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Nanobiotix Sa ADR (NBTX)
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Nanobiotix (NBTX) AI Stock Analysis

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NBTX

Nanobiotix

(NASDAQ:NBTX)

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Neutral 48 (OpenAI - 4o)
Rating:48Neutral
Price Target:
$20.50
▼(-16.39% Downside)
Nanobiotix faces significant financial difficulties, with negative profitability and a heavily leveraged balance sheet being the most critical factors. Technical analysis provides some short-term positive signals, but the valuation remains unattractive due to a negative P/E ratio and no dividend yield. These factors collectively result in a low overall stock score.
Positive Factors
Strategic Partnership
Partnering with Johnson & Johnson for the Phase 3 trial of NBTXR3 enhances development capabilities and scalability, potentially accelerating market entry and adoption of the product.
Product Development
Positive Phase 1 results for NBTXR3 in esophageal cancer suggest potential new indications, enhancing the company's product pipeline and market opportunities in oncology.
Regulatory Progress
Amending the licensing agreement with J&J extends financial stability and supports ongoing regulatory efforts, crucial for long-term operational sustainability and market expansion.
Negative Factors
Financial Instability
Negative equity and high leverage indicate financial distress, limiting flexibility and increasing risk of insolvency, which could hinder long-term operational capabilities.
Cash Flow Challenges
Ongoing negative cash flows reduce liquidity and financial flexibility, potentially impacting the company's ability to sustain operations and invest in growth initiatives.
Revenue Decline
Declining revenue and negative profitability highlight operational challenges, potentially affecting the company's ability to fund R&D and achieve market success.

Nanobiotix (NBTX) vs. SPDR S&P 500 ETF (SPY)

Nanobiotix Business Overview & Revenue Model

Company DescriptionNanobiotix (NBTX) is a clinical-stage biotechnology company specializing in the development of innovative cancer therapies. The company focuses on the research and commercialization of nanomedicine-based products to enhance the efficacy of radiotherapy and chemotherapy. NBTX's flagship product, NBTXR3, is a novel radio-sensitizer designed to improve the treatment outcomes for solid tumors by increasing the sensitivity of cancer cells to radiation. The company operates primarily in the oncology sector, leveraging cutting-edge nanotechnology to advance cancer treatment options.
How the Company Makes MoneyNanobiotix generates revenue primarily through the development and commercialization of its therapeutic products, particularly NBTXR3. The company may earn revenue through partnerships and collaborations with larger pharmaceutical companies, which can provide funding for clinical trials and development in exchange for future sales or licensing rights. Additionally, revenue can be generated from grants and public funding aimed at supporting innovative cancer treatment research. As the company advances its products into later stages of clinical development and potentially gains regulatory approvals, it stands to benefit from sales of its therapies, market partnerships, and royalties from licensed technologies.

Nanobiotix Earnings Call Summary

Earnings Call Date:Sep 30, 2025
(Q4-2024)
|
% Change Since: |
Next Earnings Date:Nov 18, 2025
Earnings Call Sentiment Neutral
The call highlighted significant strategic progress with the JNJ collaboration and pipeline advancements, along with a strong financial strategy to extend cash runway. However, financial performance showed challenges with negative revenue and increased net loss.
Q4-2024 Updates
Positive Updates
JNJ Collaboration
Signed a $2.6 billion plus royalties agreement with JNJ, focusing initially on lung and head and neck cancers, representing a potential $10 billion market.
Pipeline Progress
Significant pipeline developments including the NANORAY-312 Phase 3 study in head and neck cancer and the CONVERGE Phase 2 study in lung cancer.
Curadigm Platform Launch
Launched a new first-in-class nanotherapeutic platform, Curadigm, which has potential applications in multiple therapeutic areas.
Financial Strategy and Cash Runway
Extended cash runway to mid-2026 through an amendment to the JNJ agreement, and exploring nondilutive financing options to extend it to 2027.
Negative Updates
Financial Performance
Reported negative revenue of €7.2 million in 2024 due to a one-time non-cash negative revenue impact from the transfer of NANORAY-312 sponsorship to Janssen.
R&D Expenses
R&D expenses increased by 5% to €40.5 million, mainly due to costs related to NANORAY-312 and other clinical trials.
Net Loss
Net loss attributable to shareholders increased by 72% to €68.1 million, primarily due to the one-off negative revenue recognition impact.
Company Guidance
During the Nanobiotix Business Update and Full Year 2024 Financial Results Conference Call, significant guidance was provided regarding the company's financial and operational outlook. Nanobiotix reported a net loss of €68.1 million for 2024, largely due to a non-cash negative revenue recognition impact from the transfer of NANORAY-312 study sponsorship to Janssen, which resulted in negative revenue of €7.2 million. The company highlighted that its cash and cash equivalents stood at €49.7 million as of December 31, 2024, projecting this to fund operations into mid-2026. Notably, Nanobiotix anticipates potential medium-term milestones exceeding $200 million from its collaboration with Johnson & Johnson (JNJ). This collaboration includes a $2.6 billion deal plus royalties, with recent amendments extending the company's cash runway by removing most funding obligations for NANORAY-312. The company also emphasized its strategic focus on the Curadigm platform and potential nondilutive financing options to further extend cash visibility into 2027.

Nanobiotix Financial Statement Overview

Summary
Nanobiotix exhibits significant financial challenges, characterized by declining revenues, negative profitability, and a heavily leveraged balance sheet. The company's inability to generate positive cash flows or maintain positive equity raises concerns about its long-term viability.
Income Statement
30
Negative
Nanobiotix shows significant revenue volatility, with a notable decline in total revenue from $36.2 million in 2023 to a negative $11.6 million in 2024. The gross profit margin is negative, and both EBIT and EBITDA margins are deeply negative, indicating operational losses. The company has been unable to achieve profitability, with a consistent net loss over the years.
Balance Sheet
20
Very Negative
The balance sheet reflects financial instability, with a negative stockholders' equity of $65.7 million in 2024. The significant increase in total liabilities, combined with persistent negative equity, suggests high leverage and potential solvency issues. The debt-to-equity ratio is not calculable due to negative equity, further highlighting financial distress.
Cash Flow
35
Negative
Nanobiotix's cash flow situation is concerning, with persistent negative operating and free cash flows. The free cash flow has deteriorated further from 2023 to 2024. Despite negative cash flows, the company has managed some financing activities, although these have decreased recently, potentially impacting liquidity.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue5.74M-11.61M36.21M4.78M2.65M50.00K
Gross Profit5.74M-11.61M36.21M3.79M2.65M50.00K
EBITDA-33.99M-58.32M-23.69M-44.22M-45.60M-31.49M
Net Income-51.64M-68.13M-39.70M-57.04M-47.00M-33.62M
Balance Sheet
Total Assets45.17M67.42M93.90M59.77M101.77M134.03M
Cash, Cash Equivalents and Short-Term Investments28.82M49.74M75.28M41.39M83.92M119.15M
Total Debt51.24M50.90M50.56M53.17M46.02M48.98M
Total Liabilities114.13M133.12M95.74M86.81M74.98M63.56M
Stockholders Equity-68.95M-65.70M-1.84M-27.05M26.79M70.47M
Cash Flow
Free Cash Flow-31.64M-20.40M-12.81M-37.20M-30.11M-27.64M
Operating Cash Flow-31.13M-19.55M-12.48M-37.10M-29.87M-27.54M
Investing Cash Flow-617.00K-955.00K-349.00K138.00K-242.00K-112.00K
Financing Cash Flow-5.31M-5.13M46.77M-5.65M-5.18M111.77M

Nanobiotix Technical Analysis

Technical Analysis Sentiment
Positive
Last Price24.52
Price Trends
50DMA
16.43
Positive
100DMA
11.23
Positive
200DMA
7.41
Positive
Market Momentum
MACD
0.28
Positive
RSI
52.11
Neutral
STOCH
41.16
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NBTX, the sentiment is Positive. The current price of 24.52 is above the 20-day moving average (MA) of 23.04, above the 50-day MA of 16.43, and above the 200-day MA of 7.41, indicating a neutral trend. The MACD of 0.28 indicates Positive momentum. The RSI at 52.11 is Neutral, neither overbought nor oversold. The STOCH value of 41.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NBTX.

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 0 New Risks

Nanobiotix Peers Comparison

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
$918.45M-32.78%-13.37%-1025.90%
$1.13B
$1.32B-88.40%
$7.86B-0.30-43.30%2.27%22.53%-2.21%
$887.45M-32.71%
$995.14M
$1.08B-59.11%39.66%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
NBTX
Nanobiotix
20.87
16.66
395.72%
MNMD
Mind Medicine
14.20
8.14
134.32%
BCAX
Bicara Therapeutics Inc.
16.25
-8.72
-34.92%
ZBIO
Zenas BioPharma, Inc.
31.25
11.30
56.64%
UPB
Upstream Bio, Inc.
25.85
0.70
2.78%
SEPN
Septerna, Inc.
20.60
-3.17
-13.34%

Nanobiotix Corporate Events

Nanobiotix Secures $71 Million Royalty Agreement with HealthCare Royalty
Oct 31, 2025

On October 31, 2025, Nanobiotix announced a strategic royalty monetization agreement with HealthCare Royalty, securing up to $71 million in non-dilutive funding. This agreement is expected to extend the company’s cash runway into early 2028, supporting the development of its nanotherapeutic platforms and advancing key milestones in head and neck and lung cancer treatments. The deal involves HealthCare Royalty receiving a capped portion of milestones and royalties from sales of JNJ-1900 (NBTXR3), a novel oncology product. This financing aims to establish a financial foundation for Nanobiotix’s long-term growth and self-sustainability, reflecting confidence in its innovative cancer treatment approach.

Nanobiotix Transfers Phase 3 Trial Control to J&J, Updates on NBTXR3 Program
Oct 24, 2025

On October 24, 2025, Nanobiotix announced updates to its JNJ-1900 (NBTXR3) clinical development program, highlighting the transfer of sponsorship and operational control of the Phase 3 NANORAY-312 trial to Johnson & Johnson. This strategic move is expected to enhance the development and potential scalability of NBTXR3 across various solid tumor indications, especially in combination with radiotherapy. The interim data for the NANORAY-312 trial is anticipated to be analyzed and reported in the first half of 2027, marking a significant milestone in the company’s collaboration with J&J and its ongoing efforts to expand treatment possibilities for cancer patients.

Nanobiotix Updates Voting Rights and Share Capital Details
Oct 15, 2025

On October 15, 2025, Nanobiotix announced its voting rights and share capital details as of September 30, 2025. The company reported 48,237,471 outstanding shares, with 50,318,257 theoretical voting rights and 50,296,139 exercisable voting rights. This update is crucial for stakeholders to understand the company’s current shareholder structure and voting power distribution.

Nanobiotix Reports Promising Phase 1 Results for Esophageal Cancer Treatment
Oct 1, 2025

On October 1, 2025, Nanobiotix announced promising initial data from a Phase 1 study evaluating JNJ-1900 (NBTXR3) for esophageal cancer treatment. The study, presented at the ASTRO 2025 Annual Meeting, showed a high disease control rate of 85% and an objective response rate of 69% among 13 patients, with the treatment being well-tolerated. This development could potentially open new indications for JNJ-1900 (NBTXR3) and enhance Nanobiotix’s positioning in the oncology market, offering a novel approach that may reduce the need for invasive procedures like esophagectomy.

Nanobiotix Reports Half-Year 2025 Financial Results and Strategic Progress
Sep 30, 2025

On September 30, 2025, Nanobiotix announced its half-year financial results and provided a business update. The company reported significant operational progress, including the expansion of its clinical development program for JNJ-1900 (NBTXR3) and regulatory harmonization efforts in Europe. Financially, Nanobiotix strengthened its position by amending its global licensing agreement with Johnson & Johnson, extending its cash visibility to mid-2026. Despite a net loss of €5.4 million for the first half of 2025, the company reduced its R&D expenses and maintained stable SG&A costs. However, concerns about its ability to continue as a going concern persist, with active discussions for non-dilutive financing underway to extend its cash runway beyond 2026.

Nanobiotix Releases Half-Year Financial Report Highlighting JNJ-1900 Developments
Sep 30, 2025

On September 30, 2025, Nanobiotix S.A. released its half-year financial report for the period from January 1 to June 30, 2025. The report highlights significant events and activities, including the development and commercialization of its product JNJ-1900 through a license agreement with Janssen. The company is focused on expanding the pipeline for JNJ-1900 and completing clinical trials, which are crucial for its future prospects and market positioning.

Nanobiotix Reveals Promising Phase 1 Results for JNJ-1900 in Cancer Treatment
Sep 30, 2025

On September 29, 2025, Nanobiotix announced updated Phase 1 results for their study on JNJ-1900 (NBTXR3) in combination with anti-PD-1 therapy for patients with recurrent/metastatic head and neck squamous cell carcinoma (R/M-HNSCC). The treatment demonstrated promising efficacy and safety, with high disease control and response rates in both anti-PD-1 naïve and resistant patients. The results suggest that JNJ-1900 (NBTXR3) could enhance local tumor control and potentially overcome resistance to immune checkpoint inhibitors, warranting further exploration in randomized controlled trials.

Nanobiotix Reveals Promising Phase 1 Results for Melanoma Treatment
Sep 17, 2025

On September 17, 2025, Nanobiotix announced new results from a Phase 1 study evaluating JNJ-1900 (NBTXR3) in combination with immune checkpoint inhibitors for patients with primary cutaneous melanoma resistant to anti-PD-1. The study showed a favorable safety profile and early efficacy signals, with a 47.4% objective response rate and a 78.9% disease control rate. The findings suggest potential for further investigation in randomized clinical trials, potentially offering new treatment options for patients with advanced melanoma.

Nanobiotix Updates Voting Rights and Share Capital Information
Sep 12, 2025

On September 12, 2025, Nanobiotix announced its updated voting rights and share capital information, reporting 48,236,771 shares outstanding as of August 31, 2025. The announcement, in compliance with French financial regulations, provides transparency to stakeholders and reinforces the company’s commitment to regulatory standards, potentially impacting its market positioning and investor relations.

Nanobiotix to Present at H.C. Wainwright Investment Conference
Sep 2, 2025

On September 2, 2025, Nanobiotix announced its participation in the H.C. Wainwright 27th Annual Global Investment Conference, scheduled for September 9, 2025, in New York. The company’s CEO, Laurent Levy, and CFO, Bart van Rhijn, will present at the event, which will be webcast live. This participation underscores Nanobiotix’s ongoing efforts to engage with investors and stakeholders, potentially impacting its market visibility and investor relations.

Nanobiotix Announces Voting Rights and Share Capital Update
Aug 27, 2025

On August 27, 2025, Nanobiotix announced its voting rights and share capital details, revealing 48,236,671 shares outstanding as of July 31, 2025. The announcement provides transparency to stakeholders and aligns with regulatory requirements, potentially impacting investor confidence and market positioning.

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.Date of analysis: Nov 01, 2025