naut-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission File Number 001-39434

NAUTILUS BIOTECHNOLOGY, INC.

(Exact name of registrant as specified in its charter)


Delaware		98-1541723
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

2701 Eastlake Avenue East Seattle, Washington		98102
(Address of principal executive offices)		(Zip Code)
	(206) 333-2001
	(Registrant's telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	NAUT	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of October 23, 2025, the registrant had 126,305,122 shares of common stock, $0.0001 par value per share, outstanding.

NAUTILUS BIOTECHNOLOGY, INC.

TABLE OF CONTENTS


		Page

PART I. FINANCIAL INFORMATION		iii

Item 1.	Financial Statements

	Condensed Consolidated Financial Statements (Unaudited)	iii

	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 (unaudited)	1

	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)	2

	Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)	3

	Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)	4

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (unaudited)	6

	Notes to Condensed Consolidated Financial Statements (unaudited)	7

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	31

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	78
Item 3.	Defaults Upon Senior Securities	78
Item 4.	Mine Safety Disclosures	78
Item 5.	Other Information	78
Item 6.	Exhibits	79

SIGNATURES		80

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that are based on our management’s beliefs and assumptions and on information currently available to our management. The forward-looking statements are contained principally in the section entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Forward-looking statements include, but are not limited to, statements concerning the following:

•our dependence on the success of our proteomics platform (the “Nautilus platform”), which remains in the development stage and subject to scientific and technical validation;

•our expectations regarding the timing and progress of the development of the Nautilus platform and any commercialization timelines;

•our expectations regarding the functionality of the Nautilus platform;

•our expectations regarding the availability of private and public research funding for proteomics research and development activities;

•our estimates of our addressable market, market growth, future revenue, key performance indicators, expenses, capital requirements and needs for additional financing;

•our expectations regarding the rate and degree of market acceptance of the Nautilus platform;

•the impact of the Nautilus platform on the field of proteomics and the size and growth of the addressable proteomics market;

•our ability to manage and grow our business and commercialize our Nautilus platform;

•our ability to successfully implement our three phase commercial launch plan;

•the implementation of our business model and strategic plans for the Nautilus platform;

•our ability to establish and maintain intellectual property protection for our products or avoid or defend claims of infringement;

•our expectations regarding the use of proceeds from the Business Combination (as defined in Part I, Item I, Note 1, “Description of Business and Basis of Presentation,” in our notes to condensed consolidated financial statements in this Quarterly Report on Form 10-Q);

•the performance of third-party partners, manufacturers and suppliers;

•changes in applicable laws or regulations;

•our ability to raise financing in the future;

•our expectations regarding the length of time that our existing cash resources will fund our operations;

•our success in retaining or recruiting, or changes required in, our officers, key employees or directors or other key personnel;

•the volatility of the trading price of our common stock;

•our ability to develop, manufacture, support, and commercialize new products;

•our ability to be in compliance with the Nasdaq Listing Rules;

•our expectations about market trends;

•the impact of local, regional, national and international economic conditions and events, volatility in the global financial markets and general economic downturns, on the foregoing; and

•other factors including but not limited to those detailed under the section entitled “Risk Factors.”

Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipates,” “believes,” “could,” “seeks,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” “would,” or similar expressions and the negatives of those terms.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. We discuss these risks in greater detail in Part II, Item 1A, “Risk Factors,” elsewhere in this Quarterly Report on Form 10-Q. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

This Quarterly Report on Form 10-Q also contains estimates, projections and other information concerning our industry, our business, and market opportunity, including data regarding the estimated size of the market. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances reflected in this information. Unless otherwise expressly stated, we obtained this industry, business, market and other data from reports, research surveys, studies and similar data prepared by market research firms and other third parties, industry, medical and general publications, government data and similar sources.

This Quarterly Report on Form 10-Q contains references to trademarks and service marks belonging to other entities. Solely for convenience, trademarks and trade names referred to in this Quarterly Report on Form 10-Q may appear without the ® or TM symbols, but such references are not intended to indicate, in any way, that the applicable licensor will not assert, to the fullest extent under applicable law, its rights to these trademarks and trade names. We do not intend our use or display of other companies’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of it by, any other companies.

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

iii


Nautilus Biotechnology, Inc. Condensed Consolidated Balance Sheets As of September 30, 2025 and December 31, 2024 (Unaudited)


(in thousands, except share and per share amounts)	September 30, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	23,875	$	27,646
Short-term investments	107,552		102,247
Prepaid expenses and other current assets	2,898		2,933
Total current assets	134,325		132,826
Property and equipment, net	3,624		4,076
Operating lease right-of-use assets	24,727		28,256
Long-term investments	37,059		76,405
Other long-term assets	1,180		1,180
Total assets	$	200,915	$	242,743
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	893	$	987
Accrued expenses and other liabilities	3,880		2,548
Current portion of operating lease liabilities	4,209		4,097
Total current liabilities	8,982		7,632
Operating lease liabilities, net of current portion	22,794		26,381
Total liabilities	31,776		34,013

Commitments and contingencies (Note 8)

Stockholders' equity:
Preferred stock, $0.0001 par value, 200,000,000 authorized as of September 30, 2025 and December 31, 2024; 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024	—		—
Common stock, $0.0001 par value, 1,000,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 126,305,122 and 126,106,176 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	13		13
Additional paid-in capital	487,165		481,679
Accumulated other comprehensive income	200		57
Accumulated deficit	(318,239)		(273,019)
Total stockholders’ equity	169,139		208,730
Total liabilities and stockholders' equity	$	200,915	$	242,743

The accompanying notes are an integral part of these condensed consolidated financial statements.


Nautilus Biotechnology, Inc. Condensed Consolidated Statements of Operations Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share data)	2025		2024		2025		2024
Operating expenses:
Research and development	$	9,605	$	12,288	$	31,535	$	37,654
General and administrative	5,867		6,812		19,878		23,842
Total operating expenses	15,472		19,100		51,413		61,496
Other income (expense):
Interest income	1,903		2,674		6,214		8,349
Other expense	(5)		(20)		(21)		(39)
Total other income	$	1,898	$	2,654	$	6,193	$	8,310
Net loss	$	(13,574)	$	(16,446)	$	(45,220)	$	(53,186)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.11)	$	(0.13)	$	(0.36)	$	(0.42)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	126,305,122		125,452,572		126,218,587		125,302,440

The accompanying notes are an integral part of these condensed consolidated financial statements.


Nautilus Biotechnology, Inc. Condensed Consolidated Statements of Comprehensive Loss Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Net loss	$	(13,574)	$	(16,446)	$	(45,220)	$	(53,186)
Other comprehensive income:
Unrealized gain on securities available-for-sale	123		1,277		143		986
Total other comprehensive income	123		1,277		143		986
Comprehensive loss	$	(13,451)	$	(15,169)	$	(45,077)	$	(52,200)

The accompanying notes are an integral part of these condensed consolidated financial statements.


Nautilus Biotechnology, Inc. Condensed Consolidated Statements of Stockholders’ Equity Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)


Three Months Ended September 30, 2025				Additional Paid-in Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Total Stockholders’ Equity
	Common Stock
(in thousands, except share amounts)	Shares	Amount
Balances at June 30, 2025	126,305,122	$	13	$	485,669	$	77	$	(304,665)	$	181,094


Stock-based compensation expense	—	—		1,496		—		—		1,496
Other comprehensive income	—	—		—		123		—		123
Net loss	—	—		—		—		(13,574)		(13,574)
Balances at September 30, 2025	126,305,122	$	13	$	487,165	$	200	$	(318,239)	$	169,139


Three Months Ended September 30, 2024				Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Stockholders’ Equity
	Common Stock
(in thousands, except share amounts)	Shares	Amount
Balances at June 30, 2024	125,406,748	$	13	$	474,791	$	(546)	$	(238,979)	$	235,279
Issuance of common stock upon exercise of vested stock options	153,561	—		140		—		—		140

Stock-based compensation expense	—	—		3,184		—		—		3,184
Other comprehensive income	—	—

SEC Form 10-Q filed by Nautilus Biotechnology Inc.