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]