Nanobiotix (NBTX) AI Stock Analysis

• Market Cap: $988.54M
• Dividend Yield: N/A
• Average Volume (3M): 132.78K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.64
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 108
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.13
• Shares Outstanding: 47,943,150
• 10 Day Avg. Volume: 114,659
• 30 Day Avg. Volume: 132,777
• PEG Ratio: -0.06
• Price to Book (P/B): -1.99
• Price to Sales (P/S): -11.28
• P/FCF Ratio: -6.42
• Enterprise Value/Market Cap: 0.25
• Enterprise Value/Revenue: 43.66
• Enterprise Value/Gross Profit: 43.66
• Enterprise Value/Ebitda: -7.37
• 1Y Price Target: $24.00
• Price Target Upside: -2.12% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

• Rating: 48 Neutral
• Price Target: $19.00 ▼(-22.51% Downside)

Nanobiotix's overall stock score is primarily impacted by its poor financial performance, which raises concerns about its long-term viability. The technical analysis provides some positive signals, but the valuation remains unattractive due to negative earnings. The absence of earnings call data and corporate events limits further insights.

Positive Factors

Strategic Partnership with Johnson & Johnson

The partnership with J&J enhances Nanobiotix's ability to scale its flagship product, NBTXR3, leveraging J&J's resources for broader market reach and operational efficiency.

Promising Clinical Trial Results

Positive trial results can lead to new indications for JNJ-1900, strengthening Nanobiotix's market position in oncology and potentially increasing future revenue streams.

Pipeline Expansion

Expanding the pipeline indicates a strategic focus on long-term growth, potentially leading to new product offerings and increased market share in the oncology sector.

Negative Factors

Financial Instability

Negative equity and high leverage suggest financial distress, limiting Nanobiotix's ability to invest in growth and potentially threatening its long-term viability.

Declining Revenue

Significant revenue decline indicates challenges in product commercialization and market penetration, potentially impacting future cash flows and growth prospects.

Negative Cash Flow

Ongoing negative cash flows can strain liquidity, limiting Nanobiotix's ability to fund operations and invest in R&D, crucial for a biotech company's growth and sustainability.

Nanobiotix Business Overview & Revenue Model

Company Description

Nanobiotix S.A., a clinical-stage biotechnology, focuses on developing product candidates for the treatment of cancer. Its lead product candidate is NBTXR3, a sterile aqueous suspension of crystalline hafnium oxide nanoparticles used for the treatment of soft tissue sarcoma, head and neck cancers, liver cancers, prostate cancer, pancreatic cancer, esophageal cancer, rectal cancer, and non-small cell lung cancer. Nanobiotix S.A. has a partnership with LianBio to develop and commercialize NBTXR3 in Greater China, South Korea, Singapore, and Thailand. The company was incorporated in 2003 and is headquartered in Paris, France.

How the Company Makes Money

Nanobiotix 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 Financial Statement Overview

Summary

Nanobiotix exhibits significant financial challenges, including declining revenues, negative profitability, and a heavily leveraged balance sheet. The company faces persistent net losses, negative equity, and deteriorating cash flows, raising concerns about its long-term viability.

Income Statement

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

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

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.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	5.74M	-11.61M	36.21M	4.78M	2.65M	50.00K
Gross Profit	5.74M	-11.61M	36.21M	3.79M	2.65M	50.00K
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 Assets	45.17M	67.42M	93.90M	59.77M	101.77M	134.03M
Cash, Cash Equivalents and Short-Term Investments	28.82M	49.74M	75.28M	41.39M	83.92M	119.15M
Total Debt	51.24M	50.90M	50.56M	53.17M	46.02M	48.98M
Total Liabilities	114.13M	133.12M	95.74M	86.81M	74.98M	63.56M
Stockholders Equity	-68.95M	-65.70M	-1.84M	-27.05M	26.79M	70.47M
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	-349.00K	138.00K	-242.00K	-112.00K
Financing Cash Flow	-5.31M	-5.13M	46.77M	-5.65M	-5.18M	111.77M

Nanobiotix Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 24.52
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NBTX, the sentiment is Neutral. The current price of 24.52 is above the 20-day moving average (MA) of 23.35, above the 50-day MA of 15.51, and above the 200-day MA of 7.03, indicating a neutral trend. The MACD of 1.87 indicates Positive momentum. The RSI at 46.72 is Neutral, neither overbought nor oversold. The STOCH value of 8.07 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NBTX.

Nanobiotix Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SEPN	58 Neutral	$971.51M	―	-32.78%	―	-13.37%	-1025.90%
UPB	56 Neutral	$1.13B	―	―	―	―	―
ZBIO	52 Neutral	$1.05B	―	-88.40%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NBTX	48 Neutral	$988.54M	―	―	―	―	―
BCAX	48 Neutral	$924.04M	―	-32.71%	―	―	―
MNMD	40 Neutral	$948.82M	―	-59.11%	―	―	39.66%

Nanobiotix Corporate Events

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

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

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

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

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

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

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

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

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

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

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.