Nautilus Biotechnology Inc (NAUT) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Nautilus Biotechnology third-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Nautilus Biotechnology 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Ji-Yon Yi, Investor Relations. Please go ahead.

現在我謹將今天的會議交給各位發言人，投資者關係部的 Ji-Yon Yi。請繼續。

Thank you. Earlier today, Nautilus released financial results for the quarter ended September 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.

謝謝。今天早些時候，Nautilus 發布了截至 2025 年 9 月 30 日的季度財務表現。如果您尚未收到此新聞稿，或者如果您想加入公司的郵件列表，請發送電子郵件至 investorrelations@nautilus.bio。

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

今天與我一同出席的還有來自 Nautilus 公司的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；首席營銷官 Ken Suzuki；以及首席財務官 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. Additional information regarding these risks and uncertainties appears in the section entitled, Forward-Looking Statements, in the press release Nautilus issued today.

在開始之前，我想提醒各位，管理層將在本次電話會議中發表一些符合聯邦證券法規定的前瞻性聲明。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結果或事件有重大差異。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“前瞻性聲明”的部分。

Except as required by law, Nautilus disclaims any intention or obligation to update or revise any financial or product pipeline projections or other forward-looking statements whether because of new information, future events, or otherwise. This conference call contains time-sensitive information and is accurate only as of the live broadcast on October 28, 2025.

除法律要求外，Nautilus 不承擔任何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，無論是因為新資訊、未來事件或其他原因。本次電話會議包含有時效性的訊息，僅在 2025 年 10 月 28 日直播時有效。

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

接下來，我將把電話交給蘇賈爾。

Thanks, Ji-Yon, and thank you all for joining us. Q3 was another important quarter for Nautilus. We made meaningful progress across our scientific platform and operational priorities as we continue our disciplined path toward commercialization.

謝謝Ji-Yon，也謝謝大家的參與。第三季對 Nautilus 來說又是一個重要的季度。我們在科學平台和營運重點方面取得了實質進展，並繼續穩步推進商業化進程。

Last quarter, we published a preprint showcasing our iterative mapping method and demonstrating the power of our platform to measure proteoforms, distinct forms of proteins with unprecedented resolution. That manuscript was accompanied by an announcement of tau-focused collaborations with investigators from the Neuro Stem Cell Institute and with Joel Blanchard's lab at Mount Sinai Medical Center. These collaborators were central to generating the intriguing biological data shared in that manuscript.

上個季度，我們發表了一篇預印本，展示了我們的迭代映射方法，並證明了我們的平台能夠以前所未有的分辨率測量蛋白質異構體（蛋白質的不同形式）。手稿還附帶一份公告，宣布將與神經幹細胞研究所的研究人員以及西奈山醫學中心的 Joel Blanchard 實驗室開展以 tau 蛋白為重點的合作。這些合作者在產生該手稿中分享的引人入勝的生物學數據方面發揮了核心作用。

In addition to these partnerships, I'd like to call attention to two other exciting partners. The first is the Allen Institute for Brain Science. As highlighted in our July 30 press release, that collaboration aims to examine how tau proteoforms vary across brain regions as a function of disease severity.

除了這些合作夥伴之外，我還想提請大家注意另外兩個令人興奮的合作夥伴。第一個是艾倫腦科學研究所。正如我們在 7 月 30 日的新聞稿中所強調的那樣，該合作旨在研究 tau 蛋白異構體如何隨著疾病嚴重程度在大腦區域間變化。

Ultimately, such projects may enable the use of proteoform biomarkers to predict the course of Alzheimer's disease. We're excited to have already begun generating the first datasets from their samples.

最終，此類項目可能會使蛋白質體生物標記能夠用於預測阿茲海默症的發展進程。我們很高興已經開始根據他們的樣本產生第一批資料集。

One other key collaborator is the Buck Institute for Research on Aging. As a world leader in aging research, they have deep experience in Alzheimer's disease research and are excited to examine how tau proteoforms contribute to disease progression and therapeutic efficacy.

另一個重要的合作方是巴克衰老研究所。作為老化研究領域的全球領導者，他們在阿茲海默症研究方面擁有豐富的經驗，並熱衷於研究 tau 蛋白異構體如何促進疾病進展和治療效果。

I'm particularly thrilled to share that Dr. Birgit Schilling, one of our collaborators at the Buck Institute, will be presenting her results at the Human Proteome Organization's World HUPO Conference in November, marking the first public presentation of externally-generated tau data measured on the Nautilus platform.

我特別激動地宣布，我們在巴克研究所的合作者之一 Birgit Schilling 博士將於 11 月在人類蛋白質組組織世界 HUPO 大會上展示她的研究成果，這將是首次公開展示在 Nautilus 平台上測量的外部生成的 tau 數據。

In addition to being an acclaimed aging researcher, she is also an eminent proteomics KOL and recently served as President of US HUPO. Our session with Birgit at World HUPO will highlight both key technical aspects of the tau assay such as reproducibility and also intriguing biological findings that were only possible using the Nautilus platform.

除了是一位備受讚譽的衰老研究專家外，她還是一位傑出的蛋白質組學專家，最近還擔任了美國人類健康組織（HUPO）的主席。我們在世界人類組織規劃大會 (World HUPO) 上與 Birgit 的會議將重點介紹 tau 檢測的關鍵技術方面，例如可重複性，以及只有使用 Nautilus 平台才能實現的有趣生物學發現。

I'd like to call attention to the fact that the results in our manuscript and the results that Birgit will be sharing are based on real-world biological samples, not only model samples composed of recombinant proteins or peptide.

我想強調的是，我們論文中的結果以及 Birgit 將要分享的結果都是基於真實的生物樣本，而不僅僅是由重組蛋白或勝肽組成的模型樣本。

We believe our presentation at HUPO will not only validate the technical readiness of our assay, but will also underscore the potential for our platform to drive meaningful biological insight, something we consistently hear is a top priority for researchers in this space.

我們相信，我們在 HUPO 上的展示不僅將驗證我們檢測的技術成熟度，還將強調我們的平台在推動有意義的生物學見解方面的潛力，而這正是我們一直聽到的研究人員在該領域的首要任務。

We view the results from our early partnerships as clearly demonstrating our platform's unique ability to measure proteoforms at an unprecedented level of precision and resolution. This is especially important for targets like tau where the combination of isoforms and post-translational modifications have a profound impact on disease progression.

我們認為，早期合作的成果清楚地表明，我們的平台具有以前所未有的精度和分辨率測量蛋白質形式的獨特能力。對於像 tau 這樣的標靶來說，這一點尤其重要，因為異構體和翻譯後修飾的組合對疾病進展有著深遠的影響。

We expect that the Nautilus platform's unique ability to quantify complex mixtures of proteoforms at the single molecule level will prove an important tool for driving biological insight.

我們預計，Nautilus 平台在單分子層級上量化複雜蛋白質混合物的獨特能力將成為推動生物學見解的重要工具。

Collaborations with institutions like the Buck and the Allen institutes are emblematic of the caliber of researchers and institutions that are now engaging with Nautilus. This quarter, our pipeline of potential collaborators has expanded significantly including academic centers, nonprofit institutes, and biopharma companies.

與巴克研究所和艾倫研究所等機構的合作，體現了目前參與鸚鵡螺計畫的研究人員和機構的水平。本季度，我們的潛在合作夥伴範圍顯著擴大，包括學術中心、非營利組織和生物製藥公司。

These researchers are eager to explore how Nautilus can bring new clarity to neurodegenerative disease biology and also eager to explore proteoform-based precision biomarkers for Alzheimer's disease and related tauopathies. These researchers also understand that studying tau requires resolution beyond what traditional platforms can offer and recognize that our approach is uniquely suited to identify the modified forms of tau that may drive disease progression.

這些研究人員渴望探索 Nautilus 如何為神經退化性疾病生物學帶來新的清晰認識，也渴望探索基於蛋白質形式的阿茲海默症和相關 tau 蛋白疾病的精準生物標記。這些研究人員也明白，研究 tau 蛋白需要超越傳統平台所能提供的分辨率，並且認識到我們的方法特別適合識別可能驅動疾病進展的 tau 蛋白的修飾形式。

We're also seeing increased interest from additional partners eager to expand into new disease areas and novel proteoform targets, reflecting both the maturity of our platform and the unique insights it enables. The conversations we're having are with premier researchers and institutions at the forefront of translating molecular insights into impactful diagnostic and therapeutic advances.

我們也看到越來越多的合作夥伴對我們平台表現出濃厚的興趣，渴望拓展到新的疾病領域和新的蛋白質體靶點，這不僅反映了我們平台的成熟度，也反映了它所帶來的獨特見解。我們正在與頂尖的研究人員和機構進行對話，他們處於將分子見解轉化為具有影響力的診斷和治療進展的最前線。

The growing engagement we're seeing reinforces our belief that Nautilus is becoming a key enabling technology for the next generation of biological discovery.

我們看到用戶參與度不斷提高，這更加堅定了我們的信念，即 Nautilus 正在成為下一代生物學發現的關鍵使能技術。

We anticipate that several of these discussions will lead to active engagements when we launch our early access program in the first half of 2026. Initially, customers will gain streamlined access to our tau proteoform assay. Select partners will be able to submit samples, receive data and provide feedback, similar to our current engagement with the Allen Institute.

我們預計，當我們在 2026 年上半年啟動早期訪問計劃時，其中一些討論將促成積極的參與。首先，客戶將能夠更方便地使用我們的 tau 蛋白異構體檢測方法。部分合作夥伴將能夠提交樣品、接收數據並提供回饋，類似於我們目前與艾倫研究所的合作。

These early engagements will primarily focus on generating high-quality data and validating our platform. We expect only limited revenue in the near term. However, this validation is essential for building momentum and opening broader commercial opportunities, including the expansion of our assay for other proteoforms of interest.

這些早期合作將主要集中在產生高品質數據和驗證我們的平台。我們預計短期內收入有限。然而，這項驗證對於建立動力和開闢更廣泛的商業機會至關重要，包括將我們的檢測方法擴展到其他感興趣的蛋白質形式。

Over time, we'll expand our early access to offer support for both targeted proteoform assays and for broadscale proteomic studies. Our aim is to make each early engagement an opportunity to build credibility, momentum, and operational readiness ahead of our commercial launch.

隨著時間的推移，我們將擴大早期訪問權限，為靶向蛋白質組學分析和大規模蛋白質組學研究提供支援。我們的目標是讓每一次早期接觸都成為建立信譽、發展勢頭和在商業發布前做好營運準備的機會。

On the technology front, we made steady progress in Q3 transitioning to our new broadscale assay configuration to better align with our growing probe library and improve platform performance. Early results have been promising, and we expect this configuration to enable our broadscale commercial launch in late 2026.

在技​​術方面，我們在第三季度穩步推進，過渡到新的大規模檢測配置，以更好地適應我們不斷增長的探針庫並提高平台性能。初步結果令人鼓舞，我們預計這種配置將使我們能夠在 2026 年底進行大規模商業發布。

Briefly, assay configuration change efforts were focused on better aligning assay design with the characteristics of our expanding probe library, improving probe yield, and overall platform performance. One of the most significant areas of change was in the flow cell and associated assay reagents. Together, these changes were designed to reduce technical risk and enable higher performance as we scale toward a more comprehensive view of the proteome.

簡而言之，檢測配置變更工作主要集中在更好地使檢測設計與我們不斷擴大的探針庫的特性相匹配，提高探針產量和整體平台性能。變化最大的領域之一是流動池和相關的檢測試劑。這些變更旨在降低技術風險，並在我們逐步擴大規模以獲得更全面的蛋白質組視圖時實現更高的性能。

A key milestone of our broadscale assay configuration change was achieved in Q3 demonstrating that affinity reagent probes previously incompatible with our old assay configuration are compatible with the new configuration.

第三季度，我們大規模檢測配置變更的關鍵里程碑得以實現，證明先前與我們舊的檢測配置不相容的親和試劑探針與新的配置相容。

In Q4 of this year and Q1 of 2026, we plan to test the whole probe library with this new configuration to better understand performance and finalize the steps needed for broadscale's launch. We're confident that broadscale will drive long-term scalability and value for Nautilus.

今年第四季度和 2026 年第一季度，我們計劃使用這種新配置測試整個探針庫，以便更好地了解性能並最終確定大規模發布所需的步驟。我們相信，大規模應用將推動 Nautilus 的長期可擴展性和價值。

Lastly, we continue to be highly intentional in how we invest our resources. In Q3, we reduced expenses quarter over quarter, reflecting a more focused operating model aligned with our top priorities. This operational discipline is an important part of how we're extending our runway even as we move closer to commercialization.

最後，我們將持續高度重視資源的投入方式。第三季度，我們的支出環比下降，這反映出我們採取了更專注的營運模式，以配合我們的首要任務。這種營運紀律是我們延長生產週期、同時逐步實現商業化的重要組成部分。

Taken together, the progress we've made in Q3 moves us closer to realizing the promise of single molecule proteomics, a future where researchers can decode biology with a level of precision and resolution that is simply not possible today.

總的來說，我們在第三季度取得的進展使我們離實現單分子蛋白質體學的承諾更近了一步，在未來，研究人員能夠以目前根本無法實現的精度和分辨率來解碼生物學。

We're proud of the scientific and technical advances made this quarter and grateful to our team and collaborators who continue to push the boundaries of what's possible.

我們為本季所取得的科學和技術進步感到自豪，並感謝我們的團隊和合作者不斷突破可能的界限。

As always, I want to thank our scientific and engineering teams for their continued dedication. The work they're doing is not only technically challenging that's foundational to the future of proteomics.

一如既往，我要感謝我們的科學研究和工程團隊的持續奉獻。他們所做的工作不僅在技術上具有挑戰性，而且對蛋白質體學的未來至關重要。

With that, I'll hand the call over to Ken, our Chief Marketing Officer, to share key insights from our recent voice of the customer and market research work. Ken?

接下來，我將把電話交給我們的行銷長 Ken，讓他分享我們最近進行的客戶之聲和行銷工作的主要見解。肯？

Thanks, Sujal, and good morning, everyone. Over the past several months, our teams have been focused on sharpening our marketing strategy by developing a deep understanding of our customers, their challenges with existing technologies, goals for next generation solutions and how the Nautilus platform can uniquely address their needs.

謝謝蘇賈爾，大家早安。在過去的幾個月裡，我們的團隊一直致力於完善我們的行銷策略，深入了解我們的客戶、他們在現有技術方面面臨的挑戰、下一代解決方案的目標，以及 Nautilus 平台如何獨特地滿足他們的需求。

In the third quarter, we completed an extensive market study involving more than 250 decision-makers across North America and Europe spanning academic institutions, pharma, biopharma, and leading proteomics organizations. These participants represent our core target segments and are highly familiar with both mass spectrometry and affinity-based technologies.

第三季度，我們完成了一項廣泛的市場研究，該研究涉及北美和歐洲的 250 多名決策者，涵蓋學術機構、製藥公司、生物製藥公司和領先的蛋白質組學組織。這些參與者代表了我們的核心目標群體，並且非常熟悉質譜和親和技術。

Through a combination of detailed qualitative in-reviews and deep quantitative analysis, we built a rigorous and data-rich view of our market opportunity. Three clear themes emerged.

透過詳細的定性內部審查和深入的定量分析，我們建構了對市場機會的嚴謹且數據豐富的認識。三個明顯的主題浮現出來。

First, customers viewed the Nautilus platform as uniquely differentiated from current mass spectrometry and affinity-based technologies. They highlighted our iterative mapping approach as delivering an unmatched combination of protein coverage, reproducibility, and sensitivity. In particular, customers were most drawn to our ability to achieve both broad proteome coverage and deep single molecule proteoform level resolution, a capability that only iterative mapping can deliver.

首先，客戶認為 Nautilus 平台與目前的質譜和親和力技術有著獨特的差異。他們強調，我們的迭代映射方法能夠提供無與倫比的蛋白質覆蓋率、可重複性和靈敏度。尤其令客戶印象深刻的是，我們能夠同時實現廣泛的蛋白質組覆蓋和深入的單分子蛋白質組水平分辨率，而這種能力只有迭代映射才能實現。

Our competitive differentiation is stronger than ever. As a former general manager of mass spectrometry at Agilent, I found it especially validating when one customer commented that the Nautilus platform, quote, has the potential to replace a major portion of mass spectrometry and proteomics, end quote.

我們的競爭優勢比以往任何時候都更強大。作為安捷倫質譜部門的前總經理，我發現一位客戶評論說，Nautilus 平台“有可能取代質譜和蛋白質組學的大部分”，這讓我感到非常欣慰。

Second, our research confirmed that customers both expect and are willing to pay a premium for our solution. The ability of iterative mapping to provide broad-scale and proteoform level insights drove particularly strong enthusiasm and willingness to invest in our solution.

其次，我們的研究證實，客戶既期望也願意為我們的解決方案支付溢價。迭代映射能夠提供大範圍和蛋白質組水平的見解，這激發了人們對我們解決方案的強烈熱情和投資意願。

Combined with the platform's reproducibility, sensitivity, and simple AI-ready output, customers valued our instrument on par with high-end mass spectrometry systems, a strong endorsement in an already premium segment.

結合該平台的可重複性、靈敏度和簡單的 AI 就緒輸出，客戶對我們的儀器給予了與高端質譜系統同等的評價，這在已經屬於高端的領域中是一個強有力的認可。

Finally, we heard a clear and consistent message of eagerness to engage with Nautilus. Many customers described current technologies as limiting, constrained in performance, lacking cross-platform agreement, and often complex to use. They are actively seeking a new class of measurement technology to complement or replace their existing tool sets.

最後，我們聽到了明確而一致的訊息，那就是渴望與 Nautilus 合作。許多客戶認為現有技術有局限性，性能受限，缺乏跨平台相容性，而且使用起來往往很複雜。他們正在積極尋求一種新型的測量技術，以補充或取代他們現有的工具集。

After decades of experience introducing new products, I'm encouraged by the strength of this product market fit and by our customers' enthusiasm to begin evaluating the Nautilus platform.

經過數十年的新產品推廣經驗，我對該產品與市場的契合度之高以及客戶對評估 Nautilus 平台的熱情感到鼓舞。

We are channeling this confidence as we plan for our early access program beginning with the tau proteoform assay in the first half of 2026. I look forward to continue sharing our progress as we transition towards our commercial phase.

我們正利用這份信心，計劃在 2026 年上半年啟動早期訪問計劃，首先進行 tau 蛋白異構體檢測。我期待著繼續與大家分享我們向商業化階段過渡的進展。

Next, I'll hand over the call to Anna to walk through our financials. Anna?

接下來，我會把電話交給安娜，讓她來梳理我們的財務狀況。安娜？

Thanks, Ken. For the third quarter of 2025, total operating expenses were $15.5 million, down from $19.1 million in the same quarter of 2024. This 19% year-over-year decrease reflects our continued focus on expense management, operating efficiency, and lower development costs overall.

謝謝你，肯。2025 年第三季總營運支出為 1,550 萬美元，低於 2024 年同期的 1,910 萬美元。年比下降 19%，反映出我們持續專注於費用管理、營運效率和降低整體開發成本。

Our stock-based compensation expense also declined meaningfully year over year. Research and development expenses for the third quarter of 2025 were $9.6 million, down from $12.3 million a year ago. This year-over-year reduction was driven by lower development cost as well as improved operating efficiency in personnel, laboratory, and services spend.

我們的股權激勵支出也較去年同期大幅下降。2025 年第三季的研發費用為 960 萬美元，低於去年同期的 1,230 萬美元。與前一年相比，這一降幅主要得益於開發成本的降低以及人員、實驗室和服務支出營運效率的提高。

General and administrative expenses were $5.9 million, down from $6.8 million in Q3 2024 driven largely by reduced stock compensation expense. Net loss for the quarter was $13.6 million compared to $16.4 million in the prior-year period.

一般及行政費用為 590 萬美元，低於 2024 年第三季的 680 萬美元，主要原因是股票補償費用減少。本季淨虧損為 1,360 萬美元，而上年同期淨虧損為 1,640 萬美元。

We ended the quarter with $168.5 million in cash, cash equivalents, and investments. Cash burn in Q3 was $11.0 million reflecting the benefit of lower operating expenses. We continue to project a cash runway extending through 2027 providing ample time to advance platform development and early-stage commercial activities.

本季末，我們持有現金、現金等價物及投資共1.685億美元。第三季現金消耗為 1,100 萬美元，這反映了營運費用降低的好處。我們預計現金流將持續到 2027 年，為推進平台開發和早期商業活動提供充足的時間。

Looking ahead, we anticipate that total operating expenses for the full-year 2025 will come in below what we saw over the past two years. With that being said, we expect Q3 will be a low point in our spending and future quarters will increase as product and market development activities ramp up.

展望未來，我們預計 2025 年全年的總營運支出將低於過去兩年的水平。綜上所述，我們預計第三季將是我們的支出低谷，隨著產品和市場開發活動的推進，未來幾季的支出將會增加。

As for our tau early access program, the first customer engagements are likely to be with academic KOLs that need access to the platform and initial datasets in order to support their grant applications.

至於我們的 tau 早期存取計劃，首批客戶很可能是需要存取平台和初始資料集以支援其資助申請的學術 KOL。

We believe these first internally-funded services engagements will lead to revenue engagements over time, but more importantly, publications, additional grant applications, and potentially, instrument orders. We are excited by the shift towards commercially-oriented activities, but we don't expect meaningful services revenue from these engagements in 2026.

我們相信，這些首批內部資助的服務項目將隨著時間的推移帶來收入項目，但更重要的是，還將帶來出版物、額外的撥款申請，以及可能的樂器訂單。我們對商業化活動轉型感到興奮，但我們預計 2026 年這些業務不會帶來實質的服務收入。

Back to you, Sujal.

蘇賈爾，該你了。

Thanks, Anna. As you've heard throughout today's call, Q3 was a quarter of continued execution and meaningful progress for Nautilus. We advanced our tau proteoform assay, built momentum with prospective collaborators, and are on track to launch our early access program in the first half of 2026 beginning with tau.

謝謝你，安娜。正如您在今天的電話會議中聽到的那樣，第三季是 Nautilus 持續執行並取得實質進展的季度。我們推進了 tau 蛋白異構體檢測，與潛在的合作者建立了良好的關係，並預計在 2026 年上半年啟動我們的早期訪問計劃，首先從 tau 蛋白開始。

We're preparing to showcase externally-generated tau data at World HUPO in November, a milestone that reflects years of investment in scientific and technical innovation. As demonstrated by our excitement and ability to expand our collaborative work, Nautilus' doors are open today for partners who are interested in funding the development of new proteoform assays and shaping the future of proteomics.

我們準備在 11 月的世界人類組織大會 (World HUPO) 上展示外部生成的 tau 數據，這是一個里程碑，反映了多年來在科學和技術創新方面的投資。正如我們拓展合作工作的熱情和能力所表明的那樣，Nautilus 的大門今天向有興趣資助開發新的蛋白質組學檢測方法並塑造蛋白質組學未來的合作夥伴敞開。

We also made steady progress towards the new broadscale assay configuration that will support our commercial launch. In addition, our disciplined operations and spending have us ending the quarter with a strong balance sheet and clear line of sight to our strategic goals.

我們在支援商業化推出的新型大規模檢測配置方面也取得了穩步進展。此外，我們嚴謹的營運和支出使我們在本季末擁有強勁的資產負債表，並清晰地朝著我們的策略目標邁進。

As we close, I want to step back and emphasize something fundamental. Our platform is as disruptive today as it was when we first set out to build it and now, we have even more external validation to back that up. Iterative mapping represents a completely new class of measurement, different from anything else in the market, delivering proteome and proteoform insights that existing technologies simply cannot match.

最後，我想回顧一下，強調一些基本原則。我們的平台如今依然像我們最初著手建造它時那樣具有顛覆性，而且現在，我們還有更多外部驗證來支持這一點。迭代映射代表了一種全新的測量方法，與市場上任何其他方法都不同，它提供的蛋白質組和蛋白質組形態資訊是現有技術根本無法比擬的。

Our extensive market research and voice of the customer work encompassing more than 250 interviews with representative customer groups makes it clear that the market recognizes our differentiation. Customers consistently affirm that what we're building will reshape the landscape. This strong validation gives us tremendous confidence in both our technology and the commercial opportunity ahead.

我們進行了廣泛的市場研究和客戶之聲工作，對 250 多個代表性的客戶群進行了訪談，結果顯示市場認可了我們的差異化優勢。客戶們一致認為，我們正在打造的產品將重塑產業格局。這項強有力的驗證讓我們對我們的技術和未來的商業機會充滿信心。

I'm incredibly proud of what the team has accomplished, the science we're advancing, the platform we're building, and the opportunities ahead. Our foundation is strong and our mission has never been more focused.

我為團隊所取得的成就、我們正在推進的科學、我們正在建構的平台以及未來的機會感到無比自豪。我們的基礎穩固，我們的使命也從未如此明確。

Thank you again for joining us today. With that, we'll open the call for questions. Operator?

再次感謝您今天蒞臨。接下來，我們將開始接受提問。操作員？

(Operator Instructions)

（操作說明）

Dan Brennan, TD Cowen.

丹·布倫南，TD Cowen。

Hi there. This is William Ruby, on for Dan Brennan. Just a couple of questions. First, just wondering how we should think about the level of OpEx investment you'll need to make heading into the launch next year. And I know you touched on it a good amount on the call, but if you could just go into a little bit more detail on the funnel that you're building out of early access coming into next year. Thank you.

你好呀。這裡是威廉‧魯比，由代丹‧布倫南報道。幾個問題。首先，我想知道我們應該如何考慮明年產品發布前您需要投入的營運支出水準。我知道您在電話會議上已經多次提到這一點，但如果您能更詳細地介紹一下您正在為明年早期訪問構建的銷售漏斗，那就太好了。謝謝。

Hi, William. This is Anna, I can speak to the first one. From an OpEx standpoint, we're, as I said in the prepared remarks, expecting that from our low point here in Q3, we are anticipating that spend will increase as we get closer to commercialization. As you might expect, I don't have an outlook yet for 2026, but you can extrapolate from our guidance that we have cash through 2027, and I would anticipate some steady step-up between now and the end of 2027.

你好，威廉。這是安娜，我可以跟第一個人說話。從營運支出角度來看，正如我在準備好的演講稿中所說，我們預計，從第三季的低點開始，隨著我們越來越接近商業化，支出將會增加。正如你所預料的，我目前還沒有 2026 年的展望，但你可以從我們的指導方針推斷，我們的現金儲備可以維持到 2027 年，而且我預計從現在到 2027 年底，現金儲備會穩步增長。

And William, this is Sujal, let me take the second half of your question which is the funnel. So let me first sort of describe just in a little more detail how we would expect next year to unfold. And so what we talked about on the script was that we intend to launch our early access program in the first half initially with tau and our proteoform panel with tau. And then in the second half, we'll expand that early access to include our broadscale proteomic capabilities.

威廉，我是蘇賈爾，讓我來回答你問題的後半部分，也就是漏斗。那麼，首先讓我更詳細地描述我們對明年發展的預期。因此，我們在劇本中討論的是，我們打算在上半年率先推出我們的早期訪問計劃，首先推出 tau 蛋白和 tau 蛋白異構體面板。然後，在下半年，我們將擴大早期訪問權限，納入我們廣泛的蛋白質體學能力。

And that sort of setup will lead to a launch of each of those things after that early access period, that official launch. And we continue to state that by the end of 2026, we expect a launch of our broadscale capabilities. And that early access and then launch model is a model that we'll use for subsequent proteoforms and subsequent versions of broadscale and so forth as we move beyond into future years.

這種安排將促成這些功能在早期體驗期結束後，也就是正式發布後陸續推出。我們仍然堅持認為，到 2026 年底，我們將推出大規模生產能力。這個先搶先體驗再發布模式，我們將在未來幾年內對後續的蛋白質形式、後續的大規模應用版本等都採用這種模式。

So in terms of the pipeline build, pipeline build is occurring for both of those different products and use cases, proteoform starting with tau and with broadscale. With tau, obviously, the pipeline build in earnest really just began as we released that preprint last quarter, meaning Q2 of 2025, and started to talk to partners about the capabilities of our product.

因此，就管道建置而言，管道建置正在針對這兩種不同的產品和用例進行，分別是以 tau 開始的 proteoform 和 broadscale。對於 tau 而言，顯然，真正的管道建設才剛剛開始，因為我們在上個季度（即 2025 年第二季度）發布了預印本，並開始與合作夥伴討論我們產品的功能。

And as we mentioned in the prepared remarks, we intend to at the beginning or the first half of 2026 launch early access in a funnel manner for those tau capabilities. And so with that coming, we're in the process of sort of finalizing our product verification and validation. We're in the process of talking to and building the top of the funnel for those tau capabilities.

正如我們在準備好的發言稿中所提到的，我們計劃在 2026 年初或上半年以漏斗式的方式推出這些 tau 功能的早期存取權。因此，隨著這一進程的推進，我們正在最終確定產品的驗證和確認方法。我們正在與這些 tau 能力的頂端人士進行溝通並建立管道。

And we're starting to think through the first commercial hires, which we would expect the first -- yeah, we have business development and scientific affairs types of headcount today, but we would expect that in the first quarter, we would make our first official hire on the direct sales side as well to build capacity for the tau services initially and then broadscale as we move on to the second half of the year.

我們正在開始考慮第一批商業招聘，我們預計——是的，我們目前有業務發展和科學事務方面的人員，但我們預計在第一季度，我們還將在直銷方面進行第一次正式招聘，以初步建立 tau 服務的能力，然後在下半年擴大規模。

Thank you. This concludes today's question-and-answer session and today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的問答環節和電話會議到此結束。感謝您的參與。您現在可以斷開連線了。