Why Are Nanobiotix Shares Plummeting Today?

  • Nanobiotix NBTX shares are trading lower after the company raised going concerns in its Q4 earnings release.
  • The company noted net losses of €57.0 million in 2022 and a net decrease in cash and cash equivalents of €42.5 million in 2022. 
  • On December 31, 2022, the accumulated deficit was €227.3 million, and the negative working capital was €22.7 million. 
  • Also Read: Nanobiotix Posts Updated Data For Radiotherapy-Activated Cancer Therapy In Head & Neck Cancer Patients.
  • Nanobiotix expects to continue to incur significant expenses related to developing and manufacturing nanotechnology product candidates such as NBTXR3 and conducting clinical studies. 
  • The company also noted that the EIB loan contains covenants that require maintenance of minimum cash & cash equivalent balances, sufficient to fund till Q3 FY23, that limit the availability of cash resources to pursue operational needs.
  • Reported €41.4 million in cash and cash equivalents as of December 31, 2022.
  • Nanobiotix has obtained a €15 million temporary waiver until July 31, 2023, and has agreed with the EIB to automatically extend it until January 31, 2024, should a business development partnership, collaborative or strategic alliance have become effective before July 31, 2023.
  • The company is also pursuing additional funding through one or more possible new partnerships, collaborative or strategic alliances.
  • Price Action: NBTX shares are down 34.6% at $2.80 on the last check Tuesday.
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