Q2 2025 Nautilus Biotechnology Inc Earnings Call

Ji-Yon Yi: Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Nautilus Biotechnology second quarter 2025 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 that time, you need to press star one one on your telephone keypad. At this time, I would like to turn the conference over to Ms. Ji-Yon Yi, investor relations. Ma'am, please begin.

Good day, ladies and gentlemen, and thank you for standing by, welcome to the Nautilus biotechnology. Second quarter 2025 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 that time, you need to press star 1, 1 on your telephone keypad,

At this time, I would like to turn the conference over to Miss Jean young e, investor relations ma'am. Please begin.

Ji-Yon Yi: Earlier today, Nautilus released financial results for the quarter ended June 30, 2025. 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 investorrelations@nautilus.bio. Joining me today from Nautilus are 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 meaning of the Federal Security Clause. 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 Nautilus issued today.

Earlier today, Nautilus released Financial results for the quarter ended June 30 2025.

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

Joining me today from Nautilus our social Patel co-founder and CEO.

Brock Malik, co-founder and chief scientist.

In Anna, Maui 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 Security 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 Nautilus issued today.

Ji-Yon Yi: Except 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 on July 30, 2025. With that, I'll turn the call over to Sujal.

Except 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 on July 30th 2025.

Sujal Patel: Thanks, Jion, and thank you all for joining us. Q2 was a milestone quarter for Nautilus. Not only did we continue our momentum across both targeted and broad-scale proteomic development efforts, but we also publicly shared the first preprint to feature novel data generated using the Nautilus platform. We believe that this first-of-its-kind proteoform data across a range of important biological systems can only be generated on our platform. No other analysis method comes close. The manuscript, now live on BioArchive, represents nearly a decade of pioneering work by our team and collaborators. In it, we introduce and validate the application of our iterative mapping method, showing that it can measure proteoforms at a resolution and breadth never before possible. The results speak for themselves. Our approach demonstrated unprecedented dynamic range and industry-leading reproducibility.

With that, I'll turn the call over to social.

Thanks, Guillen, and thank you all for joining us.

Q2 was a milestone quarter for Nautilus. Not only did we continue our momentum across both targeted and broad-scale proteomic development efforts. But we also publicly shared the first pre-print to feature, novel data generated. Using the Nautilus feature novel data generated using the Nautilus platform

We believe that this first of its kind period of form data across a range of important, biological systems can only be generated on our platform. No other analysis method comes close.

now, live on, bio archive represents nearly a decade of pioneering work by our team and collaborators

Sujal Patel: Even more exciting, early biological insights from this work suggest that iterative mapping may illuminate new mechanisms of tau biology, potentially opening the door to a new generation of neurodegenerative disease diagnostics and therapeutics. Parag will elaborate on these results presented in the manuscript shortly. We believe that this manuscript is both scientific validation and a significant external milestone for Nautilus, and that it sets a new bar in the field of proteomics. I want to recognize the Herculean efforts of our team, as well as our partners at Genentech, the Neural Stem Cell Institute, and Mount Sinai Health System. Zooming out, this quarter we main focus on building engagement around our tau proteoform assay and laying the foundation for external collaborations. Feedback from researchers is highly enthusiastic.

In it, we introduced and validate the application of our iterative mapping method showing that it can measure proteoforms at a resolution and breathe, never before possible, the results speak for themselves. Our approach demonstrated unprecedented dynamic range and industry-leading reproducibility.

Even more exciting early biological insights from this work suggests that, iterative mapping May illuminate new mechanisms of how biology potentially opening the door to a new generation of neurodegenerative disease, Diagnostics and Therapeutics.

Parag will elaborate on these results presented in the manuscript shortly.

We believe that this manuscript is both scientific validation and a significant external milestone for Nautilus and that, it sets a new bar in the field of proteomics, I want to recognize the Herculean efforts of our team as well as our partners at Genentech, the neural stem cell Institute and Mount Sinai Health System.

Sujal Patel: Many now see Nautilus as a forerunner in decoding the complexity of post-translational modifications with the resolution necessary to drive meaningful biological and therapeutic breakthroughs. This enthusiasm is translating into real momentum. We've continued to deepen our conversations with academic, pharma, and nonprofit partners, and the ability to now reference our manuscript gives us a new level of credibility and visibility. The discussions we're having today are more strategic, focused not only on tau, but also broader use cases for targeted proteoform analysis across neurology, oncology, and immunology. To provide more detail on our R&D efforts, let me now turn the call over to Parag. Parag?

Zooming out. This quarter, we remained focused on building engagement around our cow proteoform assay and laying the foundation for external. Collaborations feedback from researchers is highly enthusiastic many. Now see Nautilus. As a forerunner in decoding the complexity of

To drive. Meaningful. Biological and therapeutic breakthroughs.

This enthusiasm is translating into real momentum. We've continued to deepen, our conversations with academic Pharma and nonprofit partners, and the ability to now reference, our manuscript gives us a new level of credibility and visibility.

The discussions we're having today are more strategic focused not only on Tau but also broader use cases for targeted protein analysis, across neurology oncology and Immunology.

To provide more detail on our R&D efforts. Let me now turn the call over to Prague

Parag Mallick: Thanks, Sujal. Good morning, everyone. Q2 marked a major inflection point in our scientific journey. As Sujal mentioned, this quarter we shared a preprint of a manuscript illustrating how our iterative mapping method enables a unique capability on the Nautilus platform: resolution of proteoforms at the single molecule level at scale. In traditional proteomic techniques, a protein is often treated as a single entity. But the reality is that proteins exist in many modified forms, each with their own distinct structure and function. These different variants are called proteoforms. Just like a single gene may have thousands of variants defined by mutations, a single protein may have thousands of different proteoforms defined by a combination of alternative splicing and multiple post-translational modifications. The prevalence of different proteoforms may ultimately influence the role a protein plays in disease and how best to therapeutically target it.

Prague.

Thanks, DJ. Good morning, everyone.

Q2 marked a major inflection point in our scientific Journey. As sujo mentioned, this quarter, we shared a preprint of a manuscript illustrating, how our iterative mapping method, enables a unique capability on the Nautilus platform.

Resolution of pro forms at the single molecule level at scale.

In traditional proteomic techniques. A protein is often treated as a single entity.

But the reality is that proteins exist, in many modified forms each with their own distinct structure and function.

These different variants are called proteoforms.

Just like a single Gene, may have thousands of variants defined by mutations.

A single protein. May have thousands of different proteoforms defined by a combination of alternative, splicing and multiple.

Prevalence of different proteoforms, May ultimately influence, the role of protein plays in disease, and how best to therapeutically targeted.

Parag Mallick: Before I dive in, I'd like to clarify one important point. You'll hear from others that they are measuring proteoforms. However, the reality is that only platforms that look at intact protein molecules and are able to interrogate multiple positions on those molecules are capable of examining proteoforms with the necessary resolution. Existing affinity-based methods, such as O-Link, SomaScan, or LMR, are able to report the relative amount of a protein, but they typically do not measure modifications of those proteins, and certainly not the co-occurrence of those modifications on individual protein molecules. Likewise, peptide-based methods, such as employed by shotgun mass spectrometry or even single-molecule peptide sequencing methods, entirely lose the contextual information required to know that multiple modifications are co-occurring on a single protein molecule. Any peptide-based measurement method cannot measure proteoforms.

Before I dive in, I'd like to clarify one important point.

You'll hear from others that they are measuring proteoforms.

however, the reality is that only platforms that look at intact protein molecules,

And are able to interrogate multiple positions on those molecules are capable of examining proteoforms with the necessary resolution.

Existing Affinity based methods such as olink, Susan, or Alomar are able to report the relative amount of a protein but they typically do not measure modifications of those proteins and certainly not the co-occurrence of those modifications on individual protein molecules.

Likewise peptide based methods, such as employed by shotgun mass spectrometry or even single molecule peptide, sequencing methods and entirely lose the contextual information required to know that multiple modifications are co-occurring on a single protein molecule.

Parag Mallick: Consequently, we believe that the Nautilus platform is the only platform that has been designed to readily quantify the thousands of distinct proteoforms of key proteins at scale. With the release of our manuscript, we publicly demonstrated the remarkable real-world capabilities of our iterative mapping method. This is notable for two distinct reasons. First, the manuscript represents an end-to-end validation of our core platform, which is shared between our targeted proteoform assays and our forthcoming broad-scale assay. Second, the manuscript demonstrates that the tau assay built upon our platform has the ability to drive powerful biological insight into Alzheimer's disease and related disorders.

Any peptide-based measurement method cannot measure proteoforms consequently? We believe that the Nautilus platform is the only platform that has been designed to readily quantify, the thousands of distinct proteoforms of key proteins at scale.

With the release of our manuscript. We publicly demonstrated the remarkable realworld capabilities of our iterative mapping method. This is notable for 2 distinct reasons.

Second, the manuscript demonstrates that the TAL assay built upon our platform has the ability to drive powerful biological insight into Alzheimer's disease and related disorders.

Parag Mallick: Diving in, the first part of the manuscript shows that the platform is able to go end-to-end from sample to answer by taking individual protein molecules from complex samples, attaching them to DNA origami nanoparticles, depositing those nanoparticles on nanofabricated arrays, iteratively probing them, and then applying our machine learning-based engine to quantify the proteoforms in the sample. When we began the company eight years ago, each of these challenges represented its own complex scientific frontier. Consequently, demonstrating them fully integrated is an important proof point regarding the scientific foundations of our approach. After introducing the method and how that method is applied to assay the Alzheimer's disease-associated protein tau, we performed extensive assay characterization that serves as external confirmation of the platform's scientific rigor and technical maturity. I'd like to call out two specific aspects of the platform characterization data that will have concrete impacts to our customers.

diving in the first part of the manuscript shows that the platform is able to go end to end from sample to answer by taking individual protein molecules from complex samples,

Attaching them to DNA origami nanoparticles.

Depositing those nanoparticles on Nano fabricated arrays.

either relatively probing them, and then applying our machine learning based engine to quantify, the proteoforms in the sample,

When we began the company 8 years ago, each of these challenges represented its own complex, scientific Frontier.

Consequently demonstrating them, fully integrated is an important proof Point regarding the scientific foundations of our approach.

After introducing the method, and how that method is applied to assay the Alzheimer's disease, Associated protein towel, we performed extensive assay characterization that serves as external confirmation of platform scientific rigor and Technical maturity.

Parag Mallick: First is the reproducibility data. It is extremely uncommon for first introductions of a new method to perform such a rigorous and extensive characterization of reproducibility. However, we've heard from our future customers that reproducibility is top of mind for them. This is natural, as high reproducibility allows researchers to trust their results and know that they are more likely to be able to be replicated by researchers in other labs. We measured the within-experiment reproducibility of our platform as having a median CV of 1.5%. Even across multiple instruments, reagent lots, operators, sample preparations, and runs, our median CVs were approximately 5%.

I'd like to call out 2 specific aspects of the platform characterization data that will have concrete impacts to our customers.

First is the reproducibility data.

It is extremely uncommon for first introductions of a new method to perform such a rigorous and extensive characterization of reproducibility.

However, we've heard from our future customers that reproducibility is top of mind for them.

This is natural as high reproducibility, allows researchers to trust their results and know that they are more likely to be able to be replicated by researchers in other labs.

We measured the within experiment reproducibility of our platform as having a median CV of 1.5%.

Parag Mallick: To put that in perspective, studies of the reproducibility of existing mature affinity-based and mass spectrometry-based proteomics platforms that look solely at total protein abundances, not proteoforms, have found median coefficients of variation of nearly 40% from run to run and up to 80% across labs and operators. The reproducibility of our platform, even at this earliest stage, is a direct consequence of our single-molecule methodology, which determines protein abundance not from a single measurement, but instead from the aggregate of independent measurement of many, many individual molecules. Our reproducibility is also a consequence of our incredible team's steadfast commitment to quality. As I mentioned, reproducibility this tight would be considered exceptional for a mature platform. To have demonstrated such world-leading reproducibility at the first introduction of a novel method is astonishing.

Even across multiple instruments. Reagent, Lots operators, sample preparations and runs our median. CVS were approximately 5%,

To put that in perspective, studies of the reproducibility of existing mature, Affinity based and mass spectrometry based proteomics platforms that look solely at total protein abundances. Not partially forms have found medium coefficients of variation of nearly, 40% from run to run and up to 80% across labs and operators.

The reproducibility of our platform, even at this earliest stage is a direct consequence of our single molecule methodology.

Which determines protein abundance not from a single measurement, but instead from the aggregate of independent measurements of many, many individual molecules.

Our reproducibility is also a consequence of our incredible teams steadfast commitment to Quality.

As I mentioned, reproducibility of this type would be considered exceptional for a mature platform.

To have demonstrated such world-leading reproducibility at the first introduction of a novel method is astonishing.

Parag Mallick: We additionally demonstrated that the assay is extremely sensitive and able to accurately measure changes to a proteoform's abundance across a wide range of physiologically relevant concentrations. For reference, mass spectrometric methods, such as tandem mass tagging, lose quantitative accuracy when comparing samples in which a protein's abundance changes by more than a factor of 10. Our analysis revealed that our assay could reliably measure how much a proteoform changes, even for changes of over a factor of 1,000. Furthermore, the assay is able to accurately quantify extremely low abundances of proteoforms. The forms of tau present in samples at levels approximately 0.1% of total tau can be reliably quantified. This is critical as we know that low abundance forms of proteins like tau can still be tremendously impactful in disease progression.

We additionally demonstrated that the assay is extremely sensitive. And able to accurately measure changes, to a Prout forms, abundance, across a wide range of physiologically relevant concentrations.

For reference Mass spectrometric methods, such as tandem Mass tagging lose quantitative accuracy When comparing samples in which a proteins abundance changes by more than a factor of 10.

Our analysis revealed that our assay could reliably measure how much a proteoform changes.

Even for changes of over a factor of a thousand.

Furthermore, the essay is able to accurately quantify, extremely low, abundances of proteoforms.

The forms of Tau present in samples at levels. Approximately 0.1% of total, Tau can be reliably Quantified.

This is critical. As we know that low abundance forms of proteins. Like Tau can still be tremendously impactful in disease progression

Parag Mallick: Beyond demonstrating the technical capabilities of our platform, the studies we presented are already providing unique biological insight into Alzheimer's disease and related disorders. Before discussing the paper specifically, I'd like to give a bit of context as to why the findings are potentially so significant. The link between tau and Alzheimer's disease has been established for nearly 40 years. In that time, a huge number of potential biomarker tests and therapeutics targeting tau were developed with the goal of diagnosing AD early and stopping or reversing its progression. Unfortunately, these assays and therapeutics have failed in clinical trials. Retrospective analysis suggests these failures may have stemmed from targeting the wrong proteoform of tau. Unfortunately, prior to the introduction of the Nautilus platform, measuring these proteoforms was out of reach. The proteoform resolution offered by the Nautilus platform gives researchers actionable biological insights that aren't otherwise attainable.

Beyond demonstrating the technical capabilities of our platform. The studies we presented are already providing unique, biological insight into Alzheimer's disease and Related Disorders.

Before discussing the paper specifically, I'd like to give a bit of context as to why the findings are potentially so significant.

The link between Tau and Alzheimer's disease, has been established for nearly 40 years.

In that time, a huge number of potential, biomarker tests and Therapeutics targeting Tao were developed with the goal of diagnosing. Add early and stopping or reversing its progression.

Unfortunately, prior to the introduction of the Nautilus platform.

Measuring these proteoforms Was Out Of Reach.

The proteoform resolution offered by the Nautilus platform gives researchers actionable biological insights that aren't otherwise attainable.

Parag Mallick: With the Nautilus platform, researchers will be able to observe not just how much of a protein is present, but which forms are increasing, decreasing, or appearing uniquely in specific states, knowledge that is critical for understanding mechanisms of disease and for identifying precise therapeutic targets. In our study, we examined a diversity of model systems that are used by researchers around the world to develop the next generation of therapeutics and biomarkers. For the first time, we were able to measure more than 130 different forms of tau that were present, some of which had as many as six co-occurring phosphorylation events. Existing platforms would have mushed all those forms together, providing a low-resolution readout of total tau that obscures the critical proteoform information. In addition to looking at model systems, we applied our method to a small human cohort. Within that cohort was a patient with aggressive AD.

With the Nautilus platform, researchers will be able to observe. Not just how much of a protein is present but which forms are increasing decreasing or appearing uniquely in specific States. Knowledge, that is critical for understanding mechanisms of disease and for identifying precise therapeutic targets.

In our study, we examined a diversity of model systems that are used by researchers around the world to develop the next generation of therapeutics and biomarkers. For the first time, we were able to measure more than 130 different forms of towel that were present.

some of which had as many as 6 co-occurring, phosphoryl events,

Existing platforms would have mushed all those forms together. Providing a low resolution readout of total towel that obscures the critical proteoform information,

In addition to looking at model systems, we applied our message to a small human cohort.

Parag Mallick: This patient was clearly delineated from healthy controls and even other patients with less advanced AD by a form of tau that was quadruply phosphorylated. Moreover, the pattern of forms of doubly and triply phosphorylated tau strongly suggests an order and a timing to how the proteoform came to be formed, an observation that previously had not been possible. This combination of technical rigor and biological insight is why the reaction from researchers with whom we've shared the manuscript has been so strong. They recognize that this isn't just a new measurement method. It's a fundamentally different way of understanding biology. They see that iterative mapping represents an entirely new class of measurement modalities, distinct from either mass spectrometry-based approaches or the affinity reagent profiling methods. The scientists are already asking how they can start integrating the method into their workflows.

Within that cohort was a patient with aggressive ad.

This patient was clearly delineated from healthy controls and even other patients with less Advanced add by a form of Tau that was quadruple phosphorated.

Moreover, the pattern of forms of doubly and triply phosphorated towel strongly suggest an order and a timing to how the proteoform came to be formed, an observation that previously had not been possible.

This combination of technical rigor and biological Insight is why the reaction from researchers. With whom we've shared the manuscript has been so strong

They recognize that this isn't just a new measurement method. It's a fundamentally different way of understanding biology.

They see that iterative mapping represents an entirely new class of measurement, modalities distinct from either. Mass spectrometry based approaches or the Affinity reagent profiling methods,

Parag Mallick: As we continue to expand our reagent panels and data analysis capabilities, we're confident this core capability will remain a major driver of scientific adoption. For an easier-to-understand synopsis of the manuscript, I encourage you to check out our blog, where we've tried to distill the manuscript into a form that is more broadly accessible. We believe that these findings validate the full Nautilus platform, not just for tau, but as a generalizable engine for proteomic insight. The core platform and iterative mapping method used in the tau studies is also used for broad-scale analysis, and we anticipate the exceptional performance we've observed will translate across applications. Looking ahead, our roadmap for the remainder of 2025 includes continuing to refine and scale our broad-scale assay configuration, advancing multiple external collaborations for tau and non-tau targets, and publishing additional data sets and technical white papers to support adoption.

The Sciences are already asking how they can start integrating the method into their workflows.

As we continue to expand our reagent panels and data analysis capabilities. We're confident that this core capability will remain a major driver of scientific adoption.

For an easier to understand synopsis of the manuscript. I encourage you to check out our blog, where we've tried to distill the manuscript into a form. That is more, broadly accessible.

we believe that these findings validate the full Nautilus platform, not just for Tau, but as a generalizable engine for proteomic insight,

The core platform and iterative mapping method used in the TA studies is also used for broad-scale analysis. We anticipate that the exceptional performance we've observed will translate across applications.

Looking ahead, our road map, for the remainder of 2025 includes.

Continuing to refine and scale our broad scale. Assay configuration.

Advancing, multiple external collaborations for Tau and non-touch targets.

Publishing additional data sets and Technical white papers to support adoption.

Parag Mallick: With the release of this manuscript and the strong momentum across our platform development and collaborations, we're confident that Nautilus is on track to deliver on its mission to transform how biology is measured and understood. Back to you, Sujal.

With the release of this manuscript and the strong momentum across our platform development and collaborations, we're confident that Nautilus is on track to deliver on its mission to transform how biology is measured and understood.

Sujal Patel: Thanks, Parag. This quarter marks a shift from what could be to what is. We've now shown publicly, rigorously, and reproducibly that the Nautilus platform can do what others cannot, and this is only the beginning. Earlier this week, we presented our data from our tau manuscript at the Alzheimer's Association International Conference, AAIC, in Toronto. The conference served as an excellent venue to highlight the capabilities of our platform and get feedback on the potential impacts that high-resolution proteoform analysis of proteins like tau might have to neurodegenerative disease research. Throughout the event, we spoke with a broad range of researchers and potential customers spanning the academic, nonprofit, and pharma sectors. Conversations consistently centered around the gaps that exist in understanding of disease progression in Alzheimer's. We heard from several researchers about the conundrum of single PTM measurements of pTau217.

back to you, SEL

Thanks PG. This quarter marks, the shift from, what could be to what is. We've now shown publicly rigorously and reproducibly that the Nautilus platform can do what others cannot and this is only the beginning.

Earlier this week, we presented our data from our town manuscript at the Alzheimer's Association International Conference AIC in Toronto.

The conference served as an excellent venue to highlight the capabilities of our platform and get feedback on the potential impacts that high resolution period. Formal analysis of proteins, like, Tau might have to neurodegenerative disease research.

throughout the event, we spoke with a broad range of researchers and potential, customers spanning the academic, nonprofit and Pharma sectors,

Conversations consistently center around the gaps that exist in the understanding of disease progression in Alzheimer's.

Sujal Patel: Despite being FDA-approved for Alzheimer's diagnosis, it's been observed that pTau217 is abundant not only in patients with AD, but also in young children. Furthermore, pTau217 tests have high false positives and negative rates and do not predict disease trajectory. Researchers are excited about the implications of Nautilus's work for generating more precise ways to stage and prognose disease. They're also excited about how understanding the proteoform landscape might inform therapeutic development by helping identify which model systems are most reflective of human disease and which tau species to target. One other surprising area of interest was in using a patient's proteoform landscape to distinguish among various tauopathies, such as frontotemporal dementia and progressive supranuclear palsy. The scientific community showed clear enthusiasm for the specificity and resolution our platform offers in analyzing proteoforms that have historically been impossible to quantify at this level of detail.

We heard from several researchers about the conundrum of single PTM measurements of ptow 27. Despite being FDA approved for Alzheimer's diagnosis, it's been observed that ptow 27 is abundant not only in patients with AD but also in young children.

PT 17 tests, have a high false positive and negative rates and do not predict disease, trajectory

Researchers are excited about the implications of nautiluses work for generating more precise ways to stage and prognose disease.

They're excited about how understanding the proteoform landscape might inform therapeutic development by helping identify which model systems are most reflective of human disease and which house species to Target.

1 other surprising area of Interest was in using a patient's proteoform landscape to distinguish among various Howies. Such as fronta. Temporal dementia and Progressive super nuclear policy.

Sujal Patel: These interactions reinforced our belief that the ability to measure tau at proteoform-level resolution could be transformative for neuroscience disease research and, more broadly, for understanding complex protein biology in neurodegeneration. Building on this excitement, we're currently in active dialogue with several organizations to formalize early collaborations across both pharma, academic, and nonprofit research settings. As we shared last quarter, we expected to sign an initial collaboration in the first half of the year, and I'm pleased to report that we've now signed two collaborations with major US research institutes. These collaborations provide the opportunity to demonstrate our platform's capabilities and performance with customer samples, as well as enabling new biological insights in Alzheimer's disease. Though they are not intended to generate revenue initially, these collaborations lay a foundation for driving revenue in the future.

Scientific Community showed clear enthusiasm for the specificity and resolution our platform offers in analyzing period forms that have historically been impossible to quantify at this level of detail.

These interactions reinforced, our belief that the ability to measure a cow at perio form level resolution could be transformative for Neuroscience disease, research and more broadly for understanding complex protein biology in neuro degeneration.

Building on this excitement, we're currently in active dialogue with several organizations to formalize, early collaborations, across both Pharma academic and nonprofit research settings.

As we shared last quarter, we expected to sign an initial collaboration in the first half of the year, and I'm pleased to report that. We've now signed 2 collaboration with major US research Institutes.

These collaborations provide the opportunity to demonstrate our platform's capabilities and performance with customer samples, as well as enabling new biological insights in Alzheimer's disease.

Though, they are not intended to generate Revenue. Initially these collaborations lay a foundation for driving Revenue in the future.

Sujal Patel: While there is strong interest in additional collaborations, we're carefully balancing our resources between our targeted proteoform and broad-scale development programs. This balance will guide the total number of collaborations we can engage in at any given time without delaying key development milestones, particularly for our broad-scale platform. Turning to our broad-scale platform efforts, we continue to make steady progress on the new assay configuration, which we introduced earlier this year. This work is aimed at better aligning our assay design with the characteristics of our expanding probe library, improving probe yield and performance across the platform. Among the most important advances continues to be both in the assay configuration itself, as well as in our methods to determine which probes are suitable for the new configuration. These improvements are intended to reduce technical risk and enable higher performance, particularly as we scale towards comprehensively decoding the proteome.

While there is strong interest in additional collaborations, we're carefully balancing our resources between our targeted party form, and broad-scale development programs.

This balance will guide the total number of collaborations. We can engage in at any given time without delaying key development milestones. Particularly for our broads scale platform

Turning to our broads scale platform. At first, we continue to make steady progress on the new asset configuration, which we introduced earlier this year.

This work is aimed at better. Aligning our assay design with the characteristics of our expanding probe Library, improving probe yield and performance across the platform.

Among the most important advances continues to be both in the asset configuration itself, as well as in our methods to determine which probes are suitable for the new configuration.

these improvements are intended to reduce technical risk and enable higher performance, particularly, as we scale towards comprehensively decoding, the podium,

Sujal Patel: In Q2, our broad-scale progress was in line with expectations. We began early-stage experiments with the evolved configuration, and initial data continues to be promising. This marks a critical step towards achieving robust quantification of a significant number of proteins from complex biological samples such as cell lysate. We've also begun working with our key suppliers to develop updated formats for our consumables, ensuring that they can meet the demands of our platform and future scale. While we're deferring specific updates on probe performance for now, our focus continues to be on maximizing the yield and functionality of both our existing and in-development probe candidates so that we can deliver on the high quality and proteome coverage our platform is designed to achieve. We expect this optimization cycle to continue over the next two quarters and will keep you updated as milestones are reached.

In Q2, our broad scale progress was in line with expectations. We began early stage experiments with the evolved configuration, and initial data continues to be promising. This marks a critical step towards achieving robust quantification of a significant number of proteins from complex biological samples, such as cell lysate.

We've also begun working with our key suppliers to develop updated formats, for our consumables ensuring that they can meet the demands of our platform and future scales.

While we're deferring specific updates on probe performance. For now, our Focus continues to be a maximizing, the yield and functionality of both our existing and in development, probe candidates so that we can deliver on the high quality and proteome coverage. Our platform is designed to achieve

We expect this optimization cycle to continue over the next 2 quarters and will keep you updated. As Milestones are reached

Sujal Patel: Following the technical progress we've just outlined, it's important to put that work in the context of how we're engaging the market and building customer demand. It's worth noting that the two primary applications we're targeting, proteoform analysis and broad-scale proteomics, are at very different stages of market maturity. On the proteoform side, we're introducing a fundamentally new measurement capability that hasn't existed before. As a result, we'll need to invest in market development and work closely with academic researchers and pharma partners to validate the impact of this data. Additionally, we need to develop exemplars of how this new measurement modality can be integrated into existing research and drug development workflows and into modern AI-based development workflows. In contrast, broad-scale proteomics is already a well-established need.

following the technical progress, we've just outlined. It's important to put that work. In the context of how we're engaging the market and building customer demand.

It's worth noting that the 2 primary applications were targeting protein analysis, and broad-scale proteomics are at very different stages of Market maturity.

On the proteoforms side, we're introducing a fundamentally new measurement capability that hasn't existed before. As a result, we'll need to invest in Market development and work closely with academic researchers and farmer Partners to validate the impact of this data. Additionally, we need to develop exemplars of how this new measurement modality can be integrated into existing research and Drug development, workflows and into modern AI based development workflows.

Sujal Patel: Our target customers fully understand the value of this type of data, have budget allocated for it, and are actively seeking more effective platforms to generate it. However, even within the broad-scale landscape, the data generated by existing affinity-based methods and mass spectrometry-based methods is fundamentally different than the data generated by the Nautilus platform. We believe our platform is uniquely positioned to become a cornerstone technology because our iterative mapping method will provide a resolution and scale exceeding that of existing methods. We specifically anticipate our platform will be unique for its high reproducibility, extreme sensitivity, and wide dynamic range. Furthermore, because we get multiple measurements of each protein molecule, we anticipate being able to provide higher resolution views of each protein rather than simply quantifying total protein or peptide abundance.

Value of this type of data, have budget allocated for it, and are actively seeking more effective platforms to generate it.

However, even within the broads, scale, landscape the data generated by existing, Affinity based methods, and mass spectrometry, based methods is fundamentally different than the data generated by the Nautilus platform.

We believe our platform is uniquely positioned to become a Cornerstone technology because our iterative mapping method will provide a resolution and scale exceeding that of existing methods.

We specifically anticipate our platform will be unique for its high reproducibility extreme sensitivity, and why dynamic range.

Furthermore, because we get multiple measurements of each protein molecule, we anticipate being able to provide higher resolution views of each protein, rather than simply quantifying total protein or peptide abundance.

Sujal Patel: As we continue to examine the unique and important role that Nautilus will play in the proteomics landscape, we recognize that building deep, trusted relationships with biopharma organizations will be critical to Nautilus's long-term success. That's why Parag and I are personally leading those discussions, ensuring that we're not only showcasing the technology, but also deeply understanding how to align with the real-world needs of potential customers to unlock a new era of advances in biological insight and therapeutics. I'd now like to turn the call over to Anna to walk through our financials. Anna?

As we continue to examine the unique and important role that Nautilus will play in the proteomic science landscape, we recognize that building deep, trusted relationships with bio-pharma organizations will be critical to Nautilus's long-term success.

that's why Paragon and I are personally leading those discussions, ensuring that we're not only showcasing the technology, but also deeply understanding how to align with the real world needs of potential customers to unlock a new era of advances in biological insight and Therapeutics

I’d now like to turn the call over to Anna to walk us through our financials.

Anna Mowry: Thanks, Sujal. Total operating expenses for the second quarter of 2025 were $17.1 million, an 18% decrease from $20.8 million in the same quarter of 2024. This result is attributable to a reduction in personnel costs from the headcount reduction we implemented in Q1, as well as normal variability in the timing of R&D activities and ongoing cost optimization efforts. We also saw a meaningful decrease in stock compensation expense year over year. Research and development expenses were $10.4 million, down from $12.4 million a year ago, while general and administrative expenses were $6.7 million, down from $8.4 million in Q2 2024. Net loss for the quarter was $15.0 million, compared to $18.0 million in the prior year period. We ended the quarter with approximately $179.5 million in cash, cash equivalents, and investments, and continue to project a cash runway that extends through 2027.

Anna.

Thanks SEL.

Total operating expenses for the second quarter of 2025 were 17.1 million and 8% decrease from 20.8 million in the same quarter of 2024. This result is attributable to a reduction in Personnel costs from the headcount reduction. We implemented in q1 as well as normal variability in the timing of R&D activities and ongoing cost optimization efforts.

We also saw a meaningful decrease in stock compensation expense year-over-year.

In development, expenses were $10.4 million, down from $12.4 million, while general and administrative expenses were $6.7 million, down from $8.4 million in Q2 2024.

Net loss for the quarter was 15.0, Million compared to 18.0 million in the prior year period.

Anna Mowry: While we're planning for a pickup in research and development spending in the second half of the year, we anticipate that total operating expenses for the full year of 2025 will remain below 2024 levels while still supporting critical platform development and early-stage partnership activities. Back to you, Sujal.

We ended the quarter with approximately 179.5 million in cash, cash equivalents and Investments, and continue to project a cash Runway that extends through 2027.

While we're planning for a pickup in research and development spending in the second half of the year, we anticipate that total operating expenses for the full year of 2025 will remain below 2024 levels while still supporting critical platform development and early-stage partnership activities.

Sujal Patel: Thanks, Anna. We're incredibly proud of the Nautilus team for the science we're advancing, the platform we're building, and now the data we're publishing. With the public release of our first manuscript, we've reached an exciting new phase. The world can now see and evaluate our technology on its own merits. Our foundation is solid, our belief in the mission has never been stronger, and we're excited about our path forward. Thanks for joining us today, and with that, we'll open the call for questions. Operator?

Back to you fuel.

Thanks, Hannah.

We're incredibly proud of the Nautilus team for the science. We're advancing the platform, we're building, and now the data we're publishing with the public release of our first manuscript. We reached an exciting new phase; the world can now see and evaluate our technology on its own merits.

Our foundation is solid. Our belief, in the mission has never been stronger and were excited about our path forward.

Thanks for joining us today. And with that, we'll open the call for questions.

Operator.

Ji-Yon Yi: Ladies and gentlemen, if you have a question or comment at this time, please press star one one on your telephone keypad. If your question has been answered or you wish to remove yourself from the queue, simply press star one one again. Again, if you have a question or comment, please press star one one on your telephone keypad. Please stand by while we compile the Q&A roster. Our first question or comment comes from the line of Dan Brennan from TD Cowell. Mr. Brennan, your line is open.

ladies and gentlemen, if you have a question or comment at this time, please press star 1, 1 1 on your telephone keypad,

If your question has been answered or you wish to remove yourself from the queue, simply press *1 1 again.

Again, if you have a question or comment, please press *1, 1 on your telephone keypad.

Please stand by while we compile the Q&A roster.

Our first question or comment comes from the line of Dan Brennan from ddap, TD cow, Mr. Brennan, your line is open.

Dan Brennan: Great, thank you. And obviously, congrats on the presentations at the event and the manuscript. Maybe just kind of starting off on the reaction so far from the field. You discussed the reaction is so strong, and you walked through just how unique this targeted approach is, but at the same time, you talked about the need to kind of build awareness and educate because it is so different. I'm just trying to kind of reconcile both of those. Maybe could you speak a little bit to maybe the kind of early collaborators who you signed up and kind of what the pipeline of demand looks like and kind of how you think this might manifest in actual projects and/or revenues as we look out over the next 18 months?

Great, thank you. Um, and obviously congrats on, um, you know, the presentation that the event and the manuscript maybe just kind of starting off on the reaction so far from the field. You you you discuss the reaction is so strong and you walk through just how unique this targeted approach is. But at the same time, you talked about

the need to kind of build awareness and educate because it is so different. I'm just trying to kind of reconcile, both of those. Um, maybe, could you speak a little bit to maybe the kind of early collaborators, who you signed up and kind of what the pipeline of demand looks like and kind of how you think this might manifest in the actual projects Andor revenues as we look at over the next 18 months?

Parag Mallick: Hi, Jion, this is Parag. I'll take the first part. I was at AAIC talking to researchers in the field, and what was so striking was that there's a tremendous interest on the part of folks in the AD community for better ways to understand the disease, that we have new markers like pTau217, EMPTR 243 that are showing greater specificity, but they also aren't predicting the course of the disease. They aren't able to be used effectively as surrogate endpoints in clinical trials. They aren't able to predict which therapeutics might work in different populations, and they aren't able to stratify amongst the variety of tauopathies.

Parag Mallick: And so there's also a, we had one researcher that we sat down with who essentially said, I mean verbatim, that proteoforms are critical for understanding disease, understanding how tau itself forms fibrils that are the underlying root of many of the symptoms of the disease. And so those statements about the criticality of proteoforms in understanding and making progress in Alzheimer's disease were in every conversation that we had. And so it was pretty exciting. Even though it is a new measurement, there has been a recognition that the current class of biomarkers for tau and mechanisms for understanding of tau are focused not on total tau. They're focused either on PTMs of tau, truncations of tau. And so I think that recognition that it is not just the whole protein, but all the different flavors of it, all the different proteoforms of it are critical to understand.

Researchers in the field. And it was, what was so striking was that? There's a tremendous interest, um, on the, on the part of folks in the, in the ad Community, for better ways, to understand the disease that we have new markers, like Packy, 17, uh, em em, BTR 243 that are showing greater specificity, um, but they they also aren't predicting the course of the disease. They aren't able to be used effectively as surrogate endpoints. In clinical trials, they aren't able to predict which Therapeutics might work in different populations and they aren't able to stratify amongst the variety of telepath. And so uh there there's also a we had 1 researcher that we sat down with who essentially said, you know. I mean verbatim that protei forms are critical for understanding disease, understanding.

Understanding how, uh, how itself forms fibroids that are, as underlying, uh, root of many of the symptoms of the disease. And so those statements about the criticality of proteoforms in understanding and making progress in Alzheimer's disease were in every conversation that we had. And so, uh, it was pretty exciting. Even though it is a new measurement, there has been a recognition that the current class of biomarkers for...

Now and um, mechanisms for understanding of how our Focus not on total towel, their focus either on ptms of towel truncations of towel. Uh and so I think that that recognition that it is not just the whole protein but all the different flavors of it. All the different proteoforms of it are are critical to understand.

Sujal Patel: Thanks, Parag. I'll take the, this is Sujal. I'll take the second half of the question. And your question really was around pipeline and how we see the opportunity for the tau proteoforms to develop. I think the first thing I want to highlight was in the prepared remarks, but I just want to put an exclamation point on it. The go-to-market activities on the proteoform side and the proteome side will be a bit different. On the proteome side, just to address that first, our customers know what to do with complete proteomic data. They are looking for better tools to analyze the proteome. They're looking for ways to do proteomic analysis in a more effective and easier-to-use way, and they have existing budget pools.

I'll take this, this is I'll take the second half of that question. And your, your question really was around was around Pipeline and and how we see the opportunity for the toe party of forms to develop, I think the first thing I want to highlight is was in the prepared remarks, but I just want to, you know, put an exclamation point on it, the the

Sujal Patel: And so that's a technology when we release our proteome product at the end of 2026, we expect to have more significant, faster ramp-up in terms of revenue and instrument adoption. In contrast, the proteoform opportunity, which I view as just as exciting as proteomes, will take longer to develop. And when I say develop, I mean market development types of activities to show the world what's possible with proteoforms, and then as well for us to develop assays for each individual biomarker one at a time, starting in neurodegeneration and starting with tau. And so what we're doing in terms of our activities with tau and our early partners, I think, is an exemplar of what we'll do as we continue to roll out more biomarkers.

Go to market activities on the Pio form side and the Pio side will be a bit different on the proteom side just to address that first. Our customers know what to do, with complete proteomic data, they are looking for better tools to analyze the proteom, they're looking for ways to do proteomic analysis in a more effective and easier to use way, and they have an existing budget pools. And so that's a technology. When we release our proteom products at the end of 2026, we expect to have more significant, um, faster ramp up in terms of Revenue and instrument adoption.

Sujal Patel: Today, the majority of our focus has been on early collaborations with academic and nonprofit partners, focused on trying to show the power of this data and have the types of biological insights that enable us to go to a conference like AAIC and have meaningful conversations with biologists, which is something that's a bit different than you typically do at a conference like HUPO on the proteome side. From that point, I also expect that we'll be signing early types of pilot agreements with pharma organizations who are looking to start to incorporate this proteoform data as we start to show what the potential is into their workflows. And then those pilot agreements in the longer term will lead to revenue-generating agreements. So right now, our focus is not on revenue. Our focus is on market development and showing the world what the power of this technology is.

In contrast, the proteoform opportunity, which I view as just as exciting as proteomes will take longer to develop. And when I say developed, I mean, Market development types of activities to show the world what's possible with proteoforms, and then as well for us to develop assays for each individual biomarker 1 at a time, starting in your degeneration and starting with Tau. And so what we're doing in terms of our activities with, with Tau and our early Partners, I think is an Exemplar of what we'll do as we continue to roll out more biomarkers today, our

The majority of our Focus has been on early collaborations with academic and nonprofit Partners focused on trying to show the power of this data and have the types of biological insights that enable us to go to a conference like AIC and have meaningful conversations with biologists, which is, which is something that's a bit different than, you know, you typically do at a conference like hoopoe on the podium side.

From that point, I also expect that we'll be signing early part, early types of like pilot agreements with Farm organizations who are looking to start incorporate this party form data. As we start to show with the potential is into their workflows and then those pilot agreements in the longer term will will lead to revenue.

Sujal Patel: We're interested in continuing to advance our tau assay to the point where we can more broadly allow customers access to it. And we'll talk about that more in the coming quarters. And then we're interested in developing our proteoform pipeline and the next biomarkers. But as well, as I said in prepared remarks, we are very careful to balance our resources between broad-scale and proteoforms, considering that we continue to believe that while both are incredibly exciting, broad-scale represents a faster revenue top-line ramp type of opportunity.

As well, as I said, prepared remarks. We are very careful to balance. Our resources between broads scale and proteoforms considering that we continue to believe that while both are incredibly exciting broads. Scale represents a faster Revenue, Topline ramp type of uh opportunity.

Dan Brennan: Great, thank you for that. And maybe I'll just ask one more. Even though the proteome is really the focus, I'm sure others will get to that. Maybe just on this manuscript, when do you think it'll be published? And what type of journal do you think you would hope to get this published in? And then what type of revenue, knowing that the proteome is really the bigger and easier opportunity, if you can achieve kind of what you hope to achieve on this proteoform product, what type of, like, how would you size the opportunity for this product? Thank you.

Great, thank you for that and maybe I'll just ask 1 more. Um, even though the proteome is really the focus, I'm sure others will get to that. Um maybe just on this manuscript. When do you think it'll be published?

And um, what type of Journal do you think you would hope to get this published in?

And then, um,

What type of Revenue, you know, knowing that the proteome was really the bigger and easier opportunity if you can achieve kind of what you hope to achieve on this Pio, form product, what type of like how would you size the opportunity for this product? Thank you.

Parag Mallick: I'll pass it to Parag to give you the first part, and then I'll tackle the second here again.

Dan Brennan: Sure.

Parag Mallick: Sure.

Dan Brennan: I mean, we do look at this as a seminal manuscript, as something that's very, very important for us in our future. We've sent it out for peer review. We think that's an important aspect, and the manuscript will further improve through that feedback. The places that one would hope a seminal manuscript are, of course, the big three. And so the timeline for that, of course, is incredibly variable, and it depends in part on the journal and the reviewer process. And so it's probably best not to speculate on when publication in a journal will come out. But our hope is certainly for it to be in a high-impact journal.

I'll pass it to product to give you the first part and then I'll tackle the second here again. Sure. Sure. The we we do look at this as a, as a seminal manuscript to something. That's, uh, very, very important for us and our, our future, we've sent it, uh, out for peer review. We think it'll that's an important, um, aspect and the manuscript will further improve through that feedback. Uh, you know, the places that 1 1 would hope. Uh, a seminal manuscript. Are, of course the the Big 3. And so um, the timeline for that, of course is incredibly variable um and it depends in part on the on the journal and the reviewer process.

So it's probably best not to speculate on when when publication in in a journal will will come out. But uh, our hope is certainly for it to be in a high impact Journal.

Sujal Patel: So, Jion, on the second part of your question, I think we're in the pretty early stages of trying to size what an opportunity like this looks like. If I look out at the opportunity over the course of the next five, six, seven years, it's certainly an opportunity that has the potential just in proteoforms alone to be a multi-hundred million dollar business for us. But the question still is open on the proteoform side. Will we just let the world have access to all this data without any sort of upside for Nautilus, depending on what we find? Will we form partnerships that are focused on therapeutic development or DX development and share in the upside? The proteoform work, because the data is absolutely not generatable in any other method, gives us more optionality on the types of business models we'll pursue.

So, yeah, the second part of your, your question, I think we're, we're in the pretty early stages of trying to size. What an opportunity like this looks like, you know, if I look out at the opportunity over the course of, you know, the next 5, 6, 7 years. It's certainly an opportunity that has the potential just in proteo forms alone to be a, you know, multi hundred million dollar business.

Sujal Patel: And so I don't have an exact answer of how that will roll out, but I do know from just the early conversations around neurodegeneration and then what we've heard in wider oncology and autoimmune and other areas that proteoforms are incredibly exciting. And we, while we think it's a really exciting opportunity, it's going to take some market development. So you know when I think about revenue, I don't think about any revenue this year from these types of activities. And I think about proteoforms starting small next year, and I think about proteomes starting at the end of next year and ramping very quickly in 2027. So that's how I think about them differently.

For us but the question still is open on the podio form side. Will we just let the world have access to all this data um, without any sort of upside for Nautilus depending on what we find, will? We form Partnerships that are focused on therapeutic development or DX development and share in the upside, the Prototype form work because the data is absolutely not generated by any other method, gives us more optionality on the types of business models, we'll pursue. And so I don't have an exact answer of how that will roll out, but I do know from just the early conversations around or degeneration and then what we've heard and why wider uh oncology and and um and and other areas that pretty forms are incredibly exciting. Um, and we we while we think it's a really exciting opportunity.

Dan Brennan: Great. Okay, thank you, guys.

It's going to take some Market development. So you know, when I think about Revenue, I don't think about any Revenue this year from these types of activities. Um, and I think about it, starting pretty a form starting small next year and I think about, you know, proteomes starting, you know uh at the end of next year and ramping very quickly in 2027, so that's how I think about them differently.

Great. Okay. Thank you guys.

Ji-Yon Yi: Thank you. Our next question or comment comes from the line of Subhu Nambi from Guggenheim. Mr. Nambi, your line is open.

Thank you. Our next question to comment comes from the line of subu nambi from Guggenheim Mr. Nambi, your line is open

Subhu Nambi: Hey, guys. Good morning. Thank you for taking my question and congratulations on the publication. From the tau manuscript, where did you get the most inbound in terms of a customer profile? And can you share any other information on the funnel?

Hey guys. Good morning. Thank you for taking my question and congratulations on the publication, um, from the town manuscript. Where did you get the most inbound in terms of customer profile and can you share any other information on the funnel?

Sujal Patel: Yeah, so Parag, do you want to take the first half? I'll take the funnel question.

Yeah, so um prior do you want to take the first half? I'll take the final question.

Dan Brennan: Sure. I think we've actually seen a tremendous amount of interest from academic groups reaching out, from pharma reaching out, and from nonprofit research institutes reaching out. So it's actually been across the board.

I'm sure I think we've, we've actually seen a tremendous amount of interest from, from academic groups, reaching out from Pharma reaching out and from nonprofit research institutes reaching out. Uh, so it's it's actually been across the board.

Sujal Patel: Yeah, and Subhu, in terms of the funnel, I think it's really early to talk about what's in the funnel and how is it developing, especially considering that our biggest development activity just occurred in the last 72 hours or 96 hours at AAIC. AAIC, I think, has 8,000 in-person attendees. Compared to a conference like HUPO, which is our big proteome conference, this is four times the number of researchers, more than four times. And so this was a really big opportunity to get in front of customers. And I would say, you know, in terms of net new conversations, we probably had, you know, three, four, five times more net new conversations this week than we did in the entire year before that. And so I think it's really early.

Sujal Patel: I will tell you the types of early interest matches sort of what I said in the earliest call script. It's academic institutions, academic PIs, nonprofit research organizations, nonprofit foundations focused on neurodegeneration. We're finding some early groups inside of pharma who are interested in doing pilots to see how this proteoform data adds a new dimension to their therapeutic development programs. And so those are the types of things that we're seeing, but really still pretty early. I think over the course of the next two quarters, we'll see some more development on that front, and we'll be able to say more.

Probably had, you know, 3 4 5 times more net new conversations this week than we did in the entire year before that. And so I think it's really early, I will tell you the types of, of, of early interest matches, sort of what I said in the earliest call script. It's, it's academic institution, academic Pi nonprofit, uh, research organizations, nonprofits, um, Foundation focused on their neuro degeneration. Um, we're finding some early, um, groups inside of Pharma who are interested in doing Pilots to see how this protea form data adds a new dimension to their therapeutic development programs and so those are the the the types of things that we're seeing but really still pretty early. I think over the course of the next 2 quarters. We'll see some more development on that front and we'll be able to say more

Subhu Nambi: And Sujan, just to follow up to that, does having these two collaborations now actually help you show it's a proof of concept, or do you think these are independent?

Um and so in just a follow-up to that uh does having these 2 collaborations now actually help you show a form of proof of concept or using these are independent.

Sujal Patel: So I think that the two collaborations that we've recently signed here, I think, are focused on a few different things, right? First and foremost, both of them are focused on reproducing the data that we have on our samples that we talked about in our manuscript. They're focused on increasing the number of biological samples that we have that have gone through our platform and starting to take some of those insights and showing the world what the power of proteoforms are. And then in addition to that, another key goal for us is that because proteoforms and proteomes share the same platform, each of these collaborations is serving to harden our core platform, to harden our consumables, and to work through some of the kinks that you'd have to work through during an early access program on proteomes, doing those earlier with proteoforms today.

um, so I think that the

The 2 that we that we've recently signed here, I think um, our focus on a few different things, right? First and foremost, both of them are focused on reproducing. The data that we have on our samples that we talked about in our, in our um manuscript they're focused on increasing. The number of biological samples that we have that have gone through our platform and and starting to take some of the

Sujal Patel: And so I think, you know, for all of those reasons, I think this work that we're doing with these collaborations and others to come is really quite strategic for us.

Subhu Nambi: Got it. And one last one. I know you guys have decided to not give any additional specific updates on proof of performance, but any reason you decided to not do that moving forward?

Those insights and showing the world, what the power of proteoforms are. Um, and then in addition to that another key goal for us, is that because proteoforms and proteomes share the same platform. Each of these collaborations is serving to harden our core platform to harden our consumables and to work through some of the Kinks that you'd have to work through during an early Access program on proteomes doing those earlier with proteoforms today. And so I think, you know, for all of those reasons, I think this work that we're doing with these collaborations, and, and others to come is really quite strategic for us.

Sujal Patel: Yeah, so just to clarify, I didn't say we wouldn't do it going forward. We will certainly do that in the coming two quarters. We didn't do it today because if you recall sort of our comments for the year, at the beginning of the year, we introduced this assay configuration change, and the assay configuration change was focused on rebuilding a piece of our assay so that a greater number of the probes that we've already developed and that are in development would be able to run properly on our platform and in the assay. And so at the beginning of the year, too many of our thousands of probe candidates did not function properly on the platform, did not have the specifications needed to hit their performance targets in our assay.

Got it. And um 1 last 1 uh I know you guys have decided to not give any additional specific updates on to Performance, but any reason you decided to not do that moving forward.

Yeah. So just to clarify, I didn't say we wouldn't do it going forward. We will certainly um, do that in the coming 2 quarters. We didn't do it today because if you recall sort of, um, or comments for the year, at the beginning of the year, we introduced this assay configuration change and the asset configuration changed was focused on

Sujal Patel: So instead of going and building thousands and thousands and thousands of more candidates, we took a pause to change the assay configuration and get to the point where a greater percentage of those will be working on the platform. The assay configuration work is a multi-quarter exercise. It's proceeding on target and at the pace of our expectations. We just, in the last few weeks, hit a point where all of the pieces of our assay configuration change came together so that we can start to test the entire probe library in the new configuration. And so the next couple of quarters will be critical for us to making that transition fully into the new assay configuration. And once we have a yield percentage or some sense of how many of those probes are functioning well in the new configuration, we certainly will give you some guidance.

Rebuilding a piece of our assay so that a greater number of the probes that we've already developed and that are in development, would be able to run properly on our platform and in the assay. And so, we at the beginning of the year, too many of our thousands of probe candidates did not function properly on the platform did not have the specifications needed to hit their performance Targets in our assay. So instead of going and building thousands and thousands and thousands of more candidates, we took a pause to change the assay configuration and get to the point where a greater percentage of those will be working on the platform, um, the asset configuration work, um, is a multi-quarter exercise. Its preceding um, On Target and and um,

And at the pace of our expectations, um, we just in the last few weeks hit a point where all of the pieces of our assay configuration change came together so that we can start to test the entire probe library and the new configuration. And so the next couple of quarters will be critical for us to make that transition fully into the new assay configuration. And once we have a yield percentage or some some sense of how many of those probes are, are functioning. Well, in the new configuration, we certainly will give you some guidance.

Subhu Nambi: Thank you for clarifying. Thank you, guys.

Thank you for clarifying. Thank you guys.

Ji-Yon Yi: Thank you. Once again, ladies and gentlemen, if you have a question or comment at this time, please press star one one on your telephone keypad. I'm sure no additional questions in the queue at this time. Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day

Thank you. Once again, ladies and gentlemen, if you have a question or comment at this time, please press star 1 1 on your telephone keypad,

I'm sure no additional questions in the queue at this time, ladies and gentlemen. Thank you for participating in today's conference. This concludes the program. You may now disconnect everyone have a wonderful day.

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