Q2 2024 Nautilus Biotechnology Inc Earnings Call Transcript
Key Points
- Nautilus Biotechnology Inc (NAUT) has made significant progress in developing its proteomics platform, with promising results in detecting proteoforms.
- The company has a strong cash position, ending the quarter with approximately $233 million in cash, cash equivalents, and investments.
- Nautilus Biotechnology Inc (NAUT) has received enthusiastic feedback from key opinion leaders (KOLs) and the research community, particularly regarding its proteoform data.
- The company is on track for a commercial launch in 2025, with continued progress in core development goals and platform components.
- Nautilus Biotechnology Inc (NAUT) has managed to tightly control its operating expenses, with a revised growth forecast of 15% to 20%, down from the previous guidance of 25%.
- The company reported a net loss of $18.0 million for the second quarter of 2024, compared to $15.8 million in the prior year period.
- Operating expenses increased by 9% year-over-year, driven by continued investment in personnel and platform development.
- There is still uncertainty regarding the exact timeline for the commercial launch in 2025, with no specific milestones provided.
- The development of the platform has taken longer than initially anticipated, with previous launch targets being pushed back.
- Potential budget constraints from NIH and NSF could impact the academic end market, potentially elongating sales cycles and complicating capital acquisition.
Good day, and thank you for standing by, and welcome to Nautilus Q2 2024 earnings conference call. (Operator Instructions)
Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, [Sujong Yi], Investor Relations. Please go ahead.
Thank you. Earlier today, Nautilus released financial results for the quarter ended June 30, 2024. If you haven't received this news release or if you'd like to be added to the company's distribution list, please send an email to investorrelations at nautilus.bio.
Joining me today from Nautilus are Sujal Patel Co-Founder and CEO; Parag Mallick, Co-Founder and Chief Scientist; and Anna Mowry, Chief Financial Officer.
Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking within the meaning of the federal securities law. These statements involve material risks and uncertainties that could cause actual results or events to materially
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