Nanobiotix is a late clinical stage biotech company focused on developing potentially differentiated, physics-based nanotherapeutics to treat cancer, the analyst tells investors in a research note. The firm says the company's lead product candidate, NBTXR3, is a first-in-class therapeutic designed to improve the outcomes of external beam radiation therapy, a mainstay of localized treatment for many types of cancer. It thinks additional visibility on NBTXR3's potential in other indications ahead of a possible Phase III interim analysis in head and neck squamous cell carcinoma in 2026 could offer near-term share upside.