News Release Details

Nautilus Biotechnology Reports First Quarter 2024 Financial Results

Apr 30, 2024

SEATTLE, April 30, 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 first quarter ended March 31, 2024.

“We continued to make solid progress against our core development goals in Q1,” said Sujal Patel, CEO of Nautilus.   “We remain incredibly focused on increasing the scale, stability, and reproducibility of our consumables, assay, instrument, and software and continue to see meaningful gains along each of those dimensions. We are clear-eyed about what work remains to be done and confident that we have a foundational understanding of what is required to establish a new gold standard for the creation and comprehensive analysis of high-value proteomic data.”

First Quarter 2024 Financial Results

Operating expenses were $21.6 million for the first quarter of 2024, a $3.5 million or 20% increase from $18.1 million for the corresponding prior year period. The increase in operating expenses was driven primarily by an increase in headcount to support ongoing development of our products.

Net loss was $18.7 million for the first quarter of 2024, as compared to a net loss of $15.0 million for the corresponding prior year period.

Cash, cash equivalents, and investments were $247.7 million as of March 31, 2024.

Webcast and Conference Call Information

Nautilus will host a conference call to discuss the first quarter 2024 financial results, business developments and outlook before market open on Wednesday, April 30, 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:

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

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 March 31, 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 (, 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.

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Nautilus Biotechnology, Inc.
Condensed Consolidated Balance Sheets
As of March 31, 2024 and December 31, 2023 (Unaudited)
(in thousands, except share and per share amounts)March 31, 2024 December 31, 2023
Current assets:   
Cash and cash equivalents$25,729  $19,397 
Short-term investments 155,637   154,021 
Prepaid expenses and other current assets 3,728   3,419 
Total current assets 185,094   176,837 
Property and equipment, net 4,525   4,267 
Operating lease right-of-use assets 31,559   32,634 
Long-term investments 66,292   90,647 
Other long-term assets 1,180   1,180 
Total assets$288,650  $305,565 
Liabilities and Stockholders' Equity   
Current liabilities:   
Accounts payable$1,860  $1,639 
Accrued expenses and other liabilities 3,677   3,945 
Current portion of operating lease liabilities 3,675   3,538 
Total current liabilities 9,212   9,122 
Operating lease liabilities, net of current portion 29,946   31,090 
Total liabilities 39,158   40,212 
Stockholders' equity:   
Preferred stock     
Common stock 13   13 
Additional paid-in capital 471,193   467,834 
Accumulated other comprehensive income (loss) (745)  (255)
Accumulated deficit (220,969)  (202,239)
Total stockholders’ equity 249,492   265,353 
Total liabilities and stockholders' equity$288,650  $305,565 

Nautilus Biotechnology, Inc.
Condensed Consolidated Statements of Operations
Three Months Ended March 31, 2024 and 2023 (Unaudited)
 Three Months Ended March 31,
(in thousands, except share and per share data)2024 2023
Operating expenses   
Research and development$12,930  $10,877 
General and administrative 8,677   7,183 
Total operating expenses 21,607   18,060 
Other income (expense)   
Interest income 2,877   3,098 
Other expense    (3)
Total other income$2,877  $3,095 
Net loss$(18,730) $(14,965)
Net loss per share attributable to common stockholders, basic and diluted$(0.15) $(0.12)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 125,135,451   124,590,351 

Nautilus Biotechnology, Inc.
Condensed Consolidated Statements of Cash Flows
Three Months Ended March 31, 2024 and 2023 (Unaudited)
 Three Months Ended March 31,
(in thousands)2024 2023
Cash flows from operating activities   
Net loss$(18,730) $(14,965)
Adjustments to reconcile net loss to net cash used in operating activities   
Stock-based compensation expense 3,114   2,860 
Amortization of operating lease right-of-use assets 1,075   786 
Depreciation 516   385 
Amortization (accretion) of premium (discount) on securities, net (751)  (669)
Changes in operating assets and liabilities:   
Prepaid expenses and other assets (309)  (513)
Accounts payable 94   53 
Accrued expenses and other liabilities (268)  65 
Operating lease liabilities (1,007)  (526)
Net cash used in operating activities (16,266)  (12,524)
Cash flows from investing activities   
Proceeds from maturities of securities 23,000   14,249 
Purchases of securities    (27,052)
Purchases of property and equipment (647)  (692)
Net cash provided by (used in) investing activities 22,353   (13,495)
Cash flows from financing activities   
Proceeds from exercise of stock options 245   1 
Net cash provided by financing activities 245   1 
Net increase (decrease) in cash, cash equivalents and restricted cash 6,332   (26,018)
Cash, cash equivalents and restricted cash at beginning of period 20,399   115,477 
Cash, cash equivalents and restricted cash at end of period$26,731  $89,459