Nautilus Biotechnology, Inc.

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 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jianyi Investor Relations. Please go ahead.

Thank you. Earlier today, Nautilus released financial results for the quarter ended September 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 at nautilus.bio. Joining me today from Nautilus are Sujil Patel, co-founder and CEO, Farag Malik, co-founder and chief scientist, Ken Suzuki, chief marketing officer, 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 the federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated. Additional information regarding these risks and uncertainties appears in the section entitled forward looking statements in the press release Nautilus issued today. 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 October 28, 2025. With that, I'll turn the call over to Sejal.

Thanks, Jian, and thank you all for joining us. Q3 was another important quarter for Nautilus. We made meaningful progress across our scientific, platform, and operational priorities as we continue our disciplined path toward commercialization. Last quarter, we published a preprint showcasing our iterative mapping method and demonstrating the power of our platform to measure proteoforms, distinct forms of proteins with unprecedented resolution. That manuscript was accompanied by an announcement of tau-focused collaborations with investigators from the Neural Stem Cell Institute and with Joel Blanchard's lab at Mount Sinai Medical Center. These collaborators were central to generating the intriguing biological data shared in that manuscript. In addition to these partnerships, I'd like to call attention to two other exciting partners. The first is the Allen Institute for Brain Science. As highlighted in our July 30th press release, that collaboration aims to examine how tau proteoforms vary across brain regions as a function of disease severity. Ultimately, such projects may enable the use of proteoform biomarkers to predict the course of Alzheimer's disease. we're excited to have already begun generating the first data sets from their samples. One other key collaborator is the Buck Institute for Research on Aging. As a world leader in aging research, they have deep experience in Alzheimer's disease research and are excited to examine how tau proteoforms contribute to disease progression and therapeutic efficacy. I'm particularly thrilled to share that Dr. Birgit Schilling, one of our collaborators at the Buck Institute, will be presenting her results at the Human Proteome Organization's WorldHupo Conference in November, marking the first public presentation of externally generated tau data measured on the Nautilus platform. In addition to being an acclaimed aging researcher, she's also an eminent proteomics KOL and recently served as president of USHupo. Our session with Birgit at WorldHupo will highlight both key technical aspects of the tau assay, such as reproducibility, and also intriguing biological findings that were only possible using the Nautilus platform. I'd like to call attention to the fact that the results in our manuscript and the results that Birgit will be sharing are based on real-world biological samples, not only model samples composed of recombinant proteins or peptides. We believe our presentation at HUPO will not only validate the technical readiness of our assay, but will also underscore the potential for our platform to drive meaningful biological insight, something we consistently hear is a top priority for researchers in this space. We view the results from our early partnerships as clearly demonstrating our platform's unique ability to measure proteoforms at an unprecedented level of precision and resolution. This is especially important for targets like tau, where the combination of isoforms and post-translational modifications have a profound impact on disease progression. We expect that the Nautilus platform's unique ability to quantify complex mixtures of proteoforms at the single molecule level will prove an important tool for driving biological insight. Collaborations with institutions like the Buck and the Allen Institutes are emblematic of the caliber of researchers and institutions that are now engaging with Nautilus. Our pipeline of potential collaborators has expanded significantly, including academic centers, nonprofit institutes, and biopharma companies. These researchers are eager to explore how Nautilus can bring new clarity to neurodegenerative disease biology and also eager to explore proteoform-based precision biomarkers for Alzheimer's disease and related telepathies. These researchers also understand that studying tau requires resolution beyond what traditional platforms can offer and recognize that our approach is uniquely suited to identify the modified forms of tau that may drive disease progression. We're also seeing increased interest from additional partners eager to expand into new disease areas and novel proteoform targets, reflecting both the maturity of our platform and the unique insights it enables. The conversations we're having are with premier researchers and institutions at the forefront of translating molecular insights into impactful diagnostic and therapeutic advances. The growing engagement we're seeing reinforces our belief that Nautilus is becoming a key enabling technology for the next generation of biological discoveries. We anticipate that several of these discussions will lead to active engagements when we launch our early access program in the first half of 2026. Initially, customers will gain streamlined access to our tau proteoform assay. Select partners will be able to submit samples, receive data, and provide feedback, similar to our current engagement with the Allen Institute. These early engagements will primarily focus on generating high-quality data and validating our platforms. We expect only limited revenue in the near term. However, this validation is essential for building momentum and opening broader commercial opportunities, including the expansion of our assay for other proteoforms of interest. Over time, we'll expand our early access to offer support for both targeted proteoform assays and for broad-scale proteomic studies. Our aim is to make each early engagement an opportunity to build credibility, momentum and operational readiness ahead of our commercial launch. On the technology front, we made steady progress in Q3, transitioning to our new broad scale asset configuration to better align with our growing probe library and improve platform performance. Early results have been promising and we expect this configuration to enable our broad scale commercial launch in late 2026. Briefly, Assay configuration change efforts were focused on better aligning assay design with the characteristics of our expanding probe library, improving probe yield and overall platform performance. One of the most significant areas of change was in the flow cell and associated assay reagents. Together, these changes were designed to reduce technical risk and enable higher performance as we scale toward a more comprehensive view of the proteome. A key milestone of our broad-scale assay configuration change was achieved in Q3, demonstrating that affinity reagent probes previously incompatible with our old assay configuration are compatible with the new configuration. In Q4 of this year and Q1 of 2026, we plan to test the whole probe library with this new configuration to better understand performance and finalize the steps needed for broad-scale launch. We're confident that broad scale will drive long-term scalability and value for Nautilus. Lastly, we continue to be highly intentional in how we invest our resources. In Q3, we reduced expenses quarter over quarter, reflecting a more focused operating model aligned with our top priorities. This operational discipline is an important part of how we're extending our runway even as we move closer to commercialization. Taken together, the progress we've made in Q3 moves us closer to realizing the promise of single molecule proteomics, a future where researchers can decode biology with a level of precision and resolution that is simply not possible today. We're proud of the scientific and technical advances made this quarter and grateful to our team and collaborators who continue to push the boundaries of what's possible. As always, I want to thank our scientific and engineering teams for their continued dedication the work they're doing is not only technically challenging, it's foundational to the future of proteomics. With that, I'll hand the call over to Ken, our Chief Marketing Officer, to share key insights from our recent Voice of the Customer and Market Research work.