Nautilus Biotechnology (NAUT) Q3 2026 earnings summary

Executive summary

• Strategy prioritizes proteoform applications, measuring protein modifications and combinations on individual molecules for research, drug development, precision medicine and AI training data.

• Broadscale assay development remains behind the timeline for 2027 general availability at target specifications; Voyager pre-orders are targeted for early 2027 and instrument shipments for mid-2027.

Financial highlights

• Q3 revenue was $234K: $208K in grant revenue and $26K in Early Access services, versus $424K in Q3 2025.

• Operating expenses were $16.947M, up 10% YoY; R&D was $10.2M, up 6%, and SG&A was $6.8M, up 15%.

• Net loss was $15.636M, or $0.12 per share, versus $13.574M, or $0.11 per share, in Q3 2025.

• 9M revenue was $424K, operating expenses were $49.009M versus $51.413M, and net loss was $44.802M versus $45.220M; cash, cash equivalents and investments totaled $114.3M at Sept. 30.

Outlook and guidance

• The roadmap targets 20 proteoform assays by mid-2028; sample input requirements are expected to fall ~100-fold by mid-2027.

• Initial Voyager availability is expected to include Tau, AKT1 and another oncology proteoforms assay; Q4 revenue is expected to grow sequentially from Q3 excluding SEEDS contribution.

• FY2026 revenue is expected to exceed the prior outlook of ~$500K, with operating expense growth in the single digits; cash runway is projected into Q1 2028.

• SEEDS participation is expected to provide up to $6M over four years, but funding may be reduced, delayed or terminated.