Nautilus Biotechnology, Inc. Q2 FY2025 earnings call

Key Points - Q2 was a milestone quarter for Nautilus with the release of the first preprint featuring novel data from the Nautilus platform, showcasing the iterative mapping method with unprecedented dynamic range and reproducibility, and potential insights into tau biology for neurodegenerative disease diagnostics and therapeutics. - The team focused on building engagement around the tau proteoform assay and laying the foundation for external collaborations, with enthusiastic feedback from researchers. - Parag elaborated on the manuscript's content, including the platform's ability to go from sample to answer, rigorous characterization data showing high reproducibility and sensitivity, and biological insights from studying tau proteoforms in model systems and human cohorts. - Sujal mentioned the presentation at AAIC, interactions with researchers across sectors, signing 2 collaborations with U.S. research institutes, progress on the broadscale platform, and the need to balance resources between broadscale and proteoforms development.

Total operating expenses for the second quarter of 2025 were $17.1 million, an 18% decrease from $20.8 million in the same quarter of 2024. Research and development expenses were $10.4 million, down from $12.4 million a year ago, while general and administrative expenses were $6.7 million, down from $8.4 million in Q2 2024. Net loss for the quarter was $15.0 million compared to $18.0 million in the prior year period. The company ended the quarter with approximately $179.5 million in cash, cash equivalents and investments and projects a cash runway extending through 2027.

Forward-Looking - 2025下半年 will continue to refine and scale the broadscale assay configuration, advance external collaborations for tau and non-tau targets, and publish additional data sets and technical white papers. - Broadscale proteomics is seen as a faster revenue top line ramp opportunity, while proteoform analysis requires market development and validation of data impact.

Forward-looking statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated, as detailed in the Forward-Looking Statements section of the press release.

Q: Great. And obviously, congrats on the presentations at the event and the manuscript. Maybe just kind of starting off on the reaction so far from the field...

A: Parag mentioned strong interest from the AD community regarding better ways to understand disease, with recognition of the criticality of proteoforms. Sujal discussed go-to-market differences between proteome and proteoform, with proteoform needing market development while broadscale has faster revenue ramp.

Q: Even though the proteome is really the focus, I'm sure others will get to that. Maybe just on this manuscript, when do you think it will be published? And what type of journal do you think you would hope to get this published in?...

A: Parag said the manuscript has been sent for peer review and hopes for a high-impact journal. Sujal discussed the proteoform opportunity being multi-hundred million dollar but in early stages with market development needed.

Q: Congratulations on the publication. From the tau manuscript, where did you get the most inbounds in terms of customer profile?...

A: Parag said interest was across academic, pharma, and nonprofit. Sujal mentioned early interest from academic institutions, pharma pilots, and careful resource balancing between broadscale and proteoforms.

Q: I know you guys have decided to not give any additional specific update on probe performance, but any reason you decided to not do that moving forward?

A: Sujal explained the assay configuration change was a multi-quarter exercise proceeding on target, and they will provide updates in the coming quarters once they have yield percentage or performance sense of probes in the new configuration.