NAUT - Earnings call transcript Q3 2024 | Nautilus Biotechnology, Inc.

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Operator

Good day, everyone, and thank you for standing by, and welcome to Nautilus Third Quarter 2024 Earnings Conference Call [Operator Instructions]. Please be advised that today's conference is being recorded.

Now I'll pass the call over to Ji-Yon Yi with Investor Relations. Please go ahead.

Ji-Yon Yi

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

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

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

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

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

Sujal Patel

artificial and and analysis an seeing research are between increasing the we QX and of relationship the to XXXX in Thanks play will proteomic intelligence, joining to exciting shaping the role announcements health. advances space. call. everyone welcome of recent an the that proteomics the Ji-Yon, From be in It human is to proteomics biomedical earnings in recognition our time innovating Nobel Prize future

we is very at I impact one an managed environment momentum That external frontiers a at team, entire I'm very expanding in scrappiness for to with of very resources more efforts the the quality our grit pleased thank as opportunity all we're expand them for excited of in made to business. to tightly. have making QX. is their and output both a the and a pleased been about to for of and Nautilus' great level. I'm with less significant I by proteomics, see generally team's and testament opportunity energized in do and team progress where Our being the high the see want are last to progress performing I the execution ability biology, and the

member of view to high-value of as product our community in customers. spec welcome the organizations the currently a drives more at joins engaged. Officer. and the General our people insight We positive proteome Ken division. and consistently us for desire feedback and Chief Manager the plan and envision significant the research of those His intimately us the explore and their around uses platform researchers of we've apparent is go-to-market and these protein instrumental how of opportunities continue proteome. of becoming shaping will we as receive mass limitations that and proteomics be It's to audiences with bring They more revenue. and potential creates familiar into after powerful to what's to target President from broadly world serving Ken available. ever with recently Vice respected Spectrometry career and Suzuki tell deeply that more to the their be whom Nautilus well-known excited XX-year I'm revolution, intact Technologies, Marketing will most as the as educate explorations market the and help Agilent understand Agilent's important buyers is along To they our highly Ken part a analysis single-molecule Mass first selling

broadscale dive to in, of the take be I bit We modalities, on our detail But the focused our proteome discussing platform's development to detection. quantify and proteoforms share targeted just you comprehensively platform initiatives currently have which aims status a morning. overall for minute on quantification, against to of is a We'll of number of discovery, and which this important a we progress provide updates context. the want each before

capable input of with building modalities protein platform robust own molecule can path start, updating also demonstrated instrumentation observing we core today. software level. affinity that material at instrument processing be reagents and I'm we'll the and the continue binding insight. intended. scalable and as of have readiness events as functioning its molecule reagent deposition. very each present and cycling our will been are to Its of over efforts that Parag Two, the molecule proceed proteoform our pleased biological well. Direct single development and both evidence nanograms we affinity core XXXX, we readiness to for iteratively three, platform that development of little and on capable half consistent cells demonstrated; shortly. assay And the assay, integrated new the data as process demonstrates and one, demonstrated you turning is begin has into preparation that single reliable a and platform, data that share algorithmically an that library many While flow report first XXX all of To exciting same chips, of and aspects cycles single In platform creation and

the such these commercial in components always windy than you're remains different development product any While the across Nautilus undertaken, platform to complex When initially of optimize the an innovation progress some as work is we're we imagined. making what path ahead of and you availability, and has incredibly frontier what building at activities. scientific confident those remain proteoform-related

core with front to goal, to sample As measuring number major and This like proteins, of broadscale next behind the X,XXX, XXX, pleased significant piece on our road complex respect proteome. cell overall, be our last able puzzle. to on platform we're milestones X,XXX, quantify a internal from as of the is on we are proteoform the a the comprehensive to platform lysate the with the

hundreds short probes, multi-affinity identification single which epitope proteins, mapping, and the or recall for method protein integration our proprietary by of interrogate unique PrISM involves protein short, You'll that of of molecules. identifying development

Over of the parallel, thousands probe pipeline X labels time the our and within hard of been these probes fluorescent additionally energy development optimize defined In diverse how used metrics a approaches the doing and labels. years, Internally, affinity to platform attach optimizing and probe to work spent used examined We and candidates. and last probe-by-probe building robustness we've to types for substantial building we the labeling to increase reagent and our on probes. basis. the transitioning metrics impacted these chemistry candidates platform-ready label we've

necessary analysis probe we initiative with Through performance probe to many next with PrISM. and probes between that will Armed a candidates platform-ready very of that examine that upon As on XXXX, yield. of we detailed to platform-ready multiple expected targets of these that candidates to embarked reagent understand Western From further some the Interferometry, we're high. in platform-ready. does entered produce of we're always these the an fallout the months, including have techniques, on indeed approximately used the improve molecule potential there, be currently, candidates a is our and enhancements fallout number that focus to Through single there implement desired say these did pipeline ELISA, We in We probes. we and development probes. that properties to QX the QX, enable that arrays too probe of characteristics not confidently meet detailed probe way. rate affinity peptide fully that streams continue Bio-Layer very QX information, will to over and our working confident probe. analysis, can few But candidate blots, work binding we become a of number X/X will kinetic

While by the broadscale decode from bind the significant implementing to successfully do short that the being Congress developing on fact that are and that participation in behind capable probes milestone week. we've we're a just HUPO delivering epitopes been encouraged our next World sample, off proteins we're of in are complex we last proteome. tremendously Dresden, the concluded disappointed able unlock major of to We're to comprehensively Germany PrISM successfully fresh

community, and imaginations further reach very year. from some just and proteoform with as As continue number be moments, shared from rollout in what fueled to educate our and new that you'll few possible our hear heard commercial we to may next trust cases use exciting high-value Parag the have build a of when even proteomics researchers a we data

now a update on detailed the more call me and to Parag? For turn over HUPO Parag. let our efforts in general, R&D

Parag Mallick

and all. morning Thanks, good

to again this our that to of analysis As platform. mentioned, our great us researchers be powerful used Sujal World significant single HUPO a and unique event this terrific driver proteome insight. for a We year provided communicate a we of is number will molecule platform a tool introduce how believe to opportunity a biological critical was and opportunity

a cancer community At the luncheon and to used by across transitioned platform probes, site-specific poster the through discovery our a transition of X commercial its towards we hearing early discussing enable sensitivity seminar at to ease molecule The application of transition important of to sharing works the special diverse proteoform scale these about the was sharing scientific proteome The diverse and we also the our how single use of dynamic most and make dynamic billions from full in really the of attendees rigorous exciting of aim our sample from primarily to platform advancements more readiness. access answer enables HUPO, continued all progression, broad-scale a emphasized platform components plant our conversations and in approaches. this complexity to its projected of This for present we biases the unique event, range. platform is correct HUPO, and presentations data more of accessible biological At in high-resolution we to identifications. platform many both found marker our questions. using important luncheon towards platform moment, valuable ranging seminar, and the diverse the in applicability our approach development the library of range measurement the has underpinnings house its of been the developed proteome community the dimensions, our our platform and I booth throughout was existing biology core limitations of Notably, without an protein microbial from assay. the designed scale to using to as presentations, a ask science multi-affinity of latest as packed our researchers. biology, estimate X have process, target-specific and questions to recognized that single being analysis how interested to cases, and of fully the of and rate in its into dug demonstrations advancing errors and we was on increase company platform quantification molecule broad-scale briefed and the clear hundreds development the and at aspects to confidence targeted neurological discovery to platform team how or core use, By In and towards to questions and to to shared types that biological seminar. applicability and attendees. to obvious and nearly false disorders, of preparation protein ability I probes. and and We complementary excited beyond throughout in the compared clearly order molecules proprietary XXX and and/or X the

and the interplay closely recent our demonstration Throughout class we the examination Efforts protein wide the we a look up in In a the of across abundance patients perturbations Alzheimer's previously than how Genentech organoid partnership associated landscapes in X,XXX and this possible. were to disease. one we data such front at first model the enable forms forms assay first neurological, and are measurement functional iPSC-derived of represent from the at initiated models and related part of scale with systems, general landscape dementia step of scale neuroimaging, and between proteoforms of commonly changes measures whom examining looking systems as proteoforms biological assay in proteoforms progression experiments When potential interactions normal highlighted tau aggregation. disease, for will analysis possible abnormal new containing model developing demonstration, are use at investigate of of proteins, death a between assays. of may that HUPO, molecules. or of also proteoform proteoform impacted first-of-the-kind with or targeted resolution temporal discussed envision exogenous never a I tau phenotypic from by mutations as a existing Such quantitative logical pilot methods. proteoform previously template tau the cell and resolution our higher towards key studies for become and researchers and Alzheimer's illustration detailed or what neuropath Alzheimer's varies These with most available. the of with tau, proteins addition, be how assays protein In and a tau of the

of beyond millions and going Across we variation doses associated of when Organoids more courses well significant points. the molecular details may multiple with the process several potentially studies cohorts fragment AÎ² enable of at of growth single-molecule biological progression. these timing expanded drug to time development. Our Such tau detailed proteoforms implications a XX, time observed AÎ² have in measurements, measures that and with were in treated to studies AÎ² progression. larger impact investigate

organoids, the proteoform organoids, examine extensive model treatment to in variation variation to wanting system cell-derived we landscape the mouse see and addition, biological landscape. and questions relevant organoid that models In Both and stem studies performed the we migraine comparisons ask. are researchers also in anticipate across pilot tau proteoform

is neurodegeneration. answer platform's platform designed in and these data Our our quantification an first-ever leverage proteoforms tau unprecedented molecule will of encouraging antibodies In complex single with scale to using that resolution systems believe insight. epitope-specific detection high-value we ask unique landscape summary, those enable questions model and that of a reveal are and

additional neurologic the for result to larger matched sizes, With researchers in greater of of and/or study Alzheimer's understand seeking better other progression sizes these to effect may the diseases. data validation insight

of continue our accrue upon platform Both to capabilities. single-molecule reproducibility molecules preparation, nano remain labeled rely software to quantities. and the individual value meaningful protein remind you modes and advances software. and areas. related proteoform to instruments and targeted on with consumables, assay, reliability, machine iterative execution is I platform discovery experimentation As made we've those of In customer platform in made I our unique QX across successful enhancing scale, that with and scale quality, of largest conjunction readiness the the saw and particular, performed This progress the gains We detection being on that, Sujal. reagents, to and to remain in call our focused launch stability, the our the confident both that development increasing core turn to broad-scale will that the want dramatic focused advancement product I proteomic conclude, of of pattern our see learning library areas fluorescently a research. to a activities us enable infer are and that identities With of affinity chips, I'll will probing a platform back be date. along to and

Sujal Patel

and Parag. Thanks detecting we substantial value That tremendous unique development for other targeted and and dual is shared Parag's biomarker the diseases. share ability enthusiasm This both a platform's neurodegenerative others. with discovery our example discovery enable represents platform's to perfect by proteoform progress of have for analysis proteomics. of tau broad-scale update, impact initially Alzheimer's our proteoforms and our I could drug in on the progress in understanding

large analysis drug feedback shared, companies partnership-related look targeted and to We drug just in in for those discovery recent KOL several formalizing indicate the proteoform conversations from targeting interest with efforts. pharma preliminary relationships. continuing and Aside use Parag forward

With the massive opportunity. experienced front, the of to XXXX significant we out proteoform to be dedicated the believe progress first business a proving we on we've envision being proteoform what half

academic key our as part and collaborators accelerate partners pharma engagements this, large will As of our with we first biomarker. tau using

shorten proteoform proteoform our our prove more platform will also and the efforts, to engagements capabilities for equally proteins analysis. anticipate the into launch the that serve made on for our that believe of our XXXX. product has as broad decoding scale Based entire we to from the these broad-scale number I to with single-molecule of commercial we our frame am move proud we've a serving the Pleased the the importance exceptional development focused program; harden the that to team late broad-scale our driven early methodology product. time Aside value I'm way access platform both continue hardening our of will maximize enable get in to significant unique lysate this that in a has our thinking, progress They researchers, will of cell delivering of cash usage. forward development our out three, way platform hands of expect the runway. scientific the us in has efficiently of also one, balance comprehensive of managing required from from, of both a applications. of launch business to an of to organization our headcount We and recognized part while our launch expenditures to progress cash and commercial Each two,

hand me Anna. For that, let more call the to on over

Anna Mowry

the period primarily incentive large flat updated million a expenses the estimate XXXX operating quarter $XX.X last period. loss to $X.X third were to expenses by $X.X prior of was year our XXXX our General in compared the XXXX of million, as prior quarter quarter. the onetime for third year roughly period. Total quarter $XX.X we $X.X quarter Sujal. expenses and million The $X.X prior last to third in million the Overall, $XX.X was below were to decrease compensation the expenses XXXX in million development million million were quarter. in personnel of compared Thanks, for $XX.X operating and year. net and third $XX.X of attainment million million third year below quarter the XXXX quarter-over-quarter costs the Research to and adjustment of for year-over-year driven the equal and in administrative of compared

applications. team's in significantly I'm across QX to capacity increased business and with the spend. the both their and reflect thrive time, the onetime XXX targeted needs spend team QX We XXX of to adding flat with has to Roughly business fund last QX significant results through ability pleased Nautilus optimization headcount that our adjustment, headcount. and the same At extremely management. from year. ended Aside the experimental ending tight prioritization, our cost broad today's output allows innovation scale incremental without compared

our with of investments equivalents and ended million compared approximately Turning cash sheet. quarter the at quarter. to $XXX.X $XXX.X We end in last cash, balance million to the

Our unrealized shift unrealized a quarter benefited an losses quarter. of million last from this million in cash $XX.X gain $X.X position to burn

launch. up finish While quarters XX%, guidance expense managing to our to continue we to than XXXX spend, operating our full the our to we commercial remain for expect and leading our at XX%. that previous to into anticipate tightly year work total land to growth committed the our development, better We of XX% roughly

a cash As our balance with to Sujal. XXXX enter previously a result, we and cash it runway With burn that, than lower a into XXXX. rate turn extending I'll anticipated, back higher

Sujal Patel

the commitment Thanks, management entire driven demonstrated reflects resources our Anna. and to through on will is value team's ability mentality. people by these stages final our initiatives platform financial The That ongoing focus mentality highest our tight our of us drive that to scrappy financial development.

that of to solid against that, thank And continue wrap want business for secret the and align I'm we focused our anticipated, longer no entire a again we'd things that initially to To progress are us spend make areas on efforts product taking appropriate directly and it's our development confident getting and goals interest long-term the development than I to and is While short-, shareholders. with team. market that the our Nautilus best medium- up, our goals.

next come, we that, additional up about and excited I'm questions. happy to open are We Operator? call. our forward to updates the on With call look to for what's providing

Operator

with [Operator Stanley. Yuko it Morgan comes the our question. Instructions] from line One of Oku moment And first for

Yuko Oku

the than seeing candidates? Sujal, on fallout Pro rate? these some ways that Affinity that issues are the improve rate could And reasons to what you're addressing you're for you elaborate higher of expected

Sujal Patel

Parag, the a stab add want for do color you at on some first this question. to I'll Thanks Maybe and then take top?

Parag Mallick

to. Happy Sure.

to Yuko, every a think, down characterization great with amount probe. extensive I the the do that single So -- -- question about it's really and incredibly we of comes

through binding the and kinetic every goes single things nonspecific properties, wide examining and probe tests, manufacturability. like a As also battery Sujal noted, diversity of the binding

discovered the probes really being kinetics development as we've are of the working chain each labeled. been impacted. through Other characterizing some extent these so which aspects, and to their to amenable probes, we've And are

Some fast probes and short kinetics kinetics. have

touch with able to distribution see really just But given target were diversity effort. the wide more wide same of a to things. what of percentage We're be are the But earlier biomolecule, So at thrilled we a balance means And that some number that be we given extensive. applicable we're observing advance, fantastic some there's distribution. that's observing anticipated some to platform. will a we time, a observing And will their wide we any epitopes a also is to of result. take dimensions. little proteome. expect that can as going -- really varying have probes That of you're and the on continue they're It's will that a bit always any and applicable kinetics probe

Operator

Yuko, I'm going to bring you back to the stage.

your question, with continue Just second please.

Yuko Oku

proteoform you While broad you of launch? capabilities of milestones, scale discovery capabilities And the to your available towards access customers? update behind anticipate falling early on of you development how about are provide could both these be to do talked an progress on

Parag Mallick

And a Yes, remarks. expand Yuko, is during little a the to try the great I let that remarks on this bit me prepared made question.

the proteins a have is use past scale, And before which sample targeted calls, parts of initially our envisioned because release proteoform two much we studies mode proteoform we platform of work is different is of Genentech more a platform single molecule that would at are our that and types have mode, platform which anticipated work interest is landscape the broadscale all a other our map comprehensively. few we capable the proteoforms, that the with always do what we case other in last years the are did continued -- cases. methods to as early platform customers proteoform use over refer And One what realize matured no partners, is on we've had identify at as we've to our performing in of towards broad So different detail level. we as that through can said And some analysis. rates. there to as the significant have while targeted with we other would different within

so QX on we've significantly decided particular, from And and QX capabilities maturing of proteoform spent an as on as over course bit focus tau an important also in initial time the well, our a and biomarker in types a diseases. discuss a and neurodegenerative tau academic started of KOLs. And we've of organizations research with to of number pharma analysis and proteoform and the potential customers of nonprofit number capabilities key

bit And so And first and when that a we'll our the us engagements that early envision the the broad-scale we our probably future we access a fact the analysis. because platform. work half on use access between test and us little first the we've a half so to inform really launch respect shrink look to of really with market that out both prove use focused we but and road cases. what because timeline to very well the capabilities the program we in opportunity the the offering. jump our start those demonstrate tau but hardening to for we for the into next we is intend customers of with of first half really proteoform with in will to common for on platform, hopefully And harden our the will program, strategies bit described year, using and year litmus to program the that of half that what's to using possible of that helps as and help early platform proteomics expect year, our in map us that forth And expect the base little the as pricing earlier, working second Then the is early program. similar to access year base proteoform platform that compress

the over that we're and proteoforms to one, focused to, us from collaborations what the we're early access. help that possible; perspective, the first as that of the and what's with really show We're two, going nomenclature the that coming do inform course help we don't to on us Just a in half, with doing partnerships world work quarters. to capability refer

Operator

with for Securities. from and Nambi our -- it's next One Guggenheim of Subbu moment line the

Subhalaxmi Nambi

assess on and are corporate commercial move year. would for be you the stage focused Investors help to us to stage. to increasingly goals better understand expect development What into metrics XXXX us better in from Recognizing XXXX year this your you as you follow-up, move progress are X expect X commercial could goals? increase to there stage, as quarters? these to towards pulled biggest to heading areas be where where over And areas share is able next then And a back? to the the actually investment investment next to you are the

Sujal Patel

Great. you, Well, Subbu, the question. thank for

take Anna I'm half first of to me Let to the the half kick and then here. second it, going

coverage universe those that we're different than most So the the a track. for half was first us, for you for of question of your really to of us. are metrics And that analysts I think little

still but have We there are it's we not yet. exciting an company, and pre-commercial coming, incredibly a product

map of where pricing engagements terms on where XXXX. broad our late And intend learning still road what about scale, what's we're the first in and are I as us then our and goals. revenue are engagements focused those informing capabilities launch in year, is The to of Those the the important in broadscale we important is that prepared said proteoform of to mentioned, half remarks of possible engagements. we demonstration are not And us. engagements

an as from customers first whatever we mark of early out program. it you important is XXXX. the it milestones. our And platform, a think us is XXXX? measure of of that that we And cell that's metrics And estimatable a the it's head getting those us into of help access where remaining our to the proteoform everyone in I should in we're remaining we on nature. is to And think goal our proteins, you've be then the focused probes when about into management. think significant I in will that. proteins timeline line. think milestone half, decoding That's say you capabilities heard so comments proteins the for anticipate the I lysate, important be that the the will Sure. that spend getting to in platform-ready continuing you I be that think XXXX. as goal that the talk start I us important our number is do you top want hands running, -- point, And can And Emma, we've to and I to on talked line XXX,XXX, related will of decode that focused milestone will be course, finite which more most work about continue at at of half speak with be, of really of think metric, particular, for development relatively might about an because repeatedly, we on in can tight critical spend and very and look X,XXX ours. in addition we key likely areas to will than Subbu, that, the then there, all sort use that, progress, to something about talked to top

launching the spend, and our do particularly spend, We areas will but to development our hold in product. more trying that with be of

commercial of get we'll team, the make closer in targeted investments to that should level some we As very so launch, add spending.

that spending increasing is both applications, targeted -- we're in terms pulling In more way and talk as you've one back our doing developing about, our broadscale us heard of spend. which we're without

runway I in we targeted So and decisions pull we spend at the we our we both have to an to that to of can be we and commercial good how development. our now, need in make us feel prioritization of launch. more us really support gets that milestones point, think opportunity gives the product level -- our cash That as But right back. our time some spend

Operator

is Matt it And Sykes the line from with Goldman of Sachs.

Matthew Sykes

is Matt. for This Avi on

the more side collaboration seeing of Genentech. as through potential you on having you're spectrum? with And focus targeted opportunities discovery side like talked we each then you on conversations So of in targeted have Or are well? sizing of interest some interest the you customers, think had your given In how opportunities in potential the area? your with end about historic can the that

Sujal Patel

that broad about let's talk bit your question. part little So and scale of first a address

is been many about that they with pharma, DX talking been customers customers. I or years. whether customers, have we scale broad with think We've about that something for be that talking potential academic

for I to from continue is incredible of amount that that what see excitement everyone think an we we talk broadscale to. proteomics

going So a for been that long a it's on is and time. given,

On been with that Genentech you'll doing proteoform work over been the X that has we now. the years recall for have side,

well. for been So about talking time as with we've long proteoforms customers a

have didn't proteoforms focusing to more plans our us customers particular who've and original tau. front, it's going our been with really, do on the us first; While in pushing proteoform on

bit that incredibly they're the that it. and had momentum of gained So through about excited that's natural a little engagements work has customers, with we've

selling about of that into first that because sizing think talked the the are focused think market do model is. proteoforms, It's you a we multibillion-dollar the capability the long I broad there's and on discovery discovering With to to existing financial for scale is an and opportunity how kind respect opportunity. a size work mass about want this half when think lot for that to in opportunity, a is of for that what business protein large really to large it's workflows time. ideal it We've the there's spectrometry-based easier I environments. opportunity assays where related

important the as of on incredibly and Our significant can to that your able inside understanding belief of see that this implications of many as the to being function have talked body and precision that it of medicine. development cells the customers of proteins new is is drug and well inside belief to I've biology

we these look specifics, customers. previous I the think terms sizing at that biology it's it there, take from big bit spatial of make of look how introduction some I here. innovation a of on want give the on we through little the we really really Then that, precision forward. a first that and that capability and with types like opportunity the in think progress think have important some and of half that think we year of to we'll at and more us with finer to really next So market had there's But impact

Matthew Sykes

Astral the recent with helpful. seen That's then proteomics. we've super and within traction the UltraX And

targeted with competition this So established things. the of Then side bringing market these contrast within you thinking into with the how maybe about are players? potential this

Sujal Patel

you that in. and to Yes. I'll take Parag, first, want then one jump

Parag Mallick

in Yes, jump there. I'll

technologies, we when new think though I hasn't changed landscape have platforms actually look of been emerging, hasn't; the the much. market it at iterations very structure of the general of actually

types still of to in really market. two players You continue dominant the really have,

you class us. this and you targeted then and BioTools mass have technologies the have the the players then and players, new of links spectrometry standard have emerging You like

we the what quickly. timsTOF, really at latest like is version look I at things think of the et very, moving cetera, very the very, when Astral, great they're

of a large can a time. very of they number amount So in spectra short collect

On the fundamental on effectively The use, space, that abundance of helping hand, end with back ability challenges like the to other contributing proteins. things sample things dynamic ease low exist in to range, the the the of speed isn't some substantively challenges. like those

identifiability molecule other detectability, a concentration that protein, On the are a way in spectrometer. to the quantifiability directly a in are in the the they the correlated mass of single hand, not universe,

the they're we of been when the peptides a molecules. we of they're what looking the are measuring are the not not and proteins and So mean looking beyond the couple I with of orders at our excited excited of That's that to about seen of describing demonstrated things of sensitivity of billions at core magnitude from folks, in dynamic They we what certainly excited platforms. existing range, are thesis. that billions emerging majority to platforms very really they're sensitivity. are course, the get is terms scale which, something platform. of has comes even scale of of other about One, molecules the about optimal our talk that

So be and really Also, a mass exciting for folks. the that's platform spectrometers are ability powerful biologist, to very instruments. amazing the to

that be our we've to broader exist with call, accessible use as proteoforms are scientist does community way continues biologic for generally measure the your the not average to at to this a there us. platform. bench that Then of and about talked of level scale on that simply able ease we resolution aren't and accessibility, they so However, an important for differentiator to

that So pretty that's world the world. an scale represents entirely to and this measurement kind of the new bringing to be resolution in and exciting

spatial. Sujal at then to As bulk biology been of we Stanton we've from cell in goal structures single seen from advances, [Operator when comes kinds transformation. with increases and single the it We from these defraction mentioned them of spectra Jefferies. to to have scale. that's sub-angstrom from that saw to is again, transition And before, really with what saw the transformative actual our them resolution of These level cell is, transition with and X-ray the crystal Instructions] Matt line

Matthew Stanton

Matt. for on on Jack pricing. to is want first This touch I guess I

launch, might the tech. you be or to model Astral mass rental past you sort elasticity How systems such decent the Over spec the pricing sensitivity despite XX as we've have today? elsewhere price customers it target changed XX sale are months, continue upon you leading in price pressures less on pricing of to reagent? guys instrument portfolios, pursue at of high-end seen get edge your interpreting outright And thinking your among

Sujal Patel

first Sujal. Yes. I'll this year. stab This a take is

point in been you Astral the million that at significant mass $X is we Astral have for well leading the the what received are of think I new spectrometry which the in installation. a coming of of marketplace described, exactly case and what just vendors out seeing over price well instruments the

of so there validation is number for second, it are all proteomics there related customers research that indication and we proteomics. as importance spend, to in even of community. the at potential are capital And that choppiness And available of still some significant we projects talking one, and an that that the to as, scientific proteomics at in to that look out with we're the significant look spend

And we that's supportive with. size that very so from the roughly of $X initial launch standpoint, to million deal my expect

price get its broad to tau, Now walk might I -- the we to pricing on with the to customers. think And that biomarkers different that we what a price with we the and tweaks as product, closer of the our points cases, other model next and little the the with And through answer there in our with intend has and but X,XXX is walk disruptive, because the with scale of final case, are business higher get through as analysts, the any and initially to think our our focus X,XXX sensitivity exact his launch, a of investors as to into year I coverage, to in market dynamic Wall if use proved last do product as use those incredibly well out that looks acceptable question, given product, Street, our Parag long be tweaks, like. in described and first being even well. that range able bit with provide targeted are terms proteoforms then up run, both and

Matthew Stanton

great that helpful. that, would of funding that for on it side, up if but pharma, sort Great. mentioned particularly guess super sort the of following Okay. I an gov was academic be And Yes, on you update you could landscape proteomics. provide

quick in flattish change this data show categories any about there. customers, of research? proteomics bit maybe sense might commercial versus little And guess guess, then engagements academic how appetite growth the a I of for mix your do other more year, the healthily. today, Some think split pharma should you I on whereas growing NIH launch? based sort be follow-up a we following overall

Sujal Patel

Yes.

flattish that year-over-year. funding a So in disruptive at we're that have or perspective, platform hands described, firsthand. seeing the and macro just of value be and I has And experience disruptive on see the that might it the environment a the marketplace we're would I recognition broad say for generates in can and to for super there's In great echoes customer, scale to government-funded targeted the And there's be some of I what what think type data huge with sort which aren't that customers with conversations platforms both have that, in the desire on that I is think of don't proposition, terms platform a that a what the that get our side. incredibly the scale and is on their difficulties. we what that the research, potential create broad side in academic seeing nonprofit particular, space, you academic research think the

the up potentially environment. here lengthening And cycle cycle. market I pharma think that think whether our will or capital choppiness sales a an so proposition we're well customer, a a the that I that with I talking any very about hold in spend sales in customer spend itself or the will even terms talking value in think friction increasing or fundamentally, that, tighter about we're of But manifest certainly capital there academic in

of as think of of commercial that's end base. academics with about, on well the our and consider more the but the which DX could the case things you're side asking spectrum which pharma I of side customer both on things, the you

years' Instructions] oriented to from platform think line will that comes X that, Brennan looks I Dan But in the mix, that commercially last as year like. with of think a customers selling customers of worth question we adopt continue both our of expect the like be terms of actually first or mix first research well pharma. more In our academic what we discover I to Our there'll Cowen. close of mixture and nonprofit TD [Operator customers as even perhaps of that

Daniel Brennan

milestone that in just of Maybe the to hitting the proteins XXX lysate. on X,XXX first one,

I order know published time kind the on you specifically, spell and achieve result frame? early expect remarks, addressed enable at through you by out walk but And to could in hurdles that that you in you HUPO. tech that are prepared I completed of just to this assume them have need So U.S. to key what the

Sujal Patel

Thanks question, for Dan. the

we're -- is being that for That question of key are or answer how through you probes development, from be described And of on I how your a That many means of critical proteins is curve broad milestone to platform X,XXX, you of and the versus directly remaining to that to see show -- be as provide substantially our on have, significant proteins an At probes of There specificity a that So some able based PrISM mean, platform-ready let many we cell X,XXX the transparently number every I'll sort enough able exponential able proteins come all XXX, you milestone the to because any me together. complex piece in see scale. point, can. development. sample. sample. and as try lysate has to I it we'll platform-ready that can

you be annual interest to important by So in changes In bonuses, the of there, And wish we that some us. transparent, intended related we and incredibly it just frankly, saw year. of is we accrual being end because the she remarks, to were there prepared Anna's to had and we the that had not. we're that frankly said was

expect Timing HUPO to can get It's hard us. this that early not very February. working working by You U.S. very be we in year. is very, U.S. for a are HUPO. milestone able is to to broad-scale

in that improve to go to on progressing being key remarks function a and get probes is gave like and We that that And I'm able is done -- the But have enough focused our improvements going during we're improvements bit to committing are hard platform. on it, labeling an it. well by us try thing and to so little of get really a on not well But Q&A, and here on very there. working for And nicely. but of the to HUPO. it color probes that to have making through certainly making his some of to mentioned U.S. we're strategy continuing we're our we're our prepared is milestone. and company our me labeling I to. our work on be functioning some get The that chemistry to to Parag lets able yes, say, exact as that And function just that to answer have platform super on that's don't diversity well platform-ready would

Daniel Brennan

about the probes And quarter, DNA you And another using moving attaching away enough to material. the talk about rate. construct then a talked you a talked probes think aren't high undisclosed you it. did at and Got from I last away

Like it you're but progressed? obviously, a of central has how possible a the kind don't what bit that it's know underneath expand the shift. that it's in like if doing part little of hood, to that and I confidence on Just sounds

Sujal Patel

Yes.

about the trying that when construct. of one So work strategies, adjusting progressing I our so That labeling our evolve well. talk is is to really -- very

the I along far that think are along up I don't yield and the that -- with fine. enough is optimization our labeling probes particular target platform. in we can't X/X the exact that where platform-ready and specific know but we of I this to prepared initial improve yield so getting of -- how I of work remarks, that you completed get an of spot our to to mentioned we point, we evolution of to moving the Where have that give the work specifics on on at are. But continue just that that And respect that something having chemistry our to we it's target construct probes are chemistry

Parag Mallick

layer If ecosystem, that, I scale. just focused guard When entire on banding. things quality, focused think development like can on we're focused Dan. just about on we throughout we're in on We're really bit little on a the general,

component improving. every single And of constantly have, and evaluating a of are so we in our tweaking system state and and tuning and we optimizing

of couple in the oh, to the times label and big is expected We've to a say, tempting targets. development And optimize commercial And is of evolved refine focus part probably course quarters. this on XXX continue so our a and this natural the last it's to of towards that's and while thing.

development is your to thing, going an reagents. refine to refine those is it is And so the but an that going you're of expected it also important you're part of reagents, manufacture

for your those going of specifications to all refine You're reagents.

Daniel Brennan

it. you the back in the of 'XX. the planned release, maybe about remarks, talked a of like Got the then launch is one. press I and And in for think It kind commercial sounds half final prepared still

I consistent QX. with So that what at think, was, you said

'XX on Just push to not any give maybe So color yourself why to more room? that.

Sujal Patel

we're open we tell continue I planning. and to how just to with Dan, front our launch. And try philosophy is plan Yes. you to late Street Wall a for this to that XXXX be think on

'XX? and it's possible Is a look something we we it perspective are need at feel could push Certainly, to where it to continue development update to point. and be could from this possible. that like at that We out don't timeline XXXX

our that think complete You'll P&L an 'XX. our sure we're also see we to were there target in a an We that push. in even to But if tight the make have spend incredibly managing still that to development achievable resources continue way our do XXXX we target. that late represents

and the a we resources have something the We're that we right along XX% headcount of of all within the our still really and tight continue We like broad it's to for on the progress our same to side to being pleased team able proud scale side continue making honestly, broad we're I'm that be scale and with incredibly of the of at the the do on -- that Proteoform time business. timing. envelope, that and doing the side on of spend feel lines

Operator

ladies conclude and and our that, Thank today. all you you we Q&A disconnect. now and And with gentlemen, session for participating, may for conference

Nautilus Biotechnology (NAUT) 29 Oct 242024 Q3 Earnings call transcript