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

Platform development and launch plans

• Commercial launch of a novel proteomics platform is targeted for 2025, aiming to measure the entire proteome from any sample or organism, a challenge not solved by current technologies.

• The platform uses spatial separation of billions of molecules on a chip, advanced reagents, and machine learning to identify and quantify proteins with high sensitivity and dynamic range.

• Key technological pillars include molecule separation, instrument development, software/algorithms, and the creation of ~300 unique affinity reagents, with significant progress in all areas.

• Achieving the milestone of measuring 1,000–2,000 proteins reproducibly will trigger early access programs and more definitive launch timelines, with expectations to reach 5,000+ proteins by early customer use.

• Early access and customer engagement are ongoing, with a sales funnel of several hundred prospects and strong interest from key opinion leaders and collaborators.

Competitive positioning and market opportunity

• The platform is designed to overcome the complexity and limitations of mass spectrometry, offering easier workflows and deeper, more sensitive proteomic analysis.

• Ease of use is expected to democratize proteomics, expanding the market beyond current mass spec users to broader biology and disease research communities.

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

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

• The platform's ability to analyze proteoforms and post-translational modifications is generating unique data and strong scientific interest, especially in collaboration with leading pharma and research institutions.

Financial outlook and commercialization strategy

• Cash runway extends into the second half of 2026, with disciplined OpEx management and over half of $450 million raised still on the balance sheet.

• Sales force build will be modest due to high deal sizes and strong value proposition, with initial deals expected at $1 million per instrument and similar annual pull-through.

• Academic funding is expected to remain variable, but disruptive technology is anticipated to maintain demand despite tighter budgets; pharma and diagnostics R&D budgets are seen as stable and growing.

• Strategic installations and demonstration of ROI will be key to driving adoption and expanding the customer base post-launch.

• Customer excitement centers on the platform's ability to provide comprehensive, high-sensitivity proteomic data and insights into protein modifications not accessible with current methods.