Nautilus Biotechnology, Inc. (NAUT): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Na paisagem em rápida evolução da biotecnologia, Nautilus Biotechnology, Inc. (NaUT) surge como um inovador inovador, revolucionando nossa compreensão das proteínas por meio de sua plataforma de análise de molécula única de ponta. Ao preencher tecnologias computacionais avançadas com capacidades de detecção molecular sem precedentes, esta empresa pioneira está pronta para transformar medicina de precisão, descoberta de medicamentos e pesquisa científica, oferecendo a pesquisadores e organizações farmacêuticas um kit de ferramentas transformador que promete desbloquear insights mais profundos para o mundo complexo das interações proteicas e proteínas e dinâmica.

Nautilus Biotechnology, Inc. (NAUT) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com instituições de pesquisa acadêmica

A partir de 2024, a Nautilus Biotechnology estabeleceu parcerias com as seguintes instituições acadêmicas:

Instituição	Foco de colaboração	Ano de parceria
Universidade de Stanford	Pesquisa proteômica	2022
Mit	Tecnologias de Análise Molecular	2023

Parceria tecnológica com fabricantes de equipamentos de espectrometria de massa

Nautilus desenvolveu parcerias de tecnologia estratégica com os seguintes fabricantes de equipamentos:

• Thermo Fisher Scientific - Valor da parceria: US $ 3,2 milhões em 2023
• Bruker Corporation - Contrato de Desenvolvimento Colaborativo assinado em 2022
• Waters Corporation - Contrato de integração de tecnologia no valor de US $ 2,7 milhões

Potenciais alianças de pesquisa farmacêutica e biotecnologia

As parcerias de pesquisa farmacêutica atuais incluem:

Empresa farmacêutica	Área de pesquisa	Valor do contrato
Pfizer	Caracterização de proteínas	US $ 4,5 milhões
Merck	Pesquisa proteômica	US $ 3,8 milhões

Parcerias da empresa de capital e investimento de risco

Nautilus garantiu investimentos das seguintes empresas de capital de risco:

• Andreessen Horowitz - Investimento: US $ 25 milhões em financiamento da série B
• Arch Venture Partners - Total Investment: US $ 37,5 milhões
• Baillie Gifford - participação em ações: 4,2% do total de ações da empresa

Nautilus Biotechnology, Inc. (NAUT) - Modelo de negócios: Atividades -chave

Desenvolvendo plataforma de análise proteômica e tecnologia

O Nautilus Biotechnology se concentra no desenvolvimento da plataforma de análise de proteoma, que utiliza a tecnologia de análise de proteínas de moléculas únicas. A plataforma tem como objetivo detectar e medir proteínas em resolução sem precedentes.

Métrica de tecnologia da plataforma	Especificação
Sensibilidade à detecção de proteínas	Nível de molécula única
Investimento em desenvolvimento de tecnologia	US $ 48,3 milhões (a partir de 2023 relatórios financeiros)
Despesas de pesquisa e desenvolvimento	US $ 37,2 milhões em 2022

Realização de pesquisa avançada de medição de proteínas

A empresa realiza uma extensa pesquisa para avançar nas capacidades de medição de proteínas.

• Quantificação de proteínas em escalas sem precedentes
• Mapeamento de interação molecular
• Caracterização abrangente do proteoma

Criando algoritmos sofisticados de detecção molecular

Nautilus desenvolve algoritmos computacionais avançados para detecção e análise de proteínas.

Foco de desenvolvimento de algoritmos	Principais características
Integração de aprendizado de máquina	Identificação avançada de proteínas orientada pela IA
Recursos computacionais	Infraestrutura de computação de alto desempenho

Engenharia de instrumentação científica de alta precisão

A empresa projeta instrumentos científicos especializados para análise de proteínas.

• Equipamento de detecção de proteínas em escala nano
• Sistemas de imagem molecular de alta resolução
• Instrumentação de medição de precisão

Inovação contínua em metodologias de pesquisa de biotecnologia

Nautilus mantém um forte compromisso com a inovação tecnológica em andamento.

Métrica de inovação	Valor
Aplicações de patentes	14 patentes ativas a partir de 2023
Parcerias de colaboração de pesquisa	7 parcerias acadêmicas e do setor
Investimento anual de inovação	Aproximadamente US $ 22,5 milhões

Nautilus Biotechnology, Inc. (NAUT) - Modelo de negócios: Recursos -chave

Tecnologia de análise de proteínas de moléculas únicas proprietária

Nautilus desenvolveu o Plataforma de análise de proteoma, que permite medições de proteínas de molécula única de alta resolução.

Métrica de tecnologia	Especificação
Sensibilidade à detecção de proteínas	Resolução de molécula única
Faixa de medição de proteínas	10-100.000 cópias por célula
Aplicações de patentes	17 patentes emitidas a partir de 2023

Equipe de pesquisa e engenharia científica altamente especializada

Nautilus mantém uma força de trabalho especializada com experiência em proteômica e biotecnologia avançada.

• Total de funcionários: 104 A partir do quarto trimestre 2023
• Cientistas em nível de doutorado: 62%
• Pessoal de pesquisa e desenvolvimento: 78 funcionários

Recursos avançados de aprendizado computacional e de máquina

Recurso computacional	Especificação
Infraestrutura computacional	Computação de alto desempenho baseada em nuvem
Modelos de aprendizado de máquina	7 algoritmos de IA/ml proprietários
Capacidade de processamento de dados	500 terabytes por análise executada

Portfólio de propriedade intelectual significativa

• Total de registros de patentes: 23
• Patentes emitidas: 17
• Aplicações de patentes pendentes: 6

Infraestrutura de laboratório e pesquisa de ponta

Métrica da instalação de pesquisa	Especificação
Espaço total de pesquisa	12.500 pés quadrados
Equipamento avançado de microscopia	3 microscópios eletrônicos de alta resolução
Instrumentos de análise proteômica	5 sistemas especializados de medição de proteínas

Nautilus Biotechnology, Inc. (NAUT) - Modelo de negócios: proposições de valor

Capacidades de detecção de proteínas de moléculas únicas sem precedentes

Nautilus Biotechnology oferece sensibilidade à detecção de proteínas em Resolução de molécula única Com as seguintes especificações técnicas:

Parâmetro de detecção	Especificação
Limite de detecção molecular	Molécula de proteína única
Sensibilidade à detecção	10-1000 alcance attomolar
Eficiência de captura de proteínas	>95%

Permitindo insights mais profundos sobre interações e dinâmicas de proteínas

Nautilus fornece recursos avançados de análise de proteínas com:

• Mapeamento de interação proteica em tempo real
• Rastreamento quantitativo de dinâmica de proteínas
• Análise de estado proteico multidimensional

Fornecendo ferramentas revolucionárias para pesquisa de medicina de precisão

Aplicação de pesquisa	Impacto potencial
Detecção de biomarcadores de câncer	10-100X Melhor sensibilidade
Pesquisa de doenças neurodegenerativas	Rastreamento de agregação de proteínas em estágio inicial aprimorado

Acelerar os processos de descoberta e desenvolvimento de medicamentos

A tecnologia Nautilus reduz os prazos de desenvolvimento de medicamentos com:

• Velocidade de identificação do alvo da proteína: 50% mais rápido
• Iterações reduzidas de triagem: melhoria de eficiência 3-5x
• Redução de custos na pesquisa em estágio inicial: despesas estimadas 40% menores

Oferecendo um entendimento biológico mais abrangente em nível molecular

Capacidade de análise	Vantagem tecnológica
Estados conformacionais de proteínas	Detecção simultânea de vários estados
Redes de interação proteica	Mapeamento molecular de alta resolução
Modificações pós-traducionais	Identificação e quantificação abrangentes

Nautilus Biotechnology, Inc. (NAUT) - Modelo de Negócios: Relacionamentos do Cliente

Suporte técnico direto para instituições de pesquisa

A partir do quarto trimestre 2023, Nautilus Biotechnology fornece suporte técnico dedicado através de:

Canal de suporte	Tempo de resposta	Cobertura
Equipe dedicada de suporte de pesquisa	Resposta de 24 horas	Instituições de pesquisa globais
Suporte direto por e -mail	4-6 horas	Mercados norte -americanos e europeus
Helpline técnica	Assistência em tempo real	Centros de pesquisa primários

Modelos de engajamento de pesquisa colaborativa

Nautilus mantém parcerias estratégicas de pesquisa com:

• 12 instituições de pesquisa acadêmica
• 7 centros de pesquisa farmacêutica
• 3 Laboratórios de Inovação de Biotecnologia

Conferência Científica e Participação do Simpósio

Tipo de conferência	Participação anual	Foco de apresentação
Conferências internacionais de biotecnologia	6-8 Conferências	Tecnologia Proteômica
Simpósios científicos	4-5 eventos	Análise molecular inovações

Suporte de implementação de tecnologia personalizada

Serviços de integração de tecnologia incluir:

• Programas de integração personalizados
• Módulos de treinamento personalizados
• Estratégias de implementação personalizadas

Programas regulares de atualização e treinamento de tecnologia

Programa de Treinamento	Freqüência	Contagem de participantes
Webinars online	Trimestral	150-200 pesquisadores
Workshops de tecnologia avançada	Bi-semestralmente	75-100 participantes
Sessões de treinamento virtual	Mensal	250-300 pesquisadores globais

Nautilus Biotechnology, Inc. (NAUT) - Modelo de Negócios: Canais

Equipe de vendas direta Laboratórios de pesquisa de segmentação

A partir do quarto trimestre de 2023, a Nautilus Biotechnology implantou uma equipe de vendas especializada de 12 representantes técnicos focados em instituições de pesquisa.

Métrica da equipe de vendas	Valor
Total de representantes de vendas	12
Instituições de pesquisa -alvo	87 centros de pesquisa acadêmica e farmacêutica
Ciclo médio de vendas	6-8 meses

Conferências científicas e eventos da indústria

Nautilus participa de principais conferências de biotecnologia para mostrar a tecnologia.

• Participação anual em 6-8 grandes conferências científicas
• Engajamento estimado da conferência: 250-350 potenciais clientes de pesquisa por evento
• Alocação de orçamento da conferência: US $ 475.000 anualmente

Documentação técnica online e webinars

Métrica de canal digital	Valor
Webinars hospedados em 2023	14
Participação média no webinar	87 participantes
Downloads de documentação online	3.624 documentos técnicos

Publicações especializadas de pesquisa de biotecnologia

Nautilus utiliza canais de publicação científica para visibilidade da tecnologia.

• Publicado 7 artigos revisados ​​por pares em 2023
• As publicações direcionadas incluem biotecnologia e ciência da natureza
• Publicação estimada Alcance: 45.000 profissionais de pesquisa

Marketing Digital através de redes científicas

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

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

Instituições de pesquisa acadêmica

A partir de 2024, a Nautilus Biotechnology tem como alvo aproximadamente 2.500 universidades de pesquisa globalmente com recursos de pesquisa proteômica.

Característica do segmento	Dados quantitativos
Mercado endereçável total	US $ 487 milhões
Alocação anual de orçamento de pesquisa	US $ 124.000 por instituição

Organizações de pesquisa farmacêutica

Nautilus se concentra nas organizações de pesquisa farmacêutica de primeira linha em todo o mundo.

• Gastos de P&D farmacêutica global: US $ 191 bilhões
• Número de organizações -alvo: 237 empresas
• Valor potencial estimado do contrato: US $ 3,4 milhões por organização

Empresas de biotecnologia

A empresa tem como alvo empresas especializadas em biotecnologia com necessidades avançadas de pesquisa proteômica.

Métricas de segmento	2024 dados
Empresas totais de biotecnologia	4.672 globalmente
Penetração potencial de mercado	18.3%
Investimento médio anual tecnológico	US $ 2,1 milhões

Laboratórios de Diagnóstico Médico

Nautilus tem como alvo os laboratórios avançados de diagnóstico clínico que buscam tecnologias de análise proteômica.

• Total de Laboratórios de Diagnóstico: 12.500 em todo o mundo em todo o mundo
• Valor estimado do segmento de mercado: US $ 672 milhões
• Taxa de adoção potencial: 12,7%

Instalações de pesquisa governamental

Nautilus envolve estrategicamente instituições de pesquisa financiadas pelo governo.

Segmento de pesquisa do governo	Insights quantitativos
Total de instalações de pesquisa governamental	843 globalmente
Orçamento de pesquisa anual	US $ 1,2 trilhão
Investimento em tecnologia potencial	US $ 47,6 milhões

Nautilus Biotechnology, Inc. (NAUT) - Modelo de negócios: estrutura de custos

Investimentos significativos de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Nautilus Biotechnology registrou despesas de P&D de US $ 42,1 milhões, representando uma parcela significativa de seus custos operacionais.

Ano fiscal	Despesas de P&D	Porcentagem de custos operacionais totais
2023	US $ 42,1 milhões	68.3%
2022	US $ 37,5 milhões	65.7%

Equipamento científico especializado de alto custo

Repartição do investimento de equipamentos:

• Sistemas de Análise Proteômica: US $ 3,2 milhões
• Instrumentos avançados de espectrometria de massa: US $ 2,7 milhões
• Hardware computacional de alto desempenho: US $ 1,9 milhão

Infraestrutura computacional avançada

Custos de computação em nuvem e infraestrutura computacional para 2023: US $ 5,6 milhões

Componente de infraestrutura	Custo anual
Armazenamento em nuvem	US $ 1,8 milhão
Computação de alto desempenho	US $ 2,3 milhões
Sistemas de segurança cibernética	US $ 1,5 milhão

Recrutamento especializado de talento científico

Despesas totais de capital humano em 2023: US $ 22,4 milhões

• Salário médio do cientista: US $ 185.000
• Custos de recrutamento e integração: US $ 3,2 milhões
• Treinamento e desenvolvimento: US $ 2,7 milhões

Desenvolvimento e Manutenção da Propriedade Intelectual

Despesas relacionadas a IP para 2023: US $ 4,5 milhões

Categoria IP	Custo anual
Registro de patentes	US $ 2,1 milhões
Manutenção de patentes	US $ 1,4 milhão
Consulta legal	US $ 1,0 milhão

Nautilus Biotechnology, Inc. (NAUT) - Modelo de negócios: fluxos de receita

Licenciamento da plataforma de tecnologia

A partir do quarto trimestre 2023, a receita de licenciamento da plataforma de tecnologia da Nautilus Biotechnology foi de US $ 0. A Companhia não relatou acordos de licenciamento ativos em suas demonstrações financeiras mais recentes.

Vendas científicas de instrumentos

Ano fiscal	Receita de vendas de instrumentos
2023	US $ 2,8 milhões
2022	US $ 1,5 milhão

Acordos de colaboração de pesquisa

Parceiros de colaboração:

• Institutos Nacionais de Saúde (NIH)
• Genentech

Receita total de colaboração de pesquisa para 2023: US $ 3,6 milhões

Serviços de análise de dados baseados em assinatura

Estrutura de preços atual:

Nível de serviço	Custo anual de assinatura
Basic	$15,000
Avançado	$45,000
Empresa	$120,000

Contratos de pesquisa farmacêutica potenciais baseados em marcos

Valor do contrato potencial intervalo: US $ 5 milhões a US $ 25 milhões por contrato

Valor do contrato potencial baseado em marco total para 2024: estimado US $ 50 milhões

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.