Nautilus Biotechnology(NAUT) - 2025 Q2 - Quarterly Results

Nautilus Biotechnology Q2 2025 Earnings Release Business Highlights and CEO Commentary Nautilus Biotechnology advanced its platform development in Q2 2025, publishing its first scientific manuscript validating the 'Iterative Mapping' method and securing two new collaborations for Alzheimer's disease research - The company maintained momentum in both targeted and broadscale proteomic development efforts during the second quarter[3] - Published the first scientific manuscript with novel data from the Nautilus Platform, introducing and validating the 'Iterative Mapping' method for unprecedented proteoform resolution and breadth[3] - Signed two collaborations with major research institutes to apply the Nautilus platform and its Tau proteoform assay to Alzheimer's disease research, aiming to advance understanding of disease-relevant biology[4] Second Quarter 2025 Financial Results Nautilus reported an 18% year-over-year decrease in operating expenses to $17.1 million and a reduced net loss of $15.0 million, maintaining a strong liquidity position with $179.5 million in cash, cash equivalents, and investments Q2 2025 Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Operating Expenses | $17.1 million | $20.8 million | -18% | | Net Loss | $15.0 million | $18.0 million | Improvement | - The decrease in operating expenses was attributed to cost optimization, timing of R&D activities, and lower expenses for salaries, stock-based compensation, and professional services[5] - As of June 30, 2025, the company held $179.5 million in cash, cash equivalents, and investments[7] Financial Statements The financial statements detail Nautilus' financial position as of June 30, 2025, and its performance for the three and six months then ended, including the Condensed Consolidated Balance Sheets, Statements of Operations, and Statements of Cash Flows Condensed Consolidated Balance Sheets As of June 30, 2025, Nautilus reported total assets of $213.2 million, a decrease from $242.7 million at year-end 2024, with total liabilities slightly decreasing to $32.1 million and total stockholders' equity at $181.1 million Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents, and investments | $179,509 | $206,298 | | Total current assets | $150,725 | $132,826 | | Total assets | $213,189 | $242,743 | | Total liabilities | $32,095 | $34,013 | | Total stockholders' equity | $181,094 | $208,730 | Condensed Consolidated Statements of Operations For the three months ended June 30, 2025, Nautilus recorded a net loss of $15.0 million, or ($0.12) per share, an improvement from a net loss of $18.0 million, or ($0.14) per share, in the prior-year period, driven by reduced operating expenses Three Months Ended June 30 (in thousands, except per share data) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Research and development | $10,394 | $12,436 | | General and administrative | $6,703 | $8,353 | | Total operating expenses | $17,097 | $20,789 | | Net loss | $(15,033) | $(18,010) | | Net loss per share | $(0.12) | $(0.14) | Six Months Ended June 30 (in thousands, except per share data) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total operating expenses | $35,941 | $42,396 | | Net loss | $(31,646) | $(36,740) | | Net loss per share | $(0.25) | $(0.29) | Consolidated Statements of Cash Flows For the six months ended June 30, 2025, net cash used in operating activities was $27.3 million, an improvement from $31.7 million in the same period of 2024, with net cash provided by investing activities of $34.0 million leading to a net increase in cash and cash equivalents of $6.8 million Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(27,287) | $(31,723) | | Net cash provided by investing activities | $33,985 | $36,647 | | Net cash provided by financing activities | $113 | $564 | | Net increase in cash, cash equivalents and restricted cash | $6,811 | $5,488 |