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Nautilus Biotechnology Reports Second Quarter 2022 Financial ResultsSEATTLE, 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
“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 Investor Contact Nautilus Biotechnology, Inc.
Condensed Consolidated Statements of Operations Three and Six Months Ended June 30, 2022 and 2021 (Unaudited)
(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.
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