Nautilus Biotechnology, Inc.

Good day, and thank you for standing by. Welcome to the Nautilus Biotechnology Q4 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 the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jianyi Investor Relations. Please go ahead.

Thank you. Earlier today, Nautilus released financial results for the quarter ended December 31, 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 Sujal Patel, co-founder and CEO, Praag Malik, 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 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 February 26, 2026. With that, I'll turn the call over to Sujal.

Thanks, John, and thank you all for joining us today. Before turning to the quarter, I want to briefly remind everyone of what we're building and why we believe it matters. Nautilus was founded to address a longstanding challenge in life sciences, the lack of technologies capable of comprehensively measuring the proteome with the sensitivity, scale, and reproducibility needed to fully understand biology and disease. Our proprietary iterative mapping methodology is designed to analyze single intact protein molecules at scale and generate highly reproducible digital protein counts. This methodology is delivered through the Nautilus platform, an integrated system of instrumentation, consumables, and software, which can support both broad scale proteome analysis and targeted proteoform characterization on a single platform. Over time, we believe this data foundation will unlock new biological insight, integrate more effectively with other omics modalities, support next-generation AI-driven discovery in human health and medicine, and ultimately help accelerate the development of new therapeutics and diagnostics. With that context, Q4 marked a strong close to 2025 as we continue to make tangible progress toward commercialization, deepen external validation, and build momentum with leading research institutions. A key highlight of that progress was our presence at the U.S. Human Proteome Organization Conference, or USHUPO, in St. Louis, Missouri this week, where we publicly unveiled the Nautilus Voyager instrument in dramatic fashion to a large audience of influential researchers and prospective future customers, providing the proteomics community with its first tangible view of the instrument we've been building. The response was highly positive and reinforced the strong interest we're seeing from researchers seeking a new class of protein measurement technology. Importantly, when designing Voyager, we were intentional about creating an instrument that looked and felt different, one that conveyed sophistication and innovation while still being approachable and easy to use. We wanted an instrument that reflected the ambition of what we're building while also fitting naturally into modern research environments. And the feedback we received confirmed that this balance resonated strongly with the community. Building on the capabilities of the Voyager instrument and supported by the encouraging TAU data we've seen emerging from our early collaborators, we elected to launch our early access program for iterative mapping in January, earlier than previously communicated. This milestone represents a meaningful step in Nautilus' transition from development to active customer engagement, enabling partners to submit samples, receive data, and provide feedback in a streamlined manner. Initial customer response has been encouraging, and while these early engagements are not intended to drive near-term revenue, they are designed to enable real biological discovery, support publications and grant applications, and ensure our workflows and data outputs align closely with customers' needs, an approach consistent with how many transformative life sciences platforms have successfully entered the market. The Early Access Program will begin with our tau proteoform assay and establish a foundation for future assay expansion covering additional proteoform targets and broad-scale applications. Importantly, we believe this Early Access launch also reflects a forthcoming diversity of assays for our platform beyond tau. For example, in late January, we announced a collaboration with Weill Cornell Medicine Qatar and the Michael J. Fox Foundation, focused on alpha-synuclein proteoforms in Parkinson's disease. This MJFF-funded project, $1.6 million in total, with $1.2 million coming to Nautilus, combines Professor Hilal Lashua's deep expertise in neurodegeneration with Nautilus' ability to measure proteins and their functional variance at the single molecule resolutions. Understanding alpha-synuclein proteoforms is a priority for MJSF, and we believe this collaboration is a strong example of how iterative mapping can be extended to additional high-value proteoform targets and disease areas over time. On the technology front, we continued to make strong progress as we moved into the later stages of our broad-scale assay configuration change. This work is designed to better align with our expanding probe library and improve overall platform performance. We're now seeing the first data from the updated assay on new chips, and early readouts are encouraging. Parag will walk through these technical details in more depth, and I'll return later to discuss how this progress informs our expectations for 2026. Taken together, these developments reflect steady progress towards commercialization grounded in real samples, real data, real customer engagement, and increasing external validation. Throughout 2025, we remain disciplined in how we invested our resources, meaningfully reducing expenses while continuing to advance our most important technical and strategic priorities. I want to recognize our scientific and engineering teams for their continued focus and execution. With that, I'll turn the call over to Parag.