NAUT - Earnings call transcript Q3 2021 | Nautilus Biotechnology, Inc.

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Operator

Good day and thank you for standing by. Welcome to the Nautilus Third Quarter 2021 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker today, [indiscernible], Investor Relations. ahead. go Please

Unidentified Company Representative

today, ended Earlier financial for results Thank XX, Nautilus XXXX. quarter September the you. released

If received distribution to be an you you'd to added if haven't email to this news the company's investorrelations@nautilus.bio. list, send or please release, like

Patel, from Co-Founder Parag Scientist; Anna Sujal Chief Officer. Financial and Mowry, CEO; Joining me Chief are Co-Founder today and Nautilus Mallick, and

Federal statements are Before statements during make material we management forward-looking the uncertainties cause that within will that begin, These differ I'd events actual you like those Securities meaning and risks results of call anticipated. involve to to that Laws. from remind could this materially or

because forward-looking Additional broadcast, I'll and otherwise. the law, any call intention information contains the in press in Sujal. conference release other or call appear or obligation statements or Nautilus Nautilus over disclaims turn to Except as risks any pipeline regarding projections by the new only product whether and update or events With financial to information, issue or uncertainties that, This required X, XXXX. statements section accurate of entitled information future revise forward-looking time-sensitive the of is November today. these live as

Sujal Patel

continued made against the annual done call our of Every Since that access for goal every and our researcher, being San morning, around that their is key as is in August, commitment of progress company I've the to as delivering our review our discuss achievable Thanks, every you Alex. team update Today, range activities. of the ubiquitous by a today, we'll fiscal and [ph]; an on we've in Nautilus the quarter commitment of worthy joining Carlos, effort. lab, full with that recent member the and innovative us 'XX call. an provide focused every California, world. to of our podium Good a the progress. work That and pleased everyone goal important third is and on progress for been And and objectives; outstanding the clinician result thank we'll results is and talented to provide to the Seattle. teams understands

space. opinion customers, speak becoming refrain. I see health approximately with for Nautilus and There diagnostics, a that key and and is contributor potential is human be revolutionary primary to drug the proteomics key coming drive Current market estimates is proteomics what's worth in discovery, valued partners, drive that role should and no I'm The a doubt my to hear CAGR. a growing mind energized decades. to leaders; next-generation improvements are vibrant common is to in XX% at the and helping in As billion a they $XX

we focus us, believe complexity, Nautilus, this area While technologies immediate and and exciting turnaround improve will and is of catalyst for accessibility the an that opportunity. expand with this reproducibility reduced like to market be faster that deliver opportunity time

takes a out. and sample you returns know, proteomic biological to scale is which and vision comprised complete analysis of market end-to-end reagents, in to data the As our bring platform insight software, instrumentation, massive and unique

with we've we capabilities. past, of number proteoform partners and proteoform broad-scale through Today, As shared related to milestones proteomic in expect quantification. to we're the move our a profiling working on

believe them the of XXXX. step every way researchers, patient. of proteins users proteome to a in in a therapy run comprehensively pick We and our that believe of advancement terms proteoforms more and fundamental or to data. particular From will of proteomic interest. per thread a more quantifying Beyond of quickly possible academics X,XXX the unlocking proteins effective in on that, biopharma will best diagnostics of dig wide fit goal what's journey more to represents this precise with enable to XXXX range for customers common value proteomics into build instrument deeper need and therapeutics develop to quantify of the being the is to Doing next we to the our needs so the their

on progress earnings transition last phase call, us As partnership we of commercial the our we've shared has made technological our substantial strategy. the into allowed to

an As particular you Nautilus analyze of interest. Genentech agreement signed protein year they know, use we target landscape collaboration map last a in the proteoform a to and to with the which research platform have

research important Amgen, the will investigate to investigator at Amgen the company. to We partnering recently research a hope to work very Center. publication proteoforms We're submit our paper with a together. demanding the we and We've an of projects be agreement to across proteins of look also interest used and Cancer agreement and work year. entered be a of the MD with continue Recently, this signed to Anderson forward Texas which pleased work for with of in and the together to by platform a collaboration on into jointly end Nautilus number University

Our level. and the the and use up that different of year, platform in post-treatment. our de-risk ramp across protein intended additional settings, we PTMs We're of by project platform we has provide this single be to the in public new will on development the role at measuring in of for research quantity interest of specific as modifications insight the such planned this post-translational the oncology targets look to When to late-XXXX. launch went and excited unique on capital potential oncology our opportunities we said investigating product applied and that to patterns them earlier molecule efforts pre

we of is that primary kits, promise powerful with the use It be supply able academia confidence manufacturers nature also designed Abcam to our wide of respected launch have working provide be technology, tailor other Nautilus Abcam, range with end, will relationship relationships potentially reagents questions. and a biopharma, is with research technology flexibility establish, a the to our partnership community and reagents. with production of of achieve the antibody affinity answer and the antibodies their Abcam; similar we with research reagents vote to biologicals affinity expected a may recently a The initiated partnering yet world-leader development a agreement them a and allowing of affinity we're creating and in most the been this to and type to working successful with is another ways kit, we technology. such We're strategic believe of in us the our on partner supply to our proteomic ask in commercial additive library to pressing platform on labeling our With To and which and assay biological the platform that believe like with de-risk created is third-parties flexible our that internally. of excited by highlights Abcam, design by we antibodies. have platform. One of enable will introduced depending of provides of reagents most or are broad-scale aspect the leading reagents efficiently the to We development profiling.

as on will in and for success In platform the enable addition, we look our excited that our quarters. with our continue We're anticipate updating forward grows. them us demand you free-scale the coming reagent to success work to combined it and production

publications. begun of science team important work has Our their through share to a planned series

of and peptides modular probes for the proteins. articulates of detection nanoparticle value DNA fluorescent first The

of technology, submitted now has and on Another for manuscript, a is core publication. foundational available description BioArchive Nautilus's been

call has These hear potential in believe applications fact You'll proteomics unlock to drug this journey, we on in discovery, and soon minutes. we're while submitted the just growing that in accelerating medicine, papers of making could our in will the to high-value over turn Parag. Parag a of and and now With the just all And innovation start we're to that, of towards Nautilus's the more from progress our strong few opportunity diagnostics, a front and be at in dimensions spark personalized in I renaissance us. across business. precision other underscore that large the

Parag Mallick

to activities, key we a partners. of internal pleased of fabrication in scale we to continue milestones from and processes, report advances how with key I'm meet our that reagents, chip of working manufacturing Sujal. engineering production ranging to to across hardening range R&D Thanks,

years platform support point of had of many wrestled a upon approaches. with new Building in heart and proteomics the be early of it a platform used, to might When be our for. a challenges it of needs ultimately to vision range be, these mine. limitations was for create it to need view entirely any of of how My not approach foundational to for the As distinct all needs and proteomics might understand to last and the The late-XXXX. perspective, their of the be an existing I the setting problem we at just what breakthrough recognize goal initiatives critically current clear, address a goals came someone researchers, insider, out I who gave call, shared and should Nautilus's important on and was innovation. proteomics, our the me on experiences build that in commercialization that used of from wants, to our perspective continues fully what platform to broad the

XXXX, themes cases, we've recently domains, listening, those also range but and a From characteristics used heard heard a when consistently series common conversations completed us our number of we that have in not lengthy KOLs earliest interviews wide product offering. helped and stopped across the initial with company, customers began we a the we've refine about of founded since. some listening So of ever we've back of through potential we've

want straightforward axis sufficient of samples. with that platform wide are They thousands to and want and and want to that critical proteome and design researchers these range. access differentiated is We to to interpret; easy data that of across on be through our portion able sensitive measurements to believe with a of the reproducible, platform quantitative crunch dynamic use, is a Specifically, they the uniquely accurate, substantial implementation throughput is a [ph]. speed highly

platform us Our future planned key our are recent requested to enable elaborating that our specifications attributes most and by the scientific the base. achieve of aimed publications customer at

strategy inextricably mentioned, us paper our a wider example, other the labels substantial reagent it have platform, linked. by gives notable ultra-bright of other a affinity efficiently that the to For measurement a articulates than requested number highlights are aspect as dynamic the This Using molecules our and amplification that published labels time nanoparticle probes. and us range, recently massive us on community. platform more throughput signal relative is using range to any enabling approaches, molecule thus single allows of for protein paper unique methods. Sujal to scan In throughput dynamic

in description community approaches. proteome for detailed allowing recently unique range manuscript BioArchive. to platform submitted XX% mentioned scientific a across second which our As our down that for approach. an cost. of the shared the manuscript helping decode Doing exceeding commitment is of our scientific in our is and at the the of This A simplifies research. the complexity understand most potential also to-date. this efficiently available of to XX.X findings orders than us that ability so bring include instrument publication Nautilus's benefit, plasma, time, far multiple of to manuscript on the it the Key critical of added currently organisms approach capabilities have to fully other greater work we dynamic translational Sujal across affirms magnitude of openness,

straightforward In addition, interpretation is data platform, protein impact quantitative. highly as an and

any years easy to be something just to also is it, earlier. it's proteomics labs just have not expansion we've set we to proteomic to build addition mass I type criteria in rich heard use, specialized discussed, that just something we customers, mentioned will their Sujal of have can that incredibly platform performance required spectrometry deep, a access Ubiquitous tuning tweaking to the the out achieve the and that data so world recognized environments. spent from run market not technical that's lab In

As customer range instrument, customers. completing designs been been mindful that usability platform widest science we ensuring of have workflow tractable have for life our the of and we our extremely is

robust of are we be progression of commercialization all release which of our towards to market. full our sharing on and will continue the against our the platform, data the of we our As MVP, committed validated platform, evolving the desires ultimately

we and made QX with as I'm As needs you we gearing journey the and transformative platform submissions over meet to required of the details turn beyond. R&D for the In strong we I financials. with into deliver summary, that, world. to can the our ongoing manuscript progress teams continue call Anna will as around the XXXX effort such, expect an and of of our in engineering. cadence pleased the head proteomics around labs our to more With

Anna Mowry

operating third Total Research for third the were of the last compared year; were growth million $X.X for third Parag. to development as of and quarter third a in XXXX increase expenses million greater in quarter XXXX the well $XX.X that Thanks, to expenses in year. million $X.X million quarter spending in of run primarily $X.X compared increases volume consumables of costs, personnel laboratory last on was the quarter as driven as by experiments. we of

quarter last primarily Overall, $XX.X by public net third XXXX We to of of compared for for growth administrative platform. $X.X loss XXXX the to expenses in the services third million professional operating of also tied third saw was million General third increase costs, personnel That a in development company. related and of and increase of quarter quarter was year. an services in million were compared to $X.X in to our the last year. driven the $X.X the development million quarter as

Turning approximately cash, to staff $XXX plan commercial equivalents we With add quarter cash ended we to in year. more scientific, to more our million the as people XXX our and balance this part Today, with we as of double to to our this of the having engineering investments. sheet; on-track and the teams capital, mark accelerate across and of team, we than development have continue total over be platform. crossed our headcount continue the

and Sujal's sheet core with addition we in and partners in-house supplement through you remarks strong relationships we with external our partnership As de-risk Abcam, whose our to heard leverage. the use our suppliers, can also strategic our competencies development regarding capabilities product of intend to balance

of partnerships next year. expect an these in QX investment will We pace result and increased in into

to feet across we XX,XXX locations. two have In addition, new San over Seattle recently facilities moved footprint growing and into both in square our Carlos,

home As to are Hub, engineers, our tenants nanofabrication biophysicists, it the Sujal. next facilities allowing and Bay Biotech we growth over disciplines, and software over the innovation many one side-by-side few them be team learning world. These that, bring a envisioned along bringing With the machine of the new engineers, to back this turn biochemists, other protein single initial to I'll will Area includes cross work in with functional years. significant that together to this molecule for

Sujal Patel

level. deeply of that been forward we making the standard holds recognize see journey community. And ambitious that is set may Nautilus biologists that, in fundamentally way more updating such is world and and ourselves. that, may set progress and the has progress for Nautilus change confident what's Thanks, now short, measuring With for milestones the more proteomics we've a what is our of our key proteome. a equally knock gold that we're to proteomic data enormous the that it's the the up before. the before. broadly towards Operator? new anticipate primary out space had measure believe Anna. incredibly has I'm ever the value, all proud achieve look scientific call empower in I'm We you the as despite goal going of incomplete and to an never And positioned possible, of and on 'XX, advancement our team existed transform on we We fiscal the commercialization. to and for the picture for open has richness biology the our to down goals on done to questions. we'll that well at broadly, protein fully proteome than more depth potential

Operator

Morgan Instructions] Stanley. question come will from from Tejas [Operator first now Savant right Our

You may begin.

Unidentified Analyst

on Hugo for questions. Thank our taking Hi, for you this Tejas. is

outside next we months? watching XX collaboration for collaborations from new me. paper we that And these announced can What updates Just should see data the the key a Genentech for are over when of today? be publications couple questions

Sujal Patel

Hugo. Thanks,

Let that. me hand and over stress that to Parag him have

Parag Mallick

thanks. question. much for the so Great, Thanks

course So are of I platform. of next manuscripts several different think what you'll the aspects describing see over year our the foundational

and single increase through platform; generally So, use of an elaborating elements also molecule our working both for our in see walk all publications deposition, the our of you'll with on detail, showing the approaches we partners. that key trying to experimental

submit hope our other by mentioned, publications to Sujal as is future Genentech -- the comment partners. year. with I end publication of I on can't And So

Unidentified Analyst

introduce thank be be to you. to reagents imaging to instrument dual accelerate introduced the outlined publication it, potential you identification. anticipate Got you at do Or a recent protein feature And could this two road? launch? time something Do might you your time then, that color down a of first the affinity that is anticipate

Parag Mallick

constantly we're ways to improve the platform. looking throughput So, I -- of at the

of And iteration we're very so, an closely. color extra that it's looking launched, I of imaging [ph] -- that first area the platform whether the we dual at is

Unidentified Analyst

Great. Thank much. so you

Parag Mallick

you. Thank

Operator

Thank you.

will line the of Our from question come [indiscernible]. next

You may begin.

Unidentified Analyst

Hi, taking update. and the on questions congrats thanks for nice a

this you it environment were the products factors to solutions around the reliable partnering signing is in Was more internally more developing platform? to on driving first, there if strategic higher and required access with performing an affinity-binding the versus an manufacturing resources or and partnership, external securing think Abcam-er So Abcam supply where antibody develop about time what around some key clearly in partnership? these bottlenecks? relationships centered And

Sujal Patel

Parag, one it. add take first, do then want you to I'll this to

Parag Mallick

Nautilus, by guess probes. been a we've number classes working of start inside mentioning I of Sure. that different off on I'll of

around being in to exciting. well. Abcamers been they protein-based which over to them, one, as [ph] developing catalogue years components; one different really our have mentioned, that platform, have And have us they bring Abcam a but is two they allows probes really tremendous one the working potentially is, content So, our excitements have of you many as with they of -- that that future,

third, will and doing. probes then the a stream a an our specific development developing, that for and experience, their of other regions the scale advantage platform, platform. of longer in taking giving from -- for And internal our manufacturing, -- supply or developing are perspective, additional about really chain us that in is that complement giving second The us the that work to creating term in work partner reagents we're the

really relationship, I their stature, of to our platform have vote as them. as relationships think with in there confidence multiple of other So the exciting a well components company a are real it's of

Unidentified Analyst

with Anderson. signed partnership as as MD at Amgen then well, And Genentech collaborations as today now today's you've well biopharma -- investigator with an Great. and

inbound And what portion of broad of to to So I we'd biopharma early technology early compare but this may how companies be know researchers? from the we're in logical the versus here still any is days of coming hear curious following the interest commercial adopters launch?

Sujal Patel

In have underway, of dollars genome sophisticated that to talking to Today, I we're full to. standpoint, to-date is me we spend let single that's health how types I'd on partners one. of well, the of because you a practically the that all scientists super know, say activity you what is, you been they pleased of indicative that apply the proteomics know and and MD the three that academic efforts And take Genentech, This the didn't large know, that we've my to -- frankly, have genome first I And unlike that And proteomics excitement announced; genomics year. protein, at with we're conversations been investigator the in representative now that potential of we three do genomics Sujal, different. every foremost, and collaborators pretty millions are fact organizations inbound as that biopharma is those Amgen, have with talking improving really an think humans. Anderson. the from revolution so having. what of of research, mentioned, think And we've that and and started and where world really to

is criteria. first biopharma for the five and design products And organizations most And to and definitely so, the have been partners frankly, we're into we're with, have potential design generation the conversations it talking specifications our initial shaped you four collaborators, those conversations over years companies of those know, all product. of it that those the when that having is to feeding last

Unidentified Analyst

Great. for questions. my taking Thanks

Sujal Patel

[ph]. Max Thanks,

Operator

Our line Couillard next from Jefferies. Brandon question comes from of the

begin. may You

Brandon Couillard

to of data most but points. Sujal, have morning. questions my Good answered confirm timeline been a just of want thanks. couple Hey, I

X,XXX or that of of access about talked You kind think mid programs in well? 'XX? expected still proteins, you half still about beginning first early as is And of next year the do

Sujal Patel

Yes, thanks the question, for Brandon.

our access are causing is And think by standpoint no to on with targeted think I partnerships we interest that collaborators proteoforms will think get signed, and know, in excited that protein one we I that information incredibly we're is working we there start conjunction early partners timelines. change that, protein X,XXX from right a biopharma lot that milestone. from being at that of three level. us is that new now to there That because the period proteoforms after single in you those been space the in actively analysis we have have and said, our molecule and proteoforms

Brandon Couillard

Got rate just quarter? this run into particularly fourth of little of tracking Thanks. external higher target Abcam out you. context then, one year, should to, for And in a perhaps a kind in that of then next alluded you laid spend just with of give be is the year. we new bit us kind how bring update the you near-term? about which the ahead in the level Can partnership bit over the moving follow-up on you thinking an And [Indiscernible] earlier Anna. because of

Anna Mowry

Hey, Brandon.

we're part so as spending. non-GAAP a We our are there actually against our anticipated as planning on change partnerships expectations far process; is on projections of provided basis. were we total our on-track, The which as to no that concerned, were

Brandon Couillard

Thank you. got Okay, you.

Operator

comes [Operator David from from Instructions] question line the Dylon Sachs. of Our Goldman [ph] next

may You begin.

Unidentified Analyst

if know be on on Dave more? are hear broadly Great for is are or the subtypes specific at they to highly they'll respected this about any there especially oncology Anderson. partnerships, Do Matt. like guys, a institution MD looking Hey you focusing

Sujal Patel

Yes.

targets; targets. a specific it's a they we I'll pretty one. form-based collaboration projects, at take so investigator the on -- are with can't oncology that and And proteoforms So Anderson, it specific the oncology we're but very about be it's working this MD for protein is Sujal, on specific

Unidentified Analyst

process. you entails? thanks. it, chip-fab what that on mentioned Could about little a the bit you you're hardening that us And tell more working Got

Parag Mallick

-- I can can I Sure, take one. this

quality throughout as broadly external with you the on well the we've scale, partners of as mentioned think that -- we company, working to part product. development as increasing transition that I making been of all working on from involves making And we functionalization the the sure internally is for that as have QA/QC the processes of part and And in validation the place patterning of chips. chips. both,

Unidentified Analyst

Thanks, Great. guys.

Sujal Patel

Thank you.

Operator

the any Thank you. not I'm And further in moment. queue at questions this further I'm And questions showing the in still not any showing queue.

Sujal Patel

Great. to Well, this everyone on to time no it forward Thanks is further there sounds taking call. questions. next earnings for morning. like you us look talk to the our We updating

Operator

And program this today. conclude will our for

your Thank disconnect. now great a day. Have may You you for participation.

Nautilus Biotechnology (NAUT) 2 Nov 212021 Q3 Earnings call transcript