Nautilus Biotechnology, Inc. (NASDAQ: NAUT; or “Nautilus”), a company pioneering a single molecule proteome analysis platform, today reported financial results for the first quarter ended March 31, 2023.

Recent Highlights

  • Announced the three winners of Nautilus’ First Access Challenge, representing a diverse set of investigators and spanning a wide range of areas of study across aging, inflammatory disorders, and cancer. The winners’ samples will be run as part of Nautilus’ Early Access Program.
  • The company was granted 4 new US Patents in the first quarter of 2023, raising Nautilus’ total to 12 granted US Patents.
  • Total operating expenses for the first quarter of 2023 were $18.1 million, up $2.1 million compared to the first quarter of 2022 and $1.8 million above last quarter.

“In Q1 we continued to make steady progress in addressing key scientific and business milestones leading to the planned launch of our platform – instruments, reagents, and software – in mid-2024”, said Sujal Patel, CEO of Nautilus. “A critically important part of that effort is the disciplined and efficient way in which we have – and will continue to – manage our resources to maximize Nautilus’ cash runway through the planned launch, and well into 2025. We are very excited to get our platform into the hands of researchers and to see the impact their work can have on biological research and healthcare.”

First Quarter 2023 Financial Results

Operating expenses were $18.1 million for the first quarter of 2023, a 13% increase from $16.0 million for the three months ended March 31, 2022. The increase in operating expenses was driven primarily by an increase in headcount to support ongoing development of our products.

Net loss was $15.0 million for the first quarter of 2023, as compared to a net loss of $15.8 million for the corresponding prior year period.

Cash, cash equivalents, and investments were $302.0 million as of March 31, 2023.

Webcast and Conference Call Information

Nautilus will host a conference call to discuss the first quarter 2023 financial results, business developments and outlook before market open on Tuesday, May 2, 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:

About Nautilus Biotechnology, Inc.

With its corporate headquarters in Seattle and its research and development headquarters in the San Francisco Bay Area, 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

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 March 31, 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 (, 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.



Nautilus Biotechnology, Inc. Condensed Consolidated Balance Sheets As of March 31, 2023 and December 31, 2022 (Unaudited)
(in thousands, except share and per share amounts) March 31,2023   December 31,2022
Current assets:      
Cash and cash equivalents         $ 88,505     $ 114,523  
Short-term investments           78,843       69,948  
Prepaid expenses and other current assets           3,136       2,738  
Total current assets           170,484       187,209  
Property and equipment, net           3,948       3,700  
Operating lease right-of-use assets           35,703       28,866  
Long-term investments            134,641       129,169  
Other long-term assets           1,108       1,108  
Total assets         $ 345,884     $ 350,052  
Liabilities and Stockholders’ Equity      
Current liabilities:      
Accounts payable         $ 1,266     $ 1,272  
Accrued expenses and other liabilities           3,593       3,528  
Current portion of operating lease liability           3,070       1,991  
Total current liabilities           7,929       6,791  
Operating lease liability, net of current portion           34,240       28,337  
Total liabilities           42,169       35,128  
Stockholders’ equity:      
Preferred stock                  
Common stock           12       12  
Additional paid-in capital           458,191       455,330  
Accumulated other comprehensive loss           (959 )     (1,854 )
Accumulated deficit           (153,529 )     (138,564 )
Total stockholders’ equity           303,715       314,924  
Total liabilities and stockholders’ equity         $ 345,884     $ 350,052  
Nautilus Biotechnology, Inc. Condensed Consolidated Statements of Operations Three Months Ended March 31, 2023 and 2022 (Unaudited)
  Three months ended March 31,
(in thousands, except share and per share amounts)   2023       2022  
Operating expenses      
Research and development $ 10,877     $ 9,658  
General and administrative   7,183       6,364  
Total operating expenses   18,060       16,022  
Other income (expense), net   3,095       259  
Net loss $ (14,965 )   $ (15,763 )
Net loss per share attributable to common stockholders, basic and diluted $ (0.12 )   $ (0.13 )
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted   124,590,351       124,418,580  
Nautilus Biotechnology, Inc. Condensed Consolidated Statements of Cash Flows Three Months Ended March 31, 2023 and 2022 (Unaudited)
  Three Months Ended March 31,
(in thousands)   2023       2022  
Cash flows from operating activities      
Net loss         $ (14,965 )   $ (15,763 )
Adjustments to reconcile net loss to net cash used in operating activities              
Depreciation           385       281  
Stock-based compensation           2,860       2,110  
Amortization (accretion) of premium (discount) on securities, net           (669 )     26  
Amortization of operating lease right-of-use assets   786       525  
Changes in operating assets and liabilities:      
Prepaid expenses and other assets           (513 )     554  
Accounts payable           53       (394 )
Accrued expenses and other liabilities           65       308  
Operating lease liabilities           (526 )     18  
Net cash used in operating activities           (12,524 )     (12,335 )
Cash flows from investing activities      
Proceeds from maturities of securities            14,249       38,575  
Purchases of securities            (27,052 )     (22,912 )
Purchases of property and equipment           (692 )     (481 )
Net cash (used in) provided by investing activities           (13,495 )     15,182  
Cash flows from financing activities      
Proceeds from exercise of stock options           1       156  
Net cash provided by financing activities           1       156  
Net (decrease) increase in cash, cash equivalents and restricted cash           (26,018 )     3,003  
Cash, cash equivalents and restricted cash at beginning of period           115,477       186,461  
Cash, cash equivalents and restricted cash at end of period         $ 89,459     $ 189,464  


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