Core Insights - Nautilus Biotechnology, Inc. reported significant advancements in its proteome analysis platform during Q2 2025, including the publication of a scientific manuscript showcasing novel data generated by its technology [2][3] - The company signed collaborations with major research institutes to utilize its platform for studying Tau proteoforms in relation to Alzheimer's disease, aiming to enhance understanding of disease-relevant biology [3] Financial Performance - Operating expenses for Q2 2025 were $17.1 million, an 18% decrease from $20.8 million in the same period last year, attributed to cost optimization and reduced salaries and professional services [4] - The net loss for Q2 2025 was $15.0 million, compared to a net loss of $18.0 million in the prior year [5] - As of June 30, 2025, the company had cash, cash equivalents, and investments totaling $179.5 million [5] Research and Development - The company continues to focus on both targeted and broadscale proteomic development efforts, demonstrating the effectiveness of its Iterative Mapping method for measuring proteoforms [2] - The collaborations with research institutes are expected to facilitate fundamental advances in understanding Alzheimer's disease progression [3]

Nautilus Biotechnology Q2 2025 Earnings Release [Business Highlights and CEO Commentary](index=1&type=section&id=Business%20Highlights%20and%20CEO%20Commentary) Nautilus Biotechnology advanced its platform development in Q2 2025, publishing its first scientific manuscript validating the 'Iterative Mapping' method and securing two new collaborations for Alzheimer's disease research - The company maintained momentum in both targeted and broadscale proteomic development efforts during the second quarter[3](index=3&type=chunk) - Published the first scientific manuscript with novel data from the Nautilus Platform, introducing and validating the 'Iterative Mapping' method for unprecedented proteoform resolution and breadth[3](index=3&type=chunk) - Signed two collaborations with major research institutes to apply the Nautilus platform and its Tau proteoform assay to Alzheimer's disease research, aiming to advance understanding of disease-relevant biology[4](index=4&type=chunk) [Second Quarter 2025 Financial Results](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Results) Nautilus reported an 18% year-over-year decrease in operating expenses to $17.1 million and a reduced net loss of $15.0 million, maintaining a strong liquidity position with $179.5 million in cash, cash equivalents, and investments Q2 2025 Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Operating Expenses | $17.1 million | $20.8 million | -18% | | Net Loss | $15.0 million | $18.0 million | Improvement | - The decrease in operating expenses was attributed to cost optimization, timing of R&D activities, and lower expenses for salaries, stock-based compensation, and professional services[5](index=5&type=chunk) - As of June 30, 2025, the company held **$179.5 million** in cash, cash equivalents, and investments[7](index=7&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) The financial statements detail Nautilus' financial position as of June 30, 2025, and its performance for the three and six months then ended, including the Condensed Consolidated Balance Sheets, Statements of Operations, and Statements of Cash Flows [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Nautilus reported total assets of $213.2 million, a decrease from $242.7 million at year-end 2024, with total liabilities slightly decreasing to $32.1 million and total stockholders' equity at $181.1 million Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents, and investments | $179,509 | $206,298 | | Total current assets | $150,725 | $132,826 | | Total assets | $213,189 | $242,743 | | Total liabilities | $32,095 | $34,013 | | Total stockholders' equity | $181,094 | $208,730 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended June 30, 2025, Nautilus recorded a net loss of $15.0 million, or ($0.12) per share, an improvement from a net loss of $18.0 million, or ($0.14) per share, in the prior-year period, driven by reduced operating expenses Three Months Ended June 30 (in thousands, except per share data) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Research and development | $10,394 | $12,436 | | General and administrative | $6,703 | $8,353 | | Total operating expenses | $17,097 | $20,789 | | Net loss | $(15,033) | $(18,010) | | Net loss per share | $(0.12) | $(0.14) | Six Months Ended June 30 (in thousands, except per share data) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total operating expenses | $35,941 | $42,396 | | Net loss | $(31,646) | $(36,740) | | Net loss per share | $(0.25) | $(0.29) | [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities was $27.3 million, an improvement from $31.7 million in the same period of 2024, with net cash provided by investing activities of $34.0 million leading to a net increase in cash and cash equivalents of $6.8 million Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(27,287) | $(31,723) | | Net cash provided by investing activities | $33,985 | $36,647 | | Net cash provided by financing activities | $113 | $564 | | Net increase in cash, cash equivalents and restricted cash | $6,811 | $5,488 |

With its corporate headquarters in Seattle, Washington and its research and development headquarters in San Carlos, California, Nautilus is a development stage life sciences company working to create a platform technology for quantifying and unlocking the complexity of the proteome. Nautilus' mission is to transform the field of proteomics by democratizing access to the proteome and enabling fundamental advancements across human health and medicine. To learn more about Nautilus, visit www.nautilus.bio. Abou ...

Core Viewpoint - Nautilus Biotechnology, Inc. is set to report its financial results for the second quarter of 2025 on July 31, 2025, before market opening [1]. Group 1: Financial Reporting - The financial results will be announced before the market opens on July 31, 2025 [1]. - A conference call will be held at 5:30 a.m. Pacific Time / 8:30 a.m. Eastern Time to discuss the results and business developments [2]. Group 2: Company Overview - Nautilus Biotechnology is a development stage life sciences company headquartered in Seattle, Washington, with R&D operations in San Carlos, California [3]. - The company focuses on creating a platform technology for quantifying the proteome, aiming to democratize access to proteomics and advance human health and medicine [3].

Nautilus Biotechnology (NAUT) FY Conference Summary Industry Overview - The proteomics market is projected to grow to **$55 billion by 2027** with significant spending in discovery proteomics, which is relevant for Nautilus [4][5][6] Company Positioning - Nautilus aims to democratize access to proteomics by developing a new instrument capable of comprehensively measuring the proteome from any sample, from any organism [7][8] - The platform is designed to measure **95% of proteins** in a sample, significantly higher than current methods which only detect **8% to 30%** [8][11] Technology Differentiation - Nautilus' technology allows for the measurement of single molecule, intact proteins across a chip with **10 billion analytes**, enhancing scale and sensitivity for drug development [8][22] - The platform can address challenges in drug development by identifying rare differences between healthy and sick cells, and measuring drug response and toxicity [10][11] Commercial Launch Delay - The commercial launch has been delayed to **late 2026** due to challenges in developing multi-affinity reagents and ensuring the robustness of the assay [12][16] - The company is refining its technology to better align with existing probe candidates, which has resulted in a higher fallout rate than anticipated [15][16] Applications and Use Cases - The platform has two modes: broad scale application for comprehensive proteome analysis and targeted application for specific proteins of interest [17][18] - Initial focus is on the tau protein related to Alzheimer's disease, with plans to expand into immunology, cardiology, and oncology [26][27] Early Access Partnerships - Nautilus plans to introduce its targeted assay to researchers in **2025** to validate the technology and demonstrate its capabilities [23][24] - Revenue from these partnerships is not expected in 2025, as the focus is on technology validation rather than immediate financial returns [23][24] Market Strategy and Pricing - The initial instrument package is estimated to be priced around **$1 million**, with consumables priced at a few thousand dollars per sample [36][37] - The company aims to penetrate the mass spectrometry market, which typically ranges from **$1 million to $2 million** for high-end instruments [36][38] Financial Health and Investment Strategy - Nautilus raised **$345 million** during its IPO and has a cash balance of **$193 million**, providing a runway through **2027** [52] - The company is focused on efficient cash use and plans to layer in commercial resources as it approaches its launch timeline [54][55] Data Generation and Bioinformatics - The platform is expected to generate vast amounts of data, necessitating bioinformatics tools for data interpretation [50][51] - The company is considering partnerships to enhance data generation and publication opportunities [43] Key Takeaways for Investors - Nautilus is positioned to unlock new discoveries in proteomics with its unique technology, which offers capabilities not available with existing methods [60] - Investors should monitor the progress of the assay reconfiguration and initial data releases leading up to the commercial launch [28][59]

Company Overview - Nautilus Biotechnology, Inc. is a development stage life sciences company headquartered in Seattle, Washington, with research and development operations in San Carlos, California [3] - The company is focused on creating a single-molecule protein analysis platform aimed at quantifying the proteome, with a mission to democratize access to proteomics and advance human health and medicine [3] Upcoming Events - Nautilus will participate in the Goldman Sachs 46th Annual Global Healthcare Conference [1] - Management is scheduled for a fireside chat on June 10, 2025, at 2:00 p.m. Eastern Time, with a live and archived webcast available on the company's website [2]

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section provides the company's unaudited condensed consolidated financial statements, management's discussion and analysis, market risk disclosures, and internal controls information [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, and cash flows, for Q1 2025 and 2024 Condensed Consolidated Balance Sheet Highlights (in thousands) | (in thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $33,238 | $27,646 | | Total current assets | $141,601 | $132,826 | | Total assets | $227,690 | $242,743 | | **Liabilities & Equity** | | | | Total current liabilities | $8,156 | $7,632 | | Total liabilities | $33,255 | $34,013 | | Total stockholders' equity | $194,435 | $208,730 | Condensed Consolidated Statements of Operations (in thousands, except per share data) | (in thousands, except per share data) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Research and development | $11,536 | $12,930 | | General and administrative | $7,308 | $8,677 | | **Total operating expenses** | **$18,844** | **$21,607** | | Interest income | $2,231 | $2,877 | | **Net loss** | **$(16,613)** | **$(18,730)** | | Net loss per share, basic and diluted | $(0.13) | $(0.15) | Condensed Consolidated Statements of Cash Flows (in thousands) | (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(13,937) | $(16,266) | | Net cash provided by investing activities | $19,511 | $22,353 | | Net cash provided by financing activities | $18 | $245 | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) These notes detail accounting policies, financial position, going concern analysis, commitments, and legal proceedings - The company is a development-stage biotechnology firm focused on R&D for its proteomics platform, with no revenue generated[28](index=28&type=chunk) - Existing cash, cash equivalents, and short-term investments of **$138.8 million** are sufficient for the next 12 months, despite a **$289.6 million** accumulated deficit and future financing needs[32](index=32&type=chunk)[33](index=33&type=chunk) - As of March 31, 2025, open purchase commitments totaled **$2.1 million** and future minimum lease payments were **$37.6 million**[76](index=76&type=chunk)[79](index=79&type=chunk) - A lawsuit against Somalogic, Inc. and California Institute of Technology was dismissed and settled in November 2024[78](index=78&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section discusses the company's development-stage status, commercialization strategy, Q1 2025 financial results, and liquidity position - Nautilus is a development-stage company focused on creating a proteome quantification platform, with no commercialized products or revenue generated[87](index=87&type=chunk)[88](index=88&type=chunk) - The company plans a three-phase commercial launch for its proteome analysis platform, with a broad launch anticipated in late 2026[91](index=91&type=chunk) Results of Operations Comparison (Q1 2025 vs Q1 2024, in thousands) | (in thousands) | Q1 2025 | Q1 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Research and development | $11,536 | $12,930 | $(1,394) | (11)% | | General and administrative | $7,308 | $8,677 | $(1,369) | (16)% | | **Total operating expenses** | **$18,844** | **$21,607** | **$(2,763)** | **(13)%** | | **Net loss** | **$(16,613)** | **$(18,730)** | **$2,117** | **(11)%** | - The decrease in R&D expenses was primarily due to a **$1.2 million** reduction in laboratory and professional services, while G&A expenses decreased due to **$0.8 million** in reduced professional services and **$0.6 million** less stock-based compensation[109](index=109&type=chunk)[110](index=110&type=chunk) - As of March 31, 2025, the company held **$138.8 million** in cash, cash equivalents, and short-term investments, sufficient to fund operations for at least the next 12 months[95](index=95&type=chunk)[118](index=118&type=chunk) - An "at the market" offering program established in February 2024 allows for the sale of up to **$125.0 million** of common stock, with no shares sold in Q1 2025[115](index=115&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details the company's exposure to interest rate and inflation risks, emphasizing capital preservation and liquidity - A hypothetical **1.00%** change in interest rates would impact the fair value of marketable debt securities by **$1.3 million** as of March 31, 2025[136](index=136&type=chunk) - Inflation risk impacts the company by increasing costs of labor, goods, and services, affecting financial results[137](index=137&type=chunk) [Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - The CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2025[139](index=139&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended March 31, 2025[140](index=140&type=chunk) [PART II - OTHER INFORMATION](index=33&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, defaults, mine safety, and other disclosures [Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) This section addresses potential involvement in legal claims and cross-references specific details to financial statement notes - The company may engage in litigation, with specific details available in Note 8 of the financial statements[144](index=144&type=chunk)[77](index=77&type=chunk) [Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) This section outlines key risks, including dependence on platform development, intense competition, supply chain issues, and capital needs - As a development-stage entity with a history of net losses, the company's business is entirely dependent on the successful commercialization of the Nautilus platform[146](index=146&type=chunk)[147](index=147&type=chunk)[162](index=162&type=chunk) - Significant competition exists from large, established life sciences companies and emerging firms, including Thermo Fisher, Bruker, and Agilent[147](index=147&type=chunk)[184](index=184&type=chunk) - Lack of commercial-scale manufacturing experience and reliance on single-source suppliers pose risks to the supply chain and commercialization timeline[176](index=176&type=chunk)[182](index=182&type=chunk) - Additional capital will be required to fund development and commercialization plans, with fundraising ability potentially impacted by adverse economic conditions[150](index=150&type=chunk)[203](index=203&type=chunk) - Stock price volatility and potential failure to meet Nasdaq's minimum bid price requirement could lead to delisting[326](index=326&type=chunk)[329](index=329&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=78&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the reporting period - No unregistered sales of equity securities occurred during the reporting period[362](index=362&type=chunk) [Defaults Upon Senior Securities](index=78&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - No defaults upon senior securities were reported[363](index=363&type=chunk) [Mine Safety Disclosures](index=78&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is not applicable to the company[364](index=364&type=chunk) [Other Information](index=78&type=section&id=Item%205.%20Other%20Information) The company discloses that none of its directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the last fiscal quarter - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement during the last fiscal quarter[365](index=365&type=chunk) [Exhibits](index=79&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, which includes the CEO and CFO certifications required by the Sarbanes-Oxley Act of 2002 and Inline XBRL data files - Exhibits include CEO and CFO certifications required by the Sarbanes-Oxley Act of 2002[367](index=367&type=chunk)

Financial Data and Key Metrics Changes - Total operating expenses for Q1 2025 were $18.8 million, a 13% decrease from $21.6 million in Q1 2024, reflecting a focus on cost efficiency [28] - Research and development expenses decreased to $11.5 million from $12.9 million year-over-year [28] - General and administrative expenses were $7.3 million in Q1 2025, down from $8.7 million in the prior year [29] - Overall net loss for Q1 2025 was $16.6 million, compared to $18.7 million in the prior year [29] - The company ended the quarter with approximately $193 million in cash, cash equivalents, and investments, compared to $206 million at the end of 2024 [30] Business Line Data and Key Metrics Changes - Significant progress was made on the tau proteoform assay and broad scale proteome assay, with the tau assay exceeding targets for accuracy and reproducibility [12][14] - The assay demonstrated a median percent error of approximately 10%, significantly better than the target of less than 30% [15] - Reproducibility targets were also exceeded, with a median coefficient of variation (CV) of 1.5% across lanes, far better than the target of 20% [17] Market Data and Key Metrics Changes - There is significant interest from researchers in both targeted proteoform and broad scale discovery capabilities, with many expressing frustrations over current quantification methods [10] - The company conducted in-depth interviews with over 30 proteomics researchers to understand customer segments and drivers of adoption [9] Company Strategy and Development Direction - The company aims to unlock the full potential of the proteome, focusing on targeted proteoform detection and broad scale discovery [6] - Plans to launch a broad scale product in late 2026 are on track, with ongoing development efforts to reduce technical risks [6][29] - The company is exploring various partnership models, focusing on demonstrating the capabilities of their technology rather than immediate revenue generation [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming year, anticipating that 2025 will be pivotal for researchers utilizing the platform for tau-related studies [7] - The company is monitoring supply chain exposure to tariffs, indicating no current impact on sourcing materials [40] - Management emphasized the importance of customer feedback and ongoing research to refine their product offerings ahead of the commercial launch [62] Other Important Information - The company plans to submit a manuscript summarizing verification and validation work and biological pilot studies in the coming months [24] - A reduction in headcount by approximately 16% was implemented to extend the cash runway and focus on key development milestones [29] Q&A Session Summary Question: Update on Tau-related partnerships - Management confirmed ongoing discussions with potential partners in pharma and academia, expecting to sign an initial partnership in the first half of 2025 [36][37] Question: Supply chain exposure to tariffs - Management stated that they have not yet seen any effects on sourcing materials and have the ability to mitigate risks by sourcing from various locations, including the US [40][41] Question: Economics of targeted protein proteoform partnerships - Management indicated that they are exploring a range of business models for partnerships, focusing on demonstrating the technology's capabilities rather than immediate revenue [46][47] Question: Milestones for converting partnership interests - Management explained that the initial phase involves educating potential partners about the technology, with excitement noted across all customer segments, though the pace of engagement varies [55][56] Question: Potential blind spots impacting commercial launch - Management expressed confidence in their understanding of the work ahead and the importance of demonstrating capabilities to ensure a successful launch [58][61]

Financial Data and Key Metrics Changes - Total operating expenses for Q1 2025 were $18.8 million, a 13% decrease from $21.6 million in Q1 2024, reflecting a focus on cost efficiency [29] - Research and development expenses decreased to $11.5 million from $12.9 million year-over-year [29] - General and administrative expenses were $7.3 million in Q1 2025 compared to $8.7 million in the prior year [30] - Overall net loss for Q1 2025 was $16.6 million, down from $18.7 million in the prior year [30] - The company ended the quarter with approximately $193 million in cash and equivalents, compared to $206 million at the end of 2024, projecting a cash runway through 2027 [31] Business Line Data and Key Metrics Changes - The company is advancing its tau proteoform assay and broad scale proteome assay, with significant progress in transitioning both towards readiness for larger scale applications [12][22] - The tau proteoform assay exceeded expectations in reproducibility and accuracy, with a median percent error of approximately 10% and a median coefficient of variation of 1.5% [16][17] - The platform demonstrated a dynamic range exceeding four orders of magnitude, significantly better than current methods [20] Market Data and Key Metrics Changes - There is significant interest from researchers in both targeted proteoform and broad scale discovery capabilities, with ongoing discussions with large pharma companies and academic institutions [10][11] - The company conducted in-depth interviews with over 30 proteomics researchers to understand customer segments and drivers of adoption [9] Company Strategy and Development Direction - The company aims to unlock the full potential of the proteome, focusing on targeted proteoform detection and broad scale discovery as significant untapped opportunities in biology [28] - The anticipated launch of the platform is planned for late 2026, with a focus on ensuring cash runway extends beyond that point [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress made towards partnerships and the potential impact of their technology on neurodegenerative diseases [11][32] - The company is monitoring supply chain exposure to tariffs, with no current impact on sourcing materials and components [40][41] - Management emphasized the importance of customer feedback and ongoing research to refine their value proposition ahead of the commercial launch [61][62] Other Important Information - The company plans to submit a manuscript summarizing verification and validation work and biological pilot studies in the coming months [25] - The focus for 2025 is on demonstrating the capabilities of measuring complete intact protein proteoforms rather than immediate revenue generation [46] Q&A Session Summary Question: Update on Tau-related partnerships - Management confirmed ongoing discussions with partners in pharma and academic sectors, expecting to sign an initial partnership in the first half of 2025 [36] Question: Supply chain exposure to tariffs - Management stated they are monitoring the situation closely and have not seen any effects on sourcing materials or pricing [40][41] Question: Economics of targeted protein proteoform partnerships - Management indicated a range of potential business models is being explored, focusing on demonstrating the technology's capabilities rather than immediate revenue [44][46] Question: Milestones for converting partnership interests - Management explained the engagement process involves educating potential partners about the technology and aligning research interests [52] Question: Any blind spots impacting commercial launch - Management expressed confidence in understanding the work ahead and executing efficiently, with no significant blind spots identified [58]

Financial Data and Key Metrics Changes - Total operating expenses for Q1 2025 were $18.8 million, a 13% decrease from $21.6 million in Q1 2024, reflecting a focus on cost efficiency [28] - Research and development expenses decreased to $11.5 million from $12.9 million year-over-year [28] - General and administrative expenses were $7.3 million in Q1 2025 compared to $8.7 million in the prior year [29] - Overall net loss for Q1 2025 was $16.6 million, down from $18.7 million in the prior year [29] - Cash, cash equivalents, and investments at the end of the quarter totaled approximately $193 million, compared to $206 million at the end of 2024 [30] Business Line Data and Key Metrics Changes - The company is advancing its tau proteoform assay and broad scale proteome assay, with significant progress reported in transitioning these assays towards readiness for larger scale applications [11][12] - The tau proteoform assay exceeded expectations in reproducibility and accuracy, with a median percent error of approximately 10% and a median coefficient of variation of 1.5% [15][16] - The platform demonstrated a dynamic range exceeding four orders of magnitude, significantly better than current methods [19] Market Data and Key Metrics Changes - There is significant interest from customers and partners in the company's tau capabilities and targeted proteoform detection, with ongoing discussions with large pharma companies and academic institutions [9][10] - The company conducted in-depth interviews with over 30 proteomics researchers to understand customer segments and drivers of adoption, confirming strong interest in both targeted proteoform and broad scale discovery capabilities [8][9] Company Strategy and Development Direction - The company aims to unlock the full potential of the proteome, focusing on both targeted proteoform analysis and broad scale discovery as significant untapped opportunities in biology [27] - The anticipated launch of the platform is planned for late 2026, with a focus on ensuring cash runway extends well beyond that point [29][30] - The company is prioritizing partnerships that demonstrate the capabilities of measuring complete intact protein proteoforms at single molecule resolution [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress made towards the launch of the platform and the positive feedback received from potential customers and partners [10][32] - The company is monitoring supply chain exposure closely, particularly regarding tariffs, but has not yet seen any significant impact on sourcing materials [40][41] - Management emphasized the importance of customer research and understanding market requirements to ensure a successful commercial launch [60][61] Other Important Information - The company reduced its headcount by approximately 16% to extend its cash runway and focus resources on key development milestones [29] - The verification and validation process for the tau assay was crucial for building confidence in the entire platform, as it shares core components with the broad scale proteome assay [58] Q&A Session Summary Question: Update on tau-related partnerships - Management confirmed ongoing discussions with partners in both pharma and academic sectors, expecting to sign an initial partnership in the first half of 2025 [36] Question: Supply chain exposure to tariffs - Management stated that they are monitoring the situation closely and have not yet seen any effects on sourcing materials or prices [40] Question: Economics of targeted protein proteoform partnerships - Management indicated that they are exploring a range of business models for partnerships, focusing on demonstrating the technology's capabilities rather than immediate revenue [44][46] Question: Milestones for converting partnership interests - Management explained that the initial phase involves educating potential partners about the technology, with excitement noted across all customer segments [52] Question: Potential blind spots impacting commercial launch - Management expressed confidence in their understanding of the work ahead and the importance of product reliability and market positioning for a successful launch [56][59]