Nautilus Biotechnology Inc.
SEATTLE, July 30, 2024 (GLOBE NEWSWIRE) — Nautilus Biotechnology, Inc. (NASDAQ: NAUT or “Nautilus”), the pioneer of the single-molecule proteome analysis platform, today announced financial results for its second quarter ended June 30, 2024.
“The second quarter saw continued progress against core development objectives for each component of our platform,” said Sujal Patel, CEO of Nautilus. “We believe we are pioneering a fundamentally new approach that overcomes the limitations of traditional peptide-based protein analysis methods and has the potential to unlock value in the proteome for both targeted proteoform analysis and broad-based discovery, which we believe is one of the most significant untapped opportunities in the biological sciences.”
Q2 2024 results
Operating expenses for the second quarter of 2024 were $20.8 million , an increase of $1.8 million , or 9%, from $19.0 million in the second quarter of 2024. The increase in operating expenses was primarily due to increased headcount to support continued product development.
Net loss for the second quarter of 2024 was $18 million, down compared to a net loss of $15.8 million in the same period last year.
Cash, cash equivalents and investments were $232.9 million as of June 30, 2024.
Webcast and Conference Call Information
Nautilus will host a conference call prior to the market open on Tuesday, July 30, 2024 at 5:30 a.m. Pacific Time / 8:30 a.m. Eastern Time to discuss its financial results, business progress and outlook for the second quarter of 2024. A live audio replay of the webcast will be available on the “Investors” section of the company’s website at www.nautilus.bio.
About Nautilus Biotechnology, Inc.
Headquartered in Seattle, Washington with research and development headquarters in San Carlos, California, Nautilus is a development-stage life sciences company committed to developing platform technologies to quantify and unravel the complexity of the proteome. Nautilus’ mission is to transform the field of proteomics by democratizing access to the proteome and enabling fundamental advances in human health and medicine. To learn more about Nautilus, please visit www.nautilus.bio.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements in this press release include, but are not limited to, statements regarding Nautilus’s expectations regarding its business operations, financial performance, and financial results, expectations regarding the timing or forecast of revenues, the developments required for the launch of Nautilus’ product platform and the timing and full commercial availability thereof, the capabilities and performance of Nautilus’ product platform, its potential impact on access to the proteome, drug development and discovery, expanding the reach of research, enabling scientific exploration and discovery, and the current and future capabilities and limitations of emerging proteomics technologies. These statements are based on a number of assumptions regarding the development of Nautilus’ products, target markets, and other current and emerging proteomics technologies, and involve significant risks, uncertainties, and other factors that could cause actual results to differ materially from the information expressed or implied in 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 contained in this press release include, but are not limited to, the following: Nautilus’ product platform is not yet commercially available and remains subject to significant scientific and technological development, which is inherently challenging and difficult to predict, especially with respect to highly novel and complex products such as those Nautilus is developing. Even if our development efforts are successful, our product platform will require substantial validation for its functionality and usefulness in life science research. Unanticipated events may cause significant delays in Nautilus’ scientific and technological development, and in the course of validation and commercialization of related products. We cannot guarantee or make any commitments regarding the outcome of, or the timelines relating to, our development, collaboration and commercialization efforts. For a detailed description of additional risks and uncertainties faced by Nautilus and its development efforts, investors should refer to the information under the heading “Risk Factors” in our Annual Report on Form 10-K, our Quarterly Report on Form 10-Q to be filed for the quarter ended June 30, 2024, and our other filings with the SEC. The forward-looking statements in this press release are made as of the date of this press release. Except as otherwise required by applicable law, Nautilus undertakes no obligation to update any forward-looking statements, and therefore such forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
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Disclosure Information
Nautilus uses its Securities and Exchange Commission filings, its website (www.nautilus.bio), press releases, public conference calls, public webcasts and social media accounts as means of disclosing material non-public information and complying with Regulation FD, and accordingly, Nautilus encourages investors, media and others with an interest in Nautilus to review information published in these venues, as such information may be deemed material information.
Media Contact
inquiry
Investor Contacts
investorrelations@nautilus.bio
Nautilus Biotechnology Inc.
Condensed Consolidated Balance Sheets
As of June 30, 2024 and December 31, 2023 (unaudited)
(Dollars in thousands, except for share and per share amounts)
June 30
2024
December 31
2023
assets
current assets:
Cash and cash equivalents
$
24,885
$
19,397
Short-term investments
142,558
154,021
Prepaid expenses and other current assets
3,490
3,419
Total current assets
170,933
176,837
Property, plant and equipment (net)
4,694
4,267
Operating lease right-of-use assets
30,474
32,634
Long-term investment
65,466
90,647
Other Long-Term Assets
1,180
1,180
Total assets
$
272,747
$
305,565
Liabilities and Equity
Current Liabilities:
accounts payable
$
1,627
$
1,639
Accrued expenses and other liabilities
3,239
3,945
Current portion of operating lease liabilities
3,815
3,538
Total current liabilities
8,681
9,122
Operating lease liabilities (excluding current portion)
28,787
31,090
Total Liabilities
37,468
40,212
Shareholders’ equity:
Preferred Stock
—
—
Common stock
13
13
Additional Paid-in Capital
474,791
467,834
Accumulated other comprehensive income (loss)
(546
)
(255
)
Accumulated deficit
(238,979
)
(202,239
)
Total shareholders’ equity
235,279
265,353
Total Liabilities and Shareholders’ Equity
$
272,747
$
305,565
Nautilus Biotechnology Inc.
Condensed Consolidated Statement of Income
Three and six months ended June 30, 2024 and June 30, 2023 (unaudited)
Three months ending June 30
Six months ending June 30
(In thousands except for share and per share data)
2024
2023
2024
2023
Operating Expenses
Research and Development
$
12,436
$
11,912
$
25,366
$
22,789
General Management
8,353
7,104
17,030
14,287
Total Operating Costs
20,789
19,016
42,396
37,076
Other income (expenses)
Interest Income
2,798
3,222
5,675
6,320
Other Expenses
(19
)
(14
)
(19
)
(17
)
Total other income
$
2,779
$
3,208
$
5,656
$
6,303
Net loss
$
(18,010
)
$
(15,808
)
$
(36,740
)
$
(30,773
)
Net loss per share available to common shareholders (basic and diluted)
$
(0.14
)
$
(0.13
)
$
(0.29
)
$
(0.25
)
Weighted average number of shares used in calculating net loss
Per share available to common shareholders: basic and diluted
125,317,650
124,603,181
125,226,552
124,601,762
Nautilus Biotechnology Inc.
Condensed Consolidated Statement of Cash Flows
Six Months Ended June 30, 2024 and June 30, 2023 (Unaudited)
Six months ending June 30
(in thousands)
2024
2023
Cash flow from operating activities
Net loss
$
(36,740
)
$
(30,773
)
Reconciliation to reconcile net cash used in operating activities to net loss
Stock-Based Compensation Expenses
6,393
5,958
Amortization of operating lease right-of-use assets
2,160
1,806
Depreciation
1,028
826
Amortization (increase) of securities premiums (discounts), net
(1,453
)
(1,412
)
Changes in operating assets and liabilities:
Prepaid Expenses and Other Assets
(71
)
(787
)
accounts payable
(308
)
(199
)
Accrued expenses and other liabilities
(706
)
(117
)
Operating lease liabilities
(2,026
)
(1,375
)
Net cash provided by operating activities
(31,723
)
(26,073
)
Cash flows from investing activities
Proceeds from maturity of securities
53,500
32,249
Purchase of securities
(15,694
)
(46,844
)
Purchasing real estate and equipment
(1,159
)
(1,155
)
Net cash provided by (expenditure from) investing activities
36,647
(15,750
)
Cash flow from financing activities
Proceeds from exercise of stock options
275
7
Proceeds from issuance of common stock under employee stock purchase plans
289
92
Net cash provided by financing activities
564
99
Net increase (decrease) in cash, cash equivalents and restricted cash
5,488
(41,724
)
Beginning of period cash, cash equivalents and restricted cash
20,399
115,477
End of period cash, cash equivalents and restricted cash
$
25,887
$
73,753
