Nautilus Biotechnology (NAUT) Q1 2026 earnings summary

Executive summary

• Advanced commercialization roadmap with key 2026 milestones, including expanding early access programs and preparing for commercial launch in late 2026.

• Initiated Iterative Mapping Early Access Program, expanding access to Tau proteoform assay with Baylor College of Medicine as the first customer in an NIH-funded cancer study.

• Built out commercial team, hiring a VP of Global Sales and two additional sales members to drive customer engagement and Early Access expansion.

• Early access engagements focus on enabling biological discovery and supporting publications, not near-term revenue.

• Advanced Tau proteoform sample processing and analysis, supporting platform validation and future publications.

Financial highlights

• Total operating expenses for Q1 2026 were $16.1 million, down 14% year-over-year, primarily due to lower salaries, benefits, stock-based compensation, and facilities costs.

• Research and development expenses were $9.7 million, a 16% decrease from the prior year.

• General and administrative expenses were $6.4 million, down 12% year-over-year.

• Net loss narrowed to $14.7 million in Q1 2026 from $16.6 million in Q1 2025; net loss per share was $0.12, compared to $0.13 in the prior year.

• Ended Q1 2026 with $143.4 million in cash equivalents and investments; Q1 cash burn was $12.8 million.

Capital allocation and financing

• Net cash used in operating activities was $13.1 million for Q1 2026, compared to $13.9 million in Q1 2025.

• Net cash provided by investing activities was $14.2 million, primarily from maturities of securities.

• Net cash provided by financing activities was $1.1 million, mainly from stock option exercises.