Nautilus Biotechnology, Inc. (NASDAQ:NAUT) Q4 2023 Earnings Call Transcript

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Dan Brennan: Got it. And so you’re basically saying if it’s 500 or 1,000 to 2,000, just the fact you do 500 consistently reproducibility, you hit the metrics you want. That will be like a clear bar like because that was one of the follow-up questions like where are you on this progress to validate the threshold if it’s 500 to 1,000, 2,000. So just kind of within that context, it’s — I guess the number of proteins isn’t as critical or just getting to 500 is what’s important?

Sujal Patel: That’s right. So if you think about what we have done kind of in the last few years here, that we’ve been public and been updating Wall street, we’ve spent a lot of time refining our affinity reagent development, qualification and screening processes, as well as scaling those up. And just in the last four or five quarters, we’ve doubled the topple funnel of our capabilities with respect to reagent development twice. So we enter the year with a significant amount of bandwidth to be able to build affinity reagents, and we continue to scale up the qualification and screening side of things. And so as all of that stuff is becoming qualified, getting into our assay, going through testing, we are going through the process of understanding exactly what those affinity reagents bind to and how they perform in our assay, we’re getting rid of the ones that aren’t qualified for our platform.

As that process happens, we’ll start to see an increasing number of proteins coming out of a decode of a complex sample like cell lysate. Now, by the time that we’re showing you 500, there’s going to be a big pipeline of more reagents behind it that are going to go and take that number from 500 to 750 to 1000 to 5000 and so forth. And if you’ll recall, we’ve always shown a chart, and there’s an updated one, which is in our slide deck that is on our investor relations part of our website. We’ve always shown a chart that shows that there’s an exponential relationship between the number of probes that we have and the number of proteins that we can detect and quantify in a complex biological sample. And so unlike a traditional assay where I have five antibodies, I see five things.

I have 10 antibodies, I see 10 things for us. By the time that I come to you with 500, the majority, the vast majority of the work in the assay has been done and most of the affinity reagents have been built.

Dan Brennan: Got it. And then maybe final one. So the early access would be so ’24 there will be early access. I’m sorry, I know you talked about it in the prepared remarks, but just in terms — can you just clarify or just kind of reiterate kind of the time line ahead of the actual commercial launch what we should expect? Thank you.

Sujal Patel: Yeah. What we said in our prepared remarks and in responses to questions here this morning, we’ve said that we anticipate our full commercial launch in 2025. That means shipping our instrument reagents and software prior to that ship date, call it approximately six, seven, eight months, will be an early access period. And that early access period will be a model where we’re analyzing customer samples in our facility. We’re sending them the results. The goals there are not just to generate data that we can publish, that we can show to the scientific community to build momentum, but just as importantly, to start to focus on the early pipeline building activities and sales activities that get preorders built for the platform when it comes out in 2025.

We don’t currently have any more specificity on the date of the start of that early access program. But based on the launch timeline, you kind of back up from that six, seven, eight months, and that’s when we’ll be running the early access program and the launch of that program, meaning when we tell customers we’re ready to start taking orders for early access, will precede that by a few months.

Dan Brennan: Terrific. Thanks a lot.

Operator: And I’m showing no further questions at this time. This concludes today’s conference call. Thank you for participating. You may now disconnect.

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