J&J. In 2023 Nanobiotix licensed global rights to NBTXR3 to Janssen, and the Asian rights previously granted to LianBio were transferred to Janssen in December 2023; Janssen holds exclusive development, manufacturing and commercialization rights and decision authority, and may switch to other supply sources at any time[1]. In 2025 the company completed the transfer of NANORAY-312 sponsorship and full operational control to J&J, which now communicates updates on the trial[15]. The first target population is elderly patients with locally advanced head and neck cancer who cannot tolerate cisplatin, about 25% of head and neck cancer patients, for whom radiotherapy alone or with cetuximab yields a median progression-free survival of about 7.3 months[16]; the second target is unresectable stage III non-small cell lung cancer.

The company's revenue and cash sources sit almost entirely inside the J&J agreement, and part of its future royalty income has already been pledged to financiers. Nanobiotix manufactures NBTXR3 and sells it to J&J for clinical use, which produced €7.0 million of supply revenue in 2025, while it transfers the manufacturing process to J&J at J&J's request[17]. After launch the company is entitled to tiered double-digit royalties on net sales[18], ranging from the low teens to the low twenties percent, but part of that stream has been pre-assigned through the HCRx royalty financing and the EIB royalty agreement, with the relevant royalties and certain milestones flowing first into a French management trust[19]. The company also runs or funds several Phase 1 studies, including lung cancer re-irradiation, pancreatic and esophageal cancer studies with MD Anderson, and Study 1100 in combination with anti-PD-1 therapy.

Financial History and Current Position

Under IFRS, the company's annual revenue swings mainly with accounting events in the Janssen agreement rather than with steady operating activity. Revenue and other income was €36.21 million in 2023, -€7.19 million in 2024 and €32.59 million in 2025[14]; the 2024 negative figure came from a €23.4 million non-cash catch-up reduction triggered by the NANORAY-312 sponsorship transfer[17], while 2025 included a one-off positive €22.7 million of services revenue from the license amendment[13]. Research and development expense fell from €40.54 million in 2024 to €23.12 million in 2025, selling, general and administrative expense was roughly flat at €20.36 million, and 2025 ended with an operating loss of €10.82 million and a net loss of €23.96 million[14].

Cash flow says more about day-to-day spending in 2025 than the income statement does. Operating cash outflow was €33.4 million that year, compared with €19.6 million in 2024, when the company received a first Janssen milestone of about €18.6 million[20]. Cash and cash equivalents were €52.8 million at the end of 2025, and from its founding in 2003 through that date the company had raised about €425.7 million through equity, loans, royalty financing and repayable advances[21].

The first-half 2026 income statement shows that financial expense has already stretched the operating loss into a net loss nearly twice as large. In the half, revenues were €3.64 million and other income €1.91 million, R&D expense was €12.72 million and SG&A €10.75 million, and the operating loss was €17.92 million, against an operating profit of €0.81 million a year earlier that reflected the one-off catch-up[4]. Net financial loss was €16.35 million, including €9.6 million of HCRx interest, €4.9 million of EIB loan interest and foreign exchange losses[11], which brought the net loss to €34.29 million[4]. On the balance sheet, the May equity raise lifted cash to €110.9 million at June 30, with €0.57 million of investing outflow in the half[5]; on the same date total financial liabilities were €106.6 million, including €52.4 million for HCRx and €50.72 million for the EIB loan[12].

Operating Model

Revenue has three parts, clinical supply, Janssen milestones plus future royalties, and catch-up adjustments from contract modifications, and only clinical supply recurs. Clinical supply was €7.0 million in 2025[17] and €3.1 million in the first half of 2026[3], but it may fade as manufacturing moves to J&J[1]. Milestones are variable consideration: they enter the transaction price only when a significant reversal is highly unlikely and are recognized in one cumulative catch-up, so revenue jumps in the period a milestone is reached or the contract is modified; neither the €23.4 million reduction in 2024[17] nor the €21.2 million increase in the first half of 2025[3] involved cash. The agreement is worth about $2.6 billion in total, including up to $1.7 billion of development, regulatory and sales milestones, up to $650 million across five new indications chosen by J&J, and up to $220 million per indication developed jointly with the company[18]; the French research tax credit, €1.91 million in the first half of 2026, is booked as other income and tracks R&D spending[3].

The operating loss equals R&D plus SG&A minus revenue and other income, and a growing financial charge sits between operating loss and net loss. After NANORAY-312 costs moved to J&J, R&D expense fell from €40.54 million in 2024 to €23.12 million in 2025[14] and was €12.72 million in the first half of 2026, down €1.8 million year on year mainly because of lower 312 clinical costs and raw material purchases[22]; SG&A runs at about €11 million per half, mostly personnel and professional fees. On the financing side, HCRx accrues interest at a 52% original effective rate[10], which produced €9.6 million of interest in the half, EIB fixed and variable interest added €4.9 million, and the dollar-denominated liability creates foreign exchange gains or losses[11]. Until milestones arrive, this financial charge grows with the liability's carrying amount and keeps the net loss above the operating loss.

Operating cash flow is roughly cash R&D and SG&A spending minus J&J supply collections and research tax credit refunds, plus or minus working capital, while financing cash flow sets how far the runway extends. Operating cash outflow was €33.4 million in 2025[20] and €18.18 million in the first half of 2026[5]; the $50 million first HCRx instalment received in December 2025[23] and the roughly €86.1 million equity raise in May 2026[9] were the two most recent major cash sources, and management said the second $21 million HCRx instalment would arrive in the fourth quarter of 2026[7]. The HCRx bonds carry no interest and have no fixed repayment schedule[23]; future Janssen royalties and certain regulatory and commercial milestones flow first into a French trust to repay HCRx, with the return capped at 1.75 times if repaid by the end of 2030 and 2.5 times afterward[19]. Within 30 days of receiving a milestone tied to US approval, the company must also pay the residual EIB milestone, which stood at €18.1 million at the end of 2025; in addition, from June 30, 2027, if cash exceeds $150 million for 60 days in any quarter, accrued PIK interest on the first EIB tranche becomes due early[24].

Industry and Competitive Position

In radiotherapy enhancement, NBTXR3 is one of the few locally injected physical radioenhancers to reach Phase 3 with a large pharmaceutical company funding late-stage development. It does not change radiotherapy equipment or protocols but sits on top of standard radiotherapy, so in principle it could apply to any solid tumor that can be irradiated. Its strength is J&J's backing and funding: in Part 1 of the J&J-led Phase 2 CONVERGE lung cancer study, seven patients showed an investigator-reported objective response rate of 85.7% and a complete response rate of 57.1%[25], and in MD Anderson's Phase 1 re-irradiation study in recurrent lung cancer, 24 patients showed a one-year locoregional control rate of 79%[26].

Its weaknesses are just as clear, and the available comparison data have real limits. These results come from small, non-randomized studies, and the randomized Phase 3 result that will decide the product's prospects has not yet arrived; the product has been reclassified from a medical device to a drug and must follow the full drug approval path; the company has no say over the pace of development[1], and economic returns will be split among J&J, HCRx and the EIB[19]. As a licensor with fewer than 100 employees and no commercial capability, the company's competitive position ultimately depends on whether J&J takes JNJ-1900 into multiple indications.

Core Debates

Can NANORAY-312 read out in the first half of 2027 as the company says, and bring the first head and neck cancer milestone?

This debate decides whether the company gets its first large revenue in the next few years. Nanobiotix does not sell a drug itself, and the only potentially large revenue in the next few years is Janssen milestones; the company says the head and neck and lung programs remain eligible for hundreds of millions of dollars in milestones over the two to three years after the March 2025 amendment[17], and the head and neck portion depends almost entirely on NANORAY-312. That money will not all stay with the company: HCRx recovers its investment from a fixed share of regulatory and commercial milestones[19], and a milestone tied to US approval would also trigger early payment of the roughly €18.1 million residual EIB amount[24].

Current evidence points to an unchanged timeline, but the trial's progress is not visible. In May 2026 the FDA accepted a J&J protocol amendment that eliminated the 283-event interim analysis and moved the final analysis to 335 events, with primary and secondary endpoints, hazard ratios and expected effect size unchanged[8]; the company says the amended final analysis should read out in the same timeframe as the old interim analysis, with exact timing depending on when clinical events occur[6], and the 2026-04-01 call placed the first Phase 3 readout in the first half of 2027[7]. As of 2026-09-24 the trial has not read out, the company has never disclosed how many events have accrued, and J&J does not report progress separately. Of €3.643 million in first-half 2026 revenues, €3.1 million was clinical supply and none was a milestone[4][3]; the last milestone was $20 million in May 2024[18].

The financial transmission chain is long, and each link carries a lag. The final analysis can read out only once PFS events reach 335, after which J&J decides whether to file; when a development or regulatory milestone is achieved, the variable consideration enters the transaction price and is recognized as revenue through a cumulative catch-up, and once cash arrives a fixed share flows through the trust to repay HCRx[19], while US approval-related payments also trigger the residual EIB milestone[24]. Another reading is that dropping the interim analysis also removed one chance of early success, and because the pace of events remains opaque, the distance between readout and the first milestone cannot yet be pinned down.

The next items to watch are whether J&J or the company reaffirms the first-half 2027 readout window, whether any milestone tied to NANORAY-312 or CONVERGE is announced and for how much, whether a revenue change comes from milestone recognition or a contract-modification catch-up, and how much of any milestone goes to the HCRx trust and the EIB. If NANORAY-312 misses its PFS primary endpoint, the readout slips beyond the first half of 2027, or most of a milestone is taken by HCRx and the EIB, the revenue path built around the head and neck milestone would weaken.

With NANORAY-312 costs now carried by J&J, will spending on the Nanoprimer platform push cash burn back up?

This debate decides whether €110.9 million of cash really lasts into 2029. The March 2025 amendment moved almost all remaining NANORAY-312 costs to J&J[17], which cut R&D expense from €40.54 million in 2024 to €23.12 million in 2025[14]. In May 2026 the company raised about €86.1 million at €33.60 per share, or €80.1 million net[9], extending its cash runway from early 2028[7] into 2029[3]. But 50% to 60% of the net proceeds will go to the still-preclinical Nanoprimer and other platforms[9], so the cost structure could shift again.

First-half figures show broadly stable spending, but they reflect only the pace before the raise. R&D expense in the first half of 2026 was €12.72 million, down €1.8 million year on year mainly because of lower 312 clinical costs and raw material purchases[22]; operating cash outflow was €18.18 million, €0.8 million more than a year earlier, because collections of other revenue from Janssen fell by €1.0 million and employee bonus payments rose by €1.1 million[27]. Excluding the equity raise, net cash consumption in the half was about €24.3 million, including €3.86 million of EIB interest payments and loan repayments[5]. As of June 30, 2026, the second $21 million HCRx instalment had not been received, while the $50 million first instalment arrived on 2025-12-02[23].

The transmission runs from R&D spending all the way to the cash runway. Spending on Nanoprimer and company-run Phase 1 studies first enters R&D expense and deepens the operating loss; cash R&D and SG&A payments minus J&J supply collections and research tax credits, plus or minus working capital, make up operating cash outflow, which ultimately sets the cash balance and runway. The second $21 million HCRx instalment and any milestones supplement the runway, and the instalment requires that neither NANORAY-312 nor CONVERGE be placed on a regulatory clinical hold of 60 days or more in the 12 months after December 1, 2025[23]. Another reading is that the raise closed only at the end of May, so higher platform spending would show up only in the second half, and management explicitly declined on the call to guide annual cash burn[7], so first-half stability cannot yet be extrapolated.

The next items to watch are the September 30 cash balance in the third-quarter business update, whether the second HCRx instalment arrives in the fourth quarter of 2026, Nanoprimer spending and progress within full-year 2026 R&D, and whether J&J's manufacturing technology transfer is complete and clinical supply revenue declines. If faster platform spending pushes half-year cash outflow above €22 million, the second instalment fails because a trial is placed on hold, or clinical supply revenue disappears after the technology transfer, the claim of funding into 2029 would weaken.

Will interest on the HCRx financing keep the net loss far above the operating loss, and how much of any milestone will the company keep?

This debate decides how much of the reported loss comes from operations and how much from the financing structure. The $50 million of HCRx money received in December 2025 spared the company a dilutive raise[23], but the price is written into the contract: repayment by the end of 2030 costs 1.75 times the investment, about $124 million if the full $71 million is funded, and afterward 2.5 times, about $178 million, and once repaid HCRx still receives royalties of up to $14.9 million a year[19]. For accounting purposes the financing accrues interest at a 52% original effective rate[10], so from 2026 financial expense became the largest source of volatility in the income statement.

Current figures show HCRx interest has already pushed the net loss to nearly twice the operating loss. The HCRx liability rose from €41.27 million at the end of 2025 to €52.4 million at the end of June 2026, entirely from €9.6 million of interest and €1.54 million of foreign exchange loss, and €29.18 million of it is classified as current[12]. The first-half 2026 net loss was €34.29 million against an operating loss of €17.92 million[4]. At a 14.6% market discount rate, the liability's fair value is €47.2 million, below its carrying amount[10].

The financial transmission has three parts: interest rate, exchange rate and management forecasts. The HCRx carrying amount times the 52% annual effective rate generates interest expense, the dollar liability produces exchange gains or losses as the euro moves against the dollar, and management's forecasts of milestone timing and sales drive remeasurement and the split between current and non-current portions, all of which flow into financial expense and the net loss; milestones and royalties actually received go into the trust to repay HCRx and the EIB[10][19]. Because repayment comes only from Janssen milestones and royalties, the current portion can be read as management estimating a repayable milestone within 12 months, but that is only an inference and the company has not said so directly; another reading is that it is simply a mechanical split by the amortized cost model along the contractual schedule and says nothing about J&J's actual progress.

The next items to watch are the split between HCRx interest and currency effects in full-year 2026 financial expense, whether the current portion of the liability is maintained, any change in management's milestone timing and sales forecasts in the notes, and how the liability and interest base change after the second instalment. If management delays its milestone forecasts and remeasures the liability, or failure to repay by the end of 2030 lifts the return multiple to 2.5 times, the net loss would stay far above the operating loss for longer and the company's final share of milestones would be smaller.

Risks and Falsifiers

Dependence on J&J alone is the company's most fundamental risk, and it exposes the entire revenue line. J&J holds exclusive decision authority over the development, manufacturing and filing of JNJ-1900, can object to the company's own studies, and can switch to its own supply at any time[1]; all €3.64 million of first-half 2026 revenues came from J&J[4], and the 2025 amendment also released J&J from $105 million of potential milestones[17]. If J&J moves to file after the NANORAY-312 readout and keeps expanding into indications such as CONVERGE, this concern would be falsified.

A failed or delayed NANORAY-312 readout would hit near-term milestones and financing costs directly. The head and neck program is the main source of near-term milestones, and the company has no say over trial pace or filing[15]; if it fails or slips, the head and neck share of the hundreds of millions of dollars in potential milestones over the next two to three years would vanish or be pushed back[6], and if HCRx is not repaid by the end of 2030 its return cap would rise from about $124 million to about $178 million[19]. The falsifier is J&J reporting the 335-event final analysis within the first half of 2027 with PFS meeting the primary endpoint[8].

Platform spending and financing conditions together shape the cash runway. Nanoprimer is still preclinical yet will receive 50% to 60% of the net proceeds[9]; operating cash outflow was €18.18 million in the first half of 2026[5], and if half-year burn rises above €22 million, €110.9 million of cash would struggle to last into 2029. The second $21 million HCRx instalment depends on neither trial being placed on hold[21] and was already built into the runway assumption at the end of 2025[7]. If the next disclosed half-year operating cash outflow is no more than €20 million and the second instalment arrives, this risk is falsified.

The financing structure will take a share of milestone and royalty income, which exposes the company's final net retention. HCRx and the EIB are paid first from the trust[19]; at June 30 the HCRx liability was carried at €52.4 million and the EIB liability at €50.72 million[12], and HCRx interest was €9.6 million in the half[10]; within 30 days of receiving a milestone tied to US approval, the company must also pay the €18.1 million residual EIB milestone[24]. If the company's disclosed net retention after a milestone matches the contractual shares and HCRx is repaid by the end of 2030, this concern would be falsified.

What to Watch Next

• NANORAY-312 readout timing: no readout yet, with the final analysis at 335 PFS events[8]. Watch whether J&J or the company reaffirms the first-half 2027 window; a readout in that window with PFS met confirms the current understanding, while a slip beyond it or a missed primary endpoint weakens it.
• Janssen milestones recognized: zero in the first half of 2026, with the last being $20 million in May 2024[18]. Watch for any milestone tied to NANORAY-312 or CONVERGE and its amount; recognition with net retention matching contractual shares confirms, while most of it going to HCRx and the EIB weakens.
• IFRS revenues: €3.643 million in the first half of 2026[4]. Watch whether changes come from milestone recognition or contract-modification catch-ups; a cash milestone confirms, while a non-cash catch-up alone changes nothing.
• Half-year operating cash outflow: €18.18 million in the first half of 2026[5]. Watch the September 30 cash balance in the third-quarter update and Nanoprimer spending in full-year R&D; half-year outflow at or below €20 million confirms, above €22 million weakens.
• Second HCRx instalment of $21 million: not received as of June 30, 2026[23]. Watch for receipt in the fourth quarter of 2026; on-time receipt confirms, failure because of a trial hold weakens.
• Clinical supply revenue: €3.1 million in the first half of 2026[3]. Watch whether J&J's manufacturing transfer is complete; continued supply revenue confirms, its disappearance after the transfer weakens.
• HCRx effective-rate interest: €9.6 million in the first half of 2026[11]. Watch the split between interest and currency effects in full-year financial expense; a liability moving along the contractual path confirms, a remeasurement that raises financial expense weakens.
• Current portion of the HCRx liability: €29.18 million at June 30, 2026[12]. Watch whether it is maintained and whether milestone timing forecasts in the notes change; maintenance confirms, delayed milestone forecasts or failure to repay by the end of 2030 weakens.

Conclusion

Nanobiotix's business model hands the full economics of NBTXR3 to J&J, sustains a small recurring income from clinical supply and research tax credits, funds R&D with equity and royalty financing, and waits for milestones after the NANORAY-312 readout. In the first half of 2026 the company reported revenues of €3.64 million, an operating loss of €17.92 million and a net loss of €34.29 million[4], and it held €110.9 million of cash at June 30, which it says will fund operations into 2029[3]. The central open relationship is that the timing and size of milestones decide both whether revenue can jump and how long the HCRx liability keeps accruing interest at a 52% effective rate[10], while Nanoprimer spending decides how fast cash is consumed during that wait.

Since the half-year report on 2026-09-24, the only coverage found consists of reprints of the company's own press release[28], and no independent institution or media outlet has published an interpretation of these results. Outside views on the three debates, the milestone timeline, post-raise cash burn and the cost of the HCRx financing, are therefore a blank for now; readers cannot find third-party judgments that corroborate or contradict one another, and the company's own statements should not be mistaken for an outside view.

The current understanding would be materially strengthened by a set of observations arriving together: J&J reporting the 335-event NANORAY-312 final analysis within the first half of 2027 with PFS meeting the primary endpoint, followed by a confirmed milestone with disclosed net retention matching the contractual shares, alongside half-year operating cash outflow held within €20 million and the second $21 million HCRx instalment arriving on time. Conversely, if the readout slips beyond the first half of 2027, half-year cash outflow breaks above €22 million, or management delays milestone forecasts in the notes and triggers a liability remeasurement, the revenue jump would come later, the drag from financial expense would last longer, and the claim of funding into 2029 would come under pressure.

Sources

[1] NBTX 20-F filed 2026-03-31 · Janssen exploitation rights and manufacturing · 2026-03-31 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=20-F&dateb=&owner=include&count=40

[2] Drillr earnings calendar (updated 2026-09-24) · NBTX 2026-09-29 entry · 2026-09-24 · earnings calendar

[3] NBTX 6-K filed 2026-09-24 · Half Year 2026 financial results · 2026-09-24 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=6-K&dateb=&owner=include&count=40

[4] NBTX 6-K filed 2026-09-24 · H1 2026 interim statement of operations · 2026-09-24 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=6-K&dateb=&owner=include&count=40

[5] NBTX 6-K filed 2026-09-24 · H1 2026 interim cash flow statement · 2026-09-24 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=6-K&dateb=&owner=include&count=40

[6] NBTX 6-K filed 2026-05-05 · FDA acceptance of NANORAY-312 amendment · 2026-05-05 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=6-K&dateb=&owner=include&count=40

[7] NBTX FY2025 earnings call 2026-04-01 · Drillr structured summary of guidance · 2026-04-01 · earnings-call · https://gateway.drillr.ai/mcp/private

[8] NBTX 6-K filed 2026-05-20 · NANORAY-312 protocol amendment detail · 2026-05-20 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=6-K&dateb=&owner=include&count=40

[9] NBTX 6-K filed 2026-09-24 · May 2026 global offering and use of proceeds · 2026-09-24 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=6-K&dateb=&owner=include&count=40

[10] NBTX 6-K filed 2026-09-24 · royalty financing amortized cost note · 2026-09-24 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=6-K&dateb=&owner=include&count=40

[11] NBTX 6-K filed 2026-09-24 · Note 19 net financial income (loss) · 2026-09-24 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=6-K&dateb=&owner=include&count=40

[12] NBTX 6-K filed 2026-09-24 · Note 13 financial liabilities table · 2026-09-24 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=6-K&dateb=&owner=include&count=40

[13] NBTX 20-F filed 2026-03-31 · FY2025 operating results variance and workforce · 2026-03-31 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=20-F&dateb=&owner=include&count=40

[14] NBTX 20-F filed 2026-03-31 · FY2025 consolidated statement of operations · 2026-03-31 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=20-F&dateb=&owner=include&count=40

[15] NBTX 20-F filed 2026-03-31 · NANORAY-312 design and sponsorship transfer · 2026-03-31 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=20-F&dateb=&owner=include&count=40

[16] NBTX 20-F filed 2026-03-31 · locally advanced head and neck cancer background · 2026-03-31 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=20-F&dateb=&owner=include&count=40

[17] NBTX 20-F filed 2026-03-31 · Janssen revenue history and 2025 amendment · 2026-03-31 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=20-F&dateb=&owner=include&count=40

[18] NBTX 20-F filed 2026-03-31 · Janssen Agreement financial terms · 2026-03-31 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=20-F&dateb=&owner=include&count=40

[19] NBTX 20-F filed 2026-03-31 · HCRx return cap and trust · 2026-03-31 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=20-F&dateb=&owner=include&count=40

[20] NBTX 20-F filed 2026-03-31 · FY2025 operating cash flow · 2026-03-31 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=20-F&dateb=&owner=include&count=40

[21] NBTX 20-F filed 2026-03-31 · liquidity risk and financing history · 2026-03-31 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=20-F&dateb=&owner=include&count=40

[22] NBTX 6-K filed 2026-09-24 · H1 2026 operating expenses detail · 2026-09-24 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=6-K&dateb=&owner=include&count=40

[23] NBTX 20-F filed 2026-03-31 · HCRx royalty financing instalments · 2026-03-31 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=20-F&dateb=&owner=include&count=40

[24] NBTX 20-F filed 2026-03-31 · EIB milestone and prepayment triggers · 2026-03-31 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=20-F&dateb=&owner=include&count=40

[25] NBTX 6-K filed 2026-09-24 · JNJ-1900 continued development and CONVERGE data · 2026-09-24 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=6-K&dateb=&owner=include&count=40

[26] NBTX 6-K filed 2026-09-14 · full cohort Phase 1 results in recurrent NSCLC · 2026-09-14 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=6-K&dateb=&owner=include&count=40

[27] NBTX 6-K filed 2026-09-24 · H1 2026 operating cash flow explanation · 2026-09-24 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=6-K&dateb=&owner=include&count=40

[28] NBTX 6-K filed 2026-09-24 · First Half 2026 operational and financial update · 2026-09-24 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001760854&type=6-K&dateb=&owner=include&count=40