Nautilus Biotechnology, Inc.

Good day and thank you for standing by. Welcome to the Nautilus Biotechnology second quarter 2026 earnings 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'll 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, today's conference is being recorded. I would now like to turn the conference over to your speaker today, Chi-Yan Ig with the Gilmartin Group. Please go ahead.

Thank you. Earlier today, Nautilus released financial results for the quarter ended June 30, 2026. 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, 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 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 July 28, 2026. With that, I'll turn the call over to Sujal.

Thanks, Jian, and thank you all for joining us today. We've spent the last nine years building what I believe is one of the most innovative platforms in life sciences. It produces a layer of biological insight that we believe does not exist anywhere else in the world today. This is the conclusion we're hearing from a growing number of scientists once they see our data, and it's the reason I'm confident about where this company is headed. We believe that a platform this capable has many possible applications. We've walked you through them on these calls over the past few years. This quarter, I want to focus on a deliberate strategic realignment of where we point the platform and on the reasoning behind it. Let me start with the decision itself. We're moving a significant share of our R&D resources from our broad scale application to our proteoform application. We're doing it for two reasons that reinforce each other. The first is genuine momentum. The scientific community is telling us directly in conference halls and in our own sales conversations that proteoform resolution is a critical, differentiated layer of biological insight and one we believe we can uniquely put in customers' hands today. The second is that broad scale needs more time, and I'll come back to that in a moment. Let me say more about that first reason. Since launch, we have seen strong and growing customer enthusiasm for the Proteoform approach and the unique insight it can deliver, including numerous additional customer requested Proteoform targets. The feedback coming through our sales team this year has been consistent, and it represents what we believe to be a substantial commercial opportunity. Given the potential scale of that opportunity and our technical performance to date, we're significantly shifting resources across the company and putting a new roadmap in place to accelerate our proteoform applications. We're also going to lean harder into partnerships with pharma and academic institutions to push these capabilities further and faster than we could on our own. This is not a sudden shift. Anyone who's followed the company over the past year will recognize the trajectory that's been pushing us in this direction. When we set out to build our iterative mapping applications, we expected broad scale first and proteoform second. Our platform matured in the opposite order, and we've been turning the proteoform dial up quarter after quarter. Let me lay that trajectory out. A year ago, a preprint with our collaborators showed for the first time that we could measure cow proteoforms at a resolution no one had ever achieved. Next, we signed a collaboration with the Ellen Institute for Brain Sciences to analyze human brain samples spanning multiple brain regions, genetic backgrounds, and disease severities. Our alpha instrument at the Buck Institute for Aging also began producing real biological data, and that data was presented at major scientific conferences revealing biology in Alzheimer's that the field has chased for decades and never been able to see. In the first quarter, the Michael J. Fox Foundation funded us to build the next proteiform assay for Parkinson's, and Baylor College of Medicine became our first early access customer for tau. And now, in the second quarter, we recognize our first revenue from both Baylor College and the Michael J. Fox Foundation grant-funded development work. We also selected AKT1 as our first oncology proteoform assay, one of three oncology targets that have now cleared our development criteria. Parag will take you inside the science and the data behind each of these steps in a few minutes. Now let me come back to the second reason. Broad scale, our broad proteome application is behind the timeline we set. In the second quarter, we completed testing and determined that our assay configuration changes did not sufficiently improve probe candidate performance to support a 2027 general availability of our broad scale application at our target specifications. We have an exceptional team working on an extraordinarily hard problem, and hard science is unpredictable. Some of the development efforts we're undertaking next, which Parag will describe in detail, are inherently long in duration, on the order of several quarters. In the meantime, we're moving the majority of our application-specific R&D resources into proteoform development, keeping a focused team on the most critical parts of broad scale to keep advancing the program and reduce its key technical risks. Shifting resources from broad scale to proteoforms will impact the pace of development in broad scale, but given the opportunity we're seeing in proteoforms, that's a trade-off that we're willing to make. Let me briefly touch on where this path could lead. As we continue to rapidly develop our proteoform portfolio and expand the capabilities of the assays, we believe new opportunities will arise that were not necessarily available to us with a broad scale first format. Two of them are worth planting a flag on, even though they're both very early. The first is the clinical market. Our original thinking with a broad scale first path was that the Nautilus Voyager would primarily be a research use only tool. Our customers would make discoveries on that platform and then build their own high throughput, low cost test that they could carry into the clinic. What we're hearing now with proteoform capabilities in customers' hands is different. Customers are excited and they believe for key markers and key disease areas, are likely to translate directly into clinical research and eventually into diagnostics. While it's not our current focus, because there's no other platform that can make these measurements, it's conceivable that we could get pulled into the clinical market earlier than we'd planned, and we've begun to think about how to prepare for that. Second is pharma. As we expand our conversations with pharma, they are thinking hard about how to combine different data modalities with AI models and use the results to advance therapeutic development, building therapies faster with a higher likelihood of success. We expect that as pharma begins to further appreciate that our proteoform capabilities provide one of the deepest layers of biological insight into disease state and cellular function, we believe opportunities will emerge to partner with pharma to go after new targets, generate datasets to feed AI models and to add bespoke capabilities to existing assays that meet their specific needs. I want to be clear, both of these are early. And while we're not putting a plan or a timeline around either of them today, we are beginning to build towards them. Before turning it over to Parag, I want to reiterate that we have a platform that can deliver unique value to the market. And our customers are telling us that the most urgent need now is in proteoforms. Because of this, We've made a data-driven decision to concentrate on the value we can deliver today as quickly as we can. Parag will take you deeper into the science, and Anna will take you through the numbers before I close. Over to you, Parag.