Nautilus Biotechnology Reports Fourth Quarter and Fiscal Year 2025 Financial Results
Rhea-AI Summary
Nautilus Biotechnology (NASDAQ: NAUT) reported Q4 and fiscal 2025 results on Feb 26, 2026. Operating expenses fell to $15.4M in Q4 and $66.8M for FY2025, while net loss was $13.8M in Q4 and $59.0M for FY2025. Cash and investments totaled $156.1M as of Dec 31, 2025.
The company launched an Iterative Mapping Early Access Program in Jan 2026, advanced platform validation with Tau proteoform data, and initiated a Michael J. Fox Foundation–supported collaboration for alpha-synuclein assays. Nautilus expects no material Early Access revenue in 2026 and forecasts operating expense growth of 15–20% year over year, believing cash suffices to fund operations through 2027.
Positive
- Operating expenses down 23% in Q4 2025 vs prior year
- Fiscal 2025 operating expenses decreased 18% to $66.8M
- Cash, cash equivalents, and investments of $156.1M at 12/31/2025
- Launched Iterative Mapping Early Access Program in January 2026
- Collaboration funded by Michael J. Fox Foundation on alpha-synuclein assays
Negative
- Net loss of $59.0M for fiscal 2025
- No material Early Access Program revenue expected in 2026
- Operating expenses expected to rise 15–20% in 2026
News Market Reaction – NAUT
On the day this news was published, NAUT declined 16.26%, reflecting a significant negative market reaction. Argus tracked a trough of -26.4% from its starting point during tracking. Our momentum scanner triggered 23 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $71M from the company's valuation, bringing the market cap to $365M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
NAUT gained 1.76% with above-average volume. Peers show mixed action: CSBR up 0.63%, IPA up 3.5%, while QNCX fell 15.49%. Scanner data flags broader sector dynamics with multiple biotech peers in motion.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 28 | Q3 2025 earnings | Positive | +5.9% | Lower operating expenses, narrower loss, continued Tau proteoform and assay progress. |
| Jul 31 | Q2 2025 earnings | Positive | +0.0% | Cost reductions, improved net loss, new Tau collaborations and platform progress. |
| Apr 29 | Q1 2025 earnings | Positive | +8.0% | Reduced operating expenses, narrower loss, Tau assay meeting launch specifications. |
| Feb 27 | Q4 2024 earnings | Negative | -18.2% | Higher full-year spend, widened losses, workforce reduction and launch delay to 2026. |
| Oct 29 | Q3 2024 earnings | Negative | -1.4% | Flat operating expenses year over year and increased net loss despite strong cash. |
Earnings releases typically show improving operating metrics and the stock reaction has largely aligned with the underlying tone, with only the 2024 reset quarter drawing a sharply negative move.
Over the past five earnings cycles, Nautilus has steadily reduced operating expenses and narrowed net losses while advancing its proteomics platform toward a planned late-2026 launch. Q1–Q3 2025 reports highlighted lower operating costs, smaller losses, and a strong cash position, often met with positive or stable price reactions. The Q4/FY 2024 update on Feb 27, 2025 was an exception, pairing higher full-year spend and a launch delay with a -18.18% move. Today’s 2025 results continue the cost-discipline and runway theme.
Historical Comparison
In the last five earnings reports, NAUT’s average move was -1.14%, with reactions generally matching the tone of cost trends and runway updates. Today’s 1.76% move is modestly better than that history.
Across recent earnings, Nautilus has moved from higher 2024 spending and a launch delay toward consistent 2025 cost reductions, narrower net losses, and a reaffirmed late-2026 launch path supported by a multi-year cash runway.
Market Pulse Summary
The stock dropped -16.3% in the session following this news. A negative reaction despite improving 2025 metrics would contrast with prior earnings where reduced operating expenses and narrower losses often aligned with stable or positive moves. Investors would be weighing Q4 opex of $15.4M and FY net loss of $59.0M against guidance for a 15–20% rise in 2026 opex and no material revenue, along with the long runway to late-2026 commercialization and beyond.
Key Terms
proteome medical
proteoform medical
tau proteoforms medical
assay medical
alpha-synuclein medical
webcast technical
AI-generated analysis. Not financial advice.
SEATTLE, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Nautilus Biotechnology, Inc. (NASDAQ: NAUT), a company pioneering a single-molecule proteome analysis platform, today reported financial results for the fourth quarter and fiscal year ended December 31, 2025.
Fourth Quarter 2025 and Fiscal Year 2025 Business Highlights
- Continued progress was made in processing and analyzing Tau proteoform samples from collaborators to support platform validation and expanding scientific publications. Externally generated Tau data measured on the Nautilus Voyager™ platform was presented at the World HUPO conference, and collaborators are advancing results toward submission for publication.
- Further progress was made in the development of a new broadscale assay format including improvements designed to increase probe compatibility, performance, and long-term scalability.
- Launched our Iterative Mapping Early Access Program in January 2026, beginning with Tau proteoforms, enabling select partners to engage with the Nautilus Voyager™ platform and generate data in support of research activities. Initial customer response has been encouraging across academic, nonprofit, and biopharma organizations.
- Initiated a collaboration supported by a research grant from The Michael J. Fox Foundation, in partnership with Weill Cornell Medicine–Qatar, focused on developing proteoform-level assay for alpha-synuclein in Parkinson’s disease research, expanding the Nautilus Voyager™ platform’s proteoform roadmap beyond Tau.
- Unveiled Nautilus Voyager™ platform at US HUPO conference to collaborators and KOLs in support of commercial launch in late 2026.
“In Q4, Nautilus maintained disciplined execution and delivered meaningful progress across our platform development, strategic collaborations, and early commercial engagement aligned with our path toward commercialization in late 2026,” said Sujal Patel, CEO of Nautilus Biotechnology. “Our near-term focus remains on the successful expansion of our Early Access Program, beginning with Tau proteoforms and broadening over time, while continuing to advance our broadscale capabilities. These milestones are important steps toward enabling customers to experience the value of our technology and progressing toward full commercial availability.”
Fourth Quarter 2025 and Fiscal Year 2025 Financial Results
Operating expenses were
Net loss was
Cash, cash equivalents, and investments were
Fiscal Year 2026 Outlook
In 2026, we do not anticipate material revenue from our Early Access Program engagements. We expect operating expenses to increase by approximately 15–
Webcast and Conference Call Information
Nautilus will host a conference call to discuss the fourth quarter and fiscal year 2025 financial results, business developments and outlook before market open on Thursday, February 26, 2026, 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 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 to be filed for the year ended December 31, 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
| Nautilus Biotechnology, Inc. Condensed Consolidated Balance Sheets As of December 31, 2025 and December 31, 2024 (Unaudited) | |||||||
| (in thousands) | December 31, 2025 | December 31, 2024 | |||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 12,388 | $ | 27,646 | |||
| Short-term investments | 91,018 | 102,247 | |||||
| Prepaid expenses and other current assets | 2,557 | 2,933 | |||||
| Total current assets | 105,963 | 132,826 | |||||
| Property and equipment, net | 3,457 | 4,076 | |||||
| Operating lease right-of-use assets | 27,773 | 28,256 | |||||
| Long-term investments | 52,739 | 76,405 | |||||
| Other long-term assets | 1,180 | 1,180 | |||||
| Total assets | $ | 191,112 | $ | 242,743 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 943 | $ | 987 | |||
| Accrued expenses and other liabilities | 3,177 | 2,548 | |||||
| Current portion of operating lease liability | 3,832 | 4,097 | |||||
| Total current liabilities | 7,952 | 7,632 | |||||
| Operating lease liability, net of current portion | 26,187 | 26,381 | |||||
| Total liabilities | 34,139 | 34,013 | |||||
| Stockholders’ equity: | |||||||
| Preferred stock | — | — | |||||
| Common stock | 13 | 13 | |||||
| Additional paid-in capital | 488,737 | 481,679 | |||||
| Accumulated other comprehensive income | 243 | 57 | |||||
| Accumulated deficit | (332,020 | ) | (273,019 | ) | |||
| Total stockholders’ equity | 156,973 | 208,730 | |||||
| Total liabilities and stockholders’ equity | $ | 191,112 | $ | 242,743 | |||
| Nautilus Biotechnology, Inc. Condensed Consolidated Statements of Operations Three Months and Year Ended December 31, 2025 and 2024 (Unaudited) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| (in thousands, except share and per share data) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | $ | 9,575 | $ | 12,823 | $ | 41,110 | $ | 50,477 | |||||||
| General and administrative | 5,849 | 7,157 | 25,727 | 30,999 | |||||||||||
| Total operating expenses | 15,424 | 19,980 | 66,837 | 81,476 | |||||||||||
| Other income (expense): | |||||||||||||||
| Interest income | 1,654 | 2,431 | 7,868 | 10,780 | |||||||||||
| Other expense | (11 | ) | (45 | ) | (32 | ) | (84 | ) | |||||||
| Total other income | $ | 1,643 | $ | 2,386 | $ | 7,836 | $ | 10,696 | |||||||
| Net loss | $ | (13,781 | ) | $ | (17,594 | ) | $ | (59,001 | ) | $ | (70,780 | ) | |||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.11 | ) | $ | (0.14 | ) | $ | (0.47 | ) | $ | (0.56 | ) | |||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 126,369,335 | 125,796,018 | 126,256,583 | 125,426,509 | |||||||||||
| Nautilus Biotechnology, Inc. Consolidated Statements of Cash Flows Year Ended December 31, 2025 and 2024 (Unaudited) | |||||||
| Year Ended December 31, | |||||||
| (in thousands) | 2025 | 2024 | |||||
| Cash flows from operating activities | |||||||
| Net loss | $ | (59,001 | ) | $ | (70,780 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities | |||||||
| Stock-based compensation | 6,844 | 12,701 | |||||
| Amortization of operating lease right-of-use assets | 4,712 | 4,378 | |||||
| Depreciation | 1,753 | 2,059 | |||||
| In-process research and development | — | 760 | |||||
| Amortization (accretion) of premiums (discounts) on securities, net | (1,420 | ) | (2,804 | ) | |||
| Changes in operating assets and liabilities: | |||||||
| Prepaid expenses and other assets | 544 | 666 | |||||
| Accounts payable | (69 | ) | (578 | ) | |||
| Accrued expenses and other liabilities | 629 | (1,397 | ) | ||||
| Operating lease liabilities | (4,688 | ) | (4,150 | ) | |||
| Net cash used in operating activities | (50,696 | ) | (59,145 | ) | |||
| Cash flows from investing activities | |||||||
| Proceeds from maturities of securities | 108,991 | 155,410 | |||||
| Purchases of securities | (72,490 | ) | (86,278 | ) | |||
| Purchases of property and equipment | (1,277 | ) | (2,122 | ) | |||
| Cash paid in connection with asset acquisition | — | (760 | ) | ||||
| Net cash provided by investing activities | 35,224 | 66,250 | |||||
| Cash flows from financing activities | |||||||
| Proceeds from exercise of stock options | 58 | 620 | |||||
| Proceeds from issuance of common stock under employee stock purchase plan | 156 | 524 | |||||
| Net cash provided by financing activities | 214 | 1,144 | |||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (15,258 | ) | 8,249 | ||||
| Cash, cash equivalents and restricted cash at beginning of period | 28,648 | 20,399 | |||||
| Cash, cash equivalents and restricted cash at end of period | $ | 13,390 | $ | 28,648 | |||
FAQ
What did Nautilus (NAUT) report for fiscal 2025 net loss and cash on hand?
What is Nautilus's 2026 outlook for revenue and operating expenses (NAUT)?
What progress did Nautilus announce on product development and partnerships in Q4 2025?
When did Nautilus start the Iterative Mapping Early Access Program and what does it cover?
How did Nautilus's operating expenses change in Q4 and FY2025 compared to 2024 (NAUT)?
