The company has recorded zero revenue over the past ten quarters while maintaining an average quarterly R&D expenditure of $10.8 million, highlighting the significant financial burden of its proteomics platform development.
Nautilus Biotechnolgy, Inc. (NAUT) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 190K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 1.94M | 6.46M | 6.35M | 5.71M | 0 | 2.84M | 2.35M | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | -1.75M | -6.46M | -6.35M | -5.71M | 0 | -2.84M | -2.35M | 0 | 0 |
| Gross Margin % | -919.47% | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -1.76% | -11.36% | - | 100% | -21.14% | - | - | - |
| Operating Expenses | 61.04M | 60.37M | 75.12M | 70.45M | 63.62M | 47.66M | 13.4M | 10.11M | 111.68M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 24.46M | 25.73M | 31M | 28.9M | 25.95M | 21.15M | 3.31M | 1.62M | 111.68M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - |
| Research & Development | 39.51M | 41.11M | 50.48M | 47.25M | 37.67M | 26.51M | 10.09M | 8.49M | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | -6.46M | -6.35M | -5.71M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -62.78M | -66.84M | -81.48M | -76.15M | -63.62M | -50.5M | -15.74M | -10.11M | -111.68M |
| Operating Margin % | -33043.68% | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 17.97% | -6.99% | -19.7% | -25.98% | -220.74% | -55.73% | 90.95% | - |
| EBITDA | -58.1M | -60.37M | -75.12M | -74.3M | -60.2M | -47.66M | -13.4M | -9.56M | 626.6M |
| EBITDA Margin % | -30578.95% | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 8.93% | 19.64% | -1.1% | -23.42% | -26.33% | -255.69% | -40.12% | -101.53% | - |
| D&A (Non-Cash Add-back) | 4.68M | 6.46M | 6.35M | 1.85M | 3.42M | 2.84M | 2.35M | 548K | 738.28M |
| EBIT | -59.71M | -59M | -70.78M | -63.67M | -63.5M | -50.31M | -15.62M | -10.11M | -111.68M |
| Net Interest Income | 6.31M | 7.87M | 10.78M | 12.55M | 5.82M | 329K | 0 | 0 | 0 |
| Interest Income | 6.31M | 7.87M | 10.78M | 12.55M | 5.82M | 329K | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 6.26M | 7.84M | 10.7M | 12.48M | 5.69M | 183K | 125K | 492K | 738.28M |
| Pretax Income | -56.52M | -59M | -70.78M | -63.67M | -57.92M | -50.31M | -15.62M | -9.62M | 626.6M |
| Pretax Margin % | -29747.89% | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -56.52M | -59M | -70.78M | -63.67M | -57.92M | -50.31M | -15.62M | -9.62M | 626.6M |
| Net Margin % | -29747.89% | - | - | - | - | - | - | - | - |
| Net Income Growth % | 13.95% | 16.64% | -11.16% | -9.93% | -15.12% | -222.14% | -62.39% | -101.53% | - |
| Net Income (Continuing) | -56.52M | -59M | -70.78M | -63.67M | -57.92M | -50.31M | -15.62M | -9.62M | 626.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.45 | -0.47 | -0.56 | -0.51 | -0.46 | -0.60 | -0.47 | -1.59 | 87.18 |
| EPS Growth % | 13.46% | 16.07% | -9.8% | -10.87% | 23.33% | -27.66% | 70.44% | -101.82% | - |
| EPS (Basic) | - | -0.47 | -0.56 | -0.51 | -0.46 | -0.60 | -0.47 | -1.59 | 87.18 |
| Diluted Shares Outstanding | 126.89M | 126.26M | 125.43M | 124.92M | 124.59M | 84.46M | 33.07M | 6.07M | 7.19M |
| Basic Shares Outstanding | 126.89M | 126.26M | 125.43M | 124.92M | 124.59M | 84.46M | 33.07M | 6.07M | 7.19M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying NAUT stock.
For fiscal year 2025, Nautilus Biotechnolgy, Inc. (NAUT) reported total revenue of $0.0M.
Nautilus Biotechnolgy, Inc. (NAUT) reported a net loss of $59.0M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Imminent Liquidity and Commercialization Risk
Metrics are mathematically derived from official filings.
Pre-Revenue Status Limits Visibility
As indicated by the company's financial statements, Nautilus Biotechnology has recorded zero revenue over the past ten quarters, reflecting its status as a pre-commercial entity focused entirely on the development of its proprietary proteomics platform rather than generating top-line growth through product sales or service contracts.
The absence of revenue confirms that the company remains in a high-risk development phase where market adoption is entirely theoretical. Investors should monitor the transition from R&D to commercialization, as the lack of historical revenue data precludes any analysis of growth durability or market penetration at this stage.
R&D Dominates Operating Expense Profile
Based on reported figures, Nautilus consistently allocates the vast majority of its operating budget to research and development, with quarterly R&D expenditures averaging approximately $10.8 million over the last ten quarters, underscoring the capital-intensive nature of refining its iterative probing chemistry and nanofabricated chip architecture.
The company's cost structure is heavily skewed toward personnel and laboratory operations, which are essential for technical de-risking but provide no immediate return on investment. This reliance on high R&D spending suggests that the firm's path to profitability is contingent upon achieving significant technical milestones that justify the current burn rate.
Stock-Based Compensation Obscures Cash Costs
According to recent financial disclosures, Nautilus maintains a consistent level of stock-based compensation, which averaged roughly $2.3 million per quarter, effectively masking the true cash-based operating expenses required to retain the specialized engineering talent necessary for the development of its complex proteomics platform.
While stock-based compensation is a standard tool for talent retention in early-stage biotech, its persistence in the absence of revenue suggests that the company is relying on equity dilution to fund its operations. Analysts should adjust for these non-cash charges to better understand the underlying cash burn and the potential for future shareholder dilution.
Liquidity Constraints Threaten Operational Continuity
As reported in recent financial filings, the company's cash position of $12.4 million appears critically low relative to its historical quarterly burn rate, suggesting that Nautilus may face an imminent liquidity crisis that could necessitate emergency financing or a significant reduction in development activities.
This cash position is highly concerning for a firm that has yet to demonstrate a commercial product, as it leaves little room for error in the execution of its launch timeline. Investors should investigate whether this figure represents a temporary anomaly or a fundamental exhaustion of capital that could force a dilutive capital raise under unfavorable market conditions.