Nanobiotix prices $98.6 million global stock offering

PARIS and CAMBRIDGE, Mass. - Nanobiotix (Euronext:NANO, NASDAQ: NBTX) announced Thursday the pricing of its global follow-on offering, consisting of 225,373 American Depositary Shares in the United States at $38.98 per ADS and 1,959,289 ordinary shares plus 345,099 pre-funded warrants in Europe and other countries at €33.60 per share and €33.57 per warrant.

The aggregate gross proceeds are expected to be approximately $98.6 million, equivalent to approximately €85.0 million, before deducting underwriting commissions and offering expenses, according to a press release statement. The offering represents a substantial capital raise for the company, which currently has a market capitalization of $15.61 million. The offering price represents a 14.92% discount to the volume weighted average price of the ordinary shares on Euronext over the three trading sessions preceding the pricing.

Each pre-funded warrant allows holders to subscribe to one ordinary share at a price of €0.03 and is exercisable until May 26, 2036. The warrants will not be admitted to trading on Euronext or any other exchange.

The company intends to use less than 10% of net proceeds to support development of JNJ-1900 (NBTXR3), between 50-60% to advance its Nanoprimer and other platforms, and between 30-40% for general corporate purposes. Nanobiotix stated the net proceeds, together with existing cash and cash equivalents, will be sufficient to meet working capital requirements for operations into 2029. The company maintains a current ratio of 1.83 and InvestingPro data shows liquid assets exceed short-term obligations, supporting its financial flexibility. With an impressive gross profit margin of 93.75% and revenue growth of 61% over the last twelve months, the company has demonstrated strong operational performance despite the capital raise dilution.

The offering is expected to close on May 26, 2026, subject to customary closing conditions. The company has granted underwriters a 30-day option to purchase additional ADSs up to 15% of the total number issued in the offering.

Jefferies, TD Cowen and Stifel are acting as global coordinators and joint bookrunners. The transaction was supported by existing shareholders including Qatar Holding LLC and Invus, as well as other healthcare specialist investors.

The company and its executive and supervisory board members are subject to a 90-day lock-up period following the offering date, subject to customary exceptions.

Nanobiotix is a late-clinical stage biotechnology company developing physics-based therapeutic approaches for cancer treatment. The company is headquartered in Paris with subsidiaries in Cambridge, Massachusetts.

In other recent news, Nanobiotix has announced the presentation of early data from the CONVERGE study, a Phase 2 clinical trial sponsored by Johnson & Johnson. This trial focuses on evaluating JNJ-1900 (NBTXR3) for patients with stage 3 inoperable non-small cell lung cancer. The data was shared at the 2026 European Society for Radiotherapy and Oncology Annual Meeting. In another development, the FDA has accepted a protocol amendment for the NANORAY-312 study, which involves head and neck cancer treatment. The amendment, submitted by Johnson & Johnson, removes a previously planned interim analysis and adjusts the final analysis to include fewer events than originally planned. Nanobiotix stated that the timing for the final analysis is expected to align with the original interim analysis schedule, although it depends on when clinical events occur. These recent developments highlight Nanobiotix’s ongoing efforts in advancing cancer treatment trials.

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