Key Highlights

  • The net loss was USD 15.6 million, or USD 0.12 per share, compared with USD 13.6 million a year earlier.
  • Revenue was USD 0.2 million, mostly grant revenue, versus none in the third quarter of 2025.
  • Cash, cash equivalents and investments were USD 114.3 million, which management believes funds operations for at least twelve months.
  • The broadscale assay has not advanced enough for general availability in 2027, so resources shift to proteoform applications.

Quarter Results

Nautilus Biotechnology (NASDAQ:NAUT) filed its quarterly report for the period ended Sept. 30 on Tuesday. The company describes itself as a development stage life sciences company building the Nautilus Voyager platform, which implements a single-molecule protein analysis method called Iterative Mapping. It has not generated any material revenue from the platform since inception.

Total revenue was USD 234 thousand, made up of USD 208 thousand of grant revenue and USD 26 thousand of service revenue. The company had no revenue in the third quarter of 2025. Cost of service revenue was USD 24 thousand.

Research and development expense rose 6% to USD 10.2 million from USD 9.6 million, on a USD 0.7 million increase in laboratory and professional services and a USD 0.3 million increase in salaries and benefits. Selling, general and administrative expense rose 15% to USD 6.8 million from USD 5.9 million, driven by legal and marketing costs and salaries. Total operating expenses were USD 16.9 million, compared with USD 15.5 million.

Interest income fell to USD 1.2 million from USD 1.9 million, and the net loss widened to USD 15.6 million, or USD 0.12 per share, from USD 13.6 million, or USD 0.11 per share.

Nine-Month Results

For the nine months, the net loss was USD 44.8 million, or USD 0.35 per share, compared with USD 45.2 million, or USD 0.36 per share. Revenue was USD 424 thousand, against none. Research and development expense fell to USD 29.5 million from USD 31.5 million, and selling, general and administrative expense fell to USD 19.5 million from USD 19.9 million. Interest income declined to USD 3.9 million from USD 6.2 million. The accumulated deficit was USD 376.8 million.

Net cash used in operating activities was USD 40.1 million, compared with USD 38.3 million. Purchases of property and equipment rose to USD 2.4 million from USD 1.0 million. Cash, cash equivalents and restricted cash ended the period at USD 11.4 million, with the remainder of liquidity held in securities.

Pipeline and Commercial Strategy

The company is commercializing in phases, starting with research collaborations with biopharmaceutical companies, academic institutions and research organizations. Initial customer access runs through an Early Access Program, in which Nautilus analyzes samples in its own facility and shares data through a cloud platform. It made its first sales hires during the six months ended June 30.

The filing states that development of the broadscale assay has not advanced sufficiently to support general availability in 2027 to target specifications. It identifies key improvement areas, but cites the need for further improvements and market demand for proteoforms as the reasons to reallocate resources from the broadscale effort to accelerate proteoform application development. The planned next phase is a land-and-expand model, giving customers access for an initial application and adding applications over time.

Liquidity and Risk Disclosures

The company held USD 114.3 million of cash, cash equivalents and investments at Sept. 30. Management believes that is sufficient to fund operations for at least twelve months from the issuance of the statements. The filing cautions that there is no assurance that development is completed or that the platform is commercially viable, and that volume commercialization requires internal manufacturing capacity, contract manufacturing partners, or both. It adds that the technology depends on hundreds of unique multi-affinity reagents that the filing describes as harder to make and more costly to procure.

Proteomics Development Markers to Follow

Tracking points include proteoform application milestones, Early Access Program customer activity, and grant and service revenue against USD 234 thousand. Further items are quarterly operating cash use against USD 40.1 million for nine months, cash and investments against USD 114.3 million, and updated timing for the broadscale assay.