Nautilus Biotechnology, Inc. Q4 FY2025 earnings call

• Nautilus was founded to address life sciences challenge of measuring proteome. Proprietary methodology delivered via Nautilus platform. • Q4 marked strong close to 2025 with progress toward commercialization, external validation, and momentum with research institutions. • Unveiled Nautilus Voyager instrument at USHUPO, response positive. • Launched early access program for iterative mapping in January, early customer response encouraging. • Continued progress on technology front, including broad-scale assay configuration change and proteoform assay portfolio. • Collaborations with Buck Institute, Allen Institute, Michael J. Fox Foundation, etc. demonstrating platform validation and biological insights.

2025 fiscal year total operating expenses were $66.8 million, down 18% year over year. Research and development expenses were $41.1 million, down 19% from 2024. General and administrative expenses were $25.7 million, down 17% from 2024. Ended Q4 with $156.1 million in cash, cash equivalents, and investments. Cash burn in 2025 was $50.2 million, down from $57.8 million in 2024.

• Expect total operating expenses for 2026 to increase ~15 - 20% as investing in platform development, early access program, commercial readiness. • Full year 2026 cash burn expected in range of 65 - $70 million. • Revenue in 2026 to come from portion of Michael J. Fox grant funding and a few early access customers converting, with instrument revenue ramp in 2027.

• Statements during call are forward-looking involving material risks and uncertainties that could cause actual results to differ from anticipated. Additional info in press release's forward-looking statements section.

Q: What comes next in terms of technical milestones and metrics improvement, and have you shared milestones with key customers focused on TAO?

A: Key technical milestones include final studies of tau proteiform assay, instrument readiness, expansion of proteoform platform to additional targets, and broad scale progress. Data of tau assay shared with early customers who are excited. No sales capacity now, but funnel build to begin this quarter.

Q: Anticipate revenue for commercial launch later this year and pricing of Voyager instrument?

A: 2026 revenue to come from portion of Michael J. Fox grant and a few early access customers converting, target ~half a million dollars. No new pricing changes from previously discussed.

Q: Color on early access program and sales funnel?

A: Early feedback from Buck Institute, Allen Institute. No salesperson now, funnel build to begin this quarter with targeted headcount. USHUPO meeting received positive feedback on data quality and insights.