Financial Data and Key Metrics Changes - Total operating expenses for Q4 2025 were $15.4 million, a decrease of 23% from the prior year period, and $66.8 million for the fiscal year 2025, a decrease of 18% year-over-year [20] - Research and development expenses were $41.1 million for fiscal year 2025, down from $50.5 million in fiscal year 2024, representing a decrease of 19% [20] - Cash burn in 2025 was $50.2 million, down from $57.8 million in 2024, reflecting lower headcount and development expenses [22] Business Line Data and Key Metrics Changes - The early access program for the tau proteoform assay is set to begin processing samples by the end of Q1 2026, with initial customer engagements primarily with academic key opinion leaders [23][24] - The company anticipates modest services revenue later in 2026, with a target of approximately half a million dollars for the year [39] Market Data and Key Metrics Changes - The company is expanding its proteoform capabilities into additional high-value disease targets, including alpha-synuclein for Parkinson's disease and oncology-focused targets [16][17] - The Voyager instrument was publicly unveiled at the US HUPO conference, generating strong interest from researchers [5][6] Company Strategy and Development Direction - Nautilus aims to transition from development to active customer engagement, focusing on commercialization and external validation [5][9] - The company plans to initiate its commercial launch in late 2026, with instrument installations beginning in early 2027 [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the technical foundation required to scale assays and broaden the target portfolio, supporting future commercial deployment [18] - The company expects total operating expenses to increase by approximately 15%-20% in 2026 as it invests in platform development and commercial readiness activities [22] Other Important Information - Nautilus has received grant funding from the Michael J. Fox Foundation, expected to contribute approximately $1.2 million to support the development of an alpha-synuclein proteoform assay [24] - The company is currently evaluating multiple oncology-focused candidate proteins, with plans for an oncology-focused proteoform assay to enter early access in the second half of 2026 [16] Q&A Session Summary Question: What are the next milestones and metrics for improvement? - The completion of the final studies of the tau proteoform assay has been shared with early customers, who are excited about the quality of the assay [30] Question: Will there be any revenue from the commercial launch later this year? - The company anticipates modest services revenue later in 2026, with a target of approximately half a million dollars for the year [39] Question: How is the early access program progressing? - The early access program was launched earlier than planned due to positive early data, and the company is beginning to build its sales capacity [41]