Nautilus Biotechnology(US:NAUT)2025-04-29 20:05PART I. FINANCIAL INFORMATION 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 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 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 generated28 - 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 needs3233 - As of March 31, 2025, open purchase commitments totaled $2.1 million and future minimum lease payments were $37.6 million7679 - A lawsuit against Somalogic, Inc. and California Institute of Technology was dismissed and settled in November 202478 Management's Discussion and Analysis of Financial Condition and Results of Operations This section discusses the company's development-stage status, commercialization strategy, Q1 2025 financial results, and liquidity position - Nautilus is a development-stage company focused on creating a proteome quantification platform, with no commercialized products or revenue generated8788 - The company plans a three-phase commercial launch for its proteome analysis platform, with a broad launch anticipated in late 202691 Results of Operations Comparison (Q1 2025 vs Q1 2024, in thousands) | (in thousands) | Q1 2025 | Q1 2024 | Change ($) | 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 compensation109110 - 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 months95118 - 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 2025115 Quantitative and Qualitative Disclosures About Market Risk 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, 2025136 - Inflation risk impacts the company by increasing costs of labor, goods, and services, affecting financial results137 Controls and Procedures 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, 2025139 - No material changes to internal control over financial reporting occurred during the quarter ended March 31, 2025140 PART II - OTHER INFORMATION This section covers legal proceedings, risk factors, equity sales, defaults, mine safety, and other disclosures Legal Proceedings 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 statements14477 Risk Factors 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 platform146147162 - Significant competition exists from large, established life sciences companies and emerging firms, including Thermo Fisher, Bruker, and Agilent147184 - Lack of commercial-scale manufacturing experience and reliance on single-source suppliers pose risks to the supply chain and commercialization timeline176182 - Additional capital will be required to fund development and commercialization plans, with fundraising ability potentially impacted by adverse economic conditions150203 - Stock price volatility and potential failure to meet Nasdaq's minimum bid price requirement could lead to delisting326329 Unregistered Sales of Equity Securities and Use of Proceeds The company reported no unregistered sales of equity securities during the reporting period - No unregistered sales of equity securities occurred during the reporting period362 Defaults Upon Senior Securities The company reported no defaults upon senior securities - No defaults upon senior securities were reported363 Mine Safety Disclosures This item is not applicable to the company - This item is not applicable to the company364 Other Information 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 quarter365 Exhibits 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 2002367