Nautilus Biotechnology Reports Third Quarter 2026 Financial Results

Nine-month operating cash use increased despite a narrower net loss, while Nautilus expects up to $6 million from SEEDS participation.

Rhea-AI Summary

Nautilus Biotechnology (NAUT) reported a third-quarter 2026 net loss of $15.636 million, wider than the corresponding prior-year period. Revenue was $234,000 versus none a year earlier, comprising grant and service revenue. Operating expenses rose to $16.947 million from $15.472 million, while net loss per share widened to $0.12 from $0.11.

For the nine months ended September 30, revenue reached $424,000 and net loss narrowed to $44.802 million from $45.220 million. Operating cash use increased to $40.107 million from $38.321 million. Cash, cash equivalents and investments totaled $114.3 million at September 30. Nautilus plans twenty assays through mid-2028 and instrument availability in mid-2027. After quarter-end, it announced participation in the four-year, ARPA-H-funded SEEDS research consortium, expecting up to $6 million to deploy Voyager to measure proteoforms, different forms of proteins, involved in Alzheimer’s disease and cancer.

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0 major · 7 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.SEEDS participation is expected to provide up to $6 million for Voyager deployment over the four-year consortium. 1.9% of market cap
• Minor pointThird-quarter revenue of $234,000, comprising grants and services, compared with none a year earlier.
• Minor pointNine-month revenue of $424,000 compared with none in the corresponding 2025 period.
• Minor pointNine-month net loss narrowed to $44.802 million from $45.220 million; loss per share improved to $0.35 from $0.36.
• Minor pointNine-month operating expenses fell to $49.009 million from $51.413 million a year earlier.

2 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Twenty assays are planned through mid-2028, with development of the required pipeline advancing.
• Minor point. Forward-looking: it has not happened yet and may not happen.Instrument availability remains planned for the middle of 2027.

Negative

• Moderate pointThird-quarter net loss widened to $15.636 million from $13.574 million; loss per share rose to $0.12 from $0.11.
• Moderate pointStockholders’ equity declined to $116.559 million at September 30, 2026, from $156.973 million at December 31, 2025.
• Minor pointThird-quarter operating expenses increased to $16.947 million from $15.472 million a year earlier.
• Minor pointNine-month operating cash use increased to $40.107 million from $38.321 million a year earlier.
• Minor pointThird-quarter interest income fell to $1.173 million from $1.903 million a year earlier.

2 minor points

• Minor pointNine-month interest income fell to $3.922 million from $6.214 million a year earlier.
• Minor pointProperty and equipment purchases increased to $2.409 million for nine months, versus $1.033 million a year earlier.

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Key Figures

Revenue: $0.2 million Operating expenses: $16.9 million; increased 10% Net loss: $15.6 million +3 more

Revenue

$0.2 million

Third quarter 2026

Operating expenses

$16.9 million; increased 10%

Third quarter 2026, compared with $15.5 million in the prior-year period

Net loss

$15.6 million

Third quarter 2026, compared with $13.6 million in the prior-year period

Cash, cash equivalents, and investments

$114.3 million

As of September 30, 2026

SEEDS consortium funding

Up to $6 million

Nautilus expects to receive funding to deploy its Voyager Platform

Planned assays

20 assays

Pipeline plan through mid-2028

Previous Earnings Reports

2 past events · Latest: Jul 28

Same Type 2 events

1. Jul 28

   Q2 earnings

   24h Move

   -27.7%

   Revenue began at $0.2 million; operating expenses and net loss declined year over year.

2. Oct 28

   Q3 earnings

   24h Move

   +5.9%

   Operating expenses and net loss fell year over year, while Tau assay work advanced.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

proteoform, proteome

2 terms

proteoform medical

"oncology proteoform assays, including AKT1"

A proteoform is a specific version of a protein that results when the same gene produces slightly different end products through small sequence differences or chemical changes after the protein is made. For investors, proteoforms matter because these subtle differences can change how a drug works, how reliably a diagnostic test detects disease, and how regulators view safety and effectiveness—similar to how different trims of the same car model can affect performance, price, and customer choice.

proteome medical

"quantifying and unlocking the complexity of the proteome"

The proteome is the complete set of proteins produced by a cell, tissue, or organism at a given time — like a toolbox showing which tools are being used right now. For investors, proteome data matters because it reveals disease mechanisms, potential drug targets, and biomarkers that can drive product value, clinical success, or competitive advantage in biotech and healthcare investments.

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SEATTLE, Oct. 27, 2026 (GLOBE NEWSWIRE) -- Nautilus Biotechnology, Inc. (NASDAQ: NAUT), a company pioneering a single-molecule proteome analysis platform, today reported financial results for the third quarter ended September 30, 2026.

Third Quarter 2026 Business Highlights

• Published a peer-reviewed paper in Nature Methods showing how Iterative Mapping reveals the proteoforms underlying biology and disease, with potential to yield new biomarkers and drug targets.
• Shared first development data on oncology proteoform assays, including AKT1, at World HUPO 2026, showing a performance profile matching Tau and supporting platform extensibility.
• Advanced the proteoform pipeline needed to deliver twenty assays planned through mid-2028.
• Subsequent to quarter end, announced participation in SEEDS, a four-year, multi-center research consortium funded by ARPA-H, with Nautilus expecting to receive up to $6 million to deploy its Voyager Platform^TM to measure proteoforms driving Alzheimer’s disease and cancer.
  

“The third quarter marked an important step in demonstrating the power and scalability of Iterative Mapping on our Voyager platform,” said Sujal Patel, CEO of Nautilus Biotechnology. “Our seminal publication in Nature Methods highlights the unique biological insights that our technology can deliver. In addition, our proteoform expansion initiative is on-track, with early oncology assay results that demonstrate the performance we established with Tau is repeatable across additional targets. This repeatability is fundamental to our strategy of building a broad portfolio of proteoform assays, and the progress we are seeing reinforces our confidence in our technology, our development roadmap, and our planned instrument availability in the middle of 2027.”

Third Quarter 2026 Financial Results

Revenue was $0.2 million for the third quarter of 2026, primarily driven by grant revenue from the Company’s activities related to the grant awarded from The Michael J. Fox Foundation during the period, and service revenue for the sales of services under the Iterative Mapping Early Access Program.

Operating expenses were $16.9 million for the third quarter of 2026, a $1.5 million or 10% increase compared to $15.5 million for the corresponding prior year period. The increase in operating expenses is attributable to higher laboratory and professional services and higher salaries and related benefits expense, partially offset by lower facilities expenses.

Net loss was $15.6 million for the third quarter of 2026, as compared to the net loss of $13.6 million for the corresponding prior year period.

Cash, cash equivalents, and investments were $114.3 million as of September 30, 2026.

Webcast and Conference Call Information

Nautilus will host a conference call to discuss the third quarter 2026 financial results, business developments and outlook before market open on Tuesday, October 27, 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, including any impact thereon from our reallocation of resources; expectations with respect to any revenue timing or projections; expectations with respect to the development required for and the timing of the launch of the Nautilus Voyager^TM platform, our proteoform applications roadmap and full commercial availability of our proteoform and/or broadscale products and/or services; the functionality and performance of the Nautilus Voyager 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 the Nautilus Voyager 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: the Nautilus Voyager 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, or that we will receive the full amount of the SEEDS funding, which may be reduced, delayed or terminated. 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, 2026 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 September 30, 2026 and December 31, 2025 (Unaudited)
(in thousands)	September 30, 2026				December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	10,467			$	12,388
Short-term investments		76,109				91,018
Prepaid expenses and other current assets		3,661				2,557
Total current assets		90,237				105,963
Property and equipment, net		5,268				3,457
Operating lease right-of-use assets		24,592				27,773
Long-term investments		27,767				52,739
Other long-term assets		1,060				1,180
Total assets	$	148,924			$	191,112
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	1,265			$	943
Accrued expenses and other liabilities		4,359				3,177
Current portion of operating lease liabilities		4,134				3,832
Total current liabilities		9,758				7,952
Operating lease liabilities, net of current portion		22,607				26,187
Total liabilities		32,365				34,139
Stockholders’ equity:
Preferred stock		—				—
Common stock		13				13
Additional paid-in capital		493,940				488,737
Accumulated other comprehensive income (loss)		(572	)			243
Accumulated deficit		(376,822	)			(332,020	)
Total stockholders’ equity		116,559				156,973
Total liabilities and stockholders’ equity	$	148,924			$	191,112

Nautilus Biotechnology, Inc.
Condensed Consolidated Statements of Operations
Three and Nine Months Ended September 30, 2026 and 2025 (Unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands, except share and per share data)	2026				2025				2026				2025
Revenue:
Grant revenue	$	208			$	—			$	388			$	—
Service revenue		26				—				36				—
Total revenue		234				—				424				—
Cost of revenue:
Cost of service revenue		24				—				39				—
Total cost of revenue		24				—				39				—
Operating expenses:
Research and development		10,176				9,605				29,496				31,535
Selling, general and administrative		6,771				5,867				19,513				19,878
Total operating expenses		16,947				15,472				49,009				51,413
Other income (expense):
Interest income		1,173				1,903				3,922				6,214
Other expense		(72	)			(5	)			(100	)			(21	)
Total other income	$	1,101			$	1,898			$	3,822			$	6,193
Net loss	$	(15,636	)		$	(13,574	)		$	(44,802	)		$	(45,220	)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.12	)		$	(0.11	)		$	(0.35	)		$	(0.36	)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted		127,238,065				126,305,122				127,005,067				126,218,587

Nautilus Biotechnology, Inc.
Condensed Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2026 and 2025 (Unaudited)
	Nine Months Ended September 30,
(in thousands)	2026				2025
Cash flows from operating activities
Net loss	$	(44,802	)		$	(45,220	)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation expense		3,812				5,373
Amortization of operating lease right-of-use assets		3,180				3,529
Depreciation		884				1,348
Amortization (accretion) of premiums (discounts) on securities, net		(36	)			(1,286	)
Changes in operating assets and liabilities:
Prepaid expenses and other assets		(982	)			149
Accounts payable		48				(71	)
Accrued expenses and other liabilities		1,066				1,332
Operating lease liabilities		(3,277	)			(3,475	)
Net cash used in operating activities		(40,107	)			(38,321	)
Cash flows from investing activities
Proceeds from maturities of securities		76,596				74,241
Purchases of securities		(37,494	)			(38,771	)
Purchases of property and equipment		(2,409	)			(1,033	)
Net cash provided by investing activities		36,693				34,437
Cash flows from financing activities
Proceeds from exercise of stock options		1,233				26
Proceeds from issuance of common stock under employee stock purchase plan		142				87
Net cash provided by financing activities		1,375				113
Net decrease in cash, cash equivalents and restricted cash		(2,039	)			(3,771	)
Cash, cash equivalents and restricted cash at beginning of period		13,390				28,648
Cash, cash equivalents and restricted cash at end of period	$	11,351			$	24,877

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Nautilus Biotechnology’s third-quarter 2026 financial results?

Nautilus reported $234,000 in revenue and a $15.636 million net loss for the quarter ended September 30, 2026. Revenue was zero in the corresponding prior-year quarter, when the net loss was $13.574 million. Basic and diluted loss per share widened to $0.12 from $0.11.

When does Nautilus Biotechnology plan to make its instrument and additional assays available?

Nautilus plans instrument availability in the middle of 2027 and twenty assays through mid-2028. Development of the proteoform pipeline needed for those assays advanced during the third quarter.

What drove Nautilus Biotechnology’s third-quarter revenue and higher operating expenses?

Third-quarter revenue consisted of $208,000 in grant revenue and $26,000 in service revenue. Grant revenue primarily related to The Michael J. Fox Foundation award, while services were sold under the Iterative Mapping Early Access Program. Higher laboratory and professional services costs and salaries and related benefits drove operating expenses upward, partly offset by lower facilities expenses.