Nautilus Biotechnology, Inc. Q3 FY2025 earnings call

• Scientific platform progress: Made meaningful progress across scientific platform. Published preprint on iterative mapping method and demonstrated power to measure proteoforms. Had collaborations with Neuro Stem Cell Institute, Mount Sinai Medical Center, Allen Institute for Brain Science, Buck Institute for Research on Aging. Dr. Birgit Schilling to present Tau proteoform results at World HUPO Conference. • Technology progress: Transitioned to new broadscale assay configuration in Q3 to align with growing probe library and improve platform performance. Achieved milestone of compatibility of previously incompatible affinity reagent probes with new configuration. Plan to test whole probe library in Q4 2025 and Q1 2026. • Operational discipline: Reduced expenses quarter-over-quarter in Q3, reflecting focused operating model aligned with top priorities. • Market research: Completed extensive market study with over 250 decision-makers, found Nautilus platform uniquely differentiated, customers expect and are willing to pay premium, and eager to engage.

• Anticipate total operating expenses for full year 2025 will be below past 2 years, with Q3 being a low point and future quarters increasing as product and market development activities ramp up. • Plan to launch early access program in first half of 2026, initially with Tau proteoform assay, and expand early access to include broadscale proteomic studies in second half of 2026. • Expect broadscale commercial launch in late 2026. • Have cash runway extending through 2027, providing time to advance platform development and early-stage commercial activities.

• Forward-looking statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated. Additional information regarding these risks and uncertainties appears in the Forward-Looking Statements section of the press release. Nautilus disclaims intention or obligation to update or revise forward-looking statements.

Q: Just wondering how we should think about the level of OpEx investment you'll need to make heading into the launch next year and the funnel that you're building out of early access coming into next year.

A: Anna Mowry: From an OpEx standpoint, expecting spend will increase as we get closer to commercialization from the low point in Q3. Can't provide 2026 outlook yet but expect steady step-up between now and end of 2027. Sujal Patel: Intend to launch early access program in first half of 2026 initially with Tau and proteoform panel, expand to include broadscale proteomic capabilities in second half. Plan to make first official hire on direct sales side in first quarter for Tau services and then broadscale in second half. Expect to launch broadscale capabilities by end of 2026. Pipeline build occurring for Tau and broadscale products and use cases.