Earnings

Nautilus Eyes A Fundraise Before Mid-2027, Though Cash Lasts Into 2028

The proteomics company reported $0.2 million in third-quarter revenue and $114.3 million in cash, and said it is weighing how to raise funds.

Matteo Parrino Jonathan Ponciano

Matteo Parrino, Jonathan Ponciano

— 2 min read
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Nautilus Eyes A Fundraise Before Mid-2027, Though Cash Lasts Into 2028

Nautilus Biotechnology, which is building a platform to measure proteins, is exploring raising funds between now and mid-2027, even with cash it says will last into the first quarter of 2028, CFO Anna Mowry said on the company's third-quarter earnings call Tuesday.

Money for three priorities

Mowry said the proceeds would go to three areas: expanding the proteoform assay portfolio, extending the platform's capabilities and building a commercial team. "We are actively evaluating the right path to do so," she said, one that positions Nautilus to capture the market and serves shareholders well.

The company ended the quarter with $114.3 million in cash, cash equivalents and investments, down from $129.2 million at the end of the second quarter. Cash use was about $14.9 million in the quarter.

Nautilus shares traded at $2.24 in Tuesday trading, down about 8% from the prior close.

Tiny revenue, rising costs

Third-quarter revenue was $0.2 million, made up of grant revenue for a Michael J. Fox Foundation-funded alpha-synuclein assay and service revenue from its Early Access program. Mowry said that excluding any contribution from a new ARPA-H-funded grant program, fourth-quarter revenue should grow from the third quarter, and total 2026 revenue should exceed the prior outlook of about $0.5 million.

Operating expenses were $16.9 million, up about 10% from $15.5 million a year earlier. Research and development rose about 6% to $10.2 million, and selling, general and administrative costs rose about 15% to $6.8 million. The net loss was $15.6 million, or 12 cents a share, against $13.6 million, or 11 cents, a year earlier. Mowry said full-year operating expense growth should be in the single digits.

A three-person sales team and a 2027 launch

Nautilus develops the Voyager platform, which combines instruments, consumables and software to analyze single protein molecules. CEO Sujal Patel said the sales team is three people: a head of sales hired in March and two reps hired in April. He said the pipeline is mostly related to tau, a protein tied to Alzheimer's disease.

Patel said the company expects to announce the Voyager commercial launch and open pre-orders in early 2027, then begin instrument shipments in mid-2027 alongside general availability of its tau and AKT1 assay kits and a second oncology assay. It plans to ship a first beta unit this year, and has set a goal of 20 proteoform assays by the middle of 2028.

Pre-orders for Voyager are slated to open in early 2027, with instrument shipments targeted for mid-2027, the same window in which Nautilus says it may raise money.

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