NAUT - Nautilus Biotechnology Reports Second Quarter 2022 Financial Results
SEATTLE, Aug. 02, 2022 (GLOBE NEWSWIRE) -- 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 Contact
Thermal for Nautilus Biotechnology
Kaustuva Das
press@nautilus.bio
Investor Contact
investorrelations@nautilus.bio
Nautilus Biotechnology, Inc.
Condensed Consolidated Balance Sheets
As 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 |