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, 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]

Core Viewpoint - Nautilus Biotechnology, Inc. reported financial results for Q1 2025, highlighting progress in its Tau proteoform assay and a reduction in operating expenses, while also noting a net loss that improved compared to the previous year [1][2][4]. Financial Performance - Operating expenses for Q1 2025 were $18.8 million, a 13% decrease from $21.6 million in Q1 2024, attributed to cost optimization and reduced stock-based compensation [3]. - The net loss for Q1 2025 was $16.6 million, compared to a net loss of $18.7 million in the same period last year [4][12]. - Cash, cash equivalents, and investments totaled $192.8 million as of March 31, 2025 [4]. Business Development - The CEO emphasized the assay's reproducibility, accuracy, and compatibility with customer needs, indicating confidence in the platform's application in Alzheimer's and neurodegenerative disease research in 2025 [2]. - The company is focused on advancing its proteome analysis platform, aiming to democratize access to proteomics and enhance research capabilities in human health [6]. Cash Flow and Investments - Cash flows from operating activities showed a net cash used of $13.9 million for Q1 2025, an improvement from $16.3 million in Q1 2024 [13]. - The company generated $19.5 million from investing activities, primarily from securities maturities [14]. Balance Sheet Overview - Total assets as of March 31, 2025, were $227.7 million, down from $242.7 million at the end of 2024 [10][11]. - Total liabilities were $33.3 million, slightly decreased from $34.0 million at the end of the previous year [11]. - Stockholders' equity was $194.4 million, down from $208.7 million at the end of 2024, with an accumulated deficit of $289.6 million [11].