Nautilus Biotechnology Inc (NAUT) 2024 Q3 法說會逐字稿

Good day, everyone. And thank you for standing by and welcome to nautilus' a third quarter, 2024 earnings conference call. At this time. All participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session to participate. You will need to press star 11 on your telephone. You will then hear a message advising your hand is raised to withdraw your question. Simply press star 11 again.

大家好。感謝您的耐心等待並歡迎參加 nautilus 2024 年第三季財報電話會議。此時。所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。您需要按電話上的星號 11。然後您將聽到一條訊息，建議您舉手撤回您的問題。只需再次按星號 11。

Please be advised that today's conference is being recorded. Now we'll pass the call over to Eyoni with investor relations. Please go ahead.

請注意，今天的會議正在錄製中。現在我們將把電話轉給負責投資者關係的 Eyoni。請繼續。

Thank you.

謝謝。

Earlier today, Nautilus released financial results for the quarter ended, September 30 2024.

今天早些時候，Nautilus 發布了截至 2024 年 9 月 30 日的季度財務表現。

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 email to investor relations at Nautilus dot bio.

如果您尚未收到本新聞稿，或希望新增至本公司的通訊群組清單中，請發送電子郵件至 Nautilus dot bio 的投資者關係部門。

Joining me today from Nautilus are Sujal Patel cofounder and CEO Praag Malik, cofounder and chief scientist and Anna Maori, Chief Financial Officer.

今天與我一起從 Nautilus 前來的還有聯合創始人兼首席執行官 Sujal Patel 聯合創始人兼首席執行官 Praag Malik、聯合創始人兼首席科學家以及首席財務官 Anna Maori。

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, 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. October 29 2024.

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的附加資訊有重大差異。關於這些風險和不確定性出現在鸚鵡螺今天發布的新聞稿中標題為前瞻性陳述的部分中，除非法律要求，鸚鵡螺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，本次電話會議都包含時間敏感訊息，並且僅在直播時準確。2024 年 10 月 29 日。

With that, I will turn the call over to Sujal.

這樣，我會將電話轉給 Sujal。

Thanks Jon and welcome to everyone joining our Q3 2024 earnings call. It is an exciting time to be innovating in the proteomic space. From the reset Nobel Prize announcements to advances in the relationship between proteomics and artificial intelligence. We are seeing an increasing recognition of the role that proteomic analysis will play in shaping the future of biomedical research in human health. Our team energized by both that external momentum and the opportunity to impact. One of the last great frontiers in biology is performing at a very high level.

感謝喬恩，歡迎大家參加我們的 2024 年第三季財報電話會議。現在是蛋白質體學領域創新的令人興奮的時刻。從重置諾貝爾獎公告到蛋白質體學和人工智慧之間關係的進展。我們看到人們越來越認識到蛋白質體分析在塑造人類健康生物醫學研究的未來方面所發揮的作用。我們的團隊受到外在動力和影響機會的激勵。生物學最後的偉大前沿之一是高水準的表現。

I have been very pleased to see the team's execution quality and output expand in an environment where all of nautilus' resources are being managed very tightly. That ability to do more with less is a testament to the scrappiness and grit of our entire team and I want to thank them for their efforts and for the significant progress we made. In Q3.

我非常高興看到團隊的執行品質和產出在鸚鵡螺所有資源都受到嚴格管理的環境中不斷提高。這種事半功倍的能力證明了我們整個團隊的鬥志和勇氣，我要感謝他們的努力以及我們所取得的重大進展。在第三季。

I'm excited about the expanding opportunity I see for proteomics and I'm generally pleased with the progress we're making as a business. We continue to envision powerful research uses for our platform and consistently receive positive feedback from those researchers around the world with whom we've engaged. They tell us their desire to explore the proteo more deeply and more broadly and of the significant limitations of what's currently available.

我對蛋白質體學不斷擴大的機會感到興奮，而且我對我們作為一家企業所取得的進展感到非常滿意。我們繼續為我們的平台設想強大的研究用途，並不斷收到與我們合作的世界各地研究人員的正面回饋。他們告訴我們他們希望更深入、更廣泛地探索蛋白質，以及目前可用的技術的重大限制。

It's becoming ever more apparent that they understand how important single molecule intact protein analysis will be to their explorations of the pert to help educate the market and bring potential buyers along as part of the proteomic revolution. I'm excited to welcome Ken Suzuki to Nautilus as our first Chief Marketing Officer, Ken joins us after a 25 year career at Aline Technologies most recently serving as Vice President and General Manager of Alan's Mass spectrometry division.

越來越明顯的是，他們了解單分子完整蛋白質分析對於他們探索適當的東西有多麼重要，以幫助教育市場並吸引潛在買家作為蛋白質組革命的一部分。我很高興歡迎 Ken Suzuki 加入 Nautilus，擔任我們的第一位首席行銷官，Ken 在 Aline Technologies 工作了 25 年後加入我們，最近擔任 Alan 質譜部門的副總裁兼總經理。

Ken is a well known and highly respected member of the mass spec community and is intimately familiar with the people and organizations we view as target customers.

Ken 是質譜界知名且備受尊敬的成員，並且與我們視為目標客戶的人員和組織非常熟悉。

His insight into these audiences will be instrumental in shaping our product and the go to market plan that creates high value selling opportunities and drives the revenue.

他對這些受眾的洞察力將有助於塑造我們的產品和進入市場計劃，從而創造高價值的銷售機會並增加收入。

We have a number of important updates for you this morning. But before we dive in, I want to take just a minute to provide a bit of context. We'll be discussing the status of our overall platform development initiatives and share detail on our progress against each of the platform's modalities, broad scale discovery which aims to comprehensively quantify the proteom and targeted quantification which is currently focused on proteoform detection. While both modalities share the same core platform, each has its own development path that will be up to date on today to start. I'm pleased to report that our core platform development and readiness efforts continue to proceed well. In the first half of 2024 we demonstrated one, a scalable and reliable process for building flow cells and chips, consistent single molecule protein library preparation that can begin with as little as 150 nanograms of input material and robust single molecule deposition.

今天早上我們為您提供了一些重要的更新。但在我們深入討論之前，我想花一點時間提供一些背景資訊。我們將討論我們整體平台開發計劃的狀況，並分享我們針對每種平台模式的進展細節、旨在全面量化蛋白質組的大規模發現和目前專注於蛋白質組檢測的目標量化。雖然這兩種模式共享相同的核心平台，但每種模式都有自己的發展路徑，這些路徑將在今天開始更新。我很高興地報告，我們的核心平台開發和準備工作繼續順利進行。在2024 年上半年，我們展示了一種用於構建流動池和晶片的可擴展且可靠的流程、一致的單分子蛋白質庫製備（可以從低至150 納克的輸入材料開始）和強大的單分子沉積。

Two. We also demonstrated an instrument in assay capable of iteratively cycling, cycling affinity reagents over many cycles and observing affinity reagent binding events at the single molecule level.

二。我們也展示了一種能夠迭代循環、多次循環親和試劑並在單分子層級觀察親和試劑結合事件的測定儀器。

And three, we demonstrated software capable of processing instrument data and algorithmically turning that into biological insight.

第三，我們演示了能夠處理儀器數據並透過演算法將其轉化為生物學洞察力的軟體。

Direct evidence of our platform readiness is the new and very exciting proteoform data that parag will present shortly. Its creation demonstrates that all aspects of the assay and platform have been integrated and are functioning as intended while some work remains to optimize those proteoform related platform components ahead of any commercial availability, we remain confident in the progress we're making across these development activities.

我們的平台準備就緒的直接證據是 parag 即將展示的新的、非常令人興奮的蛋白質組數據。它的創建表明，檢測方法和平台的所有方面都已經集成，並且正在按預期運行，而在任何商業可用性之前，仍有一些工作需要優化那些與蛋白質相關的平台組件，我們對這些開發活動所取得的進展仍然充滿信心。

When you're at the frontier of scientific innovation and building an incredibly complex product such as what nautilus has undertaken the path is windy and always different than what you initially imagined as pleased as we are on the proteoform front. And with the core platform overall, we're behind on our internal milestones. With respect to our next major broad scale goal to be able to quantify a significant number of proteins. 500,1000,2000 from a complex sample like C is on the road to measuring the comprehensive proteom. This is the last piece of the platform puzzle.

當您處於科學創新的前沿並構建極其複雜的產品（例如 nautilus 所採用的產品）時，道路是崎嶇的，並且總是與您最初想像的不同，就像我們在蛋白質組前沿一樣高興。就整體核心平台而言，我們在內部里程碑方面落後了。我們的下一個主要目標是能夠量化大量蛋白質。來自像 C 這樣的複雜樣本的 500,1000,2000 正在測量綜合蛋白質組。這是平台拼圖的最後一塊。

You'll recall that our unique method of identifying proteins, protein identification by short epitope mapping or prism. For short involves the development and integration of hundreds of proprietary multi affinity probes which interrogate single protein molecules.

您會記得我們辨識蛋白質的獨特方法，透過短表位作圖或稜鏡來辨識蛋白質。簡而言之，涉及數百個專有的多親和力探針的開發和集成，這些探針可詢問單個蛋白質分子。

Over the last three years, we've spent substantial time and energy building and optimizing our affinity reagent pipeline and building thousands of probe candidates in parallel. We've been doing the hard development work to optimize and increase the robustness of the fluorescent labels used within our platform. And the chemistry used to attach probes to these labels internally. We defined metrics for transitioning probe candidates to platform ready pros. We additionally examined how diverse label types and labeling approaches impacted these metrics on a pro by pro basis.

在過去的三年中，我們花費了大量的時間和精力來建立和優化我們的親和試劑管道，並並行建立數千個候選探針。我們一直在進行艱苦的開發工作，以優化和提高我們平台中使用的螢光標籤的穩健性。以及用於將探針內部附著到這些標籤上的化學物質。我們定義了將探針候選人轉變為平台就緒專業人員的指標。我們也逐一研究了不同的標籤類型和標籤方法如何影響這些指標。

As we entered 2024 many of these probe candidates did not meet the performance charts desired of platform ready probes.

當我們進入 2024 年時，許多候選探測器並未滿足平台就緒探測器所需的效能圖。

Armed with that information in Q2 and Q3. We embarked upon an initiative to examine these probe candidates in a very detailed way. We used multiple techniques including bio layer infer Mery Eliza western blots, peptide arrays and single molecule kinetic analysis to fully understand the binding properties of these probes.

在第二季和第三季中掌握了這些資訊。我們開始主動以非常詳細的方式檢查這些候選探針。我們使用了多種技術，包括生物層推斷 Mery Eliza 蛋白質印跡、勝肽陣列和單分子動力學分析，以充分了解這些探針的結合特性。

Through that very detailed analysis, we can confidently say that our affinity re agent pipeline does indeed produce probes with the characteristics necessary to implement prism.

透過非常詳細的分析，我們可以自信地說，我們的親和試劑管道確實生產出具有實施 Prism 所需特性的探針。

We have always expected that there will be some fallout between probe candidate and platform ready probe. But currently that fallout rate is too high through Q3. And over the next few months, we'll continue to focus on a number of development work streams that we're confident will enable approximately a third of our probe candidates to become platform ready from there. We're working on a number of enhancements that have the potential to further improve that yield.

我們一直預計候選探針和平台就緒探針之間會產生一些影響。但目前第三季的影響率太高了。在接下來的幾個月裡，我們將繼續關注許多開發工作流程，我們相信這些工作流程將使我們大約三分之一的候選探針能夠成為平台就緒的產品。我們正在研究一些有可能進一步提高產量的增強功能。

Well, we're disappointed that we're behind on delivering our next major broad scale milestone of being able to decode proteins from a complex sample. We are tremendously encouraged by the fact that the probes that we've been developing do successfully bind to short epitopes and are capable of successfully implementing prism to comprehensively unlock the protium.

好吧，我們很失望，我們未能實現下一個大規模里程碑，即能夠從複雜樣本中解碼蛋白質。我們一直在開發的探針確實成功地與短錶位結合，並且能夠成功地實施棱鏡以全面解鎖氕，這一事實令我們深受鼓舞。

We're fresh off significant participation in the world. Hupo Congress in Dresden, Germany concluded just last week. As you'll hear from Faro in just a few moments, we continue to educate and build trust with the proteomic community shared some new and very exciting proteoform data and heard a number of high value use cases from researchers that have fueled our imaginations even further as to what may be possible when we reach our commercial rollout next year.

我們剛開始大力參與世界事務。德國德勒斯登 Hupo 大會於上週剛結束。正如您稍後將聽到Faro 的消息，我們將繼續與蛋白質組學界進行教育並建立信任，分享了一些新的且非常令人興奮的蛋白質組數據，並從研究人員那裡聽到了許多高價值用例，這些用例進一步激發了我們的想像力當我們明年實現商業推廣時可能會發生什麼。

For a more detailed update on Hupo and our R&D efforts in general. Let me now turn the call over to Parag

有關 Hupo 和我們整體研發工作的更詳細更新。現在讓我把電話轉給 Parag

Thanks and good morning all. As Sujal mentioned, World Hoo was a terrific event for us again this year and provided a great opportunity to introduce a significant number of researchers to our platform.

謝謝大家，早安。正如 Sujal 所提到的，World Hoo 今年對我們來說再次是一次了不起的活動，並提供了一個絕佳的機會，可以將大量研究人員引入我們的平台。

We use this opportunity to communicate how our single molecule proteom analysis platform is a unique and powerful tool that we believe will be a critical driver of biological insight.

我們利用這個機會來傳達我們的單分子蛋白質體分析平台如何成為一個獨特而強大的工具，我們相信它將成為生物學洞察力的關鍵驅動力。

We also emphasized how our core platform is designed to enable two complementary and valuable use cases, high resolution targeted proteoform quantification using site specific and or target specific probes. More on that in a moment and broad scale discovery using our proprietary multi affinity probes by advancing biology across both of these dimensions. We aim to make the full scale and complexity of the proteom accessible to all researchers.

我們還強調了我們的核心平台是如何設計的，以實現兩個互補且有價值的用例，即使用位點特異性和/或目標特異性探針進行高分辨率靶向蛋白質形式定量。透過使用我們專有的多親和力探針，透過在這兩個維度上推進生物學，我們可以立即進行更廣泛的發現。我們的目標是讓所有研究人員都能了解蛋白質體的完整規模和複雜性。

Notably at this hoop, we transitioned from primarily sharing aspects of how the platform works and towards sharing early demonstrations of the platform being used to ask and answer important biological questions.

值得注意的是，在這個階段，我們從主要分享平台如何運作的方面轉變為分享用於提出和回答重要生物學問題的平台的早期演示。

This transition beyond platform development and towards platform application has been really exciting throughout the company and was clearly recognized by the community as an important marker of a transition towards commercial readiness at Hupo. We briefed many hundreds of attendees at our booth and dug into the scientific underpinnings of the platform more fully through our three poster presentations, two seminar presentations and a special luncheon seminar in conversations. Throughout the event, we found that the community was most interested in hearing about and discussing our single molecule library preparation process. Its ease of use, its applicability to diverse sample types and its ability to access diverse components of the protium without clear and obvious biases or limitations. As compared to existing approaches, the sensitivity and dynamic range of the platform and how the unique scale of measurement in the billions of protein molecules enables its projected dynamic range.

這種從平台開發到平台應用的轉變在整個公司範圍內確實令人興奮，並且被社群明確認為是 Hupo 向商業準備過渡的重要標誌。我們在展位上向數百名與會者進行了介紹，並透過三場海報展示、兩場研討會演講和一場特別午餐會對話更全面地挖掘了該平台的科學基礎。在整個活動中，我們發現社區最有興趣了解和討論我們的單分子文庫製備過程。它易於使用，適用於不同的樣品類型，並且能夠在沒有明確和明顯的偏差或限制的情況下獲取氬的不同成分。與現有方法相比，該平台的靈敏度和動態範圍以及數十億蛋白質分子的獨特測量規模如何實現其預期的動態範圍。

The applicability of the platform to diverse biological questions ranging from the analysis of cancer development and progression to neurological disorders and to questions in plant science and microbial biology.

該平台適用於各種生物學問題，從癌症發生和進展的分析到神經系統疾病，再到植物科學和微生物生物學問題。

And the rigorous approach we have developed to correct for errors and estimate false discovery rate in order to increase confidence in our single molecule protein identifications.

我們開發了嚴格的方法來糾正錯誤並估計錯誤發現率，以增加我們對單分子蛋白質鑑定的信心。

At our luncheon seminar. I was excited to present the latest data from the team to a packed house of nearly 200 attendees.

在我們的午餐研討會上。我很高興能夠向近 200 名與會者展示團隊的最新數據。

I shared continued advancements to our core platform and to our broad scale assay. In addition, I highlighted our recent demonstration of a new assay for the quantitative measurement of up to 2048 protein forms of the protein tau A protein closely associated with Alzheimer's disease efforts towards developing this assay were initiated as part of our partnership with Genentech and represent a general template for what we envision will become a wide class of targeted proteoform analysis assays.

我分享了我們的核心平台和大規模檢測的持續進步。此外，我還強調了我們最近示範的一種新測定法，用於定量測量多達2048 種蛋白質形式的tau 蛋白，與阿茲海默症密切相關。 Genentech 合作的一部分，代表了我們設想將成為一類廣泛的靶向蛋白質型分析測定的通用模板。

Such assays enable the examination of proteins', functional forms at a resolution and scale never previously possible with existing methods.

此類測定能夠以現有方法不可能達到的分辨率和規模來檢查蛋白質的功能形式。

Throughout hupo, we discussed the first illustration of potential biological studies that investigate the interplay between proteoforms and the progression of Alzheimer's disease interactions between proteoforms and mutations in Tau or related proteins. And also how the Tau proteoform landscape varies across model systems with higher resolution and scale than previously possible. These first of their kind pilot experiments are a first step in examining how the proform landscapes of Alzheimer's and frontotemporal dementia may be impacted by exogenous perturbations or changes in the abundance of chemos.

在整個hupo 中，我們討論了潛在生物學研究的第一個例證，這些研究研究了蛋白質形式之間的相互作用以及蛋白質形式與Tau 或相關蛋白突變之間相互作用的阿茲海默症的進展。以及 Tau 蛋白變形景觀如何在模型系統中以比以前更高的分辨率和規模變化。這些首個試驗實驗是研究阿茲海默症和額顳葉失智症的原始景觀如何受到外源性擾動或化療豐度變化影響的第一步。

In one demonstration, we use IPSC derived organoid models from patients containing normal and abnormal forms of TAU, from whom detailed neurological neuroimaging and neuropathological data are available.

在一項演示中，我們使用含有正常和異常形式 TAU 的患者的 IPSC 衍生的類器官模型，從這些患者中可以獲得詳細的神經影像和神經病理學數據。

When looking at model systems. Researchers most commonly look at phenotypic measures such as cell death or tau aggregation. Our studies enable going well beyond these gross measures to investigate the molecular details that impact the timing and process of progression.

在查看模型系統時。研究人員最常關注的是表型指標，例如細胞死亡或 tau 蛋白聚集。我們的研究能夠遠遠超越這些粗略測量，以研究影響進展時間和過程的分子細節。

Organoids were treated with several doses of a beta, 42 a fragment of a beta at multiple time points across millions of single molecule measurements. We observed biological variation in Tau proteoforms potentially associated with a progression such studies when expanded to larger cohorts and more detailed time courses may have significant implications in drug development.

在數百萬次單分子測量中，在多個時間點用數劑量的 β、42 β 片段處理類器官。我們觀察到 Tau 蛋白形式的生物變異可能與此類研究的進展相關，當擴展到更大的隊列時，更詳細的時間進程可能對藥物開發產生重大影響。

In addition, we also perform pilot studies to examine the variation in the Tau prote form landscape across stem cell derived organoids, migraine organoids and mouse models and see extensive variation in the proteom landscape.

此外，我們還進行了初步研究，以檢查幹細胞來源的類器官、偏頭痛類器官和小鼠模型中 Tau 蛋白質形式景觀的變化，並觀察蛋白質體景觀的廣泛變化。

Both the organoid treatment and model system comparisons are relevant biological questions that we anticipate researchers wanting to ask.

類器官治療和模型系統比較都是我們預期研究人員想要問的相關生物學問題。

Our platform is designed to ask and answer those questions with an unprecedented resolution and scale that we believe will enable unique insight.

我們的平台旨在以前所未有的分辨率和規模提出和回答這些問題，我們相信這將帶來獨特的見解。

In summary these first ever high value data that leverage our platform's single molecule quantification using tau epitope specific detection antibodies are encouraging and reveal a complex landscape of proteoforms in model systems of neurodegeneration with the additional validation of larger study sizes matched to effect sizes. These data may result in greater insight for researchers seeking to better understand the progression of Alzheimer's and or other neurologic diseases.

總之，這些首次利用我們平台的單分子定量（使用tau 表位特異性檢測抗體）的高價值數據令人鼓舞，並揭示了神經退化模型系統中蛋白質形式的複雜景觀，並進一步驗證了與效應大小相符的較大研究規模。這些數據可能為尋求更好地了解阿茲海默症和/或其他神經系統疾病進展的研究人員帶來更深入的見解。

As I conclude, I want to remind you that advances made to our core platform accrue value to both our targeted pro form detection and broad scale discovery capabilities.

最後，我想提醒您，我們核心平台的進步為我們的目標原型檢測和大規模發現能力帶來了價值。

Both modes of the platform rely upon a unique single molecule library preparation nano pattern chips, iterative probing of individual molecules with fluorescently labeled affinity reagents and machine learning software to infer protein identities and quantities.

該平台的兩種模式都依賴於獨特的單分子庫製備奈米圖案晶片、使用螢光標記的親和試劑對單個分子進行迭代探測以及機器學習軟體來推斷蛋白質的身份和數量。

We remain focused on increasing scale stability and reproducibility across our consumables assay and platform and continue to see meaningful gains along those and related areas.

我們仍然專注於提高我們的耗材檢測和平台的規模穩定性和重現性，並繼續在這些和相關領域看到有意義的進展。

In particular, Q3 saw the successful execution of the largest scale of experimentation we've performed to date.

特別是，我們在第三季成功執行了迄今為止最大規模的實驗。

This progress is being made in conjunction with enhancing the reliability quality and customer readiness of our instrument and software.

這項進步是與提高我們的儀器和軟體的可靠性品質和客戶準備度一起取得的。

I remain confident that our development activities are focused on the areas of the platform that will enable us to launch a product that will be a dramatic advancement in proteomic research.

我仍然相信，我們的開發活動集中在平台領域，這將使我們能夠推出一款將在蛋白質體研究方面取得巨大進步的產品。

With that, I'll turn the call back to Suri.

說完，我會把電話轉回蘇瑞。

Thanks for the update. Prog I share Prog's enthusiasm for our tremendous progress in detecting proteoforms and substantial impact we could have initially with Tau on biomarker discovery and drug development in Alzheimer's and other neurodegenerative diseases. This progress represents a perfect example of our platform's unique ability to enable both targeted proteoform analysis and broad scale discovery proteomic.

感謝您的更新。Prog 我與 Prog 一樣，對我們在檢測蛋白質形式方面取得的巨大進展以及我們最初利用 Tau 對阿茲海默症和其他神經退化性疾病的生物標誌物發現和藥物開發可能產生的重大影響充滿熱情。這項進展完美地體現了我們的平台實現標靶蛋白質體分析和大規模蛋白質體學發現的獨特能力。

That understanding of our platform's dual value is shared by others. Aside from the KOL feedback prav, just shared recent preliminary partnership related conversations with several large pharma companies indicate interest in targeted party for analysis for use in drug targeting and drug discovery efforts. We look forward to continuing and formalizing those relationships with the significant progress we've experienced on the proteoform front. We envision the first half of 2025 being dedicated to proving out what we believe to be a massive proteoform business opportunity. As part of this, we will accelerate our engagements with large pharma partners and key academic collaborators using Tau as our first biomarker aside from serving to get our platform into the hands of researchers, we expect that these engagements will also prove out the value of our unique single molecule methodology for more comprehensive proteoform analysis. They will also serve to harden our platform capabilities for both proteoform and broad scale applications.

其他人也認同我們平台的雙重價值。除了 KOL 回饋實踐之外，剛剛分享了最近與幾家大型製藥公司進行初步合作相關的對話，表明對目標方有興趣進行分析，以用於藥物標靶和藥物發現工作。我們期待隨著我們在蛋白質體學領域取得的重大進展，繼續並正式化這些關係。我們預計 2025 年上半年將致力於證明我們認為存在的巨大的蛋白質體商業機會。作為其中的一部分，我們將加速與大型製藥合作夥伴和主要學術合作者的合作，使用Tau 作為我們的第一個生物標誌物，除了將我們的平台交到研究人員手中之外，我們預計這些合作也將證明我們的價值獨特的單分子方法可進行更全面的蛋白質體分析。它們還將增強我們針對蛋白質形式和大規模應用的平台能力。

We believe this hardening of our platform will enable us to shorten the time frame required to move from one decoding a significant number of proteins from cell I say to two, the launch of our early access program to three, the launch of our broad scale commercial product.

我們相信，我們平台的這種強化將使我們能夠縮短從細胞中解碼大量蛋白質所需的時間，我說的是兩個，即啟動我們的早期訪問計劃，縮短到三個，即啟動我們的大規模商業化產品。

Based on that thinking, we continue to anticipate a commercial launch of our broad scale product in late 2025.

基於這個想法，我們繼續預期我們的大規模產品將於 2025 年底投入商業推出。

Pleased as I am with the progress we've made in our development efforts. I'm equally proud of the way that our entire team has recognized the importance of managing the business efficiently to maximize our cash runway.

我對我們在開發工作中取得的進展感到高興。我同樣感到自豪的是，我們整個團隊認識到有效管理業務以最大化我們現金跑道的重要性。

Each part of the organization has focused both headcount and expenditures in a way that has driven our scientific development forward while delivering an exceptional balance of progress and cash usage. For more on that. Let me hand the call over to Anna.

組織的每個部門都注重人員數量和支出，以推動我們的科學發展，同時實現進度和現金使用的卓越平衡。有關更多資訊。讓我把電話轉給安娜。

Thanks sujal.

謝謝蘇加爾。

Total operating expenses for the third quarter of 2024 were $19.1 million roughly equal to the third quarter of 2023 and $1.7 million below last quarter, research and development expenses in the third quarter of 2024 were $12.3 million compared to $12.0 million in the prior year period.

2024 年第三季的總營運費用為1,910 萬美元，大致相當於2023 年第三季度，較上一季低170 萬美元；2024 年第三季的研發費用為1,230 萬美元，而上年同期為1200 萬美元。

General and administrative expenses were $6.8 million in the third quarter of 2024 compared to $7.1 million in the prior year period. And $1.5 million below last quarter.

2024 年第三季的一般及管理費用為 680 萬美元，去年同期為 710 萬美元。比上季低 150 萬美元。

Overall net loss for the third quarter of 2024 was $16.4 million compared to $15.9 million in the prior period.

2024 年第三季的整體淨虧損為 1,640 萬美元，而上一季的淨虧損為 1,590 萬美元。

The flat year over year operating expenses and large decrease quarter over quarter was driven primarily by a one time adjustment to our personnel costs. As we updated our estimate of incentive compensation attainment for the year.

營運費用較去年同期持平和季比大幅下降主要是由於我們的人員成本一次性調整。我們更新了今年激勵薪酬實現情況的估計。

Aside from the one time adjustment, our Q3 results reflect tight spend management. We ended Q3 with 161 head count roughly flat compared to our 160 ending head count in Q3 of last year.

除了一次性調整外，我們第三季的業績反映出嚴格的支出管理。我們第三季末的員工人數為 161 人，與去年第三季末的 160 人人數大致持平。

At the same time, the Nautilus team has significantly increased their experimental capacity and output across both broad scale and targeted applications.

同時，Nautilus 團隊顯著提高了大規模和針對性應用的實驗能力和產出。

I'm extremely pleased with the team's ability to fund today's business needs through prioritization cost, optimization and innovation that allows the business to thrive without adding significant incremental spend.

我對團隊能夠透過優先考慮成本、優化和創新來滿足當今的業務需求感到非常滿意，這使得業務能夠在不增加大量增量支出的情況下蓬勃發展。

Turning to our balance sheet, we ended the quarter with approximately $221.2 million in cash, cash equivalents and investments compared to $232.9 million. At the end of last quarter, our cash burn of $11.7 million benefited from a $1.3 million shift in unrealized losses last quarter to an unrealized gain position this quarter.

談到我們的資產負債表，本季末我們的現金、現金等價物和投資約為 2.212 億美元，而去年同期為 2.329 億美元。上季末，我們的現金消耗為 1,170 萬美元，這得益於上季未實現虧損 130 萬美元轉為本季未實現收益。

While we work to finish our development, we remain committed to tightly managing our spend and expect that to continue into the quarters leading up to our commercial launch.

在我們努力完成開發的同時，我們仍然致力於嚴格管理我們的支出，並預計這種情況將持續到我們商業發布之前的幾個季度。

We anticipate our total operating expense growth for the full year 2024 to land at roughly 10% better than our previous guidance of 15 to 20%.

我們預計 2024 年全年的總營運費用成長將比我們之前 15% 至 20% 的指導高出約 10%。

As a result, we enter 2025 with a lower burn rate and a higher cash balance than previously anticipated. Sending our cash runway into 2027.

因此，進入 2025 年時，我們的燒錢率和現金餘額都比之前預期的要低。讓我們的現金跑道持續到 2027 年。

With that, I'll turn it back to Sujal.

這樣，我會將其轉回給 Sujal。

Thanks Anna. The entire team's commitment to tight financial management reflects our driven scrappy mentality that mentality is demonstrated by our ongoing ability to focus our people and our financial resources on the highest value initiatives that will drive us through these final stages of platform development.

謝謝安娜。整個團隊對嚴格財務管理的承諾反映了我們鬥志旺盛的心態，這種心態體現在我們持續將人員和財務資源集中在最高價值計劃上的能力，這些計劃將推動我們完成平台開發的最後階段。

Well, it's no secret that getting a product to market is taking us longer than we had initially anticipated. I'm confident that our efforts and spend are focused on the appropriate development areas and that our short medium and long term goals directly align with the best interests of our shareholders to wrap things up. We continue to make solid progress against our development and business goals. And for that, I want to again, thank the entire Nautilus team. We are excited about what's to come and we look forward to providing additional updates on our next call with that. I'm happy to open the call up for questions, operator.

眾所周知，將產品推向市場所需的時間比我們最初預期的要長。我相信，我們的努力和支出都集中在適當的發展領域，我們的短期、中期和長期目標與股東的最佳利益直接一致，以結束一切。我們繼續在我們的發展和業務目標上取得紮實進展。為此，我想再次感謝整個 Nautilus 團隊。我們對即將發生的事情感到興奮，並期待在下次電話會議上提供更多更新資訊。接線員，我很高興打開電話詢問問題。

Thank you. And to ask the question, please press star 11 on your telephone and wait for your name to be announced to withdraw the question. Simply press star 11 again one moment for our first question and it comes from the line of Yuko Oku with Morgan Stanley. Please proceed.

謝謝。如需提問，請按電話上的星號 11，等待報出您的姓名即可撤回提問。只需再次按星號 11 一會兒即可回答我們的第一個問題，它來自 Yuko Oku 與摩根士丹利的線路。請繼續。

Hello. Thank you for taking my questions. Cil could you elaborate on the reasons that you're seeing higher than expected fall out rate for affinity pro candidates? And what are some of the ways you're addressing these issues to improve that rate?

你好。感謝您回答我的問題。Cil 您能詳細說明一下您看到親和力專業候選人的失敗率高於預期的原因嗎？你們解決這些問題以提高這比率的方法有哪些？

Good morning. And thanks for the question. Maybe frog. Do you want to take a first stab at this? And then I'll add some color on top.

早安.謝謝你的提問。也許是青蛙。你想嘗試嗎？然後我會在上面添加一些顏色。

Sure, happy to.

當然，很高興。

So I think you got the, it's a great question about and really comes down to the incredibly extensive amount of characterization that we do with every single probe. As suel noted that every single probe goes through a wide battery of tests, examining the kinetic properties, the binding diversity and also things like nonspecific binding and manufacturability. And so as we've been working through the development chain and characterizing each of these aspects, we've, we've we've discovered the extent to which some probes are really amenable to being labeled, other probes, their kinetics are impacted. Some probes have fast kinetics and short kinetics. So we anticipated a wide distribution and are observing a wide distribution. But at the same time, we're also observing some really fantastic things. We're observing their diversity of what, what eops they are able to target is extensive. And, and that's really, we were thrilled to see that result. That means that any given probe can touch a wide percentage of the proteom. But there's always a balance with any given biomolecule. You're going to have a number of dimensions. And as we continue to advance, we expect that probes of varying kinetics will be applicable on the platform. It's just some will, some will be applicable earlier and some will take a little bit more effort.

所以我想你明白了，這是一個很好的問題，並且真正歸結為我們對每個探針所做的極其廣泛的表徵。正如 suel 指出的那樣，每個探針都經過一系列廣泛的測試，檢查動力學特性、結合多樣性以及非特異性結合和可製造性等。因此，當我們一直在研究開發鏈並描述每個方面的特徵時，我們已經發現某些探針確實適合被標記的程度，而其他探針的動力學受到影響的程度。有些探針具有快動力學和短動力學。因此，我們預計會有廣泛的分佈，並且正在觀察廣泛的分佈。但同時，我們也觀察到一些非常奇妙的事情。我們正在觀察他們的多樣性，他們能夠針對的目標是廣泛的。而且，確實如此，我們很高興看到這個結果。這意味著任何給定的探針都可以接觸到很大比例的蛋白質組。但任何給定的生物分子總是存在平衡。你將有多個維度。隨著我們的不斷進步，我們預計不同動力學的探針將適用於此平台。這只是一些意願，有些會更早適用，有些會需要更多的努力。

Got it. Thank you for.

知道了。謝謝你。

That color.

那個顏色。

Thank you one moment.

謝謝你一會兒。

Oh, you got, you got you.

哦，你得到了，你得到了。

Yoko. I'm going to bring you back to the stage.

洋子。我將帶你回到舞台。

Just continue with your second question, please.

請繼續你的第二個問題。

While you just talked about falling behind on your broad scale discovery milestones, could you provide an update on how the progress of developmental proteo form capabilities are towards launch? And do you anticipate both of these capabilities to be available to early access customers?

雖然您剛剛談到了在大規模發現里程碑方面的落後，但您能否提供有關開發蛋白質形式能力在發射方面的進展的最新資訊？您預計這兩種功能都會提供給早期訪問客戶嗎？

Yeah, you guys, this is a great question and let me try to expand a little bit on the remarks that I made during the prepared remarks. So we've always envisioned that our platform would have two use cases. One use case is what we refer to as broad scale, which is to identify all proteins within a sample comprehensively. And the other mode is a more targeted mode which we initially are targeted towards proteoform analysis. And as we've said on past calls, different, well, we had anticipated we would release broad scale before proteoforms. Different parts of our platform have matured at different rates. And through some of the early work that we did with Genentech over the last few years and continued work with other partners. What we realized is that customers have a significant interest in performing the types of proteoforms studies that our platform is capable of because there are no other methods to map the proteoform landscape in as much detail as our platform can do at the single molecule level. And so over the course of Q3 and and also a bit from Q2 as well. We've spent time significantly maturing our proteoform capabilities and in particular decided on an initial focus on Tau as an important biomarker in neurodegenerative diseases. And we've started to discuss the capabilities of TPRI form analysis with a number of potential pharma customers and a number of key academic and nonprofit research types of organizations in Kols. And so when we jump into next year, we, we envision using the first half of that year to really prove out the prettier form opportunity using Tau as a as a litmus test for the market and for the capabilities of our platform.

是的，你們，這是一個很好的問題，讓我嘗試對我在準備好的發言中發表的言論進行一些擴展。因此，我們一直設想我們的平台將有兩個用例。一個用例就是我們所說的大規模，即全面識別樣品中的所有蛋白質。另一種模式是更有針對性的模式，我們最初針對的是蛋白質體分析。正如我們在過去的電話會議中所說的那樣，不同的是，我們曾預計我們會在蛋白質組之前大規模發布。我們平台的不同部分以不同的速度成熟。透過過去幾年我們與基因泰克所做的一些早期工作以及與其他合作夥伴的持續合作。我們意識到，客戶對我們的平台能夠進行的蛋白質型研究類型非常感興趣，因為沒有其他方法可以像我們的平台在單分子層面上那樣詳細地繪製蛋白質型圖譜。在第三季以及第二季也是如此。我們花了很多時間來顯著成熟我們的蛋白質形式能力，特別是決定最初關注 Tau 作為神經退化性疾病的重要生物標記。我們已經開始與一些潛在的製藥客戶以及科爾斯的一些關鍵學術和非營利研究類型的組織討論 TPRI 形式分析的功能。因此，當我們進入明年時，我們設想利用該年上半年來真正證明使用 Tau 作為市場和我們平台功能的試金石的更漂亮的機會。

And we intend to use those engagements in the first half to demonstrate what's possible with our platform. But as well inform us on our future road map and pricing strategies and so forth with, with respect to that offering.

我們打算利用上半年的這些活動來展示我們平台的潛力。但請告知我們與該產品相關的未來路線圖和定價策略等。

Then in the second half of the year, we expect to launch our early access program. And that early access program is really focused on the broad scale pro proteomic analysis. And we expect that to look very similar to what we've described earlier, but we probably will compress that program a little bit because of the fact that the proteo form work that will start in the first half of the year and working with customers really helps us to harden the base platform because the base platform is common between both use cases and that hardening will help us hopefully shrink the time line a little bit for our early access program. Just from a nomenclature perspective, the work that we're doing with pro form in the first half, we don't refer to that as early access. We're really focused on collaborations and partnerships that help us to one show the world what's possible and and to help us to inform what we're going to do with that capability over the course of the coming quarters.

然後在今年下半年，我們預計將啟動我們的搶先體驗計畫。這項早期訪問計劃實際上專注於大規模的專業蛋白質組分析。我們希望它看起來與我們之前描述的非常相似，但我們可能會稍微壓縮該程序，因為 proteo 表單工作將於今年上半年開始並與客戶合作幫助我們強化基礎平台，因為基礎平台在兩個用例之間是通用的，並且強化將有助於我們縮短早期訪問計劃的時間線。僅從術語的角度來看，我們在上半年的專業形式中所做的工作，我們並不稱之為搶先體驗。我們真正關注的是合作和夥伴關係，這有助於我們向世界展示什麼是可能的，並幫助我們告知在未來幾季我們將利用這項能力做什麼。

Got it. Thank you.

知道了。謝謝。

Thank you one moment. For our next question, please.

謝謝你一會兒。請回答我們的下一個問題。

And it's from the line of subu be with Guggenheim Securities. Please proceed.

它來自古根漢證券公司的 subu be 線。請繼續。

Hey guys. Thank you for taking my question. Investors are increasingly focused on 2025 heading into the year. Recognizing 2025 is the year you move from development to commercial stage. What metrics would you expect to share to help us better understand your corporate goals in this next stage and for us to better be able to assess progress towards these goals. And then as a follow up, as you move to commercial stage, where are the biggest areas you expect to increase investment over the next 2 to 4 quarters? And are there areas where investment actually could be pulled back? Thank you.

嘿夥計們。感謝您回答我的問題。投資者越來越關注 2025 年。認識到 2025 年是從開發階段轉向商業階段的一年。您希望分享哪些指標來幫助我們更了解您下一階段的企業目標，並使我們能夠更好地評估實現這些目標的進展。接下來，當您進入商業階段時，您預計未來 2 到 4 個季度增加投資的最大領域是哪些？是否有哪些領域的投資實際上可以撤回？謝謝。

Great. Well, thank you for the question. Let me take the first half of it and I'm going to kick the second half to Anna here. So the first half of your question was really metrics to track and I think that, you know, for us, we're a little different than most of the coverage universe for, for those of you that are analysts for us. You know, we are still a pre commercial company and we have a incredibly exciting product coming, but it's not there yet. The first half of the year, as I mentioned, we're focused on pro form engagements and those engagements are not engagements where revenue is important to us. Those are engagements where learning and demonstration of what's possible and informing us about our road map of pricing are the important goals. And then in terms of broad scale, what we said in the prepared remarks is that we still intend to launch our broad scale capabilities late in 2025. And so with that, you know, I think the most important metric, of course, I think everyone is focused on is top line. And I think that that those comments sort of help you to think about top line for us in 2025.

偉大的。嗯，謝謝你的提問。讓我先講上半場，然後我要把下半場踢給安娜。所以你的問題的前半部分實際上是要追蹤的指標，我認為，對於我們來說，對於我們的分析師來說，我們與大多數報道領域有點不同。你知道，我們仍然是一家預商業公司，我們即將推出令人難以置信的令人興奮的產品，但它還沒有出現。正如我所提到的，今年上半年，我們專注於形式業務，而這些業務並不是收入對我們很重要的業務。這些活動的重要目標是學習和演示可能性並告知我們定價路線圖。然後就廣泛規模而言，我們在準備好的發言中表示，我們仍打算在 2025 年底推出廣泛規模的能力。因此，我認為最重要的指標當然是每個人都關注的指標。我認為這些評論可以幫助您思考 2025 年我們的營收目標。

And I think that, you know, when you look at the metrics, you should use to measure our progress, I think it really is all related to our development milestones. And in particular, we've talked about getting our per form capabilities in the hands of customers in the first half, which is an important goal of ours. And then we talked about getting to the goal where we can decode a significant number of proteins out of cell is 500,1000,2000 proteins, whatever it might be. That's a critical milestone for us that will likely mark the start of our early access program. And then in addition to that, it's an important milestone because at that point, more than half of the probes will be platform ready on platform running decoding proteins. And from there, we anticipate that the timeline remaining and the work remaining will be relatively estimatable and and will be will be finite in nature.

我認為，你知道，當你查看指標時，你應該用來衡量我們的進展，我認為這確實與我們的發展里程碑有關。特別是，我們談到了上半年將我們的性能交付給客戶，這是我們的一個重要目標。然後我們談到了我們可以從細胞中解碼大量蛋白質的目標，即 500、1000、2000 個蛋白質，無論它是什麼。這對我們來說是一個重要的里程碑，很可能標誌著我們搶先體驗計畫的開始。除此之外，這是一個重要的里程碑，因為到那時，超過一半的探針將在運行解碼蛋白質的平台上做好平台準備。從那時起，我們預計剩餘的時間表和剩餘的工作將是相對可估計的，並且本質上將是有限的。

And then do you want to talk about the key spend areas as we head into 2025?

那麼您想談談進入 2025 年時的關鍵支出領域嗎？

Sure, I can speak to that.

當然，我可以這麼說。

Zu We, as you've heard us say repeatedly, we're continuing to be very focused on tight spend management. That's something that will continue into 2025. We will be trying to hold our spend but do more with that spend particularly in the areas of development and, and launching our product as we get closer to launch, we'll make very targeted investments in the commercial team. So that should add some level of spending in terms of pulling back our. As you've heard us talk about where you're spending in developing both broad scale and targeted applications, which is one way that we're doing more without increasing our spend. So at some point, we can make prioritization decisions and be more targeted in how we spend our time in that development that gives us an opportunity to pull back. But I think as of right now, we feel really good that the level of spend we have gets us to the cash runway. We need to support our both our product milestones and our commercial launch.

Zu 我們，正如您反覆聽到的那樣，我們將繼續非常注重嚴格的支出管理。這種情況將持續到 2025 年。我們將努力控制支出，但會花更多的錢，特別是在開發領域，並在接近發佈時推出我們的產品，我們將對商業團隊進行非常有針對性的投資。因此，這應該會增加一定程度的支出，以減少我們的支出。正如您聽到我們談論的那樣，您在開發大規模和有針對性的應用程式方面投入了資金，這是我們在不增加支出的情況下做更多事情的一種方式。因此，在某些時候，我們可以做出優先級決定，並更有針對性地花時間進行開發，從而有機會撤退。但我認為，截至目前，我們感覺非常好，因為我們的支出水平讓我們進入了現金跑道。我們需要支持我們的產品里程碑和商業發布。

Thank you guys. Super helpful.

謝謝你們。超有幫助。

Thank you one moment for our next question and it is from the Line of Matt Sykes with Goldman Sachs. Please proceed.

感謝您提出我們的下一個問題，它來自高盛的馬特·賽克斯 (Matt Sykes)。請繼續。

Hi, this is from Att. Thanks for taking my questions. So you talked through some of the targeted opportunities like your collaboration with Gentech in conversations you're having with potential customers. Are you seeing more interest on the discovery side? Given your historic focus in that area or have you had interest in the targeted side as well? And then how can we think about sizing of potential opportunities on each end of the spectrum?

嗨，這是來自 Att。感謝您回答我的問題。因此，您在與潛在客戶的對話中談到了一些有針對性的機會，例如與 Gentech 的合作。您是否發現人們對發現方面更感興趣？鑑於您歷史上關注該領域，或者您是否也對目標方面感興趣？那我們要如何考慮範圍兩端潛在機會的大小呢？

Good morning, Eev. So let's talk a little bit about broad scale first and address that part of your question. I think that, you know, broad scale is something that we have been talking about with potential customers, whether they be Pharma DX or academic customers. We've been talking about that with customers for many years and I think that what we continue to see is an incredible amount of excitement for broad scale proteomics from everyone we talk to. And so that is a, is a given and it's been going on for, for a long time on the Proteoforms side. You know, you'll recall that the work that we have been doing with Genentech has been for over three years now. So we've been talking about proteo forms with customers for a long time as well. And well, our original plans didn't have us going and focusing on proteoforms first. Really, it's our customers who've been pushing us to do more on the protto form front in particular with C and so that's work that, you know, has, has gained a little bit of natural momentum. Through the engagements that we've had with customers and they're incredibly excited about it. I think that when you think about sizing the opportunity, I think it's easier to size the opportunity for broad scale because there's an existing market where there's assays and mass spectrometry based workflows that are focused on selling into protein discovery environments. And that's a, it's a large multibillion dollar opportunity. We've talked about it for a long time with respect to proteoforms, a lot of the work that we want to do in the first half is really related to discovering what the ideal business model is for this kind of capability. And how large that financial opportunity is our belief is that is in our belief as well as the belief of many of the customers that I've talked to is that being able to see this new biology is incredibly important to understanding the function of proteins inside of cells and inside of your body. And that it can have significant implications on drug development and precision medicine. And so with that, we think that it's really important and we look at previous types of innovation, like the introduction of spatial biology and look at the impact that it had on the market. And we think that there's a really big opportunity here. But I think in terms of sizing and more specifics give us through the first half of next year to really make some progress with some of these customers. And then from there, I think we'll have a little bit finer precision on how we want to take that capability forward.

早上好，伊夫。因此，讓我們先討論一下廣泛的規模，並解決您問題的這一部分。我認為，我們一直在與潛在客戶討論廣泛的規模，無論他們是 Pharma DX 還是學術客戶。多年來我們一直在與客戶談論這個問題，我認為我們繼續看到的是我們所交談的每個人對大規模蛋白質組學的令人難以置信的興奮。所以這是一個給定的情況，並且在 Proteoforms 方面已經持續了很長時間。您知道，您會記得我們與基因泰克所做的工作已經三年多了。因此，我們也與客戶討論了蛋白質形式很長一段時間。好吧，我們最初的計劃並沒有讓我們先關注蛋白質組。確實，是我們的客戶一直在推動我們在 protto 形式方面做更多的事情，特別是在 C 方面，所以你知道，這項工作已經獲得了一點自然的動力。透過我們與客戶的互動，他們對此感到非常興奮。我認為，當你考慮評估機會時，我認為更容易評估大規模的機會，因為現有市場中有基於分析和質譜的工作流程，專注於銷售到蛋白質發現環境。這是一個價值數十億美元的巨大機會。關於蛋白質形式，我們已經討論了很長時間，我們上半年要做的許多工作實際上都與發現這種能力的理想商業模式有關。我們相信這種經濟機會有多大，我們以及我所交談過的許多客戶都相信，能夠看到這種新的生物學對於理解內部蛋白質的功能非常重要。它可以對藥物開發和精準醫學產生重大影響。因此，我們認為這非常重要，我們研究了先前的創新類型，例如空間生物學的引入，並研究了它對市場的影響。我們認為這裡有一個非常大的機會。但我認為，在規模和更多細節方面，我們可以在明年上半年與其中一些客戶真正取得一些進展。然後從那裡開始，我認為我們將更加精確地了解我們希望如何推進該功能。

That's super helpful. Thank you. And then we've seen recent traction with the Astral and the ultra two within proteomic. So how are you thinking about breaking into this market with these established players? And then maybe contrast that with contrast this with the potential competition within the targeted side of things?

這非常有幫助。謝謝。然後我們看到最近蛋白質體學中星體和超兩種的吸引力。那麼，您如何考慮與這些老牌企業一起打入這個市場呢？然後也許可以將其與目標方面的潛在競爭進行對比？

Yes, let's you want to take that first and then I'll jump in. Yeah.

是的，讓你先接受，然後我會介入。是的。

I'll, I'll, I'll jump in there.

我會，我會，我會跳進去。

I think when we look at the landscape of technologies, it actually hasn't though new platforms. No new iterations of platforms have been emerging. The general structure of the market hasn't actually changed very much. You really still continue to have really two dominant player types of players in the market. You have the mass spectrometry players and then you have the targeted players, the links and standard biotools and, and then you have this emerging class of, of new technologies like us.

我認為，當我們審視技術前景時，實際上並沒有新的平台。沒有新的平台迭代出現。市場的整體結構其實並沒有太大變化。市場上仍然有兩種主導類型的玩家。您擁有質譜分析玩家，然後您擁有目標玩家、連結和標準生物工具，然後您擁有像我們這樣的新興類別的新技術。

I think when we look at things like the astral, the latest version of the TIMS to et cetera, what they're really great at is is moving very, very, very quickly so they can, they can collect a very large number of spectra in a short amount of time.

我認為當我們看到像星體、最新版本的 TIMS 等等這樣的東西時，他們真正擅長的是移動得非常非常非常快，這樣他們就可以收集大量的光譜在很短的時間內。

On the other hand, some of the fundamental challenges that exist in the space, things like ease of use, things like dynamic range, the ability to sample effectively low abundance proteins, the speed on the back end isn't substantively contributing to helping with those challenges. On the other hand, in a single molecule universe, the identifi ability of a protein, the detectability quantifiable are not directly correlated to the concentration in the way that they are in a mass spectrometer. And so when we, when we talk to folks what they're very excited about are a couple of things that get to the core of our thesis one, they're really excited about the sensitivity of our platform. I mean, we demonstrated octal sensitivity. That's something that is orders of magnitude beyond what has been seen with other existing platforms, they are excited about the dynamic range, which of course comes from the scale that we are describing in terms of measuring billions of molecules. And the majority of even emerging platforms are looking at peptides, not proteins. And they're certainly not looking at the scale of billions of molecules. And so that's very exciting to folks.

另一方面，該領域存在的一些基本挑戰，例如易用性、動態範圍、有效採樣低豐度蛋白質的能力、後端的速度並沒有實質地幫助解決問題這些挑戰。另一方面，在單分子宇宙中，蛋白質的辨識能力、可量化的可偵測性並不像在質譜儀中那樣與濃度直接相關。因此，當我們與人們談論他們非常興奮的一些涉及我們論文核心的事情時，他們對我們平台的敏感度感到非常興奮。我的意思是，我們展示了八進制敏感性。這超出了其他現有平台所看到的數量級，他們對動態範圍感到興奮，這當然來自我們所描述的測量數十億個分子的規模。大多數新興平台都在關注勝肽，而不是蛋白質。他們當然沒有考慮數十億個分子的規模。這對人們來說非常令人興奮。

Also the ability to, to really be a platform for the biologist, masss spectrometers are amazing and powerful instruments. However, they aren't generally accessible to your average bench scientist. And so that accessibility that ease of use for the broader biologic community continues to be an important differentiator for us. And then as we've talked about on this call, there simply does not exist a way to measure proteoforms at the level of resolution and scale that we are able to with our platform. And so this represents an entirely new measurement in the world. And that's pretty exciting to be bringing that kind of resolution and scale to the world. As you mentioned before, when we've seen these kinds of advances, we saw them with the transition from X ray a fraction spectra to actual subang crystal structures at scale. We saw them with the transition from bulk to single cell and then again from single cell to spatial these increases in resolution have been transformative to biology. And that's really what our goal is, is that level of transformation.

此外，質譜儀能夠真正成為生物學家的平台，是令人驚嘆且強大的儀器。然而，普通科學家通常無法接觸到它們。因此，更廣泛的生物界的可及性和易用性仍然是我們的一個重要差異化因素。正如我們在這次電話會議上所討論的，根本不存在一種方法可以透過我們的平台達到我們能夠達到的分辨率和規模水平來測量蛋白質形式。因此，這代表了世界上一種全新的衡量標準。能夠將這種分辨率和規模帶給世界是非常令人興奮的。正如您之前提到的，當我們看到這些進步時，我們看到了從 X 射線分數譜到實際的亞邦晶體結構的轉變。我們看到它們從整體到單細胞的轉變，然後從單細胞到空間的轉變，這些分辨率的提高已經為生物學帶來了改變。這確實是我們的目標，就是那種程度的轉變。

Matt.

馬特。

All right. One moment for our next question, please.

好的。請稍等一下我們的下一個問題。

And it comes from the line of Matt Stanton with Jeffrey. Please proceed.

它來自馬特·斯坦頓和傑弗裡的血統。請繼續。

Yeah. Hi. This is Jack on for Matt. Thanks for taking our call, I guess first wanted to touch on pricing over the past 1,218 months. We've seen high end mass spec systems such as Astral continue to get decent pricing despite pressures elsewhere in portfolios, sort of less price sensitivity at the leading edge of tech. You know, how are you guys interpreting price elasticity among your target customers today? And have you changed your thinking on the pricing model you might pursue upon launch, be it outright instrument sale or a rental reagent? Thanks.

是的。你好。這是馬特的傑克。感謝您接聽我們的電話，我想首先想談談過去 1,218 個月的定價。我們已經看到，儘管投資組合中的其他方面面臨壓力，但 Astral 等高端質譜系統繼續獲得不錯的定價，領先技術領域的價格敏感性較低。你們如何解釋今天目標客戶的價格彈性？您是否改變了對發布後可能追求的定價模式的想法，無論是直接儀器銷售還是租賃試劑？謝謝。

Yeah, I'll take a first step this year. I think that I think what we are seeing in the marketplace exactly. What you just described, which is that the new instruments coming out of the leading mass spectrometry vendors have been received well, and in the case of the astral at a significant price point of well over a million dollars for an astral installation. And so we look at that as number one significant validation of the importance of proteomic and proteomic research to all of the potential customers that we're talking to and that are out there in the scientific community.

是的，今年我將踏出第一步。我認為我認為我們在市場上看到的情況正是如此。您剛才所描述的是，領先的質譜供應商推出的新儀器受到了好評，就星體而言，星體安裝的價格遠遠超過一百萬美元。因此，我們將其視為蛋白質組和蛋白質組研究對我們正在交談的所有潛在客戶以及科學界的重要性的第一個重要驗證。

And second, we look at that, look at it as an indication that that even with some choppiness in capital spend, there is still significant spend available for projects that are related to proteomic. And so from my standpoint, that's very supportive of the roughly million dollar initial deal size that we expect to launch with now as we get into next year and we get closer to a launch, we do intend to walk through our final pricing with Wall Street, with the analysts and with our investors and as well walk through what that exact business model looks like. And I think that if there are any tweaks, I think that the tweaks might even be a little bit higher in terms of the price initially because the market has proved out that those price points are acceptable to customers and our product. As described in his answer to the last question, our product is incredibly disruptive both it's broad scale use case given the sensitivity and coverage and dynamic range of our product. And with the targeted use cases first with being able to provide 2000 up to 2000 different proteo forms of cow. But then in the long run focus on other biomarkers as well.

其次，我們將其視為一個跡象，表明即使資本支出出現一些波動，與蛋白質體學相關的項目仍然有大量可用支出。因此，從我的角度來看，這非常支持我們預計現在推出的大約百萬美元的初始交易規模，隨著我們進入明年並且我們越來越接近發布，我們確實打算與華爾街討論我們的最終定價，與分析師和我們的投資者一起，並了解確切的商業模式是什麼樣子的。我認為，如果有任何調整，我認為最初的價格調整可能會更高一些，因為市場已經證明這些價格點是客戶和我們的產品可以接受的。正如他對最後一個問題的回答中所述，考慮到我們產品的靈敏度、覆蓋範圍和動態範圍，我們的產品在廣泛的用例中都具有令人難以置信的顛覆性。首先，目標用例能夠提供 2000 至 2000 種不同的牛蛋白質形式。但從長遠來看，也要注意其他生物標記。

Okay, great. Yeah, that was, that was super helpful. And I guess following up on that, you know, you mentioned pharma, but it would be great if you could provide an update on sort of the academic gov funding landscape, sort of that side. Particularly for proteomic, some NIH data show maybe flattish growth this year, whereas other categories might be growing a little bit more healthily, I guess. Do you sense any sort of change in the overall appetite for proteomics research and then a quick follow up there, I guess based on your engagements today, how should we think about the mix split of customers, Pharma versus academic following a commercial launch? Thanks.

好的，太好了。是的，那是，這非常有幫助。我想接下來，你知道，你提到了製藥業，但如果你能提供有關學術政府資助情況的最新信息，那就太好了。特別是對於蛋白質體學，美國國立衛生研究院的一些數據顯示今年可能會成長持平，而我猜其他類別可能會成長得更健康一些。您是否感覺到蛋白質體學研究的整體興趣有任何變化，然後快速跟進，我想根據您今天的參與，我們應該如何考慮商業發布後客戶、製藥與學術界的混合劃分？謝謝。

Yeah. So in terms of what we're seeing in the, the academic and nonprofit research space, in particular, the government funded research, I I think what I would say is that what we're seeing at the marketplace echoes what you just described, which is that at a macro perspective, funding might be flattish year over year. And I think that for platforms that, you know, aren't super disruptive or don't have a huge value proposition, I think that that sort of environment can create some difficulties in the conversations we have with, with the academic type of customer. There is a broad recognition that our platform has the potential to be incredibly disruptive on both the broad scale side and on the targeted scale side. And with that, there's a great desire for customers to get our hand to get their hands on the platform and see the data that it generates and experience that firsthand. And so with that, I think that you know, whether we're talking about an academic customer or we're talking about a Pharma customer, I think that any choppiness in the capital spend market will certainly manifest itself in terms of potentially lengthening the sales cycle here or there or increasing the friction in the sales cycle. But I think that fundamentally our value proposition will hold up very well even in a tighter capital spending environment. I think that's the case both with academics that you're asking about, but as well on the Pharma side of things and on the DX side of things which you could consider the more commercial end of the spectrum of our customer base in terms of mix, I think, you know, we will discover in our first in our 1st year or two of selling what that mix actually looks like. But I think we continue to expect that the of the first year's worth of customers that adopt our platform that there will be a mixture perhaps close to even of both academic and nonprofit research customers, as well as more commercially oriented customers like.

是的。因此，就我們在學術和非營利研究領域，特別是政府資助的研究領域所看到的情況而言，我認為我想說的是，我們在市場上看到的情況與您剛才所描述的情況相呼應，即從宏觀角度來看，資金可能與去年同期持平。我認為，對於那些不是超級顛覆性的或沒有巨大價值主張的平台，我認為這種環境可能會為我們與學術型客戶的對話帶來一些困難。人們普遍認識到，我們的平台在廣泛規模和目標規模方面都具有令人難以置信的顛覆性潛力。因此，客戶非常希望我們能幫助他們使用該平台，查看它產生的數據並親身體驗。因此，我認為你知道，無論我們談論的是學術客戶還是製藥客戶，我認為資本支出市場的任何波動肯定會表現為可能延長這裡或那裡的銷售週期或增加銷售週期中的摩擦。但我認為，從根本上來說，即使在資本支出趨緊的環境下，我們的價值主張也將保持得很好。我認為您所詢問的學術界都是如此，但在製藥方面和 DX 方面也是如此，您可以考慮我們客戶群在混合方面的更商業端，我想，你知道，我們會在銷售的第一年或第二年發現這種組合的實際情況。但我認為，我們仍然預計，採用我們平台的第一年客戶數量可能接近學術和非營利研究客戶，以及更多以商業為導向的客戶。

Appreciate it. Thank you.

欣賞它。謝謝。

Thank you. And as a reminder to ask a question, simply press star 11 on your telephone.

謝謝。作為提問提醒，只需按下電話上的星號 11 即可。

Our last question comes from the line of Dan Brennan with TD Cowen. Please proceed.

我們的最後一個問題來自 Dan Brennan 和 TD Cowen 的對話。請繼續。

Great. Thank you. Thanks for the questions. Maybe the first one just on, you know, hitting that milestone of the 500 to 2000 proteins in lysate.

偉大的。謝謝。感謝您的提問。也許第一個剛開始，你知道，達到裂解液中 500 到 2000 種蛋白質的里程碑。

So I assume you expect to have that completed and published by us Hoo.

所以我假設您希望由我們 Hoo 完成並發布。

And could you spell out specifically? I know you addressed them early on in the prepared remarks, but just kind of walk through what are the key tech hurdles that you need to achieve in order to enable this result? At that time frame?

還有你能具體說一下嗎？我知道您在準備好的發言中很早就談到了這些問題，但請簡單介紹一下為了實現這一結果，您需要實現哪些關鍵技術障礙？那個時間範圍？

Thanks for the question, Dan and good morning to you. So let, let me, I mean, I'll try to answer your question as directly as I can. You know, that key, that milestone that you described being able to to see 500,1000,2000 proteins in cell is any or any complex sample that is the critical milestone for broad scale. At that point, every piece of our platform has come together, there are enough platform ready probes to be able to, to show you a significant number of proteins from a sample. And because prism is based on sort of an exponential curve of how many proteins you can see versus how many platform ready probes we have. It means that we're substantially through all of the development and we'll be able to provide some specificity on the remaining development. So it is incredibly important to us in the interest of just being transparent. We wish we were there by the end of the year and frankly, in Anna's prepared remarks, you saw that she had said that we had some accrual changes related to annual bonuses. And that was frankly because we intended to be there and we're not, you can expect that we are working very, very hard to be able to get to a broad scale milestone by us. Ho timing is not working for us. USA is very early this year. It's in February. And so, you know, I'm not committing to being able to get there. We certainly would like to. But as per mentioned in his prepared remarks and gave a little bit of color during Q&A you know, the key thing for us to get through here is to have enough platform ready probes on our platform that are that are functioning well on our platform to be able to get to that milestone. And that's a function of some improvements that we're making on our labeling strategy and our labeling chemistry and some improvements that we're making to try to improve the diversity of probes that function very well on our platform. And that work is continuing well and progressing nicely. The company is super focused on it. But I just don't have an exact answer that lets me go and say yes, we're going to have it done by us hoo. But you know, we're working really hard on.

謝謝你的提問，丹，早安。所以，讓我，我的意思是，我會盡力直接回答你的問題。您知道，您所描述的能夠在細胞中看到 500、1000、2000 個蛋白質的關鍵里程碑是任何或任何複雜的樣本，這是大規模的關鍵里程碑。那時，我們平台的每個部分都已經組合在一起，有足夠的平台就緒探針能夠向您顯示樣品中的大量蛋白質。因為 Prism 是基於一種指數曲線，也就是您可以看到的蛋白質數量與我們擁有的平台就緒探針數量之間的關係。這意味著我們已經基本上完成了所有的開發，並且我們將能夠對剩餘的開發提供一些具體資訊。因此，為了保持透明，這對我們來說非常重要。我們希望我們能在年底之前到達那裡，坦白說，在安娜準備好的演講中，您看到她說過我們有一些與年度獎金相關的應計變化。坦白說，因為我們本來打算在那裡，但我們沒有，你可以期待我們正在非常非常努力地工作，以便我們能夠達到一個廣泛的里程碑。何時機不適合我們。美國今年來得很早。現在是二月。所以，你知道，我並不承諾能夠到達那裡。我們當然願意。但正如他在準備好的發言中提到的，並在問答中給出了一些色彩，你知道，我們要完成這裡的關鍵是在我們的平台上擁有足夠的平台就緒探針，這些探針在我們的平台上運作良好能夠達到那個里程碑。這是我們對標記策略和標記化學進行的一些改進的結果，也是我們為提高在我們平台上運作良好的探針多樣性而進行的一些改進的結果。這項工作正在順利進行，進展順利。該公司非常專注於此。但我只是沒有一個確切的答案讓我可以說是的，我們將由我們來完成它。但你知道，我們正在努力工作。

Got it and, and then I think last quarter, you know, you did talk about the probes and you talked about the probes aren't attaching at a high enough rate and you talked away moving away from using a DNA contract to another undisclosed material. Just how is that progress like is obviously, it sounds like it's a central part of kind of what you're doing underneath the hood. But I don't know if it's possible to expand a little bit on that. And you know, the confidence in that shift.

明白了，然後我想上個季度，你知道，你確實談到了探針，你談到了探針沒有以足夠高的速度附著，你談到放棄使用 DNA 合約而轉向另一種未公開的材料。顯然，這種進展是怎麼樣的，聽起來這是你在幕後所做的事情的核心部分。但我不知道是否可以對此進行一些擴展。你知道，對這種轉變的信心。

Yeah. So one of the so when I talk about adjusting our labeling strategy that is really trying to evolve our construct that work, progress is progressing very well. And and so I think that it's moving along just fine, you know, where we are with respect to having that work and our labeling chemistry far enough along that we are getting our platform ready probes up to that target, you know, initial target yield. The third that I mentioned the marks, but I don't know, I can't give you an exact specifics of where we are. But the, but that particular construct evolution is something that we have completed at this point. But we continue to work on the optimization of the chemistry and the specifics of how to, how to get that to improve the yield of our probes on platform.

是的。因此，當我談到調整我們的標籤策略時，其中之一是真正試圖發展我們的工作結構，進展非常順利。所以我認為它進展得很好，你知道，我們在這項工作和我們的標記化學方面進展得足夠遠，我們正在讓我們的平台準備好探針達到該目標，你知道，初始目標產量。第三，我提到了標記，但我不知道，我無法向您提供我們所在位置的確切細節。但是，那個特定的構造進化是我們現在已經完成的。但我們繼續致力於化學的優化以及如何、如何提高平台上探針產量的具體細節。

And Then, and then maybe if I could just layer on a little bit on that, Dan, you know, when we think about, about development just in general, really throughout the entire ecosystem, we're focused on, on quality, we're focused on scale, we're focused on things like guard banding. And so we have, we are constantly in a state of evaluating every single component of our system and tweaking and tuning and optimizing and improving. And so, while it's, it's tempting to focus on this and say, oh, this is, this is a big thing. You know, we've probably evolved our label 100 times in the course of the last couple of quarters. And that's a natural and expected part of development is to continue to refine and optimized towards the commercial targets. And so, so it is an important thing, but it is also an expected part of development is that you're going to refine your reagents, you're going to refine the manufacture of those reagents, you're going to refine your specifications for all of those reagents.

然後，也許我可以在這一點上多說一點，丹，你知道，當我們考慮一般性的發展時，真正在整個生態系統中，我們專注於質量，我們我們專注於規模，我們專注於保護帶之類的事情。所以我們一直處於評估系統的每個組件並進行調整、優化和改進的狀態。因此，儘管如此，人們很容易關注這一點並說，哦，這是，這是一件大事。您知道，在過去幾個季度中，我們的品牌可能已經演變了 100 次。這是開發的一個自然且預期的部分，那就是繼續改進和優化以實現商業目標。所以，這是一件重要的事情，但也是開發的預期部分，你將改進你的試劑，你將改進這些試劑的製造，你將改進你的規格對於所有這些試劑。

And then maybe final one it sounds like in the press release. And I think in the prepared remarks, you talked about the commercial launch is still kind of planned for the back half of 25. So I think consistent with what you said A Q2. So maybe why not push to 26 to give yourself more room? Just any color on that? Thank you.

然後也許是最後一篇聽起來像新聞稿中的內容。我認為在準備好的發言中，您談到商業發布仍然計劃在 25 下半年進行。所以我認為與你所說的一致A Q2。那為什麼不推到 26 來給自己更多的空間呢？只是有什麼顏色嗎？謝謝。

Yeah. Yeah, I think that our philosophy on this front is to just try to be open with, with Wall Street and to tell you how we're planning and we continue to plan for a late 2025 launch. We continue to look at where we are from a development perspective and don't feel like we need to update that timeline to 2026 at this point. You know, is it possible that something could push out and it could be 26? Certainly it's possible. You'll also see that in our P&L that we're managing our spend in an incredibly tight way to make sure that we have the resources to complete our development even if there were a push. But we do continue to target 25. We think that late 2025 still represents a achievable target. We continue to be pleased with the progress that we're making on the, the broad scale side and continue to end. You know, H1stly, I'm incredibly proud of our team for being able to do that on the broad scale side. At the same time that we have something along the lines of 12% of our head count and resources on the proteoforms side of the business we're doing all of that within a really tight spend envelope and we still, we still feel like it's the right timing.

是的。是的，我認為我們在這方面的理念是嘗試與華爾街保持開放，並告訴您我們的計劃如何，我們將繼續計劃在 2025 年末推出。我們繼續從發展的角度審視我們所處的位置，並認為我們目前不需要將該時間表更新到 2026 年。你知道，有沒有可能有什麼東西可以推出來，而且它可能是 26？當然有可能。您也會在我們的損益表中看到，我們正在以極其嚴格的方式管理我們的支出，以確保即使有推動，我們也有資源來完成我們的開發。但我們確實繼續以 25 為目標。我們認為 2025 年末仍然是一個可以實現的目標。我們仍然對我們在廣泛範圍內取得的進展感到滿意，並繼續結束。你知道，首先，我為我們的團隊能夠在廣泛的範圍內做到這一點感到非常自豪。同時，我們在蛋白質組業務方面擁有 12% 的員工和資源，我們正在非常緊張的支出範圍內完成所有這些工作，而且我們仍然認為這是最重要的正確的時機。

Great.

偉大的。

Thank you.

謝謝。

And thank you. And with that ladies and gentlemen, we conclude our Q&A session and conference for today. Thank you all for participating and you may now disconnect.

謝謝你。女士們先生們，我們今天的問答環節和會議結束了。感謝大家的參與，現在您可以斷開連線了。