Why Are Nanobiotix Shares Plummeting Today? - Nanobiotix (NASDAQ:NBTX)

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.