Exhibit 97

NANOBIOTIX SA

COMPENSATION RECOVERY POLICY

(Adopted and approved on September 21, 2023)

1.Purpose

Nanobiotix SA (collectively with its subsidiaries, the “Company”) is committed to promoting high

standards of honest and ethical business conduct and compliance with applicable laws, rules and

regulations. As part of this commitment, the Company has adopted this Compensation Recovery

Policy (this “Policy”). This Policy is designed to comply with Section 10D of the Securities

Exchange Act of 1934, as amended (the ”Exchange Act”) and explains when the Company will

be required to seek recovery of Incentive Compensation awarded or paid to a Covered Person.

Please refer to Exhibit A attached hereto (the “Definitions Exhibit”) for the definitions of

capitalized terms used throughout this Policy.

2.Miscalculation of Financial Reporting Measure Results

2.1.In the event of a Restatement, the Company will seek to recover, reasonably promptly, all Recoverable Incentive Compensation from a Covered Person. Such recovery, in the case of a Restatement, will be made without regard to any individual knowledge or responsibility related to the Restatement. Notwithstanding the foregoing, if the Company is required to undertake a Restatement, the Company will not be required to recover the Recoverable Incentive Compensation if the Nomination and Compensation Committee determines it Impracticable to do so, after exercising a normal due process review of all the relevant facts and circumstances.

2.2.If such Recoverable Incentive Compensation was not awarded or paid on a formulaic basis, the Company will seek to recover the amount that the Nomination and Compensation Committee determines in good faith should be recouped.

3.Other Actions

3.1.The Nomination and Compensation Committee may, subject to applicable law, seek recovery in the manner it chooses, including by seeking reimbursement from the Covered Person of all or part of the compensation awarded or paid, by electing to withhold unpaid compensation, by set-off, or by rescinding or cancelling unvested stock.

3.2.In the reasonable exercise of its business judgment under this Policy, the Nomination and Compensation Committee may in its sole discretion determine whether and to what extent additional action is appropriate to address the circumstances surrounding a Restatement to minimize the likelihood of any recurrence and to impose such other discipline as it deems appropriate.

4.No Indemnification or Reimbursement

Notwithstanding the terms of any other policy, program, agreement or arrangement, in no event will the Company or any of its affiliates indemnify or reimburse a Covered Person for any loss under this Policy and in no event will the Company or any of its affiliates pay premiums on any insurance policy that would cover a Covered Person’s potential obligations with respect to Recoverable Incentive Compensation under this Policy.

5.Administration of Policy

5.1.The Policy shall be administered by the Board which is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate or advisable for the administration of this Policy. Any determinations made by the Board shall be final and binding on all affected Covered Person and need not be uniform with respect to each Covered Person.

Exhibit 97

5.2.In addition to what is specifically set forth herein, in the administration of this Policy the Board is authorized and directed to consult with the Nomination and Compensation Committee, as may be necessary. Subject to any limitation at applicable law, the Board may authorize and empower any officer or employee of the Company to take any and all actions necessary or appropriate to carry out the purpose and intent of this Policy (other than with respect to any recovery under this Policy involving such Covered Person).

6.Other Claims and Rights

6.1.The remedies under this Policy are in addition to, and not in lieu of, any legal and equitable claims the Company or any of its affiliates may have or any actions that may be imposed by law enforcement agencies, regulators, administrative bodies, or other authorities.

6.2.Nothing contained in this Policy, and no recoupment or recovery as contemplated by this Policy, shall limit any claims, damages or other legal remedies the Company or any of its affiliates may have against a Covered Person arising out of or resulting from any actions or omissions by the Covered Person.

7.Acknowledgement by Covered Persons; Condition to Eligibility for Incentive Compensation

The Company will provide notice and seek acknowledgement of this Policy from each Covered

Person, provided that the failure to provide such notice or obtain such acknowledgement will have

no impact on the applicability or enforceability of this Policy. After the Effective Date, the

Company must be in receipt of a Covered Person's acknowledgement as a condition to such

Covered Person’s eligibility to receive Incentive Compensation. All Incentive Compensation

subject to this Policy will not be earned, even if already paid, until the Policy ceases to apply to

such Incentive Compensation and any other vesting conditions applicable to such Incentive

Compensation are satisfied.

8.Amendment

The Board may amend, modify, supplement, rescind or replace all or any portion of this Policy at

any time and from time to time in its discretion.

9.Effectiveness

Except as otherwise determined in writing by the Nomination and Compensation Committee, this

Policy will apply to any Incentive Compensation that is Received by a Covered Person on or after

the Effective Date. This Policy will survive and continue notwithstanding any termination of a

Covered Person’s employment with the Company and its affiliates.

10.Successors

This Policy shall be binding and enforceable against all Covered Persons and their successors,

beneficiaries, heirs, executors, administrators, or other legal representatives.

Exhibit 97

Exhibit A

NANOBIOTIX SA COMPENSATION RECOVERY POLICY

DEFINITIONS

1.“Applicable Period” means the three completed fiscal years of the Company immediately preceding the earlier of (i) the date the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes (or reasonably should have concluded) that a Restatement is required or (ii) the date a court, regulator, or other legally authorized body directs the Company to prepare a Restatement. The “Applicable Period” also includes any transition period (that results from a change in the Company’s fiscal year) within or immediately following the three completed fiscal years identified in the preceding sentence.

2.“Board” means, as the case may be, the Board of Directors (conseil d’administration) or the Supervisory Board (conseil de surveillance) of the Company.

3.“Covered Person” means any person who is, or was at any time, during the Applicable Period, an Executive Officer of the Company. For the avoidance of doubt, a Covered Person may include a former Executive Officer that left the Company, retired, or transitioned to an employee role (including after serving as an Executive Officer in an interim capacity) during the Applicable Period.

4."Effective Date" means December 1, 2023.

5.“Executive Officer” means the Company’s president, principal executive officer, principal financial officer, principal accounting officer (or if there is no such accounting officer, the controller), any vice-president in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person (including an officer of the Company’s parent(s) or subsidiaries) who performs similar policy-making functions for the Company.

6.“Financial Reporting Measure” means a measure that is determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements (including but not limited to, “non-GAAP” financial measures, such as those appearing in the Company’s earnings releases or Management Discussion and Analysis), and any measure that is derived wholly or in part from such measure. Stock price and total shareholder return (and any measures derived wholly or in part therefrom) shall be considered Financial Reporting Measures.

7.“Impracticable.” The Nomination and Compensation Committee may determine in good faith that recovery of Recoverable Incentive Compensation is “Impracticable” if: (i) pursuing such recovery would violate home country law of the jurisdiction of incorporation of the Company and the Company provides an opinion of home country counsel to that effect acceptable to the Company’s applicable listing exchange; (ii) the direct expense paid to a third party to assist in enforcing this Policy would exceed the Recoverable Incentive Compensation and the Company has (A) made a reasonable attempt to recover such amounts and (B) provided documentation of such attempts to recover to the Company’s applicable listing exchange; or (iii) recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of Section 401(a)(13) or Section 411(a) of the Internal Revenue Code of 1986, as amended.

8.“Incentive Compensation” means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure. Incentive Compensation does not include any base salaries (except with respect to any salary increases earned wholly or in part based on the attainment of a Financial Reporting Measure performance goal); bonuses paid solely at the discretion of the Nomination and Compensation Committee or Board that are not paid from a “bonus pool” that is determined by satisfying a Financial Reporting Measure

Exhibit 97

performance goal; bonuses paid solely upon satisfying one or more subjective standards and/or completion of a specified employment period; non-equity incentive plan awards earned solely upon satisfying one or more strategic measures or operational measures; and equity awards that vest solely based on the passage of time and/or attaining one or more non-Financial Reporting Measures.

9.“Nomination andCompensation Committee” means the Company’s nomination and compensation committee of independent directors responsible for executive compensation decisions or in the absence of such a committee, a majority of the independent directors serving on the Board.

10.“Received.” Incentive Compensation is deemed “Received” in the Company’s fiscal period during which the Financial Reporting Measure specified in the Incentive Compensation award is attained, even if the payment or grant of the Incentive Compensation occurs after the end of that period.

11.“Recoverable Incentive Compensation” means the amount of any Incentive Compensation (calculated on a pre-tax basis) Received by a Covered Person during the Applicable Period that is in excess of the amount that otherwise would have been Received if the calculation were based on the Restatement. For the avoidance of doubt Recoverable Incentive Compensation does not include any Incentive Compensation Received by a person (i) before such person began service in a position or capacity meeting the definition of an Executive Officer, (ii) who did not serve as an Executive Officer at any time during the performance period for that Incentive Compensation, or (iii) during any period the Company did not have a class of its securities listed on a national securities exchange or a national securities association. For Incentive Compensation based on (or derived from) stock price or total shareholder return where the amount of Recoverable Incentive Compensation is not subject to mathematical recalculation directly from the information in the applicable Restatement, the amount will be determined by the Nomination and Compensation Committee based on a reasonable estimate of the effect of the Restatement on the stock price or total shareholder return upon which the Incentive Compensation was Received (in which case, the Company will maintain documentation of such determination of that reasonable estimate and provide such documentation to the Company’s applicable listing exchange).

12.“Restatement” means an accounting restatement of any of the Company’s financial statements filed with the Securities and Exchange Commission under the Exchange Act, or the Securities Act of 1933, as amended, due to the Company’s material noncompliance with any financial reporting requirement under U.S. securities laws, regardless of whether the Company or Covered Person misconduct was the cause for such restatement. “Restatement” includes any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements (commonly referred to as “Big R” restatements), or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (commonly referred to as “little r” restatements).