Nautilus Biotechnology, Inc. (NAIT): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de la biotechnologie en évolution, Nautilus Biotechnology, Inc. (NAT) émerge comme un innovateur révolutionnaire, révolutionnant notre compréhension des protéines à travers sa plate-forme d'analyse de molécule à molécule à pointe. En pontant les technologies de calcul avancées avec des capacités de détection moléculaire sans précédent, cette entreprise pionnière est prête à transformer la médecine de précision, la découverte de médicaments et la recherche scientifique, offrant aux chercheurs et aux organisations pharmaceutiques une boîte à outils transformatrice qui promet de débloquer des informations plus profondes dans le monde complexe des interactions protéiques et des protéines et dynamique.

Nautilus Biotechnology, Inc. (NAIT) - Modèle commercial: partenariats clés

Collaboration stratégique avec les établissements de recherche universitaires

En 2024, Nautilus Biotechnology a établi des partenariats avec les établissements universitaires suivants:

Institution	Focus de la collaboration	Année de partenariat
Université de Stanford	Recherche protéomique	2022
Mit	Technologies d'analyse moléculaire	2023

Partenariat technologique avec les fabricants d'équipements de spectrométrie de masse

Nautilus a développé des partenariats technologiques stratégiques avec les fabricants d'équipements suivants:

• Thermo Fisher Scientific - Valeur de partenariat: 3,2 millions de dollars en 2023
• Bruker Corporation - Contrat de développement collaboratif signé en 2022
• Waters Corporation - Contrat d'intégration technologique d'une valeur de 2,7 millions de dollars

Alliances de recherche pharmaceutique et biotechnologie potentielle

Les partenariats de recherche pharmaceutique actuels comprennent:

Entreprise pharmaceutique	Domaine de recherche	Valeur du contrat
Pfizer	Caractérisation des protéines	4,5 millions de dollars
Miserrer	Recherche en protéomique	3,8 millions de dollars

Capital de capital-risque et partenariats d'investissement

Nautilus a obtenu des investissements des sociétés de capital-risque suivantes:

• Andreessen Horowitz - Investissement: 25 millions de dollars en financement de série B
• Arch Venture Partners - Investissement total: 37,5 millions de dollars
• Baillie Gifford - Partie actions: 4,2% du total des actions de l'entreprise

Nautilus Biotechnology, Inc. (NAIT) - Modèle d'entreprise: activités clés

Développement de la plate-forme et de la technologie d'analyse de la protéomique

Nautilus Biotechnology se concentre sur le développement de la plate-forme d'analyse de protéome, qui utilise la technologie d'analyse des protéines à molécule unique. La plate-forme vise à détecter et à mesurer les protéines à une résolution sans précédent.

Métrique technologique de la plate-forme	Spécification
Sensibilité à la détection des protéines	Niveau de molécule unique
Investissement de développement technologique	48,3 millions de dollars (en 2023 rapports financiers)
Frais de recherche et de développement	37,2 millions de dollars en 2022

Effectuer une recherche avancée de mesure des protéines

La société mène des recherches approfondies pour faire progresser les capacités de mesure des protéines.

• Quantification des protéines à des échelles sans précédent
• Cartographie d'interaction moléculaire
• Caractérisation complète du protéome

Création d'algorithmes de détection moléculaire sophistiqués

Nautilus développe des algorithmes de calcul avancés pour la détection et l'analyse des protéines.

Focus sur le développement de l'algorithme	Caractéristiques clés
Intégration d'apprentissage automatique	Identification des protéines avancées par l'IA
Ressources informatiques	Infrastructure informatique haute performance

Ingénierie Instrumentation scientifique de haute précision

La société conçoit des instruments scientifiques spécialisés pour l'analyse des protéines.

• Équipement de détection de protéines nano-échelle
• Systèmes d'imagerie moléculaire haute résolution
• Instrumentation de mesure de précision

Innovation continue dans les méthodologies de recherche en biotechnologie

Nautilus maintient un fort engagement envers l'innovation technologique continue.

Métrique d'innovation	Valeur
Demandes de brevet	14 brevets actifs à partir de 2023
Partenariats de collaboration de recherche	7 partenariats académiques et industriels
Investissement annuel sur l'innovation	Environ 22,5 millions de dollars

Nautilus Biotechnology, Inc. (NAIT) - Modèle d'entreprise: Ressources clés

Technologie propriétaire d'analyse des protéines à molécule unique

Nautilus a développé le Plate-forme d'analyse de protéome, qui permet des mesures de protéines à molécule unique à haute résolution.

Métrique technologique	Spécification
Sensibilité à la détection des protéines	Résolution de molécule unique
Plage de mesure des protéines	10 à 100 000 exemplaires par cellule
Demandes de brevet	17 brevets délivrés en 2023

Équipe de recherche scientifique et ingénierie hautement spécialisée

Nautilus maintient une main-d'œuvre spécialisée avec une expertise en protéomique et en biotechnologie avancée.

• Total des employés: 104 au quatrième trimestre 2023
• Scientifiques de niveau doctoral: 62%
• Personnel de recherche et développement: 78 employés

Capacités de calcul et d'apprentissage avancées

Ressource informatique	Spécification
Infrastructure informatique	Calcul haute performance basé sur le cloud
Modèles d'apprentissage automatique	7 algorithmes propriétaires d'IA / ml
Capacité de traitement des données	500 téraoctets par analyse

Portfolio de propriété intellectuelle importante

• Déposages totaux de brevets: 23
• Brevets émis: 17
• Demandes de brevet en instance: 6

Infrastructure de laboratoire et de recherche de pointe

Métrique de l'installation de recherche	Spécification
Espace de recherche total	12 500 pieds carrés
Équipement de microscopie avancée	3 microscopes électroniques haute résolution
Instruments d'analyse de la protéomique	5 systèmes de mesure des protéines spécialisées

Nautilus Biotechnology, Inc. (NAIT) - Modèle d'entreprise: propositions de valeur

Capacités de détection de protéines à molécule unique sans précédent

Nautilus Biotechnology offre une sensibilité à la détection des protéines à Résolution à molécule unique avec les spécifications techniques suivantes:

Paramètre de détection	Spécification
Limite de détection moléculaire	Molécule de protéine unique
Sensibilité à la détection	10-1000 gamme attomolaire
Efficacité de capture des protéines	>95%

Permettant des informations plus approfondies sur les interactions et la dynamique des protéines

Nautilus fournit des capacités d'avancées d'analyse des protéines avec:

• Cartographie d'interaction des protéines en temps réel
• Suivi de la dynamique des protéines quantitatives
• Analyse de l'état des protéines multidimensionnelles

Fournir des outils révolutionnaires pour la recherche en médecine de précision

Demande de recherche	Impact potentiel
Détection du biomarqueur du cancer	10-100x amélioration de la sensibilité
Recherche de maladies neurodégénératives	Suivi d'agrégation de protéines à un stade précoce amélioré

Accélérer les processus de découverte et de développement de médicaments

La technologie Nautilus réduit les délais de développement de médicaments avec:

• Vitesse d'identification de la cible des protéines: 50% plus rapidement
• Réduction des itérations de dépistage: amélioration de l'efficacité 3-5x
• Réduction des coûts de la recherche en phase de démarrage: dépenses estimées à 40%

Offrir une compréhension biologique plus complète au niveau moléculaire

Capacité d'analyse	Avantage technologique
États conformationnels des protéines	Détection simultanée multi-états
Réseaux d'interaction des protéines	Cartographie moléculaire à haute résolution
Modifications post-traductionnelles	Identification et quantification complètes

Nautilus Biotechnology, Inc. (NAIT) - Modèle d'entreprise: relations avec les clients

Support technique direct pour les institutions de recherche

Depuis le quatrième trimestre 2023, Nautilus Biotechnology fournit un soutien technique dédié à:

Canal de support	Temps de réponse	Couverture
Équipe de soutien à la recherche dédiée	Réponse 24h / 24	Institutions de recherche mondiales
Assistance par e-mail direct	4-6 heures	Marchés nord-américains et européens
Ligne d'assistance technique	Assistance en temps réel	Centres de recherche primaires

Modèles d'engagement de la recherche collaborative

Nautilus maintient des partenariats de recherche stratégiques avec:

• 12 établissements de recherche universitaires
• 7 centres de recherche pharmaceutique
• 3 laboratoires d'innovation biotechnologie

Conférence scientifique et participation au symposium

Type de conférence	Participation annuelle	Focus de présentation
Conférences internationales de biotechnologie	6-8 conférences	Technologie de protéomique
Symposiums scientifiques	4-5 événements	Innovations d'analyse moléculaire

Support de mise en œuvre de la technologie personnalisée

Services d'intégration technologique inclure:

• Programmes d'intégration personnalisés
• Modules de formation personnalisés
• Stratégies de mise en œuvre sur mesure

Programmes de mise à jour et de formation de la technologie régulière

Programme de formation	Fréquence	Comptage des participants
Webinaires en ligne	Trimestriel	150-200 chercheurs
Ateliers de technologie avancée	Bi-annuellement	75-100 participants
Séances de formation virtuelle	Mensuel	250-300 chercheurs mondiaux

Nautilus Biotechnology, Inc. (Naut) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les laboratoires de recherche

Depuis le quatrième trimestre 2023, Nautilus Biotechnology a déployé une équipe de vente spécialisée de 12 représentants techniques axés sur les institutions de recherche.

Métrique de l'équipe de vente	Valeur
Représentants des ventes totales	12
Institutions de recherche cibles	87 centres de recherche universitaires et pharmaceutiques
Cycle de vente moyen	6-8 mois

Conférences scientifiques et événements de l'industrie

Nautilus participe à des conférences clés en biotechnologie pour présenter la technologie.

• Présistance annuelle à 6-8 conférences scientifiques majeures
• Engagement estimé à la conférence: 250-350 clients de recherche potentiels par événement
• Attribution du budget de la conférence: 475 000 $ par an

Documentation technique en ligne et webinaires

Métrique du canal numérique	Valeur
Webinaires hébergés en 2023	14
Présistance au webinaire moyen	87 participants
Téléchargements de documentation en ligne	3 624 documents techniques

Publications de recherche spécialisée en biotechnologie

Nautilus exploite les canaux de publication scientifique pour la visibilité technologique.

• Publié 7 articles évalués par des pairs en 2023
• Les publications ciblées comprennent la biotechnologie et la science de la nature
• Publication estimée à portée de main: 45 000 professionnels de la recherche

Marketing numérique à travers des réseaux scientifiques

Métrique du marketing numérique	Valeur
LinkedIn adepte	14,237
Twitter Scientific Abolders	8,642
Budget annuel du marketing numérique	$328,000

Nautilus Biotechnology, Inc. (NAIT) - Modèle d'entreprise: segments de clients

Établissements de recherche universitaire

En 2024, Nautilus Biotechnology cible environ 2 500 universités de recherche dans le monde avec des capacités de recherche en protéomique.

Caractéristique du segment	Données quantitatives
Marché total adressable	487 millions de dollars
Attribution annuelle du budget de la recherche	124 000 $ par institution

Organisations de recherche pharmaceutique

Nautilus se concentre sur les organisations de recherche pharmaceutique de haut niveau du monde entier.

• Dépenses mondiales de R&D pharmaceutique: 191 milliards de dollars
• Nombre d'organisations cibles: 237 entreprises
• Valeur du contrat potentiel estimé: 3,4 millions de dollars par organisation

Biotechnology Companies

La société cible des sociétés de biotechnologie spécialisées ayant des besoins avancés de recherche en protéomique.

Métriques du segment	2024 données
Total des entreprises de biotechnologie	4 672 à l'échelle mondiale
Pénétration potentielle du marché	18.3%
Investissement technologique annuel moyen	2,1 millions de dollars

Laboratoires de diagnostic médical

Nautilus cible des laboratoires diagnostiques cliniques avancés à la recherche de technologies d'analyse protéomique.

• Laboratoires de diagnostic total: 12 500 dans le monde
• Valeur du segment de marché estimé: 672 millions de dollars
• Taux d'adoption potentiel: 12,7%

Installations de recherche gouvernementales

Nautilus engage stratégiquement les institutions de recherche financées par le gouvernement.

Segment de recherche gouvernementale	Idées quantitatives
Total des installations de recherche gouvernementale	843 à l'échelle mondiale
Budget de recherche annuel	1,2 billion de dollars
Investissement technologique potentiel	47,6 millions de dollars

Nautilus Biotechnology, Inc. (NAIT) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement importants

Pour l'exercice 2023, Nautilus Biotechnology a déclaré des dépenses de R&D de 42,1 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Exercice fiscal	Dépenses de R&D	Pourcentage du total des coûts opérationnels
2023	42,1 millions de dollars	68.3%
2022	37,5 millions de dollars	65.7%

Équipement scientifique spécialisé à coût élevé

Répartition des investissements de l'équipement:

• Systèmes d'analyse de la protéomique: 3,2 millions de dollars
• Instruments avancés de spectrométrie de masse: 2,7 millions de dollars
• Matériel de calcul haute performance: 1,9 million de dollars

Infrastructure informatique avancée

Les coûts d'infrastructure de cloud computing et de calcul pour 2023: 5,6 millions de dollars

Composant d'infrastructure	Coût annuel
Stockage cloud	1,8 million de dollars
Informatique haute performance	2,3 millions de dollars
Systèmes de cybersécurité	1,5 million de dollars

Recrutement spécialisé des talents scientifiques

Total des dépenses en capital humain en 2023: 22,4 millions de dollars

• Salaire moyen des scientifiques: 185 000 $
• Coûts de recrutement et d'intégration: 3,2 millions de dollars
• Formation et développement: 2,7 millions de dollars

Développement et maintenance de la propriété intellectuelle

Dépenses liées à l'IP pour 2023: 4,5 millions de dollars

Catégorie IP	Coût annuel
Dépôt de brevet	2,1 millions de dollars
Entretien de brevets	1,4 million de dollars
Consultation juridique	1,0 million de dollars

Nautilus Biotechnology, Inc. (NAIT) - Modèle d'entreprise: Strots de revenus

Licence de plate-forme technologique

Depuis le quatrième trimestre 2023, les revenus de licence de la plate-forme technologique de Nautilus Biotechnology étaient de 0 $. La société n'a signalé aucun accord de licence actif dans ses derniers états financiers.

Ventes d'instruments scientifiques

Exercice fiscal	Revenus de vente d'instruments
2023	2,8 millions de dollars
2022	1,5 million de dollars

Accords de collaboration de recherche

Partenaires de collaboration:

• National Institutes of Health (NIH)
• Genentech

Revenus de collaboration de recherche totale pour 2023: 3,6 millions de dollars

Services d'analyse de données basés sur l'abonnement

Structure de tarification actuelle:

Niveau de service	Coût annuel d'abonnement
Basic	$15,000
Avancé	$45,000
Entreprise	$120,000

Contrats de recherche pharmaceutique potentiels sur les jalons

Fourchette de valeur de contrat potentielle: 5 à 25 millions de dollars par accord

Valeur du contrat basé sur les jalons potentiels pour 2024: 50 millions de dollars estimés

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.