[Management View]
Nautilus Biotechnology reported significant progress in external validation of its proteomics platform, highlighted by new Tau assay data set for external presentation at a leading scientific conference. The company confirmed its forecasted cash position supports operations through 2027 and outlined a two-stage commercialization plan, beginning with early access in the first half of 2026 and a broad commercial launch by the end of 2026. Robust interest from academic, nonprofit, and biopharma partners, combined with data-supported market enthusiasm for both technical and economic differentiation, underscores management's positioning for upcoming commercial activities.

[Outlook]
Management projected that early access participation would primarily generate platform validation and scientific publications, rather than significant revenue, in 2026. They anticipate that total operating expenses for the full year 2025 will come in below the past two years, with future quarters expected to increase as commercialization activities ramp up.

[Financial Performance]
Total operating expenses were $15.5 million, down from $19.1 million in Q3 2024. Research and development expenses were $9.6 million, down from $12.3 million a year ago. General and administrative expenses were $5.9 million, down from $6.8 million in Q3 2024. Net loss for the quarter was $13.6 million compared to $16.4 million in the prior year period. Cash burn in Q3 was $11.0 million, with $168.5 million in cash, cash equivalents, and investments.

[Q&A Highlights]
Question 1: Just wondering how we should think about the level of OpEx investment you'll need to make heading into the launch next year. And if you could go into a little more detail on the funnel that you're building out of early access coming into next year.
Answer: From an OpEx standpoint, we expect that spend will increase as we get closer to commercialization. We anticipate some steady step-up between now and the end of 2027. Regarding the funnel, we intend to launch our early access program in the first half initially with Tau and our proteoform panel with Tau, then expand to include our broadscale proteomic capabilities in the second half. The pipeline build is occurring for both products and use cases, with Tau capabilities being discussed with partners since Q2 2025. We expect to make our first official hire on the direct sales side in the first quarter to build capacity for Tau services initially and then broadscale in the second half of the year.

[Sentiment Analysis]
The tone of the management was optimistic and confident, emphasizing strategic progress and future potential. Analysts' questions focused on operational expenses and commercialization plans, indicating a keen interest in the company's financial and strategic trajectory.

[Quarterly Comparison]
| Key Metrics | Q3 2025 | Q3 2024 |
|-------------------------------|---------------|---------------|
| Total Operating Expenses | $15.5 million | $19.1 million |
| Research and Development | $9.6 million | $12.3 million |
| General and Administrative | $5.9 million | $6.8 million |
| Net Loss | $13.6 million | $16.4 million |
| Cash, Equivalents, Investments| $168.5 million| N/A |
| Cash Burn | $11.0 million | N/A |

[Risks and Concerns]
The primary risks include the potential for increased operating expenses as commercialization activities ramp up, and the limited near-term revenue expected from early Tau assay engagements. There is also the inherent risk of technological and market adoption challenges as the company transitions to broadscale commercial activities.

[Final Takeaway]
Nautilus Biotechnology is making significant strides in validating its proteomics platform, with promising early results and strategic collaborations. The company is well-positioned for its upcoming commercialization phases, supported by a strong cash position and growing interest from key academic and industry partners. However, investors should be mindful of the anticipated increase in operating expenses and the limited near-term revenue from early engagements. The company's focus on building a robust pipeline and validating its platform through early access programs is crucial for its long-term success.