Revenue growth remains highly volatile, evidenced by a 118.2% increase in 2025Q4 following a 150.1% contraction in 2024Q4, while operating losses persist at $11.6 million.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 29.64M | -7.19M | 36.21M | 4.78M | 2.65M | 2.33M | 2.54M | 3.48M | 3.72M | 5.42M | 4.02M | 2.77M | 1.6M | 970.61K | 1.36M |
| Revenue Growth % | 512.28% | -119.86% | 658.12% | 80.43% | 13.85% | -8.5% | -26.96% | -6.53% | -31.35% | 35.03% | 44.91% | 73.67% | 64.38% | -28.65% | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 29.64M | -7.19M | 36.21M | 4.78M | 2.65M | 2.33M | 2.54M | 3.48M | 3.72M | 5.42M | 4.02M | 2.77M | 1.6M | 970.61K | 1.36M |
| Gross Margin % | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | 512.28% | -119.86% | 658.12% | 80.43% | 13.85% | -8.5% | -26.96% | -6.53% | -31.35% | 35.03% | 44.91% | 73.67% | 64.38% | -28.65% | - |
| Operating Expenses | 40.46M | 61.2M | 62.99M | 51.48M | 55.23M | 38.75M | 49.32M | 33.55M | 28.99M | 27.28M | 21.16M | 12.39M | 9.77M | 6.15M | 5.23M |
| OpEx % of Revenue | 136.49% | -851.21% | 173.96% | 1077.85% | 2086.36% | 1666.8% | 1940.97% | 964.24% | 778.86% | 503.1% | 526.92% | 447.18% | 612.67% | 633.18% | 384.27% |
| Selling, General & Admin | 20.22M | 20.53M | 22.05M | 17.86M | 19.43M | 14.61M | 18.91M | 12.65M | 11.26M | 10.36M | 7.25M | 4.31M | 3.75M | 1.81M | 1.3M |
| SG&A % of Revenue | 68.22% | -285.49% | 60.9% | 373.89% | 734.19% | 628.43% | 744.16% | 363.7% | 302.39% | 191.11% | 180.69% | 155.73% | 234.99% | 186.63% | 95.56% |
| Research & Development | 23.11M | 40.54M | 38.4M | 32.64M | 30.38M | 24.33M | 30.41M | 20.89M | 17.73M | 16.92M | 13.9M | 8.08M | 6.03M | 4.31M | 5.21M |
| R&D % of Revenue | 77.98% | -563.85% | 106.04% | 683.33% | 1147.64% | 1046.45% | 1196.81% | 600.55% | 476.44% | 312% | 346.23% | 291.46% | 377.67% | 444.26% | 383.2% |
| Other Operating Expenses | -2.88M | 134K | 2.54M | 985K | 5.41M | -188K | 0 | 0 | 1K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -10.82M | -68.39M | -26.78M | -46.7M | -52.58M | -36.43M | -46.78M | -30.07M | -25.27M | -21.85M | -17.14M | -9.62M | -8.18M | -5.15M | -5.23M |
| Operating Margin % | -36.49% | 951.21% | -73.96% | -977.85% | -1986.36% | -1566.8% | -1840.97% | -864.24% | -678.86% | -403.1% | -426.92% | -347.18% | -512.67% | -530.89% | -384.27% |
| Operating Income Growth % | 84.18% | -155.39% | 42.66% | 11.18% | -44.34% | 22.13% | -55.58% | -19% | -15.61% | -27.49% | -78.19% | -17.61% | -58.74% | 1.42% | - |
| EBITDA | -9.32M | -67.8M | -26.23M | -45.2M | -51.02M | -34.67M | -45.01M | -29.45M | -24.81M | -21.37M | -16.69M | -9.31M | -7.95M | -5.01M | -5.03M |
| EBITDA Margin % | -31.45% | 942.98% | -72.44% | -946.44% | -1927.43% | -1491.35% | -1771.43% | -846.45% | -666.66% | -394.2% | -415.56% | -336.08% | -498% | -515.79% | -369.74% |
| EBITDA Growth % | 86.25% | -158.5% | 41.98% | 11.4% | -47.14% | 22.97% | -52.85% | -18.68% | -16.1% | -28.09% | -79.18% | -17.2% | -58.71% | 0.46% | - |
| D&A (Non-Cash Add-back) | 1.5M | 592K | 551K | 1.5M | 1.56M | 1.75M | 1.77M | 619K | 454K | 482.79K | 456.08K | 307.56K | 233.93K | 146.53K | 197.62K |
| EBIT | -13.56M | -68.26M | -24.24M | -45.72M | -47.16M | -36.62M | -46.78M | -30.07M | -25.27M | -21.85M | -17.14M | -9.62M | -8.18M | -5.15M | -5.22M |
| Net Interest Income | -9.41M | -5.46M | -6.76M | -5.58M | -699.49K | -333K | -4.55M | -726K | -60K | 130.29K | 160.5K | 150.48K | 36.16K | -76.96K | -19.24K |
| Interest Income | 985K | 2.63M | 1.22M | 256K | 0 | 0 | 105K | 34K | 33.03K | 59.49K | 183.22K | 196.65K | 59.06K | 46 | 11.53K |
| Interest Expense | 10.39M | 8.09M | 7.98M | 5.84M | 699.49K | 333K | 4.79M | 847K | 108.37K | 102.2K | 59.52K | 55.73K | 24.57K | 77K | 30.77K |
| Other Income/Expense | -13.14M | 361K | -12.8M | -10.33M | 5.58M | 2.85M | -4.13M | -278K | -876K | 64.61K | 138.56K | 142.52K | 34.5K | -99.18K | -19.34K |
| Pretax Income | -23.96M | -68.03M | -39.58M | -57.03M | -47M | -33.58M | -50.91M | -30.34M | -26.14M | -21.79M | -17M | -9.48M | -8.14M | -5.25M | -5.25M |
| Pretax Margin % | -80.82% | 946.19% | -109.31% | -1194.12% | -1775.52% | -1444.34% | -2003.62% | -872.23% | -702.39% | -401.91% | -423.47% | -342.04% | -510.5% | -541.1% | -385.69% |
| Income Tax | 3K | 101K | 120K | 10K | 5K | 9K | 3K | 0 | 0 | 90.42K | 0 | 79.27K | 0 | 78.89K | 30.67K |
| Effective Tax Rate % | -0.01% | -0.15% | -0.3% | -0.02% | -0.01% | -0.03% | -0.01% | 0% | 0% | -0.41% | 0% | -0.84% | 0% | -1.5% | -0.58% |
| Net Income | -23.96M | -68.13M | -39.7M | -57.04M | -47M | -33.59M | -50.91M | -30.34M | -26.14M | -21.88M | -17M | -9.56M | -8.14M | -5.33M | -5.25M |
| Net Margin % | -80.83% | 947.59% | -109.64% | -1194.33% | -1775.71% | -1444.73% | -2003.74% | -872.23% | -702.39% | -403.58% | -423.47% | -344.9% | -510.5% | -549.23% | -385.69% |
| Net Income Growth % | 64.83% | -71.62% | 30.4% | -21.36% | -39.93% | 34.03% | -67.79% | -16.07% | -19.48% | -28.69% | -77.92% | -17.33% | -52.79% | -1.61% | - |
| Net Income (Continuing) | -23.96M | -68.13M | -39.7M | -57.04M | -47M | -33.59M | -50.91M | -30.34M | -26.14M | -21.88M | -17M | -9.56M | -8.14M | -5.33M | -5.25M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.50 | -1.44 | -1.08 | -1.64 | -1.35 | -1.38 | -2.35 | -1.52 | -1.50 | -1.43 | -1.20 | -0.74 | -0.76 | -0.65 | -3.42 |
| EPS Growth % | 65.28% | -33.33% | 34.15% | -21.48% | 2.17% | 41.28% | -54.61% | -1.33% | -4.9% | -19.17% | -62.16% | 2.63% | -16.92% | 80.99% | - |
| EPS (Basic) | -0.50 | -1.44 | -1.08 | -1.64 | -1.35 | -1.38 | -2.35 | -1.52 | -1.50 | -1.43 | -1.20 | -0.74 | -0.76 | -0.65 | -3.42 |
| Diluted Shares Outstanding | 47.82M | 47.27M | 36.93M | 34.85M | 34.73M | 24.39M | 21.63M | 19.63M | 17.48M | 15.28M | 14.14M | 12.87M | 10.75M | 8.22M | 1.54M |
| Basic Shares Outstanding | 47.82M | 47.27M | 36.76M | 34.85M | 34.73M | 24.39M | 21.63M | 19.62M | 17.43M | 15.28M | 14.14M | 12.87M | 10.75M | 8.22M | 1.54M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial enrollment delays
As reported in financial statements, NBTX's revenue trajectory remains highly erratic, characterized by a 118.2% growth rate in 2025Q4 following a significant 150.1% contraction in 2024Q4, reflecting the lumpy nature of milestone-based recognition rather than any underlying commercial scaling of the NBTXR3 nanoparticle platform.
The revenue profile is entirely dependent on collaboration agreements, which creates extreme quarter-over-quarter variance. Investors should interpret these figures as indicators of R&D progress rather than sustainable top-line growth, as the company has yet to establish a recurring commercial revenue stream.
Based on reported figures, the company maintains a consistent 100% gross margin, which appears to be an accounting artifact of licensing revenue recognition that fails to reflect the future variable costs associated with the eventual manufacturing and distribution of physical nanoparticle products.
While the 100% margin suggests high profitability, it is misleading for long-term modeling. Once the product transitions to commercialization, the introduction of COGS for crystalline nanoparticle production will likely compress these margins significantly, warranting caution in current valuation models.
According to recent SEC filings, NBTX continues to exhibit negative operating leverage, as R&D expenses remain elevated at $8.6 million in 2025Q4, consistently outpacing the company's ability to generate sufficient milestone-based revenue to cover its core clinical development and administrative overhead.
The persistent operating losses indicate that the company is not yet scaling its operations efficiently. Until the Phase III NANORAY-312 trial reaches a definitive conclusion, the firm will likely remain dependent on external capital to fund its high fixed-cost structure.
As evidenced by the income statement data, the company's cost structure is dominated by substantial R&D and SG&A expenses, which collectively resulted in an operating loss of $11.6 million in 2025Q4, highlighting the significant capital requirements inherent in late-stage clinical biotechnology development.
Management's expense discipline is currently secondary to the necessity of funding global clinical trials. The reliance on non-dilutive funding sources like the French Research Tax Credit remains a critical, yet potentially volatile, component of their overall cost management strategy.
Quick answers to the most common questions about buying NBTX stock.
For fiscal year 2025, Nanobiotix S.A. (NBTX) reported total revenue of $29.6M. This represents a 2079.1% increase compared to $1.4M in 2011.
Nanobiotix S.A. (NBTX) reported a net loss of $24.0M for the fiscal year ending 2025.
Nanobiotix S.A. (NBTX) reported an operating income of $-10.8M, resulting in an operating profit margin of -36.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Nanobiotix S.A. (NBTX) generated $29.6M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.