Nautilus Biotechnology Reports Second Quarter 2021 Financial Results
August 10 2021 - 6:00AM
Nautilus Biotechnology, Inc. (NASDAQ: NAUT; or “Nautilus”), a life
sciences company creating a platform technology for quantifying and
unlocking the complexity of the proteome, today reported financial
results for the second quarter ended June 30, 2021.
Recent Highlights
- Completed business
combination transaction with ARYA Sciences Acquisition Corp III
(the “Business Combination”) and became a publicly traded company
on June 10, 2021, with gross proceeds from this transaction
totaling approximately $345.5 million.
- Continued to meet key internal
milestones across a range of platform design and science activities
in support of a planned late-2023 platform commercialization.
- Appointed Emma Lundberg, Ph.D. to
the Scientific Advisory Board. Dr. Lundberg, currently a professor
in cell biology proteomics at KTH Royal Institute of Technology in
Sweden.
- Appointed Karl Voss as Vice
President of Life Sciences. Karl joins Nautilus from Pacific
Biosciences and will lead the team focused on delivering Nautilus’
first-generation product.
“This has been an incredibly exciting year for
Nautilus as a company, and for the field of proteomics in general,”
said Sujal Patel, CEO of Nautilus Biotechnology. “Our vision at
Nautilus is to bring to market a complete, end-to-end,
massive-scale protein analysis platform that we believe has the
potential to deliver unique biological data and insight in an
easy-to-use, cost-effective way. Much as democratizing access to
the genome was a catalyst for the development of a broad, vibrant,
and healthy genomics ecosystem, we believe that Nautilus’
proteomics innovation has the potential to unlock high-value
applications in precision and personalized medicine, in drug
discovery, and in diagnostics.”
Second Quarter 2021 Financial
Results
Operating expenses were $10.7 million for the
second quarter of 2021, a 215% increase from $3.4 million for the
three months ended June 30, 2020. The increase in operating
expenses was driven primarily by an increase in headcount to
support ongoing development of our products as well as the costs
associated with being a public company.
Net loss was $10.7 million for the second
quarter of 2021, as compared to a net loss of $3.4 million for the
corresponding prior year period.
Cash, cash equivalents, and investments were
$388.4 million as of June 30, 2021.
Webcast and Conference Call
Information
Nautilus will host a conference call to discuss
the second quarter 2021 financial results, business developments
and outlook before market open on Tuesday, August 10, 2021 at 5:00
AM Pacific Time / 8:00 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.
Based in Seattle, Washington, Nautilus is a
development stage life sciences company creating 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, as well as the potential functionality
and performance of Nautilus’ product platform, its potential impact
on pharmaceutical development and drug discovery, and market
opportunities available to Nautilus generally. These statements are
based on numerous assumptions concerning the development of
Nautilus’ products and target markets 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 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 the Registration Statement on
Form S-1 filed with the SEC as well as in our Quarterly Report on
Form 10-Q to be filed for the quarter ended June 30, 2021. 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.
Media ContactThermal for Nautilus
BiotechnologyKaustuva Daspress@nautilus.bio
Investor
Contactinvestorrelations@nautilus.bio
Nautilus Biotechnology, Inc.Condensed
Consolidated Balance SheetsAs of June 30, 2021 and
December 31, 2020 (Unaudited)
(in thousands) |
June 30,2021 |
|
December 31,2020 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
288,387 |
|
|
$ |
36,607 |
|
Short-term investments |
84,757 |
|
|
40,135 |
|
Prepaid expenses and other current assets |
1,484 |
|
|
917 |
|
Total current assets |
374,628 |
|
|
77,659 |
|
Property and equipment,
net |
1,941 |
|
|
1,371 |
|
Operating lease right-of-use
assets |
828 |
|
|
4,842 |
|
Long-term investments |
15,266 |
|
|
— |
|
Other long term assets |
612 |
|
|
1,139 |
|
Total assets |
$ |
393,275 |
|
|
$ |
85,011 |
|
Liabilities, Redeemable Convertible Preferred Stock, and
Stockholders’ Equity (Deficit) |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
1,229 |
|
|
$ |
470 |
|
Accrued expenses and other liabilities |
1,316 |
|
|
1,069 |
|
Current portion of operating lease liability |
686 |
|
|
1,479 |
|
Total current liabilities |
3,231 |
|
|
3,018 |
|
Operating lease liability, net of current portion |
— |
|
|
3,296 |
|
Total liabilities |
3,231 |
|
|
6,314 |
|
Redeemable convertible
preferred stock: |
|
|
|
Series Seed redeemable
convertible preferred stock |
— |
|
|
5,494 |
|
Series A redeemable
convertible preferred stock |
— |
|
|
27,067 |
|
Series B redeemable
convertible preferred stock |
— |
|
|
75,857 |
|
|
|
|
|
Stockholders’ equity
(deficit): |
|
|
|
Preferred stock |
— |
|
|
— |
|
Common stock |
12 |
|
|
1 |
|
Additional paid-in capital |
439,489 |
|
|
600 |
|
Accumulated other comprehensive income (loss) |
(10 |
) |
|
3 |
|
Accumulated deficit |
(49,447 |
) |
|
(30,325 |
) |
Total stockholders’ equity (deficit) |
390,044 |
|
|
(29,721 |
) |
Total liabilities, redeemable convertible preferred stock and
stockholders’ equity (deficit) |
$ |
393,275 |
|
|
$ |
85,011 |
|
Nautilus Biotechnology, Inc.Condensed
Consolidated Statements of OperationsThree and Six
Months Ended June 30, 2021 and 2020 (Unaudited)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in thousands, except share
and per share amounts) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Operating expenses |
|
|
|
|
|
|
|
Research and development |
$ |
6,380 |
|
|
$ |
2,751 |
|
|
$ |
11,215 |
|
|
$ |
5,221 |
|
General and
administrative |
4,317 |
|
|
649 |
|
|
7,899 |
|
|
1,176 |
|
Total operating expenses |
10,697 |
|
|
3,400 |
|
|
19,114 |
|
|
6,397 |
|
Other income (expense),
net |
(16 |
) |
|
45 |
|
|
(8 |
) |
|
108 |
|
Net loss |
$ |
(10,713 |
) |
|
$ |
(3,355 |
) |
|
$ |
(19,122 |
) |
|
$ |
(6,289 |
) |
Net loss per share
attributable to common stockholders, basic and diluted |
$ |
(0.19 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.23 |
) |
Weighted-average shares used
in computing net loss per share attributable to common
stockholders, basic and diluted (1) |
55,070,480 |
|
|
28,184,532 |
|
|
44,096,149 |
|
|
27,321,614 |
|
(1) the weighted-average number of shares of
Common Stock outstanding prior to the Business Combination have
been retroactively restated to reflect the exchange ratio of
approximately 3.6281 established in the Business Combination.
Nautilus Biotechnology,
Inc.Condensed Consolidated Statements of Cash
FlowsSix Months Ended June 30, 2021 and 2020
(Unaudited)
|
Six Months Ended June 30, |
(in thousands) |
2021 |
|
2020 |
Cash flows from
operating activities |
|
|
|
Net loss |
$ |
(19,122 |
) |
|
$ |
(6,289 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities |
|
|
|
Depreciation |
479 |
|
|
327 |
|
Stock-based compensation |
3,156 |
|
|
60 |
|
Net amortization of premiums on securities |
213 |
|
|
80 |
|
Amortization of operating lease right-of-use assets |
760 |
|
|
836 |
|
Changes in operating assets and liabilities: |
|
|
|
Prepaid expenses and other assets |
(331 |
) |
|
(313 |
) |
Accounts payable |
725 |
|
|
(107 |
) |
Accrued expenses and other liabilities |
410 |
|
|
315 |
|
Operating lease liability |
(835 |
) |
|
(807 |
) |
Net cash used in operating activities |
(14,545 |
) |
|
(5,898 |
) |
Cash flows from
investing activities |
|
|
|
Proceeds from sale and
maturities of securities |
40,000 |
|
|
11,001 |
|
Purchases of securities |
(100,035 |
) |
|
(48,333 |
) |
Purchases of property and
equipment |
(1,013 |
) |
|
(355 |
) |
Net cash used in investing activities |
(61,048 |
) |
|
(37,687 |
) |
Cash flows from
financing activities |
|
|
|
Net proceeds from reverse
recapitalization and PIPE financing |
335,409 |
|
|
— |
|
Payments of deferred offering
costs |
(8,082 |
) |
|
— |
|
Proceeds from exercise of
stock options |
46 |
|
|
4 |
|
Proceeds from issuance of
convertible preferred stock, net of issuance costs |
— |
|
|
75,857 |
|
Net cash provided by financing activities |
327,373 |
|
|
75,861 |
|
Net increase in cash, cash equivalents and restricted cash |
251,780 |
|
|
32,276 |
|
|
|
|
|
Cash, cash equivalents and
restricted cash at beginning of period |
37,219 |
|
|
595 |
|
Cash, cash equivalents and
restricted cash at end of period |
$ |
288,999 |
|
|
$ |
32,871 |
|
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