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Nautilus Biotechnology Records $15M Net Loss in Q1

NEW YORK – Nautilus Biotechnology on Tuesday reported a net loss of $15.0 million for the first quarter of 2023, down from a net loss of $15.8 million in the year-ago period.

"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," Nautilus CEO Sujal Patel said in a statement.

The Seattle-based proteomics startup did not post any revenues during the quarter ended March 31.

Net loss per share for the quarter was $.12, compared to a net loss of $.13 per share in the same period last year.

Nautilus's Q1 R&D spending increased 12 percent to $10.9 million from $9.7 million a year ago, while general and administrative costs were $7.2 million, up 12 percent year over year from $6.4 million last year.

The company ended the quarter with $89.5 million in cash, cash equivalents, and restricted cash and $78.8 million in short-term investments.

During the quarter, the company secured four new US patents, raising its total number of granted US patents to 12.

In morning trading on the Nasdaq, Nautilus's stock was down 5 percent to $2.41.

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