The key catalyst is the Phase 3 NANORAY-312 final analysis, now accelerated by the protocol amendment eliminating the interim analysis. Monitor for top-line data readout, which will determine JNJ-1900 (NBTXR3) commercial viability in head and neck cancer. The cash runway into 2029 removes near-term dilution risk.
Price Chart
Executive Summary
Nanobiotix reported H1 2026 financial results with a net loss of €34.3M ($0.70/share) vs €5.4M ($0.11/share) in H1 2025, driven by a €21.2M one-time non-cash revenue recognition in H1 2025 from the NANORAY-312 sponsorship transfer to J&J. Revenue and other income fell to €5.6M from €26.6M. The company raised ~€86M in a May 2026 follow-on offering, extending cash runway into 2029, and reported promising early clinical data for JNJ-1900 (NBTXR3) across multiple NSCLC studies. The net loss widening is a structural shift, not operational deterioration, but the pre-revenue biotech remains dependent on J&J-led Phase 3 data.
Key Facts
- Net loss attributable to common shareholders for H1 2026 was €34.3M ($0.70/share) vs €5.4M ($0.11/share) in H1 2025
- Revenue and other income fell to €5.6M from €26.6M, primarily due to a €21.2M one-time non-cash revenue item in H1 2025
- Cash and cash equivalents were €110.9M as of June 30, 2026, up from €52.8M at Dec 31, 2025, with cash runway into 2029
- Closed an oversubscribed ~€86M global follow-on offering in May 2026 with full exercise of underwriters' over-allotment option
- Phase 1-year locoregional control rate of 79% in Phase 1 NSCLC study (MD Anderson) at 12-month median follow-up
- Phase 2 CONVERGE study (J&J-led) in Stage 3 NSCLC showed ORR 85.7% (6/7) and CRR 57.1% (4/7) at ESTRO 2026
- FDA cleared protocol amendment for Phase 3 NANORAY-312 study, eliminating interim analysis and modifying final analysis to be conducted sooner
- R&D expenses were €12.7M vs €14.5M in H1 2025; SG&A expenses were €10.8M vs €11.3M
Financial Impact
Net loss increased by €28.9M (€34.3M vs 5.4M) driven by a 21.2M non-cash revenue item in H1 2025; cash position increased by 58.1M (110.9M vs 52.8M); revenue declined 21.0M decline (5.6M vs 26.6M) due to that non-cash item
Risk Factors
- Phase 3 NANORAY-312 may fail to meet endpoints, eliminating the lead asset's path to market
- Net loss widening without corresponding revenue growth could pressure stock if clinical milestones slip
- Reliance on J&J for clinical execution; any partnership issues could delay timelines
- Pre-revenue biotech with no approved products; stock price highly sensitive to binary Phase 3 outcomes
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-006217 |
| Document: f6k_092426.htm | 0001171843-26-006217 |
| Document: 0001171843-26-006217-index-headers.html | 0001171843-26-006217 |
| Document: 0001171843-26-006217-index.html | 0001171843-26-006217 |
| Document: 0001171843-26-006217.txt | 0001171843-26-006217 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 6-K | — | awaiting T+20 | — | — |
Oct 20, 2026 6d ago | 6-K | $25.83 | awaiting T+20 | — | $31.53 (+22.07%) |
Oct 1, 2026 25d ago | 6-K | $25.75 | awaiting T+20 | — | $31.53 (+22.45%) |
Oct 1, 2026 25d ago | Press Release | $25.75 | awaiting T+20 | — | $31.53 (+22.45%) |
Sep 24, 2026 4w ago | 6-K | $33.31 $29.36 | ▲ +11.86% | ▲ +10.38% | $31.53 (+5.34%) |
Sep 24, 2026 4w ago | 6-K | $33.31 $29.36 | ▼ −11.86% | ▼ −10.38% | $31.53 (−5.34%) |
Sep 24, 2026 4w ago | Press Release | $33.31 $29.36 | ▼ −11.86% | ▼ −10.38% | $31.53 (−5.34%) |
Sep 22, 2026 4w ago | Press Release | $35.24 $25.83 | ▼ −26.70% | ▼ −27.39% | $31.53 (−10.53%) |
Sep 14, 2026 6w ago | 6-K | $35.73 $23.40 | ▼ −34.51% | ▼ −36.77% | $31.53 (−11.75%) |
Jul 31, 2026 12w ago | 6-K | $38.89 $40.64 | ▲ +4.50% | ▲ +3.26% | $31.53 (−18.93%) |
US Market Status
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