Nautilus Biotechnology Inc (NAUT) 2023 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Nautilus Biotechnology Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的耐心等待，歡迎參加 Nautilus Biotechnology 2023 年第二季財報電話會議。 （操作員指示）提醒一下，今天的節目正在錄製中。

And now I'd like to introduce your host for today's program Carrie Mendivil, Investor Relations.

現在我想介紹一下今天節目的主持人 Carrie Mendivil，投資者關係部。

Thank you. Earlier today, Nautilus released financial results for the quarter ended June 30, 2023. If you haven't received this news release or if you'd like to be added to the company's distribution list, please send an e-mail to investorrelations@nautilus.bio.

謝謝。今天早些時候，Nautilus 發布了截至 2023 年 6 月 30 日的季度財務業績。如果您尚未收到本新聞稿，或者希望添加到公司的通訊組列表中，請發送電子郵件至 Investorrelations@nautilus .bio 。

Joining me today from Nautilus are Sujal Patel, Co-Founder and CEO; Parag Mallick, Co-Founder and Chief Scientist; and Anna Mowry, Chief Financial Officer.

今天與我一起來自 Nautilus 的是聯合創始人兼首席執行官 Sujal Patel； Parag Mallick，聯合創辦人兼首席科學家；和首席財務官安娜·莫里。

Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking within the meaning of the federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated. Additional information regarding these risks and uncertainties appears in the section entitled Forward-Looking Statements in the press release Nautilus issued today.

在我們開始之前，我想提醒您，管理層將在本次電話會議中發表聯邦證券法含義內的前瞻性聲明。這些陳述涉及重大風險和不確定性，可能導致實際結果或事件與預期有重大差異。有關這些風險和不確定性的更多資訊請參見今天發布的 Nautilus 新聞稿中標題為「前瞻性聲明」的部分。

Except as required by law, Nautilus disclaims any intention or obligation to update or revise any financial or product pipeline projections or other forward-looking statements, whether because of new information, future events or otherwise. This conference call contains time-sensitive information and is accurate only as of the live broadcast, August 2, 2023.

除法律要求外，Nautilus 不承擔任何更新或修改任何財務或產品管道預測或其他前瞻性聲明的意圖或義務，無論是因為新資訊、未來事件或其他原因。本次電話會議包含時效性訊息，僅截至 2023 年 8 月 2 日直播時準確。

With that, I'll turn the call over to Sujal.

這樣，我會將電話轉給 Sujal。

Thanks, Carrie. Good morning, and thank you to everyone for joining us today. On this call, we'll share our financial results for the second quarter and provide an update on our recent activities. But first, I want to take a moment to acknowledge the Nautilus teams in the Bay Area, Seattle and San Diego, who day in and day out exhibit the type of passion, ingenuity and commitment that will enable us to bring to market a platform that we believe will set the new gold standard for proteomic exploration. A platform capable of unleashing the potential of the proteome to advance basic science research, to build new diagnostics and, of course, to make a substantial impact on drug development.

謝謝，嘉莉。早安，感謝大家今天加入我們。在這次電話會議上，我們將分享第二季的財務業績，並提供我們近期活動的最新資訊。但首先，我想花點時間感謝位於灣區、西雅圖和聖地亞哥的 Nautilus 團隊，他們日復一日地表現出熱情、獨創性和承諾，使我們能夠向市場推出一個平台，我們相信將為蛋白質組學探索設定新的黃金標準。一個能夠釋放蛋白質體潛力的平台，以推進基礎科學研究、建立新的診斷方法，當然也能對藥物開發產生重大影響。

As Parag will expand on in a few minutes, I'm excited by the progress we made in Q2 against some of our foundational scientific and development goals and in the ways we continue to prepare the various elements of our platform for commercial launch. For those paying close attention, you'll note that June 9 represented the second anniversary of Nautilus entering the public markets on Nasdaq. In those 2 years, we've evolved and matured as a business, buttressed our senior leadership teams, particularly in R&D and continue to operate in a highly efficient way intended to maximize our cash runway. More on that from Anna later on.

Parag 將在幾分鐘內進行擴展，我對我們在第二季度在一些基本科學和發展目標方面取得的進展以及我們繼續為商業發布平台的各個元素做準備的方式感到興奮。密切關注的人會注意到，6 月 9 日是 Nautilus 進入納斯達克公開市場兩週年紀念日。在這兩年裡，我們作為一個企業不斷發展和成熟，支持了我們的高級領導團隊，特別是在研發方面，並繼續以高效的方式運營，旨在最大化我們的現金跑道。安娜稍後會詳細介紹這一點。

Through it all, we remain convinced that the world of biological research thirst for a platform that overcomes the inherent limitations of both traditional protein analysis methods and of emerging affinity-based and peptide sequencing methods. The market understands how important intact single molecule protein analysis and the Nautilus platform, in particular, will be to their explorations of the proteome and its role as a critical driver of innovative, impactful biological research. Many of the people in audiences we speak with maintain a heavy focus on the use of mass spectrometry for proteomics. The positive attention our platform and methods consistently receive from them is a good sign for things to come with this critically important and influential buying audience.

縱觀這一切，我們仍然堅信，生物研究領域渴望一個能夠克服傳統蛋白質分析方法和新興的基於親和力和肽測序方法的固有局限性的平台。市場了解完整的單分子蛋白質分析和 Nautilus 平台對於他們探索蛋白質組及其作為創新、有影響力的生物研究的關鍵驅動力的作用有多麼重要。與我們交談的許多聽眾都非常關注質譜在蛋白質體學中的應用。我們的平台和方法持續受到他們的積極關注，這對於這個至關重要且有影響力的購買受眾來說是一個好兆頭。

We believe that the Nautilus platform is going to spurt tremendous creativity and innovation in the broader proteomics community.

我們相信 Nautilus 平台將在更廣泛的蛋白質體學界激發巨大的創造力和創新。

We took advantage of additional opportunities to share our story this quarter at events, including the European Proteomics Association Conference, the Alzheimer's Association International Conference, and we look forward to being a sponsor of the Human Proteome Organization International Congress in Busan, South Korea in mid-September. At these and other events, we consistently hear from proteomics KOLs about the broad range of uses they see for our platform and the excitement that is building as we gather feedback from them in the lead-up to our early access program.

我們利用本季在活動中分享我們的故事的更多機會，包括歐洲蛋白質體學協會會議、阿茲海默症協會國際會議，我們期待成為2019 年中旬在韓國釜山舉行的人類蛋白質體組織國際大會的贊助商。- 九月。在這些活動和其他活動中，我們不斷聽到蛋白質體學 KOL 講述他們對我們平台的廣泛用途，以及我們在搶先體驗計劃之前收集他們的反饋時所感到的興奮。

The EAP were launched in the months leading up to commercial availability. And while never intended to be a significant revenue driver, it will serve as a high-value means by which to generate data to support both internally and externally generated scientific papers, customer grant proposals and will get meaningful data into the hands of potential future customers. We will keep you informed as we get closer to launching the program.

EAP 是在商業化之前的幾個月內推出的。雖然從未打算成為重要的收入驅動因素，但它將作為一種高價值手段來產生數據，以支持內部和外部生成的科學論文、客戶資助提案，並將有意義的數據交到潛在的未來客戶手中。當我們接近啟動該計劃時，我們將隨時通知您。

Meaningful progress has been made in development activities surrounding each of the core components of the platform. For updates on these and other things, let me now turn the call over to Parag.

圍繞平台每個核心組件的開發活動都取得了有意義的進展。有關這些和其他事情的最新消息，現在讓我將電話轉給 Parag。

Thanks, Sujal. As Sujal mentioned in his opening remarks, we made solid progress across a number of important research and development fronts in Q2. I'm very proud of our team and the way they continue to positively and methodically address the inevitable scientific and engineering challenges associated with pioneering a platform as innovative as ours. My thanks go out to each of them.

謝謝，蘇加爾。正如 Sujal 在開場白中所提到的，我們在第二季在許多重要的研發領域取得了紮實的進展。我為我們的團隊以及他們繼續積極、有條不紊地解決與開拓像我們這樣的創新平台相關的不可避免的科學和工程挑戰的方式感到非常自豪。我對他們每一個人表示感謝。

As a company, bringing to market a first-of-its-kind product capable of comprehensively quantifying the proteome, there are a wide range of platform elements that must integrate seamlessly. These elements include nano fabricated chips for a single molecule protein deposition, nanoparticles for affixing proteins to those chips, affinity reagents and their labels for probing a fixed protein, assay buffers and parameters and instrument capable of reliably and routinely performing a series of single molecule binding measurements and machine learning-based software for determining protein identities and quantities from those measurements. In Q2, we made considerable progress in each of these areas, enabling us to successfully execute the largest scale and complexity experiments that we have pursued to date. Let me briefly discuss some of the key Q2 advances.

作為一家向市場推出能夠全面量化蛋白質組的首個產品的公司，必須無縫整合多種平台元素。這些元件包括用於單分子蛋白質沉積的奈米晶片、用於將蛋白質固定到這些晶片上的奈米顆粒、用於探測固定蛋白質的親和試劑及其標記、能夠可靠且常規地執行一系列單分子結合的測定緩衝液和參數以及儀器測量和基於機器學習的軟體，用於根據這些測量確定蛋白質特性和數量。在第二季度，我們在每個領域都取得了相當大的進展，使我們能夠成功執行迄今為止最大、最複雜的實驗。讓我簡要討論第二季的一些關鍵進展。

Critical to the creation of a high-quality hyper-dense single molecule protein array is our ability to consistently fabricate the nano pattern chips that form the foundation of that hyperdense array. Considerable progress was made qualifying our external patterning and assembly partners. We additionally improved the stability of our in-house functionalization processes and transition those processes to our manufacturing scale facility in San Carlos, California.

創建高品質超密集單分子蛋白質陣列的關鍵是我們能夠持續製造構成超密集陣列基礎的奈米圖案晶片。我們的外部圖案和組裝合作夥伴的資格認證取得了相當大的進展。我們也提高了內部功能化流程的穩定性，並將這些流程轉移到我們位於加州聖卡洛斯的製造規模工廠。

When we conceived as a platform, we recognize the challenges associated with creating a novel class of antibodies that were not typically built because they were not protein specific. In Q2, we increased the development pace for our affinity reagent consumables. This increase was a result of significant efforts to improve the yield and throughput of our affinity reagent pipeline. In addition, we have scaled our processes for labeling our affinity reagents and for quality assurance of labeled probes. This increase in consumable scale and quality has been critical in supporting our ability to consistently expand the number and breadth of the experiments we performed, getting us progressively closer to our launch targets of performing measurements with hundreds of probes across 150 cycles.

當我們構思一個平台時，我們認識到創建一類新型抗體所面臨的挑戰，這些抗體通常不會被構建，因為它們不具有蛋白質特異性。第二季度，我們加快了親和試劑耗材的開發步伐。這一增長是我們為提高親和試劑管道的產量和吞吐量而付出的巨大努力的結果。此外，我們也擴展了親和試劑標記流程以及標記探針的品質保證流程。耗材規模和品質的提高對於支持我們不斷擴大實驗數量和廣度的能力至關重要，使我們逐步接近在 150 個週期內使用數百個探針進行測量的啟動目標。

Scaling our experimental capabilities is critical to demonstrating and validate the commercial viability of our PriSM methodology. In Q2, we performed a greater number of high probe and high cycle number experiments than in any previous quarter. These large-scale experiments also incorporated advances in our formulations that delivered enhanced assay stability. These large-scale efforts are allowing us to improve the integration of our consumables, assay, instrument and software in increasingly complex model systems on the path to the proteome. Initial studies were focused on validating targeted proteoform measurement studies with externally generated affinity reagents such as through the tau studies done in partnership with Genentech.

擴大我們的實驗能力對於展示和驗證我們的 PriSM 方法的商業可行性至關重要。在第二季度，我們進行的高探測和高循環數實驗比之前任何一個季度都多。這些大規模實驗也結合了我們配方的進步，增強了測定的穩定性。這些大規模的努力使我們能夠在蛋白質體的道路上日益複雜的模型系統中改進消耗品、檢測、儀器和軟體的整合。最初的研究重點是使用外部產生的親和試劑驗證標靶蛋白質形式測量研究，例如透過與 Genentech 合作進行的 tau 研究。

The next step is validating our internally generated affinity reagents through tests on individual short peptides that had been used in the creation of those affinity reagents. At HUPO last year, we introduced data showing the application of our PriSM methodology to decode a model protein with an experiment incorporating 2 dozen probes across 70 cycles.

下一步是透過對用於創建這些親和試劑的單一短肽進行測試來驗證我們內部產生的親和試劑。去年在 HUPO 上，我們介紹了一些數據，顯示我們的 PriSM 方法透過在 70 個循環中結合 2 打探針的實驗來解碼模型蛋白質。

In Q2, the use of a larger probe library alongside a more robust assay enabled us to increase the set of model proteins that could be successfully decoded. In the coming quarters, our planned efforts on model systems that include increased numbers of individual recombinant or purified proteins, mixes of multiple proteins across a range of concentrations, simple organisms such as viruses and ultimately, whole-cell lysates from well-studied cell lines. We are excited about the upcoming efforts towards applying our assay to model systems that will increasingly resemble customer samples.

在第二季度，使用更大的探針庫和更強大的檢測方法使我們能夠增加可以成功解碼的模型蛋白質集。在接下來的幾個季度中，我們計劃在模型系統上開展工作，包括增加數量的單一重組或純化蛋白質、不同濃度的多種蛋白質的混合物、病毒等簡單生物體以及最終來自經過充分研究的細胞系的全細胞裂解物。我們對即將開展的將我們的檢測應用於模型系統的努力感到興奮，這些系統將越來越類似於客戶樣本。

Lastly, I'll note that Q2 also saw continued focus on advancing our commercial instruments. The process of taking an instrument from concept to prototype to build to commercial use is complex and involves a number of important phases that are closely orchestrated collaborations between our engineering, software, assay development and product integration teams. We continue to validate assay performance on our commercial instrument and to transition to a manufacturing posture. My enduring takeaway from Q2 will be the strong progress we made in advancing the robustness and scale of our work as we mature our assay towards achieving our launch targets.

最後，我要指出的是，第二季我們也持續專注於推動我們的商業工具。儀器從概念到原型再到建置到商業用途的過程非常複雜，涉及許多重要階段，這些階段是我們的工程、軟體、分析開發和產品整合團隊之間密切協調的合作。我們繼續驗證我們的商業儀器的檢測性能並過渡到製造狀態。我從第二季度得到的持久收穫將是，隨著我們成熟的分析方法以實現我們的發布目標，我們在提高工作的穩健性和規模方面取得了巨大進展。

With that, I'll hand the call back to Sujal.

這樣，我會將電話轉回給 Sujal。

Thanks, Parag. I'm pleased with the scientific progress I saw in Q2 and continue to closely monitor our steady evolution from a company focused primarily on research to one focused on development and commercialization. I also pay very close attention to the dynamics in the marketplace and the technical and product advancements happening in hours and adjacent spaces. And I'm really pleased to share that I believe that interest in proteomics has never been greater and continues to build momentum.

謝謝，帕拉格。我對第二季度看到的科學進展感到高興，並繼續密切關注我們從一家主要專注於研究的公司向專注於開發和商業化的公司的穩步演變。我還非常密切關注市場動態以及在時間和鄰近空間內發生的技術和產品進步。我真的很高興地告訴大家，我相信人們對蛋白質體學的興趣從未如此強烈，而且勢頭仍在持續增強中。

Despite what some have recently held up as improvements in the performance and specifications of traditional protein analysis methods, we are confident that Nautilus' core value proposition will deliver important and distinct advantages. Specifically, we believe that single molecule comprehensive quantification of intact proteins and proteoforms will establish a new gold standard for proteomic data.

儘管最近有人認為傳統蛋白質分析方法的性能和規格有所改進，但我們相信 Nautilus 的核心價值主張將帶來重要且獨特的優勢。具體來說，我們相信完整蛋白質和蛋白質形式的單分子全面定量將為蛋白質體數據建立新的黃金標準。

In addition, our platform, unlike any other on the market, is designed to get better and better over time as additional data provides rich context to findings and additional identification data adds even greater precision to our machine learning algorithms.

此外，與市場上任何其他平台不同，我們的平台旨在隨著時間的推移變得越來越好，因為額外的數據為發現提供了豐富的背景，而額外的識別數據為我們的機器學習演算法增加了更高的精度。

And finally, our platform's ease of use was designed from its inception to far exceed that of traditional analysis methods. This innovation will open up proteomics to an entirely new universe of potential researchers, researchers who would love to incorporate proteomic data into their work, but have been unable or unwilling to invest the time and resources required to master traditional tools and methods.

最後，我們平台的易用性從一開始就被設計成遠遠超過傳統分析方法。這項創新將為蛋白質體學開闢一個全新的潛在研究領域，這些研究人員願意將蛋白質體數據納入他們的工作，但無法或不願意投入掌握傳統工具和方法所需的時間和資源。

Late last year, at a well-attended lunch and seminar during the Human Proteome Organization's Annual Meeting, Nautilus Scientific Advisory Board member, Dr. Ruedi Aebersold, shared that a frequent characteristic of new transformative platforms is that they often have an early phase during which platform performance can very rapidly improve. This is in stark contrast to the comparatively slower pace of growth for more mature platforms. While this rapid iteration phase often leads to extremely valuable products and market-leading companies, shipping that first product can be slower and more challenging than initially anticipated.

去年年底，在人類蛋白質體組織年會期間舉行的一次出席人數眾多的午餐和研討會上，Nautilus 科學顧問委員會成員Ruedi Aebersold 博士表示，新的變革平台的一個常見特徵是，它們通常有一個早期階段，在此期間，平台性能可以非常快速地提高。這與較成熟平台相對較慢的成長速度形成鮮明對比。雖然這種快速迭代階段通常會產生極其有價值的產品和市場領先的公司，但第一個產品的交付可能比最初預期的更慢且更具挑戰性。

Let me give you an example. Solexa, the company that invented Illumina's next-generation sequencing technology spent 8 years working on their first product, the Genome Analyzer or GA. The GA had a lot of flaws. It was incomplete, but it's fundamentally transformative nature paved the way for the GA IIx, the HiSeq 2500, the HiSeq X Ten and the MiSeq, all of which shipped within 8 years of the first GA. It took 8 years to ship the first product, but the next 8 years were marked by incredibly rapid iteration and dramatic reductions in the cost of sequencing.

讓我舉一個例子。 Solexa 是 Illumina 下一代定序技術的發明者，花了 8 年時間開發他們的第一個產品——基因組分析儀或 GA。 GA 有很多缺陷。它並不完整，但它具有根本性的變革性，為 GA IIx、HiSeq 2500、HiSeq X Ten 和 MiSeq 鋪平了道路，所有這些產品都在首次 GA 後的 8 年內發貨。第一個產品的交付花了 8 年時間，但接下來的 8 年以令人難以置信的快速迭代和測序成本的大幅降低為標誌。

We anticipate that our journey at Nautilus will be very similar to this path, much like Dr. Aebersold discussed at HUPO last year. As we at Nautilus weighed the work in front of us to get our first product out the door and balanced that with our time-to-market goal. It became clear that we needed to evaluate what part of our product specification needed to be in our first product and what could wait for version 1.5 or version 2 follow-ons?

我們預計 Nautilus 的旅程將與這條道路非常相似，就像 Aebersold 博士去年在 HUPO 上討論的那樣。當 Nautilus 權衡我們面前的工作以推出我們的第一個產品時，並將其與我們的上市時間目標進行平衡。很明顯，我們需要評估我們的產品規格的哪些部分需要包含在我們的第一個產品中，哪些部分可以等待版本 1.5 或版本 2 的後續產品？

We spent a lot of time this year and particularly in Q2, listening to our customers and trying to refine towards a minimum product launch specification. There are some characteristics like sensitivity and ease of use that are totally nonnegotiable. On the other hand, we've heard much more flexibility from the market around characteristics such as minimum amount of sample input and number of proteins quantified.

今年，特別是在第二季度，我們花了很多時間傾聽客戶的意見，並嘗試改進以實現最低的產品發布規格。有一些特性，例如靈敏度和易用性，是完全不可協商的。另一方面，我們從市場上聽到了圍繞最小樣本輸入量和定量蛋白質數量等特徵的更大靈活性。

While I use the word minimum product launch specification, you should still interpret that to mean game changing. Just like the Solexa Illumina genome analyzer launch in 2006, we expect our Version 1 product will be transformative to our market, and we will rapidly iterate, reaching the full specifications we previously disclosed and beyond.

雖然我使用“最低產品發布規格”這個詞，但您仍然應該將其解釋為意味著改變遊戲規則。就像 2006 年推出的 Solexa Illumina 基因組分析儀一樣，我們預計我們的版本 1 產品將為我們的市場帶來變革，我們將快速迭代，達到我們之前披露的完整規格並超越。

It should be noted that we expect enhancements to the V1 system. Enhancements that get us to the previously disclosed specification levels will only require updated consumable kits, not a new instrument. With the refined focus of our V1 launch specifications, we've updated our development plans and continue to target roughly the middle of 2024 for the launch of our platform. We look forward to updating you on firm launch specifications and timing when we're closer to launch in 2024.

應該指出的是，我們期望 V1 系統得到增強。使我們達到先前公開的規格等級的增強功能只需要更新的耗材套件，而不是新儀器。隨著 V1 發布規範的明確重點，我們更新了開發計劃，並繼續目標是在 2024 年中期左右推出我們的平台。我們期待在 2024 年接近發佈時向您通報具體的發布規格和時間。

Let me now hand the call over to Anna for a look at our Q2 2023 financials. Anna?

現在讓我將電話轉交給 Anna，讓她了解我們 2023 年第二季的財務狀況。安娜？

Thanks, Sujal. Total operating expenses for the second quarter of 2023 were $19.0 million, up $3.5 million compared to the second quarter of 2022 and up $0.9 million above last quarter. This modest increase in operating expenses year-over-year was primarily driven by growth in personnel costs and laboratory expenses as we continue to invest in the development of our platform.

謝謝，蘇加爾。 2023 年第二季的總營運費用為 1,900 萬美元，比 2022 年第二季增加 350 萬美元，比上一季增加 90 萬美元。營運費用較去年小幅成長主要是由於我們繼續投資平台開發而導致人員成本和實驗室費用的成長。

Research and development expenses in the second quarter of 2023 were $11.9 million compared to $8.9 million in the prior year period. General and administrative expenses were $7.1 million in the second quarter of 2023 compared to $6.6 million in the prior year period. Overall, net loss for the second quarter of 2023 was $15.8 million compared to $14.7 million in the prior year period.

2023 年第二季的研發費用為 1,190 萬美元，而去年同期為 890 萬美元。 2023 年第二季的一般及管理費用為 710 萬美元，去年同期為 660 萬美元。整體而言，2023 年第二季的淨虧損為 1,580 萬美元，而去年同期為 1,470 萬美元。

Turning to our balance sheet. We ended the quarter with approximately $287 million in cash, cash equivalents and investments. This compares to $302 million at the end of last quarter and reflects a cash burn of approximately $27 million since the beginning of the year. We view our balance sheet as a critical competitive advantage and are continuing to be extremely diligent in managing our spend.

轉向我們的資產負債表。本季結束時，我們擁有約 2.87 億美元的現金、現金等價物和投資。相比之下，上季末的現金消耗為 3.02 億美元，反映了自年初以來約 2,700 萬美元的現金消耗。我們將資產負債表視為關鍵的競爭優勢，並將繼續極為努力地管理我們的支出。

At our 2022 year-end call in February, we stated that we expect our overall operating expenses to be up approximately 40% from 2022 levels ahead of a more meaningful ramp in 2024, along with our commercial launch. Given our overall operating expenses from the first half of 2023, along with our expected spend for the remainder of the year, we now expect 2023 operating expenses to be up approximately 30% compared to 2022.

在2 月的2022 年年終電話會議上，我們表示，預計我們的整體營運費用將比2022 年的水平增長約40%，然後隨著我們的商業發布，我們將在2024 年實現更有意義的增長。考慮到 2023 年上半年的整體營運支出以及今年剩餘時間的預期支出，我們現在預計 2023 年的營運支出將比 2022 年成長約 30%。

We continue to run a very lean business and our tight management of expenses means that we have a strong balance sheet to draw from in the coming years. We now expect our cash runway to extend through 2025 and into 2026. It's important to note that our time line for cash runway includes continuing our investment in development includes the initial build-out of our commercial organization ahead of launch and contemplates a range of 2024 product launch date scenarios. With our robust balance sheet and no debt, we have the flexibility to ensure we are in the best possible position for commercial launch.

我們繼續經營非常精益的業務，嚴格的費用管理意味著我們在未來幾年擁有強大的資產負債表。我們現在預計我們的現金跑道將延伸到2025 年並持續到2026 年。值得注意的是，我們的現金跑道時間表包括繼續對開發進行投資，包括在推出之前對我們的商業組織進行初步建設，並考慮到2024 年的一系列目標產品發布日期場景。憑藉我們穩健的資產負債表和無債務，我們可以靈活地確保我們處於商業發布的最佳位置。

As Sujal mentioned earlier, the primary goal of our early access program is to generate data and customer interest ahead of our commercial launch. While we do intend to charge for this service, it's likely that we will offer incentives and other perks that will serve to make it easier for early adopters to try our platform and ultimately to buy a system. Once we transition out of early access, these incentive programs will expire. However, revenue from those initial early access engagements is likely to be nominal.

正如 Sujal 之前提到的，我們早期訪問計劃的主要目標是在商業發布之前產生數據和客戶興趣。雖然我們確實打算對這項服務收費，但我們很可能會提供激勵措施和其他福利，讓早期採用者更容易嘗試我們的平台並最終購買系統。一旦我們退出搶先體驗，這些激勵計畫就會過期。然而，這些最初的搶先體驗活動帶來的收入可能只是微不足道的。

Finally, while we are targeting the launch of our platform in mid-2024, it's reasonable to expect that instrument shipments will begin in the second half of 2024 and pick up more meaningfully in 2025. Once we begin placing instruments, we anticipate our revenue will grow quickly from the combination of new instrument sales and the reagent consumables driven by our growing instrument installed base. From a planning perspective and taking into account my earlier comments on revenue from our early access program, we expect revenue in 2024 to be modest and opportunistic.

最後，雖然我們的目標是在2024 年中期推出我們的平台，但有理由預計儀器出貨量將在2024 年下半年開始，並在2025 年大幅增加。一旦我們開始放置儀器，我們預計我們的收入將新儀器銷售和試劑耗材的結合推動了我們不斷增長的儀器安裝基礎的快速成長。從規劃的角度來看，並考慮到我之前對搶先體驗計畫收入的評論，我們預計 2024 年的收入將是適度且機會主義的。

As you have consistently heard from our team, our priority is to deliver a best-in-class platform that will enable our customers to achieve new levels of proteomic insight. Looking ahead, we are confident in our strong position that is allowing us to focus on our scientific progress and to deliver the type of platform that will change the trajectory of proteomics.

正如您一直從我們團隊中聽到的那樣，我們的首要任務是提供一流的平台，使我們的客戶能夠獲得新水平的蛋白質組學洞察力。展望未來，我們對自己的強勢地位充滿信心，這使我們能夠專注於我們的科學進步，並提供將改變蛋白質組學發展軌蹟的平台類型。

With that, I will turn it back to Sujal.

這樣，我會將其轉回給 Sujal。

Thanks, Anna. Based on what we shared with you today, we are excited about what lies ahead for Nautilus and the difference we plan to make in biological science. Our mission to positively impact health and lives of people around the world remains our guiding light and reflects the passion for innovation exhibited by every member of our team. I'm grateful to our investors, our strategic partners, our research collaborators and our team for joining us on this journey to transform proteomics and empower the scientific community in ways never before thought possible. We continue to make good progress and look forward to updating you all along the way as we continue towards commercialization of our platform next year and beyond.

謝謝，安娜。根據我們今天與您分享的內容，我們對 Nautilus 的未來以及我們計劃在生物科學領域做出的改變感到興奮。我們積極影響世界各地人們的健康和生活的使命仍然是我們的指路明燈，反映了我們團隊每位成員所表現出的創新熱情。我感謝我們的投資者、策略夥伴、研究合作者和團隊加入我們的旅程，以前所未有的方式改變蛋白質體學並賦予科學界權力。我們將繼續取得良好進展，並期待在明年及以後繼續實現我們平台的商業化，一路向您通報最新情況。

With that, I'll turn the call back to the operator. Operator?

這樣，我會將電話轉回給接線生。操作員？

(Operator Instructions) And our first question comes from the line of Tejas Savant from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的Tejas Savant。

This is Yuko on for Tejas. I was wondering if you could elaborate on the current thinking on the initial specs of that V1 product. And what could you -- what could be pushed out for a later update?

這是代表光輝號的 Yuko。我想知道您是否可以詳細說明目前對該 V1 產品初始規格的想法。你能做什麼－什麼可以被推出以供以後更新？

This is Sujal. Maybe I'll take a stab at this and see if Parag has anything to add. In terms of some areas where we think that our capabilities that we've talked about before are nonnegotiable; things like single-molecule sensitivity, things like ease of use, exceptionally high dynamic range is important as well. And I think what we've heard from the marketplace in talking to a lot of our customers in the first half of the year here, is that there's more flexibility on the initial specifications around things like the number of proteins that could be quantified or the sample input. And so those are some of the areas that would -- that will be the first areas that we will likely make a few compromises. But as I mentioned in prepared remarks, we still expect that end result here is a game-changing product. And we expect that consumable revisions only will be required to take us all the way through all the specifications that we've disclosed and talked about in the past.

這是蘇加爾。也許我會嘗試一下，看看帕拉格是否有什麼要補充的。在某些領域，我們認為我們之前談到的能力是不容談判的；單分子靈敏度、易用性、極高的動態範圍等也很重要。我認為，我們在今年上半年與許多客戶交談時從市場上聽到的是，圍繞可量化的蛋白質數量或樣本輸入。因此，這些是我們可能首先做出一些妥協的一些領域。但正如我在準備好的發言中提到的，我們仍然期望這裡的最終結果是一個改變遊戲規則的產品。我們預計，僅需要消耗品修訂即可讓我們了解我們過去揭露和討論的所有規格。

Great. That was super helpful. And then with the recent launches from Mass Spec vendors at ASMS, bringing instruments with greater sensitivity and deeper coverage to the market. How do you feel about the competitive positioning of your proteomics instrument? And then with the new instruments improving on throughput as well, could you give us a color on how your instrument specs, the V1 may compare?

偉大的。這非常有幫助。然後，隨著 ASMS 上質譜供應商最近推出的產品，為市場帶來了靈敏度更高、覆蓋範圍更廣的儀器。您對蛋白質體學儀器的競爭定位有何看法？隨著新儀器在吞吐量方面的提高，您能否告訴我們您的儀器規格與 V1 的比較如何？

Yes. Why don't I take this first. This is Sujal again, and then I'm going to probably kick it over to Parag to see if he has any other comments since he is a Mass Spec key opinion leader. We obviously have been watching the announcements from the Mass Spec community very, very closely, particularly the announcements this year. And your first question was sort of how I react to it. I'm incredibly excited when I see those heads of announcements. And I've said it for a few reasons.

是的。我為什麼不先拿這個。這又是 Sujal，然後我可能會把它交給 Parag，看看他是否有任何其他評論，因為他是 Mass Spec 的關鍵意見領袖。顯然，我們一直在非常非常密切地關注質譜界的公告，尤其是今年的公告。你的第一個問題是我對此有何反應。當我看到這些公告時，我感到非常興奮。我這麼說有幾個原因。

One is that we continue to see as we expected over the last 5-plus years, just modest incremental improvements to the capabilities of the Mass Spec. And many of these companies are very successful, and they're very good at taking their strongest suits and figuring out how to talk about them in a really compelling way. But when you dig underneath the fundamental limitations with sensitivity and dynamic range, the fundamental limitations with quantification of proteins, all those limits are still there.

一是我們在過去五年多的時間裡繼續看到，正如我們所預期的那樣，質譜儀的功能只是進行了適度的漸進式改進。其中許多公司都非常成功，他們非常擅長發揮自己的最強項，並找出如何以真正引人注目的方式談論它們。但是，當您深入挖掘靈敏度和動態範圍的基本限制、蛋白質定量的基本限制時，所有這些限制仍然存在。

And one of the things that gives me really a lot of excitement is that one of the vendors, which I won't mention, pushed the price point of the Mass Spec that they released up close to $2 million, which to me is an incredible indication of the power that the customer sees in these solutions and the opportunity that Nautilus has. Even the V1 specifications that I discussed earlier with respect to dynamic range sensitivity, the coverage of proteins that could be quantified, the ease of use, we will exceed the capabilities of all of the traditional proteomics analysis solution, the affinity-based arrays, and we expect to exceed the solutions of all of the emerging peptide sequencing companies as well. Parag, do you have anything to add there?

讓我非常興奮的一件事是，其中一家供應商（我不會提及）將他們發布的質譜儀的價格點推高了近 200 萬美元，這對我來說是令人難以置信的表明客戶在這些解決方案中看到的力量以及Nautilus 擁有的機會。即使是我之前討論的關於動態範圍靈敏度、可量化蛋白質的覆蓋範圍、易用性的 V1 規範，我們也將超越所有傳統蛋白質組學分析解決方案、基於親和力的陣列和我們預計也將超越所有新興肽測序公司的解決方案。 Parag，您還有什麼要補充的嗎？

I think that was a fantastic answer. The only other point that I'll add is our general philosophy on the proteomics space has been that depending upon the question that you are interested in asking, there are different tools that may be best suited for asking and answering that question. And the new offerings, the expanded offerings from the different vendors, we're really excited to see the progress in the field. We're really excited that that's driving the conversation more and more towards the importance of proteomics in the biological community. But we also still see tremendous differentiation.

我認為這是一個很棒的答案。我要補充的唯一一點是，我們在蛋白質體學領域的一般理念是，根據您有興趣提出的問題，有不同的工具可能最適合提出和回答該問題。不同供應商提供的新產品和擴展產品，我們非常高興看到該領域的進展。我們真的很興奮，這促使人們越來越關注蛋白質體學在生物界的重要性。但我們也仍然看到巨大的差異。

The single molecule nature of what we're offering is very unique. The way that we identify proteins such that every protein is identified from 10, 20 distinct measurements, provides incredibly high confidence in identifications that are made, quantifications that are made. So there are a number -- and then really this -- one of the critical differentiators of our instrument is that you walk up, you drop a flow cell on and [you press go]. So that ease of use, starting all the way back at the sample handling process through instrument execution and data interpretation analysis are really important differentiators to our platform.

我們提供的產品的單分子性質非常獨特。我們識別蛋白質的方式是透過 10、20 次不同的測量來識別每種蛋白質，這為所進行的識別和定量提供了令人難以置信的高可信度。因此，有很多——實際上是這個——我們儀器的關鍵區別之一是，您走上前，放下一個流通池，然後[您按下開始鍵]。因此，易用性、從樣品處理過程一直到儀器執行和數據解釋分析都是我們平台真正重要的差異化因素。

And our next question comes from the line of Dave Delahunt from Goldman Sachs.

我們的下一個問題來自高盛 (Goldman Sachs) 的戴夫·德拉亨特 (Dave Delahunt)。

I appreciate the update. You mentioned the platform is demonstrating routine assays with higher numbers of probes and cycles. I think you said before that the number of probes is directionally helpful, but it's not linearly correlated. So any other qualitative or quantitative detail you could share with us on the progress there?

我很欣賞這個更新。您提到該平台正在演示具有更多數量的探針和循環的常規檢測。我想你之前說過探針的數量有方向性的幫助，但它不是線性相關的。那麼您可以與我們分享有關進展的其他定性或定量細節嗎？

Parag, you do want to kick off here -- sure, go ahead, and then I'll jump in after.

帕拉格，你確實想從這裡開始——當然，開始吧，然後我會接著加入。

Yes, absolutely. So I think we really brought to light a few very specific areas of advancement this quarter. So one of which I'll point out is really around the reagent scale and quality. As you know, the system uses a very large number of reagents. And so being able to build them effectively, being able to build a large number of them, being able to qualify them were really important advances. .

是的，一點沒錯。因此，我認為本季我們確實揭示了一些非常具體的進展領域。因此，我要指出的其中之一實際上是圍繞試劑規模和品質。如您所知，該系統使用了大量的試劑。因此，能夠有效地建造它們，能夠建造大量的它們，能夠對它們進行資格認證，這些都是非常重要的進步。 。

One of the other key areas that you highlighted was on just the scale of experiments. Sujal, in his remarks, recalled back to the initial efforts with Solexa, and there were points in that development process, and this is very normal in any multi-cycle measurement where they were operating in the handful of cycles. And then they were working in the teens of cycles, and they were working up to about 100 cycles.

您強調的其他關鍵領域之一是實驗規模。 Sujal 在演講中回顧了 Solexa 的最初努力，開發過程中有一些要點，這在任何多周期測量中都是非常正常的，因為它們在少數週期中運行。然後他們工作了十幾個週期，並且工作了大約 100 個週期。

And so we're seeing similar progressions in our hands where we're identifying sources of instability or variability and pushing that number up and up and up. I think at HUPO last year, we've talked about experiments that were 80 cycles. And so I think what you're seeing is you're seeing us finding out all of the aspects of our platform that are critical for stability and optimizing each of the different steps and formulations and pieces of the process to enable that scale.

因此，我們看到了類似的進展，我們正在識別不穩定或可變性的來源，並將該數字不斷推高。我想去年在 HUPO 上，我們討論了 80 個週期的實驗。因此，我認為您所看到的是，您看到我們找到了平台的所有對於穩定性至關重要的方面，並優化了每個不同的步驟、配方和流程的各個部分以實現這一規模。

Great. And with the flexibility you mentioned that potential users have on sample input and number of proteins. Any additional color there to help us think about that?

偉大的。您提到潛在用戶在樣品輸入和蛋白質數量方面具有靈活性。有其他顏色可以幫助我們思考這個問題嗎？

Yes, Dave, this is Sujal. I don't think I've got anything more there to add this minute. I mean we still have time to finalize those specifications. And I think that once we have kind of wrapped up specifications, pricing, firm timeline, all those sort of things, I think we'll do a larger update for the street. But at this point, I think all the comments I mentioned earlier in prepared remarks and then in terms of -- the answer to you guys' questions, I think, are all the detail I've got right now.

是的，戴夫，這是蘇加爾。我認為這一分鐘我沒有什麼好補充的了。我的意思是我們還有時間來最終確定這些規格。我認為，一旦我們確定了規格、定價、確定的時間表以及所有這些事情，我認為我們將為街道進行更大的更新。但在這一點上，我認為我之前在準備好的發言中提到的所有評論以及對你們問題的回答，我認為都是我現在掌握的細節。

Got it. All right. Congrats on the progress.

知道了。好的。祝賀取得的進展。

And our next question comes from the line of Dan Brennan from Cowen.

我們的下一個問題來自考恩 (Cowen) 的 Dan Brennan。

I joined a little late. But maybe just the first question would be just broadly, when will investors be able to get the first kind of thorough checks would you say on the product as it gets more fully in the customers' hands with the early beta? Just kind of wondering if you can just -- and if you spoke to this a little bit during the prepared remarks, I apologize, but just kind of getting a sense of when we'll be able to do some checks and kind of see some early publications of the new product?

我加入的有點晚了。但也許第一個問題只是廣義的，隨著早期測試版的產品更全面地掌握在客戶手中，投資人何時能夠對產品進行第一次徹底的檢視？只是想知道你是否可以——如果你在準備好的發言中談到了這一點，我很抱歉，但只是想知道我們什麼時候能夠做一些檢查並看到一些新產品的早期發布？

Yes, that's a great question, Dan. Let me kind of walk through that. And maybe just kind of just to set just a little bit of context that will help understand my answer. One of the things that is very important about our platform is a unique characteristic that enables us to take at a single molecule level, one protein molecule and probe it over and over and over again, getting more and more and more information about it. And after we probe that molecule with about 300 different probes roughly, as we've disclosed in the past, we can with a very high degree of certainty, identify what that molecule is for the vast majority, the 90% and 95% of the proteome identify what the molecule is.

是的，這是一個很好的問題，丹。讓我來介紹一下。也許只是為了設定一些背景，以幫助理解我的答案。我們的平台非常重要的一點是其獨特的特性，使我們能夠在單分子層面上獲取一個蛋白質分子，並一遍又一遍地探測它，獲得越來越多的有關它的資訊。正如我們過去所揭露的，在我們用大約300 種不同的探針粗略地探測該分子後，我們可以非常高的確定性，識別出該分子對於絕大多數（90% 和95%）來說是什麼。蛋白質體辨識分子是什麼。

And then we can keep probing that molecule to understand the heterogeneity of the proteoform landscape to understand what isoform it is, to understand all sorts of different characteristics, and that's incredibly unique. As we go and continue to integrate probes, we continue to increase the number of cycles that our instrument and assay perform. As we continue to optimize those conditions, more and more things can be identified. And as Parag mentioned in his prepared remarks, over the course of the last 6 months, we've been moving through various model systems from peptide to [oligo] peptides to proteins.

然後我們可以繼續探測該分子，以了解蛋白質型景觀的異質性，了解它是什麼亞型，並了解各種不同的特徵，這是非常獨特的。隨著我們繼續整合探針，我們不斷增加儀器和檢測執行的循環次數。隨著我們不斷優化這些條件，可以辨識出越來越多的東西。正如 Parag 在他準備好的發言中提到的那樣，在過去 6 個月的時間裡，我們一直在研究從勝肽到[寡]肽再到蛋白質的各種模型系統。

And as we start getting up to a reasonable number of proteins, call it a couple of thousand, we will start putting that technology into the hands of some KOLs and some labs that could help us to validate those assumptions and that would be the first point at which the investment community and the analysts could go and make those checks and see what the potential of our technology is. And we've told that to investors as well as like that's the key milestone to look for. Because at that point, everything has come together and from there, it's more probes, more cycles and just getting over that last hump to go and rapidly climb from 2000 to 5,000, 7,000, 10,000 and beyond. And that rapid climb is based on the fact that the combination of all of these probing of each molecule is a computational data science task.

當我們開始獲得合理數量的蛋白質時，稱之為幾千個，我們將開始將該技術交給一些 KOL 和一些實驗室，它們可以幫助我們驗證這些假設，這將是第一點投資界和分析師可以進行這些檢查，看看我們的技術有什麼潛力。我們已經告訴投資者這一點，這是需要尋找的關鍵里程碑。因為在那一點上，一切都已經齊頭並進，從那裡開始，需要更多的探索、更多的循環，然後越過最後一個坎，從 2000 點快速攀升到 5,000 點、7,000 點、10,000 點甚至更高。這種快速攀升是基於這樣一個事實：對每個分子的所有這些探測的組合是一項計算數據科學任務。

And so the first 50, 70, 500 probes virtually give us nothing on a complex human sample, but the next 100 from there give us a tremendous amount of data in the last 100 finished off. And so once we get to that milestone, you'll have some data, some things that you can use and go and talk to KOLs about. But in addition to that, we'll have a much firmer sense on specifications, first release timing and our cost and all those sorts of things.

因此，前 50 個、70 個、500 個探針實際上無法為我們提供有關複雜人體樣本的任何信息，但接下來的 100 個探針在最後 100 個探針中為我們提供了大量數據。因此，一旦我們達到了這一里程碑，您就會獲得一些數據，一些可以使用並與 KOL 討論的東西。但除此之外，我們將對規格、首次發佈時間和成本以及所有這些事情有更堅定的認識。

Correct. And that would be middle of '24 -- first half '24, like it's '24, I'm just wondering.

正確的。那將是 24 年中期——24 年上半年，就像 24 年一樣，我只是想知道。

Yes. So if you -- so prepared remarks -- in prepared remarks and you didn't -- you weren't able to attend all of it. But in prepared remarks, what we said was that we have gone out to the marketplace over the course of the first half of the year. We talked to a lot of our customers, and we refined sort of a minimum set of product specifications that we believe are still game-changing. And with that set of product specifications in hand, we are still targeting the middle of '24 for a launch. And when we talk about that launch, that launch is instrument consumables software. That is the actual instrument ready to go. .

是的。因此，如果你——準備好的演講——在準備好的演講中，但你沒有——你就無法參加所有的活動。但在準備好的發言中，我們所說的是我們在今年上半年已經進入市場。我們與許多客戶進行了交談，並完善了一套最低限度的產品規格，我們相信這些規格仍然會改變遊戲規則。有了這組產品規格，我們仍計劃在 24 年中推出。當我們談論該發佈時，該發布是儀器消耗品軟體。這就是準備就緒的實際儀器。 。

And it's our intention sometime before that to have this 2000 protein mark to be able to put that in some customers' hands. And as that climbs up a little bit to 3,000, 4,000, 5,000 really start our early access period as well where customers can go and really look at the data coming off of our platform, and we can use that to drive primarily publications and market evidence for future customers. But in addition to begin to get customers thinking about preorders.

在此之前的某個時候，我們就打算將這個 2000 蛋白質標記提供給一些客戶。當這個數字稍微攀升到 3,000、4,000、5,000 時，我們的早期訪問期就真正開始了，客戶可以在那裡真正查看來自我們平台的數據，我們可以用它來主要推動出版物和市場證據為未來的客戶。但除此之外還要開始讓顧客考慮預訂。

Got it. And in terms of like a scientific meeting next year, with these early publications come out just on an as-done basis? Or like what would be the scientific meeting we would look for that you think the first wave of these would be presented at?

知道了。就明年的科學會議而言，這些早期出版物只是按原樣出版嗎？或者我們會尋找什麼樣的科學會議，您認為第一波會議將會在什麼會議上進行？

Yes. I mean, between U.S., HUPO, the Human Proteome Organization Show, the World Congress that they do, there's 2 shows. And then there's a whole host of others between (inaudible) and ASMS and AIC, which we attended recently. And so at each of those conferences, we take the opportunity to either take 1 element of our product and explain it in depth to the scientific community or to show our advances. And so I don't know if I've got an exact show lined up for you, but those are the primary vehicles that we use to deliver updates out to the scientific community and by proxy [community respectively].

是的。我的意思是，在美國、HUPO、人類蛋白質組組織展會和他們舉辦的世界大會之間，有兩個展會。然後還有（聽不清楚）ASMS 和 AIC 之間的一大堆其他活動，我們最近參加了這些活動。因此，在每次會議上，我們都會利用機會向科學界深入解釋我們產品的一個要素，或展示我們的進步。因此，我不知道是否為您安排了確切的節目，但這些是我們用來向科學界和代理[分別是社區]提供更新的主要工具。

And maybe a final one. Could you speak to just kind of customer interest broadly? Obviously, the leading edge customers are super excited to the extent the product can meet kind of the targets that you're kind of discussing qualitatively and quantitatively, but just any color about what an early funnel looks like, obviously, you have to deliver on the product, but just any thoughts there would be helpful.

也許是最後一個。您能談談廣泛的客戶興趣嗎？顯然，領先的客戶對於產品能夠滿足您在定性和定量上討論的目標感到非常興奮，但顯然，您必須交付有關早期漏斗的任何顏色產品，但任何想法都會有幫助。

Yes. Maybe I will -- I'll chime in here and then Parag spends a ton of time talking to the customers in proteome's community. I'll let him chime in as well. What I'm hearing from the marketplace is a tremendous amount of excitement around our platform. We've disclosed our method. We've disclosed early data. At HUPO last year, we showed the first really significant multi-cycle data. And we continue to roll out data that is quite exciting to the KOLs and the customers that I talk to.

是的。也許我會——我會在這裡插話，然後帕拉格會花大量時間與蛋白質組社群的客戶交談。我也會讓他插話。我從市場上聽到的是對我們平台的巨大興奮。我們已經公開了我們的方法。我們已經披露了早期數據。去年在 HUPO 上，我們展示了第一個真正重要的多週期資料。我們繼續推出令 KOL 和我交談過的客戶非常興奮的數據。

And this fundamental nature of being able to, in a nondestructive way, take a molecule and probe it over and over and over again in order to get more and more information, the scientific community sees that idea and the implementation of it that we are pursuing as a really significant advance over what's available today, which either has to chop proteins into peptides for analysis where you lose a huge chunk of the context in the data or the emerging peptide sequencing methods, all of which are destructive to the protein and incredibly insensitive and the affinity-based solutions that are out there which you have to build a specific antibody that answers 1 specific question.

能夠以非破壞性的方式獲取分子並一遍又一遍地探測它以獲得越來越多的信息，科學界看到了我們正在追求的這一想法及其實施與當今可用的方法相比，這是一個真正重大的進步，要么必須將蛋白質切成肽進行分析，否則會丟失數據中的大量上下文，要么新興的肽測序方法，所有這些都對蛋白質具有破壞性並且極其不敏感以及基於親和力的解決方案，您必須建立能夠回答1 個特定問題的特定抗體。

All of those approaches are fundamentally limited. And I'm hearing from customers a huge amount of excitement around our approach, and they're tracking us pretty closely. Parag, do you want to chime in and add anything there from what you've heard from the market recently?

所有這些方法從根本上來說都是有限的。我從客戶那裡聽到了對我們的方法的極大興奮，他們正在密切關注我們。 Parag，您想插話並補充一下您最近從市場上聽到的消息嗎？

Yes, absolutely. I think certainly, one of the things that's really fun is chatting with customers and hearing the incredibly wide range of applications that they see for the platform, both in ways that are complementary to studies that they have ongoing in mass spectrometry as well as in areas like single molecule intact proteoform analysis that simply can't be done any other way. .

是的，一點沒錯。我當然認為，真正有趣的事情之一就是與客戶聊天並聽到他們對該平台所看到的極其廣泛的應用，這兩種方式都與他們在質譜以及其他領域正在進行的研究相輔相成。就像單分子完整的蛋白質體分析一樣，這是無法透過任何其他方式完成的。 。

And so every time we go out and talk to customers, we come back with new exciting applications of the technology. And so I'd say all of those conversations are illuminating and are helping us understand that. Frankly, there's so much more that can be done with our platform than we had even envisioned at the outset.

因此，每次我們出去與客戶交談時，我們都會帶著該技術的新的令人興奮的應用回來。所以我想說，所有這些對話都很有啟發性，正在幫助我們理解這一點。坦白說，我們的平台可以做的事情比我們一開始預想的要多得多。

This does conclude the question-and-answer session as well as today's program. Thank you, ladies and gentlemen, for your participation. You may now disconnect. Good day.

問答環節和今天的節目到此結束。謝謝女士們先生們的參與。您現在可以斷開連線。再會。