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- **Tau Proteoform Assay Launch**: Early access begins H1 2026, with broadscale proteomics launching late 2026, supported by $168.5M cash runway.
- **Market Validation**: 250+ customer interviews confirm Nautilus' iterative mapping as a disruptive, premium solution over mass spectrometry.
- **Operational Efficiency**: Q3 2025 OpEx down 19% YoY to $15.5M, with disciplined spending extending cash runway to 2027.
- **Commercial Momentum**: Collaborations with top institutions (Allen, Buck) generate real-world data, positioning Nautilus for biomarker discovery in Alzheimer's.

**【CEO Summary Section】**
- **Scientific and Collaborative Progress**: Q3 2025 saw advancements in the Tau proteoform assay, with collaborations at the Allen Institute and Buck Institute generating real-world biological data. Dr. Birgit Schilling will present Nautilus-generated Tau data at the World HUPO Conference in November.
- **Platform Differentiation**: The iterative mapping method enables single-molecule proteoform resolution, validated by 250+ customer interviews that highlighted its superiority over mass spectrometry.
- **Operational Efficiency**: Q3 expenses decreased 19% YoY to $15.5M, extending cash runway to 2027. Early access for Tau begins H1 2026, with broadscale proteomics launching late 2026.

**【CFO Financial Commentary】**
- **Financial Health**: Q3 net loss of $13.6M reflects reduced R&D and G&A expenses. Cash balance of $168.5M supports commercialization efforts.
- **Cost Management**: Stock-based compensation and lab costs declined, with OpEx expected to rise post-2025 as commercial activities accelerate.
- **Revenue Outlook**: Early access engagements (H1 2026) focus on data generation for grants; limited revenue anticipated in 2026.

**【Q&A Key Highlights】**
- **OpEx Trajectory**: CFO Anna Mowry expects OpEx to increase post-Q3 2025 as commercialization ramps up, with no 2026 guidance yet.
- **Funnel Development**: CEO Sujal Patel detailed a two-phase early access launch (Tau H1 2026, broadscale H2 2026), with direct sales hires planned for Tau services.
- **Market Validation**: Customer willingness to pay a premium for iterative mapping validates Nautilus' premium positioning in proteomics.


Nautilus Biotechnology, Inc. (NAUT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

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Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NAUT

NAUT fundamentals

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