Nautilus Biotechnology Reports Third Quarter 2022 Financial Results
November 01 2022 - 6:05AM
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, 2022.
Recent Highlights
- Reported total operating expenses for the third quarter of 2022
of $15.8 million, modestly higher compared to the same quarter last
year reflecting increased investment in the development of our
platform moderated by an ongoing focus on expense management.
- Continued progress against core scientific and engineering
goals in the third quarter of 2022 while increasing experimental
scale and continuing to advance the quality and customer readiness
of our consumables.
- Significant progress on advancing commercial instrument
development and transitioning to a manufacturing posture across all
elements of the platform as we build towards full commercial
availability.
“I’m very excited about the emerging opportunity I see for
proteomics and am pleased with the progress we’re making as a
business”, said Sujal Patel, CEO of Nautilus. “We – more than ever
– envision powerful research uses for our platform and continue to
receive enthusiastic feedback from the researchers around the world
with whom we’re engaged. Their feedback reinforces our vision that
Nautilus is building a game-changing platform that will make a
meaningful difference for researchers and patients alike in the
years and decades to come.”
Third Quarter
2022 Financial Results
Operating expenses were $15.8 million for the
third quarter of 2022, a 9% increase from $14.6 million for the
three months ended September 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 $14.1 million for the third quarter
of 2022, as compared to a net loss of $14.5 million for the
corresponding prior year period.
Cash, cash equivalents, and investments were
$323.6 million as of September 30, 2022.
Webcast and Conference Call
Information
Nautilus will host a conference call to discuss
the third quarter 2022 financial results, business developments and
outlook before market open on Tuesday, November 1, 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 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, 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 Contactpress@nautilus.bio
Investor
Contactinvestorrelations@nautilus.bio
Nautilus Biotechnology, Inc. Condensed
Consolidated Balance SheetsAs of
September 30, 2022 and December 31, 2021
(Unaudited)
(in thousands) |
September 30, 2022 |
|
December 31, 2021 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
188,932 |
|
|
$ |
185,619 |
|
Short-term investments |
|
69,038 |
|
|
|
160,110 |
|
Prepaid expenses and other current assets |
|
3,254 |
|
|
|
3,493 |
|
Total current assets |
|
261,224 |
|
|
|
349,222 |
|
Property and equipment,
net |
|
3,657 |
|
|
|
2,483 |
|
Operating lease right-of-use
assets |
|
27,753 |
|
|
|
29,377 |
|
Long-term investments |
|
65,676 |
|
|
|
16,371 |
|
Other long-term assets |
|
997 |
|
|
|
997 |
|
Total assets |
$ |
359,307 |
|
|
$ |
398,450 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
823 |
|
|
$ |
1,723 |
|
Accrued expenses and other liabilities |
|
3,979 |
|
|
|
3,119 |
|
Current portion of operating lease liability |
|
1,632 |
|
|
|
970 |
|
Total current liabilities |
|
6,434 |
|
|
|
5,812 |
|
Operating lease liability, net of current portion |
|
27,535 |
|
|
|
29,062 |
|
Total liabilities |
|
33,969 |
|
|
|
34,874 |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Preferred stock |
|
— |
|
|
|
— |
|
Common stock |
|
12 |
|
|
|
12 |
|
Additional paid-in capital |
|
452,362 |
|
|
|
444,388 |
|
Accumulated other comprehensive loss |
|
(1,881 |
) |
|
|
(184 |
) |
Accumulated deficit |
|
(125,155 |
) |
|
|
(80,640 |
) |
Total stockholders’ equity |
|
325,338 |
|
|
|
363,576 |
|
Total liabilities and stockholders’ equity |
$ |
359,307 |
|
|
$ |
398,450 |
|
Nautilus Biotechnology, Inc. Condensed
Consolidated Statements of OperationsThree and
Nine Months Ended September 30, 2022 and 2021
(Unaudited)
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands, except share
and per share amounts) |
2022 |
|
2021 |
|
2022 |
|
2021 |
Operating expenses |
|
|
|
|
|
|
|
Research and development |
$ |
9,571 |
|
|
$ |
8,244 |
|
|
$ |
28,085 |
|
|
$ |
19,459 |
|
General and
administrative |
|
6,249 |
|
|
|
6,324 |
|
|
|
19,229 |
|
|
|
14,223 |
|
Total operating expenses |
|
15,820 |
|
|
|
14,568 |
|
|
|
47,314 |
|
|
|
33,682 |
|
Other income (expense),
net |
|
1,757 |
|
|
|
64 |
|
|
|
2,799 |
|
|
|
56 |
|
Net loss |
$ |
(14,063 |
) |
|
$ |
(14,504 |
) |
|
$ |
(44,515 |
) |
|
$ |
(33,626 |
) |
Net loss per share
attributable to common stockholders, basic and diluted |
$ |
(0.11 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.47 |
) |
Weighted-average shares used
in computing net loss per share attributable to common
stockholders, basic and diluted(1) |
|
124,651,318 |
|
|
|
124,114,893 |
|
|
|
124,522,164 |
|
|
|
71,062,172 |
|
(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 FlowsNine Months
Ended September 30, 2022 and 2021 (Unaudited)
|
Nine Months Ended September 30, |
(in thousands) |
2022 |
|
2021 |
Cash flows from
operating activities |
|
|
|
Net loss |
$ |
(44,515 |
) |
|
$ |
(33,626 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities |
|
|
|
Depreciation |
|
871 |
|
|
|
756 |
|
Stock-based compensation |
|
7,547 |
|
|
|
5,404 |
|
Amortization (accretion) of premium (discount) on securities,
net |
|
(340 |
) |
|
|
190 |
|
Amortization of operating lease right-of-use assets |
|
1,624 |
|
|
|
1,217 |
|
Changes in operating assets and liabilities: |
|
|
|
Prepaid expenses and other assets |
|
239 |
|
|
|
(3,860 |
) |
Accounts payable |
|
(850 |
) |
|
|
887 |
|
Accrued expenses and other liabilities |
|
860 |
|
|
|
1,533 |
|
Operating lease liabilities |
|
(865 |
) |
|
|
(1,223 |
) |
Net cash used in operating activities |
|
(35,429 |
) |
|
|
(28,722 |
) |
Cash flows from
investing activities |
|
|
|
Proceeds from maturities of
securities |
|
142,075 |
|
|
|
40,000 |
|
Purchases of securities |
|
(101,665 |
) |
|
|
(183,745 |
) |
Purchases of property and
equipment |
|
(2,095 |
) |
|
|
(1,283 |
) |
Net cash provided by (used in) investing activities |
|
38,315 |
|
|
|
(145,028 |
) |
Cash flows from
financing activities |
|
|
|
Proceeds from exercise of
stock options |
|
274 |
|
|
|
104 |
|
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 |
|
— |
|
|
|
(8,129 |
) |
Net cash provided by financing activities |
|
427 |
|
|
|
327,384 |
|
Net increase in cash, cash equivalents and restricted cash |
|
3,313 |
|
|
|
153,634 |
|
|
|
|
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
186,461 |
|
|
|
37,219 |
|
Cash, cash equivalents and
restricted cash at end of period |
$ |
189,774 |
|
|
$ |
190,853 |
|
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