Nanobiotix (NBTX)
NASDAQ:NBTX
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Nanobiotix
(NASDAQ:NBTX)
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Rating:60Neutral
Price Target:
$44.00
▲(30.22% Upside)
Action:ReiteratedDate:05/07/26
The score is held back primarily by weak financial fundamentals (persistent losses/cash burn and balance-sheet pressure), partially offset by strong technical momentum and a constructive earnings-call outlook focused on improved liquidity/runway and ongoing clinical progress. Valuation remains constrained by unprofitability and no dividend support.
Positive Factors
Strategic Janssen collaboration and milestone upside
Transferring pivotal Phase III sponsorship to Johnson & Johnson materially reduces Nanobiotix's funding obligations while preserving upside through milestone and royalty receipts. This leverages J&J's global commercialization capabilities and de-risks Nanobiotix's near-term cash needs and execution burden over the medium term.
Negative Factors
Negative equity and elevated leverage
Persistent negative shareholders' equity and rising debt materially weaken the balance sheet, constraining financial flexibility. Elevated leverage increases refinancing and covenant risk, limits strategic optionality, and raises the likelihood of dilutive or costly financing if milestone receipts or royalty tranches are delayed.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic Janssen collaboration and milestone upside
Transferring pivotal Phase III sponsorship to Johnson & Johnson materially reduces Nanobiotix's funding obligations while preserving upside through milestone and royalty receipts. This leverages J&J's global commercialization capabilities and de-risks Nanobiotix's near-term cash needs and execution burden over the medium term.
Read all positive factors
Nanobiotix (NBTX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.97B
Dividend YieldN/A
Average Volume (3M)68.02K
Price to Earnings (P/E)―
Beta (1Y)0.73
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees108
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.50
Shares Outstanding48,401,120
10 Day Avg. Volume61,649
30 Day Avg. Volume68,024
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 Cap0.87
Enterprise Value/Revenue58.07
Enterprise Value/Gross Profit58.07
Enterprise Value/Ebitda-142.64
Forecast
1Y Price Target
$34.33Price Target Upside1.61% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.12
Revenue Forecast (FY)$45.93M
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 generates revenue primarily through collaboration and licensing arrangements rather than product sales, as it is a clinical-stage company and does not have widely commercialized therapies. Key revenue streams typically include: (1) upfr...
Nanobiotix Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 20, 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
33.79
Price Trends
30.06
Positive
25.81
Positive
19.63
Positive
Market Momentum
0.64
Negative
57.01
Neutral
81.74
Negative
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 33.79 is above the 20-day moving average (MA) of 31.26, above the 50-day MA of 30.06, and above the 200-day MA of 19.63, indicating a bullish trend. The MACD of 0.64 indicates Negative momentum. The RSI at 57.01 is Neutral, neither overbought nor oversold. The STOCH value of 81.74 is Negative, 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 | $1.56B | -6.21 | -32.49% | ― | ― | -101.89% | |
60 Neutral | $1.97B | -12.66 | 31.23% | ― | ― | ― | |
54 Neutral | $1.11B | -28.73 | -12.63% | ― | 4174.51% | 38.11% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $1.19B | -1.76 | -156.98% | ― | 100.00% | -116.54% | |
50 Neutral | $500.12M | -8.67 | -36.48% | ― | ― | ― |
* Healthcare Sector Average
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Nanobiotix Corporate Events
Nanobiotix Fast-Tracks Pivotal Head and Neck Cancer Trial with FDA-Backed Protocol Shift
May 5, 2026
Nanobiotix announced on May 4, 2026 that the U.S. FDA has accepted a protocol amendment, submitted by global study sponsor Johnson Johnson, to the pivotal Phase 3 NANORAY-312 trial in head and neck cancer evaluating JNJ-1900 (NBTXR3). The amendme...
Nanobiotix Unveils Preclinical Data Showing Nanoprimer Boosts LNP-DNA Cancer Immunotherapy
Apr 20, 2026
On April 20, 2026, Nanobiotix reported new preclinical data for its Nanoprimer platform, presented at the American Association for Cancer Research annual meeting, showing that pretreatment with Nanoprimer in mice improved the performance of lipid ...
Nanobiotix Updates Share Capital and Voting Rights as of March 31, 2026
Apr 7, 2026
On April 7, 2026, Nanobiotix reported its share capital and voting rights position as of March 31, 2026, in line with French regulatory requirements for listed companies. The disclosure showed 48,517,630 shares outstanding, with 50,165,132 theoret...
Nanobiotix Extends Cash Runway to 2028 as JNJ-1900 Oncology Program Advances and 2025 Results Filed
Apr 1, 2026
Nanobiotix reported on March 31, 2026, that its 2025 operational progress centered on the global development of JNJ-1900 (NBTXR3), with lead head and neck and lung cancer programs advancing as planned and early-stage trials across multiple tumor t...
Nanobiotix Reports First Positive Phase 2 Data for NBTXR3 in Inoperable Stage 3 Lung Cancer
Mar 30, 2026
On March 30, 2026, Nanobiotix announced that Johnson Johnson presented first data from the CONVERGE Phase 2 randomized trial of its nanoradioenhancer JNJ-1900 (NBTXR3) in stage 3 inoperable non-small cell lung cancer at the 2026 European Lung Can...
Nanobiotix Sets March 31 Release for Fourth-Quarter and Full-Year 2025 Results
Mar 26, 2026
Nanobiotix announced on March 26, 2026, that it would release its fourth-quarter and full-year 2025 financial and operational results after the close of the U.S. market on March 31, 2026. The company also scheduled a conference call and webcast fo...
Nanobiotix Denies Takeover Intentions Amid Media Speculation
Mar 25, 2026
On March 25, 2026, Nanobiotix issued a statement addressing recent media speculation about a potential public takeover of the company. The biotechnology group said that, to the best of its knowledge, there is no intention by any party to acquire c...
Nanobiotix Updates Share Capital and Voting Rights as of February 28, 2026
Mar 12, 2026
Nanobiotix S.A. is a late-stage clinical biotechnology group headquartered in Paris that focuses on physics-based nanotechnology platforms to improve treatment outcomes in oncology, bioavailability and biodistribution, and central nervous system d...
Nanobiotix Ramps Up Investor Outreach With March 2026 U.S. Conference Lineup
Feb 25, 2026
On February 25, 2026, Nanobiotix announced that senior management will participate in a series of high-profile investor and healthcare conferences in early March, including TD Cowen’s Health Care Conference in Boston on March 4, 2026. The co...
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.