Nautilus Biotechnology, Inc. (NASDAQ: NAUT; or “Nautilus”), a
company pioneering a single molecule proteome analysis, today
reported financial results for the second quarter ended
June 30, 2022.
Recent Highlights
- Reported total operating expenses
for the second quarter of 2022 of $15.5 million, down sequentially
from $16.0 million in the first quarter of 2022 and from $16.8
million in the fourth quarter of 2021.
- Announced the hiring of industry
veterans Eric Spence and Ken Kuhn as VP of Instrument Engineering
and VP of Reagent and Process Development, respectively, to
strengthen Nautilus’ development efforts.
- Provided guidance that anticipates
the launch of the Nautilus proteome analysis platform - instruments
and reagents - by mid-2024 with meaningful early access engagements
and associated revenue to begin at the start of 2024.
“We continued to see solid progress against our development
goals in the second quarter of 2022 and remain confident in our
overarching strategy,” said Sujal Patel, CEO of Nautilus. “In light
of current macroeconomic conditions, we are financially managing
the business in a way that gives us the maximum opportunity to
build, launch, and commercialize our platform, and anticipate our
cash runway extending well into 2025. We remain singularly focused
on driving our scientific and development efforts forward in the
most efficient, most predictable ways possible. By making the
choice to focus intently on development at this time, we believe we
are positioning ourselves to maximize our impact on the marketplace
and on biological science.”
Second Quarter 2022 Financial
Results
Operating expenses were $15.5 million for the
second quarter of 2022, a 45% increase from $10.7 million for the
three months ended June 30, 2021. 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 $14.7 million for the second
quarter of 2022, as compared to a net loss of $10.7 million for the
corresponding prior year period.
Cash, cash equivalents, and investments were
$334.9 million as of June 30, 2022.
Webcast and Conference Call
Information
Nautilus will host a conference call to discuss
the second quarter 2022 financial results, business developments
and outlook before market open on Tuesday, August 2, 2022 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.
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; expectations with respect to any revenue
timing or projections, expectations with respect to the timing of
the launch of Nautilus’product platform, 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 June 30, 2022 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 ContactThermal for Nautilus
BiotechnologyKaustuva Daspress@nautilus.bio
Investor
Contactinvestorrelations@nautilus.bio
Nautilus Biotechnology, Inc. Condensed
Consolidated Balance SheetsAs of June 30,
2022 and December 31, 2021 (Unaudited)
| (in thousands) |
June 30, 2022 |
|
December 31, 2021 |
| Assets |
|
|
|
| Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
210,354 |
|
|
$ |
185,619 |
|
|
Short-term investments |
|
88,984 |
|
|
|
160,110 |
|
|
Prepaid expenses and other current assets |
|
4,108 |
|
|
|
3,493 |
|
|
Total current assets |
|
303,446 |
|
|
|
349,222 |
|
| Property and equipment,
net |
|
3,402 |
|
|
|
2,483 |
|
| Operating lease right-of-use
assets |
|
28,304 |
|
|
|
29,377 |
|
| Long-term investments |
|
35,558 |
|
|
|
16,371 |
|
| Other long term assets |
|
997 |
|
|
|
997 |
|
|
Total assets |
$ |
371,707 |
|
|
$ |
398,450 |
|
| Liabilities and
Stockholders’ Equity |
|
|
|
| Current liabilities: |
|
|
|
|
Accounts payable |
$ |
1,429 |
|
|
$ |
1,723 |
|
|
Accrued expenses and other liabilities |
|
3,108 |
|
|
|
3,119 |
|
|
Current portion of operating lease liability |
|
1,562 |
|
|
|
970 |
|
|
Total current liabilities |
|
6,099 |
|
|
|
5,812 |
|
|
Operating lease liability, net of current portion |
|
28,050 |
|
|
|
29,062 |
|
|
Total liabilities |
|
34,149 |
|
|
|
34,874 |
|
| |
|
|
|
| Stockholders’ equity: |
|
|
|
|
Preferred stock |
|
— |
|
|
|
— |
|
|
Common stock |
|
12 |
|
|
|
12 |
|
|
Additional paid-in capital |
|
449,406 |
|
|
|
444,388 |
|
|
Accumulated other comprehensive loss |
|
(768 |
) |
|
|
(184 |
) |
|
Accumulated deficit |
|
(111,092 |
) |
|
|
(80,640 |
) |
|
Total stockholders’ equity |
|
337,558 |
|
|
|
363,576 |
|
|
Total liabilities and stockholders’ equity |
$ |
371,707 |
|
|
$ |
398,450 |
|
Nautilus Biotechnology,
Inc. Condensed Consolidated Statements of
Operations Three and Six Months Ended
June 30, 2022 and 2021 (Unaudited)
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| (in thousands, except share
and per share amounts) |
2022 |
|
2021 |
|
2022 |
|
2021 |
| Operating expenses |
|
|
|
|
|
|
|
|
Research and development |
$ |
8,856 |
|
|
$ |
6,380 |
|
|
$ |
18,514 |
|
|
$ |
11,215 |
|
| General and
administrative |
|
6,616 |
|
|
|
4,317 |
|
|
|
12,980 |
|
|
|
7,899 |
|
|
Total operating expenses |
|
15,472 |
|
|
|
10,697 |
|
|
|
31,494 |
|
|
|
19,114 |
|
| Other income (expense),
net |
|
783 |
|
|
|
(16 |
) |
|
|
1,042 |
|
|
|
(8 |
) |
| Net loss |
$ |
(14,689 |
) |
|
$ |
(10,713 |
) |
|
$ |
(30,452 |
) |
|
$ |
(19,122 |
) |
| Net loss per share
attributable to common stockholders, basic and diluted |
$ |
(0.12 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.43 |
) |
|
Weighted-average shares used in computing net loss per share
attributable to common stockholders, basic and diluted(1) |
|
124,494,036 |
|
|
|
55,070,480 |
|
|
|
124,456,518 |
|
|
|
44,096,149 |
|
(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 Flows Six Months
Ended June 30, 2022 and 2021 (Unaudited)
| |
Six Months Ended June 30, |
| (in thousands) |
2022 |
|
2021 |
| Cash flows from
operating activities |
|
|
|
|
Net loss |
$ |
(30,452 |
) |
|
$ |
(19,122 |
) |
| Adjustments to reconcile net
loss to net cash used in operating activities |
|
|
|
|
Depreciation |
|
562 |
|
|
|
479 |
|
|
Stock-based compensation |
|
4,677 |
|
|
|
3,156 |
|
|
Amortization of premiums on securities, net |
|
(147 |
) |
|
|
213 |
|
|
Amortization of operating lease right-of-use assets |
|
1,073 |
|
|
|
760 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
Prepaid expenses and other assets |
|
(503 |
) |
|
|
(331 |
) |
|
Accounts payable |
|
(643 |
) |
|
|
725 |
|
|
Accrued expenses and other liabilities |
|
(11 |
) |
|
|
410 |
|
|
Operating lease liability |
|
(420 |
) |
|
|
(835 |
) |
|
Net cash used in operating activities |
|
(25,864 |
) |
|
|
(14,545 |
) |
| Cash flows from
investing activities |
|
|
|
| Proceeds from maturities of
securities |
|
105,575 |
|
|
|
40,000 |
|
| Purchases of securities |
|
(54,185 |
) |
|
|
(100,035 |
) |
| Purchases of property and
equipment |
|
(1,132 |
) |
|
|
(1,013 |
) |
|
Net cash provided by (used in) investing activities |
|
50,258 |
|
|
|
(61,048 |
) |
| Cash flows from
financing activities |
|
|
|
| Proceeds from exercise of
stock options |
|
188 |
|
|
|
46 |
|
| Proceeds from issuance of
common stock under employee stock purchase plan |
|
153 |
|
|
|
— |
|
| Net proceeds from reverse
recapitalization and PIPE financing |
|
— |
|
|
|
335,409 |
|
| Payments of offering
costs |
|
— |
|
|
|
(8,082 |
) |
|
Net cash provided by financing activities |
|
341 |
|
|
|
327,373 |
|
|
Net increase in cash, cash equivalents and restricted cash |
|
24,735 |
|
|
|
251,780 |
|
| |
|
|
|
| Cash, cash equivalents and
restricted cash at beginning of period |
|
186,461 |
|
|
|
37,219 |
|
| Cash, cash equivalents and
restricted cash at end of period |
$ |
211,196 |
|
|
$ |
288,999 |
|
Nautilus Biotechnology (NASDAQ:NAUT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Nautilus Biotechnology (NASDAQ:NAUT)
Historical Stock Chart
From Apr 2023 to Apr 2024
