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Nautilus Biotechnology Reports Third Quarter 2025 Financial Results
SEATTLE, WA, October 28, 2025 – Nautilus Biotechnology, Inc. (NASDAQ: NAUT; or “Nautilus”), a company pioneering a single-molecule proteome analysis platform, today reported financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Business Highlights

•Continued progress was made in processing Tau proteoform samples from collaborators in support of our goals of product validation and growing our publications. We expect to share this data at the upcoming World HUPO conference.
•Further progress was made in the development of a new broadscale assay format, which is intended to support our forthcoming commercial launch in late 2026.
•We expect to launch our early access program with Tau proteoforms in the first half of 2026.

“In Q3, Nautilus maintained disciplined execution and delivered meaningful progress across our platform, strategic collaborations, and operational initiatives—all aligned with our path toward commercialization in late 2026,” said Sujal Patel, CEO of Nautilus Biotechnology. “Our near-term focus is on the successful launch of our early access program, beginning with Tau proteoforms in the first half of 2026 and expanding to broadscale capabilities later in the year. These milestones are critical steps toward enabling customers to experience the value of our technology and advancing toward full commercial availability.”

Third Quarter 2025 Financial Results
Operating expenses were $15.5 million for the third quarter of 2025, a 19% decrease compared to $19.1 million for the corresponding prior year period. The decrease in operating expenses is attributable to operating efficiencies, lower development-related costs, and decreased salaries, related benefits and stock-based compensation.
Net loss was $13.6 million for the third quarter of 2025, as compared to the net loss of $16.4 million for the corresponding prior year period.

Cash, cash equivalents, and investments were $168.5 million as of September 30, 2025.
Webcast and Conference Call Information
Nautilus will host a conference call to discuss the third quarter 2025 financial results, business developments and outlook before market open on Tuesday, October 28, 2025, at 5:30 AM Pacific Time / 8:30 AM Eastern Time. Live audio of the webcast will be available on the “Investors” section of the company website at: www.nautilus.bio.
About Nautilus Biotechnology, Inc.
With its corporate headquarters in Seattle, Washington and its research and development headquarters in San Carlos, California, Nautilus is a development stage life sciences company working to create a platform technology for quantifying and unlocking the complexity of the proteome. Nautilus’ mission is to transform the field of proteomics by democratizing access to the proteome and enabling fundamental advancements across human health and medicine. To learn more about Nautilus, visit www.nautilus.bio
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
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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 as well as in our Quarterly Report on Form 10-Q to be filed for the quarter ended September 30, 2025 and our other filings with the SEC. The forward-looking statements in this press release are as of the date of this press release. Except as otherwise required by applicable law, Nautilus disclaims any duty to update any forward-looking statements. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.
Disclosure Information

Nautilus uses filings with the Securities and Exchange Commission, its website (www.nautilus.bio), press releases, public conference calls, public webcasts, and its social media accounts as means of disclosing material non-public information and for complying with Regulation FD. Therefore, Nautilus encourages investors, the media, and others interested in Nautilus to review the information it makes public in these locations, as such information could be deemed to be material information.
Media Contact
press@nautilus.bio
Investor Contact
investorrelations@nautilus.bio
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Nautilus Biotechnology, Inc.
Condensed Consolidated Balance Sheets
As of September 30, 2025 and December 31, 2024 (Unaudited)

(in thousands)
September 30, 2025December 31, 2024
Assets
Current assets:
Cash and cash equivalents$23,875 $27,646 
Short-term investments107,552 102,247 
Prepaid expenses and other current assets2,898 2,933 
Total current assets134,325 132,826 
Property and equipment, net3,624 4,076 
Operating lease right-of-use assets24,727 28,256 
Long-term investments37,059 76,405 
Other long-term assets1,180 1,180 
Total assets$200,915 $242,743 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$893 $987 
Accrued expenses and other liabilities3,880 2,548 
Current portion of operating lease liabilities4,209 4,097 
Total current liabilities8,982 7,632 
Operating lease liabilities, net of current portion22,794 26,381 
Total liabilities31,776 34,013 
Stockholders' equity:
Preferred stock— — 
Common stock13 13 
Additional paid-in capital487,165 481,679 
Accumulated other comprehensive income200 57 
Accumulated deficit(318,239)(273,019)
Total stockholders’ equity169,139 208,730 
Total liabilities and stockholders' equity$200,915 $242,743 

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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)2025202420252024
Operating expenses:
Research and development$9,605 $12,288 $31,535 $37,654 
General and administrative5,867 6,812 19,878 23,842 
Total operating expenses15,472 19,100 51,413 61,496 
Other income (expense):
Interest income1,903 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 diluted126,305,122 125,452,572 126,218,587 125,302,440 

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Nautilus Biotechnology, Inc.
Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2025 and 2024 (Unaudited)

Nine Months Ended September 30,
(in thousands)20252024
Cash flows from operating activities
Net loss$(45,220)$(53,186)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation expense5,373 9,577 
Amortization of operating lease right-of-use assets3,529 3,257 
Depreciation1,348 1,543 
Amortization (accretion) of premium (discount) on securities, net(1,286)(2,176)
Changes in operating assets and liabilities:
Prepaid expenses and other assets149 (26)
Accounts payable(71)(35)
Accrued expenses and other liabilities1,332 (729)
Operating lease liabilities(3,475)(3,061)
Net cash used in operating activities(38,321)(44,836)
Cash flows from investing activities
Proceeds from maturities of securities74,241 90,410 
Purchases of securities(38,771)(59,398)
Purchases of property and equipment(1,033)(1,868)
Net cash provided by investing activities34,437 29,144 
Cash flows from financing activities
Proceeds from exercise of stock options26 415 
Proceeds from issuance of common stock under employee stock purchase plan87 289 
Net cash provided by financing activities113 704 
Net decrease in cash, cash equivalents and restricted cash(3,771)(14,988)
Cash, cash equivalents and restricted cash at beginning of period28,648 20,399 
Cash, cash equivalents and restricted cash at end of period$24,877 $5,411 

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