Nautilus Biotechnology, Inc. (NAUT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de biotecnología en rápida evolución, Nautilus Biotechnology, Inc. (NAUT) surge como un innovador innovador, revolucionando nuestra comprensión de las proteínas a través de su plataforma de análisis de una sola molécula de vanguardia. Al unir tecnologías computacionales avanzadas con capacidades de detección molecular sin precedentes, esta empresa pionera está preparada para transformar la medicina de precisión, el descubrimiento de fármacos y la investigación científica, ofreciendo a los investigadores y a las organizaciones farmacéuticas un conjunto de herramientas transformador que promete desbloquear perspicaces más profundos en el mundo complejo de las interacciones proteicas y dinámica.

Nautilus Biotechnology, Inc. (NAUT) - Modelo de negocios: asociaciones clave

Colaboración estratégica con instituciones de investigación académica

A partir de 2024, Nautilus Biotechnology ha establecido asociaciones con las siguientes instituciones académicas:

Institución	Enfoque de colaboración	Año de asociación
Universidad de Stanford	Investigación proteómica	2022
MIT	Tecnologías de análisis molecular	2023

Asociación tecnológica con fabricantes de equipos de espectrometría de masas

Nautilus ha desarrollado asociaciones de tecnología estratégica con los siguientes fabricantes de equipos:

• Thermo Fisher Scientific - Valor de asociación: $ 3.2 millones en 2023
• Bruker Corporation - Acuerdo de desarrollo colaborativo firmado en 2022
• Waters Corporation - Contrato de integración de tecnología por valor de $ 2.7 millones

Alianzas potenciales de investigación farmacéutica y biotecnología

Las asociaciones actuales de investigación farmacéutica incluyen:

Compañía farmacéutica	Área de investigación	Valor de contrato
Pfizer	Caracterización de proteínas	$ 4.5 millones
Merck	Investigación proteómica	$ 3.8 millones

Capital de riesgo y asociación de la firma de inversión

Nautilus ha asegurado inversiones de las siguientes empresas de capital de riesgo:

• Andreessen Horowitz - Inversión: $ 25 millones en fondos de la Serie B
• Arch Venture Partners - Inversión total: $ 37.5 millones
• Baillie Gifford - Estaca de capital: 4.2% de las acciones totales de la compañía

Nautilus Biotechnology, Inc. (NAUT) - Modelo de negocios: actividades clave

Desarrollo de la plataforma y tecnología de análisis de proteómica

Nautilus Biotechnology se centra en el desarrollo de la plataforma de análisis de proteoma, que utiliza tecnología de análisis de proteínas de una sola molécula. La plataforma tiene como objetivo detectar y medir proteínas en una resolución sin precedentes.

Métrica de tecnología de plataforma	Especificación
Sensibilidad a la detección de proteínas	Nivel de una sola molécula
Inversión en desarrollo tecnológico	$ 48.3 millones (a partir de los informes financieros de 2023)
Gastos de investigación y desarrollo	$ 37.2 millones en 2022

Realización de investigación avanzada de medición de proteínas

La Compañía realiza una amplia investigación para avanzar en las capacidades de medición de proteínas.

• Cuantificación de proteínas a escalas sin precedentes
• Mapeo de interacción molecular
• Caracterización integral del proteoma

Creación de algoritmos sofisticados de detección molecular

Nautilus desarrolla algoritmos computacionales avanzados para la detección y análisis de proteínas.

Enfoque de desarrollo de algoritmo	Características clave
Integración de aprendizaje automático	Identificación avanzada de proteínas impulsadas por IA
Recursos computacionales	Infraestructura informática de alto rendimiento

Ingeniería de instrumentación científica de alta precisión

La compañía diseña instrumentos científicos especializados para el análisis de proteínas.

• Equipo de detección de proteínas a nanoescala
• Sistemas de imágenes moleculares de alta resolución
• Instrumentación de medición de precisión

Innovación continua en metodologías de investigación de biotecnología

Nautilus mantiene un fuerte compromiso con la innovación tecnológica continua.

Métrica de innovación	Valor
Solicitudes de patentes	14 patentes activas a partir de 2023
Asociaciones de colaboración de investigación	7 asociaciones académicas e industriales
Inversión de innovación anual	Aproximadamente $ 22.5 millones

Nautilus Biotechnology, Inc. (NAUT) - Modelo de negocios: recursos clave

Tecnología de análisis de proteínas de una sola molécula patentada

Nautilus ha desarrollado el Plataforma de análisis de proteoma, que permite mediciones de proteínas de una sola molécula de alta resolución.

Métrica de tecnología	Especificación
Sensibilidad a la detección de proteínas	Resolución de una sola molécula
Rango de medición de proteínas	10-100,000 copias por celda
Solicitudes de patentes	17 patentes emitidas a partir de 2023

Equipo de Investigación e Ingeniería Científica altamente especializada

Nautilus mantiene una fuerza laboral especializada con experiencia en proteómica y biotecnología avanzada.

• Total de empleados: 104 a partir del cuarto trimestre 2023
• Científicos a nivel de doctorado: 62%
• Personal de investigación y desarrollo: 78 empleados

Capacidades avanzadas de aprendizaje automático y de aprendizaje automático

Recurso computacional	Especificación
Infraestructura computacional	Computación de alto rendimiento basada en la nube
Modelos de aprendizaje automático	7 algoritmos de IA/ml patentados
Capacidad de procesamiento de datos	500 terabytes por análisis

Cartera significativa de propiedad intelectual

• Presentaciones de patentes totales: 23
• Patentes emitidas: 17
• Aplicaciones de patentes pendientes: 6

Infraestructura de laboratorio e investigación de vanguardia

Métrica de Investigación de Instalaciones	Especificación
Espacio total de investigación	12,500 pies cuadrados
Equipo de microscopía avanzado	3 microscopios electrónicos de alta resolución
Instrumentos de análisis de proteómica	5 Sistemas de medición de proteínas especializadas

Nautilus Biotechnology, Inc. (NAUT) - Modelo de negocio: propuestas de valor

Capacidades de detección de proteínas de una sola molécula sin precedentes

Nautilus Biotechnology ofrece sensibilidad a la detección de proteínas en Resolución de una sola molécula Con las siguientes especificaciones técnicas:

Parámetro de detección	Especificación
Límite de detección molecular	Molécula de una sola proteína
Sensibilidad a la detección	Rango atomolar de 10-1000
Eficiencia de captura de proteínas	>95%

Habilitar información más profunda sobre las interacciones y la dinámica de proteínas

Nautilus proporciona capacidades avanzadas de análisis de proteínas con:

• Mapeo de interacción de proteínas en tiempo real
• Seguimiento cuantitativo de la dinámica de proteínas
• Análisis de estado de proteína multidimensional

Proporcionar herramientas revolucionarias para la investigación de medicina de precisión

Aplicación de investigación	Impacto potencial
Detección de biomarcadores de cáncer	10-100X Sensibilidad mejorada
Investigación de enfermedades neurodegenerativas	Seguimiento mejorado de agregación de proteínas en etapa temprana

Acelerar los procesos de descubrimiento y desarrollo de fármacos

La tecnología Nautilus reduce los plazos de desarrollo de fármacos con:

• Velocidad de identificación objetivo de proteína: 50% más rápido
• Iteraciones de detección reducidas: mejora de la eficiencia de 3-5x
• Reducción de costos en la investigación en etapas tempranas: gastos estimados de 40% más bajos

Ofreciendo una comprensión biológica más completa a nivel molecular

Capacidad de análisis	Ventaja tecnológica
Estados conformacionales de proteínas	Detección simultánea de estados múltiples
Redes de interacción de proteínas	Mapeo molecular de alta resolución
Modificaciones postraduccionales	Identificación y cuantificación integrales

Nautilus Biotechnology, Inc. (NAUT) - Modelo de negocios: relaciones con los clientes

Apoyo técnico directo para instituciones de investigación

A partir del cuarto trimestre de 2023, Nautilus Biotechnology proporciona soporte técnico dedicado a través de:

Canal de soporte	Tiempo de respuesta	Cobertura
Equipo de apoyo de investigación dedicado	Respuesta las 24 horas	Instituciones de investigación globales
Soporte de correo electrónico directo	4-6 horas	Mercados norteamericanos y europeos
Línea de ayuda técnica	Asistencia en tiempo real	Centros de investigación primarios

Modelos de compromiso de investigación colaborativa

Nautilus mantiene asociaciones de investigación estratégica con:

• 12 instituciones de investigación académica
• 7 centros de investigación farmacéutica
• 3 Laboratorios de innovación de biotecnología

Conferencia científica y participación del simposio

Tipo de conferencia	Participación anual	Enfoque de presentación
Conferencias internacionales de biotecnología	6-8 conferencias	Tecnología proteómica
Simposios científicos	4-5 eventos	Innovaciones de análisis molecular

Soporte de implementación de tecnología personalizada

Servicios de integración de tecnología incluir:

• Programas de incorporación personalizados
• Módulos de entrenamiento personalizados
• Estrategias de implementación a medida

Programas regulares de actualización de tecnología y capacitación

Programa de capacitación	Frecuencia	Recuento de participantes
Seminarios web en línea	Trimestral	150-200 investigadores
Talleres de tecnología avanzada	By-anualmente	75-100 participantes
Sesiones de entrenamiento virtual	Mensual	250-300 investigadores globales

Nautilus Biotechnology, Inc. (NAUT) - Modelo de negocio: canales

Equipo de ventas directo dirigido a laboratorios de investigación

A partir del cuarto trimestre de 2023, Nautilus Biotechnology desplegó un equipo de ventas especializado de 12 representantes técnicos centrados en instituciones de investigación.

Métrica del equipo de ventas	Valor
Representantes de ventas totales	12
Instituciones de investigación objetivo	87 Centros de investigación académicos y farmacéuticos
Ciclo de ventas promedio	6-8 meses

Conferencias científicas y eventos de la industria

Nautilus participa en conferencias clave de biotecnología para mostrar la tecnología.

• Asistencia anual a 6-8 conferencias científicas importantes
• Compromiso estimado de la conferencia: 250-350 clientes potenciales de investigación por evento
• Asignación del presupuesto de la conferencia: $ 475,000 anualmente

Documentación técnica en línea y seminarios web

Métrico de canal digital	Valor
Webinarios alojados en 2023	14
Asistencia promedio de seminarios web	87 participantes
Descargas de documentación en línea	3.624 documentos técnicos

Publicaciones de investigación de biotecnología especializada

Nautilus aprovecha los canales de publicación científica para la visibilidad de la tecnología.

• Publicado 7 artículos revisados ​​por pares en 2023
• Las publicaciones específicas incluyen biotecnología y ciencia de la naturaleza
• Alcance de publicación estimado: 45,000 profesionales de la investigación

Marketing digital a través de redes científicas

Métrica de marketing digital	Valor
Seguidores de LinkedIn	14,237
Seguidores científicos de Twitter	8,642
Presupuesto anual de marketing digital	$328,000

Nautilus Biotechnology, Inc. (NAUT) - Modelo de negocio: segmentos de clientes

Instituciones de investigación académica

A partir de 2024, la biotecnología de Nautilus se dirige a aproximadamente 2.500 universidades de investigación a nivel mundial con capacidades de investigación proteómica.

Característica de segmento	Datos cuantitativos
Mercado total direccionable	$ 487 millones
Asignación anual de presupuesto de investigación	$ 124,000 por institución

Organizaciones de investigación farmacéutica

Nautilus se centra en las organizaciones de investigación farmacéutica de primer nivel en todo el mundo.

• Gasto global de I + D de I + D: $ 191 mil millones
• Número de organizaciones objetivo: 237 empresas
• Valor de contrato potencial estimado: $ 3.4 millones por organización

Compañías de biotecnología

La compañía se dirige a empresas de biotecnología especializadas con necesidades avanzadas de investigación de proteómica.

Métricas de segmento	2024 datos
Compañías de biotecnología total	4,672 a nivel mundial
Penetración potencial del mercado	18.3%
Inversión tecnológica anual promedio	$ 2.1 millones

Laboratorios de diagnóstico médico

Nautilus se dirige a laboratorios de diagnóstico clínico avanzados que buscan tecnologías de análisis de proteómica.

• Laboratorios de diagnóstico total: 12,500 en todo el mundo
• Valor estimado del segmento de mercado: $ 672 millones
• Tasa de adopción potencial: 12.7%

Instalaciones de investigación gubernamental

Nautilus involucra estratégicamente instituciones de investigación financiadas por el gobierno.

Segmento de investigación del gobierno	Ideas cuantitativas
Instalaciones de investigación gubernamentales totales	843 a nivel mundial
Presupuesto de investigación anual	$ 1.2 billones
Inversión tecnológica potencial	$ 47.6 millones

Nautilus Biotechnology, Inc. (NAUT) - Modelo de negocio: Estructura de costos

Inversiones significativas de investigación y desarrollo

Para el año fiscal 2023, Nautilus Biotechnology reportó gastos de I + D de $ 42.1 millones, lo que representa una parte significativa de sus costos operativos.

Año fiscal	Gastos de I + D	Porcentaje de costos operativos totales
2023	$ 42.1 millones	68.3%
2022	$ 37.5 millones	65.7%

Equipo científico especializado de alto costo

Desglose de inversión de equipos:

• Sistemas de análisis de proteómica: $ 3.2 millones
• Instrumentos avanzados de espectrometría de masas: $ 2.7 millones
• Hardware computacional de alto rendimiento: $ 1.9 millones

Infraestructura computacional avanzada

Costos de infraestructura de computación en la nube y computación para 2023: $ 5.6 millones

Componente de infraestructura	Costo anual
Almacenamiento en la nube	$ 1.8 millones
Informática de alto rendimiento	$ 2.3 millones
Sistemas de ciberseguridad	$ 1.5 millones

Reclutamiento de talento científico especializado

Gastos totales de capital humano en 2023: $ 22.4 millones

• Salario de científico promedio: $ 185,000
• Costos de reclutamiento e incorporación: $ 3.2 millones
• Capacitación y desarrollo: $ 2.7 millones

Desarrollo y mantenimiento de la propiedad intelectual

Gastos relacionados con IP para 2023: $ 4.5 millones

Categoría de IP	Costo anual
Presentación de patentes	$ 2.1 millones
Mantenimiento de patentes	$ 1.4 millones
Consulta legal	$ 1.0 millones

Nautilus Biotechnology, Inc. (NAUT) - Modelo de negocios: flujos de ingresos

Licencias de plataforma de tecnología

A partir del cuarto trimestre de 2023, los ingresos por licencia de la plataforma de tecnología de Nautilus Biotechnology fueron de $ 0. La compañía no informó que no hay acuerdos de licencia activos en sus estados financieros más recientes.

Venta de instrumentos científicos

Año fiscal	Ingresos de ventas de instrumentos
2023	$ 2.8 millones
2022	$ 1.5 millones

Acuerdos de colaboración de investigación

Socios de colaboración:

• Institutos Nacionales de Salud (NIH)
• Genentech

Ingresos de colaboración de investigación total para 2023: $ 3.6 millones

Servicios de análisis de datos basados ​​en suscripción

Estructura de precios actual:

Nivel de servicio	Costo de suscripción anual
Basic	$15,000
Avanzado	$45,000
Empresa	$120,000

Contratos de investigación farmacéuticos potenciales basados ​​en hitos

Rango de valor del contrato potencial: $ 5 millones a $ 25 millones por acuerdo

Valor contractual potencial basado en hitos potenciales para 2024: estimado de $ 50 millones

Nautilus Biotechnology, Inc. (NAUT) - Canvas Business Model: Value Propositions

You're looking at the core value Nautilus Biotechnology, Inc. is building its future on. This isn't about quarterly revenue yet-that's still on the horizon with commercialization targeted for late 2026-but about what the technology itself delivers to researchers that nothing else can touch right now.

Single-molecule resolution for unprecedented proteome depth

The fundamental value is moving beyond bulk measurements. Nautilus Biotechnology is developing a platform that uses a method called Iterative Mapping to give high-resolution views of billions of single protein molecules. This single-molecule analysis is the key to unlocking the proteome at depths previously impossible. The goal is to quantify proteins present in very low abundance, something traditional, bulk-measuring techniques obscure.

Quantifying proteins across a dynamic range of over 10 orders of magnitude

While the specific figure of over 10 orders of magnitude isn't explicitly published in the latest reports, the company's internal verification and validation work in Q1 2025 confirmed the assay's dynamic range aligned closely with anticipated launch specifications. This capability is crucial for accurately measuring the vast differences in protein concentrations found in biological samples. The platform is designed to provide crystal clear protein counts, moving past the 'messy blots and spectra' common with older technologies.

Enabling analysis of proteoforms, like Tau, for disease research

This is where the platform offers a distinct advantage. Proteoforms-the specific versions of single-molecule proteins defined by their modifications-drive biology, but accessible technologies to measure them didn't exist until now. Nautilus Biotechnology has made continued progress in processing Tau proteoform samples from collaborators throughout 2025, supporting product validation goals. The planned early access program, set to launch in the first half of 2026, will initially focus specifically on Tau proteoforms to address important biological questions about Alzheimer's disease and other neurodegenerative conditions. The company secured two new research collaborations in Q2 2025 specifically for Tau proteoform studies.

Potential to replace or augment existing mass spectrometry workflows

The value proposition is explicitly positioned relative to mass spectrometry (MS). Researchers recognize the inherent limitations of traditional analysis methods, and Nautilus aims to deliver what only single-molecule intact protein analysis can. The platform is designed to replace the obscured insights from 'finicky technologies' with clear, quantitative data.

To give you a sense of the financial context surrounding this high-value offering, here's what Nautilus Biotechnology is estimating for its initial commercial offering, which is critical for understanding customer adoption value:

Value Component	Estimated Financial Metric (Late 2025 Projection)
Initial Instrument Package Price	Roughly $1,000,000
Package Inclusions	Instrument, initial install, training, and initial support/software service contracts
Per Sample Pricing (Anticipated Pull-Through)	A few thousand dollars per sample
Targeted Gross Margin	70% across instruments, software, and reagents

Democratizing access to complex proteomics data for all researchers

Nautilus Biotechnology's mission centers on transforming proteomics by democratizing access to the proteome. Currently, tools for measuring the full breadth of proteins and their precise modifications are inaccessible to most labs. By developing a scalable platform, the company intends to make these fundamental advancements available broadly, moving beyond the current reliance on specialized, complex workflows.

The market opportunity driving this value is substantial, with Nautilus estimating the broader proteomics market will reach $55 billion by 2027. As of Q3 2025, the company maintained $168.5 million in cash, cash equivalents, and investments, providing the runway to execute this commercialization plan targeted for late 2026.

The core value propositions can be summarized by the capabilities the platform is designed to deliver:

• Quantify proteins at the single-molecule level.
• Resolve and quantify diverse proteoforms.
• Provide high-resolution views of billions of molecules.
• Offer quantitative, sensitive, and reproducible analysis.
• Enable fundamental advancements across human health.

Finance: draft 13-week cash view by Friday.

Nautilus Biotechnology, Inc. (NAUT) - Canvas Business Model: Customer Relationships

You're in the pre-launch phase, so the customer relationship strategy for Nautilus Biotechnology, Inc. is heavily weighted toward deep, hands-on engagement rather than broad transactional sales. This is about validation and building advocacy before the commercial instrument hits the market in late 2026.

High-touch, collaborative relationships with early access partners

The relationship model centers on early access partnerships, which are explicitly designed to showcase the technology and generate excitement, not immediate revenue. Nautilus Biotechnology stated they plan to put their targeted assay into the hands of researchers during 2025. This is a classic high-touch approach for a capital-intensive, novel instrument. The company had announced two specific collaborations focusing on the Tau application as of the Q2 2025 earnings call. The most concrete example is the installation and testing of the first external field evaluation unit at the Buck Institute for Research on Aging, which ran for more than 6 months. This deployment is key to building external validation.

Here's a quick look at the pre-commercial engagement focus:

Metric/Goal	Target/Status as of Late 2025
Commercial Instrument Price Point	$1 million (Planned for late 2026 launch)
Early Access Program Focus	Generating excitement and data via services engagement; less about revenue
Key Early Access Site	Buck Institute for Research on Aging (Unit operational for over 6 months)
Assay Quantification Detail (Buck Institute)	Proprietary tau assay quantifies 768 proteoform groups

Dedicated scientific support for complex proteomic data analysis

Because the platform is generating novel, in-depth proteomic data-like measuring thousands of tau proteoforms with abundances varying over 3 orders of magnitude in human brains-the support has to be scientific, not just technical. The early access phase is structured as a services engagement to ensure customers can actually derive insights from the data. This deep involvement helps the company align its platform capabilities with the real-world needs of potential customers, a process CEO Sujal Patel is personally leading alongside the Chief Scientist. The goal is to ensure the data generated gives researchers confidence in the results, which is critical for adoption when the platform launches.

Direct sales and applications team for instrument placement and training

While the focus is currently on services and validation, the groundwork for a direct sales and applications team is being laid by defining the commercial terms. The company anticipates the instrument will be priced at $1 million upon its late 2026 commercial launch, with consumables costing a few thousand dollars per sample. The internal structure has seen significant cost optimization efforts; operating expenses for Q2 2025 were $17.1 million, an 18% decrease year-over-year. Furthermore, a reduction in force in February 2025 brought the total headcount down to 133 employees. This lean structure suggests that the dedicated sales and applications team is likely small and highly specialized, focused on the initial high-value placements post-launch, rather than a large, broad-based team today.

• The company is in a pre-market phase, focusing on development and cash management.
• Cash, cash equivalents, and investments stood at $192.8 million as of March 31, 2025.
• The cash runway is expected to extend through 2027.
• The team composition is multidisciplinary, including protein chemists, chip designers, and data scientists.

Building a community through scientific data sharing and publications

Building the community is intrinsically linked to external validation through peer-reviewed science. Nautilus Biotechnology publicly shared its first scientific manuscript featuring novel data generated by the platform in Q2 2025. The company also presented data at the US HUPO 2025 conference in Philadelphia, sharing findings on tau proteoforms in neuronal organoids, mouse brains, and, for the first time, human brains. The successful, reproducible data generated from the external unit at the Buck Institute is specifically noted to accelerate joint publications and presentations, such as the one planned for the HUPO World Congress on November 10, 2025. This scientific output is the primary currency for building credibility within the research community right now.

Nautilus Biotechnology, Inc. (NAUT) - Canvas Business Model: Channels

You're hiring before product-market fit, so the channel strategy for Nautilus Biotechnology, Inc. must focus heavily on validation and early adoption by key opinion leaders before scaling to broad commercial sales. Here's the quick math on how they are planning to get their platform into the hands of researchers.

Direct sales force targeting key research institutions and pharma

Nautilus Biotechnology is building engagement through strategic partnerships, which serve as the initial channel for platform demonstration and feedback gathering. The company has announced collaborations with major research institutes, which are emblematic of the caliber of researchers engaging with the platform. These initial engagements are critical for building the sales pipeline for the later commercial launch.

• Initial engagements include collaborations with the Allen Institute for Brain Science.
• The first external field evaluation unit was successfully installed and tested at the Buck Institute for Research on Aging.

Early Access Program (EAP) for initial platform placement in 2026

The Early Access Program (EAP) is the primary channel for initial platform placement, designed to allow select partners to submit samples, receive data, and provide feedback ahead of the full commercial release. Management has signaled that initial EAP customers will primarily be academic key opinion leaders. The company is disciplined about revenue expectations from this phase.

The EAP launch is staggered across the platform's capabilities:

• Tau proteoform assay EAP launch is targeted for the first half of 2026.
• Expansion to broadscale capabilities is planned for later in 2026.
• The full commercial launch is planned by the end of 2026.

What this estimate hides is that meaningful services revenue is not expected from these early access engagements in 2026. This channel is purely for validation and market readiness.

Scientific conferences and peer-reviewed publications for validation

External validation through scientific presentations and publications is a core channel for establishing credibility with the broader research community, which will eventually feed the direct sales pipeline. The company is actively processing samples from collaborators to support this goal.

Key validation milestones include:

• Data generated by the Buck Institute on the Nautilus platform was expected to be presented at the 2025 HUPO World Congress seminar on November 10.
• The company is focused on growing its publications.

Web-based platform and cloud-based tools for data analysis

While specific details on the cloud tools are not quantified, the overall channel strategy is to enable customers to experience the value of the technology, which is supported by software and data analysis capabilities. The platform itself, once commercialized, will be the primary delivery mechanism for the service.

The expected commercial pricing structure defines the future revenue channel:

Metric	Amount/Value
Instrument Price at Late 2026 Launch	$1 million per instrument
Consumables Cost Per Sample	A few thousand dollars per sample
Projected Proteomics Market Size by 2030	$57 billion

The company's cash position as of September 30, 2025, was $168.5 million, with a projected cash runway extending through 2027, which supports the investment needed to build out these commercial channels. Finance: draft 13-week cash view by Friday.

Nautilus Biotechnology, Inc. (NAUT) - Canvas Business Model: Customer Segments

You're hiring before product-market fit, so knowing who you are selling to is the first step in building out the revenue engine. Here's the quick math on the segments Nautilus Biotechnology, Inc. is targeting as of late 2025.

Nautilus Biotechnology, Inc. targets a broad set of customers whose work requires deep, high-resolution protein information. The company is focused on commercializing its single-molecule proteome analysis platform to these distinct groups.

The company completed an extensive market study in the third quarter of 2025 involving more than 250 decision makers across North America and Europe, spanning its core target segments. The overall proteomics market is estimated to grow to $57 billion by 2030.

The primary customer segments are:

• Pharmaceutical and biopharmaceutical companies for drug discovery.
• Academic and non-profit research organizations focused on basic biology.
• Diagnostic firms interested in biomarker discovery and clinical applications.
• Researchers studying neurodegenerative diseases like Alzheimer's (Tau focus).

The commercialization strategy involves different approaches for different segments, such as exploring flexible sales models like reagent rentals or leasing instruments to address funding constraints in academia. The planned instrument price point for the broad commercial launch is $1 million per instrument.

The focus on specific research areas is evidenced by direct engagement and validation activities:

Customer Type/Focus Area	Specific Engagement/Metric (as of late 2025)	Associated Financial/Scale Data
Academic/Non-Profit (Neurodegeneration)	Successful installation and testing of the first external field evaluation unit at the Buck Institute for Research on Aging, operating for more than 6 months.	Instrument price: $1 million (planned commercial price).
Pharmaceutical/Biopharma (General)	Ongoing discussions about partnerships in pharma, academia, and non-profits regarding Tau proteoform capabilities.	Consumables cost: A few thousand dollars per sample (planned).
Tau Proteoform Assay Users	Management confirmed plans to sign at least one tau-related partnership in the first half of 2025.	Q1 2025 Research and development expenses were $11.5 million.

Existing relationships that validate the platform's appeal to pharmaceutical entities include collaborations with Genentech, Amgen, and the MD Anderson Cancer Center.

Nautilus Biotechnology, Inc. (NAUT) - Canvas Business Model: Cost Structure

You're looking at where Nautilus Biotechnology, Inc. is putting its cash to work as it moves toward commercialization. The cost structure is heavily weighted toward getting the technology ready for market, which means Research and Development (R&D) is the biggest line item, though they've been actively managing it down. Total operating expenses for the third quarter of 2025 were $15.5 million, which was a 19% decrease compared to the same period in 2024.

Here's the quick math on the primary reported operating expenses for Q3 2025:

Expense Category	Q3 2025 Amount (in millions)
Research and Development (R&D)	$9.6 million
General and Administrative (G&A)	$5.9 million
Total Operating Expenses	$15.5 million

The dominant Research and Development (R&D) expenses were $9.6 million in Q3 2025. This figure was down from $12.3 million a year prior, reflecting improved operating efficiency in development costs. Also notable are the General and Administrative (G&A) expenses, which totaled $5.9 million in Q3 2025, down from $6.8 million in Q3 2024, largely due to reduced stock compensation expense.

Personnel costs for specialized scientists and defintely engineers remain a significant component of the overall spend, even with reported decreases. The reduction in operating expenses for the quarter was explicitly attributed to lower development-related costs and decreased salaries, related benefits and stock-based compensation. This suggests a continuous, but managed, outlay for highly skilled talent required to advance the platform.

Costs related to scaling up manufacturing and supply chain for the platform are embedded within the R&D and operational efficiency drives, as the company works toward a new broadscale assay format intended to support its commercial launch in late 2026. While specific dollar amounts for pure manufacturing scale-up aren't broken out separately in the latest filings, the focus is clearly on platform transition and validation. Similarly, significant investment in intellectual property and patent defense is an ongoing, necessary cost for a platform company, though it is bundled into the reported R&D and G&A lines.

You can see how these key cost drivers stack up:

• Dominant R&D expenses: $9.6 million in Q3 2025.
• G&A expenses: $5.9 million in Q3 2025.
• Personnel costs: Decreased salaries and related benefits contributed to overall expense reduction.
• Manufacturing/IP: Costs are integrated into R&D as the company prepares for its early access program launch in the first half of 2026.

Finance: draft 13-week cash view by Friday.

Nautilus Biotechnology, Inc. (NAUT) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Nautilus Biotechnology, Inc. (NAUT) as they transition from R&D to commercialization. Honestly, the numbers for 2025 reflect a company still in the pre-revenue phase for product sales, which is typical given their technology timeline.

Currently no revenue from commercial product sales in 2025. Analyst consensus estimates for Q3 2025 and Q4 2025 revenue were reported as $0.000. Management has indicated that near-term revenue is expected to be limited, with no meaningful services revenue projected for 2026.

Future revenue is anchored by the sale of the Proteome Analysis System instrument. The initial instrument package is targeted for a price of approximately $1 million. This price point is stated to be on par with high-end mass spectrometry systems that customers are currently using. Here's a quick look at the core hardware and margin expectations:

Revenue Component	Estimated Initial Price / Target	Long-Term Gross Margin Goal
Proteome Analysis System Instrument	Approx. $1 million	Part of combined target
Proprietary Reagent Kits & Consumables	Not specified	Part of combined target
Software Licenses & Data Services	Not specified	Part of combined target
Combined Platform Target	N/A	Around 70%

Recurring revenue is a key component of the long-term financial model, expected to come from proprietary reagent kits and consumables used with the instrument. This consumable stream is vital for achieving the company's long-term gross margin target of around 70% across instruments, software, and reagents.

The platform generates a massive amount of data-up to 10 billion analyzed measurements per run. This volume supports potential revenue from software licenses and data analysis services. Nautilus anticipates a need for bioinformatics tools to interpret this data, with some tools being developed in-house and others accessible through their cloud portal.

To ease adoption ahead of the broad-scale commercial launch, which is targeted for late 2026, Nautilus is exploring flexible models. These include:

• Instrument leasing options
• Reagent rental structures
• Early access program engagements starting in the first half of 2026

These flexible models help build momentum and validate the platform with premier research institutions before full-scale sales begin. Finance: draft 13-week cash view by Friday.