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Nanobiotix (NBTX)
NASDAQ:NBTX
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Nanobiotix
(NASDAQ:NBTX)
Rating:56Neutral
Price Target:
$6.50
▼(-23.71% Downside)
Positive Factors
Clinical Progress
The first patient has been injected in an ongoing cohort study that adds standard-of-care chemotherapy to NBTXR3, indicating progress in research and development.
Financial Stability
A recent amendment of its licensing agreement with JNJ extends the company's cash runway to mid-2026, safeguarding the company's path through the interim analysis of the NANORAY-312 trial.
Partnership and Collaboration
The collaboration with JNJ and the totality of the NBTXR3 data are viewed as supportive with potential for large commercial opportunities.
Negative Factors
Financial Concerns
Investor focus is expected to remain on the company's cash runway and ongoing concerns about the balance sheet, implying financial stability is a key concern for stakeholders.
Investor Uncertainty
Investor focus will largely remain on the company's cash runway and the ongoing Phase III NANORAY-312 study in LA HNSCC.
Nanobiotix (NBTX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$408.35M
Dividend YieldN/A
Average Volume (3M)14.55K
Price to Earnings (P/E)―
Beta (1Y)0.86
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees108
SectorHealthcare
Sector Strength51
IndustryBiotechnology
Share Statistics
EPS (TTM)N/A
Shares Outstanding47,943,150
10 Day Avg. Volume17,619
30 Day Avg. Volume14,549
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$8.00Price Target Upside-6.10% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering1
Nanobiotix Business Overview & Revenue Model
Company DescriptionNanobiotix (NBTX) is a biotechnology company that specializes in the development of nanomedicine products to improve the efficacy of cancer treatments. Founded in 2003 and headquartered in Paris, France, the company focuses on leveraging its proprietary nanotechnology platform to enhance the efficacy of radiotherapy for the treatment of cancer. Nanobiotix's core product is NBTXR3, a first-in-class radioenhancer that is designed to improve the effectiveness of radiotherapy without increasing the dose delivered to surrounding healthy tissue.
How the Company Makes MoneyNanobiotix makes money primarily through the development and commercialization of its lead product, NBTXR3. The company generates revenue through collaborations, licensing agreements, and sales of its product to healthcare institutions and clinics. Key revenue streams include milestone payments from strategic partnerships, such as those with pharmaceutical companies that help to co-develop and distribute NBTXR3. Additionally, Nanobiotix may earn revenue through grants and funding from research institutions. The company's financial success is closely tied to the clinical success and market adoption of its products, as well as regulatory approvals in various jurisdictions.
Nanobiotix Earnings Call Summary
Earnings Call Date:Sep 04, 2025
(Q4-2024)
| % Change Since: |
Next Earnings Date:Nov 18, 2025
Earnings Call Sentiment Neutral
The call highlighted significant strategic progress with the JNJ collaboration and pipeline advancements, along with a strong financial strategy to extend cash runway. However, financial performance showed challenges with negative revenue and increased net loss.Q4-2024 Updates
Positive Updates
JNJ Collaboration
Signed a $2.6 billion plus royalties agreement with JNJ, focusing initially on lung and head and neck cancers, representing a potential $10 billion market.
Pipeline Progress
Significant pipeline developments including the NANORAY-312 Phase 3 study in head and neck cancer and the CONVERGE Phase 2 study in lung cancer.
Curadigm Platform Launch
Launched a new first-in-class nanotherapeutic platform, Curadigm, which has potential applications in multiple therapeutic areas.
Financial Strategy and Cash Runway
Extended cash runway to mid-2026 through an amendment to the JNJ agreement, and exploring nondilutive financing options to extend it to 2027.
Negative Updates
Financial Performance
Reported negative revenue of €7.2 million in 2024 due to a one-time non-cash negative revenue impact from the transfer of NANORAY-312 sponsorship to Janssen.
R&D Expenses
R&D expenses increased by 5% to €40.5 million, mainly due to costs related to NANORAY-312 and other clinical trials.
Net Loss
Net loss attributable to shareholders increased by 72% to €68.1 million, primarily due to the one-off negative revenue recognition impact.
Company Guidance
During the Nanobiotix Business Update and Full Year 2024 Financial Results Conference Call, significant guidance was provided regarding the company's financial and operational outlook. Nanobiotix reported a net loss of €68.1 million for 2024, largely due to a non-cash negative revenue recognition impact from the transfer of NANORAY-312 study sponsorship to Janssen, which resulted in negative revenue of €7.2 million. The company highlighted that its cash and cash equivalents stood at €49.7 million as of December 31, 2024, projecting this to fund operations into mid-2026. Notably, Nanobiotix anticipates potential medium-term milestones exceeding $200 million from its collaboration with Johnson & Johnson (JNJ). This collaboration includes a $2.6 billion deal plus royalties, with recent amendments extending the company's cash runway by removing most funding obligations for NANORAY-312. The company also emphasized its strategic focus on the Curadigm platform and potential nondilutive financing options to further extend cash visibility into 2027.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.30
Negative
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.20
Very Negative
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.35
Negative
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | -11.61M | 36.21M | 4.78M | 10.00K | 50.00K |
| Gross Profit | -11.61M | 36.21M | 3.79M | 10.00K | 50.00K |
| EBITDA | -58.32M | -23.69M | -45.15M | -45.60M | -31.49M |
| Net Income | -68.13M | -39.70M | -57.04M | -47.00M | -33.62M |
Balance Sheet | |||||
| Total Assets | 67.42M | 93.90M | 59.77M | 101.77M | 134.03M |
| 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 | 26.79M | 70.47M |
Cash Flow | |||||
| Free Cash Flow | -20.40M | -12.81M | -37.20M | -30.11M | -27.64M |
| Operating Cash Flow | -19.55M | -12.48M | -37.10M | -29.87M | -27.54M |
| Investing Cash Flow | -955.00K | -349.00K | 138.00K | -242.00K | -112.00K |
| Financing Cash Flow | -5.13M | 46.77M | -5.65M | -5.18M | 111.77M |
Nanobiotix Technical Analysis
Positive
8.52
Price Trends
6.79
Positive
5.34
Positive
4.37
Positive
Market Momentum
0.58
Positive
54.52
Neutral
15.30
Positive
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 8.52 is below the 20-day moving average (MA) of 8.52, above the 50-day MA of 6.79, and above the 200-day MA of 4.37, indicating a neutral trend. The MACD of 0.58 indicates Positive momentum. The RSI at 54.52 is Neutral, neither overbought nor oversold. The STOCH value of 15.30 is Positive, 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 0 New Risks
Nanobiotix Peers Comparison
Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
56 Neutral | $408.35M | ― | 2152.93% | ― | ― | ― | |
51 Neutral | $7.91B | -0.36 | -41.71% | 2.23% | 23.45% | -1.86% | |
50 Neutral | $159.97M | ― | -298.41% | ― | 565.52% | 79.44% | |
47 Neutral | $197.93M | ― | -160.99% | ― | -75.67% | -552.37% | |
47 Neutral | $347.95M | ― | -26.77% | ― | ― | -24.60% | |
46 Neutral | $141.61M | ― | -48.90% | ― | -91.15% | -5.82% | |
38 Underperform | $236.26M | ― | -66.75% | ― | ― | -5.57% |
* Healthcare Sector Average
Performance Comparison
NBTX
Nanobiotix
8.52
3.40
66.41%
SGMO
Sangamo Biosciences
0.55
-0.33
-37.50%
ANNX
Annexon Biosciences
2.15
-4.07
-65.43%
IPHA
Innate Pharma
2.05
-0.20
-8.89%
DSGN
Design Therapeutics
6.11
1.23
25.20%
MOLN
Molecular Partners
3.58
-2.04
-36.30%
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.