Nautilus Biotechnology Inc. (NAUT) released its fourth‑quarter and full‑year 2025 financial results, reporting a GAAP net loss of $13.8 million and a GAAP earnings per share of –$0.11. The loss narrowed from the $15.6 million loss and –$0.14 EPS reported a year earlier, a beat of $0.03 per share that reflects disciplined cost control and a reduction in operating expenses of $4.2 million compared with the prior year.
Revenue for the quarter was $0.0 million, in line with analyst expectations and the company’s own guidance that it would not generate material revenue from its Early Access Program in 2026. The company’s operating expenses fell to $13.9 million from $18.1 million in Q4 2024, driven by lower salaries, benefits, stock‑based compensation, and reduced research and development costs. The expense reduction was largely attributed to a 15‑20% planned increase in operating expenses for 2026, reflecting the company’s strategy to scale its platform toward commercialization.
Cash and cash equivalents stood at $156.1 million as of December 31 2025, giving Nautilus a runway through 2027. Management emphasized that the strong cash position supports continued investment in platform validation, the launch of the Iterative Mapping Early Access Program, and a partnership with The Michael J. Fox Foundation to develop alpha‑synuclein assays for Parkinson’s disease. The company reiterated its focus on late‑2026 commercialization of its Voyager platform.
Guidance for fiscal 2026 remains unchanged: the company expects no revenue in Q1 2026 and anticipates a net loss of $0.17 per share for the quarter. Analysts project full‑year 2026 sales of $1.53 million and an EPS of –$0.62. Nautilus maintains that operating expenses will rise 15‑20% year‑over‑year in 2026 as it expands the Early Access Program and scales operations for a commercial launch later that year.
Investors reacted positively to the earnings release, with the stock gaining over 5% in pre‑market trading. The market’s enthusiasm was driven by the narrower loss, the company’s disciplined cost management, and the reassuring cash runway that extends through 2027, despite the absence of revenue in the current quarter.
Overall, Nautilus’s Q4 2025 results demonstrate effective cost discipline and a solid financial foundation, positioning the company to advance its platform development and move toward commercialization in late 2026. The guidance signals confidence in the company’s ability to sustain its cash position while investing in growth initiatives.
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