Nautilus Anticipates 2025 Commercial Launch Amid Cost Control

Nautilus Biotechnology has announced its financial results for the second quarter of 2024, which include a net loss of $18.0 million and operating expenses of $20.8 million—a notable increase from the same period last year. Despite facing a tough funding environment, the company remains focused on launching its proteomics platform commercially in 2025. Nautilus reported approximately $233 million in cash, cash equivalents, and investments at the end of the quarter, highlighting substantial progress in technology development vital for biomarker discovery and drug development related to neurodegenerative diseases.

### Key Highlights
– Nautilus experienced a net loss of $18.0 million and operating expenses of $20.8 million for Q2 2024, reflecting a 9% year-over-year increase.
– The company’s cash runway extends into the second half of 2026, aided by reduced operating expenses.
– Nautilus is preparing for a commercial launch targeted for 2025, with strategies aimed at pharmaceutical companies, academic institutions, and diagnostic applications.
– Recent technological advancements involve improvements in the scale, quality, and reliability of large-scale experiments and sample preparation.
– The company is considering different sales models to navigate potential funding challenges within the academic market.

### Company Outlook
– Nautilus is confident that it will be resourced for its commercial launch, utilizing over half of the cash raised thus far.
– The company expects total operating expense growth for the year to be between 15% and 20%, which is a decrease from the previous guidance of 25%.

### Challenges and Opportunities
– CEO Sujal Patel acknowledged potential funding challenges from reduced government contributions, which may extend sales cycles in the academic market.
– However, Patel expressed strong confidence in the value of Nautilus’ technology and the company’s capacity for success in the current economic climate. Cost reductions in research and development and general administrative expenses have added to the company’s resilience, allowing for quick adaptation to market changes.

### Areas for Improvement
– Although Nautilus has extended its cash runway, management has not yet committed to any further extensions beyond the second half of 2026.

### Q&A Highlights
– Patel spoke about exploring leasing or reagent rental models as potential alternatives to direct instrument purchases.
– CFO Anna Mowry emphasized operational savings and strategic reallocations of resources within the company.
– Chief Scientist Parag Mallick highlighted advancements in the platform’s technology, particularly in probe recycling and signal stability.

In conclusion, Nautilus Biotechnology remains committed to advancing its proteomics platform with a focus on a commercial launch in 2025. The ongoing management of resources, technological innovations, and strategic planning aim to position Nautilus as a key player in biomarker discovery and drug development for neurodegenerative diseases.