Nautilus Biotechnology, Inc. (NAUT) Cash Flow Statement
Where NAUT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$50.7M
- Capital expenditures
- $1.3M
- Free cash flow
- −$52.0M
- Returned to shareholders
- —
- Change in cash
- −$15.3M cash at year-end $13.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NAUT operating cash flow, capex and free cash flow
NAUT cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$238.3M2018 | −$50.7M2025 | — | |
| Capital expenditures | $02018 | $1.3M2025 | — | |
| Free cash flow | −$238.3M2018 | −$52.0M2025 | — | |
| Stock-based compensation | $110,0002019 | $6.8M2025 | +99.1%/yr | |
| Share buybacks (net) | $1.2M2018 | $02025 | −100.0% |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NAUT cash flow by activity
NAUT net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NAUT cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | −$59.0M | −$70.8M | −$63.7M | −$57.9M | −$50.3M | −$15.6M | −$9.6M | $626.6M |
| Depreciation & amortization | $6.5M | $6.4M | $5.7M | $3.4M | $2.8M | $2.3M | $548,000 | — |
| Stock-based compensation | $6.8M | $12.7M | $12.1M | $10.4M | $7.9M | $369,000 | $110,000 | — |
| Change in working capital | −$3.6M | −$5.5M | −$3.2M | −$788,000 | −$22,000 | −$1.4M | −$545,000 | $1.3M |
| Other non-cash items | −$1.4M | −$2.0M | −$2.7M | −$890,000 | $320,000 | $295,000 | −$157,000 | −$866.2M |
| Cash from operating activities | −$50.7M | −$59.1M | −$51.7M | −$45.8M | −$39.2M | −$14.0M | −$9.7M | −$238.3M |
| Investing activities | ||||||||
| Capital expenditures | −$1.3M | −$2.1M | −$2.4M | −$2.3M | −$2.3M | −$921,000 | −$926,000 | $0 |
| Investments (net) | $36.5M | $66.2M | −$66.7M | −$25.7M | −$136.7M | −$24.4M | $5.0M | — |
| Acquisitions & other investing | $0 | $2.1M | $25.4M | $2.3M | $0 | $0 | $0 | $1.2M |
| Cash from investing activities | $35.2M | $66.2M | −$43.7M | −$25.7M | −$139.0M | −$25.3M | $4.0M | $1.2M |
| Financing activities | ||||||||
| Dividends paid | — | — | — | — | — | −$52,952 | — | — |
| Share repurchases & issuance (net) | $156,000 | $524,000 | $264,000 | $232,000 | −$8.0M | $154.5M | −$874,326 | −$1.2M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $75.9M | $0 | $0 |
| Other financing | $58,000 | $620,000 | $104,000 | $330,000 | $335.4M | −$154.4M | $910,326 | $145.19B |
| Cash from financing activities | $214,000 | $1.1M | $368,000 | $562,000 | $327.4M | $75.9M | $36,000 | $145.19B |
| Summary | ||||||||
| Net change in cash | −$15.3M | $8.2M | −$95.1M | −$71.0M | $149.2M | $36.6M | $595,000 | $1.2M |
| Cash at end of period | $13.4M | $28.6M | $20.4M | $115.5M | $186.5M | $37.2M | $595,000 | $1.2M |
| Free cash flow | −$52.0M | −$61.3M | −$54.2M | −$48.1M | −$41.5M | −$14.9M | −$10.6M | −$238.3M |
| Operating cash flow / net income | — | — | — | — | — | — | — | −0.38 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$14.5M | −$14.7M | −$13.8M | −$13.6M | −$15.0M | −$16.6M | −$17.6M | −$16.4M | −$18.0M | −$18.7M | −$17.0M | −$15.9M |
| Depreciation & amortization | $1.3M | $1.5M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.5M |
| Stock-based compensation | $1.2M | $1.4M | $1.5M | $1.5M | $1.7M | $2.2M | $3.1M | $3.2M | $3.3M | $3.1M | $3.1M | $3.1M |
| Change in working capital | −$1.8M | −$1.2M | −$1.5M | −$269,000 | −$1.2M | −$576,000 | −$1.6M | −$740,000 | −$1.6M | −$1.5M | −$920,000 | $179,000 |
| Other non-cash items | $52,000 | −$68,000 | −$134,000 | −$306,000 | −$439,000 | −$541,000 | $216,000 | −$723,000 | −$702,000 | −$751,000 | −$619,000 | −$628,000 |
| Cash from operating activities | −$13.7M | −$13.1M | −$12.4M | −$11.0M | −$13.3M | −$13.9M | −$14.3M | −$13.1M | −$15.5M | −$16.3M | −$13.9M | −$11.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$454,000 | −$510,000 | −$244,000 | −$418,000 | −$396,000 | −$219,000 | −$254,000 | −$709,000 | −$512,000 | −$647,000 | −$413,000 | −$874,000 |
| Investments (net) | $12.5M | $14.7M | $1.0M | $452,000 | $14.5M | $19.5M | $37.1M | −$7.5M | $14.3M | $22.4M | −$41.1M | $13.1M |
| Acquisitions & other investing | $0 | $0 | $0 | $418,000 | $396,000 | $219,000 | $254,000 | $709,000 | $512,000 | $647,000 | $413,000 | $874,000 |
| Cash from investing activities | $12.0M | $14.2M | $787,000 | $452,000 | $14.5M | $19.5M | $37.1M | −$7.5M | $14.3M | $22.4M | −$41.1M | $13.1M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | −$18,000 | $87,000 | $87,000 | — | — | $289,000 | — | — | $264,000 | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $244,000 | $1.1M | $119,000 | −$87,000 | $8,000 | $18,000 | $440,000 | −$149,000 | $319,000 | $245,000 | −$11,000 | $16,000 |
| Cash from financing activities | $244,000 | $1.1M | $101,000 | $0 | $95,000 | $18,000 | $440,000 | $140,000 | $319,000 | $245,000 | $253,000 | $16,000 |
| Summary | ||||||||||||
| Net change in cash | −$1.5M | $2.2M | −$11.5M | −$10.6M | $1.2M | $5.6M | $23.2M | −$20.5M | −$844,000 | $6.3M | −$54.7M | $1.4M |
| Cash at end of period | $14.2M | $15.6M | $13.4M | $24.9M | $35.5M | $34.2M | $28.6M | $4.4M | $24.9M | $26.7M | $20.4M | $75.1M |
| Free cash flow | −$14.2M | −$13.6M | −$12.6M | −$11.5M | −$13.7M | −$14.2M | −$14.6M | −$13.8M | −$16.0M | −$16.9M | −$14.3M | −$12.6M |
| Free cash flow margin | −7,463.2% | — | — | — | — | — | −151.7% | — | — | — | −174.3% | — |
| Capex / revenue | 238.9% | — | — | — | — | — | 2.6% | — | — | — | 5.0% | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
NAUT cash generation
In fiscal 2025 (ended December 31, 2025), Nautilus Biotechnology generated -$50.7 million of cash from operations and spent $1.3 million on capital expenditures, leaving free cash flow of -$52.0 million. Cash and equivalents fell by $15.3 million over the year.
Related: NAUT income statement, NAUT balance sheet. See the NAUT stock overview for the latest quote and news.
NAUT cash flow FAQ
What is Nautilus Biotechnology's free cash flow?
Nautilus Biotechnology's free cash flow was -$52.0 million in fiscal 2025: -$50.7 million of operating cash flow minus $1.3 million of capital expenditures It was -$61.3 million a year earlier..
How much cash does Nautilus Biotechnology generate from operations?
Nautilus Biotechnology generated -$50.7 million of cash from operating activities in fiscal 2025.
How much does Nautilus Biotechnology spend on capital expenditures?
Nautilus Biotechnology spent $1.3 million on capital expenditures in fiscal 2025, compared with $2.1 million the year before.