Nanobiotix SA (FR:NANO)
:NANO
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Nanobiotix
(NANO)
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Rating:53Neutral
Price Target:
€28.00
▼(-0.43% Downside)
Action:ReiteratedDate:04/07/26
The score is primarily held back by weak financial fundamentals (persistent losses, negative equity, and ongoing cash burn). Offsetting this are a constructive technical trend and a generally positive earnings update featuring improved loss profile, reduced R&D burden, and extended liquidity runway, though several benefits are nonrecurring or contingent.
Positive Factors
Strategic J&J collaboration reduces R&D burden
Shifting Phase III sponsorship and funding to Janssen meaningfully lowers Nanobiotix's near-term R&D spend and cash requirements, enabling the company to allocate scarce resources to platform development and other programs while benefiting from a partner’s late-stage execution capabilities.
Negative Factors
Negative shareholders' equity & rising debt
Persistent negative equity and increased debt materially weaken financial flexibility, raise refinancing and covenant risk, and make the company more vulnerable to setbacks. Over months, this structural capital shortfall constrains strategic choices and increases dependence on external funding events.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic J&J collaboration reduces R&D burden
Shifting Phase III sponsorship and funding to Janssen meaningfully lowers Nanobiotix's near-term R&D spend and cash requirements, enabling the company to allocate scarce resources to platform development and other programs while benefiting from a partner’s late-stage execution capabilities.
Read all positive factors
Nanobiotix (NANO) vs. iShares MSCI France ETF (EWQ)
Market Cap
€1.36B
Dividend YieldN/A
Average Volume (3M)654.19K
Price to Earnings (P/E)―
Beta (1Y)1.10
Revenue GrowthN/A
EPS GrowthN/A
CountryFR
Employees108
SectorGeneral
Sector StrengthN/A
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.39
Shares Outstanding48,401,120
10 Day Avg. Volume711,483
30 Day Avg. Volume654,186
Financial Highlights & Ratios
PEG Ratio0.60
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
€34.00Price Target Upside20.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.24
Revenue Forecast (FY)€32.76M
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 treat...
How the Company Makes Money
Nanobiotix primarily makes money through (1) collaboration and licensing arrangements with pharmaceutical partners, which can include upfront payments, research and development funding, milestone payments tied to clinical, regulatory, and commerci...
Nanobiotix Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
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 | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 29.64M | -11.61M | 30.06M | 4.78M | 10.00K |
| Gross Profit | 29.64M | -11.61M | 30.06M | 3.28M | 2.65M |
| EBITDA | -12.07M | -61.62M | -30.09M | -53.78M | -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 | 101.67M |
| Cash, Cash Equivalents and Short-Term Investments | 52.75M | 49.74M | 75.28M | 41.39M | 83.92M |
| 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 | 26.69M |
Cash Flow | |||||
| Free Cash Flow | -33.97M | -20.40M | -12.81M | -38.11M | -31.24M |
| Operating Cash Flow | -33.42M | -19.55M | -12.48M | -38.02M | -31.00M |
| Investing Cash Flow | -578.00K | -955.00K | -349.00K | 138.00K | -242.00K |
| Financing Cash Flow | 37.42M | -5.13M | 46.77M | -5.65M | -4.05M |
Nanobiotix Technical Analysis
Positive
28.12
Price Trends
25.09
Positive
21.73
Positive
16.59
Positive
Market Momentum
0.36
Positive
56.72
Neutral
59.32
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 28.12 is above the 20-day moving average (MA) of 26.76, above the 50-day MA of 25.09, and above the 200-day MA of 16.59, indicating a bullish trend. The MACD of 0.36 indicates Positive momentum. The RSI at 56.72 is Neutral, neither overbought nor oversold. The STOCH value of 59.32 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
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% | |
53 Neutral | €257.19M | -7.03 | -30.75% | ― | 150.80% | 67.81% | |
53 Neutral | €1.36B | -38.59 | ― | ― | ― | ― | |
50 Neutral | €214.04M | -3.69 | -634.16% | ― | 111.76% | -22.45% | |
49 Neutral | €71.38M | -1.87 | -52.76% | ― | -96.92% | -175.84% | |
45 Neutral | €104.66M | -1.26 | ― | ― | 52.55% | -5.97% | |
44 Neutral | €132.27M | -2.91 | -658.91% | ― | -75.86% | -30.54% |
* General Sector Average
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24.86
828.67%
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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.