Kyle

Kyle, on behalf of Dan Brennan from TD Cowen, asked about anticipated revenue contributions from the early access program and commercial launch in 2026, specifically addressing the Street's modeling, and inquired about any new pricing details for the Voyager instrument. Kyle also sought more color on the early access program's progress, customer feedback, and the current status of the sales funnel ahead of the commercial launch.

Answer

Anna Mowry, CFO, clarified that 2026 revenue would primarily come from a portion of the Michael J. Fox grant funding and modest services revenue from a handful of early access customers, targeting around half a million dollars, with the main instrument-tied revenue ramp expected in 2027. She stated no new pricing details for the Voyager instrument were available. Sujal Patel, Co-founder and CEO, explained that the early launch of the Early Access Program was driven by strong data quality and customer excitement, noting that the company currently has zero sales capacity and will begin building a targeted sales team this quarter. Parag Mallick, Co-founder and Chief Scientist, highlighted positive feedback from the US HUPO meeting, particularly regarding Birgit Schilling's presentation on tau phosphorylation linked to APOE genotypes and Alzheimer's disease, emphasizing the platform's ability to reveal previously unseen biological insights.

Kyle, on behalf of Dan Brennan from TD Cowen, first inquired about the anticipated revenue contribution from the commercial launch later in 2026, given the modest services revenue expected from early access, and sought an update on the pricing strategy for the Voyager instrument. He then asked for more details on the progress of the early access program, including customer feedback, and how the sales funnel is developing in preparation for the commercial launch.

Answer

CFO Anna Mowry clarified that 2026 revenue would primarily come from a portion of the Michael J. Fox Foundation grant funding and modest services revenue from a handful of early access customers, targeting approximately $0.5 million for the year, with the main instrument-tied revenue ramp expected in 2027. She stated there were no new updates on Voyager instrument pricing. Co-founder and CEO Sujal Patel explained that the early launch of the Early Access Program was driven by strong data quality and customer excitement, noting that Nautilus currently has no sales capacity and will begin building a targeted sales team this quarter to develop the funnel. Co-founder and Chief Scientist Parag Mallick elaborated on positive customer feedback from the US HUPO meeting, particularly regarding Birgit Schilling's presentation on tau proteoform data linking APOE genotypes to phosphorylation changes, highlighting the tool's ability to reveal previously unseen biological insights.

Kyle asked about the risk of elevated cancellations of older, not-yet-started studies persisting throughout 2026, and requested an update on BARDA-funded COVID-related trials.

Answer

CFO Nigel Clerkin noted that COVID-related revenue is 1-2% on a full-year basis, with little 'cliff to fall off.' CEO Barry Balfe stated that while a risk of persistence exists, it's unlikely. He believes the current elevated cancellations are consequences of the past couple of years' turmoil (funding, LOE, science follow-through) and anticipates a return to more normalized levels in 2026, though not necessarily linearly from January 1.

Kyle asked about the risk of elevated cancellations persisting throughout 2026 and requested an update on BARDA-funded COVID-related trials.

Answer

CFO Nigel Clerkin and VP of Investor Relations Kate Haven noted that COVID-related revenue is 1-2% on a full-year basis, with little risk of a significant drop. CEO Barry Balfe stated that while a risk of elevated cancellations persisting in 2026 cannot be entirely ruled out, it's unlikely. He believes the company is seeing the consequences of past years' turmoil and expects a return to more normalized cancellation levels, though not necessarily linearly from January 1.