Massive dilution looms; monitor final pricing and overallotment exercise. Positive pipeline catalysts may limit downside, but the equity raise dominates near-term sentiment. Consider the impact on existing holders.
Price Chart
Executive Summary
Nanobiotix filed a preliminary prospectus supplement for a global offering of up to 75,000,000 ordinary shares (including ADSs) and pre-funded warrants. The massive dilution (~155% of current shares outstanding) is the dominant event, despite positive early clinical data for JNJ-1900 (NBTXR3). Proceeds will fund pipeline acceleration, but the offering size greatly exceeds the company's existing market cap.
Key Facts
- Offering of up to 75,000,000 ordinary shares (including ADSs) and pre-funded warrants
- As of Dec 31, 2025, the company had 48,410,068 ordinary shares outstanding
- Underwriters have a 30-day option to purchase additional ordinary shares
- Last reported prices: ordinary shares €38.48 on Euronext Paris, ADSs $46.20 on Nasdaq
- Proceeds expected to accelerate JNJ-1900 (NBTXR3) and Nanoprimer platform development
- Positive Part 1 CONVERGE data (85.7% ORR, 57.1% CRR in 7 patients) and NANORAY-312 protocol amendment noted
Financial Impact
Undisclosed amount; 75M shares could raise well over $1B at recent prices, but final pricing is not yet set
Risk Factors
- Extreme dilution of existing shareholders
- Offering size may reduce stock price significantly
- No guarantee of successful pipeline milestones
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001140361-26-022247 |
| Document: 0001140361-26-022247-index-headers.html | 0001140361-26-022247 |
| Document: 0001140361-26-022247-index.html | 0001140361-26-022247 |
| Document: 0001140361-26-022247.txt | 0001140361-26-022247 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 5, 2026 20w ago | 6-K | — | awaiting T+20 | — | — |
Jun 2, 2026 21w ago | 6-K | — | awaiting T+20 | — | — |
May 26, 2026 21w ago | 6-K | — | awaiting T+20 | — | — |
May 26, 2026 21w ago | 6-K | — | awaiting T+20 | — | — |
May 22, 2026 22w ago | 6-K | — | awaiting T+20 | — | — |
May 22, 2026 22w ago | 424B5 | — | awaiting T+20 | — | — |
May 21, 2026 22w ago | 6-K | — | awaiting T+20 | — | — |
May 21, 2026 22w ago | 6-K | — | awaiting T+20 | — | — |
May 20, 2026 22w ago | 6-K | — | awaiting T+20 | — | — |
May 20, 2026 22w ago | 424B5 | — | awaiting T+20 | — | — |
US Market Status
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