• Nautilus Biotechnology Reports Fourth Quarter and Fiscal Year 2022 Financial Results

    Источник: Nasdaq GlobeNewswire / 23 фев 2023 06:05:00   America/New_York

    SEATTLE, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Nautilus Biotechnology, Inc. (NASDAQ: NAUT; or “Nautilus”), a company pioneering a single molecule proteome analysis platform, today reported financial results for the fourth quarter and fiscal year ended December 31, 2022.

    Recent Highlights

    • Announced a strategic partnership with the Translational Genomics Research Institute (TGen) to explore the utility of the Nautilus platform for studying specific protein targets in diffuse intrinsic pontine glioma (DIPG), a rare and often fatal childhood cancer.
    • Presented a poster at the HUPO World Congress that demonstrated decoding of a model protein from an experiment of several dozen multi-affinity probes across 70 cycles.
    • Announced an expansion of Nautilus’ geographic footprint with the opening of an office in San Diego’s University Town Center, one of the largest and most talent-rich biotechnology and pharmaceutical hubs in the country.
    • Reported Q4 2022 expenses below peak spending levels reached in Q4 of the prior year, helping to maintain cash runway well into 2025.

    “We made good progress on key scientific and business objectives in 2022 despite challenging macroeconomic conditions,” said Sujal Patel, CEO of Nautilus. “We presented scientific posters throughout the year that articulated key elements of our single-molecule approach to proteomics, strengthened the core leadership of our R&D team, and dramatically expanded our development organization, all while tightly and successfully managing operating expenses. We very much look forward to building on the successes of 2022 as we move through 2023 on our way to a commercial launch and beyond.”

    Fiscal Year 2022 Financial Results

    Operating expenses were $63.6 million for the year-ended December 31, 2022, a $13.1 million or 26% increase from $50.5 for the year ended December 31, 2021. The increase in operating expenses was driven primarily by an increase in headcount to support ongoing development of our products as well as the costs associated with being a public company.

    Net loss was $57.9 million for the year-ended December 31, 2022, as compared to a net loss of $50.3 million for the corresponding prior year period.

    Cash, cash equivalents, and investments were $313.6 million as of December 31, 2022.

    Webcast and Conference Call Information

    Nautilus will host a conference call to discuss the fourth quarter and fiscal year 2022 financial results, business developments and outlook before market open on Thursday, February 23, 2023 at 5:30 AM Pacific Time / 8:30 AM Eastern Time. Live audio of the webcast will be available on the “Investors” section of the company website at: www.nautilus.bio.

    About Nautilus Biotechnology, Inc.

    Based in Seattle, Washington, Nautilus is a development stage life sciences company creating a platform technology for quantifying and unlocking the complexity of the proteome. Nautilus’ mission is to transform the field of proteomics by democratizing access to the proteome and enabling fundamental advancements across human health and medicine. To learn more about Nautilus, visit www.nautilus.bio.

    Special Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements in this press release include, but are not limited to, statements regarding Nautilus’ expectations regarding the company’s business operations, financial performance and results of operations; expectations with respect to any revenue timing or projections, expectations with respect to the timing of the launch of Nautilus’ product platform and full commercial availability, the functionality and performance of Nautilus’ product platform, its potential impact on providing proteome access, pharmaceutical development and drug discovery, expanding research horizons, and enabling scientific explorations and discovery, and the present and future capabilities and limitations of emerging proteomics technologies. These statements are based on numerous assumptions concerning the development of Nautilus’ products, target markets, and other current and emerging proteomics technologies, and involve substantial risks, uncertainties and other factors that may cause actual results to be materially different from the information expressed or implied by these forward-looking statements. Risks and uncertainties that could materially affect the accuracy of Nautilus’ assumptions and its ability to achieve the forward-looking statements set forth in this press release include (without limitation) the following: Nautilus’ product platform is not yet commercially available and remains subject to significant scientific and technical development, which is inherently challenging and difficult to predict, particularly with respect to highly novel and complex products such as those being developed by Nautilus. Even if our development efforts are successful, our product platform will require substantial validation of its functionality and utility in life science research. In the course of Nautilus’ scientific and technical development and associated product validation and commercialization, we may experience material delays as a result of unanticipated events. We cannot provide any guarantee or assurance with respect to the outcome of our development, collaboration, and commercialization initiatives or with respect to their associated timelines. For a more detailed description of additional risks and uncertainties facing Nautilus and its development efforts, investors should refer to the information under the caption “Risk Factors” in our Annual Report on Form 10-K to be filed for the year ended December 31, 2022. The forward-looking statements in this press release are as of the date of this press release. Except as otherwise required by applicable law, Nautilus disclaims any duty to update any forward-looking statements. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

    Disclosure Information

    Nautilus uses filings with the Securities and Exchange Commission, its website (www.nautilus.bio), press releases, public conference calls, public webcasts, and its social media accounts as means of disclosing material non-public information and for complying with Regulation FD. Therefore, Nautilus encourages investors, the media, and others interested in Nautilus to review the information it makes public in these locations, as such information could be deemed to be material information.

    Media Contact
    press@nautilus.bio

    Investor Contact
    investorrelations@nautilus.bio

    Nautilus Biotechnology, Inc.
    Consolidated Balance Sheets
    As of December 31, 2022 and 2021 (Unaudited)

    (in thousands)December 31,
    2022
     December 31,
    2021
    Assets   
    Current assets:   
    Cash and cash equivalents$114,523  $185,619 
    Short-term investments 69,948   160,110 
    Prepaid expenses and other current assets 2,738   3,493 
    Total current assets 187,209   349,222 
    Property and equipment, net 3,700   2,483 
    Operating lease right-of-use assets 28,866   29,377 
    Long-term investments 129,169   16,371 
    Other long-term assets 1,108   997 
    Total assets$350,052  $398,450 
    Liabilities and Stockholders’ Equity   
    Current liabilities:   
    Accounts payable$1,272  $1,723 
    Accrued expenses and other liabilities 3,528   3,119 
    Current portion of operating lease liability 1,991   970 
    Total current liabilities 6,791   5,812 
    Operating lease liability, net of current portion 28,337   29,062 
    Total liabilities 35,128   34,874 
        
    Stockholders’ equity:   
    Preferred stock     
    Common stock 12   12 
    Additional paid-in capital 455,330   444,388 
    Accumulated other comprehensive loss (1,854)  (184)
    Accumulated deficit (138,564)  (80,640)
    Total stockholders’ equity 314,924   363,576 
    Total liabilities and stockholders’ equity$350,052  $398,450 
            

    Nautilus Biotechnology, Inc.
    Consolidated Statements of Operations
    Three Months and Year Ended December 31, 2022 and 2021 (Unaudited)

     Three Months Ended December 31, Year Ended December 31,
    (in thousands, except share and per share amounts) 2022   2021   2022   2021 
    Operating expenses:       
    Research and development$9,587  $9,893  $37,672  $29,352 
    General and administrative 6,717   6,923   25,946   21,146 
    Total operating expenses 16,304   16,816   63,618   50,498 
    Other income (expense):       
    Interest income 2,887   160   5,816   329 
    Other expense 8   (33)  (122)  (146)
    Total other income$2,895  $127  $5,694  $183 
    Net loss$(13,409) $(16,689) $(57,924) $(50,315)
    Net loss per share attributable to common stockholders, basic and diluted$(0.11) $(0.13) $(0.46) $(0.60)
    Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted (1) 124,789,542   124,232,794   124,589,555   84,464,081 
                    

    (1) The weighted-average number of shares of Common Stock outstanding prior to the Business Combination have been retroactively restated to reflect the exchange ratio of approximately 3.6281 established in the Business Combination.

    Nautilus Biotechnology, Inc.
    Consolidated Statements of Cash Flows
    Year Ended December 31, 2022 and 2021 (Unaudited)

    (in thousands)Year Ended December 31, 2022 Year Ended December 31, 2021
    Cash flows from operating activities   
    Net loss$(57,924) $(50,315)
    Adjustments to reconcile net loss to net cash used in operating activities   
    Stock-based compensation 10,380   7,934 
    Amortization of operating lease right-of-use assets 2,199   1,823 
    Depreciation 1,217   1,019 
    Amortization (accretion) of premiums (discount) on securities, net (890)  183 
    Changes in operating assets and liabilities:   
    Prepaid expenses and other assets 756   (2,750)
    Accounts payable (561)  1,261 
    Accrued expenses and other liabilities 409   2,255 
    Operating lease liabilities (1,392)  (788)
    Net cash used in operating activities (45,806)  (39,241)
    Cash flows from investing activities   
    Purchases of securities (186,591)  (221,795)
    Purchases of property and equipment (2,324)  (2,269)
    Proceeds from maturities of securities 163,175   85,100 
    Net cash used in investing activities (25,740)  (138,964)
    Cash flows from financing activities   
    Proceeds from exercise of stock options 330   167 
    Proceeds from issuance of common stock under employee stock purchase plan 232    
    Net proceeds from reverse recapitalization and PIPE financing    335,409 
    Payments of offering costs    (8,129)
    Net (decrease) increase in cash, cash equivalents and restricted cash (70,984)  149,242 
        
    Cash, cash equivalents and restricted cash at beginning of period 186,461   37,219 
    Cash, cash equivalents and restricted cash at end of period$115,477  $186,461 
            

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