Nanobiotix SA

NBTX

Healthcare|Biotechnology|France

$39.95

+1.12 (+2.88%)

Financials

Financial Snapshot

Market Cap

$2.03B

Enterprise Value

$-48.6M

Revenue (TTM)

$34.3M

Net Income (TTM)

$-28.0M

Cash & Equivalents

—

Net Cash/Share

$-2.31

Free Cash Flow (TTM)

$-39.5M

Operating CF (TTM)

$-38.8M

Debt/Equity

-1.13

Cash Runway & Burn Rate

Cash on Hand

$0.00

Quarterly Burn

$9.7M

Monthly Burn

$3.2M

Est. Runway

—

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Investments	$22.2M	$55.9M	$41.2M	$39.0M	$145.0M	$94.8M	$43.8M	$82.1M	$52.1M	$61.8M	$61.8M
Operating Cash Flow	$-19.3M	$-24.8M	$-29.6M	$-45.7M	$-33.5M	$-33.8M	$-39.3M	$-13.6M	$-20.5M	$-39.1M	$-38.8M
Free Cash Flow	$-19.3M	$-26.5M	$-30.1M	$-47.3M	$-33.6M	$-34.0M	$-39.4M	$-14.0M	$-21.4M	$-39.8M	$-39.5M
Capital Expenditure	$0.00	$-1.7M	$-576.0K	$-1.6M	$-130.0K	$-263.0K	$-99.0K	$-368.0K	$-888.0K	$-639.0K	$-636.0K
Financing Cash Flow	$24.2M	$57.5M	$16.9M	$46.1M	$136.0M	$-5.9M	$-6.0M	$51.0M	$-5.4M	$43.8M	$43.9M

R&D Spending

R&D (TTM)

$26.8M

R&D Intensity

78.2%

R&D Growth YoY

-0.9%

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$1.6M	$298.0K	$132.0K	$76.0K	$61.0K	$11.0K	$0.00	$32.8M	$-12.2M	$34.7M	$34.3M
R&D Expense	$17.8M	$21.0M	$23.8M	$33.8M	$29.6M	$34.3M	$34.6M	$41.9M	$42.5M	$27.1M	$26.8M
R&D % of Revenue	1086.0%	7042.3%	18006.8%	44460.5%	48523.0%	312045.5%	—	127.7%	—	78.0%	78.2%
SG&A	$10.8M	$13.3M	$14.4M	$20.7M	$17.4M	$21.5M	$18.5M	$23.6M	$21.0M	$23.7M	$23.5M

Income Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$1.6M	$298.0K	$132.0K	$76.0K	$61.0K	$11.0K	$0.00	$32.8M	$-12.2M	$34.7M	$34.3M
Cost of Goods Sold	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Gross Profit	$1.6M	$298.0K	$132.0K	$76.0K	$61.0K	$11.0K	$0.00	$32.8M	$-12.2M	$34.7M	$34.3M
R&D	$17.8M	$21.0M	$23.8M	$33.8M	$29.6M	$34.3M	$34.6M	$41.9M	$42.5M	$27.1M	$26.8M
SG&A	$10.8M	$13.3M	$14.4M	$20.7M	$17.4M	$21.5M	$18.5M	$23.6M	$21.0M	$23.7M	$23.5M
Operating Income	$-23.1M	$-29.9M	$-34.2M	$-52.0M	$-44.3M	$-59.4M	$-49.5M	$-29.2M	$-71.6M	$-12.7M	$-12.7M
Interest Expense	$-108.0K	$-128.0K	$-964.0K	$-5.3M	$-405.0K	$-758.0K	$-6.2M	$-8.7M	$-8.5M	$-12.2M	$-12.1M
Pretax Income	$-23.0M	$-30.9M	$-34.5M	$-56.6M	$-40.9M	$-53.1M	$-60.4M	$-43.2M	$-71.2M	$-28.1M	$-28.0M
Net Income	$-23.1M	$-30.9M	$-34.5M	$-56.6M	$-40.9M	$-53.1M	$-60.4M	$-43.3M	$-71.3M	$-28.1M	$-28.0M
EPS (Diluted)	-1.51	-1.77	-1.76	-2.61	-1.68	-1.52	-1.74	-1.18	-1.51	-0.58	-0.58
EBITDA	$-22.4M	$-30.2M	$-32.9M	$-49.3M	$-38.3M	$-50.6M	$-52.6M	$-32.8M	$-61.1M	$-14.1M	$-14.1M
Shares Out. (M)	15.28	17.48	19.63	21.63	24.39	34.73	34.85	36.93	47.27	47.82	48.22

Balance Sheet

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Equivalents	$22.2M	$55.9M	$41.2M	$39.0M	$145.0M	$94.8M	$43.8M	$82.1M	$52.1M	$61.8M	$61.8M
Marketable Securities	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Total Current Assets	$28.3M	$62.9M	$48.5M	$51.3M	$152.4M	$105.2M	$55.5M	$95.2M	$64.4M	$73.5M	$73.5M
Total Assets	$32.1M	$68.0M	$52.6M	$62.5M	$163.1M	$115.0M	$63.3M	$102.4M	$70.6M	$79.3M	$79.3M
Total Current Liabilities	$8.9M	$11.3M	$13.2M	$15.9M	$23.2M	$41.6M	$40.2M	$54.4M	$61.7M	$67.3M	$67.3M
Long-Term Debt	$0.00	$4.4M	$22.8M	$41.8M	$47.6M	$36.6M	$46.7M	$45.4M	$45.0M	$104.4M	$104.4M
Total Liabilities	$13.7M	$16.0M	$36.4M	$64.6M	$77.3M	$84.7M	$92.0M	$104.4M	$139.4M	$178.3M	$178.3M
Stockholders' Equity	$18.4M	$52.0M	$16.2M	$-2.1M	$85.7M	$30.3M	$-28.6M	$-2.0M	$-68.8M	$-98.9M	$-98.9M
Retained Earnings	$-23.1M	$-30.9M	$-34.5M	$-56.6M	$-40.9M	$-53.1M	$-60.4M	$-43.3M	$-71.3M	$-28.1M	$-28.1M

Cash Flow Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Operating Cash Flow	$-19.3M	$-24.8M	$-29.6M	$-45.7M	$-33.5M	$-33.8M	$-39.3M	$-13.6M	$-20.5M	$-39.1M	$-38.8M
Capital Expenditure	$0.00	$-1.7M	$-576.0K	$-1.6M	$-130.0K	$-263.0K	$-99.0K	$-368.0K	$-888.0K	$-639.0K	$-636.0K
Free Cash Flow	$-19.3M	$-26.5M	$-30.1M	$-47.3M	$-33.6M	$-34.0M	$-39.4M	$-14.0M	$-21.4M	$-39.8M	$-39.5M
Investing Cash Flow	$-469.0K	$-1.9M	$81.0K	$-1.6M	$-136.0K	$-273.0K	$146.0K	$-381.0K	$-1.0M	$-677.0K	$-674.0K
Financing Cash Flow	$24.2M	$57.5M	$16.9M	$46.1M	$136.0M	$-5.9M	$-6.0M	$51.0M	$-5.4M	$43.8M	$43.9M
Issuance of Stock	$24.4M	$62.9M	$0.00	$32.8M	$138.3M	$0.00	$0.00	$65.6M	$0.00	$1.8M	$0.00
Repurchase of Stock	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Issuance of Debt	$2.4M	$0.00	$18.2M	$15.6M	$12.6M	$0.00	$0.00	$164.0K	$0.00	$50.3M	$50.3M
Payments of Debt	$-1.1M	$-1.2M	$-1.1M	$-1.7M	$-1.4M	$-4.2M	$-5.0M	$-4.1M	$-4.4M	$-5.6M	$-5.5M
Stock Based Comp.	$2.1M	$3.1M	$2.1M	$4.8M	$3.6M	$3.6M	$3.4M	$3.5M	$4.5M	$4.1M	$4.1M
Net Change in Cash	$4.3M	$30.9M	$-12.5M	$-1.2M	$102.3M	$-39.8M	$-45.1M	$37.0M	$-26.8M	$3.5M	$3.9M

Dilution Tracker

Shares outstanding grew 38.8% over 5 years — significant dilution

Shares Outstanding

48M

5-Year Share Growth

+38.8%

Stock Issuance (TTM)

$0.00

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Shares Out. (M)	15.28	17.48	19.63	21.63	24.39	34.73	34.85	36.93	47.27	47.82	48.22
YoY Change %	—	14.4%	12.3%	10.2%	12.7%	42.4%	0.3%	6.0%	28.0%	1.2%	0.8%
Stock Issuance	$24.4M	$62.9M	$0.00	$32.8M	$138.3M	$0.00	$0.00	$65.6M	$0.00	$1.8M	$0.00
Stock Repurchase	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Stock Based Comp.	$2.1M	$3.1M	$2.1M	$4.8M	$3.6M	$3.6M	$3.4M	$3.5M	$4.5M	$4.1M	$4.1M

Margins & Profitability

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Gross Margin %	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating Margin %	-1403.2%	-10034.2%	-25914.4%	-68390.8%	-72649.2%	-540090.9%	0.0%	-89.1%	589.1%	-36.5%	-37.0%
Net Margin %	-1404.8%	-10381.9%	-26153.0%	-74436.8%	-66990.2%	-482827.3%	0.0%	-132.1%	586.8%	-80.8%	-81.6%
EBITDA Margin %	-1361.4%	-10145.0%	-24889.4%	-64840.8%	-62809.8%	-459854.5%	0.0%	-100.1%	502.4%	-40.7%	-41.2%
FCF Margin %	-1173.9%	-8890.3%	-22831.8%	-62298.7%	-55132.8%	-309245.5%	0.0%	-42.6%	175.7%	-114.6%	-115.2%
ROE %	-130.6%	-88.0%	-101.3%	-803.4%	-97.8%	-91.6%	-7446.1%	0.0%	0.0%	0.0%	0.0%
ROA %	-75.9%	-61.8%	-57.3%	-98.4%	-36.2%	-38.2%	-67.8%	-52.3%	-82.5%	-37.4%	-41.5%
R&D / Revenue	-	-	-	-	-	-	-	-	-	-	-

Valuation

P/E (TTM)At Loss

HistoricalAt Loss / At Loss / At Loss

Industry Med.27.51

P/S56.99

Historical3.66 / 1577.17 / 7790.00

Industry Med.9.49

P/B—

Historical0.88 / 6.46 / 20.00

Industry Med.2.93

EV/EBITDA-153.17

Historical-177.17 / -5.89 / 0.83

Industry Med.13.02

EV/Revenue62.36

Historical-520.67 / 758.78 / 6195.24

Industry Med.8.59

P/FCF—

Historical— / — / —

Industry Med.27.13

Intrinsic Value Models

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
PE Ratio	N/A	N/A	N/A	N/A	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss
PS Ratio	151.37	1059.29	1940.00	2760.00	6900.00	-	-	8.16	-	31.45	56.99
PB Ratio	0.00	0.00	0.00	0.00	6.62	9.32	0.00	0.00	0.00	0.00	0.00
EV/EBITDA	-10.88	-9.72	-7.37	-4.39	-12.85	-4.84	-2.78	-9.58	-2.48	-81.71	-153.17
EV/Revenue	148.08	985.49	1833.58	2866.11	8096.20	21667.71	0.00	9.58	-12.45	33.27	62.36

Analyst Estimates & Quality

Altman Z-Score

6.49

Safe

Piotroski F-Score

Weak

Beneish M-Score

—

Possible Manipulator

Forward Estimates

Metric	Current Year	Next Year	2 Years Out
Revenue	$56.89M	$86.49M	$87.20M
Net Income	$-1.75M	$20.75M	$8.59M
EPS	0.05	-0.01	0.18
Book Value per Share	0.27	-0.08	-0.98
Operating Cash Flow per Share	0.74	-0.10	-0.29
Operating CF	$35.72M	$-4.95M	$-14.08M

Dividends

Revenue Segments

By Business

Segment	2025
Services	$22.7M
Other sales	$7.0M

By Geography

Segment	2025
France	$29.6M