Nautilus Biotechnology — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue for the third quarter of 2026 was $0.2 million, compared to $0 in the prior year period, driven by grant revenue from The Michael J. Fox Foundation and service revenue from the Iterative Mapping Early Access Program.
• Operating expenses were $16.9 million for the third quarter of 2026, a 10% increase ($1.5 million) compared to $15.5 million in the prior year period, attributed to higher laboratory and professional services and salaries, partially offset by lower facilities expenses.
• Net loss was $15.6 million for the third quarter of 2026, an increase from $13.6 million in the prior year period.
• Cash, cash equivalents, and investments totaled $114.3 million as of September 30, 2026.
• For the nine months ended September 30, 2026, total revenue was $0.4 million compared to $0 in the prior year period.
• Net loss for the nine months ended September 30, 2026, was $44.8 million, compared to $45.2 million in the prior year period.
• Net cash used in operating activities was $40.1 million for the nine months ended September 30, 2026, compared to $38.3 million in the prior year period.
• Net cash provided by investing activities was $36.7 million for the nine months ended September 30, 2026, compared to $34.4 million in the prior year period.
• Net cash provided by financing activities was $1.4 million for the nine months ended September 30, 2026, compared to $0.1 million in the prior year period.

Business Segments and Product Lines:

• Published a peer-reviewed paper in Nature Methods demonstrating how Iterative Mapping reveals proteoforms underlying biology and disease.
• Shared first development data on oncology proteoform assays, including AKT1, at World HUPO 2026, showing performance matching Tau and supporting platform extensibility.
• Advanced the proteoform pipeline to deliver twenty assays planned through mid-2028.
• The Voyager Platform is currently in development and not yet commercially available.

Risks and Challenges:

• The Nautilus Voyager product platform is not yet commercially available and remains subject to significant scientific and technical development challenges.
• Product functionality and utility require substantial validation in life science research.
• Development, collaboration, and commercialization initiatives may experience material delays due to unanticipated events.
• There is no guarantee regarding the outcome of development initiatives, associated timelines, or receipt of the full amount of SEEDS funding, which may be reduced, delayed, or terminated.

Management Commentary and Tone:

• CEO Sujal Patel stated the third quarter marked an important step in demonstrating the power and scalability of Iterative Mapping on the Voyager platform.
• Management expressed confidence in the technology, development roadmap, and planned instrument availability in the middle of 2027.
• CEO noted that early oncology assay results demonstrate repeatability across additional targets, which is fundamental to the strategy of building a broad portfolio of proteoform assays.

Other Key Points:

• Subsequent to the quarter end, Nautilus announced participation in SEEDS, a four-year, multi-center research consortium funded by ARPA-H, expecting to receive up to $6 million to deploy the Voyager Platform to measure proteoforms driving Alzheimer's disease and cancer.
• The company will host a conference call on October 27, 2026, at 5:30 AM Pacific Time to discuss results and outlook.
• Nautilus is a development stage life sciences company headquartered in Seattle, Washington, with R&D headquarters in San Carlos, California.