Nanobiotix S.A. (NBTX) Stock Price & How to Invest
Short answer
NBTX is Nanobiotix, a clinical-stage French nanomedicine company whose lead asset NBTXR3 (JNJ-1900) is a radioenhancer partnered globally with Johnson & Johnson, so buying it is a bet on late-stage cancer trial readouts rather than on product profits. It trades as a pre-approval, binary-outcome biotech, meaning the position lives or dies on Phase 3 data and regulatory decisions.
NBTX stock price
As of 2026-07-08, Nanobiotix S.A. (NBTX) last closed at $38.80, up 626.6% over the past year. Over the past 52 weeks it has traded between $5.09 and $55.07.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Nanobiotix S.A.'s investor relations page. Walnut is informational, not investment advice.
What does Nanobiotix S.A. (NBTX) do?
Nanobiotix S.A. is a clinical-stage nanomedicine company headquartered in France and dual-listed on Nasdaq (as American Depositary Shares under NBTX) and Euronext Paris. Its lead product candidate, NBTXR3 (also called JNJ-1900), is a radioenhancer: injectable nanoparticles that are placed directly into a tumor and, when activated by standard radiotherapy, are designed to boost the radiation's tumor-killing effect. In late 2023 the company signed a global license and collaboration with Johnson & Johnson's Janssen unit, which now sponsors and operates the pivotal Phase 3 NANORAY-312 study in head and neck cancer and broader development across other solid tumors.
As a pre-revenue-product biotech, Nanobiotix has no approved drug and its reported revenue comes largely from the J&J agreement rather than from selling a product, so the investment picture is defined by pipeline milestones and cash runway rather than earnings. The bull case rests on NBTXR3 succeeding in head and neck cancer plus expansion signals in lung and other tumors, unlocking large milestone and royalty payments from J&J. The bear case is the standard clinical-biotech risk: a failed or delayed Phase 3, further dilution, and a valuation (roughly $1.5 billion in mid-2026) that already prices in meaningful clinical success years before any approval.
What's driving Nanobiotix S.A. (NBTX)?
1. Johnson & Johnson partnership
J&J's Janssen unit holds a global license to NBTXR3 and now covers most costs of the pivotal Phase 3 program, validating the science and de-risking spend. The deal carries potential milestone payments reported around $1.77 billion for the first programs plus royalties, so success would deliver large non-dilutive cash flows. Having a large-cap pharma sponsor also lends operational scale that a small biotech could not fund alone.
2. NANORAY-312 head and neck readout
NANORAY-312 is the registrational Phase 3 study in locally advanced head and neck squamous cell carcinoma, now J&J-sponsored, and its data is the single biggest catalyst for the stock. Management amended the design to remove the interim analysis and pull the final analysis forward, with a readout expectation communicated for the 2026 to 2027 window. A positive result would open a U.S. regulatory filing and a first potential approval.
3. Pipeline expansion beyond head and neck
Early Phase 2 CONVERGE data in stage 3 inoperable non-small cell lung cancer showed an encouraging overall response rate (around 85.7 percent in a very small initial patient group) when NBTXR3 was combined with chemoradiotherapy and immunotherapy. Additional tumor types and an Asia collaboration (LianBio) broaden the addressable opportunity. Each new indication is optionality layered on top of the core head and neck program.
4. Extended cash runway
After a roughly 86 million euro follow-on offering in May 2026 on top of prior royalty financing, the company has guided to a cash runway reaching toward 2029. A longer runway reduces the near-term risk of a forced, deeply dilutive raise ahead of key data. It gives Nanobiotix room to reach pivotal readouts without an urgent financing overhang.
What are the risks to Nanobiotix S.A. (NBTX)?
The dominant risk is clinical and binary: NBTXR3 remains unapproved, and a failed or delayed NANORAY-312 Phase 3 could erase much of the equity value in a single day. As a clinical-stage biotech, Nanobiotix funds itself through partnership payments and equity raises, so continued losses and further share dilution are likely until (and unless) a product is approved. The valuation of roughly $1.5 billion already embeds substantial expectation of success, leaving little margin for disappointment. Concentration is acute because a large share of value depends on one molecule and one partner, so a strategic shift by J&J would be highly damaging. Being a foreign issuer listed via ADS also adds currency, reporting-timing, and liquidity considerations for U.S. holders.
How is Nanobiotix S.A. (NBTX) valued? (approximate, July 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Nanobiotix S.A.'s investor relations page or your broker.
- Market cap: ~$1.5B
- Revenue (FY2025): ~$36M (~EUR 32.6M, largely J&J-agreement, non-product)
- Net loss (FY2025): ~$26M (~EUR 24.0M)
- Cash (Dec 31, 2025): ~$58M (~EUR 52.8M)
- May 2026 equity raise: ~$95M (~EUR 86.1M)
- Cash runway guidance: ~into 2029
Standard price-to-earnings valuation does not apply because Nanobiotix is pre-approval and its reported revenue stems mostly from the J&J agreement rather than product sales. The market instead prices the probability-weighted value of NBTXR3 across head and neck, lung, and other tumors, net of dilution risk. That is why the roughly $1.5 billion market value sits far above trailing revenue and coexists with ongoing net losses.
Who competes with Nanobiotix S.A. (NBTX)?
Radiation-enhancement and radiotherapy technology
Companies developing agents or devices that make radiotherapy more effective compete for the same clinical niche NBTXR3 targets. This includes radiosensitizer and radiopharmaceutical developers and established radiation-oncology equipment and technique providers, which set the standard of care NBTXR3 must beat or complement.
Head and neck and solid-tumor oncology developers
In head and neck cancer specifically, NBTXR3 must show benefit against or alongside immunotherapies (such as PD-1 and PD-L1 checkpoint inhibitors) and cetuximab-based regimens marketed by large pharma. These agents define existing treatment paradigms and represent both competition and potential combination partners.
Clinical-stage nanomedicine and oncology biotechs
Other small and mid-cap clinical-stage oncology and nanoparticle-drug companies compete for investor capital, trial sites, and pharma partnerships. Investors weighing NBTX often compare it against this broader cohort of single-asset, catalyst-driven biotechs with similar binary risk profiles.
How to invest in Nanobiotix S.A. (NBTX)
There are three common ways to get NBTX exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so NBTX sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where NBTX fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on Nanobiotix S.A. (NBTX)
Nanobiotix is a J&J-partnered, single-asset oncology story where the entire thesis rides on NBTXR3 trial readouts and a still-distant potential approval.
More on Nanobiotix S.A. (NBTX)
Whether NBTX is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is NBTX a buy?, and where the stock could go from here in the NBTX stock forecast.
For income investors, whether NBTX pays a dividend and how the payout looks is covered in does NBTX pay a dividend?
Build a basket around NBTX with Walnut
Use Nanobiotix S.A. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does Nanobiotix (NBTX) actually do?
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It is a clinical-stage nanomedicine company developing NBTXR3, injectable nanoparticles placed inside a tumor that are activated by standard radiotherapy to enhance the radiation's cancer-killing effect. It has no approved product yet and is focused on late-stage cancer trials.
What is the Johnson & Johnson partnership?
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J&J's Janssen unit holds a global license to NBTXR3 (branded JNJ-1900) and now sponsors and funds most of the pivotal Phase 3 program. The collaboration includes potential milestone payments (reported around $1.77 billion for first programs) plus royalties if the drug is approved and sold.
What is NANORAY-312?
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NANORAY-312 is the registrational Phase 3 trial testing NBTXR3 in locally advanced head and neck squamous cell carcinoma. It is J&J-sponsored, was amended to remove the interim analysis and accelerate the final analysis, and its data is the single most important catalyst for the stock.
Is NBTX profitable?
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No. As of full-year 2025 it reported a net loss of roughly 24 million euros, and its revenue comes mainly from the J&J agreement rather than product sales. As a pre-approval biotech it is expected to keep operating at a loss until a product reaches the market.
How much cash does Nanobiotix have?
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It reported about 52.8 million euros in cash at the end of 2025, and after a roughly 86 million euro equity raise in May 2026 plus prior royalty financing, management has guided to a cash runway reaching toward 2029.
Why is NBTX considered high risk?
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Its value is concentrated in one molecule (NBTXR3) and one main partner (J&J), and it is pre-approval, so a failed or delayed Phase 3 readout could sharply reduce the share price. Ongoing losses also mean continued dilution risk until a product is approved.
Is NBTX a US or foreign company?
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Nanobiotix is a French company headquartered in Paris. Its US-listed shares trade on Nasdaq as American Depositary Shares under the ticker NBTX, while its ordinary shares also trade on Euronext Paris, which adds currency and reporting-timing considerations for US investors.
How could I research NBTX in Walnut?
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You can add NBTX to a thematic basket, connect your brokerage read-only, and use Walnut's AI assistant to review its pipeline milestones, cash runway, and how it fits your targets. Walnut is not an investment adviser and does not tell you whether to buy or sell; it helps you track and understand your positions.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Nanobiotix S.A.'s investor relations page or your broker before making investment decisions.