Core Viewpoint - Nautilus Biotechnology, Inc. is set to report its financial results for the second quarter of 2025 on July 31, 2025, before market opening [1]. Group 1: Financial Reporting - The financial results will be announced before the market opens on July 31, 2025 [1]. - A conference call will be held at 5:30 a.m. Pacific Time / 8:30 a.m. Eastern Time to discuss the results and business developments [2]. Group 2: Company Overview - Nautilus Biotechnology is a development stage life sciences company headquartered in Seattle, Washington, with R&D operations in San Carlos, California [3]. - The company focuses on creating a platform technology for quantifying the proteome, aiming to democratize access to proteomics and advance human health and medicine [3].

Nautilus Biotechnology (NAUT) FY Conference Summary Industry Overview - The proteomics market is projected to grow to **$55 billion by 2027** with significant spending in discovery proteomics, which is relevant for Nautilus [4][5][6] Company Positioning - Nautilus aims to democratize access to proteomics by developing a new instrument capable of comprehensively measuring the proteome from any sample, from any organism [7][8] - The platform is designed to measure **95% of proteins** in a sample, significantly higher than current methods which only detect **8% to 30%** [8][11] Technology Differentiation - Nautilus' technology allows for the measurement of single molecule, intact proteins across a chip with **10 billion analytes**, enhancing scale and sensitivity for drug development [8][22] - The platform can address challenges in drug development by identifying rare differences between healthy and sick cells, and measuring drug response and toxicity [10][11] Commercial Launch Delay - The commercial launch has been delayed to **late 2026** due to challenges in developing multi-affinity reagents and ensuring the robustness of the assay [12][16] - The company is refining its technology to better align with existing probe candidates, which has resulted in a higher fallout rate than anticipated [15][16] Applications and Use Cases - The platform has two modes: broad scale application for comprehensive proteome analysis and targeted application for specific proteins of interest [17][18] - Initial focus is on the tau protein related to Alzheimer's disease, with plans to expand into immunology, cardiology, and oncology [26][27] Early Access Partnerships - Nautilus plans to introduce its targeted assay to researchers in **2025** to validate the technology and demonstrate its capabilities [23][24] - Revenue from these partnerships is not expected in 2025, as the focus is on technology validation rather than immediate financial returns [23][24] Market Strategy and Pricing - The initial instrument package is estimated to be priced around **$1 million**, with consumables priced at a few thousand dollars per sample [36][37] - The company aims to penetrate the mass spectrometry market, which typically ranges from **$1 million to $2 million** for high-end instruments [36][38] Financial Health and Investment Strategy - Nautilus raised **$345 million** during its IPO and has a cash balance of **$193 million**, providing a runway through **2027** [52] - The company is focused on efficient cash use and plans to layer in commercial resources as it approaches its launch timeline [54][55] Data Generation and Bioinformatics - The platform is expected to generate vast amounts of data, necessitating bioinformatics tools for data interpretation [50][51] - The company is considering partnerships to enhance data generation and publication opportunities [43] Key Takeaways for Investors - Nautilus is positioned to unlock new discoveries in proteomics with its unique technology, which offers capabilities not available with existing methods [60] - Investors should monitor the progress of the assay reconfiguration and initial data releases leading up to the commercial launch [28][59]

Company Overview - Nautilus Biotechnology, Inc. is a development stage life sciences company headquartered in Seattle, Washington, with research and development operations in San Carlos, California [3] - The company is focused on creating a single-molecule protein analysis platform aimed at quantifying the proteome, with a mission to democratize access to proteomics and advance human health and medicine [3] Upcoming Events - Nautilus will participate in the Goldman Sachs 46th Annual Global Healthcare Conference [1] - Management is scheduled for a fireside chat on June 10, 2025, at 2:00 p.m. Eastern Time, with a live and archived webcast available on the company's website [2]

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section provides the company's unaudited condensed consolidated financial statements, management's discussion and analysis, market risk disclosures, and internal controls information [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, and cash flows, for Q1 2025 and 2024 Condensed Consolidated Balance Sheet Highlights (in thousands) | (in thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $33,238 | $27,646 | | Total current assets | $141,601 | $132,826 | | Total assets | $227,690 | $242,743 | | **Liabilities & Equity** | | | | Total current liabilities | $8,156 | $7,632 | | Total liabilities | $33,255 | $34,013 | | Total stockholders' equity | $194,435 | $208,730 | Condensed Consolidated Statements of Operations (in thousands, except per share data) | (in thousands, except per share data) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Research and development | $11,536 | $12,930 | | General and administrative | $7,308 | $8,677 | | **Total operating expenses** | **$18,844** | **$21,607** | | Interest income | $2,231 | $2,877 | | **Net loss** | **$(16,613)** | **$(18,730)** | | Net loss per share, basic and diluted | $(0.13) | $(0.15) | Condensed Consolidated Statements of Cash Flows (in thousands) | (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(13,937) | $(16,266) | | Net cash provided by investing activities | $19,511 | $22,353 | | Net cash provided by financing activities | $18 | $245 | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) These notes detail accounting policies, financial position, going concern analysis, commitments, and legal proceedings - The company is a development-stage biotechnology firm focused on R&D for its proteomics platform, with no revenue generated[28](index=28&type=chunk) - Existing cash, cash equivalents, and short-term investments of **$138.8 million** are sufficient for the next 12 months, despite a **$289.6 million** accumulated deficit and future financing needs[32](index=32&type=chunk)[33](index=33&type=chunk) - As of March 31, 2025, open purchase commitments totaled **$2.1 million** and future minimum lease payments were **$37.6 million**[76](index=76&type=chunk)[79](index=79&type=chunk) - A lawsuit against Somalogic, Inc. and California Institute of Technology was dismissed and settled in November 2024[78](index=78&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section discusses the company's development-stage status, commercialization strategy, Q1 2025 financial results, and liquidity position - Nautilus is a development-stage company focused on creating a proteome quantification platform, with no commercialized products or revenue generated[87](index=87&type=chunk)[88](index=88&type=chunk) - The company plans a three-phase commercial launch for its proteome analysis platform, with a broad launch anticipated in late 2026[91](index=91&type=chunk) Results of Operations Comparison (Q1 2025 vs Q1 2024, in thousands) | (in thousands) | Q1 2025 | Q1 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Research and development | $11,536 | $12,930 | $(1,394) | (11)% | | General and administrative | $7,308 | $8,677 | $(1,369) | (16)% | | **Total operating expenses** | **$18,844** | **$21,607** | **$(2,763)** | **(13)%** | | **Net loss** | **$(16,613)** | **$(18,730)** | **$2,117** | **(11)%** | - The decrease in R&D expenses was primarily due to a **$1.2 million** reduction in laboratory and professional services, while G&A expenses decreased due to **$0.8 million** in reduced professional services and **$0.6 million** less stock-based compensation[109](index=109&type=chunk)[110](index=110&type=chunk) - As of March 31, 2025, the company held **$138.8 million** in cash, cash equivalents, and short-term investments, sufficient to fund operations for at least the next 12 months[95](index=95&type=chunk)[118](index=118&type=chunk) - An "at the market" offering program established in February 2024 allows for the sale of up to **$125.0 million** of common stock, with no shares sold in Q1 2025[115](index=115&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details the company's exposure to interest rate and inflation risks, emphasizing capital preservation and liquidity - A hypothetical **1.00%** change in interest rates would impact the fair value of marketable debt securities by **$1.3 million** as of March 31, 2025[136](index=136&type=chunk) - Inflation risk impacts the company by increasing costs of labor, goods, and services, affecting financial results[137](index=137&type=chunk) [Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - The CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2025[139](index=139&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended March 31, 2025[140](index=140&type=chunk) [PART II - OTHER INFORMATION](index=33&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, defaults, mine safety, and other disclosures [Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) This section addresses potential involvement in legal claims and cross-references specific details to financial statement notes - The company may engage in litigation, with specific details available in Note 8 of the financial statements[144](index=144&type=chunk)[77](index=77&type=chunk) [Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) This section outlines key risks, including dependence on platform development, intense competition, supply chain issues, and capital needs - As a development-stage entity with a history of net losses, the company's business is entirely dependent on the successful commercialization of the Nautilus platform[146](index=146&type=chunk)[147](index=147&type=chunk)[162](index=162&type=chunk) - Significant competition exists from large, established life sciences companies and emerging firms, including Thermo Fisher, Bruker, and Agilent[147](index=147&type=chunk)[184](index=184&type=chunk) - Lack of commercial-scale manufacturing experience and reliance on single-source suppliers pose risks to the supply chain and commercialization timeline[176](index=176&type=chunk)[182](index=182&type=chunk) - Additional capital will be required to fund development and commercialization plans, with fundraising ability potentially impacted by adverse economic conditions[150](index=150&type=chunk)[203](index=203&type=chunk) - Stock price volatility and potential failure to meet Nasdaq's minimum bid price requirement could lead to delisting[326](index=326&type=chunk)[329](index=329&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=78&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the reporting period - No unregistered sales of equity securities occurred during the reporting period[362](index=362&type=chunk) [Defaults Upon Senior Securities](index=78&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - No defaults upon senior securities were reported[363](index=363&type=chunk) [Mine Safety Disclosures](index=78&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is not applicable to the company[364](index=364&type=chunk) [Other Information](index=78&type=section&id=Item%205.%20Other%20Information) The company discloses that none of its directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the last fiscal quarter - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement during the last fiscal quarter[365](index=365&type=chunk) [Exhibits](index=79&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, which includes the CEO and CFO certifications required by the Sarbanes-Oxley Act of 2002 and Inline XBRL data files - Exhibits include CEO and CFO certifications required by the Sarbanes-Oxley Act of 2002[367](index=367&type=chunk)

Financial Data and Key Metrics Changes - Total operating expenses for Q1 2025 were $18.8 million, a 13% decrease from $21.6 million in Q1 2024, reflecting a focus on cost efficiency [28] - Research and development expenses decreased to $11.5 million from $12.9 million year-over-year [28] - General and administrative expenses were $7.3 million in Q1 2025, down from $8.7 million in the prior year [29] - Overall net loss for Q1 2025 was $16.6 million, compared to $18.7 million in the prior year [29] - The company ended the quarter with approximately $193 million in cash, cash equivalents, and investments, compared to $206 million at the end of 2024 [30] Business Line Data and Key Metrics Changes - Significant progress was made on the tau proteoform assay and broad scale proteome assay, with the tau assay exceeding targets for accuracy and reproducibility [12][14] - The assay demonstrated a median percent error of approximately 10%, significantly better than the target of less than 30% [15] - Reproducibility targets were also exceeded, with a median coefficient of variation (CV) of 1.5% across lanes, far better than the target of 20% [17] Market Data and Key Metrics Changes - There is significant interest from researchers in both targeted proteoform and broad scale discovery capabilities, with many expressing frustrations over current quantification methods [10] - The company conducted in-depth interviews with over 30 proteomics researchers to understand customer segments and drivers of adoption [9] Company Strategy and Development Direction - The company aims to unlock the full potential of the proteome, focusing on targeted proteoform detection and broad scale discovery [6] - Plans to launch a broad scale product in late 2026 are on track, with ongoing development efforts to reduce technical risks [6][29] - The company is exploring various partnership models, focusing on demonstrating the capabilities of their technology rather than immediate revenue generation [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming year, anticipating that 2025 will be pivotal for researchers utilizing the platform for tau-related studies [7] - The company is monitoring supply chain exposure to tariffs, indicating no current impact on sourcing materials [40] - Management emphasized the importance of customer feedback and ongoing research to refine their product offerings ahead of the commercial launch [62] Other Important Information - The company plans to submit a manuscript summarizing verification and validation work and biological pilot studies in the coming months [24] - A reduction in headcount by approximately 16% was implemented to extend the cash runway and focus on key development milestones [29] Q&A Session Summary Question: Update on Tau-related partnerships - Management confirmed ongoing discussions with potential partners in pharma and academia, expecting to sign an initial partnership in the first half of 2025 [36][37] Question: Supply chain exposure to tariffs - Management stated that they have not yet seen any effects on sourcing materials and have the ability to mitigate risks by sourcing from various locations, including the US [40][41] Question: Economics of targeted protein proteoform partnerships - Management indicated that they are exploring a range of business models for partnerships, focusing on demonstrating the technology's capabilities rather than immediate revenue [46][47] Question: Milestones for converting partnership interests - Management explained that the initial phase involves educating potential partners about the technology, with excitement noted across all customer segments, though the pace of engagement varies [55][56] Question: Potential blind spots impacting commercial launch - Management expressed confidence in their understanding of the work ahead and the importance of demonstrating capabilities to ensure a successful launch [58][61]

Financial Data and Key Metrics Changes - Total operating expenses for Q1 2025 were $18.8 million, a 13% decrease from $21.6 million in Q1 2024, reflecting a focus on cost efficiency [29] - Research and development expenses decreased to $11.5 million from $12.9 million year-over-year [29] - General and administrative expenses were $7.3 million in Q1 2025 compared to $8.7 million in the prior year [30] - Overall net loss for Q1 2025 was $16.6 million, down from $18.7 million in the prior year [30] - The company ended the quarter with approximately $193 million in cash and equivalents, compared to $206 million at the end of 2024, projecting a cash runway through 2027 [31] Business Line Data and Key Metrics Changes - The company is advancing its tau proteoform assay and broad scale proteome assay, with significant progress in transitioning both towards readiness for larger scale applications [12][22] - The tau proteoform assay exceeded expectations in reproducibility and accuracy, with a median percent error of approximately 10% and a median coefficient of variation of 1.5% [16][17] - The platform demonstrated a dynamic range exceeding four orders of magnitude, significantly better than current methods [20] Market Data and Key Metrics Changes - There is significant interest from researchers in both targeted proteoform and broad scale discovery capabilities, with ongoing discussions with large pharma companies and academic institutions [10][11] - The company conducted in-depth interviews with over 30 proteomics researchers to understand customer segments and drivers of adoption [9] Company Strategy and Development Direction - The company aims to unlock the full potential of the proteome, focusing on targeted proteoform detection and broad scale discovery as significant untapped opportunities in biology [28] - The anticipated launch of the platform is planned for late 2026, with a focus on ensuring cash runway extends beyond that point [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress made towards partnerships and the potential impact of their technology on neurodegenerative diseases [11][32] - The company is monitoring supply chain exposure to tariffs, with no current impact on sourcing materials and components [40][41] - Management emphasized the importance of customer feedback and ongoing research to refine their value proposition ahead of the commercial launch [61][62] Other Important Information - The company plans to submit a manuscript summarizing verification and validation work and biological pilot studies in the coming months [25] - The focus for 2025 is on demonstrating the capabilities of measuring complete intact protein proteoforms rather than immediate revenue generation [46] Q&A Session Summary Question: Update on Tau-related partnerships - Management confirmed ongoing discussions with partners in pharma and academic sectors, expecting to sign an initial partnership in the first half of 2025 [36] Question: Supply chain exposure to tariffs - Management stated they are monitoring the situation closely and have not seen any effects on sourcing materials or pricing [40][41] Question: Economics of targeted protein proteoform partnerships - Management indicated a range of potential business models is being explored, focusing on demonstrating the technology's capabilities rather than immediate revenue [44][46] Question: Milestones for converting partnership interests - Management explained the engagement process involves educating potential partners about the technology and aligning research interests [52] Question: Any blind spots impacting commercial launch - Management expressed confidence in understanding the work ahead and executing efficiently, with no significant blind spots identified [58]

Financial Data and Key Metrics Changes - Total operating expenses for Q1 2025 were $18.8 million, a 13% decrease from $21.6 million in Q1 2024, reflecting a focus on cost efficiency [28] - Research and development expenses decreased to $11.5 million from $12.9 million year-over-year [28] - General and administrative expenses were $7.3 million in Q1 2025 compared to $8.7 million in the prior year [29] - Overall net loss for Q1 2025 was $16.6 million, down from $18.7 million in the prior year [29] - Cash, cash equivalents, and investments at the end of the quarter totaled approximately $193 million, compared to $206 million at the end of 2024 [30] Business Line Data and Key Metrics Changes - The company is advancing its tau proteoform assay and broad scale proteome assay, with significant progress reported in transitioning these assays towards readiness for larger scale applications [11][12] - The tau proteoform assay exceeded expectations in reproducibility and accuracy, with a median percent error of approximately 10% and a median coefficient of variation of 1.5% [15][16] - The platform demonstrated a dynamic range exceeding four orders of magnitude, significantly better than current methods [19] Market Data and Key Metrics Changes - There is significant interest from customers and partners in the company's tau capabilities and targeted proteoform detection, with ongoing discussions with large pharma companies and academic institutions [9][10] - The company conducted in-depth interviews with over 30 proteomics researchers to understand customer segments and drivers of adoption, confirming strong interest in both targeted proteoform and broad scale discovery capabilities [8][9] Company Strategy and Development Direction - The company aims to unlock the full potential of the proteome, focusing on both targeted proteoform analysis and broad scale discovery as significant untapped opportunities in biology [27] - The anticipated launch of the platform is planned for late 2026, with a focus on ensuring cash runway extends well beyond that point [29][30] - The company is prioritizing partnerships that demonstrate the capabilities of measuring complete intact protein proteoforms at single molecule resolution [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress made towards the launch of the platform and the positive feedback received from potential customers and partners [10][32] - The company is monitoring supply chain exposure closely, particularly regarding tariffs, but has not yet seen any significant impact on sourcing materials [40][41] - Management emphasized the importance of customer research and understanding market requirements to ensure a successful commercial launch [60][61] Other Important Information - The company reduced its headcount by approximately 16% to extend its cash runway and focus resources on key development milestones [29] - The verification and validation process for the tau assay was crucial for building confidence in the entire platform, as it shares core components with the broad scale proteome assay [58] Q&A Session Summary Question: Update on tau-related partnerships - Management confirmed ongoing discussions with partners in both pharma and academic sectors, expecting to sign an initial partnership in the first half of 2025 [36] Question: Supply chain exposure to tariffs - Management stated that they are monitoring the situation closely and have not yet seen any effects on sourcing materials or prices [40] Question: Economics of targeted protein proteoform partnerships - Management indicated that they are exploring a range of business models for partnerships, focusing on demonstrating the technology's capabilities rather than immediate revenue [44][46] Question: Milestones for converting partnership interests - Management explained that the initial phase involves educating potential partners about the technology, with excitement noted across all customer segments [52] Question: Potential blind spots impacting commercial launch - Management expressed confidence in their understanding of the work ahead and the importance of product reliability and market positioning for a successful launch [56][59]

Core Viewpoint - Nautilus Biotechnology, Inc. reported financial results for Q1 2025, highlighting progress in its Tau proteoform assay and a reduction in operating expenses, while also noting a net loss that improved compared to the previous year [1][2][4]. Financial Performance - Operating expenses for Q1 2025 were $18.8 million, a 13% decrease from $21.6 million in Q1 2024, attributed to cost optimization and reduced stock-based compensation [3]. - The net loss for Q1 2025 was $16.6 million, compared to a net loss of $18.7 million in the same period last year [4][12]. - Cash, cash equivalents, and investments totaled $192.8 million as of March 31, 2025 [4]. Business Development - The CEO emphasized the assay's reproducibility, accuracy, and compatibility with customer needs, indicating confidence in the platform's application in Alzheimer's and neurodegenerative disease research in 2025 [2]. - The company is focused on advancing its proteome analysis platform, aiming to democratize access to proteomics and enhance research capabilities in human health [6]. Cash Flow and Investments - Cash flows from operating activities showed a net cash used of $13.9 million for Q1 2025, an improvement from $16.3 million in Q1 2024 [13]. - The company generated $19.5 million from investing activities, primarily from securities maturities [14]. Balance Sheet Overview - Total assets as of March 31, 2025, were $227.7 million, down from $242.7 million at the end of 2024 [10][11]. - Total liabilities were $33.3 million, slightly decreased from $34.0 million at the end of the previous year [11]. - Stockholders' equity was $194.4 million, down from $208.7 million at the end of 2024, with an accumulated deficit of $289.6 million [11].

[Q1 2025 Earnings Release](index=1&type=section&id=Nautilus%20Biotechnology%20Reports%20First%20Quarter%202025%20Financial%20Results) [Business Highlights](index=1&type=section&id=Business%20Highlights) Nautilus made significant progress in Q1 2025 on its Tau proteoform assay, with internal testing confirming performance aligned with launch specifications for 2025 researcher utilization - Continued development progress was made on the Tau proteoform assay, with internal verification and validation results aligning with anticipated launch specifications[3](index=3&type=chunk) - The company is confident that researchers will begin using the Nautilus platform in **2025** to study the role of Tau proteoforms in Alzheimer's and other neurodegenerative diseases[3](index=3&type=chunk) [First Quarter 2025 Financial Performance](index=1&type=section&id=First%20Quarter%202025%20Financial%20Results) Nautilus improved operational efficiency in Q1 2025, reducing operating expenses by **13%** to **$18.8 million** and narrowing net loss to **$16.6 million**, while maintaining **$192.8 million** in liquidity Key Financial Metrics | Financial Metric | Q1 2025 | Q1 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Operating Expenses | $18.8 million | $21.6 million | -13% | | Net Loss | $16.6 million | $18.7 million | Improved by $2.1M | - The decrease in operating expenses was attributed to cost optimization, timing of R&D activities, and reduced stock-based compensation and professional services costs[4](index=4&type=chunk) - As of March 31, 2025, the company held **$192.8 million** in cash, cash equivalents, and investments[6](index=6&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) The unaudited financial statements for Q1 2025 show total assets of **$227.7 million**, a net loss of **$16.6 million**, and **$13.9 million** net cash used in operating activities [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, Nautilus reported total assets of **$227.7 million**, total liabilities of **$33.3 million**, and total stockholders' equity of **$194.4 million** Condensed Consolidated Balance Sheets (in thousands) | (in thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$227,690** | **$242,743** | | Total Current Assets | $141,601 | $132,826 | | **Total Liabilities** | **$33,255** | **$34,013** | | Total Current Liabilities | $8,156 | $7,632 | | **Total Stockholders' Equity** | **$194,435** | **$208,730** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2025, Nautilus reported total operating expenses of **$18.8 million** and a net loss of **$16.6 million**, or **($0.13)** per share, showing improvement from the prior year Condensed Consolidated Statements of Operations (in thousands, except per share data) | (in thousands, except per share data) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Research and development | $11,536 | $12,930 | | General and administrative | $7,308 | $8,677 | | **Total operating expenses** | **$18,844** | **$21,607** | | Interest income | $2,231 | $2,877 | | **Net loss** | **$(16,613)** | **$(18,730)** | | **Net loss per share, basic and diluted** | **$(0.13)** | **$(0.15)** | [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2025, net cash used in operating activities was **$13.9 million**, with a net increase in cash, cash equivalents, and restricted cash of **$5.6 million** for the period Consolidated Statements of Cash Flows (in thousands) | (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(13,937) | $(16,266) | | Net cash provided by investing activities | $19,511 | $22,353 | | Net cash provided by financing activities | $18 | $245 | | **Net increase in cash, cash equivalents and restricted cash** | **$5,592** | **$6,332** | | **Cash, cash equivalents and restricted cash at end of period** | **$34,240** | **$26,731** | [Other Information](index=1&type=section&id=Other%20Information) Nautilus will host a conference call on April 29, 2025, to discuss Q1 results, with the report also containing standard forward-looking statements regarding inherent business risks - A conference call to discuss Q1 2025 results is scheduled for Tuesday, April 29, 2025, at 8:30 AM Eastern Time[7](index=7&type=chunk) - The report includes forward-looking statements concerning business operations, financial performance, and product launch timelines, which are subject to substantial risks and uncertainties[9](index=9&type=chunk)[10](index=10&type=chunk) - The company is a development stage life sciences company focused on creating a platform technology for proteome analysis[8](index=8&type=chunk)

Core Viewpoint - Nautilus Biotechnology, Inc. is set to report its financial results for the first quarter of 2025 on April 29, 2025, before market opening [1]. Company Overview - Nautilus Biotechnology, Inc. is a development stage life sciences company headquartered in Seattle, Washington, with research and development operations in San Carlos, California [3]. - The company is focused on creating a platform technology aimed at quantifying and understanding the complexity of the proteome, with a mission to democratize access to proteomics and advance human health and medicine [3]. Upcoming Events - The management will host a conference call on April 29, 2025, at 5:30 a.m. Pacific Time / 8:30 a.m. Eastern Time to discuss the financial results, business developments, and future outlook [2]. - The live audio of the conference call will be accessible on the "Investors" section of the company's website [2].