Nautilus Biotechnology(NAUT)2024-10-29 20:06Financial Performance - The net loss for the nine months ended September 30, 2024 was 46,651 thousand for the same period in 2023, representing an increase of approximately 14%[14]. - For the three months ended September 30, 2024, Nautilus Biotechnology reported a net loss of 15.878 million for the same period in 2023, reflecting an increase in losses of approximately 3.6%[18]. - The company reported total operating expenses of 56,151 thousand for the same period in 2023, an increase of approximately 9.5%[14]. - Cash used in operating activities for the nine months ended September 30, 2024, was 37.811 million for the same period in 2023, indicating an 18.4% increase in cash outflow[22]. Assets and Liabilities - Total current assets decreased from 144,205 thousand as of September 30, 2024, a decline of approximately 18.4%[11]. - Cash and cash equivalents decreased from 4,409 thousand as of September 30, 2024, a decrease of approximately 77.3%[11]. - Total liabilities decreased from 36,270 thousand as of September 30, 2024, a reduction of approximately 9.7%[12]. - The company’s total stockholders' equity decreased from 223,434 thousand as of September 30, 2024, a decline of approximately 15.8%[13]. Accumulated Deficit - The company’s accumulated deficit increased from 255,425 thousand as of September 30, 2024, an increase of approximately 26.3%[13]. - The company had an accumulated deficit of 185.215 million as of September 30, 2023, representing an increase in the deficit of approximately 37.8%[19]. Research and Development - Research and development expenses for the three months ended September 30, 2024 were 11,996 thousand for the same period in 2023, reflecting an increase of 2.4%[14]. - The company has been focused on research and development activities related to its proteomics platform since its incorporation in 2016[24]. Stock and Equity - The weighted-average shares used in computing net loss per share attributable to common stockholders for the nine months ended September 30, 2024 was 125,302,440, compared to 124,896,975 for the same period in 2023[14]. - The company issued 367,813 shares of common stock upon the exercise of vested stock options during the nine months ended September 30, 2024, raising 478.115 million as of September 30, 2024, from 5.411 million, down from 221.2 million[139]. - The carrying amount of cash equivalents approximates fair value due to short maturities of these instruments[139]. Risks and Future Financing - The company may require additional equity or debt financing in the future, depending on growth rate and research and development spending[30]. - The company is subject to risks similar to pre-clinical stage companies in the biopharmaceutical industry, including dependence on key individuals and the need for adequate financing[34]. - The company is exposed to inflation risk, which has impacted labor and goods costs, potentially affecting future operational expenses[140]. Accounting and Reporting - The company is evaluating the impact of new accounting standards on its consolidated financial statements, including ASU 2023-07 and ASU 2023-09[50][51]. - The company’s estimates and assumptions in financial reporting may differ from actual results, impacting future financial statements[31]. - The company had no income tax expense or benefit recognized for the three and nine months ended September 30, 2024, due to a full valuation allowance against deferred tax assets[61].