Nautilus Biotechnology Lines Up A $125 Million Stock-Sale Program With $114.3 Million In Cash Left
The proteomics developer swapped its at-the-market agreement in September and added a $300.0 million shelf, with no shares sold yet.
Nautilus Biotechnology, which is building a platform to measure proteins, ended September with $114.3 million in cash and investments and a fresh agreement letting it sell up to $125.0 million of stock through TD Cowen, according to its quarterly report filed Tuesday. It also has a new shelf registration covering up to $300.0 million in securities.
A swapped sales agreement and a bigger shelf
In September the company terminated its February 2024 sales agreement with TD Cowen and signed a new one with the same $125.0 million ceiling, the 10-Q says. The prior quarter's filing described that earlier agreement and a shelf that became effective in March 2024.
The new shelf was filed September 11 and became effective September 18. It allows up to $300.0 million of common stock, preferred stock, debt and other securities, and remains in effect for up to three years.
TD Cowen is entitled to up to 3.0% of gross proceeds from any sales. Nautilus says it has no obligation to sell and sold no shares under either agreement in the nine months ended September 30, 2026. If it does raise money by issuing equity, the filing says, stockholders will face dilution.
Cash burn and a 12-month runway
Operations consumed $40.1 million in cash over the first nine months of 2026, up from $38.3 million a year earlier. The net loss for the period was $44.8 million, and the accumulated deficit stands at $376.8 million. The company says existing cash should fund operations for at least the next 12 months.
Nautilus has not generated material revenue from its Voyager platform. Revenue for the third quarter was $0.2 million, mostly grant revenue from the Michael J. Fox Foundation, and third-quarter operating expenses were $16.9 million, up 10% from a year earlier, according to the earnings release.
Voyager timeline and a government-funded consortium
Nautilus's Voyager platform uses a method called Iterative Mapping to analyze single protein molecules. The company plans to open pre-orders in early 2027 and begin instrument shipments in mid 2027. Its broadscale assay has not advanced enough for 2027 availability, so it is moving resources toward proteoform applications, the filing says.
A new risk factor warns that federal funding can give the U.S. government license rights, including "march-in" rights, over technology Nautilus develops. The company expects to join the ARPA-H SEEDS consortium. The earnings release says it expects up to $6 million, and warns the funding could be reduced, delayed or terminated.
Any sales under the TD Cowen program would show up in Nautilus's next quarterly report.
Sources
- 10-Q Filing — Nautilus Biotechnology (NAUT) — SEC EDGAR
- 10-Q Filing — Nautilus Biotechnology (NAUT), Q2 FY2026 filed 2026-07-28 (comparison basis) — SEC EDGAR
- Earnings release (8-K Item 2.02, exhibit991-q3268xkearnings.htm) — Nautilus Biotechnology, filed 2026-10-27 — SEC EDGAR
- Nautilus Biotechnology GAAP EPS of -$0.12 beats by $0.02, revenue of $0.23M beats by $0.02M (NAUT:NASDAQ) | Seeking Alpha — seekingalpha.com
- Nautilus Biotechnology Reports Third Quarter 2026 Financial — globenewswire.com
- Nautilus to Measure Proteoforms Driving Alzheimer’s Disease — globenewswire.com
