Nanobiotix S.A.
Nanobiotix develops nanoparticles designed to strengthen radiotherapy inside a tumour. Its lead candidate, NBTXR3, is licensed to Johnson & Johnson and remains in clinical development for its main prospective indications.
Overview
Latest results
Jan–Jun 2026 · Reported in EUR
Latest financial publication
First-half 2026 results
Investment Thesis
A partnered radiotherapy candidate whose value still depends on clinical proof
European Tech Equities analysis ·
The investment case
The case for Nanobiotix is that NBTXR3 could improve radiotherapy enough to earn a place in cancer treatment. Johnson & Johnson's worldwide licence provides a route to development and commercialisation that a small biotechnology company would struggle to build alone. Nanobiotix's economic interest is mainly future milestones and royalties, with outcomes dependent on clinical success and the licence terms.
What the trials show
The October 2026 melanoma results offer a signal worth testing: 10 of 24 evaluable patients responded, including four complete responses. Median overall survival was 17.8 months. These were heavily pretreated patients, but the Phase 1 study had no randomised control group. It cannot separate the contribution of NBTXR3 from radiotherapy and immunotherapy. The Phase 3 head and neck programme is therefore central to the broader evidence case.
The route to demand
Radiotherapy is the treatment setting; the addressable commercial opportunity is narrower than every patient receiving radiation. Adoption would require convincing results in defined indications, regulatory clearance, reimbursement and a practical injection procedure. Studies combining the candidate with immunotherapy may expand its uses if successful. They should not be counted as future sales before those hurdles are cleared.
Cash, accounting and obligations
First-half 2026 revenue was €3.6 million, versus €24.9 million a year earlier, when licence accounting included a large non-cash uplift. Operating cash outflow was €18.2 million and net loss €34.3 million. June cash of €110.9 million followed the May share offering. June borrowings and leases were €54.2 million, with a separate €52.4 million of HCR royalty-financing obligations. Equity remained negative. Management's runway into 2029 is a forecast, not cash already earned from an approved treatment.
A valuation built on future outcomes
At the 26 October 2026 Paris close, the market value was about €1.43 billion. A sales multiple would be misleading because licence accounting and future clinical outcomes dominate the economics. That valuation requires substantial future value beyond today's cash. Trial results, the probability and timing of milestones, royalty obligations and further dilution matter more than one year's reported revenue.
What would weaken the case
- Promising early response data may not translate into a survival or safety benefit in a larger controlled study. Clinical failure could remove much of the expected value.
- Johnson & Johnson controls important development and commercial decisions. Changes in priorities, trial timing or licence execution could delay Nanobiotix's receipts.
- Royalty financing reduces the future cash retained by shareholders. Negative equity, continuing research costs and uncertain milestones leave financing and dilution risks despite the larger cash balance.
Sources
- Nanobiotix 2025 accounts, Janssen licence accounting and terms
- NBTXR3 nanoradioenhancer
- Phase 1 melanoma results, 24 October 2026
- Nanobiotix first-half update, 24 September 2026
- Nanobiotix 2025 Form 20-F, filed 31 March 2026
- Nanobiotix H1 2026 financial report, 24 September 2026
- Nanobiotix market capitalisation, 26 October 2026
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
The June 2026 cash balance follows the May equity offering. Management’s runway into 2029 is a forecast. Negative equity and royalty-financing obligations remain relevant despite the larger cash balance.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS group figures in EUR millions; basic EPS in EUR. Revenue excludes research tax credits and other income. Licence-contract adjustments produced negative FY2024 revenue and a large non-cash uplift in 2025; these are not ordinary product-sales trends. Debt includes loans, repayable advances and leases, excluding HCR royalty financing. Capex is gross cash purchases of tangible and intangible assets. Gross profit and EBITDA are not published as comparable statement measures.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
The June 2026 cash balance follows the May equity offering. Management’s runway into 2029 is a forecast. Negative equity and royalty-financing obligations remain relevant despite the larger cash balance.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS group figures in EUR millions; basic EPS in EUR. Revenue excludes research tax credits and other income. Licence-contract adjustments produced negative FY2024 revenue and a large non-cash uplift in 2025; these are not ordinary product-sales trends. Debt includes loans, repayable advances and leases, excluding HCR royalty financing. Capex is gross cash purchases of tangible and intangible assets. Gross profit and EBITDA are not published as comparable statement measures.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
The June 2026 cash balance follows the May equity offering. Management’s runway into 2029 is a forecast. Negative equity and royalty-financing obligations remain relevant despite the larger cash balance.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS group figures in EUR millions; basic EPS in EUR. Revenue excludes research tax credits and other income. Licence-contract adjustments produced negative FY2024 revenue and a large non-cash uplift in 2025; these are not ordinary product-sales trends. Debt includes loans, repayable advances and leases, excluding HCR royalty financing. Capex is gross cash purchases of tangible and intangible assets. Gross profit and EBITDA are not published as comparable statement measures.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
NANOBIOTIX Announces Final Data from Phase 1 Study Evaluating JNJ-1900 (NBTXR3) With Immune Checkpoint Inhibitors as a 2L+ Therapy in Anti-PD-1-Resistant Primary Cutaneous Melanoma
Voting Rights and Shares Capital of the Company
NANOBIOTIX Announces the Appointment of Arnd Christ as Chief Financial Officer
First-half 2026 results
Annual results 2025
Interviews
Interviews are coming soon
No interviews with Nanobiotix S.A. have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 2025 · Published Sep 24, 2026 · Checked Oct 27, 2026
H1 2026 · Published Sep 24, 2026 · Checked Oct 27, 2026
FY 2024 · Published Mar 31, 2026 · Checked Oct 27, 2026
FY 2025 · Published Mar 31, 2026 · Checked Oct 27, 2026
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