TD Cowen initiated coverage on Nanobiotix S.A. with a Buy recommendation, pointing to the company’s physics-driven platform technologies and their ability to enhance radiotherapy outcomes across multiple tumor types. The research note calls out NBTXR3, Nanobiotix’s lead product candidate, as a core driver of the thesis due to its capacity to amplify radiotherapy effects.
At the time of the initiation, the equity was trading at $21.03 and has recorded a 497% return over the prior year. The research firm emphasized the platform’s non-biological mechanism of action, describing the technologies as broadly applicable and not limited by biological constraints.
TD Cowen referenced clinical evidence for NBTXR3 in locally advanced head and neck squamous cell carcinoma, stating that the agent doubled historical survival rates in that indication. The firm expressed confidence that ongoing studies will produce similarly strong results. In particular, the Johnson & Johnson-led Phase III trial was singled out as a forthcoming catalyst that the analyst believes "should be equally impressive." The note also identified locally advanced non-small cell lung cancer as another indication where positive outcomes could be realized.
On the revenue front, TD Cowen suggested that successful data from LA-NSCLC could support approximately $1 billion in royalty revenue. The research team further identified potential upside from more than four additional tumor types, as well as from Nanobiotix’s Curadigm and OOcuity platforms.
From a financial perspective, Nanobiotix’s market capitalization stands at $1.03 billion while the company continues to report negative EBITDA. Over the last twelve months, the firm recorded an EBITDA of -$51.64 million, underscoring that the company is not yet profitable despite strong share-price performance.
Separately, Leerink Partners revised its price target on Nanobiotix to $26.00 from $24.00 and maintained an Outperform rating. Leerink attributed the change in part to the company’s third-quarter 2025 cash-balance update and pipeline progress, which the firm said aligned with its expectations. A financing agreement with Healthcare Royalty was noted as a material factor in Leerink’s reassessment.
The research commentary also pointed to additional analyst and subscription research materials that provide further commentary and eight supplementary ProTips covering financial health metrics and growth projections in a detailed research report.
Investors evaluating Nanobiotix will weigh the promising clinical signals and potential royalty economics against the company’s current negative EBITDA and the need for confirmatory data from pivotal trials. The combination of a Buy initiation from TD Cowen and an increased price target from another firm highlights differing analytical inputs shaping market expectations.
Key points
- TD Cowen initiated coverage on Nanobiotix with a Buy rating, citing physics-based platform advantages and NBTXR3’s ability to enhance radiotherapy.
- NBTXR3 reportedly doubled historical survival in LA-HNSCC; a Johnson & Johnson-led Phase III trial and studies in LA-NSCLC are expected to be important near-term readouts.
- Nanobiotix trades near $21.03 after a 497% one-year return, but carries a $1.03 billion market cap and posted an EBITDA loss of $51.64 million over the last twelve months.
Risks and uncertainties
- Clinical-readout risk - Key trials, including the J&J-led Phase III study, may not deliver the anticipated results; this affects biotech and healthcare market exposure.
- Profitability and cash-flow risk - The company reported negative EBITDA over the past twelve months, reflecting continued operating losses that could impact its financial resilience in a broader equity-market context.
- Dependence on financing and partnerships - Recent financing activity and agreements, such as the one with Healthcare Royalty, underscore reliance on external capital and partner-led trials, which introduce execution and funding risks across the healthcare and capital markets.
Conclusion
TD Cowen’s Buy rating frames Nanobiotix as a clinical-stage company with a distinct, physics-based approach to enhancing radiotherapy and meaningful potential revenue levers if pivotal trials succeed. At the same time, the firm’s negative EBITDA and the need for confirmatory trial outcomes leave material uncertainty. Market participants will be watching upcoming trial results and financing developments closely.