Nanobiotix Sa ADR (NBTX)
NASDAQ:NBTX
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Nanobiotix
(NASDAQ:NBTX)
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Rating:51Neutral
Price Target:
$41.00
▲(21.34% Upside)
Action:Reiterated
Date:05/12/26
The score is primarily constrained by weak financial fundamentals (ongoing losses, cash burn, and balance-sheet pressure including negative equity and higher leverage). Offsetting this are strong technical momentum (though extended) and a constructive earnings-call outlook emphasizing improved runway and multiple clinical catalysts, while valuation support is limited given negative earnings and no dividend.
Positive Factors
Strategic J&J Collaboration
Transfer of Phase III sponsorship to Janssen reduces Nanobiotix's direct trial funding and operational burden, lowering near-term cash burn and enabling management to reallocate resources toward platform expansion. The alliance also preserves upside via milestone and royalty economics tied to J&J execution.
Negative Factors
Persistent Negative Cash Flow
Consistently negative operating and free cash flow highlight that core operations do not generate internal funding. Even with recent improvements, ongoing cash burn forces reliance on external financing for development and scaling, raising execution risk if capital markets or milestone receipts slow.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic J&J Collaboration
Transfer of Phase III sponsorship to Janssen reduces Nanobiotix's direct trial funding and operational burden, lowering near-term cash burn and enabling management to reallocate resources toward platform expansion. The alliance also preserves upside via milestone and royalty economics tied to J&J execution.
Read all positive factors
Nanobiotix (NBTX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.01B
Dividend YieldN/A
Average Volume (3M)86.47K
Price to Earnings (P/E)―
Beta (1Y)0.76
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees108
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.50
Shares Outstanding50,619,583
10 Day Avg. Volume61,931
30 Day Avg. Volume86,465
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 Cap0.88
Enterprise Value/Revenue59.54
Enterprise Value/Gross Profit59.54
Enterprise Value/Ebitda-146.25
Forecast
1Y Price Target
$34.33Price Target Upside1.61% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.22
Revenue Forecast (FY)$40.46M
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: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
Neutral
33.79
Price Trends
36.53
Positive
31.17
Positive
24.60
Positive
Market Momentum
1.31
Positive
48.81
Neutral
10.45
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NBTX, the sentiment is Neutral. The current price of 33.79 is below the 20-day moving average (MA) of 43.68, below the 50-day MA of 36.53, and above the 200-day MA of 24.60, indicating a neutral trend. The MACD of 1.31 indicates Positive momentum. The RSI at 48.81 is Neutral, neither overbought nor oversold. The STOCH value of 10.45 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
60 Neutral | $1.43B | -8.39 | -35.89% | ― | ― | -63.41% | |
57 Neutral | $1.36B | -37.51 | -9.44% | ― | 7295.60% | 58.57% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $2.01B | -67.36 | 31.23% | ― | ― | ― | |
49 Neutral | $1.16B | -2.41 | -167.71% | ― | -100.00% | -128.73% | |
48 Neutral | $454.95M | -2.90 | -43.82% | ― | ― | ― |
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Nanobiotix Corporate Events
Nanobiotix Prices Global Equity Offering with Long-Dated Pre-Funded Warrants
May 26, 2026
On May 21, 2026, Nanobiotix entered an underwriting agreement with a syndicate led by Jefferies and TD Securities for a global equity offering of 225,373 American Depositary Shares in the U.S. and 1,959,289 ordinary shares in Europe, alongside 345...
Nanobiotix Raises $100 Million in Global Offering to Fund Nanotech Platforms and Extend Cash Runway to 2029
May 26, 2026
Nanobiotix, a late-clinical stage biotechnology company specializing in physics-based nanotechnology platforms for oncology, bioavailability and biodistribution, and central nervous system disorders, is headquartered in Paris and listed on both Eu...
Nanobiotix Raises Approximately $100 Million After Full Exercise of Over-Allotment Option
May 22, 2026
On May 22, 2026, Nanobiotix announced that underwriters fully exercised their over-allotment option in its recent global equity offering, purchasing 33,805 additional American Depositary Shares at $38.98 per ADS. This brought the total securities ...
Nanobiotix Raises €85 Million in Oversubscribed Global Follow-On Offering
May 21, 2026
On May 21, 2026, Nanobiotix announced the pricing of an oversubscribed global follow-on equity offering totaling approximately €85 million ($98.6 million) in gross proceeds, split between a U.S. public sale of American Depositary Shares and ...
Nanobiotix Shares Resume Trading on Euronext Paris After Global Offering Halt
May 21, 2026
Nanobiotix, a late-stage clinical biotechnology company based in Paris and listed on Euronext Paris and Nasdaq, focuses on disruptive, physics-based therapeutic approaches across oncology, bioavailability and biodistribution, and central nervous s...
Nanobiotix Launches €75 Million Global Follow-On Offering to Fund Oncology Platforms
May 21, 2026
On May 20, 2026, Nanobiotix announced the launch of an approximately €75 million global follow-on equity offering of American Depositary Shares, ordinary shares and pre-funded warrants, with the size potentially increased depending on invest...
Nanobiotix Halts Euronext Paris Trading to Price Global Equity Offering
May 21, 2026
On May 21, 2026, Nanobiotix announced that trading of its ordinary shares on Euronext Paris would be temporarily halted from the market opening at 9:00 a.m. CEST at the company’s request. The halt is intended to facilitate allocation confirm...
Nanobiotix Reports Early Positive Phase 2 CONVERGE Data in Stage 3 NSCLC
May 20, 2026
On May 17, 2026, Nanobiotix reported early Phase 2 data from Part 1 of its CONVERGE trial, sponsored by Johnson Johnson, evaluating JNJ-1900 (NBTXR3) in combination with chemoradiation and durvalumab in patients with unresectable stage 3 non-smal...
Nanobiotix Reports Promising Phase 2 Data for NBTXR3 in Stage 3 Inoperable Lung Cancer
May 18, 2026
On May 17, 2026, Nanobiotix reported that Johnson Johnson presented Part 1 data from the CONVERGE randomized Phase 2 trial of its nanoradioenhancer JNJ-1900 (NBTXR3) in patients with stage 3 inoperable non-small cell lung cancer at the ESTRO 2026...
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...
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.