Nanobiotix (NANO) AI Stock Analysis

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Nanobiotix

(LSE:NANO)

Rating:45Neutral

Price Target:

€4.00

▲(0.50%Upside)

The primary concern for Nanobiotix is its financial performance, which is critically weak, marked by negative equity and cash flow issues. Technical analysis suggests some potential stability, but valuation metrics are unattractive due to negative earnings. The lack of earnings call insights and corporate events limits the assessment to these factors.

Positive Factors

Clinical Trials

Multiple clinical data updates are expected which could positively influence the stock's performance.

Partnerships

Nanobiotix's partner, Johnson & Johnson, initiated a Phase 2 study which could lead to a significant milestone payment if successful.

Therapeutic Developments

Nanobiotix intends to present detailed analysis from an ongoing Phase 1 study evaluating NBTXR3 to treat pancreatic ductal adenocarcinoma, which could be a valuable asset in treating a condition with limited therapeutic options.

Negative Factors

Financial Performance

Revenues in FY 24 were negatively impacted by a one-off recognition of a net liability linked to NANORAY-312's sponsorship transfer to J&J.

Risks

Risks associated with the stock include clinical, commercial, financial, partnership, and intellectual property challenges.

Nanobiotix (NANO) vs. iShares MSCI France ETF (EWQ)

Market Cap

€187.77M

Dividend YieldN/A

Average Volume (3M)126.50K

Price to Earnings (P/E)―

Beta (1Y)1.48

Revenue GrowthN/A

EPS Growth56.18%

CountryFR

Employees108

SectorHealthcare

Sector Strength42

IndustryBiotechnology

Share Statistics

EPS (TTM)N/A

Shares Outstanding47,133,327

10 Day Avg. Volume134,385

30 Day Avg. Volume126,497

Financial Highlights & Ratios

PEG Ratio-0.10

Price to Book (P/B)-4.66

Price to Sales (P/S)0.00

P/FCF Ratio-3.31

Enterprise Value/Market CapN/A

Enterprise Value/RevenueN/A

Enterprise Value/Gross ProfitN/A

Enterprise Value/EbitdaN/A

Forecast

1Y Price Target

€13.50

Price Target Upside239.20% Upside

Rating ConsensusModerate Buy

Number of Analyst Covering2

Nanobiotix Business Overview & Revenue Model

Company DescriptionNanobiotix 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 MoneyNanobiotix generates revenue through strategic partnerships and licensing agreements with pharmaceutical and biotechnology companies. The company collaborates with these partners to advance the clinical development and commercialization of its lead product candidate, NBTXR3, across various oncology indications. Additionally, Nanobiotix may receive milestone payments and royalties as its partners progress in clinical trials and achieve regulatory approvals. The company is also involved in grant-funded research projects that contribute to its revenue stream. As Nanobiotix advances its pipeline, the potential for direct product sales may also become a significant source of revenue, pending regulatory approval and market entry.

Nanobiotix Earnings Call Summary

Earnings Call Date:May 14, 2025

(Q4-2024)

% Change Since: 18.28%|

Next Earnings Date:Sep 04, 2025

Earnings Call Sentiment Positive

The earnings call presented a positive outlook with strong collaborations, especially with JNJ, advancements in clinical trials, and financial strategies to ensure sustainability. Despite financial lowlights such as negative revenue impacts and increased net loss, the strategic developments and pipeline progress suggest a promising future.

Q4-2024 Updates

Positive Updates

Strong Partnership with Johnson & Johnson

Nanobiotix has made significant progress with its collaboration with JNJ, which includes a $2.6 billion agreement with potential royalties. The collaboration is expanding into different indications such as lung cancer and head and neck cancer, potentially addressing over 100,000 patients and a $10 billion market in the US and EU5.

Progress in Clinical Trials

Multiple clinical trials are advancing well, including the pivotal Phase 3 study NANORAY-312 for head and neck cancer and the Phase 2 CONVERGE study for lung cancer initiated by JNJ. Early-stage trials show promising data in various cancers such as pancreatic, lung, and esophageal cancer.

Financial Strategy and Sustainability

Nanobiotix has extended its cash runway to mid-2026 and is exploring nondilutive financing to extend it further into 2027. The company has also amended its agreement with JNJ, reducing its funding obligations and improving its financial outlook.

Launch of Curadigm Platform

The company launched Curadigm, a next-generation nanotherapeutic platform, expected to impact multiple therapeutic areas and create potential partnerships with biotech and pharma industries.

Negative Updates

Negative Revenue Impact

Nanobiotix reported negative revenue of €7.2 million for 2024 due to the transfer of the NANORAY-312 study sponsorship to JNJ, which led to a negative €19.3 million revenue impact. This was a non-cash item but affected financial results.

Increased Net Loss

The net loss attributable to shareholders increased by 72% to €68.1 million for 2024, primarily due to the negative revenue recognition impact.

Company Guidance

In the recent conference call, Nanobiotix provided comprehensive guidance on its financial and operational achievements for the fiscal year 2024, along with future projections. The company highlighted its collaboration with Johnson & Johnson, which involves a $2.6 billion plus royalties agreement, focusing on NBTXR3, now branded as JNJ-1900, targeting lung and head and neck cancers. This collaboration alone could potentially address over 100,000 patients in the U.S. and EU5, translating into a $10 billion market opportunity. Nanobiotix also launched its Curadigm platform, a first-in-class product poised to address multiple therapeutic areas. Financially, the company received a $20 million milestone payment in 2024 related to the NANORAY-312 trial and has extended its cash runway to mid-2026, with plans to explore nondilutive financing options to potentially extend this to 2027. The fiscal year concluded with a net loss increase of 72% to €68.1 million, primarily due to a onetime negative revenue impact from the transfer of study sponsorship to JNJ, which is a noncash item. The company ended 2024 with €49.7 million in cash and cash equivalents, compared to €75.3 million in the previous year.

Nanobiotix Financial Statement Overview

Summary

Nanobiotix faces significant financial challenges with declining revenues, negative profitability, and high leverage. The financial position is weak, characterized by negative equity and cash flow difficulties. The company needs to address its revenue generation and reduce operational inefficiencies to improve its financial health.

Income Statement

Negative

The income statement reflects significant challenges with negative revenue and declining profitability. Gross Profit Margin and Net Profit Margin are negative, indicating that costs exceed revenues, which is unsustainable. Revenue has drastically decreased from 2023 to 2024, showcasing a negative growth trend. EBIT and EBITDA margins are also negative, highlighting operational inefficiencies and high operating costs relative to revenue.

Balance Sheet

Very Negative

The balance sheet reveals a negative Stockholders' Equity, indicating more liabilities than assets, which is concerning. The Debt-to-Equity Ratio cannot be calculated due to negative equity, suggesting high financial risk. The Equity Ratio is also negative, reflecting financial instability. The company’s leverage is high, with liabilities exceeding assets, posing significant financial risk.

Cash Flow

Negative

Cash flow analysis shows a negative Free Cash Flow, which has worsened over the year, suggesting potential liquidity issues. The Operating Cash Flow to Net Income ratio is negative, indicating cash outflows are exceeding negative earnings. The company is not generating sufficient cash to cover its operating needs, which could challenge future operations.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	-11.61M	30.06M	4.78M	10.00K	50.00K
Gross Profit	-11.61M	36.21M	3.28M	2.65M	2.33M
EBITDA	-61.62M	-30.09M	-53.78M	-45.60M	-31.49M
Net Income	-68.13M	-39.70M	-57.04M	-47.00M	-33.59M
Balance Sheet
Total Assets	67.42M	93.90M	59.77M	101.67M	133.93M
Cash, Cash Equivalents and Short-Term Investments	49.74M	75.28M	41.39M	83.92M	119.15M
Total Debt	50.90M	50.56M	53.17M	46.02M	48.98M
Total Liabilities	133.12M	95.74M	86.81M	74.98M	63.56M
Stockholders Equity	-65.70M	-1.84M	-27.05M	26.69M	70.36M
Cash Flow
Free Cash Flow	-20.40M	-12.81M	-38.11M	-31.24M	-28.34M
Operating Cash Flow	-19.55M	-12.48M	-38.02M	-31.00M	-28.24M
Investing Cash Flow	-955.00K	-349.00K	138.00K	-242.00K	-112.00K
Financing Cash Flow	-5.13M	46.77M	-4.74M	-4.05M	112.47M

Nanobiotix Technical Analysis

Technical Analysis Sentiment

Positive

Last Price3.98

Price Trends

50DMA

3.55

Positive

100DMA

3.45

Positive

200DMA

3.57

Positive

Market Momentum

MACD

0.09

Positive

RSI

53.28

Neutral

STOCH

33.58

Neutral

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 3.98 is below the 20-day moving average (MA) of 4.07, above the 50-day MA of 3.55, and above the 200-day MA of 3.57, indicating a neutral trend. The MACD of 0.09 indicates Positive momentum. The RSI at 53.28 is Neutral, neither overbought nor oversold. The STOCH value of 33.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:NANO.

Nanobiotix Peers Comparison

Overall Rating

UnderperformOutperform

Sector (46)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	46 Neutral	C$190.36M	-4.25	-8.56%	3.09%	13.53%	-1.76%
NANO	45 Neutral	€187.77M	―		―	―	56.18%
GNFTF		$193.20M	111.78	2.17%	―	―	―
IPHYF		$168.48M	―	-160.99%	―	―	―
0RA9		€397.17M	―	-148.98%	―	―	―
0QAJ		€210.79M	―	-199.50%	―	―	―
6OP		€116.34M	2.94	86.78%	―	―	―

* Healthcare Sector Average

Performance Comparison

FR:NANO

Nanobiotix

3.99

-1.02

-20.30%

GNFTF

Genfit

3.70

-0.30

-7.50%

IPHYF

Innate Pharma SA

1.95

-0.17

-8.02%

GB:0RA9

Abivax SA

6.30

-5.36

-45.97%

GB:0QAJ

DBV Technologies

1.53

0.73

91.25%

DE:6OP

OSE Immunotherapeutics SA

5.08

-0.35

-6.45%

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: Jun 20, 2025