Yahoo Finanzas Nautilus Biotechnology Inc (NAUT) Reports 21% Increase in Q3 2023 Operating Expenses
Operating expenses for Q3 2023 were $19.1 million, a 21% increase from $15.8 million for the same period in 2022.
Net loss for Q3 2023 was $15.9 million, compared to a net loss of $14.1 million for the same period in 2022.
Cash, cash equivalents, and investments were $275.7 million as of September 30, 2023.
Nautilus Biotechnology Inc (NASDAQ:NAUT) continues to focus on increasing the scale and robustness of their platform as they prepare for launch next year.
Nautilus Biotechnology Inc (NASDAQ:NAUT), a company pioneering a single molecule proteome analysis platform, reported its financial results for the third quarter ended September 30, 2023, on October 31, 2023. The company's operating expenses for the third quarter of 2023 were $19.1 million, a 21% increase from $15.8 million for the same period in 2022. The increase in operating expenses was primarily driven by an increase in headcount to support ongoing development of their products.
Financial Performance
The company reported a net loss of $15.9 million for the third quarter of 2023, compared to a net loss of $14.1 million for the same period in 2022. As of September 30, 2023, the company's cash, cash equivalents, and investments were $275.7 million.
Company's Commentary
CEO of Nautilus, Sujal Patel, commented on the company's progress,
Im very pleased with the progress Nautilus made in Q3 as we continue our drive towards commercial readiness. Continuing to increase the scale and robustness of the platform remains a key area of focus as we ready the platform for launch next year. I believe that our continued exceptional financial discipline and business execution, combined with a platform designed to establish a new gold standard for proteomic analysis, positions us well for both short-term and longer-term success.
Financial Tables
According to the company's condensed consolidated balance sheets, as of September 30, 2023, Nautilus Biotechnology Inc (NASDAQ:NAUT) had total assets of $318.3 million, compared to $350.05 million as of December 31, 2022. The total liabilities were $41.06 million, and the total stockholders' equity was $277.27 million.
The company's condensed consolidated statements of operations showed a net loss of $15.87 million for the three months ended September 30, 2023, and a net loss of $46.65 million for the nine months ended September 30, 2023. The net loss per share attributable to common stockholders, basic and diluted, was $0.13 for the three months ended September 30, 2023, and $0.37 for the nine months ended September 30, 2023.
Company's Outlook
Nautilus Biotechnology Inc (NASDAQ:NAUT) continues to focus on increasing the scale and robustness of their platform as they prepare for launch next year. With an increasing focus on proteomics by the scientific community, moves by major life science companies to expand their proteomics-related offerings, and massive international investments in the study of proteins, the company believes that a strong foundation has been laid for the proteomics era of biology and medicine to take root and flourish.
Explore the complete 8-K earnings release (here) from Nautilus Biotechnology Inc for further details.
This article first appeared on GuruFocus.
