NEW YORK – Nautilus Biotechnology on Thursday reported a narrowed year-over-year net loss for the fourth quarter of 2022.
The Seattle-based company's Q4 net loss totaled $13.4 million, or $.11 per share, down from a net loss of $16.7 million, or $.13 per share, in Q4 2021.
The proteomics startup did not post any revenues during the quarter ended Dec. 31.
On a conference call following the release of the Q4 results, Nautilus CEO Sujal Patel said the company remains on track to launch its proteomic platform in mid-2024.
Patel highlighted several recent developments, including the opening of the firm's San Diego office, the establishment of a collaboration with the Translational Genomics Research Institute, and the demonstration of the company's platform to run experiments consisting of as many as 70 imaging cycles.
Patel also noted the company's ongoing efforts to control expenses, given the challenging economic environment, and projected that it currently has enough cash to fund operations "well into 2025."
Nautilus CFO Anna Mowry said on the call that Nautilus expects its 2023 operating expenses to grow by roughly 40 percent compared to 2022. She added that the company expects to begin generating revenues from its planned early-access program at the beginning of 2024, with revenue from the broad commercial launch of its platform to begin in the middle of 2024.
Nautilus' R&D spending in Q4 was $9.6 million, down 3 percent from $9.9 million a year ago, while general and administrative costs fell 3 percent year over year to $6.7 million from $6.9 million.
For full-year 2022, the company posted a net loss of $57.9 million, or $.46 per share, compared to a net loss of $50.3 million, or $.60 per share, in 2021. Nautilus used 124.6 million shares to compute its per-share net loss for 2022 and 84.5 million shares to calculate its 2021 per-share net loss.
The firm did not report any revenues in 2022.
Nautilus' R&D spending in 2022 was $37.7 million, up 28 percent from $29.4 million in 2021, while general and administrative costs were up 23 percent to $25.9 million from $21.1 million in 2021.
The company ended the quarter with $115.5 million in cash, cash equivalents, and restricted cash and $69.9 million in short-term investments.
In morning trading on the Nasdaq, Nautilus stock was down almost 3 percent to $1.95.