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]