Nautilus Biotechnology's Q2 2025: Unpacking Contradictions in Proteoform Launch, Revenue, and Partnerships

Proteoform launch timeline, revenue timing and growth for proteoforms, partnership timing and focus, publication timeline and journal type, and revenue timing and expectations for proteoform product are the key contradictions discussed in Nautilus Biotechnology's latest 2025Q2 earnings call.



Scientific and Commercial Milestones:
- Nautilus Biotechnology released its first preprint featuring novel data generated using the Nautilus platform, representing nearly a decade of pioneering work, which introduced the iterative mapping method for proteoform analysis, offering unprecedented dynamic range and reproducibility.
- The manuscript validation has significant implications for biological research, particularly in Alzheimer's disease and related disorders, and positions Nautilus as a leader in proteomics.

Financial Performance:
- Total operating expenses for the second quarter of 2025 were $17.1 million, an 18% decrease from the previous year, attributed to a reduction in personnel costs and ongoing cost optimization efforts.
- Net loss for the quarter was $15.0 million compared to $18.0 million in the prior year, financed by a cash runway extending through 2027.

Platform Development and Strategic Partnerships:
- Nautilus signed two collaboration agreements with major research institutes, providing an opportunity to demonstrate the platform's capabilities and drive future revenue, while also enhancing platform performance and customer insight.
- The company continues to refine and scale its broadscale assay configuration, advancing multiple external collaborations for targeted proteoform analysis across neurology, oncology, and immunology.

Market Engagement and Pipeline:
- The company presented its data at the Alzheimer's Association International Conference, generating strong interest from academic, nonprofit, and pharma sectors, reinforcing the potential of proteoform analysis in neurodegenerative disease research and therapeutic development.
- The high number of net new conversations at the conference highlights an expanding funnel with significant potential for future collaborations and market development.