Nautilus Biotechnology(NAUT) - 2025 Q1 - Quarterly Results

Q1 2025 Earnings Release Business Highlights 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] - 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] First Quarter 2025 Financial Performance 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] - As of March 31, 2025, the company held $192.8 million in cash, cash equivalents, and investments[6] Financial Statements 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 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 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 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 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] - The report includes forward-looking statements concerning business operations, financial performance, and product launch timelines, which are subject to substantial risks and uncertainties[9][10] - The company is a development stage life sciences company focused on creating a platform technology for proteome analysis[8]