Revenue contracted 86.1% year over year to $3.7M in 2026Q2 as R&D fell 46% from $22.0M in 2024Q2 to $11.8M, yet the operating loss remained $20.1M and the net loss widened to $34.7M on a $14.6M non-operating drag.
Nanobiotix S.A. (NBTX) annual income statement — 15-year revenue, gross profit & net income history
| Metric | TTM | 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 | 16.86M | 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 % | -65.56% | 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 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 13.16M | 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 % | 78.1% | 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 | 91.71M | 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 | 40.58M | 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 | 53.49M | 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 | -478.34K | -2.88M | 134K | 2.54M | 985K | 5.41M | -188K | 0 | 0 | 1K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -75.66M | -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 % | -448.84% | -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 | -73.06M | -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 % | -433.42% | -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 % | -7.12% | 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) | 2.6M | 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 | -78.39M | -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 | -23.47M | -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 | 1.67M | 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 | 25.14M | 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 | -31.27M | -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 | -106.92M | -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 % | -634.33% | -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 | -1.95M | 3K | 101K | 120K | 10K | 5K | 9K | 3K | 0 | 0 | 90.42K | 0 | 79.27K | 0 | 78.89K | 30.67K |
| Effective Tax Rate % | 1.83% | -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 | -104.97M | -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 % | -622.75% | -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 % | -13.78% | 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) | -104.97M | -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 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.15 | -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 % | 10.61% | 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 | 48.88M | 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 | 48.88M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Lumpy collaboration revenue dependence
Revenue Base Driven by Lumpy Contracts
Nanobiotix's revenue base appears contract-driven rather than commercial: the quarterly top line swung from $32.9M in 2023Q4 to negative $16.5M in 2024Q4 before falling to $3.7M in 2026Q2, an 86.1% year-over-year decline, according to the company's quarterly income statement data.
The $3.7M recorded in 2026Q2 follows a $26.6M print in 2025Q2, so the -86.1% growth figure reflects a recognition event collapsing rather than any evidenced demand erosion, meaning no reliable organic growth rate can be derived from this series. Because zero cost of sales is recorded in all ten periods, the receipts appear to carry no production cost, which suggests the revenue line should be modeled as a contractual event stream rather than a growing commercial franchise.
2024 Reversal Reshaped the Loss Profile
The 2024Q4 quarter stands out as the income statement's decisive inflection, with revenue of negative $16.5M driving gross profit negative and the widest operating loss in the ten-quarter series since 2021 at $44.7M, based on Nanobiotix's reported quarterly figures.
Revenue below zero implies a reversal or return of previously recognized partnership consideration rather than a commercial shortfall, and this event appears to have prompted the subsequent R&D reset from $22.0M in 2024Q2 down to $11.8M in 2026Q2. The lasting impact is a materially smaller cost base, but one now paired with a top line roughly one-eighth of its 2023Q4 level, leaving the operating loss still near its historical range despite the trimming.
Cost Cuts Trail Revenue Collapse
Nanobiotix has cut research spending from $22.0M in 2024Q2 to $11.8M in 2026Q2, a 46% reduction, yet the operating loss only narrowed to $20.1M as revenue fell 86% year over year, per reported quarterly statements, indicating negative rather than positive operating leverage.
A 46% reduction in R&D outlays has compressed the quarterly operating loss only from $23.7M to $20.1M over the same window, which suggests program spend is not scaling in line with the income statement's top line. SG&A has proven stickier than R&D, easing just $0.6M from $11.3M in 2025Q2 to $10.7M in 2026Q2, implying further loss reduction may demand more structural action than pipeline pruning.
R&D Dominates a Fixed-Looking Cost Base
Research and development remains the dominant cost line at $11.8M in 2026Q2 versus SG&A of $10.7M, and the two together of $22.5M exceeded revenue of $3.7M roughly six-fold, according to Nanobiotix's latest reported income statement.
R&D has trended down from a $22.0M peak in 2024Q2 to $11.8M in 2026Q2, while SG&A has held in a narrow $8.2M–$11.3M band, which suggests management is prioritizing pipeline pruning over commercial infrastructure build-out. Combined operating spend of $22.5M against $3.7M of revenue means the income statement alone covers only a small fraction of activity, with the remainder funded from sources not detailed in the supplied data.
Non-Operating Items Drive Net Loss Gap
Below-the-line items appear to be a recurring drag: Nanobiotix's 2026Q2 net loss of $34.7M exceeded its $20.1M operating loss by $14.6M, and comparable gaps of roughly $10M recurred in 2022Q4 and 2023Q4, per the company's quarterly disclosures.
Because the net loss has consistently run $10M–$15M deeper than the operating loss, FX or financial-instrument movements may be distorting the bottom line in a way that obscures underlying operating performance. Stock-based compensation of $1.3M–$2.4M per quarter remains a modest contributor, while the implied share count appears to have risen from roughly 34.6M in 2022Q2 to about 49M in 2026Q2, pointing to dilution rather than SBC as the primary EPS headwind. Analysts should note that the margin ratios reported in this series do not reconcile to the absolute line items, warranting independent verification against primary filings.
Collaboration Revenue Lacks Reproducibility
The bear case is revenue irreproducibility: with zero COGS across all reported periods, the 100% gross margin reflects licensing-type receipts rather than product economics, and a single reversal quarter in 2024Q4 produced negative $16.5M of revenue, per Nanobiotix's filings.
Given that no cost of sales appears in any period, the gross margin carries limited analytical content, and the top line appears driven by milestone receipts that have already been shown to reverse — a fragility the negative revenue quarter evidences directly. Peer context sharpens the concern: Novocure converts $655.4M of revenue into a 74.5% gross margin, whereas Nanobiotix offers no comparable commercial anchor during development. Investors should weigh that the operating loss remains close to its historical floor despite an R&D reduction of roughly half, which implies a fixed-cost structure that will only compress through more painful cuts.