The clinical data updates are encouraging but early-stage; the key catalyst remains the NANORAY-312 Phase 3 final analysis, now streamlined to require fewer events. Monitor for enrollment completion and top-line data readout, which could drive significant re-rating. The extended cash runway removes near-term financing risk.
Price Chart
Executive Summary
Nanobiotix reported H1 2026 financial results with a net loss of €34.3M (€0.70 per share) vs €5.4M (€0.11) in H1 2025, driven by a €21.2M one-time non-cash revenue recognition in the prior year. The company highlighted promising clinical data across multiple JNJ-1900 (NBTXR3) studies and a strengthened cash position of €110.9M following an oversubscribed ~€86M follow-on offering, extending runway into 2029. The wider loss and lack of near-term revenue catalyst make this a neutral event for traders.
Key Financial Metrics
Key Facts
- Net loss for H1 2026 was €34.3M (€0.70 per share) vs €5.4M (€0.11) in H1 2025, primarily due to a €21.2M one-time non-cash revenue recognition in H1 2025 from the NANORAY-312 study transfer to Johnson & Johnson.
- Revenue and other income fell to €5.6M from €26.6M year-over-year, reflecting the absence of the prior-year one-time item.
- Cash and cash equivalents stood at €110.9M as of June 30, 2026, up from €52.8M at year-end 2025, following an oversubscribed ~€86M global follow-on offering completed in May 2026.
- R&D expenses decreased to €12.7M from €14.5M, driven by lower clinical development costs after the NANORAY-312 study sponsorship transfer to Johnson & Johnson.
- Promising early clinical data reported for JNJ-1900 (NBTXR3) in NSCLC (Phase 1: 79% one-year locoregional control; Phase 2 CONVERGE: 85.7% ORR, 57.1% CRR) and a streamlined Phase 3 NANORAY-312 protocol amendment.
- Company expects cash runway into 2029 based on current operating plan.
Financial Impact
Net loss widened by €28.9M year-over-year; cash position improved by €58.1M vs year-end 2025; no revenue guidance provided.
Risk Factors
- Clinical trial risks: Phase 3 NANORAY-312 and other studies may fail to meet endpoints.
- Dependence on Johnson & Johnson partnership for development and commercialization; any changes could materially impact the pipeline.
- No approved products or near-term revenue; continued reliance on equity offerings and partnership funding.
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3368753 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 6-K | $30.26 | awaiting T+20 | — | $31.53 (+4.20%) |
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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