Nautilus Biotechnology, Inc. reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a decrease in cash and cash equivalents, which fell to $4.4 million from $19.4 million at the end of 2023. Total current assets also declined to $144.2 million from $176.8 million, while total assets decreased to $259.7 million from $305.6 million. Stockholders’ equity similarly dropped to $223.4 million from $265.4 million.
For the three months ended September 30, 2024, Nautilus reported total operating expenses of $19.1 million, a slight increase from $19.1 million in the same period of 2023. Over the nine-month period, operating expenses rose to $61.5 million, up from $56.2 million in the prior year. The company recorded a net loss of $16.4 million for the third quarter, compared to a loss of $15.9 million in the same quarter of 2023. For the nine months, the net loss increased to $53.2 million from $46.7 million in the previous year.
Research and development expenses for the nine months ended September 30, 2024, were $37.7 million, reflecting an increase of $2.9 million from the prior year, driven by higher salaries, benefits, and laboratory supplies. General and administrative expenses also rose to $23.8 million, up $2.5 million, primarily due to increased professional services and salaries.
The company reported total other income of $2.7 million for the third quarter, down from $3.2 million in 2023, largely due to decreased interest income. Comprehensive losses for the three months ended September 30, 2024, were $15.2 million, slightly improved from $15.5 million in the same period of 2023.
Nautilus's cash flow from operating activities showed a net outflow of $44.8 million for the nine months, compared to $37.8 million in the previous year. However, net cash provided by investing activities was $29.1 million, a significant increase from a net outflow of $2.7 million in 2023, primarily due to proceeds from the maturity of securities.
As of September 30, 2024, the company had an accumulated deficit of $255.4 million and had not generated any revenue since its inception. Nautilus continues to focus on the development of its proteomics platform, with plans for commercialization expected to take several years. The company acknowledges the potential need for additional financing to support its ongoing research and development efforts.
About Nautilus Biotechnology, Inc.
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