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Nanobiotix
(NASDAQ:NBTX)
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Rating:52Neutral
Price Target:
$45.00
▲(8.41% Upside)
Action:Reiterated
Date:08/27/26
The score is held back primarily by weak financial fundamentals—persistent losses, ongoing cash burn, and negative equity with increased debt. Technicals provide meaningful support given the clear uptrend and positive momentum. Valuation remains a secondary drag due to negative earnings and no dividend yield data.
Positive Factors
Clinical validation and pipeline progress
The early, small-cohort results provide clinical proof-of-concept for NBTXR3. Accelerated Phase 3 analysis could shorten the path to a registration decision and improve partnering or commercialization prospects.
Negative Factors
Persistent unprofitability
Despite a 2025 revenue rebound to approximately $29.6 million, recurring operating and net losses show that Nanobiotix has not established a sustainable profit model. Continued clinical investment may prolong losses before commercialization.
Read all positive and negative factors
Positive Factors
Negative Factors
Clinical validation and pipeline progress
The early, small-cohort results provide clinical proof-of-concept for NBTXR3. Accelerated Phase 3 analysis could shorten the path to a registration decision and improve partnering or commercialization prospects.
Read all positive factors
Nanobiotix (NBTX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.04B
Dividend YieldN/A
Average Volume (3M)105.09K
Price to Earnings (P/E)―
Beta (1Y)0.86
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees97
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.50
Shares Outstanding50,619,583
10 Day Avg. Volume130,838
30 Day Avg. Volume105,091
Financial Highlights & Ratios
PEG Ratio0.60
Price to Book (P/B)-11.14
Price to Sales (P/S)31.74
P/FCF Ratio-27.70
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$30.00Price Target Upside-27.73% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-0.35
Revenue Forecast (FY)$39.63M
Nanobiotix Business Overview & Revenue Model
Company Description
Nanobiotix S.A. is a clinical-stage biotechnology firm focused on developing innovative therapeutic solutions for cancer. The company's leading experimental drug, NBTXR3, is a sterile aqueous suspension comprising crystalline hafnium oxide nanopar...
How the Company Makes Money
Nanobiotix primarily generates revenue from collaboration and partnership arrangements rather than from broad, recurring commercial product sales, reflecting its clinical-stage profile. Key revenue streams include (1) upfront payments received at ...
Nanobiotix Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 30, 2026
Earnings Call Sentiment Positive
Positive overall. The company reported meaningful financial and operational improvements driven by (a) removal of large development obligations via the Janssen amendment, (b) nondilutive royalty financing that materially strengthens near-term liquidity, and (c) clinical progress across multiple programs including encouraging early CONVERGE lead-in data and continued Curadigm platform advancement (patents, MTAs, CMC/GMP start). Key risks remain: the FY2025 revenue uplift is largely a one‑time accounting effect, clinical readouts (notably CONVERGE and the Phase III head & neck study) are controlled by J&J and many pivotal data points are not expected until 2027, and the stated runway depends on receipt of remaining financing and potential milestone receipts. On balance, the positives (stronger cash runway, lower burn, decreased net loss, strategic financing, multiple clinical catalysts and platform progress) outweigh the listed risks and uncertainties.Positive Updates
Strengthened balance sheet and extended cash runway
Cash and cash equivalents of EUR 52.8M as of 31-Dec-2025 (up from EUR 49.7M), nondilutive royalty financing agreement for up to $71M with Healthcare Royalty Partners, and management guidance that current cash plus expected financing should fund operations into early 2028 (contingent on receipt of remaining $21M expected in Q4 2026).
Negative Updates
Revenue driven by one-off accounting effect
FY2025 top-line benefit (EUR 32.6M) largely reflects a nonrecurring EUR 21.8M purchase-price accounting adjustment tied to the Janssen agreement amendment; this is a technical, nonrecurring effect and not indicative of recurring commercial revenue.
Read all updates
Q4-2025 Updates
Positive
Negative
Strengthened balance sheet and extended cash runway
Cash and cash equivalents of EUR 52.8M as of 31-Dec-2025 (up from EUR 49.7M), nondilutive royalty financing agreement for up to $71M with Healthcare Royalty Partners, and management guidance that current cash plus expected financing should fund operations into early 2028 (contingent on receipt of remaining $21M expected in Q4 2026).
Read all positive updates
Company Guidance
Management guided that Nanobiotix is financially strengthened with EUR 52.8m cash as of 31‑Dec‑2025 (vs EUR 49.7m at 2024 YE) and a nondilutive royalty facility of up to $71m (with the remaining $21m expected in Q4‑2026), which together support a cash runway into early 2028 (excluding potential milestone inflows). 2025 financials included positive revenue of EUR 32.6m (reflecting a nonrecurring EUR 21.8m accounting impact from the March‑2025 Janssen amendment) versus negative EUR 7.2m in 2024; R&D fell to EUR 23.1m (‑43% y/y from EUR 40.5m), SG&A was EUR 20.4m (flat vs EUR 20.5m), and net loss narrowed to EUR 24.0m (EUR 0.50/share), a 65% improvement from EUR 68.1m (EUR 1.44/share). Operational milestones cited: Phase III NANORAY‑312 (head & neck) readout in H1‑2027, CONVERGE randomized Phase II in unresectable Stage III NSCLC (n≈120, 1:1:1) readout beginning 2027, four additional clinical readouts in 2026 (three completed), MD Anderson updates (summer timing possible), Curadigm IND/CMC progress and further preclinical/partner MTA activity, and the potential for Janssen milestone payments “in the 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
24
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 29.64M | -7.19M | 36.21M | 4.78M | 2.65M |
| Gross Profit | 29.64M | -7.19M | 36.21M | 4.78M | 2.65M |
| EBITDA | -12.07M | -67.67M | -23.69M | -44.22M | -45.60M |
| Net Income | -23.96M | -68.13M | -39.70M | -57.04M | -47.00M |
Balance Sheet | |||||
| Total Assets | 67.76M | 67.42M | 93.90M | 59.77M | 101.77M |
| Cash, Cash Equivalents and Short-Term Investments | 52.75M | 49.74M | 75.28M | 41.39M | 84.17M |
| Total Debt | 95.32M | 50.90M | 50.56M | 53.17M | 46.02M |
| Total Liabilities | 152.24M | 133.12M | 95.74M | 86.81M | 74.98M |
| Stockholders Equity | -84.48M | -65.70M | -1.84M | -27.05M | 26.79M |
Cash Flow | |||||
| Free Cash Flow | -33.97M | -20.40M | -12.80M | -37.20M | -30.10M |
| Operating Cash Flow | -33.42M | -19.55M | -12.48M | -37.10M | -29.87M |
| Investing Cash Flow | -578.00K | -955.00K | -349.00K | 138.00K | -242.00K |
| Financing Cash Flow | 37.42M | -5.13M | 46.77M | -5.65M | -5.18M |
Nanobiotix Technical Analysis
Positive
41.51
Price Trends
39.10
Positive
38.40
Positive
31.64
Positive
Market Momentum
1.35
Negative
60.13
Neutral
71.89
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 41.51 is above the 20-day moving average (MA) of 40.49, above the 50-day MA of 39.10, and above the 200-day MA of 31.64, indicating a bullish trend. The MACD of 1.35 indicates Negative momentum. The RSI at 60.13 is Neutral, neither overbought nor oversold. The STOCH value of 71.89 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 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 (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $1.88B | -74.94 | -6.31% | ― | 13520.11% | 74.95% | |
56 Neutral | $1.64B | -8.01 | -41.49% | ― | ― | -63.70% | |
52 Neutral | $2.04B | -75.69 | 31.23% | ― | ― | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $2.15B | -3.39 | -189.68% | ― | -93.33% | -127.13% | |
47 Neutral | $390.52M | -2.34 | -48.40% | ― | 15.98% | -40.75% |
* Healthcare Sector Average
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Nanobiotix Corporate Events
Nanobiotix Updates Share Capital and Voting Rights as of June 30, 2026
Jul 31, 2026
Nanobiotix S.A., a Paris-based biotechnology company specializing in physics-driven nanotechnology therapeutics for oncology, bioavailability, and central nervous system disorders, updated investors on its share capital and voting rights as of Jun...
Nanobiotix Updates Share Capital and Voting Rights as of May 31, 2026
Jun 5, 2026
On June 5, 2026, Nanobiotix reported its share capital and voting rights position as of May 31, 2026, in line with French market transparency rules. The company disclosed that it had 50,807,903 shares outstanding, corresponding to 54,304,858 theor...
Nanobiotix Extends Cash Runway to 2029 as Early Lung Cancer Data and Accelerated Phase 3 Plan Advance JNJ-1900
Jun 2, 2026
On June 2, 2026, Nanobiotix reported first-quarter 2026 results and operational progress, highlighting positive Part 1 data from the JJ-sponsored Phase 2 CONVERGE trial of JNJ-1900 (NBTXR3) in unresectable stage III non-small cell lung cancer, wit...
Nanobiotix Added to Euronext Tech Leaders Index, Boosting Investor Visibility
Jun 2, 2026
On June 2, 2026, Nanobiotix announced its inclusion in the Euronext Tech Leaders segment and the Euronext Tech Leaders Index, a flagship initiative launched in 2022 to highlight Europe’s high-growth technology champions. The move underscores...
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.