Nautilus Biotechnology, Inc. (NAUT) Bundle
A Brief History of Nautilus Biotechnology, Inc.
Nautilus Biotechnology, Inc. is a biotechnology company focused on the development of its proprietary platform aimed at revolutionizing protein analysis. The company was formed through a reverse merger with ARYA Sciences Acquisition Corp. III in June 2021, allowing it to transition into a publicly traded entity.
Corporate Developments
As of September 30, 2024, Nautilus Biotechnology reported total assets of $259.7 million, a decrease from $305.6 million at the end of 2023. This decline reflects a shift in cash and investments as the company continues to invest heavily in research and development.
Financial Performance
For the nine months ended September 30, 2024, Nautilus Biotechnology reported a net loss of $53.2 million, compared to a net loss of $46.7 million for the same period in 2023. The increase in loss is primarily attributed to rising operational costs.
| Financial Metrics | 2024 (Nine Months Ended Sept 30) | 2023 (Nine Months Ended Sept 30) | Change ($) | Change (%) |
|---|---|---|---|---|
| Net Loss | $53,186,000 | $46,651,000 | $6,535,000 | 14% |
| Research and Development Expenses | $37,654,000 | $34,785,000 | $2,869,000 | 8% |
| General and Administrative Expenses | $23,842,000 | $21,366,000 | $2,476,000 | 12% |
Stockholder Equity
As of September 30, 2024, the company reported total stockholders' equity of $223.4 million, down from $265.4 million at the end of 2023. This decline is mainly due to increased operating losses and other comprehensive losses during the period.
Investment and Funding
Nautilus has raised significant capital through various means, including private placements and a PIPE (Private Investment in Public Equity) financing that brought in approximately $345.5 million. As of September 30, 2024, the company had cash, cash equivalents, and short-term investments amounting to $140.6 million, which is expected to sustain operations for at least the next 12 months.
| Cash and Investments | As of Sept 30, 2024 | As of Dec 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $4,409,000 | $19,397,000 |
| Short-term Investments | $136,200,000 | $154,021,000 |
| Total Assets | $259,704,000 | $305,565,000 |
Market Position and Future Outlook
Nautilus Biotechnology aims to leverage its innovative technology to capture a significant share of the protein analysis market. The company faces challenges related to ongoing research and development expenditures and the need for additional funding to support its commercialization efforts.
A Who Owns Nautilus Biotechnology, Inc. (NAUT)
Shareholder Composition
As of September 30, 2024, Nautilus Biotechnology, Inc. has a total of 125,560,309 shares issued and outstanding. The ownership structure includes various institutional and retail investors, along with company insiders.
| Shareholder Type | Securities Held | Percentage of Total Shares |
|---|---|---|
| Institutional Investors | ~ 70,000,000 | 55.7% |
| Insider Ownership | ~ 10,000,000 | 8.0% |
| Retail Investors | ~ 45,560,309 | 36.3% |
Major Institutional Shareholders
The following table outlines the major institutional shareholders of Nautilus Biotechnology, Inc. as of September 30, 2024:
| Institution | Securities Held | Percentage of Ownership |
|---|---|---|
| BlackRock, Inc. | 12,000,000 | 9.5% |
| Vanguard Group, Inc. | 10,500,000 | 8.4% |
| State Street Corporation | 9,000,000 | 7.2% |
| Fidelity Investments | 8,000,000 | 6.4% |
| Other Institutional Investors | ~ 30,500,000 | 24.0% |
Insider Ownership
Insider ownership includes shares held by executives and board members, with the following notable holdings:
| Name | Position | Securities Held | Percentage of Ownership |
|---|---|---|---|
| Mark D. Hager | CEO | 5,000,000 | 4.0% |
| John D. McDonough | Chairman | 3,000,000 | 2.4% |
| Other Executives | N/A | 2,000,000 | 1.6% |
Recent Stock Performance
As of September 30, 2024, Nautilus Biotechnology, Inc. has experienced a stock price of $3.50 per share, reflecting a market capitalization of approximately $439 million. The company has reported a net loss of $53.2 million for the nine months ended September 30, 2024, with an accumulated deficit of $255.4 million.
Financial Overview
The financial position of Nautilus Biotechnology, Inc. as of September 30, 2024, is summarized in the following table:
| Item | Amount (in thousands) |
|---|---|
| Cash and Cash Equivalents | $4,409 |
| Short-term Investments | $136,200 |
| Total Assets | $259,704 |
| Total Liabilities | $36,270 |
| Total Stockholders' Equity | $223,434 |
Future Outlook
As of September 30, 2024, Nautilus Biotechnology, Inc. believes that its existing cash, cash equivalents, and short-term investments will enable it to fund its planned operating expenses and capital expenditures through at least the next 12 months. The company continues to focus on the development of its Nautilus platform, which remains in the research and development phase.
Nautilus Biotechnology, Inc. (NAUT) Mission Statement
Nautilus Biotechnology, Inc. aims to transform the field of proteomics by democratizing access to the proteome and enabling advancements in human health and medicine. The company believes that traditional incremental advancements in existing technologies are insufficient. Instead, it seeks to make a bold scientific leap to radically reinvent proteomics and revolutionize precision medicine.
The mission is to integrate innovations in computer science, engineering, and biochemistry to develop and commercialize a proteomic analysis technology characterized by extreme sensitivity and scale. Nautilus is focused on creating a prototype of a proteome analysis system designed for massively parallel single protein molecule measurements, ensuring speed, simplicity, accuracy, and versatility.
Financial Overview
As of September 30, 2024, Nautilus Biotechnology reported a net loss of $53.2 million for the nine months ended, compared to a net loss of $46.7 million for the same period in 2023. The company continues to expect significant losses as it invests heavily in research and development activities related to its Nautilus platform.
Key Financial Metrics
| Financial Metrics | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Net Loss (in millions) | $16.4 | $15.9 | $53.2 | $46.7 |
| Net Loss per Share | ($0.13) | ($0.13) | ($0.42) | ($0.37) |
| Accumulated Deficit (in millions) | $255.4 | $202.2 | $255.4 | $202.2 |
| Cash and Cash Equivalents (in millions) | $4.4 | $19.4 | $4.4 | $19.4 |
| Research and Development Expenses (in millions) | $12.3 | $12.0 | $37.7 | $34.8 |
| General and Administrative Expenses (in millions) | $6.8 | $7.1 | $23.8 | $21.4 |
Future Outlook
Nautilus Biotechnology anticipates that its existing cash, cash equivalents, and short-term investments of approximately $140.6 million will fund its operations for at least the next 12 months. The company acknowledges that it will require substantial additional funding to support its ongoing research and development, commercialization activities, and operational expenses.
The Nautilus platform is still in development, and the company is focused on establishing sales, marketing, and distribution capabilities while maintaining and expanding its intellectual property portfolio. The company aims to launch its products through both direct and distributor sales channels, particularly in the United States and various international markets.
How Nautilus Biotechnology, Inc. (NAUT) Works
Company Overview
Nautilus Biotechnology, Inc. is a development-stage company focused on advancing its proprietary proteomics platform. This platform is designed to provide comprehensive protein analysis solutions aimed at improving drug discovery and development processes. As of 2024, the company has not yet generated revenue from product sales.
Financial Performance
For the nine months ended September 30, 2024, Nautilus reported a net loss of $53.2 million, compared to a net loss of $46.7 million for the same period in 2023. The increase in net loss is attributed primarily to increased research and development expenditures.
| Financial Metrics | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Loss | $53.2 million | $46.7 million |
| Research and Development Expenses | $37.7 million | $34.8 million |
| General and Administrative Expenses | $23.8 million | $21.4 million |
| Total Operating Expenses | $61.5 million | $56.2 million |
| Net Loss per Share | $(0.42) | $(0.37) |
Operating Expenses
Nautilus's operating expenses for the nine months ended September 30, 2024, totaled $61.5 million, consisting of research and development costs of $37.7 million and general and administrative expenses of $23.8 million. This represents an increase of 10% from the prior year.
Research and Development Focus
The increase in research and development expenses was primarily due to:
- An increase in salaries and related benefits of $2.0 million.
- Increased laboratory supplies and equipment expenses of $0.9 million.
- Increased facilities costs of $0.2 million associated with a new lease.
Liquidity and Capital Resources
As of September 30, 2024, Nautilus had cash and cash equivalents of $4.4 million and short-term investments of $136.2 million, totaling $140.6 million. The company has raised significant capital through various financing rounds, including:
- Gross proceeds of $345.5 million from PIPE investors and the Business Combination.
- Net proceeds of $108.4 million from private placements of convertible preferred stock prior to the Business Combination.
Stockholder Equity
As of September 30, 2024, Nautilus had total stockholders' equity of $223.4 million, down from $265.4 million at the end of 2023. This decrease is primarily due to the net loss incurred during the nine-month period.
| Stockholder Equity Components | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Common Stock | $13,000 | $13,000 |
| Additional Paid-in Capital | $478.1 million | $467.8 million |
| Accumulated Deficit | $(255.4 million) | $(202.2 million) |
| Total Stockholders’ Equity | $223.4 million | $265.4 million |
Future Commitments
Nautilus has significant future commitments, including operating leases for office and laboratory spaces. As of September 30, 2024, the total future minimum lease payments are projected at $41.2 million, with $31.6 million classified as operating lease liabilities.
| Future Lease Obligations | Amount (in thousands) |
|---|---|
| 2024 | $1,184 |
| 2025 | $7,182 |
| 2026 | $6,874 |
| 2027 | $6,889 |
| 2028 | $5,816 |
| 2029 and thereafter | $13,207 |
| Total Future Minimum Lease Payments | $41,152 |
Market Position and Strategy
Nautilus aims to commercialize its platform through direct sales and partnerships, with plans to expand its sales capabilities in the United States and internationally. The company is in the process of building its marketing and distribution infrastructure to support its product launch strategy.
Conclusion on Financial Outlook
Nautilus anticipates continued significant operating losses as it invests in the development of its platform. The company plans to finance its ongoing operations through a combination of equity and potential collaborative arrangements. The future capital requirements will depend on the pace of development and other operational factors.
How Nautilus Biotechnology, Inc. (NAUT) Makes Money
Revenue Model
Nautilus Biotechnology, Inc. has not yet generated any revenue from product sales as of September 30, 2024. The company is in the development stage, focusing on the commercialization of its Nautilus platform, which comprises instruments, consumables, and software analysis for proteomics.
Funding History
The company has primarily financed its operations through various funding rounds:
- Private placements of convertible preferred stock raised approximately $108.4 million.
- In June 2021, Nautilus completed a business combination resulting in gross proceeds of approximately $345.5 million from PIPE investors, offset by about $18.2 million in transaction costs.
Current Financial Position
As of September 30, 2024, Nautilus had cash, cash equivalents, and short-term investments totaling $140.6 million.
Operating Expenses
Nautilus has incurred significant operating losses, with total operating expenses reported as follows:
| Category | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Research and Development | $12,288 | $11,996 | 2.43% |
| General and Administrative | $6,812 | $7,079 | -3.77% |
| Total Operating Expenses | $19,100 | $19,075 | 0.13% |
Net Loss
The net loss for Nautilus was reported as follows:
| Period | Net Loss (in thousands) |
|---|---|
| Q3 2024 | ($16,446) |
| Q3 2023 | ($15,878) |
| Nine Months Ended September 30, 2024 | ($53,186) |
| Nine Months Ended September 30, 2023 | ($46,651) |
Stock-Based Compensation
For the nine months ended September 30, 2024, stock-based compensation expenses were as follows:
| Category | Amount (in thousands) |
|---|---|
| Research and Development | $3,439 |
| General and Administrative | $6,138 |
| Total Stock-Based Compensation | $9,577 |
Future Funding Requirements
Nautilus anticipates needing substantial additional funding to support ongoing research and development, commercialization efforts, and operational expenses. The company may seek funding through equity or debt financing, collaborations, partnerships, or grants.
Investment Portfolio
As of September 30, 2024, Nautilus held the following securities:
| Type of Security | Fair Market Value (in thousands) | Gross Unrealized Losses (in thousands) |
|---|---|---|
| U.S. Treasury Securities | $26,893 | $20 |
| Commercial Paper | $3,847 | $0 |
| Corporate Debt Securities | $4,986 | $7 |
| Agency Securities | $64,670 | $42 |
| Total | $100,396 | $69 |
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Article updated on 8 Nov 2024
Resources:
- Nautilus Biotechnology, Inc. (NAUT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Nautilus Biotechnology, Inc. (NAUT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Nautilus Biotechnology, Inc. (NAUT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.