Nautilus Biotechnology(NAUT) - 2025 Q3 - Earnings Call Transcript

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 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] - 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] 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] - Collaborations with institutions like the Buck Institute for Research on Aging and the Allen Institute for Brain Science are expanding, indicating a growing interest in the company's platform [8][9] Market Data and Key Metrics Changes - A market study involving over 250 decision-makers across North America and Europe confirmed that customers view the Nautilus platform as uniquely differentiated from current technologies [14] - 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 transitioning to a new broad-scale assay configuration to improve platform performance and align with its growing probe library [10] - The early access program will initially focus on the TAU proteoform assay, with plans to expand to broader proteomic capabilities later [26] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of operational discipline and expense management, which has led to a strong balance sheet and a clear line of sight to strategic goals [21] - The company is confident in its technology and the commercial opportunity ahead, supported by extensive market research [22] 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] - The Nautilus platform is seen as a disruptive technology that delivers insights that existing technologies cannot match [22] Q&A Session Summary Question: OpEx investment level heading into the launch next year - Management anticipates that operating expenses will increase as the company approaches commercialization, with cash projected through 2027 [25] Question: Details on the funnel being built ahead of early access - The early access program will launch with the TAU proteoform assay, followed by broader capabilities in the second half of the year, with ongoing discussions to build the pipeline for both products [26][27]