Q3 2023 Nautilus Biotechnology Inc Earnings Call

October 31, 2023

Okay.

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

Simply press Star one again.

Today's program is being recorded and now I'd like to introduce your host for today's program, Gary Mandeville Investor Relations. Please go ahead.

Thank you earlier today <unk> released financial results for the quarter ended September 32023.

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 and stockpile.

Joining me today from Novelis Ctrip Hotel co founder and CEO, Rob Malik co founder and Chief scientist and Annemarie 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 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.

As required by law, Nautilus disclaims any intention or obligation to update or revise any financial or product pipeline projections 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 October 31, 2023, but that I will turn the call over to <unk>.

<unk>.

Thanks, Gary Good morning, and thank you for joining us today.

On this call we will share our financial results for the third quarter and provide a brief update on recent activities.

I am excited by the progress we made in Q3 against our scientific and development goals and in the ways. We are preparing the various elements of our platform for commercial launch.

That continued progress is the direct result of the great work being done by data like across all parts of the business, especially but not limited to our R&D organization.

I am pleased to report that as of mid September our 100, plus person R&D organization now reports entirely into Super Sankara, our SVP of product development, who has been with us for almost three years.

Though it's only been a little over a month since we've made the change we've already begun to see the productivity and efficiency gains we had ambitions.

Super has held many senior roles over the last two decades, notably at Celexa in alumina, where he led instrument and consumable development efforts for next generation Sequencers and related products base.

Based on his extensive and successful product development experience. It has been our plan from the beginning to unite these efforts under supra.

With our product development efforts, reaching the integration verification and scale up stage, our needs matched zubrus experience, making now the right time to effect the change.

Unifying R&D under Super has the additional benefit of enabling corrupt significantly expand outward facing activities with the scientific and customer communities. While also maintaining deep involvement in both broad strategic issues and day to day scientific activities.

Joining <unk> team just yesterday, we're excited to welcome Dr. Martin Cooper as our VP of biochemistry and flow cell development for the past 13 years Martin was a co founder CTO and ultimately CEO Quanta Port a company devoted to pioneering massively parallel direct single molecule DNA and protein analytic.

<unk> tools.

Prior to that he held senior scientists positions at ion torrent and Nanosphere.

His deep expertise in chemistry, and nano engineering will not only broadened our team's skill set but also increase the depth of our R&D leadership bench.

With an increasing focus on proteomics by the scientific community moves by major life Sciences companies to expand their proteomics related offerings and massive international investments and the study of protein. It's clear to me that the foundation has been laid for the proteomics era of biology, and medicine to take root and flourish.

Unknown Executive: Thank you for standing by and welcome to the Nautilus 3rd quarter, 2023 Earnings Conference call. At this time, all participants are listening only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 1-1 on your telephone. To remove yourself from the queue, simply press star 1-1 again. As a reminder, today's program is being recorded.

While the near term opportunities that will emerge are exciting areas of focus for us we believe that easy to use high throughput discovery platforms that match the scale of the proteome like Nautilus hold the opportunity to revolutionize more than just proteomics, we believe that the potential exist to fundamentally improve the way or.

Carrie Mendivil: And now I'd like to introduce your host for today's program, Carrie Mendivil, and Vester Relations. Please go ahead. Thank you.

Biological research is conducted improvements that could manifest significant advances to human health from billions across the world.

Carrie Mendivil: Earlier today, Nautilus released financial results for the quarter-ended September 30, 2023. If you haven't received this news release, or if you'd like to be added to this company's distribution list, please send an email to investorrelations.nautilus.bio.

In.

<unk> is making our platform available next year, we continue to broadly share through white papers scientific posters and presentations one on one briefings webinars and a range of other methods insight into how our platform works and its potential benefits.

Carrie Mendivil: So I want to meet today from Nautilus, or Sujal Patel, co-founder and CEO, Parag Mallick, co-founder and chief scientist, and Anna Mowry, 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 meeting of 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 and the press release Nautilus issue today. Except it is required by law, Nautilus claims any intention or obligation to update or revise any financial or product pipeline projections or other forward-looking statements, whether because of new information, future events or otherwise.

This type of transparency continues to build meaningful trust in early credibility with our potential buying audiences and underscores our philosophy of being a committed and contributing member of the broader proteomics community.

One recent event the Hoopoe World Congress in mid September and boost and South Korea provided a great opportunity to continue to educate kols and others about our platform and the ways in which we believe it will change what is possible in proteomics research.

For more on that and an update on our R&D progress I'll now turn the call over to parag.

Unknown Executive: This conference call contains time-sensitive information and is accurate only as of the live broadcast October 31, 2023.

As usual mentioned Hooper was a terrific event for US again, this year and provided a very effective vehicle for us to update attendees on platform progress and to encourage the community to re imagine what's possible in proteomics.

Sujal Patel: With that, I'll turn the call over to Sujal. Thanks, Kerry.

Sujal Patel: Good morning, and thank you for joining us today. On this call, we'll share our financial results for the third quarter and provide a brief update on recent activities. I'm excited by the progress we made in Q3 against our scientific and development goals, and in the ways we're preparing the various elements of our platform for commercial launch. That continued progress is the direct result of the great work being done by Nautilights across all parts of the business, especially but not limited to our R&D organization.

At our Booth, we conducted a well attended fireside chat with professor bandwidth.

Eth Zurich.

Ben did a great job of articulating some of the biggest challenges facing proteomics researchers today, namely that the field needs to agree on standard workflows to most consistently and effectively generate biologically meaningful data and that integrated workflows are necessary to make proteomics easier. He suggested that what we need is a.

Sujal Patel: I'm pleased to report that as of mid-September, our 100-plus-person R&D organization now reports entirely into SuperSankar, our SVP of product development, who's been with us for almost three years. Though it's only been a little over a month since we've made the change, we've already begun to see the productivity and efficiency gains we've envisioned. Super has held many senior roles over the last two decades, notably at Celexa and Aluminum, where he led intermittent consumable development efforts for next-generation sequencers and related products.

Quote red easy button unquote for proteomics.

We also hosted a luncheon seminar during which Dr. Berger chilling from the Buck Institute for research on aging.

However, botox Joanna bonds and Jordan Burton winners of the Nautilus first access challenged plan to use our platform to study kidney injury.

<unk> long standing work has demonstrated dramatic changes to the protium upon kidney injury now Dr responds Burton in Chile are planning to use the nautilus platform to get a new view into the protium that.

They believe will be hugely complementary to their existing mass spectrometry based workflows.

Sujal Patel: Based on his extensive and successful product development experience, it has been our plan from the beginning to unite these efforts under Supra. With our product development efforts reaching the integration, verification, and scale-up stage, our needs match Supra's experience making now the right time to affect the change. Unifying R&D under Supra has the additional benefit of enabling Parod to significantly expand his outward-facing activities with the scientific and customer communities, while also maintaining deep involvement in both broad strategic issues and day-to-day scientific activities, activities.

We're excited to work with them on this and other research initiatives.

And conversations throughout hoopoe and as we presented our scientific posters, we found that the community was most interested in hearing about our single molecule library preparation process the.

The relationship between the number of intact protein molecules measured in the effective dynamic range of the platform.

The development and extensive characterization of RF in any region.

Stability of the platform that enables it to perform a large number of measurement cycles and the rigorous approach. We have developed to estimate false discovery rate to increase confidence and single molecule protein identifications.

Parag Mallick: Joining Subaru's team just yesterday were excited to welcome Dr. Martin Huber as our VP of Biochemistry and Flow Cell Development. For the past 13 years, Martin was a co-founder, CTO, and ultimately CEO of Quantipore, a company devoted to pioneering massively parallel direct, single molecule DNA and protein analytical tools. Prior to that, he held senior scientist positions at Ion Torrent and Nanosphere. His deep expertise in chemistry and nano-engineering will not only broaden our team's skill set, but also increase the depth of our iron-dead leadership bench.

I also always enjoy hearing at the diverse applications that the research community envisions for our platform.

This time at Hooper, we heard new applications, ranging from understanding protein shedding into cerebral spinal fluid when looking at neuro degenerative diseases to examining the dynamism of sub cellular protium and how they are impacted by disease and diverse therapeutics.

As we prepare to bring to market a platform designed to comprehensively quantify the protium <unk>. We continue to make good progress across a number of important fronts all of which I have reported on in detail. During recent calls, including nano fabricated chips for a single molecule protein deposition nanoparticles or fixing proteins.

Parag Mallick: With an increasing focus on proteomics by the scientific community, moves by major life sciences companies to expand their proteomics-related offerings and massive international investments in the study of proteins. It's clear to me that the foundation has been laid for the proteomics era of biology and medicine to take root and flourish. While the near-term opportunities that will emerge are exciting areas of focus for us, we believe that easy-to-use, high-through-put-discovery platforms that match the scale of the proteo, like Nautilus, hold the opportunity to revolutionize more than just proteomics.

Those chips affinity reagents in their labels for probing a fixed protein assay buffers and parameters.

And instruments capable of reliably and routinely performing a series of single molecule binding measurement.

And machine learning based software for determining pricking identities and quantities from those measurements.

A critically important area that led to more fully update you on is the work we're doing to engage with external development and manufacturing partners to scale the platform to meet both anticipated commercial demand and cost targets.

Parag Mallick: We believe that the potential exists fundamentally improves the way all biological research is conducted. Improvements that could manifest significant advances to human health for millions across the world. In advances making our platform available next year, we continue to broadly share through light papers, scientific posters and presentations, one-on-one briefings, webinars, and a range of other methods insight into how our platform works and its potential benefits. This type of transparency continues to build meaningful trust and early credibility with our potential buying audiences and underscores our philosophy of being a committed and contributing member of the broader proteomics community.

On the instrument front, we're actively engaged with our selected contract manufacturer on the design transfer. We expect this to be fully completed in this quarter with the initial externally built instrument's validated in the early part of next year.

In terms of the flow cell, we've completed development at the end to end process from nano fabrication to surface chemistry to flow cell Assembly and we will be further validating that process this quarter.

The nano fabrication processes have been locked in our selected vendor and our production ready.

We're actively working with our downstream suppliers on surface chemistry and flow cell processes and expect to have those vendors qualified by the end of this year.

Parag Mallick: One recent event, the Hoopo World Congress in mid-September in Busan, South Korea provided a great opportunity to continue to educate KOLs and others about our platform and the ways in which we believe it will change what is possible in proteomics research.

We continue to utilize a combination of internal and external production resources to manufacture our reagents.

We're in the process of scaling up production processes to meet anticipated early access production volume and have great confidence in our ability to support our current and upcoming production needs with our existing production processes.

Parag Mallick: For more on that and an update on our R&D progress, I'll now turn the call over to Peronk. Thanks, Ujul.

Parag Mallick: As Ujul mentioned, Hoopo was a terrific event for us again this year, and provided a very effective vehicle for us to update attendees on platform progress and to encourage the community to re-imagine what's possible in proteomics. At our booth, we conducted a well-attended fireside chat with Professor Baron Walsh of ETH Zurich. Baron did a great job of articulating some of the biggest challenges facing proteomics researchers today, namely that the field needs to agree on standard workflows to most consistently and effectively generate biologically meaningful data and that integrated workflows are necessary to make proteomics easier.

Overall I'm very pleased with the development progress we made in Q3 and have made throughout the year. Our internal teams continue to increase the scale and robustness of the platform as we ready the platform for launch next year.

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

Thanks, Brock and I completely agree I too am very pleased with the progress Nautilus has made this year as we continue our drive towards commercial readiness.

We accelerated our development activities on a number of key fronts and remain confident that Nautilus this core value proposition and our anticipated <unk> launch specs will deliver important and distinct advantages to the market.

Parag Mallick: He suggested that what we need is a, quote, red easy button, unquote, per proteomics. We also hosted a luncheon seminar during which Dr. Birgit Jordan Burton winners of the Nautilus First Access Challenge plan to use our platform to study kidney injuries. Their longstanding work has demonstrated traumatic changes to the proteome upon kidney entry. Now, Dr. Spawns, Burton and Schilling are planning to use the Nautilus platform to get a new view into the proteome that they believe will be hugely complimentary to their existing mass spectrometry-based workflows.

Based on that we continue to target next year for the launch of our platform.

With that I'll hand, the call over to Anna for a look at our Q3 2023 financials.

Thanks, Joe.

Total operating expenses for the third quarter of 2023 were $19 1 million up $3 3 million compared to the third quarter of 2022, and <unk> $1 million above last quarter. This modest increase in operating expenses year over year was driven primarily by an increase in head count to support the ongoing development of our products.

Research and development expenses in the third quarter of 2023 or $12.0 million compared to $9 $6 million in the prior year period.

Parag Mallick: We're excited to work with them on this and other research initiatives. In conversations throughout Hupo, and as we presented our scientific posters, we found that the community was most interested in hearing about our single molecule library preparation process, the relationship between the number of intact protein molecules measured and the effective dynamic range of the platform, the development and extensive characterization of our affinity reagents, the stability of the platform that enables it to perform a large number of measurement cycles, and the rigorous approach we have developed to estimate false discovery to increase constants in single molecule protein identification.

General and administrative expenses were $7 $1 million in the third quarter of 2023 compared to $6 $2 million in the prior year period.

Overall net loss for the third quarter of 2023 was $15 9 million compared to $14 1 million in the prior year period.

Turning to our balance sheet, we ended the quarter with approximately $276 million in cash cash equivalents and investments compared to $287 million at the end of last quarter.

Parag Mallick: I also always enjoy hearing of the diverse applications that the research community envisions for our platform. This time at Hupo, we heard new applications ranging from understanding protein shedding into cerebral spinal fluid when looking at neurodegenerative diseases to examining the dynamism of subcellular proteomes and how they are impacted by disease and diverse therapeutics. As we prepare to bring to market a platform design to comprehensively quantify the proteome, we continue to make good progress across a number of important fronts, all of which I have reported on in detail during recent calls, including nano fabricated chips for single molecule protein deposition, nano particles for a fixing protein to those chips, affinity reagents in their labels for probing a fixed protein, assay buffers and parameters, and instruments capable of reliably and routinely performing a series of single molecule binding measurements, and machine learning base software for determining protein identities and quantities from those measurements.

This is the beginning of the year, we have burned approximately $38 million of cash.

We continue to be focused on disciplined cost management, while strategically investing in the business to ensure that we have maximum operational flexibility ahead of our commercial launch over the past year, we have hired additional leadership time, particularly in R&D.

The throughput of our development and production pipelines and taken on new facilities.

Even while making this important progress we continue to improve on our operational efficiency.

I recall that last quarter, we reduced our 2023 annual expense forecast to growth of 30% year over year.

With our team's continued laser focus we have further improved our efficiency and now expect our 2023 operating expenses to increase by slightly more than 20% compared to 2022.

Importantly, we continue to expect to enter 2024 with a lower burn rate and a strong cash balance extending our cash runway into 2026.

Parag Mallick: A critically important area that I'd like to more fully update you on is the work we're doing to engage with external development and manufacturing partners to scale the platform to meet both anticipated commercial demand and cost targets. On the instrument front, we are actively engaged with our selected contract manufacturer on the design transfer. We expect this to be fully completed in this quarter with the initial externally built instruments validated in the early part of next year.

Our expectations on a runway include the initial build out of our commercial organization and takes into account a range of 2024 product launch date scenarios.

Our robust balance sheet and disciplined management of capital. We remain confident that we are strongly positioned to execute on our goal of launching a transformational platform in proteomics.

With that I'll hand, it back to Joe.

Thanks, Anna Needless to say I'm very pleased with our continued focus on running this business.

Parag Mallick: In terms of the flow cell, we've completed development of the end-to-end process from nano fabrication to surface chemistry to flow cell assembly, and we'll be further validating that process this quarter. The nano fabrication processes have been locked at our selected vendor and our production ready. We are actively working with our downstream suppliers on surface chemistry and flow cell processes and expect to have those vendors qualified by the end of this year.

We as possible, while investing in the areas critical to bringing our platform to market.

And wanted to take a moment to thank Ana for diligence stewardship of our finances and the rest of our senior leadership team for their continued commitment to managing our resources in a way that maximizes Nautilus is cash runway through the planned launch next year and into 2026.

Our continued and frequent conversations with proteomics kols and other potential customers make one thing very clear now is a great time to be pioneering a platform capable of establishing a new gold standard in the measurement of protein and Proteoform.

Parag Mallick: We continue to utilize the combination of internal and external production resources to manufacture our reagents. We're in the process of scaling up production processes to meet anticipated early access production volumes and have great confidence in our ability to support our current and upcoming production needs with our existing production processes.

The World of biological research is hungry for a breakthrough and we fully intend to be the company that supplies that.

Parag Mallick: Overall, I'm very pleased with the development progress we made in Q3 and have made throughout the year. Our internal teams continue to increase the scale and robustness of the platform as we ready the platform for launch next year.

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

Sujal Patel: With that, I'll hand the call back to the Thanks, Bragg, and I completely agree. I too am very pleased with the progress Nautilus has made this year as we continue our drive towards commercial readiness. We accelerated our development activities on a number of key fronts and remain confident that Nautilus's core value proposition and our anticipated V1 launch specs will deliver important and distinct advantages to the market.

That I will turn the call back to the operator.

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

And our first question comes from the line of Tejas Savant from Morgan Stanley. Your question. Please.

So this will go on for T cells. Thank you for taking our question.

Sujal Patel: Based on that, we continue to target next year for the launch of our platform.

I saw some posters from not Elisa E. S. H G could you give us a brief overview of the data that youll be for something and what we should be looking out for.

Anna Mowry: With that, I'll hand the call over to Anna for a look at our Q3 2023 financials. Anna? Thanks, Sujal.

Let me add this is such a minute let me I'll pass this over to you.

Anna Mowry: Total operating expenses for the third quarter of 2023 were 19.1 million dollars. Up 3.3 million dollars compared to the third quarter of 2022 and 0.1 million dollars above last quarter. This modest increase in operating expenses year over year was driven primarily by an increase in headcount to support the ongoing development of our products. Research and development expenses in the third quarter of 2023 were 12.0 million dollars compared to 9.6 million dollars in the prior year period. General and administrative expenses were 7.1 million dollars in the third quarter of 2023 compared to 6.2 million dollars in the prior year period.

<unk> to go and answer the question with the volume was really low but I think the question is really around.

What do you expect at <unk>.

Absolutely it's a great question.

Our goal with ASX GE is to continue to educate the market and to introduce the community to our platform.

The specific data that we're going to share we will.

Both the fundamentals of the platform.

Slightly newer community focused on the genetics community will also discuss proteomics in the context of multi omics.

As well as.

Anna Mowry: Overall, net loss for the third quarter of 2023 was 15.9 million dollars compared to 14.1 million dollars in the prior year period.

Aspects of how the affinity reagents are developed and characterized.

How.

<unk> are single molecule array and substantial data around platform stability.

Anna Mowry: Turning to our balance sheet, we ended the quarter with approximately 276 million dollars in cash, cash equivalents and investments compared to 287 million dollars at the end of last quarter. Since the beginning of the year, we have burned approximately 38 million dollars of cash. We continue to be focused on discipline cost management while strategically investing in the business to ensure that we have maximum operational flexibility ahead of our commercial launch. Over the past year, we have hired additional leadership talent, particularly in R&D, increased the throughput of our development and production pipelines and taken on new facilities. Even while making this important progress, we continue to improve on our operational efficiency.

Particularly.

Across very large cycle.

We will also discuss our computational analysis infrastructure for identifying protein.

And characterizing thoughts discovery rates as part of that.

Great. Thank you so much for the color and then just a separate follow up question.

Opex is tracking lower now slightly more than 20% year over year growth versus 30% guided last quarter could you frame. How you are thinking about spend in 'twenty four as we head closer to that target launch date in 'twenty four.

Let me make a couple of comments on that.

Anna Mowry: You may recall the last quarter we reduced our 2023 annual expense forecast to growth of 30% year over year. With our teams continued laser focus, we have further improved our efficiency and now expect our 2023 operating expenses to increase by slightly more than 20% compared to 2022. Importantly, we continue to expect to enter 2024 with a lower burn rate and a strong cash balance extending our cash runway into 2026. Our expectations on runway include the initial buildout of our commercial organization and takes into account a range of 2024 product launch date scenarios. With our robust balance sheet and discipline management of capital, we remain confident that we are strongly positioned to execute on a goal of launching a transformational platform and proteomics.

The team is just Anthony Joel mentioned been very diligent and how theyre solving problems by being innovative and creative.

Aten figuring out solutions at lower cost, which is what's really driving our reduced opex forecast for 2023.

Don't have any specific comments for 2024 about what I can tell you is that we will continue to be very tight with how we manage our spend we will continue to invest in our development teams about what we've done on a very targeted way.

I would think that growth there would temper a bit as we start to make room for hiring.

Hiring.

A handful of folks on the commercial side and and those that support them.

More color on that.

Sujal Patel: With that, I'll hand it back to Siegel. Thanks Anna. Needless to say, I'm very pleased with our continued focus on running this business as efficiently as possible while investing in the areas critical to bringing our platform to market.

Our call at the start of the year.

Great. Thank you very much.

Thank you one moment for our next question.

Sujal Patel: I want to take a moment to thank Anna for her diligent stewardship of our finances and the rest of our senior leadership team for their continued commitment to managing our resources in a way that maximizes not only this cash runway through the plan launch next year and into 2021. Our continued and frequent conversations with proteomics KOLs and other potential customers makes one thing very clear. Now is a great time to be pioneering a platform capable of establishing a new gold standard in the measurement of proteins and protea forms.

And our next question comes from the line of.

Daniel Brennan.

From Cowen your question please.

Great. Thank you thanks for the questions.

Maybe the first one just to level set things like is there.

Any change at all to thinking about the key aspects of kind of the launch early access still by year end.

Some data placements in Q2, and then still targeting a mid 24 launch.

Sujal Patel: The world of biological research is hungry for a breakthrough and we fully intend to be the company that supplies it. We continue to make good progress against our goals and look forward to updating you along the way as we continue towards commercialization of our platform next year and beyond.

Yes, Dan Thanks for the question. This is Joe So what I would say is that.

Is that there are no changes to our plan.

I don't think Thats.

I think that you are.

Yes.

Because it's quite exactly what we said on the last earnings call in the Q2 call in the same now for the Q3 call.

Unknown Executive: With that, I'll turn the call back to the operator. Certainly, thank you.

No.

What we've said is that we we continue to target that.

Unknown Executive: And as a reminder, ladies and gentlemen, if you do have a question at this time, please press star 1-1 on your telephone, one moment for our first question. And our first question comes from the line of Tejas Sivant from Morgan Stanley. Your question, please.

Roughly the middle of next year Middle of 2024 for the launch of our platform that means launching.

Our product is instrument consumables and software.

<unk>.

That's the inflection point, where were any meaningful revenue begins the early access period is a period of approximately three or four months.

Yuko Oku: So this is Yuko on Fatija. Thank you for taking our question. I saw some posters from Nautilus at ASHG. Could you give us a brief overview of the data that you'll be presenting and what we should be looking out for?

Head of that launch and so that we don't anticipate that will be we'll be doing any early access in 2023.

And so as we head into 2024, you should look for us to make an announcement around our early access program availability will start signing up with customers samples that we can analyze and then and then about three or four months before the launch roughly will begin analyzing those samples and as a reminder.

Unknown Executive: Well, let me add this is the gentleman.

Sujal Patel: Let me, I'll pass this over to Perab to go and answer. The question was, the volume was really low, but I think the question is really around what expected ASHG? Absolutely, that's a great question. Our goal with ASHG is to continue to educate the market and to introduce the community to our platform. The specific data that we're going to share will involve both the fundamentals of the platform. This is a slightly newer community focused on the genetics community.

Under the goal of this early access period, it's really not.

Yes.

Will charge, the modest amount of money to customers, but much more importantly, it's about gender.

Generating.

Interest in the platform so that we can get preorders for the instrument.

Sujal Patel: We'll also discuss proteomics in the context of multiomics as well as aspects of how the affinity reagents are developed and characterized how we accomplish our single molecule array and substantial data around platform stability, particularly across very large cycle runs and we'll also discuss our computational analysis infrastructure for identifying proteins and and characterizing both discovery rates as part of that. Great. Thank you so much for the color. And then just a separate follow-up question. Office is tracking lower and now slightly more than 20% year-over-year growth versus 30% guided less quarter.

Or get grants proposals submitted and as well as support marketing values.

Papers and publications with potential customers with our collaborators and use that as a stepping stone to then go after the next set of customers.

Yeah.

Got it that makes sense.

I know last quarter as well.

Scott.

Maybe making some small adjustments on the spec just to remain on track with dynamic range and kind of protein.

Coverage I believe.

Kind of where do you stand today are those that those adjustments still kind of intact, where there any other changes made just in terms of the targeted kind of commercial specs by the middle of 'twenty four.

Yes, that's a good question.

Anna Mowry: Could you frame how you're thinking about spending 24 as we head closer to that target launch date in 24? Sorry, you could let me make a couple of comments on that. The team has just, as usual mentioned, been very diligent in how they're solving problems by being innovative and creative and often figuring out solutions at lower costs, which is what's really driving our reduced ethics forecast for 2023. I don't have any specific comments for 2024, but what I can tell you is that we will continue to be very tight with how we manage our spend.

As a reminder, our Q2 call we said that we would pragmatically take.

The steps.

Adjusting a few of the initial product specifications for our launch so that we could pursue.

Our time to market and we still believe those specifications are not just competitive in the marketplace with their market leading.

In Q3, we didn't change any of those specifications, obviously as we continue to move through the verification and validation phase and are scaling up our reagents.

Lots of moving parts, but in general the specifications in the areas, where we were considering launching at slightly below our initial specifications. Our arps, our full specifications and then ramping up to full specifications overtime that consumer base. Those changes are really intact as we have.

Anna Mowry: We will continue to invest in our development teams, but we'll be doing a very targeted[inaudible] and I would think that growth there would temper a bit as we start to make room for hiring a handful of folks on the commercial side and in the staff that support them.

At the end of the year.

Got it and then in terms of paper like what could we.

Unknown Executive: I'll be able to give more color on that R call at the start of the year. Great, thank you very much.

Obviously.

You'll be at ACC with some more it looks like more like kind of a tech.

Wariness understanding really education for the customers down there.

Sujal Patel: Thank you one moment for our next question. And our next question comes from the line of Daniel Brennan. From Cala, your question please. Great, thank you. Thanks for the questions. Maybe the first one just to level set things. Like is there any change at all to thinking about the key aspects of kind of the launch early access still by your end. And some data placements in Q2 and then still targeting a mid-24 launch?

Can we can you just remind us what can we expect from papers kind of before the early access kicks in.

I'll take that one this is parag.

You can anticipate in general from our paper publication strategy is it'll Apollo really three phases the timing of publication.

I won't speak to but generally you should think about our obligations as falling into three categories.

First are really technology foundational manuscripts. So for instance, things link our nanoparticle conjugation obligations.

Sujal Patel: Yeah, Dan. Thanks for the question. This is Sejal. So what I would say is that there are no changes to our plan. But I don't think that I think that you're what you just outlined isn't quite exactly what we said on the last earnings call in the Q2 call and it's the same now for the Q3 call. So what we've said is that we continue to target the roughly the middle of next year, middle of 2024 for the launch of our platform that means launching our product as instrumented consumables from software.

Prior.

We will also have some similar sorts of publications around the prism algorithm and approach as well as our nanoparticle deposition approach.

And then there'll be next series of papers that really speak to you.

Demonstrations of platform capabilities and then the third area that we anticipate publications are really applications with our partners.

Examining bile biological questions using the platform.

Great. Thanks, maybe final one just on.

Sujal Patel: And really that's the inflection point where any meaningful revenue begins. The early access period is a period of approximately three or four months ahead of that launch. And so that we don't anticipate that we'll be doing any early access in 2023. And so as we head into 2024, you should look for us to make an announcement around our early access program availability. We'll start signing up with customers samples that we can analyze and then and then out three or four months before the launch roughly will begin analyzing those samples.

Thermo link obviously that I think you've kind of alluded to kind of.

Sujal Patel: And as a reminder, the goal of this early access period is really not, I mean, that's what we will charge some models about money to customers, but much more importantly, it's about generating interest in the platform so that we get pre orders for the instrument or get rents proposal submitted. And as well, it's for marketing value so that we can get papers and publications with our potential customers with our collaborators and use that as a stepping stone to then go action in the next.

The excitement in proteomics and some an explosive growth thats happening just kind of thoughts on.

Just the competitive environment I know you're positioned if technology is really.

Super differentiate it but just wondering how you think about it.

Again in the wake of like the large order.

So as a company.

<unk> just how do you think about that other validating or from a competitive standpoint, just any color on that thanks.

Yes, Dan I think that.

The announcement that <unk> was going to acquire a link I think tremendously validate the proteomics space and as well really validates that new approaches are important in the proteomics.

In the proteomics World, if you kind of look at the.

The acquisition, it's really taking what I would say so far the most successful new proteomics entrant in putting enhances the market leader in thermal Fischer.

And so I think that there is.

A couple of things that are exciting for Michael one is that it's clearly a.

Sujal Patel: That makes sense. I know last quarter as well, you discussed, you know, maybe making some small adjustments on the specs to remain on track with dynamic range and kind of protein coverage, I believe, kind of where do you stand today are those that those adjustments still kind of intact, whether any of the changes made just in terms of the, you know, targeted kind of commercial specs by the middle of 24. Yeah, that's a good question.

Admission from Thermo Fisher that other approaches besides the current gold standard of mass spectrometry are important to the customer base.

And I think that the.

The price point achieved in today's market climate I think is really indicative of the fact that proteomics is incredibly important to the scientific community who is looking to unlock the next generation of discoveries to accelerate drug development and really deliver on precision and personalized medicine. So from that standpoint I think.

Sujal Patel: As a reminder, about our Q2 call, we said that we would pragmatically take the steps of adjusting a few of the initial product specifications for our launch so that we could preserve our time to market and we still believe those specifications are not just competitive in the marketplace, but they'll market leaving. In Q3, we didn't change any of those specifications. Obviously, as we continue to move through the verification validation stays in our scaling up our reagents, there are lots of moving parts, but in general the specifications in the areas where we were considering launching at slightly below our initial specifications are full specifications and then ramping up to full specifications over time and consumer updates.

It's really I think it is really great.

One of the things that you.

That you were alluding to is sort of how this might change the competitiveness in the marketplace.

Being someone who has been on startups for a couple of decades I will comment that in my experience when a large company buys a young nimble.

Entrant like Oh Lake.

Apologies don't get more competitive they become broader in the marketplace, but innovation slows and so from my standpoint, it's pretty exciting to the marketplace as well because I think that.

The company that executed the best out of the new proteomics country and out of those that are focused more on the discovery end of the spectrum like Nonetheless, like somebody other type sequencing approaches or other sample prep approaches.

Sujal Patel: Those changes are really intact, you know, as we have it in the end of the year. And then in terms of papers, like what could we, obviously, you know, you'll be at ACHD, which some more, it looks like more, like kind of a tech, you know, awareness understanding, really, education for the customers down there. What can we, can you just remind us, what can we expect from papers kind of before the early access kickstand?

Our view when we look at the technology that we're building value proposition mode because of the big complex nature of what we've developed and as well the specifications of our intended product for next year I think that we've got a.

A complete winner on our hands and that's why we're focused on being heads down and going getting all the development completed in getting this going out the door.

Sujal Patel: I'll take that one. This is Parag. I think you can anticipate in general from our paper publication strategy is that it'll follow really three phases. The timing of publications, I won't speak to, but generally, think about our publications as following into three categories. The first are really technology, foundational manuscripts. So, for instance, things like our nanoparticle conjugation publication of prior will also have some similar sorts of publications around the prism algorithm and approach as well as our nanoparticle deposition approach.

Great.

Sujal Patel: And then there'll be a next series of papers that really speak to demonstrations of platform capabilities. And then the third area that we anticipate publications are really publications with our partners examining biological questions using the platform. No, thanks. Maybe final one. Just on, you know, your thermal o-link, obviously, that, I think you were kind of alluded to kind of the excitement and proteomics and some of the explosive growth that's happening. Just kind of thoughts on, you know, just a competitive environment in a new position.

Also you have to stand in Biofuels and this homological. So there's certainly a lot of it a lot of strategic moves within the quarter, but thanks for the feedback and that congrats on the quarter.

Thanks, Dan.

Thank you and as a reminder, ladies and gentlemen, if you do have a question at this time. Please press star one on your phone one moment for our next question.

Yeah.

And our next question comes from the line of Matt <unk> from Goldman Sachs. Your question. Please.

Hi, this is because Oscar on for Matt Thanks for taking my questions.

What are your thoughts on feedback we've gotten from other companies on farmer Mac Capex spending how do you feel like youre pricing move towards launch.

Yes, so thanks for the question so.

In terms of the Capex spend I think that.

I will answer this question.

That.

You are likely getting a lot of color from the large caps that have already reported in particular.

Capex spend appears to be a little bit lumpy.

Lumpier internationally, but from our perspective.

Because we are a very small company that is just about to introduce a product.

We lead.

Whats more important is what this formula will want to spend your money on it and in conversations with <unk>.

Sujal Patel: Your technology is really kind of super-differentiated, but just wondering how you think about, you know, again, in the wake of like the, you know, the large largest tools company buying o-link just, you know, how do you think about that? Are there validating or from competitive standpoint, just any color on that? Thanks. Yeah, Dan, I think that the announcement that the refresher was going to acquire o-link, I think tremendously validates the proteomics space, and as well, really validates that new approaches are important in the proteomics world.

Many many customers in the pharmaceutical space as well as in the diagnostic space, but what we've heard is that there is still substantial budget in 2004 that is available for technology that are going to make a dent in drug development and biomarker discovery, helping different areas and so from our standpoint, I don't really see an impact.

Sujal Patel: If you kind of look at The acquisition, it's really taking what I would say is so far the most successful new proteomics entrance is putting in hands of the market leader into my Fisher. And so I think that, you know, there's a couple of things that are exciting for my point. One is that it's clearly a admission from some of our Fisher that other approaches, besides the current gold standard of mass, the trauma tree are important to the customer base.

Our business with that.

With the capital environment, that's out there.

The second half of your question was really related to price point and the answer on that front, if I feel very good about the price point and I feel good about it both from a market perspective and from a direct feedback from our potential customers perspective on the market side 2023 saw a continued increase.

The price of the top end Mack parameters, which is the gold standard in proteomics today with the release of Fisher's arbitrage, Astral, which pushes the price point, even closer to $2 million for the initial deal sizes for the instrument.

So we feel very good about our price point, where our initial deal size, which include the instrument service to support Tech App install some consumables to get going that whole package will be roughly a $1 million and we'll talk more about that pricing as we get closer to launch and I feel good about that price point relative to the other <unk>.

Sujal Patel: And I think that the price point achieved in today's market climate, I think is really indicative of the fact that proteomics is incredibly important to the scientific community who's looking to unlock the next generation of discoveries to accelerate from development and really deliver and precision and personalized medicines. So from that standpoint, I think it's really, I think it's really great. You know, one of the things that you, that you were alluding to is sort of how this might change the competitiveness in the marketplace and, you know, being someone who's been around startups for a couple of decades, I will comment that, you know, in my experience, when a large company buys a young nimble, like in O-Link, technologies don't get more competitive.

<unk> in the marketplace from our customer feedback perspective, we continue to discuss pricing of the instrument examples with our customers and we feel like we're hitting a really good sweet spot where the price of the instrument is.

Appropriately high too.

Warrant, which is warranted by the specifications of the product how many proteins. The dynamic range sensitivity and then in addition to that on the consumable side, we've gotten good feedback from customers that the specifications.

That price point it makes a lot of FX based on the specification clip.

Sujal Patel: They become broader in the marketplace, but innovation flows. And so for my standpoint, it's pretty exciting for the marketplace as well, because I think that O-Link is a company that executes the best out of the new proteomics entrance. And out of those that are focused more on the discovery and the spectrum, like Nautilus, like some of the other type sequencing approaches or other sample prep approaches. You know, our view when we look at the technology that we're building, the value preposition, the mode, because of the complex nature of what we've developed. And as well, the specifications of our intended product for next year, I think that we've got a complete winner on our hands.

Okay, Great. That's Super helpful. And then just one more from me.

Could you talk through what you're looking for when Youre working with external manufacturers to prevent future supply chain risks in general how that process is going and if there's been any bumps along the way.

Yeah, So I'm happy to talk about supply chain a little bit.

Yes.

Totally understand the question because there have been a number of bumps with other <unk> companies.

Supply chain is something that we pay a lot of attention to supply chain organization and manufacturing organizations run by Mary <unk>, who I have worked with now for.

Gosh, something like more than 15 years and she has four decades of experience doing this in terms of.

Sujal Patel: And that's why we're focused on being head down and going and getting all the development completed and getting this one out the door. Great. Again, obviously, also, yeah, the standard bio tools and the formal logic, so there was a lot of strategic moves within the quarter, but thanks for the feedback and now congrats on the quarter. Thank you. And as a reminder, ladies and gentlemen, if you do have a question at this time, please press star 1-1 on your phone.

What our strategies are first and foremost our strategies are to make sure of that.

The design of the system is resilient and that it has.

Let's say that QC, making sure that we have the ability to use multiple suppliers wherever we can.

We've got very good relationships with all of the key suppliers within our system on the electronics side, meaning the instrumentation side, we used a.

Evie Kuzlowski: One moment for our next question. And our next question comes from the line of Matt Sykes from Goldman Sachs. Your question, please. Hi, this is Evie Kuzlowski on format. Thanks for taking my questions. The first one, what are your thoughts on feedback? We've gotten from other companies on Farmer CapEx, then. And how do you feel about your prices? We moved towards launch. Yeah, so thanks for the question. So in terms of Farmer CapEx, then, I think that I will answer this question. I know that you are likely getting a lot of color from the large cap that have already reported in particular.

A well known California based contract manufacturer to do the build of those instruments. Even at this early stage of our like our contract manufacturers doing builds for our internal use and so.

Sujal Patel: CapEx then appears to be a little bit lumpier internationally, but from our perspective, because we are a very small company that's just about to introduce a product. But really, what's more important is what does Farmer want to do? to spend their money on it. And in conversations with many, many customers in the pharmaceutical space, as well as in the diagnostic space, what we've heard is that there is still substantial budget in 24 that is available for technologies that are going to make a dent in drug development and biomarker discovery that help in specific areas.

That is something that bodes really well for us to be able to fully transfer all of those build to that contract manufacturer and start scaling for next year.

And then on the reagent side, if you think about our reagent kits and our consumable kit. They have a number of components. One is a flow cell, which is essentially an assembly acute glass and silicon chip and our partners on the flip side and ship are really part.

<unk> that we work very very closely with on what the procedure is to build that assembly. What the <unk> are we're comfortable with both of the key suppliers that are.

Responsible for those two components.

Next is really the bulk reagents, which are not all that complicated there are things like buffers in our in our plastics and those sorts of things and that's an area, where we've built a robust supply chain and then the third is really <unk>.

Sujal Patel: And so from our standpoint, I don't really see an impact on our business with the capital environment that's out there. The second half of your question was really related to price point and the answer on that front is if I feel very good about the price point. And I feel good about it both from a market perspective and from a direct feedback from our potential customer's perspective. On the market side, 2023 saw the continued increase of the price of the top end mass spectrometers, which is the gold standard in proteomics today with the release of the researchers, or the type astral, which pushes the price point even closer to $2 million for an initial deal size for the instrument.

Antibodies and really our probes and those are.

Something that we pay a lot of attention to building a robust supply.

Supply chain. So we have multiple external vendors, which do antibody manufacturing for us we do some of that internally as well and then we have a reagent manufacturing.

Manufacturing group inside of our organization, which is responsible for taking the antibody turning them into our into our full consumable kit and going in and getting them.

Right up with the instruments that we can we can run analysis.

Okay, great. Thank you so much.

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.

Sujal Patel: So we feel very good about our price point where our initial deal size, which includes the instrument, services support type weapons, all some consumables to get going. That whole package will be roughly a million dollars and we'll talk more about backpricing as we get closer to launch. And I feel good about that price point, relative to the other products in the marketplace. From a customer feedback perspective, we continue to discuss pricing of the instruments and samples that are customers and we feel like we're hitting a really good sweet spot where the price of the instrument is appropriately high to warrant, which is warranted by the specifications of the product, how many proteins, what's the damage range, sensitivity, and then the addition of that on the consumer side, we've gotten to see back from customers that the specifications that type point it makes a lot of sense based on the specifications of the system. Okay, great, that's super helpful. And then just one more for me.

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Sujal Patel: Could you talk through what you're looking for when you're working with external manufacturers to prevent future supply chain risks and in general how that process is going and if there's been any bumps along the way? Yeah, so I'm happy to talk about supply chain a little bit. Yeah, I totally understand the question because there has been a number of bumps with other DX and tools companies. The supply chain is something that we pay a lot of attention to.

Okay.

Sujal Patel: I supply chain organizations and manufacturing organizations run by Mary Godwin, who I have worked with now for something more than 15 years and she has four decades of experience doing this. In terms of what our strategies are, first and foremost, our strategies are to make sure that the design of the system is resilient, that it has balances, QC, making sure that we have the ability to use multiple suppliers wherever we can.

Sujal Patel: We've got very good relationship with all of the key suppliers within our system. On the electronic side, meaning the instrumentation side, we use a well-known California based contract manufacturer to do the build of those instruments even at this early stage of our life. Our contract manufacturer is doing the builds for our internal use and so. So that's something that bodes really well for us to be able to fully transfer all of those builds to that contract manufacture and start scaling for next year.

Sujal Patel: And then on the reagent side, if you think about our reagent kits and our consumable kits, they have a number of components. One is a flow cell, which is essentially an assembly of youth class and silicon chip. And our partners on the flow cell and ship are really partners that we work very, very closely with on what the procedure is to build that assembly, what the QCs are were comfortable with both of the key suppliers that are responsible for those two components.

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Sujal Patel: And the next is really the bulk reagents, which are not all that complicated. There's things like buffers and our plastics and the sorts of things. And that's an area where we built a robust supply chain. And then the third is really antibodies and really our probes and those are something that we paid a lot of attention to building a robust supply chain. So we have multiple external vendors, which do anybody manufacturing for us, we do some of that internally as well.

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Sujal Patel: And then we have a region manufacturing group inside of our organization, which is responsible for taking the antibody, turning them into our into our full consumable kits and going in and getting them married up with the instruments that we can we can run analysis.

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You simply press Star one again as a reminder, today's program is being recorded and now I would like to introduce your host for today's program Gary Mandel Investor Relations. Please go ahead.

Thank you earlier today <unk> released financial results for the quarter ended September 32023, and you Havent 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 Nonetheless stockpile.

Joining me today from analysts are Ctrip hotel co founder and CEO, Rob Malik co founder and Chief scientist and Annemarie Chief Financial Officer.

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

As required by law, Nonetheless, disclaims any intention or obligation to update or revise any financial our product pipeline projections or other forward looking statements, whether because of new information future events or otherwise.

Unknown Executive: Okay, great. Thank you so much.

This conference call contains time sensitive information and is accurate only as of the live broadcast October 31, 2023 with that I'll turn the call over to <unk>.

Thanks, Carrie good morning, and thank you for joining us today.

On this call we will share our financial results for the third quarter and provide a brief update on recent activities.

I am excited by the progress we made in Q3 against our scientific and development goals and in the ways. We are preparing the various elements of our platform for commercial launch.

That continued progress is the direct result of the great work being done by data light across all parts of the business, especially but not limited to our R&D organization.

Though it's only been a little over a month since we've made the change we've already begun to see the productivity and efficiency gains we had ambitions.

Super has held many senior roles over the last two decades, notably at Celexa in aluminum, where he led instrument and consumable development efforts for next generation Sequencers and related products base.

Based on his extensive and successful product development experience. It has been our plan from the beginning to unite these efforts under supra.

With our product development efforts, reaching the integration verification and scale up stage, our needs matched <unk> experience, making now the right time to effect the change.

Unifying R&D under Super has the additional benefit of enabling <unk> to significantly expand its outward facing activities with the scientific and customer communities. While also maintaining deep involvement in both broad strategic issues and day to day scientific activities.

<unk> tools.

Prior to that he held senior scientists positions at ion torrent and Nanosphere.

His deep expertise in chemistry, and nano engineering will not only broadened our team's skill set but also increased the depth of our R&D leadership bench.

With an increasing focus on proteomics by the scientific community moves by major life Sciences companies to expand their proteomics related offerings and massive international investments and the steadier protein. It's clear to me that the foundation has been laid for the proteomics era of biology, and medicine to take root and flourish.

Unknown Executive: Thank you.

Unknown Executive: This does conclude the question and answer session as well as today's program. Thank you ladies and gentlemen for your participation.

Unknown Executive: You may now disconnect. Good day. Thank you. Thank you for your time, and I'll see you in the next video. Thank you very much.

Unknown Executive: Daniel Brennan, Tejas Savant, Matthew Sykes, Sujal Patel, Matthew Sykes, Sujal Patel, Daniel Brennan, Tejas Savant, Matthew Sykes, Sujal Patel, Daniel Brennan, Tejas Savant, Matthew Stanton, Daniel Brennan, Tejas Savant, Matthew Sykes, Sujal Patel, Daniel Brennan, Tejas Savant, Matthew Sykes, Sujal Patel, Thank you for standing by and welcome to the Nautilus 3rd quarter, 2023 earnings conference call.

Unknown Executive: At this time, all participants are listening only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 1-1 on your telephone. To remove yourself from the queue, simply press star 1-1 again. As a reminder, today's program is being recorded.

All biological research is conducted improvements that could manifest significant advances to human health for millions across the world.

Carrie Mendivil: And now I'd like to introduce your host for today's program, Carrie Mendivil, Investor Relations. Please go ahead. Thank you.

Carrie Mendivil: Earlier today, Nautilus released financial results for the quarter-ended September 30, 2023. If you haven't received this news release or if you'd like to be added to this company's distribution list, please send an email to investorrelationsatnautilus.bio.

In advance of making our platform available next year, we continue to broadly share through white papers scientific posters and presentations one on wine briefings Webinars and a range of other mandates insight into how our platform works and its potential benefits.

Carrie Mendivil: Join me today from Nautilus, or Sujal Patel, co-founder and CEO, Parag Mallick, co-founder and chief scientist, and Anna Mowry, 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 meeting of 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 for looking statements and the press release Nautilus issue today.

Carrie Mendivil: Except that it is required by law, Nautilus disclaims any intention or obligation to update or revise any financial or product pipeline projections 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 October 31, 2023.

One recent event the Hoopoe World Congress in mid September and boost and South Korea provided a great opportunity to continue to educate kols and other.

Sujal Patel: With that, I'll turn the call over to Sujal. Thanks, Kerry. Good morning, and thank you for joining us today. On this call, we'll share our financial results for the third quarter and provide a brief update on recent activities. I'm excited by the progress we made in Q3 against our scientific and development goals, and in the ways we're preparing the various elements of our platform for commercial launch. That continued progress is the direct result of the great work being done by Nautilights across all parts of the business, especially but not limited to our R&D organization.

Sujal Patel: I'm pleased to report that as of mid-September, our 100-plus-person R&D organization now reports entirely into SuperSankar, our SVP of product development, who's been with us for almost three years. Though it's only been a little over a month since we've made the change, we've already begun to see the productivity and efficiency gains we've envisioned. Super has held many senior roles over the last two decades, notably at Selexa and Aluminum, where he led intermittent consumable development efforts for next-generation sequencers and related products.

Sujal Patel: Based on his extensive and successful product development experience, it has been our plan from the beginning to unite these efforts under SuperR. With our product development efforts reaching the integration, verification, and scale-up stage, our needs match SuperS' experience making now the right time to affect the change. Unifying R&D under SuperR has the additional benefit of enabling Parod to significantly expand his outward-facing activities with the scientific and customer communities, while also maintaining deep involvement in both broad strategic issues and day-to-day scientific activities.

Sujal Patel: Joining SuperR's team just yesterday were excited to welcome Dr. Martin Hubert as our VP of biochemistry and flow-cell development. For the past 13 years, Martin was a co-founder, CTO, and ultimately CEO of Quantepore, a company devoted to pioneering massively parallel direct, single molecule DNA and protein analytical tools. Prior to that, he held senior scientist positions at Ion Torrent and Nanosphere. His deep expertise in chemistry and nanoengineering will not only broaden our team's skill set, but also increase the depth of our Ion-D readership.

Sujal Patel: With an increasing focus on proteomics by the scientific community, moves by major life sciences companies to expand their proteomics-related offerings, and massive international investments in the study of proteins. It's clear to me that the foundation has been laid for the proteomics era of biology and medicine to take root and flourish. While the near-term opportunities that will emerge are exciting areas of focus for us, we believe that easy to use, high-throughput discovery platforms that match the scale of the proteo, like Nautilus, hold the opportunity to revolutionize more than just proteomics.

Sujal Patel: We believe that the potential exists fundamentally, improves the way all biological research is conducted, improvements that could manifest as significant advances to human health for millions across the world. In advances making our platform available next year, we continue to broadly share through white papers, scientific posters and presentations, one-on-one briefings, webinars, and a range of other methods insight into how our platform works and its potential benefits. This type of transparency continues to build meaningful trust and early credibility with our potential buying audiences and underscores our philosophy of being a committed and contributing member of the broader proteomics community. One recent event, the Hoopo World Congress in mid-September in Busan, South Korea provided a great opportunity to continue to educate KOLs and others.

Q3 2023 Nautilus Biotechnology Inc Earnings Call

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