Nautilus Biotechnology Reports Q4 2025 Results, Plans Late 2026 Commercial Launch

Nautilus Biotechnology, Inc. (NASDAQ: NAUT), a company pioneering a single-molecule proteome analysis platform, reported financial results for the fourth quarter and fiscal year ended December 31, 2025. The company launched its 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.

Operating expenses were $15.4 million for the fourth quarter of 2025, a $4.6 million or 23% decrease compared to $20.0 million for the corresponding prior year period. Operating expenses were $66.8 million for the year ended December 31, 2025, a $14.6 million or 18% decrease from $81.5 million for the year ended December 31, 2024. The decrease in operating expenses is attributable to decreased salaries, related benefits and stock-based compensation, operating efficiencies, lower development-related costs, and decrease in in-process research and development expense.

Net loss was $13.8 million for the fourth quarter of 2025, as compared to the net loss of $17.6 million for the corresponding prior year period. Net loss was $59.0 million for the year ended December 31, 2025, as compared to the net loss of $70.8 million for the year ended December 31, 2024. Cash, cash equivalents, and investments were $156.1 million as of December 31, 2025.

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. The company 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.

The company unveiled Nautilus Voyager™ platform at US HUPO conference to collaborators and KOLs in support of commercial launch in late 2026. Initial customer response has been encouraging across academic, nonprofit, and biopharma organizations.

In 2026, the company does not anticipate material revenue from its Early Access Program engagements. Operating expenses are expected to increase by approximately 15–20% year over year compared to 2025. Based on cash, cash equivalents, and investments totaling $156.1 million as of December 31, 2025, the company believes it has sufficient resources to fund operations through 2027.

Nautilus' management is scheduled to participate in a fireside chat at the TD Cowen 46th Annual Health Care Conference on Monday, March 2, 2026, at 10:30 a.m. Eastern Time.