NEW YORK – Nautilus Biotechnology on Tuesday reported a net loss of $18.7 million for the first quarter of 2024, up from a net loss of $15.0 million in the year-ago period.
"We continued to make solid progress against our core development goals in Q1," Nautilus Chief Scientist Parag Mallick said during a conference call following the release of the company's financial results. "We remain incredibly focused on increasing the scale, stability, and reproducibility across our consumables, assay, instrument, and software and continue to see meaningful gains along each of those dimensions."
The Seattle-based proteomics startup did not post any revenues during the quarter ended March 31.
Net loss per share for the quarter was $.15, compared to a net loss of $.12 per share in the same period last year and beating the consensus Wall Street estimate of a $.16 per share net loss.
Nautilus's Q1 R&D spending increased 18 percent to $12.9 million from $10.9 million a year ago, while general and administrative costs were $8.7 million, up 21 percent year over year from $7.2 million last year.
The company said the increase in operating expenses was driven primarily by more hires to support development of its products. CFO Anna Mowry said on the call that the company expects its cash runway to extend into the second half of 2026.
Nautilus ended the quarter with $26.7 million in cash, cash equivalents, and restricted cash and $155.6 million in short-term investments.
In Tuesday morning trading on the Nasdaq, Nautilus shares were up 9 percent to $2.80.