Nautilus Biotechnology (NAUT) TD Cowen 45th Annual Healthcare Conference summary

Industry context and platform differentiation

• Proteomics is emerging as a critical field, aiming to provide real-time biological insights beyond genomics.

• Current proteomic technologies capture only a fraction of the proteome; the new platform targets 90%-95% coverage with single-molecule sensitivity.

• The platform is designed for broad applications in pharma, biotech, diagnostics, and academic research, focusing on ease of use and comprehensive analysis.

• Unlike competitors, the approach measures full intact proteins, enabling superior proteoform detection and dynamic range.

• Informatics and proprietary algorithms are central, with machine learning integrated for measurement and analysis.

Commercialization timeline and development challenges

• Commercial launch has been delayed to late 2026 due to technical challenges, particularly in antibody development and assay configuration.

• A new assay scheme was selected for lower technical risk, requiring additional time for redevelopment.

• The company is managing resources efficiently, reducing headcount and operating expenses to extend cash runway through 2027.

• Investors are being promised more technical checkpoints and progress updates leading up to major milestones.

• Confidence remains high among management, board, and scientific advisors regarding the path to commercialization.

Proteoform platform and early commercial opportunities

• The proteoform assay, starting with Tau protein, is in validation and verification, with pilot studies and pharma partnerships expected in the near term.

• The opportunity size for proteoform analysis is uncertain, but joint exploration deals are being pursued to share upside from discoveries.

• Revenue from early access is expected to be minimal in the short term, with focus on generating biological data and partner engagement over the next two years.

• At least one partner is expected to be signed in the first half of the year, with more anticipated over a two-year horizon.

• The proteoform platform offers unprecedented resolution, enabling detection of multiple modifications on single protein molecules.