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Share-based payments | 12 Months Ended
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Dec. 31, 2024
Disclosure of terms and conditions of share-based payment arrangement [abstract] |
Share-based payments | Note 18. Share-based payments Accounting policy Since its inception, the Company has granted stock options (option sur actions, ‘‘OSA’’), warrants (bons de souscription d’actions, ‘‘BSA’’), founders’ warrants (bons de souscription de parts de créateur d’entreprise, ‘‘BSPCE’’) and free shares (attributions gratuites d’actions, ‘‘AGA’’) to corporate officers, employees and members of the Supervisory Board and consultants. In certain cases, exercise of the options and warrants is subject to performance conditions. The Company has no legal or contractual obligation to pay the options in cash. These share-based compensation plans are settled in equity instruments. The Company has applied IFRS 2 – Share-based Payment to all equity instruments granted to employees since 2006. As required by IFRS 2 – Share-based Payment, the cost of compensation paid in the form of equity instruments is recognized as an expense, with a corresponding increase in shareholders’ equity for the vesting period during which the rights with respect to the equity instruments are earned. The fair value of the equity instruments granted to employees is measured using the Black-Scholes or Monte Carlo model, as described below. At each closing date, the number of options likely to become exercisable is re-examined. If applicable, changes to the estimated number of options expected to become exercisable are recognized in the consolidated statement of operations with a corresponding adjustment in equity. Detail of share-based payments The number of warrants and options outstanding on December 31, 2024 and their main characteristics, are detailed below: Founders’ warrants
| Pre-2024 founders’ warrant plan
|  | BSPCE 09-2014 |  | BSPCE 2015-1 |  | BSPCE 2015-03 |  | BSPCE 2016 Ordinary |  | BSPCE 2016 Performance |  | BSPCE 2017 Ordinary |  | BSPCE 2017
Type of underlying asset |  | New shares |  | New shares |  | New shares |  | New shares |  | New shares |  | New shares |  | New shares
Number of founder’s warrants granted |  | 97,200 |  | 71,650 |  | 53,050 |  | 126,400 |  | 129,250 |  | 117,650 |  | 80,000
Date of shareholders' resolution approving the plan |  | 06/18/2014 |  | 06/18/2014 |  | 06/18/2014 |  | 06/25/2015 |  | 06/25/2015 |  | 06/23/2016 |  | 06/23/2016
Grant date |  | 09/16/2014 |  | 02/10/2015 |  | 06/10/2015 |  | 02/02/2016 |  | 02/02/2016 |  | 01/07/2017 |  | 01/07/2017
Contractual expiration date |  | 09/16/2024 |  | 02/10/2025 |  | 06/10/2025 |  | 02/02/2026 |  | 02/02/2026 |  | 01/07/2027 |  | 01/07/2027
Grant price |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Exercise price |  | €18.68 |  |  | €18.57 |  |  | €20.28 |  |  | €14.46 |  |  | €14.46 |  |  | €15.93 |  |  | €15.93 |
Number of founders’ warrants as of December 31, 2024 |  | — |  | 67,750 |  | 27,350 |  | 96,817 |  | 98,100 |  | 97,050 |  | 80,000
Number of founders’ warrants exercised |  | — |  | — |  | — |  | 333 |  | — |  | — |  | —
Including founders’ warrants exercised during the period |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Number of founders’ warrants lapsed or cancelled |  | 97,200 |  | 3,900 |  | 25,700 |  | 29,250 |  | 31,150 |  | 20,600 |  | —
Including founders’ warrants lapsed or cancelled during the period |  | 85,750 |  | 350 |  | 1,050 |  | 1,050 |  | 1,050 |  | 1,050 |  | —
Warrants (BSA)
|  | Pre-2024 warrant plans
|  | BSA 2014 |  | BSA 2015-1 |  | BSA 2015-2 (a) |  | BSA 2018-2 |  | BSA 2019-1 |  | BSA 2020 |  | BSA 2021 (a)
Type of underlying assets |  | New shares |  | New shares |  | New shares |  | New shares |  | New shares |  | New shares |  | New shares
Number of warrants granted |  | 14,000 |  |  | 26,000 |  |  | 64,000 |  |  | 5,820 |  |  | 18,000 |  |  | 18,000 |  |  | 48,103 |
Date of shareholders' resolution approving the plan |  | 06/18/2014 |  | 06/18/2014 |  | 06/18/2014 |  | 05/23/2018 |  | 05/23/2018 |  | 04/11/2019 |  | 11/30/2020
Grant date |  | 09/16/2014 |  | 02/10/2015 |  | 06/25/2015 |  | 07/27/2018 |  | 03/29/2019 |  | 03/17/2020 |  | 04/20/2021
Contractual expiration date |  | 09/16/2024 |  | 02/10/2025 |  | 06/25/2025 |  | 07/27/2028 |  | 03/29/2029 |  | 03/17/2030 |  | 04/20/2031
Grant price |  | €4.87 |  |  | €4.87 |  |  | €5.00 |  |  | €2.36 |  |  | €1.15 |  |  | €0.29 |  |  | €2.95 |
Exercise price |  | €17.67 |  |  | €17.67 |  |  | €19.54 |  |  | €16.10 |  |  | €11.66 |  |  | €6.59 |  |  | €13.47 |
Number of warrants as of December 31, 2024 |  | — |  |  | 21,000 |  |  | 64,000 |  |  | 5,820 |  |  | 18,000 |  |  | 18,000 |  |  | 14,431 |
Number of warrants exercised |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Including warrants exercised during the period |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Number of warrants lapsed or cancelled |  | 14,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 33,672 |
Including warrants lapsed or cancelled during the period |  | 10,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Pre-2024 stock option plans |  |  |  | 2024 stock options plan
|  | OSA 2016-1 Performance |  | OSA 2016-2 |  | OSA 2017 Ordinary |  | OSA 2018 |  | OSA 2019-1 |  | OSA LLY 2019 |  | OSA 2020 |  | OSA 2021-04 |  | OSA 2021-06 |  | OSA 2022-06 Ordinary |  | OSA 2022-06 Performance |  | OSA 2023-01 Ordinary |  | OSA 2024-01 Ordinary
Type of underlying asset |  | New shares |  | New shares |  | New shares |  | New shares |  | New shares |  | New shares |  | New shares |  | New shares |  | New shares |  | New shares |  | New shares |  | New shares |  | New shares
Number of options granted |  | 6,400 |  |  | 4,000 |  |  | 3,500 |  |  | 62,000 |  |  | 37,500 |  |  | 500,000 |  |  | 407,972 |  |  | 571,200 |  |  | 120,000 |  |  | 410,500 |  |  | 170,400 |  |  | 338,860 |  |  | 1,224,780 |
Date of shareholders' resolution approving the plan |  | 06/25/2015 |  | 06/23/2016 |  | 06/23/2016 |  | 06/14/2017 |  | 05/23/2018 |  | 04/11/2019 |  | 04/11/2019 |  | 11/30/2020 |  | 04/28/2021 |  | 04/28/2021 |  | 11/30/2020 |  | 06/27/2023 |  | 05/23/2024
Grant date |  | 02/02/2016 |  | 11/03/2016 |  | 01/07/2017 |  | 03/06/2018 |  | 03/29/2019 |  | 10/24/2019 |  | 03/11/2020 |  | 04/20/2021 |  | 06/21/2021 |  | 06/22/2022 |  | 06/22/2022 |  | 07/20/2023 |  | 05/23/2024
Contractual expiration date |  | 02/02/2026 |  | 11/03/2026 |  | 01/07/2027 |  | 03/06/2028 |  | 03/29/2029 |  | 10/24/2029 |  | 03/11/2030 |  | 04/20/2031 |  | 06/21/2031 |  | 06/22/2032 |  | 06/22/2032 |  | 07/20/2033 |  | 05/23/2034
Grant price |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Exercise price |  | €13.05 |  |  | €14.26 |  |  | €14.97 |  |  | €12.87 |  |  | €11.08 |  |  | €6.41 |  |  | €6.25 |  |  | €13.74 |  |  | €12.99 |  |  | €4.16 |  |  | €4.16 |  |  | €5.00 |  |  | €5.81 |
Number of options as of December 31, 2024 |  | 400 |  |  | 4,000 |  |  | 500 |  |  | 50,000 |  |  | 24,750 |  |  | 500,000 |  |  | 368,707 |  |  | 384,132 |  |  | 120,000 |  |  | 386,333 |  |  | 133,080 |  |  | 318,860 |  |  | 1,221,540 |
Number of options exercised |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Number of options as of Including options exercised during the period |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Number of options lapsed or cancelled |  | 6,000 |  |  | — |  |  | 3,000 |  |  | 12,000 |  |  | 12,750 |  |  | — |  |  | 39,265 |  |  | 187,068 |  |  | — |  |  | 24,167 |  |  | 37,320 |  |  | 20,000 |  |  | 3,240 |
Including options lapsed or cancelled during the period |  | — |  |  | — |  |  | — |  |  | 2,000 |  |  | 1,000 |  |  | — |  |  | 9,068 |  |  | 12,068 |  |  | — |  |  | 8,167 |  |  | 13,110 |  |  | — |  |  | 3,240 |
Free shares
|  | Pre-2024 free shares plan vested | Pre-2024 free shares plan not yet vested
|  | AGA 2022 | AGA 2023 - P1 |  | AGA 2023 - P1
Type of underlying assets |  | New shares | New shares |  | New shares
Number of free shares granted |  | 300,039 | 427,110 |  | 439,210
Date of shareholders' resolution approving the plan |  | 04/28/2021 | 06/27/2023 |  | 06/27/2023
Grant date |  | 06/22/2022 | 06/27/2023 |  | 06/27/2023
Grant price |  | — |  | — |  |  | — |
Exercise price |  | — |  | — |  |  | — |
Number of free shares as of December 31, 2024 |  | — | 392,460 |  | 423,460
Number of free shares exercised |  | 293,523 | — |  | —
Including free shares exercised during the period |  | 293,523 | — |  | —
Number of free shares lapsed or cancelled |  | 6,516 | 34,650 |  | 15,750
Including free shares lapsed or cancelled during the period |  | 253 | 8,500 |  | 9,100
|  | BSPCE |  | BSA |  | OSA |  | AGA |  | Total
Total number of shares underlying grants outstanding as of December 31, 2024 |  | 467,067 |  | 141,251 |  | 3,512,302 |  | 815,920 |  | 4,936,540
|  | BSPCE |  | BSA |  | OSA |  | AGA |  | Total
Total number of shares underlying grants outstanding as of December 31, 2023 |  | 557,367 |  | 151,251 |  | 2,336,175 |  | 1,127,296 |  | 4,172,089
|  | BSPCE |  | BSA |  | OSA |  | AGA |  | Total
Total number of shares underlying grants outstanding as of December 31, 2022 |  | 614,726 |  | 185,251 |  | 2,059,523 |  | 653,746 |  | 3,513,246
The measurement methods used to estimate the fair value of stock options, warrants and free shares are described below: •The share price on the grant date is equal to the exercise price, except for the BSA 2014 which exercise price was set at €17.67, taking into account both the average share price on the 20 days preceding the grant date and the expected development perspectives of the Company; •The risk-free rate was determined based on the average life of the instruments; and •Volatility was determined based on volatility observed on Nanobiotix shares on the grant date and for a period equal to the life of the warrant or option The performance conditions for all of the plans were assessed as follows: •Performance conditions unrelated to the market were analyzed to determine the likely exercise date of the warrants and options and expense was recorded accordingly based on the probability these conditions would be met; and •Market-related performance conditions were directly included in the calculation of the fair value of the instruments. The fair value of the warrants and options was measured using the Black-Scholes model. The probability of meeting the performance conditions for the 2016 BSPCE, BSA and OSA performance plans was reassessed as of December 31, 2024. The threshold of 500 patients enrolled in all our clinical studies was reached in December 2023.
BSPCE | Share price (in euros) | Exercise price (in euros) | Volatility | Maturity (in years) | Risk-free rate | Yield | Value of initial plan (in thousands of euros) | Expense for the year ended 2024 (in thousands of euros) | Expense for the year ended 2023 (in thousands of euros) | Expense for the year ended 2022 (in thousands of euros)
BSPCE 09-2014 | 18.68 |  | 18.68 |  | 58 | % | 5.5/6/6.5 | 0.64 | % | 0.00 | % | 965 |  | — |  | — |  | — |
BSPCE 2015-1 | 18.57 |  | 18.57 |  | 58% - 62% - 61% | 5.5/6/6.5 | 0.39 | % | 0.00 | % | 50 |  | — |  | — |  | — |
BSPCE 2015-3 | 20.28 |  | 20.28 |  | 61% - 62% - 61% | 5.5/6/6.5 | 0.56 | % | 0.00 | % | 483 |  | — |  | — |  | — |
BSPCE 2016 Ordinary | 14.46 |  | 14.46 |  | 59% - 62% - 60% | 5.5/6/6.5 | 0.32 | % | 0.00 | % | 1,080 |  | — |  | — |  | — |
BSPCE 2016 Performance | 14.46 |  | 14.46 |  | 59 | % | 5 | 0.19 | % | 0.00 | % | 1,212 |  | — |  | 18 |  | 28 |
BSPCE 2017 Ordinary | 15.93 |  | 15.93 |  | 58% - 61% - 59% | 5.5/6/6.5 | 0.23 | % | 0.00 | % | 1,000 |  | — |  | — |  | — |
BSPCE 2017 Performance | 15.93 |  | 15.93 |  | 59 | % | 5 | 0.11 | % | 0.00 | % | 622 |  | — |  | — |  | — |
BSPCE 2017 | 15.93 |  | 15.93 |  | 59 | % | 5 | 0.11 | % | 0.00 | % | 627 |  | — |  | — |  | — |
BSPCE 2017 Project | 15.93 | 15.93 | 59 | % | 5 | 0.11 | % | 0.00 | % | 94 |  | — |  | — |  | — |
Total BSPCE | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | — |  | 18 |  | 28 |
BSA | Share price (in euros) | Exercise price (in euros) | Volatility | Maturity (in years) | Risk-free rate | Yield | Value of initial plan (in thousands of euros) | Expense for the year ended 2024 (in thousands of euros) | Expense for the year ended 2023 (in thousands of euros) | Expense for the year ended 2022 (in thousands of euros)
BSA 2014 | 18.68 |  | 17.67 |  | 57 | % | 5 | 0.41 | % | 0.00 | % | — |  | — |  | — |  | — |
BSA 2015-1 | 17.67 |  | 17.67 |  | 58 | % | 5 | 0.26% - 0.27% | 0.00 | % | 63 |  | — |  | — |  | — |
BSA 2015-2 a | 19.54 |  | 19.54 |  | 58%-58%-57%-58% | 5/5.1/5.3/5.4 | 0.39 | % | 0.00 | % | 16 |  | — |  | — |  | — |
BSA 2015-2 b | 19.54 |  | 19.54 |  | 58% - 60% | 4.6 – 9.6 | 0.25% - 0.91% | 0.00 | % | 284 |  | — |  | — |  | — |
BSA 2018-2 | 16.10 |  | 16.10 |  | 38 | % | 4.8 | 0.7% - 0.1% | 0.00 | % | 1 |  | — |  | — |  | — |
BSA 2019-1 | 11.66 |  | 11.66 |  | 37 | % | 9.8/9.9 | 0.16% - 0.50% | 0.00 | % | 24 |  | — |  | — |  | — |
BSA 2020 | 6.59 | 6.59 | 38 | % | 10 | (0.13)% - (0.07)% | 0.00 | % | 19 |  | — |  | — |  | — |
BSA 2021 (a) | 13.47 |  | 13.47 | 39.10 | % | 10 | 0.27 | % | 0.00 | % | 44 |  | — |  | — |  | — |
Total BSA | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | — |  | — |  | — |
OSA | Share price (in euros) | Exercise price (in euros) | Volatility | Maturity (in years) | Risk-free rate | Yield | Value of initial plan (in thousands of euros) | Expense for the year ended 2024 (in thousands of euros) | Expense for the year ended 2023 (in thousands of euros) | Expense for the year ended 2022 (in thousands of euros)
OSA 2016 Ordinary | 13.05 |  | 13.05 |  | 59% - 62% - 60% | 5.5 / 6 /6.5 | 0.32 | % | 0.0 | % | 117 |  | — |  | — |  | — |
OSA 2016 Performance | 13.05 |  | 13.05 |  | 59 | % | 5 | 0.19 | % | 0.0 | % | 69 |  | — |  | — |  | — |
OSA 2016-2 | 14.26 |  | 14.26 |  | 58% - 62% - 59% | 5.5 / 6 /6.5 | 0.04 | % | 0.0 | % | 27 |  | — |  | — |  | — |
OSA 2017 Ordinary | 15.93 |  | 14.97 |  | 58% - 61% - 59% | 5.5 / 6 /6.5 | 0.23 | % | 0.0 | % | 31 |  | — |  | — |  | — |
OSA 2017 Performance | 15.93 |  | 14.97 |  | 59 | % | 5 | 0.11 | % | 0.0 | % | 35 |  | — |  | — |  | — |
OSA 2018 | 12.87 |  | 12.87 |  | 35 | % | 5.5 / 6 /6.5 | 0.00 | % | 0.0 | % | 252 |  | — |  | — |  | — |
OSA 2019-1 | 11.08 |  | 11.08 |  | 38.1% / 37.4% | 6 /6.5 | 0.103% / 0.149% | 0.0 | % | 140 |  | — |  | — |  | (1) |
OSA 2019 LLY | 6.41 |  | 6.41 |  | 37 | % | 10 | 0.40 | % | 0.0 | % | 252 |  | — |  | — |  | — |
OSA 2020 | 6.25 |  | 6.25 |  | 38 | % | 10 | 0.31 | % | 0.0 | % | 939 |  | — |  | 13 |  | 101 |
OSA 2021-04 O | 13.60 |  | 13.74 |  | 38.9% - 37.8% - 38.3% | 5.5 / 6 /6.5 | 0.38%/ 0.33%/ 0.28% | 0.0 | % | 684 |  | 5 |  | 34 |  | (28) |
OSA 2021-04 P | 13.60 |  | 13.74 |  | 39.10 | % | 10 | 0.03 | % | 0.0 | % | 1,816 |  | 226 |  | 216 |  | 163 |
OSA 2021-06 O | 12.20 |  | 12.99 |  | 39.2% / 37.9% / 38.1% | 5.5 6 6.5 | 0.35% 0.30% 0.26% | 0.0 | % | 246 |  | 13 |  | 47 |  | 107 |
OSA 2021-06 P | 12.20 |  | 12.99 |  | 39.10 | % | 10 | 0.13 | % | 0.0 | % | 212 |  | 24 |  | 24 |  | 24 |
OSA 2022-06 O | 3.68 |  | 4.16 |  | 42.06% 41.21% 40.65% | 5.5 / 6/6.5 | 1.83% / 1.87% / 1.90% | 0.0 | % | 580 |  | 86 |  | 267 |  | 178 |
OSA 2022-06 P | 3.68 |  | 4.16 |  | 40.08 | % | 10 | 2.28 | % | 0.0 | % | 80 |  | 11 |  | 20 |  | 4 |
OSA 2023 - 01 O | 6.75 |  | 5.00 |  | 45.07% - 44.11% - 43.41% | 5.55 / 6 / 6.5 | 2.85% / 2.83% / 2.82% | 0.0 | % | 1,255 |  | 544 |  | 321 |  | — |
OSA 2024 - 01 O | 5.19 |  | 5.81 |  | 53.30% / 51.9% / 50.7% | 5.4 / 5.9 / 6.4 | 3.00% / 3.02% / 3.02% | 0.0 | % | 3,107 |  | 1,138 |  | — |  | — |
Total OSA | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 2,047 |  | 941 |  | 548 |
AGA | Share price (in euros) | Exercise price (in euros) | Volatility | Maturity (in years) | Risk-free rate | Yield | Value of initial plan (in thousands of euros) | Expense for the year ended 2024 (in thousands of euros) | Expense for the year ended 2023 (in thousands of euros) | Expense for the year ended 2022 (in thousands of euros)
AGA 2020 | 5.90 |  | 0.00 |  | n.a. | n.a. | '-0.74%/ -0.69% | 0.00 | % | 287 |  | — |  | — |  | 28 |
AGA 2021 | 13.60 |  | 0.00 |  | n.a. | n.a. | 0.63% 0.59% | 0.00 | % | 4,869 |  | — |  | 694 |  | 2,283 |
AGA 2022 | 3.68 |  | 0.00 |  | n.a. | n.a. | 0.95% 1.46% | 0.00 | % | 1,092 |  | 253 |  | 530 |  | 286 |
AGA 2023 - P1 | 4.87 | 0 | n.a. | n.a. | 3% 3.20% | 0.00 | % | 2,071 |  | 959 |  | 497 |  | — |
AGA 2023 - P2 | 4.87 |  | 0.00 |  | n.a. | n.a. | 3% 3.20% | 0.00 | % | 2,130 |  | 1,040 |  | 543 |  | — |
Total AGA | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 2,252 |  | 2,264 |  | 2,597 |
(in thousands of euros) |  | BSPCE |  | BSA |  | OSA |  | AGA |  | Total
Expense for the year ended December 31, 2024 |  | — |  | — |  | 2,047 |  | 2,252 |  | 4,298
(in thousands of euros) |  | BSPCE |  | BSA |  | OSA |  | AGA |  | Total
Expense for the year ended December 31, 2023 |  | 18 |  | — |  | 941 |  | 2,264 |  | 3,222
(in thousands of euros) |  | BSPCE |  | BSA |  | OSA |  | AGA |  | Total
Expense for the year ended December 31, 2022 |  | 28 |  | — |  | 548 |  | 2,597 |  | 3,173

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