NEW YORK – Nautilus Biotechnology on Tuesday reported that it trimmed its first quarter net loss year over year as it continues to ready its first proteomics products for commercialization.
For the three months ended March 31, Nautilus reported a net loss of $16.6 million, or $.13 per share, compared to a net loss of $18.7 million, or $.15 per share, a year ago.
The Seattle-based company reduced its Q1 R&D expenses by 11 percent to $11.5 million from $12.9 million a year ago, while it shaved its G&A spending by 16 percent to $7.3 million from $8.7 million.
These decreases in operating expenses are attributable to a continued focus on cost optimization, variability in the timing of R&D activities, decreased stock-based compensation expense, and decreased professional services including costs related to a shelf registration statement filed during 2024, the company said.
"In Q1, we saw continued development progress based on the results of internal verification and validation work we've done on our Tau proteoform assay," Nautilus CEO Sujal Patel said in a statement.
"The assay's reproducibility, accuracy, dynamic range, and sample compatibility align closely with our anticipated launch specifications and with the requirements we continue to hear from potential customers and partners," Patel added. "We are confident that 2025 will be the year that researchers begin to apply the Nautilus platform's capabilities to ask and answer important biological questions about the role of Tau proteoforms in Alzheimer's disease and other neurodegenerative diseases."
In February, the company said that it had pushed back the projected launch of its single-molecule proteome analysis platform to late 2026, but that it continues to work on targeted applications of its technology, such as the Tau proteoform profiling assay.
Nautilus finished the quarter with $33.2 million in cash and cash equivalents and $105.6 million in short-term investments.