Fourth Quarter 2025 and Fiscal Year 2025 Business Highlights
- Continued progress was made in processing and analyzing Tau proteoform samples from collaborators to support platform validation and expanding scientific publications. Externally generated Tau data measured on the Nautilus Voyager™ platform was presented at the World HUPO conference, and collaborators are advancing results toward submission for publication.
- Further progress was made in the development of a new broadscale assay format including improvements designed to increase probe compatibility, performance, and long-term scalability.
- Launched our Iterative Mapping Early Access Program in
January 2026 , beginning with Tau proteoforms, enabling select partners to engage with the Nautilus Voyager™ platform and generate data in support of research activities. Initial customer response has been encouraging across academic, nonprofit, and biopharma organizations. - Initiated a collaboration supported by a research grant from
The Michael J. Fox Foundation , in partnership with Weill Cornell Medicine–Qatar, focused on developing proteoform-level assay for alpha-synuclein in Parkinson’s disease research, expanding the Nautilus Voyager™ platform’s proteoform roadmap beyond Tau. - Unveiled Nautilus Voyager™ platform at US HUPO conference to collaborators and KOLs in support of commercial launch in late 2026.
“In Q4, Nautilus maintained disciplined execution and delivered meaningful progress across our platform development, strategic collaborations, and early commercial engagement aligned with our path toward commercialization in late 2026,” said
Fourth Quarter 2025 and Fiscal Year 2025 Financial Results
Operating expenses were
Net loss was
Cash, cash equivalents, and investments were
Fiscal Year 2026 Outlook
In 2026, we do not anticipate material revenue from our Early Access Program engagements. We expect operating expenses to increase by approximately 15–20% year over year compared to 2025. Based on our cash, cash equivalents, and investments totaling
Webcast and Conference Call Information
Nautilus will host a conference call to discuss the fourth quarter and fiscal year 2025 financial results, business developments and outlook before market open on
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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 regarding operating expenses and cash runway; expectations with respect to any revenue timing or projections; expectations with respect to the development required for and 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 or proteoform access, pharmaceutical development and drug discovery, expanding research horizons, and enabling scientific explorations and discovery; expectations regarding platform specifications required by potential customers and partners and the timeline for adoption of Nautilus’ platform by researchers; 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
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Media Contact
press@nautilus.bio
Investor Contact
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Condensed Consolidated Balance Sheets As of | |||||||
| (in thousands) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 12,388 | $ | 27,646 | |||
| Short-term investments | 91,018 | 102,247 | |||||
| Prepaid expenses and other current assets | 2,557 | 2,933 | |||||
| Total current assets | 105,963 | 132,826 | |||||
| Property and equipment, net | 3,457 | 4,076 | |||||
| Operating lease right-of-use assets | 27,773 | 28,256 | |||||
| Long-term investments | 52,739 | 76,405 | |||||
| Other long-term assets | 1,180 | 1,180 | |||||
| Total assets | $ | 191,112 | $ | 242,743 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 943 | $ | 987 | |||
| Accrued expenses and other liabilities | 3,177 | 2,548 | |||||
| Current portion of operating lease liability | 3,832 | 4,097 | |||||
| Total current liabilities | 7,952 | 7,632 | |||||
| Operating lease liability, net of current portion | 26,187 | 26,381 | |||||
| Total liabilities | 34,139 | 34,013 | |||||
| Stockholders’ equity: | |||||||
| Preferred stock | — | — | |||||
| Common stock | 13 | 13 | |||||
| Additional paid-in capital | 488,737 | 481,679 | |||||
| Accumulated other comprehensive income | 243 | 57 | |||||
| Accumulated deficit | (332,020 | ) | (273,019 | ) | |||
| Total stockholders’ equity | 156,973 | 208,730 | |||||
| Total liabilities and stockholders’ equity | $ | 191,112 | $ | 242,743 | |||
Condensed Consolidated Statements of Operations Three Months and Year Ended | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| (in thousands, except share and per share data) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | $ | 9,575 | $ | 12,823 | $ | 41,110 | $ | 50,477 | |||||||
| General and administrative | 5,849 | 7,157 | 25,727 | 30,999 | |||||||||||
| Total operating expenses | 15,424 | 19,980 | 66,837 | 81,476 | |||||||||||
| Other income (expense): | |||||||||||||||
| Interest income | 1,654 | 2,431 | 7,868 | 10,780 | |||||||||||
| Other expense | (11 | ) | (45 | ) | (32 | ) | (84 | ) | |||||||
| Total other income | $ | 1,643 | $ | 2,386 | $ | 7,836 | $ | 10,696 | |||||||
| Net loss | $ | (13,781 | ) | $ | (17,594 | ) | $ | (59,001 | ) | $ | (70,780 | ) | |||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.11 | ) | $ | (0.14 | ) | $ | (0.47 | ) | $ | (0.56 | ) | |||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 126,369,335 | 125,796,018 | 126,256,583 | 125,426,509 | |||||||||||
Consolidated Statements of Cash Flows Year Ended | |||||||
| Year Ended | |||||||
| (in thousands) | 2025 | 2024 | |||||
| Cash flows from operating activities | |||||||
| Net loss | $ | (59,001 | ) | $ | (70,780 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities | |||||||
| Stock-based compensation | 6,844 | 12,701 | |||||
| Amortization of operating lease right-of-use assets | 4,712 | 4,378 | |||||
| Depreciation | 1,753 | 2,059 | |||||
| In-process research and development | — | 760 | |||||
| Amortization (accretion) of premiums (discounts) on securities, net | (1,420 | ) | (2,804 | ) | |||
| Changes in operating assets and liabilities: | |||||||
| Prepaid expenses and other assets | 544 | 666 | |||||
| Accounts payable | (69 | ) | (578 | ) | |||
| Accrued expenses and other liabilities | 629 | (1,397 | ) | ||||
| Operating lease liabilities | (4,688 | ) | (4,150 | ) | |||
| Net cash used in operating activities | (50,696 | ) | (59,145 | ) | |||
| Cash flows from investing activities | |||||||
| Proceeds from maturities of securities | 108,991 | 155,410 | |||||
| Purchases of securities | (72,490 | ) | (86,278 | ) | |||
| Purchases of property and equipment | (1,277 | ) | (2,122 | ) | |||
| Cash paid in connection with asset acquisition | — | (760 | ) | ||||
| Net cash provided by investing activities | 35,224 | 66,250 | |||||
| Cash flows from financing activities | |||||||
| Proceeds from exercise of stock options | 58 | 620 | |||||
| Proceeds from issuance of common stock under employee stock purchase plan | 156 | 524 | |||||
| Net cash provided by financing activities | 214 | 1,144 | |||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (15,258 | ) | 8,249 | ||||
| Cash, cash equivalents and restricted cash at beginning of period | 28,648 | 20,399 | |||||
| Cash, cash equivalents and restricted cash at end of period | $ | 13,390 | $ | 28,648 | |||
