Nanobiotix obtained $71 million in non‑dilutive financing from HealthCare Royalty to sustain development of its radiotherapy‑activated nanoparticle NBTXR3 (JNJ‑1900) as it runs a Phase 3 head‑and‑neck trial. The tranche includes $50 million upfront and a contingent $21 million later, repayable from a defined share of product royalties and milestone payments. The financing follows prior deal modifications with Johnson & Johnson that reduced Nanobiotix’s near‑term cash obligations but also cut potential milestone receipts. The loan extends the company’s runway into early 2028, according to its statement, while ceding a portion of upside to the royalty investor. The transaction highlights recurring funding strategies for mid‑stage biotechs—recycling future commercial receipts through royalty financing when public markets or equity raises are constrained.