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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

(Mark One)
oREGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934OR
xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2025OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934for the transition period from __________ to __________OR
oSHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934Date of event requiring this shell company report __________

Commission File Number:001-39777

NANOBIOTIX S.A.

(Exact name of registrant as specified in its charter)

France

(Jurisdiction of incorporation or organization)

Nanobiotix S.A.

60 rue de Wattignies

75012 Paris, France

(Address of principal executive offices)

Mr. Bart van Rhijn

Chief Financial and Business Officer

Nanobiotix S.A.

60 rue de Wattignies

75012 Paris, France

Tel: +33 (0)1 40 26 04 70, Fax: +33 (0)1 40 26 04 44

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolName of each exchange on which registered
American depositary shares, each representing one ordinary share, nominal value €0.03 per shareNBTXThe Nasdaq Stock Market LLC
Ordinary shares, nominal value €0.03 per share**The Nasdaq Stock Market LLC*

*Not for trading, but only in connection with the registration of the American Depositary Shares.

Securities registered or to be registered pursuant to Section 12(g) of the Act.

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

None

Indicate the number of outstanding shares of each of the issuer’s class of capital or common stock as of the close of the period covered by the annual report.

Ordinary shares, nominal value €0.03 per share:48,410,068 as of December 31, 2025

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐No ☒

If this report is an annual or transition report, indicate by check mark, if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐No ☒

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐Accelerated filer ☒

Non-accelerated filer ☐ Emerging Growth Company☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards † provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b) ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐International Financial Reporting Standards as issued by the International Accounting Standards Board ☒Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No☒

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.Yes ☐ No ☐

TABLE OF CONTENTS

Page
INTRODUCTION1
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS1
PART I9
Item 1.Identity of Directors, Senior Management and Advisers9
Item 2.Offer Statistics and Expected Timetable10
Item 3.Key Information11
Item 4.Information on the Company40
Item 4a.Unresolved Staff Comments88
Item 5.Operating and Financial Review and Prospects88
Item 6.Directors, Senior Management and Employees114
Item 7.Major Shareholders and Related Party Transactions128
Item 8.Financial Information131
Item 9.The Offer and Listing133
Item 10.Additional Information141
Item 11.Quantitative and Qualitative Disclosures about Market Risk153
Item 12.Description of Securities Other than Equity Securities147
PART II151
Item 13.Defaults, Dividend Arrearages and Delinquencies151
Item 14.Material Modifications to the Rights of Security Holders and Use of Proceeds151
Item 15.Controls and Procedures152
Item 16.Reserved153
Item 16A.Audit Committee Financial Expert153
Item 16B.Code of Ethics153
Item 16C.Principal Accountant Fees and Services153
Item 16D.Exemptions from the Listing Standards for Audit Committees154
Item 16E.Purchases of Equity Securities by the Issuer and Affiliated Purchasers154
Item 16F.Change in Registrant’s Certifying Accountant154
Item 16G.Corporate Governance154
Item 16H.Mine Safety Disclosure155
Item 16I.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections155
Item 16J.Insider Trading Policies155
Item 16K.Cybersecurity155
PART III156
Item 17.Financial Statements157
Item 18.Financial Statements167
Item 19.Exhibits168
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.