Nanobiotix S.A.
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BioSniper AI · NBTX
Nanobiotix S.A. is a late-stage clinical biotechnology company pioneering a physics-based therapeutic approach (NBTXR3) partnered with Janssen, facing significant financial challenges with negative equity and ongoing losses.
Key risk: Negative shareholders' equity
BioSniper Score
Based on 2 of 6 signals
Limited data coverage
Financial data as of Dec 31, 2025.
Tracking 1 clinical trial for Nanobiotix S.A..
Nanobiotix S.A. is a late-stage clinical biotechnology company pioneering a physics-based therapeutic approach (NBTXR3) partnered with Janssen, facing significant financial challenges with negative equity and ongoing losses.
- Nanobiotix is a late-stage clinical development company focused on disruptive, physics-based therapeutic approaches, making it difficult to evaluate its business and prospects [sec · filed 2026-03-31].
- As of December 31, 2025, the company reported cash and cash equivalents of €52.75 million, total shareholders' equity of -€84.48 million, and total non-current liabilities of €94.74 million [sec · filed 2026-03-31].
- Net losses were €24.0 million for the year ended December 31, 2025, compared to €68.1 million in 2024 and €39.7 million in 2023 [sec · filed 2026-03-31].
- The company relies on its partnership with Janssen for the development and commercialization of its lead product candidate JNJ-1900 (NBTXR3), with a revised agreement reducing potential milestone payments from $2.7 billion to approximately $2.6 billion [sec · filed 2026-03-31].
- Nanobiotix expects to finance its activities through existing cash and a second installment of a Royalty deal due in December 2026, but may need additional funding if milestones are delayed [sec · filed 2026-03-31].
What works
- The company has a strategic partnership with Janssen for the development and commercialization of JNJ-1900 (NBTXR3), which provides access to resources and potential milestone payments [sec · filed 2026-03-31].
- The amendment to the Janssen Agreement reduced the company's financial obligations for the NANORAY-312 study, helping to stabilize expenses and extend cash runway [sec · filed 2026-03-31].
- Potential milestone payments related to the first two programs (cisplatin-ineligible head and neck cancer and stage 3 unresectable lung cancer) could be significant in the next 2-3 years [sec · filed 2026-03-31].
What to weigh
- The company has a history of net losses, with a net loss of €24.0 million in 2025 and negative shareholders' equity of -€84.48 million as of December 31, 2025 [sec · filed 2026-03-31].
- Nanobiotix is heavily reliant on its partnership with Janssen, and any failure by Janssen to conduct development or commercialization activities could materially harm the business [sec · filed 2025-09-30].
- The company faces high attrition risk in product development, with product candidates in various phases and no assurance of successful commercialization [sec · filed 2026-03-31].
- If milestones are not achieved on time, the company may need to raise additional capital through debt, equity, or partnerships, which may not be available on favorable terms [sec · filed 2026-03-31].
From the filings
Quoted directly from source documents.
The company is a late-stage clinical development company with a physics-based approach.
“We are a late-stage clinical development company pioneering disruptive, physics-based therapeutic approaches”
SEC filings · March 31, 2026
Net losses were €24.0 million in 2025.
“Our net losses were €24.0 million, €68.1 million and €39.7million for the years ended December 31, 2025, 2024, and 2023, respectively.”
SEC filings · March 31, 2026
Cash and cash equivalents were €52.75 million as of December 31, 2025.
“Cash and cash equivalents | 52,750”
SEC filings · March 31, 2026
The company relies on Janssen for JNJ-1900 development and commercialization.
“our reliance on Janssen to conduct the JNJ-1900 (product formerly coded NBTXR3) development and commercialization activities worldwide”
SEC filings · September 30, 2025
Risks & what to watch (4)›
Key risks
- Negative shareholders' equity — As of December 31, 2025, shareholders' equity was -€84.48 million, indicating a weak financial position [sec · filed 2026-03-31].
- Dependence on Janssen partnership — The company's success depends on Janssen's performance in development and commercialization of JNJ-1900 [sec · filed 2025-09-30].
- Clinical trial attrition risk — Product candidates face high failure rates in clinical development, with no guarantee of regulatory approval [sec · filed 2026-03-31].
- Need for additional capital — If milestone payments are delayed, the company may need to raise funds through debt or equity, which may not be available [sec · filed 2026-03-31].
What to watch
- Progress of the JNJ-1900 (NBTXR3) clinical program, particularly the NANORAY-312 study, and any updates on regulatory approvals [sec · filed 2026-03-31].
- Receipt of the second installment of the Royalty deal in December 2026, which is expected to provide additional funding [sec · filed 2026-03-31].
- Achievement of milestone payments from Janssen related to head and neck cancer and lung cancer programs over the next 2-3 years [sec · filed 2026-03-31].
- Changes in cash position and operating expenses, especially after the amendment to the Janssen Agreement [sec · filed 2026-03-31].
Sources: SEC filings · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 2 of 6 signals · derived from public data
No clinical pipeline tracked — this score reflects financial & catalyst signals only.
1.7 months
OCF -$33M · Net income -$24M
No tracked pipeline phase
No tracked pipeline candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Runway
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
14
Total value held
$175.8M
| Holder | Shares | Value |
|---|---|---|
| johnson & johnson | 5,623,816 | $173.6M |
| morgan stanley | 36,274 | $1.1M |
| optiver holding b.v. | 13,501 | $417K |
| marshall wace, llp | 9,239 | $285K |
| bnp paribas financial markets | 3,559 | $110K |
| rhumbline advisers | 2,281 | $70K |
| eversource wealth advisors, llc | 1,396 | $62K |
| royal bank of canada | 1,825 | $56K |
| gamma investing llc | 828 | $26K |
| osaic holdings, inc. | 500 | $15K |
Showing top 10 of 14 institutional holders of Nanobiotix S.A.. Open the full 13F history after sign-in.
Short Interest
as of Apr 30, 2026- % of float
- 0.0%
- Days to cover
- 0.2
- Shares short
- 11,234
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
NBTX short interestFrequently asked questions
What is the AI investment thesis for Nanobiotix S.A.?
Nanobiotix S.A. is a late-stage clinical biotechnology company pioneering a physics-based therapeutic approach (NBTXR3) partnered with Janssen, facing significant financial challenges with negative equity and ongoing losses.
Who is the CEO of Nanobiotix S.A.?
Dr. Laurent Levy Ph.D. is the chief executive officer of Nanobiotix S.A. (NBTX).
Where is Nanobiotix S.A. headquartered?
Nanobiotix S.A. (NBTX) is headquartered in Paris, France.
What therapeutic areas does Nanobiotix S.A. focus on?
Nanobiotix S.A. develops therapies across Oncology, Immunology, Dermatology, Nephrology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.