Nautilus Biotechnology, Inc. (NAUT) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Nautilus Biotechnology first-quarter 2026 conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Ji-Yon Yi, Investor Relations. Please go ahead.

大家好，感謝您稍候。歡迎參加 Nautilus Biotechnology 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。現在我想把會議交給今天的第一位講者，投資人關係 Ji-Yon Yi。請開始。

Thank you. Earlier today, Nautilus Biotechnology released financial results for the quarter ended March 31, 2026. 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.

謝謝。今天稍早，Nautilus Biotechnology 已公布截至 2026 年 3 月 31 日止季度的財務結果。若您尚未收到此新聞稿，或希望加入公司的發送名單，請寄電子郵件至 investorrelations@nautilus.bio。今天與我一同出席的 Nautilus 團隊成員包括共同創辦人兼執行長 Sujal Patel、共同創辦人兼首席科學家 Parag Mallick，以及財務長 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.

在開始之前，我想提醒各位，管理層在本次電話會議中將發表依據聯邦證券法所界定的前瞻性陳述。這些陳述涉及重大風險與不確定性，可能導致實際結果或事件與預期存在重大差異。

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.

有關這些風險與不確定性的更多資訊，請參閱 Nautilus 今日發布新聞稿中「前瞻性陳述」一節。除法律要求外，Nautilus 不承擔亦無意更新或修訂任何財務或產品研發管線預測或其他前瞻性陳述之義務，不論係因新資訊、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 April 28, 2026. With that, I'll turn the call over to Sujal.

本次電話會議包含具時效性的資訊，且僅以 2026 年 4 月 28 日現場直播時點為準。接下來，我把電話交給 Sujal。

Thanks, Ji-Yon, and thank you all for joining us today. Before turning to the quarter, I'd like to begin by recapping the Q1 announcements we highlighted on our last earnings call. At that time, we discussed the launch of our Iterative Mapping Early Access Program in January. The debut of the Voyager platform to the proteomics community at US Hoopoe in St. Louis, Missouri, and our announcement of a collaboration with the Michael J. Fox Foundation and Weill Cornell Medicine - Qatar to advance development of an alpha-synuclein proteoform assay for Parkinson's disease.

謝謝你，Ji-Yon，也感謝各位今天加入我們。在談本季之前，我想先回顧我們在上次財報電話會議中強調的第一季公告。當時我們討論了 1 月推出的 Iterative Mapping 早期使用計畫。Voyager 平台在密蘇里州聖路易斯的 US Hoopoe 首次向蛋白質體學社群亮相，以及我們宣布與 Michael J. Fox Foundation 與 Weill Cornell Medicine - Qatar 合作，以推進用於帕金森氏症的 alpha-synuclein 蛋白質型態（proteoform）檢測之開發。

We also highlighted our progress moving into the later stages of our broad-scale asset configuration change and our plans to make 2026 a pivotal year focused on commercialization. We also outlined a series of key milestones for 2026, including progressing early access customers into active tau services projects, expanding early access in the second-half of the year to include a second proteoform assay focused on an oncology target, introducing broad-scale capabilities into early access later in 2026, and placing Voyager instruments externally through beta deployments.

我們也強調了在大規模資產配置變更進入後期階段方面的進展，以及我們計畫讓 2026 年成為聚焦商業化的關鍵一年。我們也概述了 2026 年的一系列關鍵里程碑，包括推動早期使用客戶進入進行中的 tau 服務專案、在下半年擴大早期使用以納入第二個聚焦腫瘤學標的的蛋白質型態檢測、於 2026 年稍晚將大規模能力導入早期使用，以及透過 beta 部署將 Voyager 儀器對外放置。

We also said we expect to initiate our commercial launch in late 2026 by opening the platform for pre-orders, with customer installations beginning in early 2027. This would be followed by general availability of broad-scale capabilities in the first half of 2027.

我們也表示，預期將於 2026 年底啟動商業上市，開放平台接受預購，並於 2027 年初開始為客戶安裝。隨後，預計在 2027 年上半年提供大規模能力的一般供應（general availability）。

This quarter, I'm pleased to say we are executing well against that roadmap. Today, we'll discuss the meaningful steps we've taken toward commercialization, including building out our commercial team and growing customer engagement in the Early Access program. We'll also cover the scientific and technical progress we've made across our Iterative Mapping Assay portfolio, as well as how we continue to manage our resources prudently while investing in the opportunities ahead.

本季我很高興地表示，我們正依照該路線圖良好執行。今天我們將討論朝向商業化所採取的重要步驟，包括擴建商業團隊，以及在早期使用計畫中提升客戶互動與參與度。我們也將說明在 Iterative Mapping 檢測產品組合上的科學與技術進展，以及我們如何在投資未來機會的同時，持續審慎管理資源。

A key priority for 2026 has been building the commercial organization needed to support launch activities. During the quarter, we welcomed Amber Faust as our VP of Global Sales, and we have since hired two additional sales team members. These are experienced industry veterans, thoughtfully selected for their expertise and commitment to the field of proteomics, and we're excited about the depth of expertise they bring. With this team in place, we believe we are well-positioned to engage prospective customers ahead of our commercial launch.

2026 年的一項關鍵優先事項，是建立支援上市活動所需的商業組織。本季我們迎來 Amber Faust 擔任全球銷售副總裁，之後也再聘用兩位銷售團隊成員。他們皆為具豐富經驗的產業資深人士，因其專業與對蛋白質體學領域的投入而經審慎遴選，我們也對他們帶來的深厚專業感到振奮。在此團隊到位後，我們相信已具備良好條件，可在商業上市前與潛在客戶展開互動。

Building on the successful launch of our Iterative Mapping Early Access Program in January, we are pleased to report growing momentum in customer interest for the tau assay and for custom assay development. Inbound interest has been steady and broad-based, spanning academic centers, non-profit research institutions, and biopharma organizations.

在 1 月成功推出 Iterative Mapping 早期使用計畫的基礎上，我們很高興回報，客戶對 tau 檢測以及客製化檢測開發的興趣正持續升溫。主動洽詢的需求穩定且涵蓋面廣，遍及學術中心、非營利研究機構與生物製藥組織。

Today, we're excited to reiterate that last month, we announced our first named EAP customer, Baylor College of Medicine. Combined with our existing collaborations, we're pleased to be working with several academic institutions with deep expertise in proteomics and disease research.

今天，我們也很高興再次強調，上個月我們宣布了首位具名的 EAP 客戶——貝勒醫學院（Baylor College of Medicine）。結合我們既有的合作關係，我們很高興能與多所於蛋白質體學與疾病研究具深厚專長的學術機構合作。

This is a meaningful milestone. We believe that it reflects the excitement top-tier institutions are placing in the Voyager platform and marks an important step in translating our development progress into active, real-world scientific partnerships. While these early engagements are not intended to drive near-term revenue, they are designed to enable real biological discovery, support publications and grant applications, and ensure our workflows and data outputs align closely with customer needs.

這是一項重要的里程碑。我們相信，這反映了一流機構對 Voyager 平台的高度期待，也標誌著我們將研發進展轉化為實際、真實世界科學合作夥伴關係的重要一步。雖然這些早期合作並非旨在帶動短期營收，但其設計目的在於促成真正的生物學發現、支持論文發表與補助申請，並確保我們的工作流程與資料輸出能與客戶需求高度一致。

Importantly, we are beginning to receive requests to expand similar offerings into oncology-focused targets as well. What has been particularly encouraging is the quality of customer engagement we are observing. Researchers are increasingly recognizing how Nautilus's single-molecule analysis of proteoforms and proteomes produces unique and highly differentiated data.

同樣重要的是，我們也開始收到將類似方案擴展至腫瘤學相關標的的需求。特別令人鼓舞的是，我們觀察到的客戶互動品質。研究人員日益認知到，Nautilus 對蛋白質型態與蛋白質體進行單分子分析，能產出獨特且高度差異化的資料。

We view this data as critically important across a variety of biological questions and also as a powerful foundation for training next-generation AI models. Taken together, we believe these developments represent meaningful steps towards commercialization and reinforce our confidence that we have a highly differentiated platform and are addressing important unmet needs in the market.

我們認為，這些資料對各式各樣的生物學問題至關重要，同時也是訓練下一代 AI 模型的強大基礎。綜合而言，我們相信這些進展代表朝向商業化的實質步伐，並強化我們的信心：我們擁有高度差異化的平台，且正在滿足市場上重要且未被滿足的需求。

On the technology front, we continue to make progress advancing the core Voyager platform, designed to execute a diverse family of iterative mapping-based assays. On the targeted proteoform assay front, we move forward with our oncology proteoform target down selection process, narrowing our focus to the highest priority candidates for our next early access program expansion. On the broad scale front, we continue to advance our assay configuration changes and improve assay performance.

在技術方面，我們持續推進核心 Voyager 平台的發展，該平台旨在執行多元的、以迭代式映射為基礎的檢測家族。在標的型蛋白質型態檢測方面，我們持續推進腫瘤學蛋白質型態標的的篩選縮減流程，將焦點收斂至下一次早期使用計畫擴展中最優先的候選項目。在大規模方面，我們持續推進檢測配置變更並提升檢測效能。

Parag will walk through these technical updates in more depth. With that, I'll turn the call over to Parag.

Parag 將更深入說明這些技術更新。接下來，我把電話交給 Parag。

Thanks, Sujal. Overall, Q1 was a productive quarter for our product and scientific teams. From the Voyager platform development perspective, we made meaningful progress across our assay portfolio. In addition, we gained greater clarity on the remaining work required to reach our next assay development milestones. Critically, we are also increasingly applying the platform to generate biological insights not accessible to existing proteomics technologies, which drives enthusiasm and engagement from the scientific community.

謝謝你，Sujal。整體而言，第一季對我們的產品與科學團隊而言是富有成效的一季。從 Voyager 平台開發的角度來看，我們在整個檢測（assay）產品組合上都取得了實質進展。此外，我們也更清楚了解為達成下一個檢測開發里程碑所需完成的剩餘工作。關鍵的是，我們也日益將該平台用於產生現有蛋白質體學技術無法取得的生物學洞見，這也帶動科學界的熱情與參與。

In addition to our ongoing platform and assay development activities, we continue to advance exciting studies with our collaborators. These studies highlight the unique insights enabled by iterative mapping and by the Voyager platform.

除了持續進行平台與檢測開發活動外，我們也持續推進與合作夥伴共同進行的令人振奮的研究。這些研究凸顯了反覆式映射（iterative mapping）以及 Voyager 平台所能帶來的獨特洞見。

During Q1, we continued supporting the Buck Institute for Research on Aging and Allen Institute for Brain Science as they advance findings toward publication. We believe that these projects have generated the most extensive and quantitative view of the tau proteoform landscape to date. These studies now span multiple genetic risk factors, brain regions, and disease severities, clearly demonstrating that iterative mapping can reveal biology beyond the reach of conventional proteomics.

在第一季期間，我們持續支援 Buck 老化研究所（Buck Institute for Research on Aging）與 Allen 腦科學研究所（Allen Institute for Brain Science），協助他們推進研究成果以投稿發表。我們相信，這些專案迄今已產生對 tau 蛋白型態（proteoform）全貌最廣泛且最具定量性的觀察。這些研究目前涵蓋多種遺傳風險因子、腦區與疾病嚴重程度，清楚證明反覆式映射能揭示傳統蛋白質體學所難以觸及的生物學。

Taken together, these studies show that our data is not only technically robust, but biologically meaningful. We believe this new class of proteoform-level information can deepen understanding of disease mechanisms, uncover novel therapeutic targets, and enable more precise biomarkers, ultimately helping improve drug discovery and development.

綜合而言，這些研究顯示我們的數據不僅在技術上穩健，也具有生物學意義。我們相信，這一新類型的蛋白型態層級資訊能加深對疾病機制的理解、發掘新的治療標的，並實現更精準的生物標記，最終有助於改善藥物探索與開發。

Among the most exciting results were findings from the Buck Institute performed with the alpha instrument at their site. They specifically examined the relationship between the gene APOE, which is strongly associated with risk of early onset Alzheimer's disease, and proteoforms of tau. The specific linkage between APOE and tau was previously intractable to study.

最令人振奮的結果之一，是 Buck 研究所在其場址使用 alpha 儀器所完成的發現。他們特別檢視基因 APOE（與早發型阿茲海默症風險高度相關）與 tau 的蛋白型態之間的關係。過去 APOE 與 tau 之間的特定連結一直難以研究。

The Buck Institute's data revealed, for the first time, distinctive proteoform distributions associated with APOE mutations. We look forward to them sharing their findings in a forthcoming manuscript submission. Progress on proteoform assays was strong in Q1.

Buck 研究所的數據首次揭示了與 APOE 突變相關的獨特蛋白型態分佈。我們期待他們在即將提交的論文中分享這些發現。第一季在蛋白型態檢測方面的進展也相當強勁。

During the quarter, we formalized our service lab capability to process customer samples, an important operational milestone as we support the Iterative Mapping Early Access Program. Underpinning this milestone, we completed a formal verification and validation study of the service lab and also standardized our customer-facing data and results packages so that researchers receive consistent publication quality outputs.

本季期間，我們正式建立服務實驗室（service lab）處理客戶樣本的能力，這是支援「反覆式映射早期存取計畫」（Iterative Mapping Early Access Program）的一項重要營運里程碑。為支撐此里程碑，我們完成了服務實驗室的正式驗證與確認（verification and validation）研究，並將面向客戶的數據與結果交付套件標準化，使研究人員能收到一致且具發表品質的輸出。

The assay, as performed within our surface lab, passed verification, demonstrating that it met our requirements for accuracy, dynamic range, reproducibility, and stability. We look forward to sharing initial biological findings from our early access program engagements in future quarters.

該檢測在我們的 surface lab 內執行並通過驗證，證明其符合我們對準確度、動態範圍、再現性與穩定性的要求。我們期待在未來季度分享早期存取計畫合作中取得的初步生物學發現。

In parallel, we advanced our alpha-synuclein proteoform program under the Michael J. Fox Foundation-funded collaboration with Weill Cornell Medicine - Qatar. During Q1, we made early progress on assay development using commercially available affinity reagents.

同時，我們也在 Michael J. Fox 基金會資助、與威爾康乃爾醫學院—卡達（Weill Cornell Medicine - Qatar）合作的專案下，推進 α-突觸核蛋白（alpha-synuclein）蛋白型態計畫。第一季期間，我們使用市售親和性試劑（affinity reagents）在檢測開發上取得初步進展。

Although custom reagent development from our Weill Cornell collaborators experienced delays related to the ongoing conflict in the Middle East, we progressed the assay with commercially available reagents and will incorporate collaborator-developed reagents as they become available. Despite this timing shift, the program is on track scientifically, and we view this collaboration as an important opportunity to further demonstrate the breadth of iterative mapping beyond tau.

儘管我們威爾康乃爾合作夥伴的客製化試劑開發因中東持續衝突而出現延遲，我們仍以市售試劑推進檢測，並將在合作夥伴開發的試劑可用時納入。儘管時程有所調整，該計畫在科學上仍按軌道推進；我們也將此合作視為一項重要機會，以進一步證明反覆式映射在 tau 之外的廣泛適用性。

While much of our current momentum is in neurodegeneration, it's important to emphasize that iterative mapping is a highly general approach and not limited to neuroscience. We see meaningful long-term potential across oncology, immunology, cardiology, and beyond.

雖然我們目前多數動能集中在神經退化領域，但必須強調反覆式映射是一種高度通用的方法，並不局限於神經科學。我們在腫瘤學、免疫學、心臟病學等領域及其他方向，都看見具意義的長期潛力。

In Q1, we made meaningful progress on our oncology proteoform down selection process. After evaluating multiple candidate proteins across key oncology indications, we have narrowed our focus to a prioritized set of targets that we believe offer the strongest combination of biological relevance, assay feasibility, and customer interest.

第一季，我們在腫瘤學蛋白型態的篩選縮小（down selection）流程上取得實質進展。在評估多個關鍵腫瘤適應症中的候選蛋白後，我們已將重點收斂至一組優先標的；我們相信這些標的在生物學相關性、檢測可行性與客戶興趣之間具備最強的綜合表現。

Examples of proteins we are examining for developing proteoform amidase include EGFR, AKT1, and p53. Proteins like these have been prioritized from a larger field of candidates because they represent a wide spectrum of proteoform complexity that is clearly connected to disease processes of interest in pharma and across biomedical research. Critically, they are among the most clinically relevant signaling proteins in cancer biology.

我們正在評估、用於開發蛋白型態 amidase 的蛋白例子包括 EGFR、AKT1 與 p53。之所以從更大的候選範圍中優先選出這類蛋白，是因為它們代表了廣泛的蛋白型態複雜度光譜，且與製藥產業及生物醫學研究關注的疾病過程有明確連結。關鍵的是，它們也是癌症生物學中臨床相關性最高的訊號傳導蛋白之一。

EGFR is a well-validated oncology target with numerous approved therapies and known resistance-driving proteoforms. AKT1 sits at the nexus of the PI3 kinase mTOR pathway and is implicated in a broad range of tumor types with multiple emerging therapeutics. And p53 is the most frequently mutated gene in human cancer. Across each of these targets, proteoform-level resolution is essential to developing next-generation therapies, targeting and optimizing existing therapies, and generally accelerating drug development pipelines.

EGFR 是經充分驗證的腫瘤學標的，已有多項核准療法，且存在已知會驅動抗藥性的蛋白型態。AKT1 位於 PI3 激酶—mTOR 路徑的樞紐位置，牽涉多種腫瘤類型，並有多項新興療法正在發展。而 p53 是人類癌症中最常發生突變的基因。在這些標的上，蛋白型態層級的解析度對於開發下一代療法、鎖定並優化既有療法，以及整體加速藥物開發管線都至關重要。

Given our progress in Q1, we believe we are on target for having one oncology-focused proteoform assay enter early access in the second-half of 2026, consistent with the timeline we have communicated. We believe oncology represents a compelling next market opportunity, providing access to a broader customer base while also aligning well with the capabilities of the Voyager platform to deliver proteoform-level resolution and highly reproducible measurement in complex biological systems.

基於第一季的進展，我們相信可如期在 2026 年下半年讓一項以腫瘤學為重點的蛋白型態檢測進入早期存取，符合我們先前對外溝通的時程。我們認為腫瘤學代表一個極具吸引力的下一個市場機會，既能觸及更廣泛的客戶群，也與 Voyager 平台在複雜生物系統中提供蛋白型態層級解析度與高度可重現量測的能力高度契合。

In summary, we have made significant progress on both transitioning our existing iterative mapping-based proteoform assay to a commercial offering and expanding the portfolio.

總結而言，我們在兩方面都取得顯著進展：一是將既有、以反覆式映射為基礎的蛋白型態檢測轉型為商業化產品；二是擴充產品組合。

This quarter also saw good progress on advancing our iterative mapping assay for broad-scale proteome analysis. As a reminder, the core components of the Voyager platform are assay agnostic, relying upon the same instrument and software stack. The primary differences between the assays are in the consumables.

本季在推進我們用於大規模蛋白質體分析的反覆式映射檢測方面也取得良好進展。提醒一下，Voyager 平台的核心組件與檢測無關（assay agnostic），依賴相同的儀器與軟體堆疊。不同檢測之間的主要差異在於耗材。

Consequently, advances in the maturity of targeted proteoform assays carry over to supporting broad-scale assays. This quarter, we saw advances in key components of our broad-scale assay configuration, including in our flow cells, surface chemistry, and computational models, that are expected to form the basis of our launch configuration.

因此，標靶蛋白型態檢測成熟度的提升，也會延伸支援大規模檢測。本季我們在大規模檢測配置的關鍵組件上取得進展，包括流動槽（flow cells）、表面化學，以及計算模型；預期這些將構成我們上市配置的基礎。

We have seen performance improvements with each iteration, and side-by-side comparisons of our new assay configuration versus the prior configuration show meaningful gains in critical areas, including our ability to increase the percentage of our affinity reagent catalog that is compatible with our assay configuration.

我們在每次迭代中都看到效能改善；將新檢測配置與先前配置進行並排比較，顯示在多個關鍵領域取得實質提升，包括提升我們親和性試劑目錄中可與該檢測配置相容的比例。

In previous quarters, we had mentioned that we were concurrently iterating our assay configuration alongside testing a large portion of our affinity reagent catalog on new configurations towards the goal of increasing the percentage of our catalog that is compatible with our assay configuration. Concretely, our current catalog consists of thousands of probes that have been shown to bind to trimer epitope targets.

在先前季度，我們曾提到我們一方面迭代檢測配置，一方面在新配置上測試我們親和性試劑目錄中的很大一部分，目標是提高目錄中與檢測配置相容的比例。具體而言，我們目前的目錄包含數千種探針，已證實可與三聚體表位（trimer epitope）標的結合。

However, this is the first step in a rigorous characterization process that includes verifying probes bind in a given assay configuration with strong differentiation between on-target and off-target binding in a single molecule context. In addition, extensive profiling is performed to define models for which epitopes each probe recognizes. We require each of these criteria to declare a probe to be assay compatible.

然而，這只是嚴謹特性鑑定流程的第一步；該流程包括在特定檢測配置下驗證探針的結合情形，並在單分子情境中，能夠強力區分目標內（on-target）與非目標（off-target）結合。此外，我們也會進行廣泛的剖析，以建立模型來界定每一支探針所辨識的表位（epitope）。我們要求滿足上述每一項標準，才會宣告某支探針與該檢測相容。

In Q1, we nearly tripled the number of probes that have been qualified as compatible. The major driver of this increase has been the newer assay configurations and our work testing a larger portion of the catalog through these configurations.

在第一季（Q1），我們幾乎將已被認定為相容的探針數量增加到接近三倍。推動此一增加的主要因素，是較新的檢測配置，以及我們透過這些配置測試了目錄中更大比例的產品。

Outside of these studies, we also achieved our largest number of high-cycle D-CODE experiments to date. Furthermore, we have been continually stepping up the complexity of our sample inputs and are now routinely including lysate mixtures and full lysates in our large-scale experiments. Additionally, we are now actively developing a validation pipeline for single-molecule identifications, an important commitment to scientific rigor.

除上述研究之外，我們也達成了迄今為止最多的高循環（high-cycle）D-CODE 實驗數量。此外，我們持續提高樣本輸入的複雜度，現在在大型實驗中已例行性納入裂解液混合物與完整裂解液。另外，我們也正積極開發用於單分子鑑定的驗證流程，這是對科學嚴謹性的重要承諾。

Because the Voyager platform may identify proteins at levels not previously observable, we are focused on ensuring we have robust methods to validate those identifications and benchmark them against orthogonal analysis methods. We expect to provide further updates as this work progresses through the year.

由於 Voyager 平台可能在過去無法觀測到的層級辨識蛋白質，我們專注於確保具備穩健的方法來驗證這些鑑定結果，並以正交（orthogonal）分析方法作為基準進行比對。隨著今年工作推進，我們預期將提供更多更新。

Overall, we believe the progress this quarter reflects maturation of the Voyager platform across both commercial-ready targeted applications and next-generation broad-scale capabilities.

整體而言，我們認為本季的進展反映出 Voyager 平台在商業就緒的目標式應用，以及下一代廣域能力兩方面皆日趨成熟。

With that, I'll turn the call over to Anna to review our financials.

接下來，我把電話交給 Anna，請她回顧我們的財務狀況。

Thanks, Parag. Turning to our financial update, we continue to demonstrate prudent management of both operating expenses and cash, and we remain on track or better against the full-year guidance we previously provided. Total operating expenses were $16.1 million for the first quarter of 2026, a decrease of 14% from the prior-year period.

謝謝你，Parag。接著進入財務更新，我們持續展現對營運費用與現金的審慎管理，並且仍符合或優於我們先前提供的全年指引。2026 年第一季總營運費用為 1,610 萬美元，較去年同期下降 14%。

Research and development expenses were $9.7 million for the first quarter of 2026, a decrease of 16% from the prior-year period. This decrease was driven primarily by a $1.0 million decrease in salaries and related benefits related to the reduction in force implemented in the first quarter of 2025, with the remaining portion coming from reduced development costs, lower facilities costs, and lower stock compensation expense.

2026 年第一季研發費用為 970 萬美元，較去年同期下降 16%。此一下降主要來自於 2025 年第一季實施裁員所帶來的薪資及相關福利減少 100 萬美元，其餘則來自開發成本降低、設施成本降低，以及股權薪酬費用降低。

General and administrative expenses were $6.4 million for the first quarter of 2026, a decrease of 12% from the prior year period. The decrease was primarily due to a $0.6 million decrease in stock-based compensation expense, along with a $0.3 million decrease in salaries and related benefits.

2026 年第一季一般及行政費用為 640 萬美元，較去年同期下降 12%。下降主要是因股權基礎薪酬費用減少 60 萬美元，並且薪資及相關福利減少 30 萬美元。

We ended the first quarter of 2026 with $143.4 million in cash, cash equivalents and investments. Cash burning Q1 2026 was $12.8 million, which benefited from lower spend overall, and $1.1 million in cash generated from stock option exercises. Based on our current trajectory, we still believe our financial plan supports a cash runway that extends through 2027.

截至 2026 年第一季末，我們持有的現金、約當現金及投資為 1.434 億美元。2026 年第一季現金消耗為 1,280 萬美元，受惠於整體支出降低，以及股票選擇權行使所產生的 110 萬美元現金流入。依據我們目前的走勢，我們仍相信財務規劃可支持現金跑道延伸至 2027 年。

With respect to revenue, recognition associated with the Michael J. Fox Foundation grant has moved more slowly than originally anticipated due to delays related to the ongoing conflict in the Middle East. However, we continue to expect approximately $0.5 million in total revenue for the year, with the greater portion now shifting into later quarters. Overall, we remain confident in our financial plan and believe our capital position supports execution against our strategic milestones.

就營收而言，與 Michael J. Fox Foundation 補助金相關的收入認列進度較原先預期更慢，原因是中東持續衝突所造成的延遲。然而，我們仍預期全年總營收約為 50 萬美元，只是較大部分將延後至後續季度認列。整體而言，我們對財務規劃仍具信心，並相信我們的資本部位足以支持策略里程碑的執行。

Back to you, Sujal.

交還給你，Sujal。

Thanks, Anna. To close, this quarter represented another period of solid execution against the plan we laid out for 2026. We're making meaningful progress toward commercial launch through the build-out of our commercial team, growing our Iterative Mapping Early Access Program customer engagement, and improving market awareness.

謝謝你，Anna。總結來說，本季再次展現我們對 2026 年所制定計畫的穩健執行。我們正透過擴建商務團隊、提升 Iterative Mapping Early Access Program 的客戶互動，以及強化市場能見度，朝商業上市邁進並取得實質進展。

At the same time, we are advancing the Voyager platform performance overall, improving the science behind both our targeted and broad-scale offerings, and expanding the proteoform portfolio into additional disease areas such as oncology. We remain focused on the milestones we previously described for 2026 and believe the work completed this quarter keeps us on a strong path toward launch readiness.

同時，我們也在整體上推進 Voyager 平台的效能，強化目標式與廣域產品背後的科學基礎，並將 proteoform 產品組合擴展至腫瘤學等更多疾病領域。我們仍聚焦於先前所描述的 2026 年里程碑，並相信本季完成的工作使我們持續走在通往上市就緒的強勁軌道上。

I'm proud of what the team has accomplished and grateful to our collaborators, customers, and shareholders for their ongoing support. Thank you for joining us today. With that, we'll be happy to take your questions. Operator.

我為團隊的成果感到自豪，也感謝我們的合作夥伴、客戶與股東持續的支持。感謝各位今天加入我們。接下來，我們很樂意回答各位的問題。接線員。

(Operator Instructions) Subbu Nambi, Guggenheim.

(接線員指示) Subbu Nambi，Guggenheim。

My first question is, how many customers are actively submitting samples through tau early access today, and what's the sample throughput being left?

我的第一個問題是，目前有多少客戶正透過 tau 的早期使用（early access）提交樣本？以及目前的樣本處理量（throughput）大概是多少？

Good morning, Subbu. This is Sujal. So to answer your question, so the only launch EAP customer that we've announced so far is Baylor College of Medicine, but the EAP pipeline, the service offering, is being used for a number of collaborator samples.

早安，Subbu。我是 Sujal。回答你的問題：目前我們唯一對外宣布的上市 EAP 客戶是貝勒醫學院（Baylor College of Medicine），但 EAP 的管線與服務方案也正被用於多位合作夥伴的樣本。

And Parag can comment on a few of those names that he had mentioned in the prepared remarks.

Parag 可以就他在事先準備的講稿中提到的幾個名稱補充說明。

Absolutely. So I think amongst continued work with the Allen Institute, the Neural Stem Cell Institute, and others are actively ongoing.

當然可以。我想我們與 Allen Institute、Neural Stem Cell Institute 等機構的持續合作都在積極進行中。

Beyond Buck, Allen, and Baylor, how many active engagements do you have in the pipeline right now? You mentioned you have exposure or interest from both academic, non-profit, and pharma, but I was just wondering about the mix there.

除了 Buck、Allen 和 Baylor 之外，你們目前在管線中還有多少個正在進行的合作洽談？你提到學術界、非營利與製藥端都有接觸或興趣，我想了解目前的組合分布。

Yeah, what I would say is that -- so one, it's important to recognize that Amber Faust, our VP of Global Sales, just joined us, I think, just about two months ago here. And we have two additional members in the sales organization, so a team of three. That team came together last Monday and yesterday. And so it's still very early in the development of our commercial sales organization, but we're really excited to have what we consider to be a full team right now.

是的，我會這麼說——首先，很重要的一點是，我們全球銷售副總裁 Amber Faust 大約在兩個月前才加入。而我們在銷售組織中另有兩位成員，因此目前團隊共三人。這個團隊在上週一與昨天才剛聚在一起。因此，我們的商業銷售組織仍處於非常早期的建置階段，但我們很興奮，因為我們認為目前已是一個完整的團隊。

As we are beginning to prospect for customers for the tau early access program and as well starting to build the early pipeline for our oncology targets. The sales cycles are a little bit different between academic and pharma. We've got a few very engaged on the academic side that are very interested in moving forward on the tau side of things.

隨著我們開始為 tau 早期使用計畫開發潛在客戶，同時也開始為腫瘤學目標建立早期管線。學術端與製藥端的銷售週期略有不同。在學術端，我們已有幾個高度投入的對象，對於在 tau 方面推進非常有興趣。

And we're just starting to see some really interesting and compelling activity from pharma. And we're looking forward to the sales team that's just been hired to pick up those engagements and start to build that pipeline further as we move through the year with tau early access and as we enter early access for our oncology proteoform in the second-half of the year.

而且我們才剛開始看到來自製藥端一些非常有趣且具吸引力的活動。我們也期待剛聘用的銷售團隊能接手這些互動、開始進一步建立商機管線，隨著今年在 tau 早期使用（early access）推進，以及我們在下半年進入腫瘤學 proteoform 的早期使用。

And I know this is all early, but we're just trying to get a sense of early engagement. My last question, when a pharma company evaluates the Nautilus technology, what's the typical diligence process look like? Are they asking for a head-to-head comparison against any existing solution or are they evaluating this as a net new capability?

我知道這一切都還很早，但我們只是想掌握早期互動的概況。我最後一個問題是，當一家製藥公司評估 Nautilus 技術時，典型的盡職調查流程大概是什麼樣子？他們會要求與任何既有解決方案做正面對比（head-to-head comparison），還是把這視為一項全新的能力來評估？

Yeah. Parag, do you want to take this one and then I can add some color?

是的。Parag，你要不要先回答這題，然後我再補充一些說明？

Absolutely. I think one of the things that we're seeing very clearly is that it's incredibly apparent to people that our platform is hugely differentiated relative to existing platforms, both mass spectrometry and typical affinity-based platforms.

當然。我認為我們非常清楚看到的一點是，對大家而言，我們的平台相較於既有平台（包括質譜以及典型的親和力為基礎的平台）具有極其明顯的高度差異化。

And so oftentimes, the conversations really are about the diligence is them looking through our submitted manuscripts, asking us many technical questions, really digging into how the technology works and the data that we've generated so far. There is significantly less interest in head-to-heads, I would say, because it's clear that the data that we generate is very different than the data that comes out of existing platforms.

因此很多時候，對話其實是圍繞在他們的盡職調查：他們會審閱我們提交的手稿，向我們提出許多技術問題，深入了解技術如何運作，以及我們迄今產生的數據。我會說，對 head-to-head 的興趣明顯較低，因為很清楚我們產生的數據與既有平台產出的數據非常不同。

Yeah. And this is Sujal, just to add one comment, put a fine point on this. I think having been at US Hoopoe myself in the last quarter and talking to a lot of prospective customers and KOLs, I think that the thing that's most exciting for the folks that I talk to is that the data that we generate with this tau proteoform assay and that we will generate with our future proteoform assays is data that isn't reasonably collectible with any other method on the planet. There's no other way to gather this data.

是的。我是 Sujal，補充一點，讓這點更明確。我自己在上一季也去過 US Hoopoe，和許多潛在客戶與關鍵意見領袖（KOL）交流；我認為讓我所接觸的人最興奮的是，我們用這個 tau proteoform 檢測所產生的數據，以及未來 proteoform 檢測將產生的數據，是用地球上任何其他方法都無法合理收集到的數據。沒有其他方式可以取得這些數據。

And so what that gives us is it gives us a very unique conversation and a very powerful conversation to have with the customer, which is very different from other newer entrants in the DX and tools space where they come in with technology that might be cheaper, it might be higher performing. This is net new biological insight that the world hasn't seen that increasingly, as we look at our collaborators' work, seems to be incredibly relevant to disease pathology and incredibly relevant to human health.

因此，這讓我們能與客戶進行非常獨特、也非常有力的對話；這與其他在診斷（DX）與工具領域的新進者很不一樣，他們帶來的技術可能更便宜、可能效能更高。這是全新的生物學洞見，是世界以前未曾見過的；而且隨著我們檢視合作夥伴的研究工作，這些洞見似乎與疾病病理高度相關，也與人類健康高度相關。

Dan Brennan, TD Cowen.

Dan Brennan，TD Cowen。

This is Kyle for Dan. I just want to start maybe on the oncology side, I guess, what's the reception been so far on oncology samples? And is Baylor ready to run them on site?

我是 Kyle，代 Dan 提問。我想先從腫瘤學這邊開始，目前對腫瘤樣本的反應如何？另外，Baylor 是否已準備好在現場（on site）進行運行？

Great. Well, so -- as I kind of mentioned, the reception from potential customers to the EAP program's capabilities, tau assay capabilities has been really incredible. If you'll recall, today we have a tau services offering, that means customer sends us a sample, we analyze it in our facility, and we send back a standardized report package to the customer.

好的。嗯——如我先前提到的，潛在客戶對 EAP 計畫能力、以及 tau 檢測能力的反應非常熱烈。如果你還記得，我們目前提供 tau 服務：也就是客戶把樣本寄給我們，我們在自家設施分析，然後回傳一份標準化的報告套件給客戶。

And as Parag mentioned in the prepared remarks, that is the service offering that has now fully completed verification and validation, and the first set of official EAP customer samples that'll go through, i.e., not including our collaborators, which are already going through, will be the Baylor College of Medicine, which will happen shortly.

如 Parag 在事先準備的發言中提到，這項服務目前已完成驗證（verification）與確效（validation）。

You'll also recall, not from this earnings call, but from previous ones, that we have one alpha unit that's been in the field for approximately a year, maybe a little bit over a year. That alpha unit is physically in the lab at the Buck Institute for Research on Aging. And so when the Buck generates data, the Buck is generating on their own instrument, all of the other engagements for early access will be through our service offering until we reach the second-half of the year where we do expect in late Q3 and Q4 to begin placing a few beta units with additional customers to prove out the on-site capabilities, the kits, the shipping and work through final bits of feedback ahead of a planned commercial launch as we hit the end of the year with first instrument availability and shipping in the beginning of next year.

你也會記得——不是從這次財報電話會議，而是從之前的會議——我們有一台 alpha 單位已在外部場域運行約一年，可能略超過一年。那台 alpha 單位實體放置在 Buck Institute for Research on Aging 的實驗室。因此當 Buck 產生數據時，是在他們自己的儀器上產生的；而其他所有早期使用的互動，在我們進入下半年之前都會透過我們的服務提供方式進行。到了下半年，我們預期在第三季末與第四季開始，會在更多客戶端放置少數 beta 單位，以驗證現場能力、試劑盒、運輸流程，並在計畫中的商業化上市前完成最後的回饋修正；我們預計在年底達到首批儀器可供出貨，並在明年年初開始供貨與出貨。

Got it. And then maybe just on the broad-scale assay configuration. It sounds like it's progressing well there, but are there any technical hurdles that you still have to overcome before it's ready for launch?

了解。那再問一下大規模（broad-scale）的檢測配置。聽起來進展得很順利，但在準備上市之前，是否仍有任何技術障礙需要克服？

Maybe I'll take this one, Dan. I think as we've messaged and you're correct in your assessment, we have definitely made tremendous progress on that assay configuration and the set of iterations of configurations that we've been working through. In addition, we've made tremendous progress on characterizing the library and how it is performant in these iterations of the configuration.

Dan，這題我來回答。我認為如我們一直以來所傳達的，你的判斷沒錯：我們在該檢測配置以及我們一直在推進的一系列配置迭代上，確實取得了巨大的進展。此外，我們在表徵（characterizing）資料庫（library）以及其在這些配置迭代中的表現（performance）方面，也取得了很大的進展。

In terms of technical work, I think as we went through with the tau service offering, once we had the assay up and running and stable and we're very happy with its performance, we then went through an incredibly rigorous verification and validation process as well. And so as we look forward, that's really the work that we're looking forward to is getting to a place where we are happy with the performance characteristics of the assay and then have done the full suite of verification and validation before we place it in customers' hands.

就技術工作而言，我認為在 tau 服務推出的過程中，一旦檢測建立並運行穩定、且我們對其表現非常滿意之後，我們也進行了極其嚴格的驗證（verification）與確效（validation）流程。因此展望未來，我們真正要做的工作，是讓檢測的效能特性達到我們滿意的水準，並在交到客戶手上之前完成全套的驗證與確效。

Thank you very much. This concludes our question-and-answer session. At this time, thank you for your participation in today's conference, and this does conclude our program. You may now disconnect.

非常感謝。問答環節到此結束。此刻，感謝各位參與今天的會議，本次議程也到此結束。各位現在可以斷線。