Nautilus Biotechnolgy, Inc.

Total revenue was $0.2 million, with most coming from grant revenue tied to the Michael J. Fox Foundation-funded alpha-synuclein proteoform assay and the rest from services revenue from the first early access project. Total operating expenses were $15.9 million, down about 7% year over year; R&D was $9.6 million, down about 8%; and SG&A was $6.3 million, down about 6%. Net loss was $14.5 million, or $0.11 per share, versus a net loss of $15 million, or $0.12 per share, in the prior-year period. Full-year revenue guidance remains approximately $0.5 million, full-year operating expenses are now expected to come in below prior guidance with year-over-year growth of less than 10%, cash and investments ended at $129.2 million, and management said the cash runway extends into the first quarter of 2028. The company also said it expects a beta unit this year, Voyager pre-orders in early 2027, and shipments beginning in mid-2027.

Sujal Patel’s message was that Nautilus is deliberately pivoting toward the area where the platform is already creating visible customer pull: proteoforms. He said the company is shifting a significant share of R&D away from broadscale because proteoform demand is real, while broadscale needs more time after testing showed the current configuration would not support 2027 general availability at target specifications. His tone was confident but pragmatic, emphasizing that the change is about sequencing rather than conviction and that the company wants to concentrate on what it can deliver today.

Anna Mowry emphasized disciplined spending and a stable balance sheet. She said operating expenses were $15.9 million, R&D was $9.6 million, SG&A was $6.3 million, and net loss was $14.5 million, all with year-over-year declines. She noted the company ended with $129.2 million in cash, cash equivalents and investments versus $143.4 million last quarter, implying $14.2 million of cash usage, and said the financial plan supports runway into Q1 2028. She also said full-year operating expenses should come in below prior guidance and that the company expects to raise some amount of capital between now and mid-2027, likely through debt and equity, but not in a rush.

Analysts pressed management on how Nautilus will balance burn, hiring, and the need to fund commercialization before revenue scales. Sujal said the company is comfortable with the current commercial team size for the near-term serviceable opportunity and does not expect to add sales capacity this year, though he expects more next year as the business grows. Questions also focused on differentiation versus existing tools and the economics of the platform; management said Nautilus is the only platform that can measure proteoforms at scale and reiterated an approximate $1 million instrument target and a few-thousand-dollar-per-sample kit pricing model. On customer demand, management said academic funding is somewhat choppy but improving, while biopharma budgets appear stable, and that oncology could become a much larger serviceable opportunity than tau alone because of sample-type fit.