Nanobiotix secured $71 million in non‑dilutive financing from HealthCare Royalty to support its cash runway into early 2028 and advance a Johnson & Johnson‑partnered radiotherapy‑activated nanoparticle, JNJ‑1900 (NBTXR3), through a pivotal phase 3 head‑and‑neck trial. The loan is repayable via a defined share of royalties and milestone streams tied to first‑$1B net sales scenarios. The deal eases immediate funding pressure after the company warned of insufficient cash and follows earlier restructuring of funding obligations with J&J. Nanobiotix said the financing will fund operations while potential milestone inflows remain possible. Royalty‑backed loans trade future commercial upside for near‑term liquidity; the structure preserves equity but commits a portion of long‑term revenues to the lender.