Nautilus Biotechnology, Inc. (NASDAQ: NAUT) shares were down below the surface Tuesday, as the company, purporting to be pioneering a single-molecule proteome analysis platform, reported second-quarter financial results.
Operating expenses were $20.8 million for the second quarter of 2024, a $1.8-million or 9% increase from $19.0 million for the corresponding prior year period. The increase in operating expenses was driven primarily by an increase in headcount to support ongoing development of our products.
Net loss was $18.0 million for the second quarter of 2024, as compared to a net loss of $15.8 million for the corresponding prior year period.
Cash, cash equivalents, and investments were $232.9 million as of June 30.
Said CEO Sulaj Patel “We believe we are pioneering a fundamentally new approach that holds the potential to overcome the limitations of traditional and peptide-based protein analysis methods and to unlock the value of the proteome – both in targeted proteoform analysis and broadscale discovery – something we continue to view as one of the most significant untapped opportunities in biological science.”
Nautilus, according to this morning’s news release, “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.”
NAUT shares fell five cents, or 1.8%, to $2.69.
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