Financial Data and Key Metrics Changes - For Q3 2025, total operating expenses were $15.5 million, down from $19.1 million in Q3 2024, reflecting a 19% year-over-year decrease [17] - Research and development expenses decreased to $9.6 million from $12.3 million year-over-year, driven by lower development costs and improved operating efficiency [17] - General and administrative expenses were $5.9 million, down from $6.8 million in Q3 2024, largely due to reduced stock compensation expense [17] - Net loss for the quarter was $13.6 million, compared to $16.4 million in the prior year period [17] - Cash burn in Q3 was $11.0 million, benefiting from lower operating expenses, with a cash runway projected to extend through 2027 [18][19] Business Line Data and Key Metrics Changes - The company is advancing its TAU proteoform assay and plans to launch an early access program in the first half of 2026 [21] - The early access program will initially focus on TAU, with plans to expand to broad-scale proteomic capabilities in the second half of 2026 [27] Market Data and Key Metrics Changes - The company completed a market study involving over 250 decision-makers across North America and Europe, confirming strong interest in the Nautilus platform [14] - Customers view the Nautilus platform as uniquely differentiated from current technologies, with a strong willingness to invest in its solutions [15] Company Strategy and Development Direction - Nautilus Biotechnology is focused on commercialization and has made significant progress in scientific, platform, and operational priorities [4] - The company aims to validate its platform through early access programs and collaborations with leading research institutions [9][21] - The strategic goal includes launching a broad-scale assay configuration to support commercial activities by late 2026 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the platform's potential to reshape the proteomics landscape, supported by extensive market research [22] - The company anticipates increased operating expenses as it approaches commercialization, with a steady ramp-up expected through 2027 [25][19] Other Important Information - The company is preparing to showcase externally generated TAU data at the World HUPO Conference in November, marking a significant milestone [21] - Nautilus is experiencing increased interest from partners eager to explore new disease areas and proteoform targets [8] Q&A Session Summary Question: What is the expected level of OpEx investment heading into the launch next year? - Management indicated that spending will increase as the company approaches commercialization, with cash projected to last through 2027 [25] Question: Can you elaborate on the funnel being built ahead of early access? - The company plans to launch the early access program in the first half of 2026, starting with TAU, and will expand to broad-scale capabilities in the second half of 2026 [27][29]

Financial Data and Key Metrics Changes - Total operating expenses for Q3 2025 were $15.5 million, down from $19.1 million in Q3 2024, reflecting a 19% year-over-year decrease [17] - Net loss for the quarter was $13.6 million, compared to $16.4 million in the prior year period [17] - Cash burn in Q3 was $11.0 million, benefiting from lower operating expenses, with a cash balance of $168.5 million at the end of the quarter [18] Business Line Data and Key Metrics Changes - Research and development expenses for Q3 2025 were $9.6 million, down from $12.3 million a year ago, driven by lower development costs and improved operating efficiency [17] - General and administrative expenses were $5.9 million, down from $6.8 million in Q3 2024, largely due to reduced stock compensation expense [17] Market Data and Key Metrics Changes - The company completed an extensive market study involving over 250 decision makers across North America and Europe, confirming strong interest in the Nautilus platform [14][15] - Customers expressed a willingness to pay a premium for the Nautilus solution, valuing it on par with high-end mass spectrometry systems [15] Company Strategy and Development Direction - The company is focused on launching an early access program in the first half of 2026, starting with the Tau proteoform assay [9][21] - The strategy includes expanding the early access program to include broad-scale proteomic capabilities in the second half of 2026 [27] - The company aims to build credibility and operational readiness ahead of the commercial launch through early engagements [9][20] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of collaborations with leading research institutions to validate the platform's capabilities and drive biological insights [8][21] - The company anticipates that total operating expenses for the full year 2025 will be below the levels seen in the past two years, with Q3 expected to be a low point in spending [19] Other Important Information - The company is transitioning to a new broad-scale assay configuration to improve platform performance and align with its growing probe library [10] - The first public presentation of externally generated Tau data measured on the Nautilus platform is scheduled for the Human Proteome Organization's World HUPO Conference in November [6] Q&A Session Summary Question: How should the level of OpEx investment be considered heading into the launch next year? - Management indicated that spending is expected to increase as commercialization approaches, with cash projected to last through 2027 [25] Question: Can you elaborate on the funnel being built ahead of early access? - The company plans to launch the early access program with Tau capabilities in the first half of 2026, followed by broad-scale capabilities in the second half [27][28]

Core Insights - Nautilus Biotechnology has entered into an agreement with the Allen Institute to explore the relationship between tau protein and neurodegenerative diseases like Alzheimer's [1][6] - The collaboration aims to identify novel tau proteoforms from human brain tissue and analyze their phosphorylation patterns to better understand Alzheimer's disease progression [2][6] - Nautilus' recent preprint highlights the capabilities of its proteomics platform, which offers unprecedented resolution in studying tau proteoforms, providing insights from brain samples of both cognitively normal and impaired patients [3] Company Overview - Nautilus Biotechnology is a development stage life sciences company based in Seattle, focused on creating a platform technology for proteome analysis [4] - The company's mission is to democratize access to proteomic data and drive advancements in human health and medicine [4] Allen Institute Overview - The Allen Institute is a nonprofit research organization dedicated to addressing significant bioscience questions and promoting open science [5] - It is recognized for its large-scale research initiatives and includes various specialized institutes focused on brain science, cell science, immunology, and neural dynamics [5]