Nautilus Biotechnology FY Conference Summary Company Overview - **Company**: Nautilus Biotechnology (NasdaqGS: NAUT) - **Industry**: Proteomics and Life Science Tools - **Focus**: Developing a platform for comprehensive protein measurement in biological samples Key Points and Arguments Proteomics Ecosystem - Nautilus aims to address the limitations of current proteomics technologies, which struggle to measure proteins comprehensively and sensitively [3][4] - The company emphasizes that while DNA measurement has advanced, understanding proteins is crucial for therapeutic development and precision medicine [3][4] Technology and Differentiation - Nautilus is developing a benchtop instrument designed to make proteomics accessible to biologists, differing from traditional mass spectrometry workflows that are complex and less reproducible [5][6] - The platform aims to measure both gene-encoded proteins and their modifications, which are critical for understanding biological processes [5][6] Applications of the Platform - The platform will enable applications in drug development, including target identification and understanding the mechanism of action of compounds [14][15] - It also aims to improve diagnostics by identifying sensitive biomarkers indicative of disease and monitoring therapeutic responses [15][16] Proteoform Assays - Nautilus has launched a Tau assay capable of measuring 768 different forms of the Tau protein, significant for neurodegenerative diseases like Alzheimer's [17][18] - The company is also collaborating with organizations like the Michael J. Fox Foundation to study other biomarkers, such as alpha-synuclein for Parkinson's disease [19][38] Market Interest and Customer Engagement - There has been significant interest from the scientific community regarding the Tau assay, with early research indicating potential patterns in Tau pathology [34][36] - Nautilus is building its sales capacity and funnel from scratch, with plans to ramp up customer engagement as assays become available [37][72] Financial Position and Future Outlook - Nautilus ended the previous year with $156 million in cash, sufficient to support its development and commercialization plans through 2027 [72] - The company is focused on building a transformative platform that is distinct from existing solutions, aiming for a significant impact on the market [71][72] Milestones and Roadmap - The broadscale capabilities are expected to launch in early access in the second half of the year, with general availability anticipated in the first half of the following year [24][61] - Nautilus is working on refining its proprietary reagents and achieving accurate quantification of proteins from complex samples, which are critical milestones for the platform's success [62][64] Conclusion - Nautilus Biotechnology is positioned to revolutionize the proteomics field with its innovative platform, addressing significant pain points in drug development and diagnostics while maintaining a strong financial position to support its growth trajectory [71][72]

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]

Financial Data and Key Metrics Changes - Total operating expenses for Q2 2025 were $17.1 million, an 18% decrease from $20.8 million in Q2 2024, attributed to reduced personnel costs and ongoing cost optimization efforts [34] - Research and development expenses decreased to $10.4 million from $12.4 million year-over-year, while general and administrative expenses fell to $6.7 million from $8.4 million [34] - Net loss for the quarter was $15 million compared to $18 million in the prior year period [34] - The company ended the quarter with approximately $179.5 million in cash, cash equivalents, and investments, projecting a cash runway extending through 2027 [34] Business Line Data and Key Metrics Changes - The company reported significant progress in its tau proteoform assay, which is expected to drive future collaborations and insights into neurodegenerative diseases [6][21] - The iterative mapping method demonstrated unprecedented dynamic range and reproducibility, with a median coefficient of variation of 1.5% within experiments and approximately 5% across multiple instruments [13][14] Market Data and Key Metrics Changes - The company is experiencing strong interest from academic, pharma, and nonprofit partners, indicating a growing demand for its proteoform analysis capabilities [26][58] - Feedback from researchers at the Alzheimer's Association International Conference highlighted the need for better understanding of disease progression in Alzheimer's, reinforcing the relevance of the company's technology [25][41] Company Strategy and Development Direction - The company aims to refine and scale its broad scale assay configuration while advancing collaborations for tau and non-tau targets [21][28] - Nautilus is focused on market development for its proteoform analysis, recognizing the need to educate potential customers on the unique capabilities of its technology [30][46] - The company plans to balance resources between targeted proteoform and broad scale development programs to ensure timely progress on key milestones [27][47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to transform how biology is measured and understood, with a strong belief in the mission and the foundation laid by recent scientific advancements [36] - The management acknowledged the challenges in developing the proteoform market but emphasized the potential for significant revenue growth in the coming years [51] Other Important Information - The company has signed two collaborations with major US research institutes to demonstrate its platform's capabilities and performance with customer samples [27] - The manuscript detailing the company's findings is currently under peer review, with hopes for publication in a high-impact journal [50] Q&A Session Summary Question: Reaction from the field regarding the manuscript and collaborations - Management noted strong interest from the Alzheimer's community for better ways to understand the disease, emphasizing the criticality of proteoforms in this context [41][42] Question: Pipeline of demand and revenue outlook - The company expects a longer development timeline for the proteoform opportunity compared to the more established proteome side, with initial revenue anticipated to start small next year [46][51] Question: Customer interest and collaboration impact - There has been significant interest from academic groups, pharma, and nonprofit research institutes, with early conversations indicating a strong demand for proteoform data [57][58] Question: Updates on probe performance - Management clarified that updates on probe performance will be provided in the coming quarters as the company transitions to a new assay configuration [66]