Q2 2023 Nautilus Biotechnology Inc Earnings Call

August 2, 2023

Thank you for standing by and welcome to the knowledge Biotechnology second quarter 2000 twenty-three earnings conference call. At this time, all participants darn listen only mode. After the speaker's presentation that will be a question and answer session to ask a question during this session.

You'll need to press star one one on your telephone to remove yourself from the queue simply press Star one one again as a reminder, today's program.

Recorded and now I'd like to introduce your hosts for today's program carry medical Investor Relations.

Earlier today, not Electorally financial results for the quarter ended June 30th 2023.

If you haven't received this news release or if you'd like to be added to the company's distribution list. Please send an email to investor relations at Nonetheless stop bio.

Joining me today from Nautilus are switched off the <unk> co founder and CEO Malik cofounder issue scientist <unk> <unk> Chief Financial Officer.

Before we begin I'd like to remind you that management will make statements. During the call that are forward looking within the meaning of the federal securities laws.

These statements involved material risks and uncertainties that could cause actual results or events materially differ from those anticipated.

Additional information regarding these risks and uncertainties appears in the section entitled forward looking statements in the press release Nautilus issue today.

Except as required by law Nautilus disclaims any attention or obligation to update or revised any financial our product pipeline protection or other forward looking statements because of new information you through events or otherwise.

Conference call contains time sensitive information and it's accurate only out with a live broadcast August 2nd 2023, but that I'll turn the call over to Joe.

Thanks, Gary Good morning, and thank you to everyone for joining us today on this call will sure our financial results for the second quarter and provide an update on our recent activities.

But first I want to take a moment to acknowledge the nautilus teams to the Bay area, Seattle and San Diego too.

Exhibit the type of passion ingenuity and commitment that will enable us to bring to market a platform that we believe will set the new gold standard for proteomics exploration.

Platform capable of unleashing the potential of the Protium advanced basic science research to build new diagnostics and of course to make a substantial impact on <unk>.

As prog will expand on in a few minutes I'm excited by the progress we made in Q2 against some of our foundational scientific development goals and in the ways. We continued to prepare the various elements of our platform for commercial launch.

For those paying close attention you'll note that June 9th represented the second anniversary of Nautilus entering the public markets on NASDAQ in those two years, we've evolved immature it as a business buttressed, our senior leadership teams, particularly in R&D and continue to operate in a highly efficient way.

To maximize our cash runway.

<unk> on that from Anna later on.

Through it all we remain convinced that the world of biological research thirst for a platform that overcomes the inherent limitations of both traditional protein analysis methods and of emerging affinity based in peptide sequencing methods.

Market understand how important intact single molecule protein analysis and enormous platform in particular will be to their explorations of the proteome and its role as a critical driver innovative impactful biological research.

Many of the people in audience as we speak with maintain a heavy focus on the use of mass spectrometry for proteomics.

The positive attention our platform and methods consistently received from them is a good sign for things to come with this critically important and influential buying audience.

We believe that the Nautilus platform is going to spur tremendous creativity and innovation in the broader proteomics community.

We took advantage of additional opportunities to share our story this quarter at events, including the European Proteomics Association Conference <unk>.

Alzheimers Association International Conference.

We look forward to being a sponsor of the human proteome organizations International Congress <unk> South Korea in mid September .

At these and other events, we consistently here from proteomics Kols about the broad range of uses the fee for our platform and the excitement that is building as we gather feedback from them in the lead up to our early access program.

E P will launch in the months, leading up to commercial availability and we'll never intended to be a significant revenue driver. It will serve as a high value means by which to generate data to support both internally and externally generated scientific papers customer grant proposals and we'll get.

Full data into the hands of potential future customers.

We will keep you informed as we get closer to launching the program.

Meaningful progress has been made in development activities surrounding each of the core components of the platform.

For updates on these and other things, let me now turn the call over to <unk>.

Thanks to Joe Escadrille mentioned in his opening remarks, we made solid progress across a number of important research and development front and Q2.

I'm very proud of our team and the way they continue to positively and methodically address the inevitable scientific and engineering challenges associated with pioneering a platform as innovative as ours. My thanks go out to each of them.

As a company, bringing to market a first of its kind of product capable of comprehensively quantifying the protium.

There are a wide range of platform elements must integrate seamlessly.

Elements include in a fabricated chips for a single molecule protein deposition.

Nope articles for fixing proteins to those chips.

<unk> reagents and their labels for probing a fixed proteins.

Assay buffers and parameters.

An instrument capable of reliably and routinely performing a series of single molecule binding measurements.

And machine learning based off square for determining protein identity's in quantities from those measurements.

And Q2, we made considerable progress in each of these areas, enabling us to successfully execute a larger scale and complexity experiments that we have pursued to date.

Let me briefly discuss some of the key Q2 advances.

Critical to the creation of a high quality hyper dance single molecule protein array is our ability to consistently fabricated the nano pattern chips that form the foundation of that hyper dense array.

Considerable progress was made qualifying or external patterning and assembly partners.

We Additionally, improved stability of our in house Functionalist Asian processes.

And transition those processes to our manufacturing scale facility in San Carlos California.

When we conceived of the platform, we recognize the challenges associated with creating a novel class of antibodies that were not typically built because they were not protein specific.

And Q2, we increase the development pace for our affinity reagent consumables.

This increase was a result of significant efforts to improve the yield and throughput of our affinity reagent pipeline.

In addition, we have scaled our processes for labeling or affinity regions and for quality assurance of labelled probes.

This increase inconsumable scaling quality has been critical in supporting our ability to consistently expand the number and breadth of the experiments we performed getting progressively closer to our launch targets are performing measurements with hundreds approach across 150 cycles.

Scaling our experiments will capabilities as critical to demonstrating and validating the commercial viability of our prison methodology.

And Q2, we performed a greater number of high probe and high cycle number experiment than in any previous quarter.

These large scale experiments also incorporated advances in our formulation it delivered enhanced assay stability.

These large scale efforts are allowing us to improve the integration of our consumables assay instrument in software and increasingly complex model systems on the path to the premium.

Initial studies, we're focused on validating targeted proteoform measurements studies with external Lee generated affinity reagents, such as through the tower studies done in partnership with Genentech.

The next step is validating are internally generated affinity your agents through tests on individual short peptides that had been used in the creation of those affinity reagents.

At Hooper last year, we introduce data showing the application of our prison methodology to decode our motto protein with an experiments incorporating two dozen probes across 70 cycles.

And Q2, the use of a larger probe library alongside a more robust assay enabled us to increase the set of model proteins that can be successfully Dakota.

In the coming quarters are planned efforts on model systems that include increased numbers of individual recombinant or purified protein mixes of multiple proteins across a range of concentrations <unk>.

<unk> organisms, such as viruses and ultimately wholesale licence from well studied cell lines.

We are excited about the upcoming efforts towards applying her essay to model system that will increasingly resemble customer samples.

Lastly, I'll note that Q2 also saw continued focus on advancing our commercial instrument.

Process of taking an instrument from concept to prototype to build two commercial use is complex and involved a number of important phases that are closely orchestrated collaborations between our engineering software assay development and product integration teams.

We continue to validate assay performance on a commercial instrument.

And to transition to a manufacturing posture.

My enduring take away from Q2 will be the stronger progress, we made and advancing the robustness and scale of our work as we mature R assay towards achieving our launch targets.

With that I'll hand, the call back to Sudan.

Thanks, Brock I'm pleased with the scientific progress I saw two two and continued to closely monitor our steady evolution from a company focused primarily on research to one focused on development and commercialization.

I also pay very close attention to the dynamics in the marketplace and the technical and product advancements happening and hours and adjacent spaces.

And I'm really pleased to share that I believe that interest in proteomics have never been greater and continues to build momentum.

Despite what some have recently held up as improvements in the performance and specifications of traditional protein analysis methods. We are confident that nautilus's core value proposition will deliver important and distinct advantages specifically, we believe that single molecule comprehensive.

Quantification impact proteins and protean forms will establish a new gold standard for pretty ohmic data.

In addition, our platform. Unlike any other on the market is designed to get better and better over time as additional data provides rich contacts to findings and additional identification data adds even greater precision to our machine learning algorithms.

Finally, our platforms ease of use was designed from its inception to far exceed that of traditional analysis methods.

Innovation will open up proteomics to an entirely new universe of potential researchers researchers who would love to incorporate proteome data into their work, but had been unable or unwilling to invest the time and resources required to master traditional tools and methods.

Late last year at a well attended luncheon seminar during the human proteome organizations annual meeting Nautilus Scientific Advisory Board member Dr. Rudy <unk> shared that a frequent characteristic of new transformative platforms is that they often have an early phase during which platform performance can very rapidly.

This is in Stark contrast to the comparatively slower pace of growth for more mature platforms.

While this rapid iteration face often leads to extremely valuable products and market leading companies shipping that first product can be slower and more challenging than initially anticipated.

Let me give you an example, <unk> the company that invented Illuminist next generation sequencing technology spent eight years working on their first product the genome analyzer for G. I G.

<unk> it was incomplete, but it's fundamentally transformative nature paved the way for the G. H U X hyphen 2500, the high speed X 10, <unk> all of which shipped within eight years of the first <unk>.

It took eight years to ship the first product, but the next eight years were marked by incredibly rapid iteration and dramatic reductions in the cost of sequencing.

We anticipate the hour journey Nautilus will be very similar to this path much like Doctor <unk> discuss that Hooper last year.

As we had nautilus waive the work in front of us to get our first product out the door and balance that with our time to market call. It became clear that we needed to evaluate what part of our product specifications needed to be in our first product and what could wait for version 1.5 version to follow us.

We spent a lot of time, this year and particularly in queue to listening to our customers and trying to refine towards a minimum product launch specifications.

There are some characteristics like sensitivity and ease of use that are totally non negotiable.

The other hand, we've heard much more flexibility from the market around characteristics, such as minimum amount of sample input and number of proteins quantified.

Well I used the words minimum product launch specification you should still interpret that to mean game changing just like the Celexa Illumina genome analyzer launch in 2006, we expect our version one product will be transferring it to our market and we will rapidly iterate, reaching the full specifications we <unk>.

Obviously disclosed and beyond.

It should be noted that we expect enhancements to the V. One system enhancements that get us to the previously disclosed specification levels will only require updated consumable kids not a new instrument.

With the refined focus of R. V. One large specifications, we've updated our development plans and continue to target roughly the middle of 2024 for the launch of our platform.

We look forward to updating you on firm launched specifications and timing when we're closer to lunch in 2024.

Let me know hand to call ever it's Anna for a look at our Q2 2023 financials.

Thanks <unk>.

Total operating expenses for the second quarter of 2023 $19.0 million up $3.5 million compared to the second quarter of 2022, and 0.9 $9 above the last corner.

Modest increase in operating expenses year over year was primarily driven by growth in personnel costs and laboratory expenses as we continue to invest in the development of our platform.

Research and development expenses in the second quarter of 2023 $11.9 million compared to $8.9 million in the prior year period.

General and administrative expenses were $7.1 million in the second quarter of 2023 compared to $6.6 million in the prior year period.

Overall net loss for the second quarter of 2023 was $15.8 million compared to $14.7 million in the prior year period.

Turning to our balance sheet, we ended the quarter with approximately $287 million in cash cash equivalents and investments.

This compares to $302 million at the end of last corner and reflects the cash burn or approximately $27 million since the beginning of the year.

We view our balance sheet is a critical competitive advantage and are continuing to be extremely diligent and managing our spend.

2022 year and call in February we stated that we expect our overall operating expenses to be up approximately 40 per cent from 2022 levels ahead of a more meaningful ramp in 2024, along with our commercial launch.

Given our overall operating expenses from the first half of 2023, along with our expected spend for the remainder of the year. We now expect 20 twenty-three operating expenses to be up approximately 30 per cent compared to 2022.

We continue to run a very lean business and are tight management of expenses means that we have a strong balance sheet to draw from in the coming years.

We now expect our cash runway to extend through 2025 <unk>.

2026.

It's important to note that our timeline for cash runway includes continuing our investment and development includes the initial build out of our commercial organization I haven't watched and contemplate a range of 2024 product launch date scenarios.

With a robust balance sheet and know that we have the flexibility to ensure we are in the best possible position for commercial launch.

As <unk> mentioned earlier the primary goal of our early access program is to generate data and customer interest ahead of our commercial launch.

Well, we do intend to charge for the service, it's likely that we will offer incentives and other perks that will serve to make it easier for early adopters.

To try our platform and ultimately to buy a system.

Once we transition out of early access these and five programs will expire however revenue from those initial early access engagement is likely to be nominal.

Finally, while we are targeting the launch of our platform and mid 2024, it's reasonable to expect the instrument shipment will begin in the second half of 2024 and pick up more meaningfully in 2025.

Once we begin placing instruments, we anticipate our revenue will grow quickly from the combination of new instrument sale and the region consumables driven by our growing instrument install base.

From a planning perspective, and taking into account my earlier comments on revenue from our early access program. We expect revenue in 2024 to be modest and opportunistic.

I do have consistently heard from our team our priority is to deliver a best in class platform that will enable our customers to achieve new levels of proteomics insight.

Looking ahead, we are confident in our strong position that is allowing us to focus on our scientific progress and to deliver the type of platform that will change the trajectory of proteomics.

With that I will turn it back to <unk>.

Thanks Diana.

Based on what we shared with you today. We are excited about what lies ahead for Nautilus and the difference we plan to make them biological science.

Our mission to positively impact health and lives of people around the world remains our guiding light and reflects a passion for innovation exhibited by every member of our team.

I'm grateful to our investors our strategic partners research collaborators and our team for joining us on this journey to transform proteomics and empower the scientific community in ways never before thought possible.

We continue to make good progress and look forward to updating you all along the way as we continued towards commercialization of our platform next year and beyond.

With that I'll turn the call back to the operator operator.

Certainly once again, ladies and gentlemen, as a reminder, if you do have a question at this time. Please press star one one on your telephone one moment for our first question.

And our first question comes from the line of pages.

From Morgan Stanley Your question. Please.

Do you go on for teach US I was wondering if you could elaborate on the current thinking on the initial sexual that'd be one product and what what could you what could be pushed out for a later update.

Good morning. This is switch I'll, maybe I'll take <unk> anything to add in terms of some areas, where we think that our capabilities that we've talked about before are non negotiable things like single molecule sensitivity things like ease of use.

Exceptionally high dynamic range as important as well and I think what we've heard from the marketplace and talking to a lot of our customers in the first half of the ear here.

Is that there's more flexibility on the initial specifications around things like around and things like that number of proteins that can be quantified or the sample input and so those are some of the areas that would that would be the first areas that we will likely make a few compromises but.

You know as I mentioned and prepared remarks, we still expected and results here as it is a game changing product and we expect that consumable revisions only it will be required to take us all the way through all the specifications that we as close to talk about.

Great that was Super helpful. And then what's the reason launches from mass back vendors D. S. M S, bringing instruments with greater sensitivity in deeper coverage the market. How do you feel about the competitive positioning of of your.

Alrighty I'll make for you man.

With the new instruments, improving on throughput as well could you give us a color on how your instrument.

The V. One may compare.

Yeah, why don't I take this uhm first <unk> and then I'm gonna probably kick it over to privacy. If he has any other comments since he is a mass back to your opinion leader.

We have obviously have been watching the announcements from the mass spec community very very closely in particular need outfits. This year and your first question was sort of how I react to it I'm incredibly excited when I see those types of announcements and I'm sorry for a few reasons. One is that we continue to see as.

We expected over the last five plus years, just modest incremental improvements to the capabilities of the mass backs and.

Many of these companies are very successful and they're very good at taking their strongest suits and figuring out how to talk about them in a really compelling way, but when you dig underneath the fundamental limitations with sensitivity and dynamic range.

And the limitations with quantification of protein all those limits are still there and one of the things that gives me really a lot of excitement is that one of the vendors, which I won't mention push the price point of the mass spec that they released up close to $2 million, which to me is an incredible indication of the power that the customer sees in the.

Solutions and the opportunity that Nautilus has.

Even the B one specifications that I discussed earlier with respect to dynamic range sensitivity. The coverage of proteins that can be quantified the ease of use we will exceed the capabilities of of all of the traditional proteomics analysis solution the affinity based array.

<unk> and we expect to exceed the solutions of all of the emerging peptide sequencing companies as well.

<unk> do you have anything like that there.

I think that was a fantastic answer the only other point that I'll add is.

Our general philosophy on the proteomics space has been that depending upon the question that you are interested in asking there are different tools that may be best suited for asking and answering that question.

And then the new the new offerings expanded offerings from the different vendors really excited to see the progress in the field really excited that that's driving the conversation more and more towards the importance of proteomics in the biological community Uhm, but we also still see tremendous differentiation.

The single molecule nature of what we're offering is very unique.

The way that we identify proteins are such that every protein is is identified from 10 20 <unk>.

Distinct measurements uhm provides incredibly high confidence and identifications that are made qualifications that are made so there are a number and then really this one of the critical differentiators of our instrument is that you walk up you drop the flow cell on a new press go so that ease of use <unk>.

Starting all the way back at the sample handling.

Process through instrument execution and data interpretation analysis, Uhm, a really important differentiator short platform.

Great. Thank you very much.

Thank you ma'am.

Thank you one moment for our next question.

And our next question comes from the line of Dave Delahunt from Goldman Sachs. Your question. Please.

Hey, guys I appreciate the update.

<unk> <unk>.

Mentioned the platform is demonstrating routine.

Higher numbers of probes in cycles.

Thank you said before that the number of probes is directionally helpful, but it's not literally correlated.

So any other qualitative or quantitative detail you could share with us on the progress Sir.

Sure My date of birth.

Sure.

I'll jump in after.

Yeah, absolutely. So I think we really brought to light a few very specific areas of advancement. This quarter. So one of which I'll I'll point out is is really around the <unk>.

Regents scale and quality Uhm as you know the system uses a very large number of reagents and so being able to build them effectively bill being able to build a large number of them.

Being able to qualify them, we're really important advances.

One of the other key key areas that you highlighted was on just the scale of experiments.

Sue Dylan his remarks and call back to the initial efforts with Celexa.

And there were points in that development process.

And this is very normal and any multi cycle measurement, where they were operating in the handful of cycles and then they were working in the teams are cycles and they were working up to about 100 cycles and so we're seeing similar progressions in our hands were were identifying sources of instability.

D or variability uhm, and pushing that that number up and up and up at Hooper last year. We've talked about experiments that were were 80 cycles.

So I think what you're seeing is you're seeing a spine finding out all of the aspects of our platform that are critical for stability and and.

Optimizing each of the different steps and formulations and pieces of the process to enable that scale.

Great.

And with the.

Flexibility you mentioned that.

Potential users have.

And sample input and number of proteins.

Any additional color there to help us think about that.

Yeah. This is <unk> I don't think I've got anything more there to add this man and I mean, we still have uhm, we still have time to finalize the specifications and I think that once we <unk>.

Have kind of wrapped up specifications pricing firm timeline, all those sort of things I think we'll do a large or update for the street, but at this point I think.

All the comments I mentioned earlier and prepared remarks, and then in terms of.

Answer you guys questions. I think are are all the detail I've got right now.

Alright, alright, congrats on the progress thanks. Thanks.

Thank you one moment for our next question.

And our next question comes from the line of Dan Brown. It from Cowan Your question. Please.

Great. Thank you I think we're going to questions I joined a little late but maybe that's the first question would be broadly when will you know investors are able to get you know the <unk>.

Thorough check would you say on the product as it gets in you know more fully in the customer's hands with the early beta just kind of wondering.

<unk>. If you know if you can just send if you spoke to this a little bit during the prepared remarks, apologise, but just kind of getting a sense of what will be your broker.

Some checks and kind of see tomorrow.

Tomorrow publications email with a new product.

Yeah. That's a that's a great question, Dan let me kind of walk through that.

And maybe you could just kind of just a set just a little bit of context that'll help understand my answer one of the things that is very important about our platform is a unique characteristic that enables us to take at a single molecule level, one protein molecule and probe it over and over.

<unk> and over again, getting more and more and more information about it.

And after we probe that molecule with about 300 different probes roughly as we've disclosive past, we can with a very high degree of certainty identify what that molecule is for the vast majority of 1990 and 95 per cent of the proteome identify with the molecule is and then we can keep probing that molecule to understand that.

J D heterogeneity pretty for landscapes understand what <unk> to understand all sorts of different characteristics and that's incredibly unique as we go and continue to integrate probes. We continue to increase the number of cycles that are instrument in the essay form as we continue to optimize those <unk>.

<unk>.

More and more things can be identified add as parag mentioned in his prepared remarks over the course of the last six months, we've been moving through various models systems from from peptides lots of <unk> to proteins and as we start getting up to a reasonable number of proteins call. It a couple of thousand we will.

Start putting that technology into the hands of some kols add some labs that can help us to validate those assumptions and that would be the first point at which investment community and analysts could go and make those checks and and see what the potential of our technology is and we.

Told that Ted Masters as well as like that's the key milestone to look for it because at that point everything has come together and from there. It's more probes more cycles and just getting getting over that last time to go and rapidly climbed from 2000 to 5000, 7000, 10000 and beyond and that rapid climb as <unk>.

Based on the fact that the combination of all of these probing of each molecule is a computational data science task and so the first 50 7500 probes virtually give us nothing on a complex human sample, but the next hundred from their give us a tremendous amount of data in the last hundred finish it off and.

And so once we get to that milestone you'll have some data some things that you can go in and talk to Kols about but in addition to that will have a much firmer sense on.

Specifications first release tie game and N R cost and all those sorts of things.

And that would be middle of 24 first half 24 24 like it before it I'm just wondering yeah. So if you. If you if you prepared remarks and prepared remarks entity. At you you <unk> you didn't you weren't able to attend to all of it and prepared remarks, what we said was that.

We.

I've gone out to the marketplace over the course of the first half of the year.

Talk to a lot of our customers and we will find about minimum set of.

Product specifications that we believe are still game changing and with that setup specifications. In hand, we are still targeting middle of 24 for a launch and when we talked about that launch that launch his instrument consumable software that is the the actual instrument ready to go and it's our intent.

<unk> some time before that to have at 2000 protein mark to be able to put that in some customers hands and as that climbed up a little bit 234, 5000 really start or.

Early access period, as well where customers Ken.

Oh, and really look at the data coming off of our platform. It we can use that to drive primarily publications and market evidence our future customers, but in addition to begin to get customers thinking about three orders.

In in in in in terms of like a scientific meeting next year.

With these early publications come out just on.

Uhm as dawn basis, or like what would be the scientific meeting we would look for what do you think the first wave of these would be presented at.

Yeah I mean.

<unk> the human Party organization show the World Congress that they do there was two shows and then there's a whole host of others between M. A G. P. G N S M S and M. A I C, which we attended recently and so.

Each of those conferences, we take the opportunity to either take one element of our product and explain it in depth.

Scientific community or to show our advances in so I don't know if I got it <unk> uhm lined up for you, but those are the those are the primary vehicles that we used to deliver updates out to the scientific community and by proxy.

Maybe final one <unk> could.

Could you speak to just kind of customer interest broadly obviously, you know I'd have to bring our customers are super excited.

A product can be kind of the targets that you're kind of discussing qualitatively and quantitatively, but just at any any color.

About one early funnel looks like obviously have to deliver on the product, but just any any any thoughts that will be helpful. Thank you.

Yeah, I mean, maybe I will I'll try them in here and then <unk> expensive tons of time talking to the customers and <unk> as well what I'm hearing from the marketplace is a tremendous amount of excitement around our platform. We've disclosed our method we've disclosed early data at home.

But last year, we showed that the first really significant motorcycle data.

And we continue to rollout data that is quite exciting to the kols and the customers that I talk to and the fundamental nature of being able to non destructive way take a molecule appropriate over and over and over again in order to get more and more information.

The scientific community sees that I.

Idea.

The implementation of it that we are pursuing as a really significant advance over what's available today, which either has to chop proteins into peptides for analysis, where you lose.

You lose a huge chunk of the contacts and the data.

Or emerging peptide sequencing methods, all of which are destructive to the protein and incredibly insensitive.

The affinity based solutions that are out there, which you have to build a specific antibody that that answers. One specific question. All of those approaches are fundamentally limited and I'm hearing some customers a huge amount of excitement around our approach and the tracking us pretty closely.

You want to chime in and add anything there from what you've heard from the market recently.

Yeah, absolutely and I think certainly one of the things that's really fun is chatting with customers and hearing the incredibly wide range of applications that they see for the platform. Both in ways that are complimentary to studies that they have ongoing in mass spectrometry as well as in areas like single molecule intact pretty forum.

Analysis that simply can't be done any other way and so every time, we go out and talk to customers. When we come back with with new exciting applications of the technology and so I'd say mmm.

Mmm the all of those conversations are illuminating and are are helping us understand that frankly.

Frankly, there's there's so much more that can be done with our platform than we had even envisioned at the outset.

Terrific. Thank you very much.

Okay. Thank you. This does conclude the question and answer session as well as today's program. Thank you ladies and gentlemen for your participation you may now disconnect. Good day.

[music].

Thank you for standing by and welcome to the Nautilus Biotechnologies second quarter 2023 earnings Conference call. At this time all participants are in listen only mode. After the speaker's presentation. There will be a question and answer session to ask a question. During this session you will need to press star one.

On your telephone to remove yourself from the queue simply press star one again.

As a reminder, today's program is being recorded and now I'd like to introduce your host for today's program Carrie Mendivil Investor Relations.

Earlier today Nautilus released financial results for the quarter ended June 32023.

If you haven't received this news release or if you'd like to be added to the Companys distribution list. Please send an email to investor relations at <unk> bio.

Joining me today from Nautilus are social Patel, co founder and CEO , Rob Malik co founder and Chief scientist.

Anna Murray Chief Financial Officer.

Before we begin I'd like to remind you that management will make statements. During this call that are forward looking within the meaning of the federal securities laws.

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated.

Additional information regarding these risks and uncertainties appears in the section entitled forward looking statements in the press release issued today.

It doesn't require by law Nautilus disclaims any intention or obligation to update or revise any financial or product pipeline projection or other forward looking statements, whether because of new information future events or otherwise.

This conference call contains time sensitive information and is accurate only as of the live broadcast August <unk> two.

2023 with that I'll turn the call over to Joe.

Thanks, Gary.

And thank you to everyone for joining us today on this call we will share our financial results for the second quarter and provide an update on our recent activities.

First I wanted to take a moment to acknowledge the Nautilus teams in the Bay area, Seattle, and San Diego, who day in and day out exhibit the type of passion ingenuity and commitment that will enable us to bring to market a platform that we believe will set the new gold standard for proteomics exploration platform.

Platform capable of unleashing the potential of the proteomics advanced basic science research to build these diagnostics and of course to make a substantial impact on land development.

As parag will expand on in a few minutes I am excited by the progress we made in Q2 against some of our foundational scientific and development goals and in the ways. We continue to prepare the various elements of our platform for commercial launch.

For those paying close attention Youll note at June 9th represented the second anniversary of Nautilus entering the public markets on NASDAQ in those two years, we've evolved and matured as a business buttressed, our senior leadership teams, particularly in R&D and continue to operate in a highly efficient way in <unk>.

Wanted to maximize our cash runway.

Q2 2023 Nautilus Biotechnology Inc Earnings Call

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