Want to see FR:NANO full AI Analyst Report?
Top Page
Nanobiotix
(NANO)
Select Model
Select Model
Rating:46Neutral
Price Target:
€30.00
▼(-16.06% Downside)
Action:Reiterated
Date:10/28/26
The score is held down primarily by weak financial performance (persistent losses, negative cash flow, negative equity, and rising debt). Technicals provide some offset with the stock trading above several key moving averages, but momentum is mixed and looks stretched. Valuation remains constrained by negative earnings (negative P/E) and the absence of a dividend yield.
Positive Factors
Platform-Based Oncology Innovation
The NBTXR3 platform addresses a meaningful oncology need by seeking to improve the effectiveness of established radiotherapy. If clinical development succeeds across multiple solid-tumor indications, one technology could support broader commercial opportunities and provide a differentiated foundation for future partnerships.
Negative Factors
Persistent Unprofitability
Continued large losses show that Nanobiotix has not yet converted its technology and revenue activity into sustainable earnings. Persistent unprofitability can constrain strategic flexibility, increase dependence on financing, and make future performance highly dependent on successful development and commercialization milestones.
Read all positive and negative factors
Positive Factors
Negative Factors
Platform-Based Oncology Innovation
The NBTXR3 platform addresses a meaningful oncology need by seeking to improve the effectiveness of established radiotherapy. If clinical development succeeds across multiple solid-tumor indications, one technology could support broader commercial opportunities and provide a differentiated foundation for future partnerships.
Read all positive factors
Nanobiotix (NANO) vs. iShares MSCI France ETF (EWQ)
Market Cap
€1.54B
Dividend YieldN/A
Average Volume (3M)214.02K
Price to Earnings (P/E)―
Beta (1Y)0.56
Revenue GrowthN/A
EPS GrowthN/A
CountryFR
Employees98
SectorGeneral
Sector StrengthN/A
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.10
Shares Outstanding50,967,610
10 Day Avg. Volume292,315
30 Day Avg. Volume214,021
Financial Highlights & Ratios
PEG Ratio0.59
Price to Book (P/B)-10.94
Price to Sales (P/S)31.19
P/FCF Ratio-27.22
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€60.00Price Target Upside67.88% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.54
Revenue Forecast (FY)€25.89M
Nanobiotix Business Overview & Revenue Model
Company Description
Nanobiotix S.A. operates as a clinical-stage biotechnology that focuses on developing product candidates for the treatment of cancer and other unmet medical needs. Its lead product candidate is NBTXR3, a sterile aqueous suspension of crystalline h...
Nanobiotix Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 27, 2027
Earnings Call Sentiment Positive
The call presented several concrete operational and financial improvements: a strengthened balance sheet via nondilutive financing, a meaningful reduction in R&D expense tied to the Janssen transfer, a much smaller net loss, progressing late-stage trials run by J&J (Phase III head & neck and randomized Phase II lung) and clear advancement of the Curadigm platform (patents, MTAs, GMP/CMC steps). However, many positives are tempered by important caveats: the 2025 revenue improvement is substantially a one-time accounting adjustment, early clinical data (CONVERGE safety lead-in) are from a very small cohort, key development and commercialization decisions rest with J&J, and the cash runway depends on future contingent payments. Overall, operational momentum and improved financial flexibility weigh strongly in favor of a positive view, but execution and J&J-dependent milestones remain critical risks.Positive Updates
Progress in Johnson & Johnson Collaboration
Transferred sponsorship of the Phase III NANORAY-312 head & neck trial to J&J and J&J now runs operations and finances the study; CONVERGE (randomized Phase II in unresectable Stage III NSCLC) safety lead-in showed 5/7 responses (71% ORR) and 100% disease control in the small cohort; Phase II randomized readout expected beginning of 2027 and Phase III head & neck readout expected H1 2027.
Negative Updates
Revenue Improvement Largely Nonrecurring
The positive 2025 revenue (EUR 32.6M) is driven substantially by a one-time EUR 21.8M accounting adjustment from the Janssen amendment rather than recurring operational sales; this limits the sustainability of reported top-line improvement.
Read all updates
Q4-2025 Updates
Positive
Negative
Progress in Johnson & Johnson Collaboration
Transferred sponsorship of the Phase III NANORAY-312 head & neck trial to J&J and J&J now runs operations and finances the study; CONVERGE (randomized Phase II in unresectable Stage III NSCLC) safety lead-in showed 5/7 responses (71% ORR) and 100% disease control in the small cohort; Phase II randomized readout expected beginning of 2027 and Phase III head & neck readout expected H1 2027.
Read all positive updates
Company Guidance
The company guided that it finished 2025 with €52.8M cash (vs €49.7M at 12/31/2024) and, after securing up to $71M of nondilutive royalty financing (with a remaining ~$21M expected in Q4‑2026), anticipates runway into early 2028 assuming receipt of that tranche; 2025 reported revenue was €32.6M (vs −€7.2M in 2024) including a one‑time €21.8M accounting benefit, R&D spend was €23.1M (down ~43% from €40.5M in 2024), SG&A €20.4M (vs €20.5M), and net loss was €24M (€0.50/share) vs €68.1M (€1.44/share) in 2024 (a ~65% improvement). Key clinical timelines: Phase III NANORAY‑312 (head & neck) readout expected H1‑2027; CONVERGE randomized Phase II (1:1:1, 120 patients) readout beginning of 2027 after a safety lead‑in (5/7 responses, 100% disease control); the 1,100 trial is fully recruited and multiple MD Anderson studies are readout‑ready, with four clinical readouts planned this year (three trials completed). Curadigm progress includes 4 new patent filings, >20 MTAs, CMC/GMP activities and low single‑digit million R&D spend in 2025, with additional updates expected before the end of summer; the Janssen amendment removed most NANORAY‑312 funding obligations while preserving potential milestone upside described as “hundreds of millions of euros” over the next 24–36 months.Nanobiotix Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
18
Very Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.56M | 29.64M | -11.61M | 30.06M | 4.78M | 10.00K |
| Gross Profit | 8.56M | 29.64M | -11.61M | 30.06M | 3.28M | 2.65M |
| EBITDA | -32.61M | -12.07M | -61.63M | -30.09M | -53.78M | -45.60M |
| Net Income | -52.87M | -23.96M | -68.13M | -39.70M | -57.04M | -47.00M |
Balance Sheet | ||||||
| Total Assets | 128.33M | 67.76M | 67.42M | 93.90M | 59.77M | 101.67M |
| Cash, Cash Equivalents and Short-Term Investments | 110.89M | 52.75M | 49.74M | 75.28M | 41.39M | 83.92M |
| Total Debt | 106.61M | 95.32M | 50.90M | 50.56M | 53.17M | 46.02M |
| Total Liabilities | 161.71M | 152.24M | 133.12M | 95.74M | 86.81M | 74.98M |
| Stockholders Equity | -33.38M | -84.48M | -65.70M | -1.84M | -27.05M | 26.69M |
Cash Flow | ||||||
| Free Cash Flow | -39.06M | -33.97M | -20.40M | -12.81M | -38.11M | -31.24M |
| Operating Cash Flow | -38.04M | -33.42M | -19.55M | -12.48M | -38.02M | -31.00M |
| Investing Cash Flow | -989.00K | -578.00K | -955.00K | -349.00K | 138.00K | -242.00K |
| Financing Cash Flow | 120.59M | 37.42M | -5.13M | 46.77M | -5.65M | -4.05M |
Nanobiotix Technical Analysis
Positive
35.74
Price Trends
28.57
Positive
30.84
Negative
29.15
Positive
Market Momentum
0.08
Negative
66.70
Neutral
95.61
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:NANO, the sentiment is Positive. The current price of 35.74 is above the 20-day moving average (MA) of 23.05, above the 50-day MA of 28.57, and above the 200-day MA of 29.15, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 66.70 is Neutral, neither overbought nor oversold. The STOCH value of 95.61 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:NANO.
Nanobiotix Risk Analysis
Nanobiotix disclosed 72 risk factors in its most recent earnings report. Nanobiotix reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Because of the significance of our license agreement with Janssen, we face a heightened risk with respect to our reliance in connection with the development and commercialization of NBTXR3. Q4, 2023
Nanobiotix Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
47 Neutral | €143.65M | -2.52 | 152.56% | ― | -29.48% | 7.91% | |
47 Neutral | €201.20M | -4.33 | -29.36% | ― | 189.81% | 38.50% | |
46 Neutral | €1.54B | -27.56 | 89.71% | ― | ― | ― | |
44 Neutral | €20.18M | -0.56 | ― | ― | -19.02% | 10.39% | |
43 Neutral | €79.70M | -1.88 | -94.14% | ― | -5.98% | -8.67% | |
41 Neutral | €49.55M | -1.25 | -96.73% | ― | -96.25% | -197.89% |
* General Sector Average
FR:NANO
Nanobiotix
30.32
13.96
85.33%
FR:IPH
Innate Pharma SA
1.29
-0.41
-24.35%
FR:TNG
Transgene
0.72
-0.60
-45.23%
FR:OSE
OSE Immunotherapeutics SA
2.11
-3.92
-65.07%
FR:ALCLS
Cellectis SA
1.10
-1.95
-63.93%
FR:MAAT
MaaT Pharma
1.07
-3.12
-74.46%
Nanobiotix Corporate Events
Nanobiotix Melanoma Data Support Move to Randomized Trials for NBTXR3
Oct 24, 2026
Nanobiotix reported full Phase 1 results from Study 1100 in 24 heavily pretreated patients with advanced cutaneous melanoma resistant to anti-PD-1 therapies, treated with a single intratumoral injection of JNJ-1900 (NBTXR3), stereotactic body radi...
Nanobiotix Updates Share Capital and Voting Rights as of September 30, 2026
Oct 20, 2026
Nanobiotix reported that, as of September 30, 2026, the company had 50,967,610 shares outstanding, corresponding to 54,729,543 theoretical voting rights and 54,707,425 exercisable voting rights. The updated capital and voting rights structure, pub...
Nanobiotix taps veteran biotech CFO Arnd Christ to steer next growth phase
Oct 1, 2026
Nanobiotix is a late‑stage French biotechnology company developing physics‑based therapeutic approaches, particularly for cancer and other serious diseases, with operations in Paris and Cambridge, Mass., and listings on Euronext Paris ...
Nanobiotix advances cancer nanotherapeutics and bolsters cash runway into 2029
Sep 24, 2026
Nanobiotix reported encouraging clinical progress for its lead nanoradioenhancer JNJ-1900 (NBTXR3), including strong safety and local control data from a Phase 1 study in inoperable, recurrent NSCLC and high response rates in an early cohort of Jo...
Nanobiotix Lung Cancer Trial Shows Strong Safety and Control at Lower Radiation Doses
Sep 14, 2026
Nanobiotix reported updated Phase 1 data from a University of Texas MD Anderson Cancer Center–sponsored trial of radiotherapy-activated JNJ-1900 (NBTXR3) in patients with inoperable, locoregionally recurrent non-small cell lung cancer eligib...
Nanobiotix Executives to Present at H.C. Wainwright Global Investment Conference
Sep 9, 2026
Nanobiotix said its top executives will participate in a fireside chat at the H.C. Wainwright 28th Annual Global Investment Conference in New York on September 15, 2026. Co-founder and chairman Laurent Lévy and chief financial and business of...
Nanobiotix Updates Share Capital and Voting Rights as of July 31, 2026
Aug 25, 2026
Nanobiotix reported that as of July 31, 2026, it had 50,833,462 shares outstanding and 54,534,179 theoretical voting rights, with 54,512,061 exercisable voting rights. The disclosure, made in line with French market regulations, is intended to kee...
Nanobiotix Updates Market on Share Capital and Voting Rights Structure
Jul 30, 2026
Nanobiotix reported that as of June 30, 2026, it had 50,825,682 shares outstanding, corresponding to 54,486,890 theoretical voting rights and 54,464,772 exercisable voting rights. The disclosure, made in line with French commercial and market regu...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.