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Nautilus Continues to Target Mid-2024 Launch of Proteomics Platform; Q3 Net Loss Grows

NEW YORK – Nautilus Biotechnology continues to target 2024 for the launch of its proteomic platform, CEO Sujal Patel said Tuesday on a conference call following release of the company's Q3 2023 financial results.

Patel said the company remains on track for a mid-2024 release of the system, with an early-access program planned to start three to four months prior to that broader launch.

He said that the company still plans to launch the initial version of the platform with scaled back capabilities as detailed during the company's Q2 2023 earnings call.

For Q3 2023, Nautilus reported a net loss of $15.9 million, up 13 percent from a net loss of $14.1 million in the year-ago period. It did not post any revenues during the quarter ended Sept. 30.

Nautilus reported a loss per share of $.13 for Q3 2023, beating the consensus Wall Street estimate of $.17 per share. The company posted a loss per share of $.11 in Q3 2022.

Nautilus's R&D spending in Q3 was $12 million, up 25 percent from $9.6 million a year ago, while general and administrative costs were up 15 percent to $7.1 million from $6.2 million.

Nautilus CFO Anna Mowry said the company expects its 2023 operating expenses to increase by roughly 20 percent compared to 2022, down from an earlier forecast of a 30 percent increase.

She added that Nautilus expects its cash runway will extend into 2026.

Nautilus ended the quarter with $74.1 million in cash and cash equivalents and $109.2 million in short-term investments.

In Tuesday morning trading on the Nasdaq, Nautilus shares were up a fraction of a percent at $2.35.