Nautilus Biotechnology(NAUT) - 2022 Q1 - Earnings Call Transcript

Financial Data and Key Metrics Changes - Total operating expenses for Q1 2022 were $16.0 million, a 90% increase from $8.4 million in Q1 2021, primarily due to increased headcount and costs associated with being a public company [16][17] - Research and development expenses for Q1 2022 were $9.7 million, compared to $4.8 million in Q1 2021 [17] - General and administrative expenses for Q1 2022 were $6.4 million, compared to $3.6 million in Q1 2021 [17] - Overall net loss for Q1 2022 was $15.8 million, compared to $8.4 million in Q1 2021 [17] - The company ended the quarter with approximately $349 million in cash, cash equivalents, and investments, providing a strong cash runway through commercialization [18] Business Line Data and Key Metrics Changes - The company reported solid progress against scientific goals and maturation of development processes for consumables and instruments [10] - Significant attention was received for the collaboration results with Genentech, indicating strong interest in the company's technology [10][11] Market Data and Key Metrics Changes - The company noted increased engagement with the scientific community and potential customers, indicating growing interest in new proteomics approaches [30] - The investment community has become more informed about the proteomics market, with increased interest in the company's offerings [29] Company Strategy and Development Direction - Nautilus aims to revolutionize biomedical research by unlocking the potential of the proteome, focusing on target identification and therapeutic development [6][9] - The company is committed to scaling up a world-class team and maintaining a high-performance culture to support its long-term mission [8] - The upcoming Analyst Day in September will include a preview of the planned pricing model and public unveiling of instruments [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate supply chain challenges and maintain progress towards commercialization [26] - The company remains focused on scientific advancements and plans to provide updates through publications and presentations at conferences [49] Other Important Information - The appointment of Gwen Weld as Chief People Officer is expected to enhance the company's culture and collaborative environment [8] - The company is actively working on partnerships with Amgen and MD Anderson, although specific details on progress remain limited [48] Q&A Session Summary Question: Supply chain diversification benefits - Management confirmed ongoing efforts to diversify suppliers and manage single-source component supply effectively, with no significant impact on progress [25][26] Question: Evolving conversations in the proteomics market - Management noted increased awareness and interest from investors and the scientific community regarding proteomics, leading to more informed discussions [29][30] Question: Operating expenses and headcount expectations - Management expects operating expenses to grow, driven by headcount increases, with a positive outlook on the ability to grow the team [33] Question: Key learnings from the Genentech collaboration - The collaboration highlighted the importance of proteoforms and the need for efficient onboarding of commercially available content [37] Question: Update on partnerships with Amgen and MD Anderson - Management stated it is still early to share detailed information about these partnerships, but progress is being made [48] Question: Tracking progress towards launch - Management advised investors to look for data updates through publications and presentations as the company moves towards commercialization [49]