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Nautilus Biotechnology Reports Third Quarter 2024 Financial Results

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Nautilus Biotechnology (NASDAQ: NAUT) reported its Q3 2024 financial results. The company, which focuses on single-molecule proteome analysis platform development, recorded operating expenses of $19.1 million, unchanged from the previous year. The net loss increased to $16.4 million compared to $15.9 million in Q3 2023. As of September 30, 2024, the company maintained a strong financial position with $221.2 million in cash, cash equivalents, and investments.

Nautilus Biotechnology (NASDAQ: NAUT) ha riportato i risultati finanziari per il terzo trimestre del 2024. L'azienda, che si concentra sullo sviluppo di piattaforme per l'analisi del proteoma a singola molecola, ha registrato spese operative di 19,1 milioni di dollari, senza variazioni rispetto all'anno precedente. La perdita netta è aumentata a 16,4 milioni di dollari rispetto ai 15,9 milioni di dollari del terzo trimestre del 2023. Al 30 settembre 2024, l'azienda ha mantenuto una solida posizione finanziaria con 221,2 milioni di dollari in liquidità, equivalenti di liquidità e investimenti.

Nautilus Biotechnology (NASDAQ: NAUT) informó sobre sus resultados financieros del tercer trimestre de 2024. La compañía, que se enfoca en el desarrollo de plataformas para el análisis del proteoma a nivel de molécula única, registró gastos operativos de 19,1 millones de dólares, sin cambios respecto al año anterior. La pérdida neta aumentó a 16,4 millones de dólares en comparación con los 15,9 millones de dólares en el tercer trimestre de 2023. Al 30 de septiembre de 2024, la empresa mantuvo una sólida posición financiera con 221,2 millones de dólares en efectivo, equivalentes de efectivo e inversiones.

너틸러스 바이오텍놀로지 (NASDAQ: NAUT)는 2024년 3분기 재무 실적을 발표했습니다. 단일 분자 단백질체 분석 플랫폼 개발에 집중하는 이 회사는 운영 비용으로 1910만 달러를 기록했으며, 전년과 동일했습니다. 순손실은 2023년 3분기 1590만 달러에 비해 1640만 달러로 증가했습니다. 2024년 9월 30일 기준으로, 이 회사는 2억 2120만 달러의 현금, 현금 등가물 및 투자를 유지하며 강력한 재무 상태를 유지하고 있습니다.

Nautilus Biotechnology (NASDAQ: NAUT) a annoncé ses résultats financiers pour le troisième trimestre de 2024. L'entreprise, spécialisée dans le développement de plateformes d'analyse du protéome à molécule unique, a enregistré des dépenses d'exploitation de 19,1 millions de dollars, inchangées par rapport à l'année précédente. La perte nette a augmenté à 16,4 millions de dollars, contre 15,9 millions de dollars au troisième trimestre 2023. Au 30 septembre 2024, l'entreprise a maintenu une position financière solide avec 221,2 millions de dollars en liquidités, équivalents de liquidités et investissements.

Nautilus Biotechnology (NASDAQ: NAUT) hat seine Finanzzahlen für das dritte Quartal 2024 vorgelegt. Das Unternehmen, das sich auf die Entwicklung von Plattformen zur Analyse des Einzelmolekül-Proteoms konzentriert, verzeichnete Betriebsausgaben von 19,1 Millionen US-Dollar, unverändert im Vergleich zum Vorjahr. Der Nettoverlust stieg auf 16,4 Millionen US-Dollar im Vergleich zu 15,9 Millionen US-Dollar im dritten Quartal 2023. Am 30. September 2024 verfügte das Unternehmen über eine starke Finanzlage mit 221,2 Millionen US-Dollar an Bargeld, Barmittelnäquivalenten und Investitionen.

Positive
  • Strong cash position of $221.2 million provides significant runway
Negative
  • Net loss increased to $16.4 million from $15.9 million year-over-year
  • Operating expenses remained high at $19.1 million

Insights

Nautilus Biotechnology's Q3 results reveal a stable operational profile with flat operating expenses at $19.1 million, though the net loss widened slightly to $16.4 million from $15.9 million year-over-year. The company maintains a strong liquidity position with $221.2 million in cash and investments, providing approximately 11.6 quarters of runway at current burn rates.

The flat operating expenses, despite increased personnel costs, demonstrate disciplined cost management through offsetting reductions in incentive compensation. However, the absence of revenue figures and commercial progress metrics suggests the company remains in pre-revenue development phase. The substantial cash reserve provides significant operational flexibility but will be important for funding continued R&D and eventual commercialization efforts of their proteome analysis platform.

SEATTLE, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Nautilus Biotechnology, Inc. (NASDAQ: NAUT; or “Nautilus”), a company pioneering a single-molecule proteome analysis platform, today reported financial results for the third quarter ended September 30, 2024.

“I’m excited about the expanding opportunity I see for proteomics and am pleased with the progress we’re making as a business,” said Sujal Patel, CEO of Nautilus. “We consistently receive positive feedback from researchers around the world as they tell us of their desire to explore the proteome more deeply and more broadly, and of the significant limitations of what’s currently available. It is becoming ever more apparent that they understand how important the single-molecule, intact protein analysis to be enabled by the Nautilus platform will be to their explorations of the proteome.”

Third Quarter 2024 Financial Results

Operating expenses were $19.1 million for the third quarter of 2024, flat compared to the corresponding prior year period. Overall personnel cost increased during the third quarter of 2024 as compared to the corresponding prior year period offset by a one-time reduction to accrued incentive compensation in the third quarter of 2024.

Net loss was $16.4 million for the third quarter of 2024, as compared to a net loss of $15.9 million for the corresponding prior year period.

Cash, cash equivalents, and investments were $221.2 million as of September 30, 2024.

Webcast and Conference Call Information

Nautilus will host a conference call to discuss the third quarter 2024 financial results, business developments and outlook before market open on Tuesday, October 29, 2024, at 5:30 AM Pacific Time / 8:30 AM Eastern Time. Live audio of the webcast will be available on the “Investors” section of the company website at: www.nautilus.bio.

About Nautilus Biotechnology, Inc.

With its corporate headquarters in Seattle, Washington and its research and development headquarters in San Carlos, California, Nautilus is a development stage life sciences company working to create a platform technology for quantifying and unlocking the complexity of the proteome. Nautilus’ mission is to transform the field of proteomics by democratizing access to the proteome and enabling fundamental advancements across human health and medicine. To learn more about Nautilus, visit www.nautilus.bio

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements in this press release include, but are not limited to, statements regarding Nautilus’ expectations regarding the company’s business operations, financial performance and results of operations; expectations with respect to any revenue timing or projections, expectations with respect to the development required for and the timing of the launch of Nautilus’ product platform and full commercial availability, the functionality and performance of Nautilus’ product platform, its potential impact on providing proteome access, pharmaceutical development and drug discovery, expanding research horizons, and enabling scientific explorations and discovery, and the present and future capabilities and limitations of emerging proteomics technologies. These statements are based on numerous assumptions concerning the development of Nautilus’ products, target markets, and other current and emerging proteomics technologies, and involve substantial risks, uncertainties and other factors that may cause actual results to be materially different from the information expressed or implied by these forward-looking statements. Risks and uncertainties that could materially affect the accuracy of Nautilus’ assumptions and its ability to achieve the forward-looking statements set forth in this press release include (without limitation) the following: Nautilus’ product platform is not yet commercially available and remains subject to significant scientific and technical development, which is inherently challenging and difficult to predict, particularly with respect to highly novel and complex products such as those being developed by Nautilus. Even if our development efforts are successful, our product platform will require substantial validation of its functionality and utility in life science research. In the course of Nautilus’ scientific and technical development and associated product validation and commercialization, we may experience material delays as a result of unanticipated events. We cannot provide any guarantee or assurance with respect to the outcome of our development, collaboration, and commercialization initiatives or with respect to their associated timelines. For a more detailed description of additional risks and uncertainties facing Nautilus and its development efforts, investors should refer to the information under the caption “Risk Factors” in our Annual Report on Form 10-K as well as in our Quarterly Report on Form 10-Q to be filed for the quarter ended September 30, 2024 and our other filings with the SEC. The forward-looking statements in this press release are as of the date of this press release. Except as otherwise required by applicable law, Nautilus disclaims any duty to update any forward-looking statements. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

Disclosure Information

Nautilus uses filings with the Securities and Exchange Commission, its website (www.nautilus.bio), press releases, public conference calls, public webcasts, and its social media accounts as means of disclosing material non-public information and for complying with Regulation FD. Therefore, Nautilus encourages investors, the media, and others interested in Nautilus to review the information it makes public in these locations, as such information could be deemed to be material information.

Media Contact
press@nautilus.bio

Investor Contact
investorrelations@nautilus.bio


Nautilus Biotechnology, Inc.
Condensed Consolidated Balance Sheets
As of September 30, 2024 and December 31, 2023 (Unaudited)

(in thousands, except share and per share amounts)September 30, 2024 December 31, 2023
Assets   
Current assets:   
Cash and cash equivalents$4,409  $19,397 
Short-term investments 136,200   154,021 
Prepaid expenses and other current assets 3,596   3,419 
Total current assets 144,205   176,837 
Property and equipment, net 4,324   4,267 
Operating lease right-of-use assets 29,377   32,634 
Long-term investments 80,618   90,647 
Other long-term assets 1,180   1,180 
Total assets$259,704  $305,565 
Liabilities and Stockholders' Equity   
Current liabilities:   
Accounts payable$1,487  $1,639 
Accrued expenses and other liabilities 3,216   3,945 
Current portion of operating lease liabilities 3,959   3,538 
Total current liabilities 8,662   9,122 
Operating lease liabilities, net of current portion 27,608   31,090 
Total liabilities 36,270   40,212 
    
Stockholders' equity:   
Preferred stock     
Common stock 13   13 
Additional paid-in capital 478,115   467,834 
Accumulated other comprehensive income (loss) 731   (255)
Accumulated deficit (255,425)  (202,239)
Total stockholders’ equity 223,434   265,353 
Total liabilities and stockholders' equity$259,704  $305,565 


Nautilus Biotechnology, Inc.
Condensed Consolidated Statements of Operations
Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)

 Three Months Ended September 30, Nine Months Ended September 30,
(in thousands, except share and per share data) 2024   2023   2024   2023 
Operating expenses       
Research and development$12,288  $11,996  $37,654  $34,785 
General and administrative 6,812   7,079   23,842   21,366 
Total operating expenses 19,100   19,075   61,496   56,151 
Other income (expense)       
Interest income 2,674   3,197   8,349   9,517 
Other expense (20)     (39)  (17)
Total other income$2,654  $3,197  $8,310  $9,500 
Net loss$(16,446) $(15,878) $(53,186) $(46,651)
Net loss per share attributable to common stockholders, basic and diluted$(0.13) $(0.13) $(0.42) $(0.37)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 125,452,572   124,933,837   125,302,440   124,896,975 


Nautilus Biotechnology, Inc.
Condensed Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2024 and 2023 (Unaudited)

 Nine Months Ended September 30,
(in thousands) 2024   2023 
Cash flows from operating activities   
Net loss$(53,186) $(46,651)
Adjustments to reconcile net loss to net cash used in operating activities   
Stock-based compensation expense 9,577   9,064 
Amortization of operating lease right-of-use assets 3,257   2,821 
Depreciation 1,543   1,294 
Amortization (accretion) of premium (discount) on securities, net (2,176)  (2,040)
Changes in operating assets and liabilities:   
Prepaid expenses and other assets (26)  (878)
Accounts payable (35)  22 
Accrued expenses and other liabilities (729)  757 
Operating lease liabilities (3,061)  (2,200)
Net cash used in operating activities (44,836)  (37,811)
Cash flows from investing activities   
Proceeds from maturities of securities 90,410   51,249 
Purchases of securities (59,398)  (51,895)
Purchases of property and equipment (1,868)  (2,029)
Net cash provided by (used in) investing activities 29,144   (2,675)
Cash flows from financing activities   
Proceeds from exercise of stock options 415   23 
Proceeds from issuance of common stock under employee stock purchase plan 289   92 
Net cash provided by financing activities 704   115 
Net increase (decrease) in cash, cash equivalents and restricted cash (14,988)  (40,371)
    
Cash, cash equivalents and restricted cash at beginning of period 20,399   115,477 
Cash, cash equivalents and restricted cash at end of period$5,411  $75,106 

FAQ

What was Nautilus Biotechnology's (NAUT) net loss in Q3 2024?

Nautilus Biotechnology reported a net loss of $16.4 million for the third quarter of 2024.

How much cash and investments did NAUT have as of September 30, 2024?

Nautilus Biotechnology had $221.2 million in cash, cash equivalents, and investments as of September 30, 2024.

What were NAUT's operating expenses in Q3 2024?

Operating expenses were $19.1 million for the third quarter of 2024, unchanged from the same period in the previous year.

Nautilus Biotechnolgy, Inc.

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332.74M
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Biotechnology
Laboratory Analytical Instruments
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United States of America
SEATTLE