Nautilus Biotechnology, Inc. Q1 FY2025 earnings call

• Q1 was productive with progress in targeted proteoform detection and broad scale discovery. • Positive results from internal VNV work on tau proteoform assay, exceeding expectations on reproducibility, accuracy, dynamic range, etc. • Progress on broad scale efforts, optimizing assay configuration. • First pilot study of human Alzheimer's disease brain showing unique proteoform landscapes. • Cost efficiency measures including headcount reduction, with cash position at ~$193 million and cash runway through 2027. • Instrument and software matured through VNV process.

No detailed product segment financial performance with absolute terms and revenue contribution % provided in the transcript.

• Anticipate launching Broadscale product in late 2026. • Goal to provide access to platform for tau-related studies in 2025. • Cash runway projected to extend through 2027. • Expect to submit manuscript on VNV and biological pilot work this quarter.

• Supply chain exposure to tariffs, but currently monitoring and no immediate impact on sourcing or pricing observed.

Q: Could you provide color on ongoing tau-related partnership discussions and if on track to announce a partnership in upcoming months?

A: Conversations with partners going well, expect to sign initial partnership in first half, with interest in both pharma and nonprofit/academic segments, and interest in other biomarkers.

Q: Talk about supply chain exposure, especially China, and plans to source locally before 2026 launch?

A: Monitoring supply chain closely, no current effects on sourcing, able to mitigate via diverse sourcing, no huge requirements impacted by tariffs yet.

Q: Economics of targeted protein proteoform partnerships and revenues/costs?

A: Still exploring business models, focusing on demonstration of capabilities now, not modeling revenue currently.

Q: Talk about labeling approaches and key development targets over next quarters?

A: Updating platform configuration to match probe characteristics, targets include expanding decoding to complex samples from tens of proteins to full lysates.

Q: What milestones left for converting partnership interest and factors keeping partners on sidelines?

A: Milestones include education, aligning research programs, and nuts and bolts. Partners on sidelines due to slower pace in pharma and external market turmoil.

Q: Blind spots impacting commercial launch?

A: Confidence in execution, upcoming meetings and publications will share progress, verification and validation of TAO assay boosted confidence in end-to-end platform, customer research reinforces value proposition.