Nautilus Biotechnology (NAUT) Goldman Sachs 45th Annual Global Healthcare Conference summary

Platform development and launch plans

• Commercial launch of a proteomics platform is targeted for 2025, aiming to measure the entire proteome from any sample or organism.

• The platform uses spatial separation of billions of molecules on a chip, cloud-based data analysis, and machine learning for identification and quantification.

• Four key technology pillars: spatial separation, instrument development, software/algorithms, and affinity reagent development, with the latter being the current focus.

• Progress on affinity reagents is ongoing; reaching half of the required 300 will enable significant milestones and more precise launch timelines.

• Early access programs and customer sign-ups will begin as soon as the platform can reproducibly measure 1,000–2,000 proteins, with expectations to reach 5,000+ proteins by customer sample processing.

Competitive positioning and market opportunity

• The platform aims to overcome mass spectrometry's limitations in depth, sensitivity, and ease of use, offering single-molecule sensitivity and high dynamic range.

• Mass spectrometry workflows are complex and inaccessible to many; the new platform is designed for simplicity and broader accessibility, potentially expanding the proteomics market.

• The proteomics market is estimated at $20–30 billion, growing at 12% CAGR, with an initial accessible segment of $5–10 billion targeted for entry.

• Instrument pricing is set at $1 million, aligning with high-end mass spectrometry budgets, and is expected to be well-accepted by customers.

• The sales funnel includes collaborators, early access challenge winners, and dozens of high-potential accounts, with a focus on maintaining engagement and excitement.

Customer feedback and scientific impact

• Customers are most excited about the ability to see all proteins in a sample at wide dynamic range and to analyze proteoforms and protein modifications, which are not possible with current mass spec technology.

• Early data from collaborations with Genentech, Amgen, and MD Anderson on proteoform analysis is generating unique insights and strong interest at scientific conferences.

• The platform's sensitivity and modification analysis are particularly relevant for neurology and biomarker discovery, with a focus on upstream research rather than clinical diagnostics.

• Academic funding is expected to be variable, but disruptive technology is anticipated to find demand; pharma and diagnostics R&D budgets remain steady.

• Strategic installations and demonstration of ROI are key to driving adoption in both academic and commercial sectors.