Nanobiotix S.A.
NBTX, NNBXF · Pharmaceutical Preparations · EDGAR filings ↗
Grade
D50Late-stage nanotherapeutics company de-risked by a J&J license on NBTXR3 but constrained by thin runway and negative book equity.
Strengths
- Global J&J license partnership funds the pivotal NANORAY-312 Phase 3, plus expanded NSCLC/H&N programs
- Operating loss narrowed sharply in 2025 aided by a contract-modification revenue uplift
Risks
- Only ~6.2 quarters of runway, current ratio 1.09, with EIB loan covenants and royalty-financing dependence
- Negative shareholders' equity (-€84.5M) makes the 0.28 ROE a meaningless artifact
- No posted Phase 3 readout yet; binary clinical and funding risk remains
Notable findings
- No interest coverageInterest coverage -0.71 (cannot cover interest)
- Net lossNet loss (net margin -73.5%)
- Cash burnNegative free cash flow (-39.9M)
Key metrics
Operating margin
-33.2%
Net margin
-73.5%
Return on equity
28.4%
Return on assets
-35.4%
Interest coverage
-0.7×
Current ratio
1.1×
Free cash flow
-$40M
Tangible book value
-$99M
Cash & investments
$62M
Cash runway
6q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-31 | 2025-12-31 | 0001760854-26-000003 ↗ |
| 20-F | 2025-04-02 | 2024-12-31 | 0001760854-25-000005 ↗ |
| 20-F | 2024-04-24 | 2023-12-31 | 0001760854-24-000004 ↗ |
| 20-F | 2023-04-24 | 2022-12-31 | 0001760854-23-000005 ↗ |
| 20-F | 2022-04-08 | 2021-12-31 | 0001628280-22-008842 ↗ |
| 20-F | 2021-04-07 | 2020-12-31 | 0001628280-21-006675 ↗ |