NBTX

MKT CAP:$2B

Nanobiotix S.A.

Market Cap

$2B

Healthcare·Biotechnology·🇫🇷 France·NASDAQ

Healthcare·Biotechnology·🇫🇷·NASDAQ

Stock Price

$33.71+$11.58 (+52.33%)

Apr 23, 2026

Company Details

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 th...

CEO

Laurent Levy

IPO Date

Dec 11, 2020

Website

www.nanobiotix.com

Key Metrics TTM

Revenue

$26M

-45.2% YoY

Net Income

-$108M

EPS (Diluted)

-$2.27

Free Cash Flow

-$64M

Revenue / Share

$0.55

Gross Margin

100.0%

Operating Margin

-352.8%

Net Margin

-410.2%

FCF Margin

-242.1%

P/S

62.6x

P/E

—

Earnings Reports

FY 2025

Mar 31, 2026

$35M+512.3%EPS -$0.58

Q4 2025

Mar 31, 2026

$4M+118.2%EPS -$0.46

Q2 2025

Sep 30, 2025

$31M+186.8%EPS -$0.13

FY 2024

Apr 2, 2025

-$8M-119.9%EPS -$1.68

Q4 2024

Apr 2, 2025

-$19M-150.1%EPS -$1.15

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 18	$2M	$2M	-$15M
Q4 18	$2M	$2M	-$20M
Q2 19	$2M	$2M	-$24M
Q4 19	$839.5K	$839.5K	-$31M
Q2 20	$2M	$2M	-$21M
Q4 20	$1M	$1M	-$21M
Q2 21	$2M	$2M	-$35M
Q4 21	$2M	$2M	-$27M
Q2 22	$2M	$2M	-$30M
Q4 22	$4M	$4M	-$24M
Q2 23	$4M	$4M	-$30M
Q4 23	$38M	$38M	-$2M
Q2 24	$11M	$11M	-$28M
Q4 24	-$19M	-$19M	-$52M
Q2 25	$31M	$31M	$944.7K
Q4 25	$4M	$4M	-$14M

Valuation

Quarter	P/S	P/E
Q2 18	46.5x	—
Q4 18	52.8x	—
Q2 19	53.2x	—
Q4 19	63.1x	—
Q2 20	70.3x	—
Q4 20	81.3x	—
Q2 21	97.7x	—
Q4 21	50.8x	—
Q2 22	24.9x	—
Q4 22	17.4x	—
Q2 23	17.9x	—
Q4 23	8.0x	—
Q2 24	4.4x	—
Q4 24	4.2x	—
Q2 25	3.6x	—
Q4 25	40.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 18	-$17M	-$17M
Q4 18	-$14M	-$14M
Q2 19	-$25M	-$26M
Q4 19	-$23M	-$24M
Q2 20	-$15M	-$15M
Q4 20	-$17M	-$17M
Q2 21	-$18M	-$18M
Q4 21	-$17M	-$18M
Q2 22	-$20M	-$21M
Q4 22	-$23M	-$23M
Q2 23	-$20M	-$21M
Q4 23	$6M	$6M
Q2 24	-$7M	-$7M
Q4 24	-$16M	-$16M
Q2 25	-$20M	-$21M
Q4 25	-$19M	-$19M

Capital Expenditures

Quarter	CapEx
Q2 18	$288.8K
Q4 18	$197.6K
Q2 19	$637.2K
Q4 19	$638.4K
Q2 20	$66.6K
Q4 20	$45.6K
Q2 21	$52.6K
Q4 21	$214.0K
Q2 22	$92.4K
Q4 22	$15.2K
Q2 23	$377.6K
Q4 23	$5.8K
Q2 24	$571.7K
Q4 24	$417.4K
Q2 25	$175.4K
Q4 25	$463.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 18	-32.1%	+14.7%
Q4 18	-40.5%	+30.6%
Q2 19	-3.1%	+62.8%
Q4 19	-61.0%	+76.7%
Q2 20	-29.7%	+31.9%
Q4 20	-38.2%	+2.2%
Q2 21	-27.6%	+39.5%
Q4 21	+85.0%	-10.7%
Q2 22	-8.2%	+37.2%
Q4 22	+293.0%	+28.3%
Q2 23	+149.7%	-7.8%
Q4 23	+2378.5%	+42.3%
Q2 24	+598.9%	+21.1%
Q4 24	-578.1%	+16.4%
Q2 25	+708.9%	-9.9%
Q4 25	-90.9%	-57.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 18	$1M	55.0%
Q4 18	$1M	86.0%
Q2 19	$2M	94.1%
Q4 19	$3M	362.7%
Q2 20	$2M	106.5%
Q4 20	$2M	157.6%
Q2 21	$2M	106.0%
Q4 21	$2M	135.8%
Q2 22	$2M	102.3%
Q4 22	$2M	55.5%
Q2 23	$2M	41.0%
Q4 23	$2M	5.9%
Q2 24	$2M	20.9%
Q4 24	$3M	—
Q2 25	$3M	8.1%
Q4 25	$2M	45.9%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q2 18	$10M	—	$7M
Q4 18	$14M	—	$8M
Q2 19	$16M	—	$10M
Q4 19	$20M	—	$12M
Q2 20	$15M	—	$8M
Q4 20	$13M	—	$9M
Q2 21	$18M	—	$12M
Q4 21	$17M	—	$11M
Q2 22	$19M	—	$11M
Q4 22	$19M	—	$10M
Q2 23	$21M	—	$13M
Q4 23	$24M	—	$13M
Q2 24	$26M	—	$13M
Q4 24	$22M	—	$11M
Q2 25	$17M	—	$13M
Q4 25	$10M	$10M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 18	$38M	$0	$38M
Q4 18	$42M	$0	$42M
Q2 19	$60M	$0	$60M
Q4 19	$41M	$0	$41M
Q2 20	$31M	$0	$31M
Q4 20	$139M	$0	$139M
Q2 21	$120M	$0	$120M
Q4 21	$98M	$0	$98M
Q2 22	$74M	$0	$74M
Q4 22	$48M	$0	$48M
Q2 23	$25M	$0	$25M
Q4 23	$88M	$0	$88M
Q2 24	$78M	$0	$78M
Q4 24	$58M	$0	$58M
Q2 25	$34M	$0	$34M
Q4 25	$62M	$0	$62M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 18	20M	+3.7%	+31.3%
Q4 18	20M	0.0%	+25.8%
Q2 19	21M	+6.2%	+30.0%
Q4 19	22M	+7.4%	+18.2%
Q2 20	23M	+1.0%	+15.2%
Q4 20	28M	+23.2%	+41.8%
Q2 21	35M	+24.3%	+66.1%
Q4 21	35M	+0.6%	+55.5%
Q2 22	35M	+0.1%	+54.1%
Q4 22	35M	+0.0%	+25.2%
Q2 23	35M	+0.5%	+1.2%
Q4 23	39M	+10.8%	+11.5%
Q2 24	47M	+21.4%	+35.3%
Q4 24	47M	+0.3%	+35.6%
Q2 25	47M	+0.3%	+35.3%
Q4 25	48M	+0.8%	+23.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 18	—	—
Q4 18	—	—
Q2 19	—	—
Q4 19	—	—
Q2 20	—	—
Q4 20	$11.7K	88
Q2 21	$17.5K	88
Q4 21	$15.5K	100
Q2 22	$15.5K	100
Q4 22	$39.5K	102
Q2 23	$37.7K	102
Q4 23	$377.3K	102
Q2 24	$106.5K	102
Q4 24	-$178.4K	108
Q2 25	$288.4K	108
Q4 25	$36.2K	97

Revenue / Employee