NAUT - Earnings call transcript Q1 2024 | Nautilus Biotechnology, Inc.

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Operator

Good day, and thank you for standing by. Welcome to the Nautilus Biotechnology Q1 2024 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.I would now like to hand the conference over to your speaker today, Ji-Yon Yi, Investor Relations. Please go ahead.

Ji-Yon Yi

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

regarding received or Co-Founder please news to you meaning and from make this If are haven't Financial Patel, to laws. involve Sujal remind or release Scientist; to management me to cause Co-Founder and company's the Nautilus are will e-mail like forward-looking securities Parag be we that you the actual if call I'd statements Chief distribution the begin, an list, Mallick, send Officer.Before CEO; this investorrelations@nautilus.bio.Joining today and These Mowry, added like you'd material Chief uncertainties during federal risks results of within that that statements and Anna could product the other release by appears or time-sensitive projections or or accurate or and events Sujal. the to or these and as today. conference any materially risks XXXX.With call call I'll intention live section the to press Forward-Looking April that, whether obligation differ future information, in Statements Nautilus in issued Nautilus disclaims over XX, required only forward-looking events Except update is information uncertainties broadcast, law, pipeline from any because information of entitled contains anticipated.Additional new turn revise the otherwise.This financial of as to those statements,

Sujal Patel

action the researchers we KOLs long-desired one order a We to human needs a biological to as proteomics regularly new overcome sensitivity, creation to to that continue high-value most XXXX mechanisms of deeper, many mechanisms speak, audience. in QX new a a dramatic attention important ranging their platform affinity-based more data.In believe health, potential therapeutic to the quickly and diseases Nautilus and was call. mass unlock for science to we as be to cancer spectrometry and emerging the with identify scale these of many research earnings of of how data on of critically single a from could analysis methods to welcome Alzheimer's. and is maintain for of for the to proteome.They treatments.Interestingly, is the the possible in and untapped identification one from years, something QX reproducibility today. receive good a to quarter and continues to range analysis key whom effective Thanks and of the them The the explorations as KOLs, buying lack our and development. approach biomedical for methods.We productive for joining value a peptide deliver But target remain of fundamentally traditional limitations of standard long-discussed Ji-Yon, analysis Nautilus everyone impeded to our proteomic and continue of in protein by improvements gold highly researchers comprehensive required on establish have execute proteome, and they day vision to molecule these acceleration sign use our and proteomic significant of opportunities focus those understand this make will for the important could the things proteomics. heavy intact with Understanding influential positive identifying be come platform view of protein we richer know it sequencing

we scientific surrounding customer of as moments, initiatives apply meaningful conference, both made the future specific each EAP. imagining customers.We serve the As a core by internally of intended revenue now the including flow proposals, reagent high-value Parag. data into those the to as to I we've R&D-related in progress significant Parag? part data which let has them have program.As will KOLs and previously access components early with potential affinity generated of keep development launching by as our closer driver, software.For hands shared availability the HUPO the probe, in sample reagents, the will of those of program that generate prep, are few core remain which papers, we'll will externally we they means launch several a to pleased you'll U.S. Never encouraged to in activities platform, from our and chips, data other platform the to recent in hear plan EAP get months at the been support over and Parag call the against updates, shared, the turn get grant and to on the cells, to instrument the and me begun commercial up you leading informed be XXXX. more a

Parag Mallick

goes instrument Overall, significant Thanks, in we to our in decoding hand-in-hand our readiness scale increased scale, progress to our increased platform, This software.Platform and core QX. and stability on incredibly initiate and goals across dimensions. of allowed progress solid and continued remain quality cycle increase high and and successfully. We development advancing a reliability, of consumable for number gains experiments along against reproducibility Sujal. consumables, availability can those enhancements quality, complete have meaningful the and continue with customer that capacity the we and instrument stability protein focused increasing make assay see and number

in launch targets.The robustness aspects and the we of QX completed increase This experimental optimization. of in using model to last experimental as have did assay we for of the systems towards runs fact, increases is to scale that of In we continue are scale in number complexity platform our nearly us ecosystem-wide enabled all in essential optimize Xx we experimental increase year. the QX as

concentration. systems of proteins include continually model the wider across ranges We these be to an complexity are of to increased of increasing diversity excited

Proteome community, probe studies excited are about standpoint annual such proteomics broader launch, as sharing of key to of platform highlight and with conference elements the critical our also platform our on exciting of was in U.S. attracts activities HUPO approximately U.S. a sensitivity.From X than types to of potential such clearly We in points of attendees, QX increase this that see reproducibility of the an was the many the Organization, verification that researchers commercial It attracted Human of participation organizations participation U.S. focus in just and ago. years platform. XXX HUPO. as users pre year's our more our doubling the to many extraordinary This the PrISM, foundational discovery provided the estimate to conference luncheon could our be characteristics increased our the community interest opportunity to increase HUPO traffic further of attendance of on our methods additional an our great studies experimental rate.In addition multi-affinity overall.From educate and of characteristics goal that on computational on a detail scale and to booth, performance room-only false was how about generated share both in the the the key the our and from progress standing to proteomics space experimental This implementation the posters attendees. at significant demonstrate pre-verification seminar this broad pipeline, with continuing analysis year introducing to interest platform. new on proteoform questions community our and works, our deal begin of data from data of to platform

disease, to mechanisms its well able the such protein showed of diagnostic into peptide-based forms. biomarkers more molecule ] cell ultra-sensitive that and of the of tau ability both shared platform finding [ also demonstrated [ the assays a at for X lysates.These foundation high Alzheimer's can limits incredible to we ability enable We detailed prognostic of treatable for future the quantification results spectrometric be of data low-zeptimole XX methods.We samples, This in measurements is the lower as as sensitivity. of tau iteratively to and opening emerging differentiators We lay ].One more of not that our how, the to the tauopathies of their individual earliest Octo were specific like do frontiers than distinct shared This platform is of possible sensitivity investigation and better most quantify more on order represents than quantification key molecules, from by exploiting is for single This potentially diseases showing and typical we indicative transfer abundances measurement diagnostics. range. of complex platforms. enriched stages. our critical new as repeatable probe protein mass molecular traditional also magnitude Specifically,

how and platform These can proteoforms pursuing findings be with partnership in and the sensed event, and applied targeted enthusiasm questions platform. the to we have during of EGFR proteoforms. of, measure results the Genentech in the the showed for, a the are an depth tau, Amgen.I other studies been attendance nautilites Beyond significant in that we of Nautilus attendees shift we understanding clearly increased indicating from the the received

using who presented is of disease to the exciting a horizons.With Our might encouraging of abundance a call Nautilus their the changes be on booth researchers enjoyable new measure shared I'll specific is the the a researchers how traditional challenging conversations platform researcher result to with he understand to that with believes specific packed immunoassays. turn suited back that of biomarker addressing that, to well was their Sujal. that questions.One It's the to eager to proteomics my most was data proteoform from we've additional platform see research expand Alzheimer's work is the

Sujal Patel

future that of Thermo and a as Parag XX-year Huhmer, our and Senior platform; the proteomics broader it heartened to agree will in Nautilus its enabling that anticipate along opportunity will end, update, look To and the the more warm say podcast in proteomic to event times encourage to the progress.When this anyone Nautilus challenges timing HUPO could are effectively towards effectiveness on where really in to Dr. focus imagine what Affairs, business efficiency scientific Scientific episodes both advances proteomics the space not top-level so for being hand aligns the with on can proteomics wants look explores having Anna. heard there it that progression may drug many our as the to availability underpinnings possible in Andreas understanding Researchers and video play the Nautilus space me and been and research, with interesting through the of to momentum I of reception created.We Having dive cost the XX and Nautilus of that is deep occur biological for when and Anna? first the we translating to bringing Congress, platform few to by it at by topics in about on a cost and next-gen the on fulsome biomarker the we show's forward XX community like October lockstep. a the takeaway the scientific convinced a they'd who with a committed creating suggestions the technologies I year's Germany. you've a discovery see them updates and are not in veteran and rather, development.Our the over show communications. sponsor about and as role beginning sparking quarter, for for the significant conversations and a data are this now Parag the comes audience myself, me subscribe our more we the addressed.For participate it like to participates as is educate event. how when let make next transparent basic be and Parag. Dresden, substantial financials, World the series.Hosted marketplace to our future, of educating impact on We of means journey, call things our as introduced Parag's and better community Director commercial many heard Nautilus are now easily and closely to Thanks and we that from building of

Anna Mowry

XXXX the compared the driven by development $XX.X their were for in and year-over-year General first personnel quarter period. of ended $XXX in $XX.X quarter. continued investments with to in in expenses activities compared XXXX, last investment million, towards Thanks, quarter Sujal. XXXX XX% expenses of to million quarter to prior increase quarter This first the to compared $XX.X million expenses million year $XX.X $X.X period. cash primarily and and of $X.X development the year million and prior was million quarter. XXXX million in end $X.X in the the prior Total to up expenses net quarter and We first cash, $X.X compared operating our million, the at period.Turning the platform.Research the administrative of $XX.X for were the compared of Overall loss million in the first sheet. $XXX of was in above were year million balance XXXX operating approximately to million of equivalents last first year the

spend total by levels continue for expect growth XX% and prepare in expenses XXXX commercial our as grow from We we steadily operating launch. increased to our has to approximately

We we drive very progress We into analysis it confident management to positioned to extend execute efficiently our with on our XXXX. ahead, forward.Looking anticipate focused to capital-efficient game-changing of runway are to scientific continue I'll to remain the business tight to making second expenses, our Sujal. while that the turn cash half of investments our running are a that, platform.With our we proteome launch strategy strongly back necessary

Sujal Patel

I'm to for Thanks, happy our And want up updates We're entire for additional Operator? wrap come forward development to make providing our Anna. thank on excited we that, to to about things solid to what's up, against next To I call the and and goals. questions. continue Nautilus business that, look open the progress we call.With team.

Operator

Yuko Instructions] comes Morgan first [Operator from with question Stanley. Oku Our

Unknown Analyst

on Hi, this is Madison for Yuko.

off refined milestones you more sorry XXXX? any on make still this particular to the if that any are just to ensure, you and like, further -- wanted on on specific thoughts timeline, expected then And launch missed so beyond to I just have achieve any if sure, clarity no call, on Just updated timing, like, need we start want correct? guys there's you there's but taking launch, maybe before targeting XXXX? the beyond if with you're And XXXX steps slippages timelines think to

Sujal Patel

in make which don't any our last time, year get this number to was we timeline final or be little range guidance that point to progress significant last call, for able a will it one we're from little we -- bit where or way, Yes, didn't that and things call. something whether is but in in at be line well timeline said previous in specificity, what XXXX of continued so We the potential at any So, us a bit a We time was the this the likely able Q&A or updates specificity the the greater we final do point, to in of reproducible the but Street, outlined be remaining as it'll as I timeline with on things the key which looks the true fiscal the product is to near tuned. I still X,XXX earlier. our X,XXX for good gave call, think lysate measure with where scientific like proteins, more on have walk that specifications to us, customers that be as a will and reliable cell through a stay opportunity we our pricing, community, the project that, of a and

Unknown Analyst

you to demonstrates then to of HUPO ability good U.S. know to data. I proteoforms the platform's hear. that's shared And Okay, just about. maybe data that you've were quantify talking turning mixtures that tau guys

with mentioned context, disability? Alzheimer's on was what answered you would be proteoform call. that cases for like on could just mass about you mixtures example? or think could I how spec, for a I And share some characterizing go stepping the back, So, wondering use biological you questions are you

Parag Mallick

Parag. that. think This Sure, proteoforms we providing about tau. and about protein as I'll the them we generally, function detail is think of about as such a take specificity additional When

that variant.The is for much of really you that third phosphorylation being in So, populated, this X whether really and been different for proteoforms absent; the for way additional tau how or we're and of time splice data would that just instance, studying prevalence sites first by an are level regulation use to present; tau how the that of X present is the the then level is what first second is is the getting and is different places. may have, the instance, modified modified have detail

been is or where hypothesized biomarkers these may as Alzheimer's the therapeutics drive different periphery not that different progression. or of they really the the distributions course disease hasn't contribute progress be like driving before. how be don't or biology now, to in that delineate disease first the determine might their understanding to particular of to may may diseases it's is these used have more right people The this onset more whether their initial We disease variants the slowly.Additionally, proteoforms of because effective. quickly But measurable understand to either

excitement And shotgun which -- to proteomics so able unable there's peptides, the a is provide into mass tremendous amount spectrometry, being traditional at that at about looks mechanisms all. of and mass the of method level detail of progression.[Indiscernible] and its measure proteoforms a to or disease spectrometer,

generally Kelleher, is spectrometry, of masses and by different method those which method, be that our identify able the pioneered top-down from proteoforms mass called infer is to what been might collaborator, Neil masses proteoforms and Another has present.

is as as ensembles of However, direct large single our extremely molecule, well molecules. at method of looking instead

Operator

Matt comes question next with from Our Goldman Sykes Sachs.

Elizabeth Koslosky

is Evie for on Hi, this Matt.

in then I of antibodies final on the the areas know needed before address pieces before any working other an And that? update as So, you're how Can through you the to past, improvement of give launch. mentioned launch? the you've being the one

Sujal Patel

want Parag, at add I'll and tackle any do to the color this end first, one you

Parag Mallick

Sure.

on. So, are as of key we've about question. we've there you the focused a the areas that been Really, talked in for thank past, couple

we aspects X scale first surface -- don't degradation consumables, of HUPO different cycles. instruments for development hundreds And the are the each focused to the as that cells on applies chips we're traditional to cycle first that as and demonstrated about characterization that we've XXX system. of on chip does pieces. well aspect The it When those data well immobilized bind? stay How as flow And the efforts degradation experiments, scale characteristics? what about we're key the need to see X it themselves.And showing What aspects reagent and additionally the to demonstrated don't as of a we the themselves is, to? other at a protein the are components are the well of understanding reagent, is affinity the workflows. we talk like the scale typical individual its Is of the be for is -- that little the sticky? and understand sufficient that sufficient ability has just very of chips.So successfully affinity of get the on are to that the of in to focused we do the what a of in significant those continuing quality what are at it robustness. the amounts affinity on to able produce?So Alongside to and the with level aspect assay? that reagents specifications bind We number second reagent easy these reproducible scale, be consumables large cycles things execute standard build there indicate really to to does rates guard-banding proteins. behavior dozens, with manufacture over reagents The affinity understand to of in is there affinity a damage biophysical specifically a might detail reagents the buildup really see each reagent on -- of binding to not Is reagents each a of substantial the to it has the

Elizabeth Koslosky

are that balancing through the was question, super back of chain That cash XXXX? up And second then, shoring great. ahead your of Okay, and the also launch, on half you the supply of runway of sort helpful. your how

Sujal Patel

that -- I'll Sujal. start Evie, electronic one. the This and is let's to question, we side. take From continue the Yes, perspective, -- supply on that's chain on a a good

instrument. of purchase our time longer of continue manage we some On inventory to the electronic ahead side, lead the in parts and

walls instruments, testing, capabilities We our on outside contract continue issues for manufacturing our Nautilus ramp collaborators.So work continue we're and continues, verification/validation and from any up, foresee side. build that to instrument and studies, build to for working which internally of that particular don't for to we a using the with perspective,

walls. our and of the the categories capacity of the And the that chain, we outside cell, made small continue of improving increase or flow chain, pretty side, QX And that implemented and things. on most in and flow those tweaks we bulk aimed that here for for our stuff chips cell tighten QX X is In consists the with of simple. at terms QX side.Remember our error And things. of in on supply to that are for to reagents of part, is that -- quality partners production. consumables mature being we, reagent of tolerances number One stuff buffers are design chips sorts are here our a kind through manufacture the the into that and supply of

probe For we the label, plus the antibody we've for this have proprietary some and quite -- side, the antibody building side been is probe basically a our time.

robust material into well. as supply a some as well have building managing and supply externally of parts the of chain internally some that as go We we're the that constituent includes those that of input the stuff

see year I to latter year. this So don't we of any scale begin issues part the there in here and up as next

Operator

And comes Stanton Matt next Jefferies. from question with

Matthew Stanton

but sounds guys to continue good make runs prepared remarks, progress. discussed the in like the You experimental

If you an improvement I think you about sequentially last better well. quarter, back as of in talked XQ order to Xx magnitudes go

for closer to see? how to and Are should kind do how we improvement to or be? expect scaling these you need is given important models Just of the getting you systems of much more platform, need I this guess, where an

Parag Mallick

take I'll Yes, one. that

measurements, point, to probes expected hundreds when on starting about typically our we be of targets, we of want on a using launch to expected X be to -- As colors. to hundreds think in have execute able

in the are for what launch targeting having for somewhere So our cycles -- XXX targets. XXX we're to

hundreds as across to are to reproducibility. the we're that of reproducibility the other assay terms we're that, cycles accordingly, on should components some push reproducibility be.In us and aiming see that, continue you improving to increasing reliability and -- so, advancing where towards as reproducibility, end-to-end of further continuing rather the areas towards well stability And of than

instruments, we across things several HUPO, different did those one measurements operators, detection we [ at the in the U.S. presented across that different was different days. ] times For of limited that across example, repeat studies

of pushing we releasing are instrument the those we're as going that so, towards our to And kinds platform. things move towards continue and

Matthew Stanton

And then, for one Sujal. maybe

of lot of look learnings event on like Sounds from hear little a of HUPO. U.S. and love this like the Germany. interest, upon was of lot It in build ahead investment more in of momentum to for sounds some you'll the you scientific there coming a fall Would the to positive event then the a just bit a update, recent of have out an and more what the community. both might here

So on just on of on would momentum thoughts here event and love your October. kind next building the capitalizing the recent in

Sujal Patel

don't I Yes, and that, in I'll detail. more a Parag little let why then start maybe delve bit

see, talking of amounts to lot spending stopping stopping I with a KOLs was HUPO conversation staff, continue Nautilus walk by, where method.Our in that just who event and posters would people the extended was around with from our having years little space, booth excitement We around by in well. as really time of had excellent. way think proteomics had proteomics of for a I and the past. was I in and scientists, and seen I think think and that in well-known or engaging I booth one a were Parag we've down what the see to I in specifically is to proteomics Nautilus number and a was had Portland say, there we with a all different well, or Nick and the the opportunity of conversations myself momentum, are the showing as traffic not that gratifying scientists bit many space, to Chief we both there for a of and lot but U.S. that the lot Officer, a of but our but the booths. improved the Business was Nelson, certainly see data

well is of the Parag's think one at the that great.One really to updated were during the given looking he's had of there Parag's that and the Parag end as the full was see who multiple to his scientific great data. method, talks aisles version what updated are talks And works, with conference. So full how was of door people, before, goals get And to customers U.S. trying and was down an our really lots the turning Nautilus competitors at one I our good other absolutely questions potential really as learn which talks. in.Every assay packed. HUPO highlights, engagement We more. of of the our of scientists describes as that seat and was of down talk was and were were technology, one The session genesis I well.

step that to of data which but we is for working it really as that's closer So And, wants second able on and from have at was certainly for we're now head to showed detail call he exactly focused half to any question what some World more HUPO one our can example, we're much we to so, transplant than showing terms HUPO are [ hopeful entire exactly HUPO? -- commit door, we is of that a on detail we regard, U.S. in the let product there to I add on, the to head we're on hard here, U.S. that.Parag, a out to think being team not into HUPO add. detail anything coming we show. start to and successful that World and hard, committed having take it just up, ] that add we're working -- very address down to heads I'll your and the then But just what have take right.And data the the Parag

Parag Mallick

Yes.

applications we in how largest saw other one that a the get Sujal wide works transition the I through And researchers cell to largest, spanned towards the that of think detail but very of it asking changes key detailed thinking substrates into I blood biological really wide to one those scientists might incredibly range a from studies, of and platform ranging. our seeing platform or the CSF.And studies it lysates from how biomarker a level of opinion to were asking as my really that horizons. way of and mechanistic works, to leaders mentioned, ranged the they've use courses transition gotten research towards time specific that -- They beyond we're could their it for they're apply or was might about it understand proteomic how show expand excited understanding questions application. that

Operator

this Instructions] participating. time. I'm showing at for Thank call. you conference today's no concludes [Operator further questions This

now may You disconnect.

Nautilus Biotechnology (NAUT) 30 Apr 242024 Q1 Earnings call transcript