The company's financial position has weakened significantly, with total debt rising to $95.3 million in 2025Q4 compared to $46.0 million in 2021Q4, resulting in negative equity of $84.5 million.
| Metric | 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 |
|---|
| Total Current Assets | 62.75M | 61.47M | 87.34M | 52.36M | 93.06M | 125.25M | 46.13M | 42.65M | 53.11M | 26.89M | 22.95M | 35.5M | 6.89M | 13.54M | 2.33M |
| Cash & Short-Term Investments | 52.75M | 49.74M | 75.28M | 41.39M | 84.17M | 119.15M | 35.09M | 36.2M | 47.21M | 21.06M | 17M | 32.99M | 5M | 12.36M | 898.52K |
| Cash Only | 52.75M | 49.74M | 75.28M | 41.39M | 83.92M | 119.15M | 35.09M | 36.2M | 47.21M | 21.06M | 17M | 32.99M | 5M | 12.36M | 898.52K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 7.68M | 8.54M | 2.97M | 2.84M | 3.89M | 3.88M | 1.26M | 997K | 844K | 5.21K | 707.38K | 62.91K | 61.79K | 8.29K | 1.35M |
| Days Sales Outstanding | 94.57 | -433.28 | 29.91 | 217.2 | 537.02 | 608.36 | 180.42 | 104.6 | 82.77 | 0.35 | 64.3 | 8.29 | 14.13 | 3.12 | 361.3 |
| Inventory | 0 | 0 | 200K | 2.98M | 0 | 0 | 2.67M | 1.09M | -4.9M | -5.03M | 1.21M | 473.94K | 199.54K | -1.07M | 87.81K |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 2K | -1K | 6.33M | 2.17M | 3.04M | 0 | 4.43M | 5.33M | 4.73M | 5.02M | 4.66M | 2.04M | 1.69M | 0 | 0 |
| Total Non-Current Assets | 5.01M | 5.95M | 6.56M | 7.41M | 8.71M | 8.78M | 10.08M | 3.54M | 4.36M | 3.51M | 3.47M | 1.55M | 544.95K | 484.73K | 580.46K |
| Property, Plant & Equipment | 4.57M | 5.54M | 6.11M | 7.12M | 8.19M | 8.26M | 9.39M | 2.88M | 2.99M | 2.43M | 2.43M | 1.29M | 467.73K | 416.13K | 510.79K |
| Fixed Asset Turnover | 6.49x | -1.30x | 5.93x | 0.67x | 0.32x | 0.28x | 0.27x | 1.21x | 1.24x | 2.23x | 1.65x | 2.14x | 3.41x | 2.33x | 2.66x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 10K | 7K | 8K | 1K | 4K | 21K | 163K | 102K | 135.97K | 4.45K | 7.53K | 9.94K | 9.07K | 0 | 6.51K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 98K | 105K | 131K | 176K | 272.93K | 242.22K | 218.12K | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 434K | 406K | 443K | 291K | 421K | -1K | -1K | 382K | 0 | 0 | 0 | 247.35K | 68.14K | 68.6K | 63.16K |
| Total Assets | 67.76M | 67.42M | 93.9M | 59.77M | 101.77M | 134.03M | 56.2M | 46.2M | 57.47M | 30.4M | 26.42M | 37.05M | 7.44M | 14.02M | 2.91M |
| Asset Turnover | 0.44x | -0.11x | 0.39x | 0.08x | 0.03x | 0.02x | 0.05x | 0.08x | 0.06x | 0.18x | 0.15x | 0.07x | 0.21x | 0.07x | 0.47x |
| Asset Growth % | 0.51% | -28.2% | 57.1% | -41.27% | -24.07% | 138.47% | 21.67% | -19.61% | 89.02% | 15.08% | -28.7% | 398.12% | -46.96% | 381.38% | - |
| Total Current Liabilities | 57.51M | 58.94M | 49.87M | 37.94M | 36.84M | 19.04M | 14.35M | 11.6M | 9.35M | 8.25M | 7.1M | 4.42M | 3.28M | 2.16M | 1.41M |
| Accounts Payable | 6.58M | 4.48M | 6.7M | 4M | 5M | 5.57M | 6.15M | 4.54M | 5.14M | 4.37M | 3.59M | 2.23M | 1.35M | 279.36K | 399.82K |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 3.1M | 3.66M | 3.82M | 3.6M | 7.08M | 3.67M | 500K | 500K | 770K | 1.08M | 1.07M | 320.97K | 231.04K | 360.31K | 295.44K |
| Deferred Revenue (Current) | 36.22M | 18.16M | 18.23M | 16.57M | 16.77M | 0 | 7.11M | 93K | 2.96M | 2.23M | 1.79M | 1.43M | 1.04M | 1.52M | 719.35K |
| Other Current Liabilities | 430K | 8.27M | 760K | 7.41M | 5.39M | 7.06M | -6.7M | 567K | 807.47K | 556.3K | -790.5K | -778.44K | -233.09K | 577.59K | 645.81K |
| Current Ratio | 1.09x | 1.04x | 1.75x | 1.38x | 2.53x | 6.58x | 3.22x | 3.68x | 5.68x | 3.26x | 3.23x | 8.03x | 2.10x | 6.27x | 1.65x |
| Quick Ratio | 1.09x | 1.04x | 1.75x | 1.30x | 2.53x | 6.58x | 3.03x | 3.58x | 6.20x | 3.87x | 3.06x | 7.92x | 2.04x | 6.76x | 1.59x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 94.74M | 74.19M | 45.87M | 48.88M | 38.13M | 44.52M | 43.77M | 20.36M | 4.19M | 4.76M | 3.7M | 2.31M | 974.93K | 1.17M | 573.18K |
| Long-Term Debt | 89.12M | 43.01M | 41.66M | 44.04M | 32.42M | 39.12M | 37.62M | 20.02M | 3.75M | 4.58M | 3.53M | 2M | 875.17K | 1.07M | 526.77K |
| Capital Lease Obligations | 1.89M | 2.97M | 3.88M | 4.57M | 5.39M | 4.99M | 5.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 3.73M | 28.21M | 325K | 270K | 318K | 414K | 332K | 334K | 446.27K | 175.21K | 173.91K | 312.33K | 99.77K | 95.37K | 46.41K |
| Total Liabilities | 152.24M | 133.12M | 95.74M | 86.81M | 74.98M | 63.56M | 58.11M | 31.95M | 13.54M | 13M | 10.81M | 6.74M | 4.26M | 3.33M | 1.99M |
| Total Debt | 95.32M | 50.9M | 50.56M | 53.17M | 46.02M | 48.98M | 44.53M | 20.52M | 4.73M | 5.67M | 4.6M | 2.32M | 1.11M | 1.43M | 822.21K |
| Net Debt | 42.57M | 1.17M | -24.72M | 11.78M | -37.9M | -70.17M | 9.43M | -15.68M | -42.48M | -15.39M | -12.4M | -30.66M | -3.9M | -10.93M | -76.31K |
| Debt / Equity | - | - | - | - | 1.72x | 0.70x | - | 1.44x | 0.11x | 0.33x | 0.29x | 0.08x | 0.35x | 0.13x | 0.89x |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -1.30x | -8.44x | -3.04x | -7.83x | -67.43x | -109.96x | -9.76x | -35.50x | -233.15x | -213.84x | -288.01x | -172.63x | -332.90x | -66.92x | -169.52x |
| Total Equity | -84.48M | -65.7M | -1.84M | -27.05M | 26.79M | 70.47M | -1.91M | 14.24M | 43.92M | 17.4M | 15.61M | 30.32M | 3.18M | 10.7M | 925.53K |
| Equity Growth % | -28.58% | -3463.07% | 93.18% | -200.95% | -61.98% | 3791.36% | -113.4% | -67.57% | 152.45% | 11.45% | -48.5% | 852.78% | -70.25% | 1055.72% | - |
| Book Value per Share | -1.77 | -1.39 | -0.05 | -0.78 | 0.77 | 2.89 | -0.09 | 0.73 | 2.51 | 1.14 | 1.10 | 2.36 | 0.30 | 1.30 | 0.60 |
| Total Shareholders' Equity | -84.48M | -65.7M | -1.84M | -27.05M | 26.79M | 70.47M | -1.91M | 14.24M | 43.92M | 17.4M | 15.61M | 30.32M | 3.18M | 10.7M | 925.53K |
| Common Stock | 1.45M | 1.42M | 1.41M | 1.05M | 1.04M | 1.03M | 672K | 589K | 589K | 478.96K | 424.97K | 421.94K | 322.87K | 322.57K | 230.32K |
| Retained Earnings | -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 |
| Treasury Stock | -228K | -228K | -228K | -228K | -202K | -196K | -169K | -124K | -27K | -57.77K | -81.88K | -74.49K | -221.66K | -195.21K | 0 |
| Accumulated OCI | -376.14M | -311.51M | -276.07M | -226.58M | -182.82M | -152.51M | -104.64M | -78.68M | -54.28M | -35.44M | -20.36M | -12.32M | -4.33M | 385.57K | -9.66M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital structure dilution risk
As reported in financial statements, NBTX's balance sheet has weakened significantly, with equity falling to negative $84.5 million in 2025Q4 from a positive $41.4 million in 2021Q2, driven by persistent operating losses and the accumulation of debt obligations to fund clinical development.
The consistent erosion of shareholder equity suggests that the company is consuming its capital base to sustain long-term R&D efforts. Investors should monitor whether this trajectory necessitates further dilutive financing, as the current trend indicates a structural reliance on external capital to offset operational deficits.
According to recent SEC filings, NBTX's debt load has climbed to $95.3 million as of 2025Q4, representing a substantial increase from the $46.0 million reported in 2021Q4, which complicates the company's financial flexibility while it remains in the high-risk clinical trial phase.
The rise in debt relative to total assets suggests that the company is increasingly leveraging its balance sheet to bridge the gap between milestone payments. This shift warrants further investigation into the interest burden and potential covenants that could restrict operational agility during the critical NANORAY-312 trial period.
Based on reported figures, the current ratio has fluctuated to 1.09 in 2025Q4, down from a peak of 3.05 in 2021Q2, indicating that the company's ability to cover short-term obligations is narrowing as cash reserves are depleted by ongoing clinical and administrative expenses.
The decline in liquidity suggests that the company may face increasing pressure to secure non-dilutive funding or additional partnership milestones to maintain its current operational pace. A current ratio near parity implies limited room for error in managing working capital requirements against the backdrop of high cash burn.
As evidenced by the balance sheet, deferred revenue has reached $36.2 million in 2025Q4, which acts as a significant liability that masks the company's true cash-generative capacity and complicates the interpretation of its underlying solvency and long-term financial obligations to licensing partners.
While deferred revenue provides a view into future milestone recognition, it also represents a performance obligation that must be fulfilled, potentially creating future operational bottlenecks. Investors should be cautious, as this liability does not represent cash available for operations but rather a commitment to deliver clinical progress.
Quick answers to the most common questions about buying NBTX stock.
As of 2025, Nanobiotix S.A. (NBTX) had total assets of $67.8M including $62.8M in current assets.
Nanobiotix S.A. (NBTX) carries total debt of $95.3M, offset by $52.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Nanobiotix S.A. (NBTX) has total shareholders' equity (book value) of $-84.5M ($-1.77 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Nanobiotix S.A. (NBTX) reported a current ratio of 1.09x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.