Nautilus Biotechnology Reports Third Quarter 2023 Financial Results
31 Oktober 2023 - 1:05PM
Nautilus Biotechnology, Inc. (NASDAQ: NAUT; or “Nautilus”), a
company pioneering a single molecule proteome analysis platform,
today reported financial results for the third quarter ended
September 30, 2023.
“I’m very pleased with the progress Nautilus
made in Q3 as we continue our drive towards commercial readiness”,
said Sujal Patel, CEO of Nautilus. “Continuing to
increase the scale and robustness of the platform remains a key
area of focus as we ready the platform for launch next year. With
an increasing focus on proteomics by the scientific community,
moves by major life science companies to expand their
proteomics-related offerings, and massive international investments
in the study of proteins, it is clear to me that a strong
foundation has been laid for the ‘proteomics era’ of biology and
medicine to take root and flourish. I believe that our continued
exceptional financial discipline and business execution, combined
with a platform designed to establish a new gold standard for
proteomic analysis, positions us well for both short-term and
longer-term success.”
Third Quarter
2023 Financial Results
Operating expenses were $19.1 million for the
third quarter of 2023, a 21% increase from $15.8 million for the
three months ended September 30, 2022. The increase in operating
expenses was driven primarily by an increase in headcount to
support ongoing development of our products.
Net loss was $15.9 million for the third quarter
of 2023, as compared to a net loss of $14.1 million for the
corresponding prior year period.
Cash, cash equivalents, and investments were
$275.7 million as of September 30, 2023.
Webcast and Conference Call
Information
Nautilus will host a conference call to discuss
the third quarter 2023 financial results, business developments and
outlook before market open on Wednesday, October 31, 2023 at
5:30 AM Pacific Time / 8:30 AM Eastern Time. Live audio of the
webcast will be available on the “Investors” section of the company
website at: www.nautilus.bio.
About Nautilus Biotechnology,
Inc.
With its corporate headquarters in Seattle,
Washington and its research and development headquarters in San
Carlos, California, Nautilus is a development stage life sciences
company working to create a platform technology for quantifying and
unlocking the complexity of the proteome. Nautilus’ mission is to
transform the field of proteomics by democratizing access to the
proteome and enabling fundamental advancements across human health
and medicine. To learn more about Nautilus, visit
www.nautilus.bio
Special Note Regarding Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of federal securities laws.
Forward-looking statements in this press release include, but are
not limited to, statements regarding Nautilus’ expectations
regarding the company’s business operations, financial performance
and results of operations; expectations with respect to any revenue
timing or projections, expectations with respect to the timing of
the launch of Nautilus’ product platform and full commercial
availability, the functionality and performance of Nautilus’
product platform, its potential impact on providing proteome
access, pharmaceutical development and drug discovery, expanding
research horizons, and enabling scientific explorations and
discovery, and the present and future capabilities and limitations
of emerging proteomics technologies. These statements are based on
numerous assumptions concerning the development of Nautilus’
products, target markets, and other current and emerging proteomics
technologies, and involve substantial risks, uncertainties and
other factors that may cause actual results to be materially
different from the information expressed or implied by these
forward-looking statements. Risks and uncertainties that could
materially affect the accuracy of Nautilus’ assumptions and its
ability to achieve the forward-looking statements set forth in this
press release include (without limitation) the following: Nautilus’
product platform is not yet commercially available and remains
subject to significant scientific and technical development, which
is inherently challenging and difficult to predict, particularly
with respect to highly novel and complex products such as those
being developed by Nautilus. Even if our development efforts are
successful, our product platform will require substantial
validation of its functionality and utility in life science
research. In the course of Nautilus’ scientific and technical
development and associated product validation and
commercialization, we may experience material delays as a result of
unanticipated events. We cannot provide any guarantee or assurance
with respect to the outcome of our development, collaboration, and
commercialization initiatives or with respect to their associated
timelines. For a more detailed description of additional risks and
uncertainties facing Nautilus and its development efforts,
investors should refer to the information under the caption “Risk
Factors” in our Annual Report on Form 10-K as well as in our
Quarterly Report on Form 10-Q to be filed for the quarter ended
September 30, 2023 and our other filings with the SEC. The
forward-looking statements in this press release are as of the date
of this press release. Except as otherwise required by applicable
law, Nautilus disclaims any duty to update any forward-looking
statements. You should, therefore, not rely on these
forward-looking statements as representing our views as of any date
subsequent to the date of this press release.
Disclosure Information
Nautilus uses filings with the Securities and
Exchange Commission, its website (www.nautilus.bio), press
releases, public conference calls, public webcasts, and its social
media accounts as means of disclosing material non-public
information and for complying with Regulation FD. Therefore,
Nautilus encourages investors, the media, and others interested in
Nautilus to review the information it makes public in these
locations, as such information could be deemed to be material
information.
Media
Contactpress@nautilus.bio
Investor
Contactinvestorrelations@nautilus.bio
Nautilus Biotechnology, Inc. Condensed
Consolidated Balance Sheets As of September 30,
2023 and December 31, 2022 (Unaudited)
(in thousands, except share and per share amounts) |
September 30,2023 |
|
December 31,2022 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
74,104 |
|
|
$ |
114,523 |
|
Short-term investments |
|
109,185 |
|
|
|
69,948 |
|
Prepaid expenses and other current assets |
|
3,499 |
|
|
|
2,738 |
|
Total current assets |
|
186,788 |
|
|
|
187,209 |
|
Property and equipment, net |
|
4,283 |
|
|
|
3,700 |
|
Operating lease right-of-use assets |
|
33,669 |
|
|
|
28,866 |
|
Long-term investments |
|
92,439 |
|
|
|
129,169 |
|
Other long-term assets |
|
1,157 |
|
|
|
1,108 |
|
Total assets |
$ |
318,336 |
|
|
$ |
350,052 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
1,142 |
|
|
$ |
1,272 |
|
Accrued expenses and other liabilities |
|
4,285 |
|
|
|
3,528 |
|
Current portion of operating lease liability |
|
3,467 |
|
|
|
1,991 |
|
Total current liabilities |
|
8,894 |
|
|
|
6,791 |
|
Operating lease liability, net of current portion |
|
32,169 |
|
|
|
28,337 |
|
Total liabilities |
|
41,063 |
|
|
|
35,128 |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Preferred stock |
|
— |
|
|
|
— |
|
Common stock |
|
12 |
|
|
|
12 |
|
Additional paid-in capital |
|
464,509 |
|
|
|
455,330 |
|
Accumulated other comprehensive loss |
|
(2,033 |
) |
|
|
(1,854 |
) |
Accumulated deficit |
|
(185,215 |
) |
|
|
(138,564 |
) |
Total stockholders’ equity |
|
277,273 |
|
|
|
314,924 |
|
Total liabilities and stockholders’ equity |
$ |
318,336 |
|
|
$ |
350,052 |
|
Nautilus Biotechnology, Inc. Condensed
Consolidated Statements of Operations Three and
Nine Months Ended September 30, 2023 and 2022
(Unaudited)
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands, except share and per share amounts) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Operating expenses |
|
|
|
|
|
|
|
Research and development |
$ |
11,996 |
|
|
$ |
9,571 |
|
|
$ |
34,785 |
|
|
$ |
28,085 |
|
General and administrative |
|
7,079 |
|
|
|
6,249 |
|
|
|
21,366 |
|
|
|
19,229 |
|
Total operating expenses |
|
19,075 |
|
|
|
15,820 |
|
|
|
56,151 |
|
|
|
47,314 |
|
Other income (expense), net |
|
3,197 |
|
|
|
1,757 |
|
|
|
9,500 |
|
|
|
2,799 |
|
Net loss |
$ |
(15,878 |
) |
|
$ |
(14,063 |
) |
|
$ |
(46,651 |
) |
|
$ |
(44,515 |
) |
Net loss per share attributable to common stockholders, basic and
diluted |
$ |
(0.13 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.36 |
) |
Weighted-average shares used in computing net loss per share
attributable to common stockholders, basic and diluted |
|
124,933,837 |
|
|
|
124,651,318 |
|
|
|
124,896,975 |
|
|
|
124,522,164 |
|
Nautilus Biotechnology, Inc. Condensed
Consolidated Statements of Cash Flows Nine Months
Ended September 30, 2023 and 2022 (Unaudited)
|
Nine Months Ended September 30, |
(in thousands) |
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities |
|
|
|
Net loss |
$ |
(46,651 |
) |
|
$ |
(44,515 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities |
|
|
|
Depreciation |
|
1,294 |
|
|
|
871 |
|
Stock-based compensation |
|
9,064 |
|
|
|
7,547 |
|
Amortization (accretion) of premium (discount) on securities,
net |
|
(2,040 |
) |
|
|
(340 |
) |
Amortization of operating lease right-of-use assets |
|
2,821 |
|
|
|
1,624 |
|
Changes in operating assets and liabilities: |
|
|
|
Prepaid expenses and other assets |
|
(878 |
) |
|
|
239 |
|
Accounts payable |
|
22 |
|
|
|
(850 |
) |
Accrued expenses and other liabilities |
|
757 |
|
|
|
860 |
|
Operating lease liabilities |
|
(2,200 |
) |
|
|
(865 |
) |
Net cash used in operating activities |
|
(37,811 |
) |
|
|
(35,429 |
) |
Cash flows from investing activities |
|
|
|
Proceeds from maturities of securities |
|
51,249 |
|
|
|
142,075 |
|
Purchases of securities |
|
(51,895 |
) |
|
|
(101,665 |
) |
Purchases of property and equipment |
|
(2,029 |
) |
|
|
(2,095 |
) |
Net cash (used in) provided by investing activities |
|
(2,675 |
) |
|
|
38,315 |
|
Cash flows from financing activities |
|
|
|
Proceeds from exercise of stock options |
|
23 |
|
|
|
274 |
|
Proceeds from issuance of common stock under employee stock
purchase plan |
|
92 |
|
|
|
153 |
|
Net cash provided by financing activities |
|
115 |
|
|
|
427 |
|
Net (decrease) increase in cash, cash equivalents and restricted
cash |
|
(40,371 |
) |
|
|
3,313 |
|
|
|
|
|
Cash, cash equivalents and restricted cash at beginning of
period |
|
115,477 |
|
|
|
186,461 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
75,106 |
|
|
$ |
189,774 |
|
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