Nautilus Biotechnology Reports Fourth Quarter and Fiscal Year 2021 Financial Results
24 February 2022 - 10:00PM
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, 2021.
Fiscal Year 2021 Highlights
- In June, completed a business
combination transaction with ARYA Sciences Acquisition Corp III and
became a publicly traded company, with gross proceeds from this
transaction totaling approximately $345.5 million.
- Announced research collaborations
with top tier research partners at both Amgen, and The University
of Texas MD Anderson Cancer Center.
- Announced a strategic partnership
with Abcam for the development and supply of reagents for use on
the Nautilus platform.
- Continued to make progress against
key internal milestones across a range of platform design and
science activities in support of planned platform commercialization
by the end of 2023.
- Shared a manuscript that introduces
the theoretical foundation for a fundamentally different approach
to proteomics, called Protein Identification by Short-epitope
Mapping (PrISM).
“2021 will be remembered as a pivotal year in
Nautilus’ history,” said Sujal Patel, CEO of Nautilus. “It was the
year we secured the resources necessary to get us through the
development and commercialization phase of our journey, signed a
number of exciting research collaboration and reagent development
and supply partnerships, and made substantial progress on the
scientific development required to see more deeply into the
proteome than anyone ever has. As we kick off the year, I am
incredibly energized by Nautilus’ purpose to change the course of
biomedical research and improve the lives and health of millions of
people around the world.”
Fiscal Year 2021 Financial
Results
Operating expenses were $50.5 million for the
year-ended December 31, 2021, a $34.8 million or 221% increase from
$15.7 million for the year ended December 31, 2020. 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 $50.3 million for the year-ended
December 31, 2021, as compared to a net loss of $15.6 million for
the corresponding prior year period.
Cash, cash equivalents, and investments were
$362.1 million as of December 31, 2021.
Webcast and Conference Call
Information
Nautilus will host a conference call to discuss
the fourth quarter and fiscal year 2021 financial results, business
developments and outlook before market open on Tuesday, February
24th, 2022 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.
Based in Seattle, Washington, Nautilus is a
development stage life sciences company creating 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 regarding our
collaborations and strategic partnerships, including our
expectations with respect to the suitability of the Nautilus
product platform to investigate proteins and proteoforms, and the
ability of our strategic partnership to accelerate technology
development and enhance protein detection; and expectations with
respect to the functionality and performance of Nautilus’ product
platform, its potential impact on pharmaceutical development and
drug discovery. These statements are based on numerous assumptions
concerning the development of Nautilus’ products and target markets
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 the Registration Statement on Form S-1 filed with the
SEC as well as in our Annual Report on Form 10-K to be filed for
the year ended December 31, 2021. 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 ContactThermal for Nautilus
BiotechnologyKaustuva Daspress@nautilus.bio
Investor
Contactinvestorrelations@nautilus.bio
Nautilus Biotechnology, Inc.
Consolidated Balance Sheets As of December
31, 2021 and December 31, 2020 (Unaudited)
(in thousands) |
December 31,2021 |
|
December 31,2020 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
185,619 |
|
|
$ |
36,607 |
|
Short-term investments |
|
160,110 |
|
|
|
40,135 |
|
Prepaid expenses and other current assets |
|
3,493 |
|
|
|
917 |
|
Total current assets |
|
349,222 |
|
|
|
77,659 |
|
Property and equipment, net |
|
2,483 |
|
|
|
1,371 |
|
Operating lease right-of-use assets |
|
29,377 |
|
|
|
4,842 |
|
Long-term investments |
|
16,371 |
|
|
|
— |
|
Other
long term assets |
|
997 |
|
|
|
1,139 |
|
Total assets |
$ |
398,450 |
|
|
$ |
85,011 |
|
Liabilities, Redeemable Convertible Preferred Stock, and
Stockholders’ Equity (Deficit) |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
1,723 |
|
|
$ |
470 |
|
Accrued expenses and other liabilities |
|
3,119 |
|
|
|
1,069 |
|
Current portion of operating lease liability |
|
970 |
|
|
|
1,479 |
|
Total current liabilities |
|
5,812 |
|
|
|
3,018 |
|
Operating lease liability, net of current portion |
|
29,062 |
|
|
|
3,296 |
|
Total liabilities |
|
34,874 |
|
|
|
6,314 |
|
Redeemable convertible
preferred stock: |
|
|
|
Series Seed redeemable
convertible preferred stock |
|
— |
|
|
|
5,494 |
|
Series A redeemable
convertible preferred stock |
|
— |
|
|
|
27,067 |
|
Series B redeemable
convertible preferred stock |
|
— |
|
|
|
75,857 |
|
|
|
|
|
Stockholders’ equity (deficit): |
|
|
|
Preferred stock |
|
— |
|
|
|
— |
|
Common stock |
|
12 |
|
|
|
1 |
|
Additional paid-in capital |
|
444,388 |
|
|
|
600 |
|
Accumulated other comprehensive (loss) income |
|
(184 |
) |
|
|
3 |
|
Accumulated deficit |
|
(80,640 |
) |
|
|
(30,325 |
) |
Total stockholders’ equity (deficit) |
|
363,576 |
|
|
|
(29,721 |
) |
Total liabilities, redeemable convertible preferred stock and
stockholders’ equity (deficit) |
$ |
398,450 |
|
|
$ |
85,011 |
|
|
|
|
|
|
|
|
|
Nautilus Biotechnology, Inc.
Consolidated Statements of Operations
Three Months and Year Ended December 31, 2021 and 2020
(Unaudited)
|
Three Months Ended December 31, |
|
Year Ended December 31, |
(in thousands, except share and per share amounts) |
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Operating expenses |
|
|
|
|
|
|
|
Research and development |
$ |
9,893 |
|
|
$ |
3,894 |
|
|
$ |
29,352 |
|
|
$ |
12,432 |
|
General and
administrative |
|
6,923 |
|
|
|
1,426 |
|
|
|
21,146 |
|
|
|
3,312 |
|
Total operating expenses |
|
16,816 |
|
|
|
5,320 |
|
|
|
50,498 |
|
|
|
15,744 |
|
Other income (expense),
net |
|
127 |
|
|
|
(32 |
) |
|
|
183 |
|
|
|
125 |
|
Net loss |
$ |
(16,689 |
) |
|
$ |
(5,352 |
) |
|
$ |
(50,315 |
) |
|
$ |
(15,619 |
) |
Net loss per share
attributable to common stockholders, basic and diluted |
$ |
(0.13 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.60 |
) |
|
$ |
(0.54 |
) |
Weighted-average shares used
in computing net loss per share attributable to common
stockholders, basic and diluted |
|
124,232,794 |
|
|
|
31,713,646 |
|
|
|
84,464,081 |
|
|
|
29,089,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The weighted-average number of shares of
Common Stock outstanding prior to the Business Combination have
been retroactively restated to reflect the exchange ratio of
approximately 3.6281 established in the Business Combination.
Nautilus Biotechnology, Inc.
Consolidated Statements of Cash Flows Year
Ended December 31, 2021 and 2020 (Unaudited)
|
Year Ended December 31, |
(in thousands) |
|
2021 |
|
|
|
2020 |
|
Cash flows from
operating activities |
|
|
|
Net loss |
$ |
(50,315 |
) |
|
$ |
(15,619 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities |
|
|
|
Stock-based compensation |
|
7,934 |
|
|
|
369 |
|
Amortization of operating lease right-of-use assets |
|
1,823 |
|
|
|
1,636 |
|
Depreciation |
|
1,019 |
|
|
|
710 |
|
Amortization of premiums on securities, net |
|
183 |
|
|
|
282 |
|
Loss on disposal of property and equipment |
|
137 |
|
|
|
13 |
|
Changes in operating assets and liabilities: |
|
|
|
Prepaid expenses and other assets |
|
(2,750 |
) |
|
|
(624 |
) |
Accounts payable |
|
1,261 |
|
|
|
123 |
|
Accrued expenses and other liabilities |
|
2,255 |
|
|
|
695 |
|
Operating lease liability |
|
(788 |
) |
|
|
(1,581 |
) |
Net cash used in operating activities |
|
(39,241 |
) |
|
|
(13,996 |
) |
Cash flows from
investing activities |
|
|
|
Purchases of securities |
|
(221,795 |
) |
|
|
(68,359 |
) |
Proceeds from sale and
maturities of securities |
|
85,100 |
|
|
|
44,001 |
|
Purchases of property and
equipment |
|
(2,269 |
) |
|
|
(921 |
) |
Net cash used in investing activities |
|
(138,964 |
) |
|
|
(25,279 |
) |
Cash flows from
financing activities |
|
|
|
Net proceeds from reverse
recapitalization and PIPE financing |
|
335,409 |
|
|
|
— |
|
Payments of offering
costs |
|
(8,129 |
) |
|
|
— |
|
Proceeds from exercise of
stock options |
|
167 |
|
|
|
42 |
|
Proceeds from issuance of
convertible preferred stock, net of issuance costs |
|
— |
|
|
|
75,857 |
|
Net cash provided by financing activities |
|
327,447 |
|
|
|
75,899 |
|
Net increase in cash, cash equivalents and restricted cash |
|
149,242 |
|
|
|
36,624 |
|
|
|
|
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
37,219 |
|
|
|
595 |
|
Cash,
cash equivalents and restricted cash at end of period |
$ |
186,461 |
|
|
$ |
37,219 |
|
|
|
|
|
|
|
|
|
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