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Nautilus Biotechnology Reports Fourth Quarter and Fiscal Year 2022 Financial Results
SEATTLE, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Nautilus Biotechnology, Inc. (NASDAQ: NAUT; or “Nautilus”), a company pioneering a single molecule proteome
About this update from Nautilus Biotechnology, Inc.
[{"type":"text","content":"SEATTLE, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Nautilus Biotechnology, Inc. (NASDAQ: NAUT; or “Nautilus”), a company pioneering a single molecule proteome analysis platform, today reported financial results for the fourth quarter and fiscal year ended December 31, 2022. Recent Highlights Announced a strategic partnership with the Translational Genomics Research Institute (TGen) to explore the utility of the Nautilus platform for studying specific protein targets in diffuse intrinsic pontine glioma (DIPG), a rare and often fatal childhood cancer.Presented a poster at the HUPO World Congress that demonstrated decoding of a model protein from an experiment of several dozen multi-affinity probes across 70 cycles.Announced an expansion of Nautilus’ geographic footprint with the opening of an office in San Diego’s University Town Center, one of the largest and most talent-rich biotechnology and pharmaceutical hubs in the country.Reported Q4 2022 expenses below peak spending levels reached in Q4 of the prior year, helping to maintain cash runway well into 2025. “We made good progress on key scientific and business objectives in 2022 despite challenging macroeconomic conditions,” said Sujal Patel, CEO of Nautilus. “We presented scientific posters throughout the year that articulated key elements of our single-molecule approach to proteomics, strengthened the core leadership of our R&D team, and dramatically expanded our development organization, all while tightly and successfully managing operating expenses. We very much look forward to building on the successes of 2022 as we move through 2023 on our way to a commercial launch and beyond.” Fiscal Year 2022 Financial Results Operating expenses were $63.6 million for the year-ended December 31, 2022, a $13.1 million or 26% increase from $50.5 for the year ended December 31, 2021. The increase in operating expenses was driven primarily by an increase in headcount to support ongoing development of our products as well as the costs associated with being a public company. Net loss was $57.9 million for the year-ended December 31, 2022, as compared to a net loss of $50.3 million for the corresponding prior year period. Cash, cash equivalents, and investments were $313.6 million as of December 31, 2022. Webcast and Conference Call Information Nautilus will host a conference call to discuss the four...