olivLaw · European equity research
Nanobiotix NANO.PA
France · Euronext Paris · ISIN FR0011341205 · Vertical: Listed companies from France
Nanobiotix is a nanomedicine company developing JNJ-1900 (NBTXR3), a radioenhancer meant to boost the effect of radiotherapy in tumours and make them more responsive to immunotherapy. The current focus is on expanding clinical studies, especially after the global licence agreement with Janssen, part of Johnson & Johnson, signed in 2023. The company had 97 employees at 31 December 2025.
At the close of 05 Nov 2026, Nanobiotix (NANO.PA) stock was 27.28 EUR (+1.49% on the day), with market capitalisation 1.3 bn EUR, dividend yield 0.00%, beta 1.12, 52-week range 17.02–46.18 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 54.0
- neutral
- Bollinger (20, 2)
- 16.51 – 32.33
- in the upper half of the band · %B 0.68 · band width 64.8%
- SMA 50 / 200
- 27.46 / 29.43
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.39 / -0.08
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +21.0% | −0.6% | +21.7 pp | — |
| 3 months | −17.8% | −4.2% | −13.7 pp | — |
| 6 months | −23.9% | +4.3% | −28.2 pp | — |
| Year to date | +39.9% | +7.5% | +32.4 pp | — |
| 1 year | +56.1% | +9.9% | +46.1 pp | −6.8% |
| 3 years | +390.6% | +49.8% | +340.8 pp | −15.9% |
| 5 years | +200.6% | +42.8% | +157.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 30.1 m | -11.6 m | 29.6 m |
| Revenue YoY | unavailable | −138.6% | unavailable |
| Net income | -39.7 m | -68.1 m | -24.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1.08 | -1.44 | -0.50 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -132.1% | 586.9% | -80.8% |
| Free cash flow | -12.8 m | -20.4 m | -34.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 52.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- -84.5 m EUR
- Total assets
- 67.8 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.09x
- ROE
- unavailable
- ROA
- -35.5%
- FCF margin
- -114.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 30.1 m | -11.6 m | 29.6 m | esef· 07 Apr 2026verified |
| Research & development | 38.4 m | 40.5 m | 23.1 m | esef· 07 Apr 2026verified |
| Operating income | -26.8 m | -68.4 m | -10.8 m | esef· 07 Apr 2026verified |
| Interest expense | 14.8 m | 7.5 m | 15.2 m | esef· 07 Apr 2026verified |
| Income tax | 120.0 k | 101.0 k | 3.0 k | esef· 07 Apr 2026verified |
| Net income | -39.7 m | -68.1 m | -24.0 m | esef· 07 Apr 2026verified |
| Diluted EPS | -1.08 | -1.44 | -0.50 | esef· 07 Apr 2026verified |
| Dividend per share | — | 0.00 | 0.00 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 75.3 m | 49.7 m | 52.8 m | esef· 07 Apr 2026verified |
| Current assets | 87.3 m | 61.5 m | 62.8 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 8.0 k | 7.0 k | 10.0 k | esef· 07 Apr 2026verified |
| Total assets | 93.9 m | 67.4 m | 67.8 m | esef· 07 Apr 2026verified |
| Current liabilities | 49.9 m | 58.9 m | 57.5 m | esef· 07 Apr 2026verified |
| Total liabilities | 95.7 m | 133.1 m | 152.2 m | esef· 07 Apr 2026verified |
| Equity | -1.8 m | -65.7 m | -84.5 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 36.8 m | 47.3 m | 47.9 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -12.5 m | -19.6 m | -33.4 m | esef· 07 Apr 2026verified |
| Capex | 328.0 k | 846.0 k | 538.0 k | esef· 07 Apr 2026verified |
| Free cash flow | -12.8 m ≈ | -20.4 m ≈ | -34.0 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -349.0 k | -955.0 k | -578.0 k | esef· 07 Apr 2026verified |
| Financing cash flow | 46.8 m | -5.1 m | 37.4 m | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.3 bn EUR
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -80.8% | 21 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.7x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 1.1x | 24 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.6% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet10/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial21/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NANOBIOTIX (NANO.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 29.6 m EUR in 2025; net margin -80.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -80.8%
- Interest coverage: -0.7x
- Current ratio: 1.1x
- FCF yield: -2.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| NANO.PANanobiotix | 1.3 bn | — | — | -80.8% | unavailable | +57% / +445% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for NANO.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Nanobiotix is a nanomedicine company developing JNJ-1900 (NBTXR3), a radioenhancer meant to boost the effect of radiotherapy in tumours and make them more responsive to immunotherapy. The current focus is on expanding clinical studies, especially after the global licence agreement with Janssen, part of Johnson & Johnson, signed in 2023. The company had 97 employees at 31 December 2025 1.
SWOT
Strengths
- Proprietary technology protected by a large patent portfolio and a well-established research platform 1.
- Partnership with a large pharmaceutical group that supports development and commercialisation of the lead candidate 1.
- Positive early clinical data across several tumour types, including lung cancer and squamous cell carcinoma 1.
Weaknesses
Opportunities
- Expansion of indications in solid tumours and in combination with immunotherapy could create new markets 1.
- If results are confirmed, the partnership with a large group could speed patient access 1.
- Growing interest in radiotherapy-immunotherapy combinations may support demand for the company's technology 1.
Risks
- Dependence on a single producthigh
The company's value depends largely on the success of the candidate JNJ-1900 (NBTXR3) 1.
- Uncertain clinical resultshigh
Reported data are preliminary and may not be confirmed in larger studies or in other patient populations 1.
- Regulatory approvalmedium
Approval by regulators is not assured and may require additional data 1.
- Intellectual property protectionmedium
Patents may be challenged or may expire, which could reduce the technological advantage 1.
- Dependence on partnersmedium
Development and commercialisation depend on Janssen and other partners, and changes in their strategy could affect the timeline 1.
Investment thesis
What would need to be true (bull case)
- If clinical data from ongoing studies are confirmed, the technology could become an option for a large segment of patients receiving radiotherapy 1.
- The partnership with a large pharmaceutical group could support funding and market access 1.
- Results obtained so far in combination with immunotherapy could widen the platform's range of use 1.
What would break the thesis
What to watch
- Results of the Phase 2 CONVERGE study in lung cancer2027
- Final data from the expansion part of Study 1100next 10-K
- Evolution of the Janssen partnership and any new development milestones2027
- Regulatory status and timing of filingsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Nanobiotix is a pioneering nanomedicine company developing physics-based approaches for treating cancer and other diseases 1. It has three technology platforms, and the most advanced, Nanoradioenhancer, gave rise to the candidate JNJ-1900 (NBTXR3) 1. Since 2023, worldwide development and commercialisation have been carried out with Janssen Pharmaceutica NV, part of Johnson & Johnson 1.
Its shares are listed on the regulated market of Euronext Paris since 2012 and on the Nasdaq Global Select Market since 2020, under the symbol NBTX 1. The company is governed by a Directoire and a Conseil de Surveillance, and most of its staff work in research and development 1.
The company has set up a broad clinical research collaboration with the MD Anderson Cancer Center of the University of Texas for Phase 1 and Phase 2 studies in the United States 1. The portfolio also includes immuno-oncology programmes that combine NBTXR3 with checkpoint inhibitors 1.
Segments
Market context
The company estimates that the 20 million cancer diagnoses made each year worldwide represent a large, untapped market in oncology 1. Lung cancer is the most frequent cause of cancer death, and the WHO reported more than 1.8 million deaths in 2022 1.
The potential market depends on the number of patients receiving radiotherapy, which the company puts at about 12 million a year 1. If clinical results are confirmed in larger populations, the therapeutic addressable area could grow significantly 1.
Trends
- Rising immunotherapy usetailwind
Checkpoint inhibitors are used more and more, but only part of patients respond, which leaves room for combinations such as NBTXR3 1.
- Interest in combination therapiestailwind
Clinical studies increasingly explore combining radiotherapy with immunotherapy, which could speed adoption of radioenhancer-type treatments 1.
- Early clinical datamixed
Early results, still limited in patient numbers, can shape perceptions of efficacy and may need confirmation in larger studies 1.
- Regulatory complexityheadwind
Approval of new therapies and safety requirements could lengthen the development timeline if additional data are requested 1.
Competitive position
The company operates in a field where radiotherapy and immunotherapy are already standards, and competition comes from other radiosensitisers and new immunological therapies 1. The declared advantage lies in combining the local effect on the tumour with stimulation of the immune response 1.
The lack of direct comparisons with other products in the same indications limits the assessment of its competitive position 1. The partnerships with Janssen and MD Anderson could influence market access if the studies advance 1.
- Johnson & Johnson (Janssen)JNJ
Licensing partner and co-developer of JNJ-1900 (NBTXR3), sponsor of the CONVERGE study 1.
- MD Anderson Cancer Center
Academic partner in several Phase 1 and Phase 2 clinical studies of NBTXR3 1.
- Checkpoint inhibitor manufacturers
Anti-PD-1 and anti-PD-L1 therapies are both partners and alternatives in the treatment strategy 1.
- Other radiosensitiser developers
Companies working on agents that increase the effect of radiotherapy could compete for the same oncology indications 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Nanobiotix · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.