Nautilus Biotechnology Inc (NAUT) 2025 Q2 法說會逐字稿

Thank you for standing by. Welcome to the Nautilus Biotechnology second-quarter 2025 earnings conference call. (Operator Instructions)

感謝您的支持。歡迎參加 Nautilus Biotechnology 2025 年第二季財報電話會議。（操作員指示）

At this time, I would like to turn the conference over to Ms. [Jin-Yon Yi], Investor relations. Ma'am, please begin.

現在，我想將會議交給投資者關係部的 Jin-Yon Yi 女士。女士，請開始。

Earlier today, Nautilus released financial results for the quarter ended June 30, 2025. 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. 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.

今天早些時候，Nautilus 發布了截至 2025 年 6 月 30 日的季度財務表現。如果您尚未收到此新聞稿，或希望加入公司通訊錄，請發送電子郵件至 investorrelations@nautilus.bio。今天與我一同出席的嘉賓包括 Nautilus 聯合創始人兼首席執行官 Sujal Patel、聯合創始人兼首席科學家 Parag Mallick 和首席財務官 Anna Mowry。

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.

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符合聯邦證券法含義的前瞻性聲明。這些聲明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。

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.

有關這些風險和不確定性的更多信息，請參閱 Nautilus 今天發布的新聞稿中題為“前瞻性陳述”的部分。除法律要求外，Nautilus 不承擔更新或修改任何財務或產品線預測或其他前瞻性聲明的意圖或義務，無論是由於新資訊、未來事件或其他原因。

This conference call contains time-sensitive information and is accurate only as of the live broadcast on July 30, 2025.

本次電話會議包含時間敏感訊息，僅截至 2025 年 7 月 30 日的現場直播時準確。

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

說完這些，我將把電話轉給蘇加爾 (Sujal)。

Thanks, Ji-Yon, and thank you all for joining us. Q2 was a milestone quarter for Nautilus. Not only did we continue our momentum across both targeted and broad-scale proteomic development efforts, but we also publicly shared the first preprint to feature novel data generated using the Nautilus platform. We believe that this first-of-its-kind proteoform data across a range of important biological systems can only be generated on our platform. No other analysis method comes close.

謝謝，Ji-Yon，也謝謝大家加入我們。第二季對 Nautilus 來說是一個里程碑式的季度。我們不僅在有針對性和大規模的蛋白質組學開發工作中繼續保持勢頭，而且還公開分享了第一份預印本，以展示使用 Nautilus 平台生成的新數據。我們相信，只有在我們的平台上才能產生這種涵蓋一系列重要生物系統的首創蛋白質形態數據。沒有其他分析方法能夠與之相比。

The manuscript now live on [BioArchive], represents nearly a decade of pioneering work by our team and collaborators. In it, we introduced and validate the application of our iterative mapping method, showing that it can measure proteoforms at a resolution and breadth never before possible. The results speak for themselves.

這份手稿現已發佈在 [BioArchive] 上，代表了我們團隊和合作者近十年的開創性工作。在其中，我們介紹並驗證了我們的迭代映射方法的應用，表明它可以以前所未有的分辨率和廣度測量蛋白質形式。結果不言而喻。

Our approach demonstrated unprecedented dynamic range and industry-leading reproducibility. Even more exciting, early biological insights from this work suggests that iterative mapping may illuminate new mechanisms of tau biology, potentially opening the door to a new generation of neurodegenerative disease diagnostics and therapeutics. Parag will elaborate on these results presented in the manuscript shortly.

我們的方法展示了前所未有的動態範圍和業界領先的可重複性。更令人興奮的是，這項工作的早期生物學見解表明，迭代映射可能會闡明 tau 生物學的新機制，從而可能為新一代神經退化性疾病的診斷和治療打開大門。Parag 很快就會詳細闡述手稿中提出的這些結果。

We believe that this manuscript is both scientific validation and a significant external milestone for Nautilus and that it sets a new bar in the field of proteomics. I want to recognize the herculean efforts of our team as well as our partners at Genentech, the Neural Stem Cell Institute and Mount Sinai Health System.

我們相信，這份手稿既是科學驗證，也是 Nautilus 的一個重要的外部里程碑，它在蛋白質體學領域樹立了新的標準。我要讚揚我們團隊以及基因泰克、神經幹細胞研究所和西奈山醫療系統的合作夥伴所做的巨大努力。

Zooming out, this quarter, we remained focused on building engagement around our tau proteoform assay and laying the foundation for external collaborations. Feedback from researchers is highly enthusiastic. Many now see Nautilus as a forerunner in decoding the complexity of post translational modifications with the resolution necessary to drive meaningful biological and therapeutic breakthroughs. This enthusiasm is translating into real momentum.

放眼本季度，我們仍然專注於圍繞 tau 蛋白形式檢測建立參與度並為外部合作奠定基礎。研究人員的回饋非常熱情。現在，許多人將 Nautilus 視為解碼翻譯後修飾複雜性的先驅，其解析度足以推動有意義的生物學和治療突破。這種熱情正在轉化為真正的動力。

We've continued to deepen our conversations with academic, pharma and nonprofit partners and the ability to now reference our manuscript gives us a new level of credibility and visibility. The discussions we're having today are more strategic, focused not only on tau, but also broader use cases for targeted proteoform analysis across neurology, oncology and immunology.

我們繼續深化與學術界、製藥業和非營利合作夥伴的對話，現在引用我們手稿的能力為我們帶來了新的可信度和知名度。我們今天的討論更具策略性，不僅關注 tau，還關注神經病學、腫瘤學和免疫學領域的靶向蛋白質形式分析的更廣泛用例。

To provide more detail on our R&D efforts, let me now turn the call over to Parag. Parag?

為了提供有關我們研發工作的更多細節，現在我將把電話轉給 Parag。帕拉格？

Thanks, Sujal. Good morning, everyone. Q2 marked a major inflection point in our scientific journey. As Sujal mentioned, this quarter, we shared a preprint of a manuscript illustrating how our iterative mapping method enables a unique capability on the Nautilus platform, resolution of proteoforms at the single molecule level at scale.

謝謝，蘇加爾。大家早安。Q2 標誌著我們科學之旅的一個重要轉捩點。正如 Sujal 所提到的，本季度，我們分享了一份手稿的預印本，展示了我們的迭代映射方法如何在 Nautilus 平台上實現獨特的功能，即大規模地解析單分子水平的蛋白質形式。

In traditional proteomic techniques, a protein is often treated as a single entity. But the reality is that proteins exist in many modified forms, each with their own distinct structure and function. These different variants are called proteoforms. Just like a single gene may have thousands of variants defined by mutations, a single protein may have thousands of different proteoforms defined by a combination of alternative splicing and multiple post-translational modifications. The prevalence of different proteoforms may ultimately influence the role a protein plays in disease and how best to therapeutically target it.

在傳統的蛋白質體學技術中，蛋白質通常被視為單一實體。但事實是，蛋白質以多種修飾形式存在，每種形式都有其獨特的結構和功能。這些不同的變體被稱為蛋白質形式。就像單一基因可能有數千種由突變定義的變體一樣，單一蛋白質可能有數千種由可變剪接和多種翻譯後修飾的組合定義的不同蛋白質形式。不同蛋白質形式的流行可能最終影響蛋白質在疾病中的作用以及如何最好地對其進行治療。

Before I dive in, I'd like to clarify one important point. You'll hear from others that they are measuring proteoforms. However, the reality is that only platforms that look at intact protein molecules and are able to interrogate multiple positions on those molecules are capable of examining proteoforms with the necessary resolution. Existing affinity-based methods such as Olink, SomaScan or LMR are able to report the relative amount of a protein, but they typically do not measure modifications of those proteins and certainly not the co-occurrence of those modifications on individual protein molecules.

在深入探討之前，我想先澄清一個重要點。您會從其他人那裡聽說他們正在測量蛋白質形式。然而，實際情況是，只有能夠觀察完整蛋白質分子並能夠查詢這些分子上的多個位置的平台才能夠以必要的分辨率檢查蛋白質形式。現有的基於親和力的方法（例如 Olink、SomaScan 或 LMR）能夠報告蛋白質的相對量，但它們通常不會測量這些蛋白質的修飾，當然也不會測量這些修飾在單一蛋白質分子上的共現情況。

Likewise, peptide-based methods, such as employed by shotgun mass spectrometry or even single molecule peptide sequencing methods entirely lose the contextual information required to know that multiple modifications are co-occurring on a single protein molecule. Any peptide-based measurement method cannot measure proteoforms. Consequently, we believe that the Nautilus platform is the only platform that has been designed to readily quantify the thousands of distinct proteoforms of key proteins at scale.

同樣，基於勝肽的方法，例如採用的散彈槍質譜法或甚至單分子肽測序方法，完全失去了了解單個蛋白質分子上同時發生多種修飾所需的上下文資訊。任何基於勝肽的測量方法都無法測量蛋白質形式。因此，我們相信 Nautilus 平台是唯一一個能夠輕鬆大規模量化數千種不同關鍵蛋白質蛋白質形式的平台。

With the release of our manuscript, we publicly demonstrated the remarkable real- world capabilities of our iterative mapping method. This is notable for two distinct reasons. First, the manuscript represents an end-to- end validation of our core platform, which is shared between our targeted proteoform assays and our forthcoming broadscale assay. Second, the manuscript demonstrates that the tau assay built upon our platform has the ability to drive powerful biological insight into Alzheimer's disease and related disorders.

隨著我們手稿的發布，我們公開展示了我們的迭代映射方法卓越的現實世界能力。這一點因兩個不同的原因而值得注意。首先，該手稿代表了我們核心平台的端到端驗證，該平台在我們的目標蛋白質形式分析和即將進行的大規模分析之間共享。其次，該手稿表明，基於我們平台構建的 tau 檢測能夠為阿茲海默症和相關疾病提供強大的生物學洞察。

Diving in, the first part of the manuscript shows that the platform is able to go end-to-end from sample to answer by taking individual protein molecules from complex samples, attaching them to DNA origami nanoparticles, depositing those nanoparticles on nanofabricated arrays, iteratively probing them and then applying our machine learning-based engine to quantify the proteoforms in the sample.

深入研究後，手稿的第一部分錶明，該平台能夠從樣本到答案進行端到端的分析，從複雜樣本中提取單個蛋白質分子，將它們附著到 DNA 摺紙奈米粒子上，將這些奈米粒子沉積在奈米製造的陣列上，反覆探測它們，然後應用我們基於機器學習的引擎來量化樣本中的蛋白質形式。

When we began the company eight years ago, each of these challenges represented its own complex scientific frontier. Consequently, demonstrating them fully integrated is an important proof point regarding the scientific foundations of our approach. After introducing the method and how that method is applied to assay the Alzheimer's disease-associated protein tau, we performed extensive assay characterization that serves as external confirmation of the platform scientific rigor and technical maturity.

當我們八年前創立這家公司時，每一個挑戰都代表著自身複雜的科學前沿。因此，證明它們完全整合是我們方法的科學基礎的重要證明點。在介紹了此方法以及如何應用此方法檢測阿茲海默症相關蛋白 tau 之後，我們進行了廣泛的檢測表徵，作為平台科學嚴謹性和技術成熟度的外部確認。

I'd like to call out two specific aspects of the platform characterization data that will have concrete impacts to our customers. First is the reproducibility data. It is extremely uncommon for first introductions of a new method to perform such a rigorous and extensive characterization of reproducibility. However, we've heard from our future customers that reproducibility is top of mind for them. This is natural as high reproducibility allows researchers to trust their results and know that they are more likely to be able to be replicated by researchers in other labs.

我想指出平台特性資料的兩個具體方面，它們將對我們的客戶產生具體的影響。首先是可重複性數據。首次引入一種新方法並進行如此嚴格和廣泛的可重複性表徵是極為罕見的。然而，我們從未來的客戶那裡聽說，可重複性是他們最關心的問題。這是很自然的，因為高可重複性使研究人員能夠信任他們的研究結果，並且知道其他實驗室的研究人員更有可能複製他們的研究結果。

We measure the within experiment reproducibility of our platform as having a median CV of 1.5%. Even across multiple instruments, reagent lots, operators, sample preparations and runs, our median CVs were approximately 5%. To put that in perspective, studies of the reproducibility of existing, mature, affinity-based and mass spectrometry-based proteomics platforms that look solely at total protein abundances, not proteoforms, have found median coefficiency variation of nearly 40% from run-to-run and up to 80% across labs and operators.

我們測量了我們平台的實驗內重現性，其平均 CV 為 1.5%。即使跨多個儀器、試劑批次、操作員、樣品製備和運行，我們的中位 CV 也約為 5%。為了更清楚地說明這一點，對現有的、成熟的、基於親和力和基於質譜的蛋白質組學平台的可重複性的研究（這些平台僅關注總蛋白質豐度而不是蛋白質形式）發現，每次運行的中位數係數變化接近 40%，不同實驗室和操作員之間的變化高達 80%。

The reproducibility of our platform, even at this earliest stage is a direct consequence of our single molecule methodology, which determines protein abundance not from a single measurement, but instead from the aggregate of independent measurements of many, many individual molecules.

即使在最早階段，我們平台的可重複性也是我們單分子方法的直接結果，該方法不是透過單一測量來確定蛋白質豐度，而是透過對許多單一分子的獨立測量的匯總來確定。

Our reproducibility is also a consequence of our incredible team's steadfast commitment to quality. As I mentioned, reproducibility of this type would be considered exceptional for a mature platform. To have demonstrated such world-leading reproducibility at the first introduction of a novel method is astonishing. We additionally demonstrated that the assay is extremely sensitive and able to accurately measure changes to proteoforms abundance across a wide range of physiologically relevant concentrations.

我們的可重複性也是我們出色的團隊對品質堅定不移的承諾的結果。正如我所提到的，對於成熟的平台來說，這種類型的可重複性將被視為卓越的。在首次引入新方法時就展示出如此世界領先的可重複性是令人驚訝的。我們也證明了此檢測方法極為靈敏，能夠準確測量各種生理相關濃度範圍內蛋白質豐度的變化。

For reference, mass spectrometric methods such as tandem mass tagging, lose quantitative accuracy when comparing samples in which a protein's abundance changes by more than a factor of 10. Our analysis revealed that our assay could reliably measure how much a proteoform changes even for changes of over a factor of 1,000. Furthermore, the assay is able to accurately quantify extremely low abundances of proteoforms. Forms of tau present in samples at levels approximately 0.1% of total tau can be reliably quantified. This is critical as we know that low abundance forms of proteins like tau can still be tremendously impactful in disease progression.

作為參考，當比較蛋白質豐度變化超過 10 倍的樣本時，串聯質譜標記等質譜方法會失去定量準確性。我們的分析表明，即使變化超過 1,000 倍，我們的檢測方法也可以可靠地測量蛋白質形態的變化程度。此外，此檢測方法能夠準確量化極低豐度的蛋白質形式。可以可靠地量化樣本中存在的約佔總 tau 含量 0.1% 的 tau 形式。這至關重要，因為我們知道，像 tau 這樣的低豐度蛋白質仍然會對疾病進展產生巨大影響。

Beyond demonstrating the technical capabilities of our platform, the studies we presented are already providing unique biological insight into Alzheimer's disease and related disorders. Before discussing the paper specifically, I'd like to give a bit of context as to why the findings are potentially so significant. The link between tau and Alzheimer's disease has been established for nearly 40 years. In that time, a huge number of potential biomarker tests and therapeutics targeting tau were developed with the goal of diagnosing AD early and stopping or reversing its progression.

除了展示我們平台的技術能力之外，我們提出的研究還為阿茲海默症和相關疾病提供了獨特的生物學見解。在具體討論論文之前，我想先介紹為什麼這些發現具有如此重要的意義。tau 與阿茲海默症之間的關聯已確立近 40 年。在此期間，人們開發了大量針對 tau 的潛在生物標記測試和治療方法，目的是早期診斷 AD 並阻止或逆轉其進展。

Unfortunately, these assays and therapeutics have failed in clinical trials. Retrospective analysis suggests these failures may have stem from targeting the wrong proteoform of tau.

不幸的是，這些檢測和治療方法在臨床試驗中失敗了。回顧性分析表明，這些失敗可能源自於針對錯誤的 tau 蛋白質形式。

Unfortunately, prior to the introduction of the Nautilus platform, measuring these proteoforms was out of reach. The proteoform resolution offered by the Nautilus platform gives researchers actionable biological insights that aren't otherwise attainable. With the Nautilus platform, researchers will be able to observe not just how much of a protein is present, but which forms are increasing, decreasing or appearing uniquely in specific states, knowledge that is critical for understanding mechanisms of disease and for identifying precise therapeutic targets.

不幸的是，在推出 Nautilus 平台之前，測量這些蛋白質形式是無法實現的。Nautilus 平台提供的蛋白質形式分辨率為研究人員提供了其他方式無法獲得的可操作的生物學見解。利用 Nautilus 平台，研究人員不僅能夠觀察到蛋白質的存在量，還能觀察到哪些形式在特定狀態下增加、減少或以獨特的方式出現，這些知識對於理解疾病機制和確定精確的治療目標至關重要。

In our study, we examined a diversity of model systems that are used by researchers around the world to develop the next generation of therapeutics and biomarkers. For the first time, we were able to measure more than 130 different forms of tau that were present, some of which had as many as six co-occurring phosphorylation events. Existing platforms would have mushed all those forms together, providing a low-resolution readout of total tau that obscures the critical proteoform information.

在我們的研究中，我們研究了世界各地的研究人員用來開發下一代治療方法和生物標記的多種模型系統。我們首次能夠測量存在的 130 多種不同形式的 tau，其中一些有多達六種同時發生的磷酸化事件。現有的平台會將所有這些形式混合在一起，提供低解析度的總 tau 讀數，從而掩蓋關鍵的蛋白質形式資訊。

In addition to looking at model systems, we applied our method to a small human cohort. Within that cohort was a patient with aggressive AD. This patient was clearly delineated from healthy controls and even other patients with less advanced AD by a form of tau that was quadruply phosphorylated. Moreover, the pattern of forms of doubly and triply phosphorylated tau strongly suggests an order and a timing to how the proteoform came to be formed, an observation that previously had not been possible.

除了研究模型系統之外，我們還將我們的方法應用於一小群人類。該隊列中有一名患有侵襲性AD的患者。該患者與健康對照組，甚至其他病情較輕的AD患者之間，有明顯的差異，其差異體現在tau蛋白的四重磷酸化形式。此外，雙重和三重磷酸化 tau 的形式模式強烈暗示了蛋白質形式的形成順序和時間，這是以前不可能觀察到的。

This combination of technical rigor and biological insight is why the reaction from researchers with whom we've shared the manuscript has been so strong. They recognize that this is not just a new measurement method. It's a fundamentally different way of understanding biology. They see that iterative mapping represents an entirely new class of measurement modalities distinct from either mass spectrometry-based approaches or the affinity reagent profiling methods.

技術嚴謹性和生物學洞察力的結合就是為什麼與我們分享手稿的研究人員的反應如此強烈。他們認識到這不僅僅是一種新的測量方法。這是理解生物學的根本不同的方式。他們認為迭代映射代表了一種全新的測量模式，不同於基於質譜的方法或親和試劑分析方法。

Scientists are already asking how they can start integrating the method into their workflows. As we continue to expand our reagent panels and data analysis capabilities, we're confident this core capability will remain a major driver of scientific adoption.

科學家已經開始詢問如何將方法整合到他們的工作流程中。隨著我們不斷擴展試劑面板和數據分析能力，我們相信這項核心能力將繼續成為科學應用的主要驅動力。

For an easier-to-understand synopsis of the manuscript, I encourage you to check out our blog where we've tried to distill the manuscript into a form that is more broadly accessible. We believe that these findings validate the full Nautilus platform, not just for tau, but as a generalizable engine for proteomic insight. The core platform and iterative mapping method used in the tau studies is also used for broad scale analysis, and we anticipate the exceptional performance we've observed will translate across applications.

為了更容易理解手稿的概要，我鼓勵您查看我們的博客，我們在博客中嘗試將手稿提煉成更廣泛可訪問的形式。我們相信這些發現驗證了整個 Nautilus 平台的有效性，它不僅適用於 tau，而且可以作為蛋白質組學洞察的通用引擎。tau 研究中使用的核心平台和迭代映射方法也用於大規模分析，我們預計我們觀察到的卓越性能將在各個應用程式中得到體現。

Looking ahead, our road map for the remainder of 2025 includes continuing to refine and scale our broadscale assay configuration, advancing multiple external collaborations for tau and non-tau targets, publishing additional data sets and technical white papers to support adoption. With the release of this manuscript and the strong momentum across our platform development and collaborations, we're confident that Nautilus is on track to deliver on its mission to transform how biology is measured and understood.

展望未來，我們 2025 年剩餘時間的路線圖包括繼續完善和擴展我們的大規模檢測配置，推進針對 tau 和非 tau 目標的多項外部合作，發布額外的數據集和技術白皮書以支持採用。隨著這份手稿的發布以及我們平台開發和合作的強勁勢頭，我們相信 Nautilus 能夠順利完成其使命，改變生物學的測量和理解方式。

Back to you, Sujal.

回到你身邊，蘇賈爾。

Thanks, Parag. This quarter marks a shift from what could be to what is. We've now shown publicly, rigorously and reproducibly that the Nautilus platform can do what others cannot, and this is only the beginning. Earlier this week, we presented our data from our tau manuscript at the Alzheimer's Association International Conference, AAIC in Toronto. The conference served as an excellent venue to highlight the capabilities of our platform and get feedback on the potential impacts that high-resolution proteoform analysis of proteins like tau might have to neurodegenerative disease research.

謝謝，帕拉格。本季標誌著從可能實現到現實實現的轉變。我們現在已經公開、嚴格且可重複地證明了 Nautilus 平台可以做到其他平台無法做到的事情，而這只是個開始。本週早些時候，我們在多倫多舉行的阿茲海默症協會國際會議 (AAIC) 上展示了我們的 tau 手稿數據。該會議是一個絕佳的場所，可以突出我們平台的功能並獲得有關 tau 等蛋白質的高分辨率蛋白質形式分析可能對神經退化性疾病研究產生的潛在影響的反饋。

Throughout the event, we spoke with a broad range of researchers and potential customers, spanning the academic, nonprofit and pharma sectors. Conversations consistently centered around the gaps that exist in understanding of disease progression in Alzheimer's. We heard from several researchers about the conundrum of single PTM measurements of p-tau217. Despite being FDA approved for Alzheimer's diagnosis, it's been observed that p-tau217 is abundant not only in patients with AD, but also in young children.

在整個活動期間，我們與來自學術界、非營利組織和製藥行業的廣泛研究人員和潛在客戶進行了交談。討論的焦點始終在於對阿茲海默症病情進展的理解存在差距。我們從幾位研究人員那裡了解了 p-tau217 單一 PTM 測量的難題。儘管 FDA 已批准 p-tau217 用於診斷阿茲海默症，但據觀察，p-tau217 不僅在阿茲海默症患者中含量豐富，在幼兒中也含量豐富。

Furthermore, p-tau217 tests have a high false positive and negative rates and do not predict disease trajectory. Researchers are excited about the implications of Nautilus' work for generating more precise ways to stage and prognose disease. They're also excited about how understanding the proteoform landscape might inform therapeutic development by helping identify which model systems are most reflective of human disease and which tau species to target.

此外，p-tau217 測試具有較高的假陽性率和假陰性率，且無法預測疾病軌跡。研究人員對 Nautilus 的研究成果感到非常興奮，因為研究能夠為疾病的分期和預測提供更精確的方法。他們也對了解蛋白質形態景觀如何透過幫助確定哪些模型系統最能反映人類疾病以及哪些 tau 物種是目標來指導治療發展感到興奮。

One other surprising area of interest was in using a patient's proteoform landscape to distinguish among various tauopathies such as frontotemporal dementia and progressive supranuclear palsy. The scientific community showed clear enthusiasm for the specificity and resolution our platform offers in analyzing proteoforms that have historically been impossible to quantify at this level of detail. These interactions reinforce our belief that the ability to measure tau at proteoform level resolution could be transformative for neuroscience disease research and more broadly for understanding complex protein biology in neurodegeneration.

另一個令人驚訝的興趣領域是使用患者的蛋白質形態圖來區分各種 tauo 疾病，例如額顳葉失智症和進行性核上性麻痺。科學界對我們的平台在分析歷史上無法在這種詳細程度上量化的蛋白質形式時所提供的特異性和分辨率表現出了明顯的熱情。這些相互作用強化了我們的信念：在蛋白質水平分辨率下測量 tau 的能力可能會對神經科學疾病研究產生變革性影響，並且更廣泛地有助於理解神經退化性疾病中的複雜蛋白質生物學。

Building on this excitement, we're currently in active dialogue with several organizations to formalize early collaborations across both pharma, academic and nonprofit research settings.

基於這種興奮，我們目前正在與多個組織進行積極對話，以正式確定製藥、學術和非營利研究領域之間的早期合作。

As we shared last quarter, we expected to sign an initial collaboration in the first half of the year, and I'm pleased to report that we've now signed two collaborations with major US research institutes. These collaborations provide the opportunity to demonstrate our platform's capabilities and performance with customer samples as well as enabling new biological insights in Alzheimer's disease.

正如我們上個季度所分享的，我們預計將在今年上半年簽署初步合作協議，我很高興地報告，我們現在已經與美國主要研究機構簽署了兩項合作協議。這些合作為我們提供了機會，讓我們能夠透過客戶樣本展示我們平台的功能和性能，並為阿茲海默症帶來新的生物學見解。

Though they are not intended to generate revenue initially, these collaborations lay a foundation for driving revenue in the future. While there is strong interest in additional collaborations, we're carefully balancing our resources between our targeted proteoform and broadscale development programs. This balance will guide the total number of collaborations we can engage in at any given time without delaying key development milestones, particularly for our broadscale platform.

雖然這些合作最初的目的並不是為了創造收入，但它們為未來的收入成長奠定了基礎。雖然人們對進一步的合作有著濃厚的興趣，但我們正在目標蛋白質形式和大規模開發計劃之間謹慎地平衡資源。這種平衡將指導我們在任何特定時間可以參與的合作總數，而不會延遲關鍵的發展里程碑，特別是對於我們的大規模平台。

Turning to our broadscale platform efforts. We continue to make steady progress on the new assay configuration, which we introduced earlier this year. This work is aimed at better aligning our assay design with the characteristics of our expanding probe library, improving probe yield and performance across the platform.

轉向我們的廣泛平台努力。我們在今年稍早推出的新檢測配置方面繼續取得穩步進展。這項工作旨在使我們的檢測設計更好地與我們不斷擴展的探針庫的特性相結合，提高整個平台的探針產量和性能。

Among the most important advances continues to be both in the assay configuration itself as well as in our methods to determine which probes are suitable for the new configuration. These improvements are intended to reduce technical risk and enable higher performance, particularly as we scale towards comprehensively decoding the proteome.

最重要的進步仍然在於檢測配置本身以及確定哪些探針適合新配置的方法。這些改進旨在降低技術風險並實現更高的性能，特別是當我們全面解碼蛋白質組時。

In Q2, our broadscale progress was in line with expectations. We began early-stage experiments with the evolved configuration and initial data continues to be promising. This marks a critical step towards achieving robust quantification of a significant number of proteins from complex biological samples such as cell lysate. We've also begun working with our key suppliers to develop updated formats for our consumables, ensuring that they can meet the demands of our platform and future scale.

第二季度，我們的整體進展符合預期。我們開始對改進後的配置進行早期實驗，初始數據仍然很有希望。這標誌著朝著從細胞裂解物等複雜生物樣本中實現大量蛋白質的穩健量化邁出了關鍵一步。我們也開始與主要供應商合作，開發我們消耗品的更新格式，確保它們能夠滿足我們平台和未來規模的需求。

While we're deferring specific updates on probe performance for now, our focus continues to be on maximizing the yield and functionality of both our existing and in development probe candidates so that we can deliver on the high-quality and proteome coverage our platform is designed to achieve. We expect this optimization cycle to continue over the next two quarters, and we'll keep you updated as milestones are reached.

雖然我們暫時推遲了探針性能的具體更新，但我們的重點仍然是最大限度地提高現有和正在開發的探針候選物的產量和功能，以便我們能夠實現我們平台旨在實現的高品質和蛋白質組覆蓋率。我們預計這個優化週期將在接下來的兩個季度內持續下去，一旦達到里程碑，我們將及時向您通報最新進展。

Following the technical progress we've just outlined, it's important to put that work in the context of how we're engaging the market and building customer demand. It's worth noting that the two primary applications we're targeting, proteoform analysis and broad-scale proteomics are at very different stages of market maturity. On the proteoform side, we're introducing a fundamentally new measurement capability that hasn't existed before. As a result, we'll need to invest in market development and work closely with academic researchers and pharma partners to validate the impact of this data.

根據我們剛剛概述的技術進步，重要的是將這項工作放在我們如何參與市場和建立客戶需求的背景下。值得注意的是，我們所針對的兩個主要應用，蛋白質形態分析和大規模蛋白質體學，處於非常不同的市場成熟階段。在蛋白質形態方面，我們引入了一種以前不存在的全新測量能力。因此，我們需要投資市場開發，並與學術研究人員和製藥合作夥伴密切合作，以驗證這些數據的影響。

Additionally, we need to develop exemplars of how this new measurement modality can be integrated into existing research and drug development workflows and into modern AI-based development workflows. In contrast, broadscale proteomics is already a well-established need. Our target customers fully understand the value of this type of data, have budget allocated for it and are actively seeking more effective platforms to generate it.

此外，我們需要開發一些範例，說明如何將這種新的測量模式整合到現有的研究和藥物開發工作流程以及現代基於人工智慧的開發工作流程中。相較之下，大規模蛋白質體學已經是一個明確的需求。我們的目標客戶充分了解此類數據的價值，已為其分配預算，並正在積極尋求更有效的平台來產生這些數據。

However, even within the broadscale landscape, the data generated by existing affinity-based methods and mass spectrometry-based methods is fundamentally different than the data generated by the Nautilus platform. We believe our platform is uniquely positioned to become a cornerstone technology because our iterative mapping method will provide a resolution and scale exceeding that of existing methods. We specifically anticipate our platform will be unique for its high reproducibility, extreme sensitivity and wide dynamic range.

然而，即使在廣泛的範圍內，現有的基於親和力的方法和基於質譜的方法生成的數據與 Nautilus 平台生成的數據有著根本的不同。我們相信我們的平台具有成為基石技術的獨特優勢，因為我們的迭代映射方法將提供超越現有方法的解析度和規模。我們特別期望我們的平台因其高可重複性、極高的靈敏度和寬的動態範圍而獨一無二。

Furthermore, because we get multiple measurements of each protein molecule, we anticipate being able to provide higher resolution views of each protein rather than simply quantifying total protein or peptide abundance. As we continue to examine the unique and important role that Nautilus will play in the proteomics landscape, we recognize that building deep, trusted relationships with biopharma organizations will be critical to Nautilus' long-term success. That's why Parag and I are personally leading those discussions, ensuring that we're not only showcasing the technology, but also deeply understanding how to align with the real-world needs of potential customers to unlock a new era of advances in biological insights and therapeutics.

此外，由於我們對每個蛋白質分子進行了多次測量，我們期望能夠提供每個蛋白質的更高解析度視圖，而不是簡單地量化總蛋白質或勝肽豐度。隨著我們繼續研究 Nautilus 在蛋白質體學領域所發揮的獨特而重要作用，我們認識到與生物製藥組織建立深厚、信任的關係對於 Nautilus 的長期成功至關重要。這就是為什麼 Parag 和我親自領導這些討論，確保我們不僅展示技術，而且還深入了解如何與潛在客戶的實際需求保持一致，以開啟生物學洞察和治療學進步的新時代。

I'd now like to turn the call over to Anna to walk through our financials. Anna?

現在我想把電話轉給安娜來介紹一下我們的財務狀況。安娜？

Thanks, Sujal. Total operating expenses for the second quarter of 2025 were $17.1 million, an 18% decrease from $20.8 million in the same quarter of 2024. This result is attributable to a reduction in personnel costs from the headcount reduction we implemented in Q1 as well as normal variability in the timing of R&D activities and ongoing cost optimization efforts.

謝謝，蘇加爾。2025 年第二季的總營運費用為 1,710 萬美元，較 2024 年同期的 2,080 萬美元減少 18%。這一結果歸因於我們在第一季實施的員工人數削減帶來的人員成本降低，以及研發活動時間的正常變化和持續的成本優化努力。

We also saw a meaningful decrease in stock compensation expense year-over-year. Research and development expenses were $10.4 million, down from $12.4 million a year ago, while general and administrative expenses were $6.7 million, down from $8.4 million in Q2 2024.

我們也看到股票薪酬支出較去年同期大幅下降。研發費用為 1,040 萬美元，低於去年同期的 1,240 萬美元，而一般及行政費用為 670 萬美元，低於 2024 年第二季的 840 萬美元。

Net loss for the quarter was $15.0 million compared to $18.0 million in the prior year period. We ended the quarter with approximately $179.5 million in cash, cash equivalents and investments and continue to project a cash runway that extends through 2027. While we're planning for a pickup in research and development spending in the second half of the year, we anticipate that total operating expenses for the full year of 2025 will remain below 2024 levels while still supporting critical platform development and early-stage partnership activities.

本季淨虧損為 1,500 萬美元，去年同期為 1,800 萬美元。本季末，我們擁有約 1.795 億美元的現金、現金等價物和投資，並繼續預計現金流將持續到 2027 年。雖然我們計劃在下半年增加研發支出，但我們預計 2025 年全年的總營運支出將保持在 2024 年的水平以下，同時仍支援關鍵平台開發和早期合作活動。

Back to you, Sujal.

回到你身邊，蘇加爾。

Thanks, Anna. We're incredibly proud of the Nautilus team for the science we're advancing, the platform we're building and now the data we're publishing.

謝謝，安娜。我們為 Nautilus 團隊所推進的科學、所建構的平台以及現在所發布的數據感到無比自豪。

With the public release of our first manuscript, we reached an exciting new phase. The world can now see and evaluate our technology on its own merits. Our foundation is solid. Our belief in the mission has never been stronger. And we're excited about our path forward.

隨著我們的第一份手稿的公開發布，我們進入了一個令人興奮的新階段。現在全世界都可以根據我們的技術本身的優點來觀察和評估它。我們的基礎是牢固的。我們對使命的信念從未如此堅定。我們對未來的道路充滿期待。

Thanks for joining us today. And with that, we'll open the call for questions. Operator?

感謝您今天加入我們。接下來，我們將開始提問。操作員？

(Operator Instructions)

（操作員指示）

Dan Brennan, TD Cowell.

丹布倫南，TD考威爾。

Great, thank you. And obviously, congrats on the presentations at the event and the manuscript. Maybe just kind of starting off on the reaction so far from the field. You discussed the reaction is so strong and you walked through just how unique this targeted approach is.

太好了，謝謝。顯然，我對活動中的演講和手稿表示祝賀。也許這只是從目前該領域的反應開始的。您討論了反應如此強烈，並闡述了這種有針對性的方法有多麼獨特。

But at the same time, you talked about the need to kind of build awareness and educate, because it is so different. I'm just trying to kind of reconcile both of those. Maybe could you speak a little bit to maybe the kind of early collaborators who you signed up and kind of what the pipeline of demand looks like and kind of how you think this might manifest in actual projects and or revenues as we look out over the next 18 months?

但同時，您談到了需要提高意識和進行教育，因為它是如此不同。我只是想嘗試調和這兩者。也許您能否稍微談談您簽約的早期合作夥伴，需求管道是什麼樣的，以及您認為在未來 18 個月內這將如何體現在實際專案和收入中？

Hi Dan, this is Parag. I'll take the first part. I was at AAIC talking to researchers in the field. And it was -- what was so striking was that there's a tremendous interest on the part of folks in the AD community for better ways to understand the disease that we have new markers like p-tau217, [emptr243] that are showing greater specificity, but they also aren't predicting the course of the disease. They aren't able to be used effectively as surrogate endpoints in clinical trials. They aren't able to predict which therapeutics might work in different populations, and they aren't able to stratify amongst a variety of tauopathies.

你好，丹，我是帕拉格。我將選擇第一部分。我當時在 AAIC 與該領域的研究人員交談。令人震驚的是，AD 社群的人們對更好地了解這種疾病的方法有著極大的興趣，我們有了 p-tau217、[emptr243] 等新標記，它們表現出更高的特異性，但它們也不能預測疾病的進程。它們無法有效地用作臨床試驗的替代終點。他們無法預測哪些療法可能對不同族群有效，也無法對各種 tauopathies 進行分層。

And so there's also -- we had one researcher that we sat down with who essentially said -- I mean verbatim that proteoforms are critical for understanding disease, understanding how tau itself forms fibrils that are the underlying root of many of the symptoms of the disease. And so those statements about the criticality of proteoforms in understanding and making progress in Alzheimer's disease was in every conversation that we had.

因此，還有——我們與一位研究人員坐下來交談，他基本上說過——我的意思是逐字逐句地說，蛋白質形式對於理解疾病至關重要，理解 tau 本身如何形成原纖維，而原纖維是許多疾病症狀的根本原因。因此，我們在每次談話中都會提到蛋白質形式對於理解和治療阿茲海默症的重要性。

And so it was pretty exciting. Even though it is a new measurement, there has been a recognition that the current class of biomarkers for tau and mechanisms for understanding of tau are focused not on total tau. They're focused either on PTMs of tau, truncations of tau. And so I think that recognition that it is not just the whole protein, but all the different flavors of it, all the different proteoforms of it are critical to understand.

所以這非常令人興奮。儘管這是一種新的測量方法，但人們已經認識到，當前的 tau 生物標記類別和理解 tau 的機制並不集中於總 tau。他們專注於 tau 的 PTM 或 tau 的截短。因此我認為認識到它不僅僅是整個蛋白質，而且它的所有不同風味、所有不同的蛋白質形式都是至關重要的。

I'll take -- this is Sujal. I'll take the second half of the question. And your question really was around pipeline and how we see the opportunity for the tau proteoforms to develop. I think the first thing I want to highlight was in the prepared remarks, but I just want to put an exclamation point on it. The go-to-market activities on the proteoform side and the proteome side will be a bit different.

我接聽——我是 Sujal。我將回答問題的後半部。您的問題實際上是關於管道以及我們如何看待 tau 蛋白質形態的發展機會。我想我要強調的第一件事是在準備好的發言中，但我只想在上面加上一個感嘆號。蛋白質形態方面和蛋白質體方面的上市活動會有些不同。

On the proteome side, just to address that first, our customers know what to do with complete proteomic data. They are looking for better tools to analyze the proteome. They're looking for ways to do proteomic analysis in a more effective and easier-to-use way, and they have existing budget pools. And so that's a technology when we release our proteome product, the end of 2026, we expect to have more significant, faster ramp-up in terms of revenue and instrument adoption.

在蛋白質體方面，首先要解決這個問題，我們的客戶知道如何處理完整的蛋白質體數據。他們正在尋找更好的工具來分析蛋白質體。他們正在尋找更有效、更容易使用的方式進行蛋白質體學分析，並且他們有現有的預算池。因此，當我們在 2026 年底發布蛋白質體產品時，我們預計這項技術的收入和儀器採用率將有更顯著、更快的成長。

In contrast, the proteoform opportunity, which I view as just as exciting as proteomes, will take longer to develop. And when I say developed, I mean, market development types of activities to show the world what's possible with proteoforms and then as well for us to develop assays for each individual biomarker one at a time, starting in neurodegeneration and starting with tau. And so what we're doing in terms of our activities with tau and our early partners, I think, is an exemplar of what we'll do as we continue to roll out more biomarkers.

相比之下，我認為蛋白質形式的機會與蛋白質組一樣令人興奮，但需要更長的時間來發展。當我說開發時，我的意思是，市場開發類型的活動，向世界展示蛋白質形式的可能性，然後我們也可以逐一開發每個生物標誌物的檢測方法，從神經退化性疾病開始，從 tau 開始。因此，我認為，我們與 tau 和早期合作夥伴的活動是我們繼續推出更多生物標記時所做工作的典範。

Today, our -- the majority of our focus has been on early collaborations with academic and nonprofit partners focused on trying to show the power of this data and have the types of biological insights that enable us to go to a conference like AAIC and have meaningful conversations with biologists, which is something that's a bit different than you typically do at a conference like HUPO on the proteome side.

今天，我們的重點主要放在與學術和非營利夥伴的早期合作上，重點是嘗試展示這些數據的力量，並獲得各種生物學見解，使我們能夠參加像 AAIC 這樣的會議並與生物學家進行有意義的對話，這與通常在 HUPO 等蛋白質組方面的會議上所做的有點不同。

From that point, I also expect that we will be signing early types of like pilot agreements with pharma organizations who are looking to start to incorporate this proteoform data as we start to show what the potential is into their workflows. And then those pilot agreements in the longer term will lead to revenue-generating agreements.

從那時起，我還希望我們將與製藥組織簽署早期類型的試點協議，他們希望開始整合這種蛋白質形式數據，因為我們開始展示其在其工作流程中的潛力。從長遠來看，這些試點協議將產生創收協議。

So right now, our focus is not on revenue. Our focus is on market development and showing the world what the power of this technology is. We're interested in continuing to advance our tau assay to the point where we can more broadly allow customers access to it, and we'll talk about that more in the coming quarters. And then we're interested in developing our proteoform pipeline and the next biomarkers.

所以現在，我們的重點不是收入。我們的重點是市場開發並向世界展示這項技術的威力。我們有興趣繼續推進我們的 tau 檢測，以便更廣泛地允許客戶使用它，我們將在接下來的幾個季度中進一步討論這個問題。然後我們有興趣開發我們的蛋白質形式管道和下一個生物標記。

But as well, as I said in the prepared remarks, we are very careful to balance our resources between broadscale and proteoforms considering that we continue to believe that while both are incredibly exciting, broad scale represents a faster revenue top line ramp type of opportunity.

但是，正如我在準備好的發言中所說的那樣，我們非常謹慎地平衡大規模和蛋白質形式之間的資源，因為我們仍然相信，雖然兩者都令人興奮，但大規模代表著更快的收入頂線增長類型的機會。

Great, thank you for that. And maybe I'll just ask one more. Even though the proteome is really the focus, I'm sure others will get to that. Maybe just on this manuscript, when do you think it will be published? And what type of journal do you think you would hope to get this published in? And then what type of revenue knowing that the proteome is really the bigger and easier opportunity if you can achieve kind of what you hope to achieve on this proteoform product, what type of -- like how would you size the opportunity for this product? Thank you.

太好了，謝謝你。也許我還會再問一個。儘管蛋白質組才是真正的焦點，但我相信其他人也會注意到這一點。可能就這份稿子來說，您覺得什麼時候能出版呢？您希望在哪種類型的期刊上發表此文章？那麼，如果您能夠實現您希望透過這種蛋白質組產品實現的目標，那麼知道蛋白質組實際上是更大、更容易的機會，那麼什麼類型的收入——例如，您如何衡量這種產品的機會？謝謝。

I'll pass it to Parag to give you the first part, and then I'll tackle the second here again.

我會把它交給 Parag 來給你第一部分，然後我會在這裡再次處理第二部分。

Sure. We do look at this as a seminal manuscript as something that's very important for us in our future. We've sent it out for peer review. We think it will -- that's an important aspect and the manuscript will further improve through that feedback. The places that one would hope a seminal manuscript are, of course, the big three.

當然。我們確實將其視為一份開創性的手稿，對我們的未來非常重要。我們已將其送出以供同儕審查。我們認為會的——這是一個重要的方面，並且手稿將透過回饋進一步改進。人們希望獲得開創性手稿的地方當然是三大出版社。

And so the time line for that, of course, is incredibly variable, and it depends in part on the journal and the reviewer process. And so it's probably best not to speculate on when publication in a journal will come out. But our hope is certainly for it to be in a high-impact journal.

當然，這個時間表是非常多變的，它在某種程度上取決於期刊和審查流程。因此最好不要猜測何時會在期刊上發表。但我們當然希望它能發表在具有高影響力的期刊上。

So Dan, on the second part of your question, I think we're in the pretty early stages of trying to size what an opportunity like this looks like. If I look out at the opportunity over the course of the next five, six, seven years, it's certainly an opportunity that has the potential just in proteoforms alone to be a multi-hundred million dollar business for us. But the question still is open on the proteoform side, will we just let the world have access to all this data without any sort of upside for Nautilus depending on what we find, will we form partnerships that are focused on therapeutic development or DX development and share in the upside.

丹，關於你問題的第二部分，我認為我們正處於嘗試衡量這樣的機會的早期階段。如果我展望未來五、六、七年內的機會，那麼光是蛋白質形式一項就有可能為我們帶來數億美元的業務。但在蛋白質形式方面，問題仍然存在，我們是否會讓全世界訪問所有這些數據，而不會根據我們的發現為 Nautilus 帶來任何好處，我們是否會建立專注於治療開發或 DX 開發的合作夥伴關係並分享好處。

The proteoform work because the data is absolutely not generatable in any other method, gives us more optionality on the types of business models we'll pursue. And so I don't have an exact answer of how that will roll out. But I do know from just the early conversations around neurodegeneration and then what we've heard in wider oncology and autoimmune and other areas that proteoforms are incredibly exciting.

由於數據絕對無法透過任何其他方法生成，因此蛋白質形式的工作為我們在追求的商業模式類型方面提供了更多的選擇。因此，我不知道這將如何實施。但我確實從早期關於神經退化性疾病的討論以及我們在更廣泛的腫瘤學、自身免疫和其他領域聽到的消息中知道，蛋白質形式令人難以置信地興奮。

And while we think it's a really exciting opportunity, it's going to take some market development. So when I think about revenue, I don't think about any revenue this year from these types of activities. And I think about it starting -- proteoform starting small next year. And I think about proteomes starting at the end of next year and ramping very quickly in 2027. So that's how I think about them differently.

雖然我們認為這是一個非常令人興奮的機會，但它需要一些市場開發。因此，當我考慮收入時，我不會考慮今年從這些類型的活動中獲得的任何收入。我認為 proteoform 將從明年開始小規模開展。我認為蛋白質體研究將於明年年底開始，並在 2027 年迅速發展。這就是我對他們的不同看法。

Subbu Nambi, Guggenheim.

蘇布南比，古根漢。

Hey guys, good morning. Thank you for taking my question and congratulations on the publication. From the tau manuscript, where did you get the most inbounds in terms of customer profile? And can you share any other information on the funnel?

大家好，早安。感謝您回答我的問題，並祝賀該書出版。從 tau 手稿中，您從哪裡獲得了最多的客戶資料？您能分享有關漏斗的其他資訊嗎？

Yeah. So Parag, do you want to take the first half? I'll take the funnel question.

是的。那麼帕拉格，你想接手上半場嗎？我將回答漏斗問題。

Sure. I think we've actually seen a tremendous amount of interest from academic groups reaching out, from pharma reaching out and from nonprofit research institutes reaching out. So it's actually been across the board.

當然。我認為我們實際上已經看到了學術團體、製藥公司和非營利研究機構的極大興趣。所以這實際上是全面性的。

Yeah. And Subha, in terms of the funnel, I think it's really early to talk about what's in the funnel and how is it developing, especially considering that our biggest development activity just occurred in the last 72 hours or 96 hours at AAIC. AAIC, I think, has 8,000 in-person attendees compared to a conference like HUPO, which is our big proteome conference, this is 4 times the number of researchers, plus -- more than 4 times.

是的。蘇巴，就漏斗而言，我認為現在談論漏斗裡有什麼以及它是如何發展的還為時過早，特別是考慮到我們最大的開發活動剛剛發生在過去 72 小時或 96 小時內的 AAIC。我認為，AAIC 擁有 8,000 名現場與會者，與 HUPO（我們的大型蛋白質組會議）等會議相比，研究人員的數量是後者的 4 倍，甚至更多——4 倍多。

And so this was a really big opportunity to get in front of customers. And I would say in terms of net new conversations, we probably had 3 times, 4 times, 5times more net new conversations this week than we did in the entire year before that. And so I think it's really early.

因此，這是一個真正接觸客戶的絕佳機會。我想說，就淨新增對話量而言，本週我們的淨新增對話量可能比之前一整年多 3 倍、4 倍甚至 5 倍。所以我認為現在還為時過早。

I will tell you the types of early interest matches sort of what I said in the earnings call script. It's academic institutions, academic PIs, nonprofit research organizations, nonprofit foundations focused on neurodegeneration. We're finding some early groups inside of pharma who are interested in doing pilots to see how this proteoform data adds a new dimension to their therapeutic development programs.

我會告訴您早期利益匹配的類型，就像我在收益電話會議腳本中所說的那樣。它是專注於神經退化性疾病的學術機構、學術 PI、非營利研究組織和非營利基金會。我們發現製藥業內部的一些早期團隊有興趣進行試點，看看這種蛋白質形式數據如何為他們的治療開發計劃增添新的維度。

And so those are the types of things that we're seeing, but really still pretty early. I think over the course of the next two quarters, we'll see some more development on that front, and we'll be able to say more.

這些就是我們所看到的事情，但實際上還處於早期階段。我認為在接下來的兩個季度裡，我們將看到這方面的更多發展，並且我們將能夠透露更多。

And so, just a follow-up to that. Does having these two collaborations now actually help you show a former proof of concept? Or you think these are independent?

因此，這只是對此的後續行動。現在這兩次合作是否真的有助於您展示先前的概念證明？或者您認為這些是獨立的？

So I think that the two collaborations that we've recently signed here, I think are focused on a few different things, right? First and foremost, both of them are focused on reproducing the data that we have on our samples that we talked about in our manuscript. They're focused on increasing the number of biological samples that we have that have gone through our platform and starting to take some of those insights and showing the world what the power of proteoforms are.

所以我認為我們最近簽署的兩個合作重點是幾個不同的事情，對嗎？首先，它們都專注於重現我們在手稿中討論的樣本數據。他們專注於增加通過我們平台的生物樣本數量，並開始獲得其中的一些見解，向世界展示蛋白質形式的威力。

And then in addition to that, another key goal for us is that because proteoforms and proteomes share the same platform, each of these collaborations is serving to harden our core platform, to harden our consumables and to work through some of the kinks that you'd have to work through during an early access program on proteomes doing those earlier with proteoforms today.

除此之外，我們的另一個關鍵目標是，由於蛋白質形態和蛋白質組共享同一平台，因此每一次合作都有助於強化我們的核心平台、強化我們的消耗品，並解決在蛋白質組早期訪問計劃中必須解決的一些問題，而這些問題是今天使用蛋白質形態早期處理時必須解決的。

And so I think for all of those reasons, I think this work that we're doing with these collaborations and others to come is really quite strategic for us.

因此，我認為，基於所有這些原因，我們透過這些合作以及未來的其他合作所進行的工作對我們來說確實具有戰略意義。

Got it. And one last one. I know you guys have decided to not give any additional specific update on probe performance, but any reason you decided to not do that moving forward?

知道了。最後一個。我知道你們已經決定不再提供任何有關探測器性能的額外具體更新，但你們決定不再這樣做的原因是什麼？

Yeah. So just to clarify, I didn't say we wouldn't do it going forward. We will certainly do that in the coming two quarters. We didn't do it today because if you recall sort of our comments for the year, at the beginning of the year, we introduced this assay configuration change. And the assay configuration change was focused on rebuilding a piece of our assay so that a greater number of the probes that we've already developed and that are in development would be able to run properly on our platform and in the assay.

是的。所以需要澄清的是，我並沒有說我們不會繼續這樣做。我們肯定會在未來兩個季度內做到這一點。我們今天沒有這樣做，因為如果您還記得我們今年的評論，那麼在年初，我們引入了這個分析配置變更。檢測配置的改變主要集中在重建我們檢測的一部分，以便我們已經開發和正在開發的更多探針能夠在我們的平台和檢測中正常運作。

And so at the beginning of the year, too many of our thousands of probe candidates did not function properly on the platform, did not have the specifications needed to hit their performance targets in our assay. So instead of going and building thousands and thousands and thousands of more candidates, we took a pause to change the assay configuration and (technical difficulty) on the platform.

因此，在年初，我們數以千計的候選探針中，有太多無法在平台上正常運行，沒有達到我們分析中性能目標所需的規格。因此，我們沒有去建構成千上萬個候選方案，而是暫停了平台的分析配置和（技術難度）。

The assay configuration work is a multi-quarter exercise. It's proceeding on target and at the pace of our expectations, we just in the last few weeks hit a point where all of the pieces of our assay configuration change came together so that we can start to test the entire probe library and the new configuration. And so the next couple of quarters will be critical for us to making that transition fully into the new assay configuration. And once we have a yield percentage or some sense of how many of those probes are functioning well in the new configuration, we certainly will give you some guidance.

分析配置工作是一個持續多個季度的工作。一切進展順利，符合我們的預期，就在過去的幾周里，我們達到了一個點，即我們所有的檢測配置變化都匯集在一起，以便我們可以開始測試整個探針庫和新配置。因此，接下來的幾個季度對於我們完全過渡到新的檢測配置至關重要。一旦我們獲得了產量百分比或了解有多少探頭在新配置下運作良好，我們肯定會給您一些指導。

Thank you for clarifying. Thank you, guys.

感謝您的澄清。謝謝你們。

(Operator Instructions)

（操作員指示）

I'm showing no additional questions in the queue at this time. Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day.

目前隊列中沒有顯示其他問題。女士們、先生們，感謝大家參加今天的會議。本節目到此結束。您現在可以斷開連線。祝大家有美好的一天。