Detailed financial statements for Nautilus Biotechnolgy, Inc. (NAUT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Nautilus Biotechnology, Inc., a development stage life sciences company, engages in creating a platform technology for quantifying and unlocking the complexity of the proteome in the United States. The company develops Nautilus Voyager Platform, which includes an end-to-end solution comprising instruments, reagents, consumables, and software analysis.
Analysis Summary
Trailing-twelve-month margins: gross margin -9.2%, operating margin -330.4%, net margin -297.5%.
At the current price of $0.97, NAUT has negative trailing earnings (P/E not meaningful) and an ROE of -37.58%. Market capitalisation stands at $124M.
Balance sheet quality for NAUT: current ratio of 13.3, net cash position of $73.4M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | $2.3M | $2.8M | 0 | $5.7M | $6.4M | $6.5M |
| Gross Profit | 0 | 0 | -$2.3M | -$2.8M | 0 | -$5.7M | -$6.4M | -$6.5M |
| Research & Development | 0 | $8.5M | $10.1M | $26.5M | $37.7M | $47.3M | $50.5M | $41.1M |
| Selling, General & Admin | $111.7M | $1.6M | $3.3M | $21.1M | $25.9M | $28.9M | $31.0M | $25.7M |
| Operating Expenses | $111.7M | $10.1M | $13.4M | $47.7M | $63.6M | $70.4M | $75.1M | $60.4M |
| Operating Income | -$111.7M | -$10.1M | -$15.7M | -$50.5M | -$63.6M | -$76.2M | -$81.5M | -$66.8M |
| EBITDA | $626.6M | -$9.6M | -$13.3M | -$47.5M | -$60.1M | -$61.8M | -$64.4M | -$52.5M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $626.6M | -$9.6M | -$15.6M | -$50.3M | -$57.9M | -$63.7M | -$70.8M | -$59.0M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | $626.6M | -$9.6M | -$15.6M | -$50.3M | -$57.9M | -$63.7M | -$70.8M | -$59.0M |
| EPS | $87.18 | $-1.59 | $-0.47 | $-0.60 | $-0.46 | $-0.51 | $-0.56 | $-0.47 |
| EPS (Diluted) | $87.18 | $-1.59 | $-0.47 | $-0.60 | $-0.46 | $-0.51 | $-0.56 | $-0.47 |
| Shares Outstanding (Diluted) | $7.2M | $6.1M | $33.1M | $84.5M | $124.6M | $124.9M | $125.4M | $126.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | $190000 |
| Gross Profit | 0 | -$1.6M | -$1.5M | $1.3M |
| Operating Income | -$15.5M | -$15.4M | -$16.1M | -$15.8M |
| EBITDA | -$13.8M | -$12.2M | -$13.2M | -$15.8M |
| Net Income | -$13.6M | -$13.8M | -$14.7M | -$14.5M |
| EPS | $-0.11 | $-0.11 | $-0.12 | $-0.11 |
| EPS (Diluted) | $-0.11 | $-0.11 | $-0.12 | $-0.11 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $1.2M | $595000 | $36.6M | $185.6M | $114.5M | $19.4M | $27.6M | $12.4M |
| Short-term Investments | $144.49B | $16.1M | $40.1M | $160.1M | $69.9M | $154.0M | $102.2M | $91.0M |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.3M | $17.0M | $77.7M | $349.2M | $187.2M | $176.8M | $132.8M | $106.0M |
| Property, Plant & Equipment | 0 | $1.1M | $6.2M | $31.9M | $32.6M | $36.9M | $32.3M | $31.2M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $145.8M | $18.5M | $85.0M | $398.4M | $350.1M | $305.6M | $242.7M | $191.1M |
| Accounts Payable | 0 | $289000 | $470000 | $1.7M | $1.3M | $1.6M | $987000 | $943000 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $5000 | $490000 | $3.0M | $5.8M | $6.8M | $9.1M | $7.6M | $8.0M |
| Long-term Debt | $5.0M | $275.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $140.8M | $490000 | $114.7M | $34.9M | $35.1M | $40.2M | $34.0M | $34.1M |
| Retained Earnings | $626600 | -$14.7M | -$30.3M | -$80.6M | -$138.6M | -$202.2M | -$273.0M | -$332.0M |
| Total Equity | $5.0M | $18.1M | -$29.7M | $363.6M | $314.9M | $265.4M | $208.7M | $157.0M |
| Total Debt | $5.0M | $275.0M | $4.8M | $30.0M | $30.3M | $34.6M | $30.5M | $30.0M |
| Net Debt | -$144.48B | $258.3M | -$72.0M | -$315.7M | -$154.1M | -$138.8M | -$99.4M | -$73.4M |
| Working Capital | $1.3M | $16.5M | $74.6M | $343.4M | $180.4M | $167.7M | $125.2M | $98.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $23.9M | $12.4M | $14.6M | $13.2M |
| Total Assets | $200.9M | $191.1M | $177.8M | $163.6M |
| Total Liabilities | $31.8M | $34.1M | $33.4M | $32.5M |
| Total Equity | $169.1M | $157.0M | $144.4M | $131.1M |
| Total Debt | $27.0M | $30.0M | $28.9M | $27.8M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $626.6M | -$9.6M | -$15.6M | -$50.3M | -$57.9M | -$63.7M | -$70.8M | -$59.0M |
| Depreciation & Amortization | 0 | $548000 | $2.3M | $2.8M | $3.4M | $5.7M | $6.4M | $6.5M |
| Stock-based Compensation | 0 | $110000 | $369000 | $7.9M | $10.4M | $12.1M | $12.7M | $6.8M |
| Change in Working Capital | $1.3M | -$545000 | -$1.4M | -$22000 | -$788000 | -$3.2M | -$5.5M | -$3.6M |
| Operating Cash Flow | -$238.3M | -$9.7M | -$14.0M | -$39.2M | -$45.8M | -$51.7M | -$59.1M | -$50.7M |
| Capital Expenditure | 0 | -$926000 | -$921000 | -$2.3M | -$2.3M | -$2.4M | -$2.1M | -$1.3M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$1.2M | -$874326 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$238.3M | -$10.6M | -$14.9M | -$41.5M | -$48.1M | -$54.2M | -$61.3M | -$52.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$11.0M | -$12.4M | -$13.1M | -$13.7M |
| Capital Expenditure | -$418000 | -$244000 | -$510000 | -$454000 |
| Free Cash Flow | -$11.5M | -$12.6M | -$13.6M | -$14.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.5M | $1.5M | $1.4M | $1.2M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -101.5% | -62.4% | -222.1% | -15.1% | -9.9% | -11.2% | +16.6% |
| EPS Growth (YoY) | | -101.8% | +70.4% | -27.7% | +23.3% | -10.9% | -9.8% | +16.1% |
| Shares Change (YoY) | | -15.6% | +445.1% | +155.4% | +47.5% | +0.3% | +0.4% | +0.7% |
| FCF Growth (YoY) | | +95.6% | -40.9% | -178.3% | -15.9% | -12.5% | -13.1% | +15.2% |
| Effective Tax Rate | 0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-33.15 | $-1.75 | $-0.45 | $-0.49 | $-0.39 | $-0.43 | $-0.49 | $-0.41 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $7.2M | $6.1M | $33.1M | $84.5M | $124.6M | $124.9M | $125.4M | $126.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -37.58% |
| Return on Invested Capital | -39.50% |
| Return on Assets | -34.55% |
| Gross Margin | -919.47% |
| Operating Margin | -33043.68% |
| Net Margin | -29747.89% |
Financial Health
| Debt / Equity | 0.21 |
| Current Ratio | 10.14 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 0.12 | -6.57 | -23.09 | -8.63 | -3.91 | -5.86 | -3.00 | -4.15 |
| P/B | 15.01 | 3.51 | -12.07 | 1.20 | 0.71 | 1.41 | 1.01 | 1.57 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |