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1. Company Snapshot

1.a. 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 treatment of soft tissue sarcoma, head and neck cancers, liver cancers, prostate cancer, pancreatic cancer, esophageal cancer, rectal cancer, and non-small cell lung cancer.Nanobiotix S.A. has a partnership with LianBio to develop and commercialize NBTXR3 in Greater China, South Korea, Singapore, and Thailand.


The company was incorporated in 2003 and is headquartered in Paris, France.

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1.b. Last Insights on NANO

Here is a 90-word analysis of the positive drivers behind Nanobiotix S.A.'s recent stock performance: Nanobiotix's recent performance is driven by promising clinical developments, particularly the initiation of dosing in its mid-stage NSCLC study evaluating radioenhancer JNJ-1900. The company's completion of its Phase 1 study of NBTXR3 in pancreatic cancer, which showed encouraging oncologic outcomes and a favorable safety profile, also bodes well for its future prospects. Additionally, management's participation in multiple investor conferences in February and March 2025 is expected to increase visibility and attract new investors.

1.c. Company Highlights

2. Nanobiotix Posts Mixed Financial Results Amid Strong Operational Progress

Nanobiotix reported a net loss of €68.1 million for the full year 2024, marking a 72% increase from the previous year, primarily due to a one-time non-cash liability recognition related to the transfer of NANORAY-312 sponsorship to Johnson & Johnson (JNJ). This resulted in negative revenue of €7.2 million, a significant deviation from typical reporting standards. Despite this, the company maintained a robust cash position of €49.7 million at year-end, supported by a $20 million milestone payment and an amended collaboration agreement with JNJ, which extended its cash runway into mid-2026.

Publication Date: May -04

📋 Highlights
  • Collaboration with JNJ: Strong progress with JNJ on NBTXR3, targeting a $10 billion market in lung and head and neck cancer, with pivotal trials transferred to JNJ.
  • Curadigm Platform Launch: Launched first-in-class nanotherapeutic technology with broad applicability, positioning for future growth and partnerships.
  • Financial Milestones: Received $20 million milestone payment, amended JNJ agreement, and extended cash runway to mid-2026 with potential $2.6 billion in future milestones.
  • Net Loss Increase: Reported a net loss of €68.1 million, up 72% due to one-time revenue impact from transferring NANORAY-312 sponsorship.
  • Strong Cash Position: Ended the year with €49.7 million in cash, supporting operations into mid-2026 and plans to explore nondilutive financing options.

Operational Momentum and Strategic Partnerships

Nanobiotix demonstrated substantial progress in its pipeline, particularly through its partnership with JNJ. The collaboration on NBTXR3, now known as JNJ-1900, targets a potential $10 billion market in lung and head and neck cancer, as highlighted by CEO Laurent Levy. The company is advancing multiple clinical trials, including the pivotal Phase 3 NANORAY-312 study in head and neck cancer and the randomized Phase 2 CONVERGE study in Stage III lung cancer, both under JNJ's responsibility for costs and timelines. Additionally, promising results in pancreatic cancer and early-stage studies in recurrent metastatic head and neck cancer and non-small cell lung cancer underscore the versatility of Nanobiotix's pipeline.

Valuation and Growth Prospects

Despite the negative P/E and P/B ratios, reflecting the company's current loss-making status and high-risk profile, Nanobiotix's P/S ratio of 3.4 suggests a reasonable valuation relative to its peers. The EV/EBITDA of -4.5 indicates significant leverage, but the company's extended cash runway provides breathing room for pipeline advancement. With multiple clinical data readouts expected in 2024, including results from the 1100 trial and Phase 1 esophageal cancer study, the stock's upside potential hinges on successful trial outcomes and further validation of the Curadigm platform.

3. NewsRoom

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Nanobiotix Provides Third Quarter 2025 Operational and Financial Update Along With 2026 Clinical Outlook

Nov -24

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Biotech Stock Nanobiotix (NBTX) Is Up 660% This Year -- Here's Why the Rally Could Continue

Nov -24

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Soft Tissue Sarcoma Market Analysis Report 2025-2035, Profiles of Novartis, Nanobiotix, Adaptimmune, and Ipsen Pharma

Nov -19

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Voting Rights and Shares Capital of the Company

Nov -14

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NANOBIOTIX Announces Curadigm Nanoprimer Platform Advancements With Updated Plans for Internal Pipeline Development and External Collaborations

Nov -13

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Nanobiotix (ENXTPA:NANO): Evaluating Valuation After $71 Million Royalty Deal Expands Growth Prospects

Nov -13

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Why Nanobiotix (ENXTPA:NANO) Is Up 5.9% After Securing $71M in Non-Dilutive Financing and What’s Next

Nov -13

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NANOBIOTIX to Participate in Jefferies London Healthcare Conference

Nov -11

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (15.00%)

6. Segments

Nanotherapeutics

Expected Growth: 15%

Nanotherapeutics from Nanobiotix S.A. growth driven by increasing adoption in cancer treatment, rising demand for targeted therapies, and advancements in nanotechnology. Strong pipeline of products, strategic partnerships, and expanding global presence also contribute to 15% growth.

7. Detailed Products

NBTXR3

A novel, first-in-class radioenhancer designed to increase the efficacy of radiotherapy in various types of cancer

NBTXR3 with anti-PD-1

A combination therapy of NBTXR3 with anti-PD-1 checkpoint inhibitor to enhance the immune response in cancer treatment

Nanocarrier-based cancer therapy

A platform technology using nanoparticles to deliver chemotherapy directly to cancer cells

Local radiation therapy

A treatment approach using NBTXR3 to enhance the effects of local radiation therapy in cancer treatment

8. Nanobiotix S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Nanobiotix S.A. operates in the biotechnology industry, where substitutes are limited. However, the company's focus on developing novel cancer treatments may lead to some substitution risks.

Bargaining Power Of Customers

Nanobiotix S.A.'s customers are primarily pharmaceutical companies and research institutions, which have limited bargaining power due to the company's specialized products and services.

Bargaining Power Of Suppliers

Nanobiotix S.A. relies on a few key suppliers for raw materials and equipment, which may lead to some bargaining power. However, the company's strong relationships with suppliers mitigate this risk.

Threat Of New Entrants

The biotechnology industry is highly competitive, and new entrants may pose a significant threat to Nanobiotix S.A.'s market share and intellectual property.

Intensity Of Rivalry

The biotechnology industry is highly competitive, with many established players and new entrants vying for market share. Nanobiotix S.A. faces intense rivalry from companies with similar products and services.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 104.11%
Debt Cost 10.21%
Equity Weight -4.11%
Equity Cost 10.21%
WACC 10.21%
Leverage -2532.94%

11. Quality Control: Nanobiotix S.A. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Biotest

A-Score: 5.6/10

Value: 7.6

Growth: 7.4

Quality: 2.4

Yield: 0.0

Momentum: 6.0

Volatility: 10.0

1-Year Total Return ->

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Nanobiotix

A-Score: 5.3/10

Value: 10.0

Growth: 3.1

Quality: 8.8

Yield: 0.0

Momentum: 10.0

Volatility: 0.0

1-Year Total Return ->

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Bavarian Nordic

A-Score: 5.1/10

Value: 6.4

Growth: 9.0

Quality: 7.4

Yield: 0.0

Momentum: 6.0

Volatility: 2.0

1-Year Total Return ->

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MedinCell

A-Score: 5.0/10

Value: 6.0

Growth: 7.0

Quality: 5.9

Yield: 0.0

Momentum: 9.5

Volatility: 1.3

1-Year Total Return ->

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Galapagos

A-Score: 3.9/10

Value: 8.0

Growth: 2.9

Quality: 5.0

Yield: 0.0

Momentum: 3.0

Volatility: 4.7

1-Year Total Return ->

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Kuros Biosciences

A-Score: 3.7/10

Value: 4.0

Growth: 6.9

Quality: 4.1

Yield: 0.0

Momentum: 7.0

Volatility: 0.3

1-Year Total Return ->

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

18.28$

Current Price

18.28$

Potential

-0.00%

Expected Cash-Flows