In This Article:
-
Total Operating Expenses: $19.1 million for Q3 2024, roughly equal to Q3 2023, and $1.7 million below last quarter.
-
Research and Development Expenses: $12.3 million in Q3 2024, compared to $12.0 million in the prior year period.
-
General and Administrative Expenses: $6.8 million in Q3 2024, compared to $7.1 million in the prior year period, and $1.5 million below last quarter.
-
Net Loss: $16.4 million for Q3 2024, compared to $15.9 million in the prior period.
-
Headcount: 161 at the end of Q3 2024, roughly flat compared to 160 in Q3 2023.
-
Cash, Cash Equivalents, and Investments: $221.2 million at the end of Q3 2024, compared to $232.9 million at the end of last quarter.
-
Cash Burn: $11.7 million for Q3 2024, benefiting from a $1.3 million shift in unrealized losses to an unrealized gain position.
-
Operating Expense Growth Guidance: Expected to be roughly 10% for the full year 2024, better than previous guidance of 15-20%.
-
Cash Runway: Extended into 2027.
Release Date: October 29, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Nautilus Biotechnology Inc (NASDAQ:NAUT) has made significant progress in developing its proteomics platform, particularly in detecting proteoforms, which could have substantial implications for biomarker discovery and drug development.
-
The company has demonstrated a scalable and reliable process for building flow cells and chips, and robust single molecule deposition, which are crucial for their platform's success.
-
Nautilus Biotechnology Inc (NASDAQ:NAUT) has successfully integrated all aspects of their assay and platform, indicating readiness for commercial availability in the near future.
-
The company has managed its resources efficiently, maintaining a flat headcount while significantly increasing experimental capacity and output.
-
Nautilus Biotechnology Inc (NASDAQ:NAUT) has a strong cash position with $221.2 million in cash, cash equivalents, and investments, extending their cash runway into 2027.
Negative Points
-
Nautilus Biotechnology Inc (NASDAQ:NAUT) is behind on its internal milestones for broad scale discovery, specifically in quantifying a significant number of proteins from complex samples.
-
The fallout rate for probe candidates is currently too high, indicating challenges in transitioning probe candidates to platform-ready probes.
-
The company has not yet achieved its goal of decoding 500 to 2000 proteins from cell lysate, a critical milestone for their broad scale platform.
-
There is uncertainty regarding the exact timeline for achieving key development milestones, such as the broad scale milestone by the US HUPO conference.
-
Nautilus Biotechnology Inc (NASDAQ:NAUT) faces potential challenges in breaking into the market with established players like Astral and Ultra 2, which have gained traction in the proteomics space.