Nautilus (NAUT) Q2 FY26 earnings call: guidance and Q&A

How will Nautilus balance its current cash runway and burn rate with the need to expand commercial teams to drive revenue, especially given the planned fundraising?

Sujal Patel explained that the current commercial team is right-sized for the serviceable opportunity, focusing on efficiency by concentrating on specific disease areas like neurodegeneration and early oncology. He noted that the unique proteoform technology makes customers very receptive. Anna Mowry added that the company will raise funds when business catalysts and market conditions are optimal, emphasizing they are not in a rush.

“We will raise when the combination of business catalysts and market conditions produces the best outcome for our company and our shareholders. To be clear though, we are not in a rush.”

asked by Dan Brennan · answered by Anna Mowry

Could you elaborate on the unique aspects of your proteoform approach in cancer and neurology compared to existing methods, and discuss the economics for customers, including instrument and assay costs?

Parag Mallick highlighted that Nautilus's platform is unique in its ability to measure proteoforms at scale, discerning isoform combinations and post-translational modifications with sensitivity and reproducibility unmatched by existing methods. Anna Mowry confirmed the target instrument price point of approximately $1 million and assay costs of a few thousand dollars per sample, based on market research.

“there is no other platform in the world that can measure proteoforms at scale. Full stop. The ability to discern a combination of an isoform plus multiple post-translational modifications is an attribute that is unique to our platform and our platform alone.”

asked by Dan Brennan · answered by Parag Mallick

How should investors think about the potential early traction and revenue opportunity, particularly for AKT1, given the $1 million instrument cost and current burn rate?

Anna Mowry stated that while it's too early to provide specific customer numbers, the rollout of tau, AKT1, and subsequent oncology assays, along with platform enhancements like lower sample input and new sample types, will create a substantial commercial opportunity. She emphasized that instrument sales will be the biggest near-term top-line lever.

“I'm not going to put a size and shape around that opportunity. But as we start to get into next year, I think we'll have more for you. But, you know, in total, I think it's an exciting opportunity. It's just a little too early for us to put numbers around it.”

asked by Dan Brennan · answered by Anna Mowry

What is the current state of the academic market, and how confident is Nautilus that customers will have the funds to commit to pre-orders for full-price instrumentation?

Sujal Patel noted that biopharma budgets appear stable, while the academic/nonprofit research market, influenced by NIH funding, is still experiencing some choppiness but is improving. He believes that academic customers pursuing projects relevant to Nautilus's technology are securing necessary funding.

“On the academic nonprofit research side where NIH funding and government funding is a significant factor, I think that what I've said before is probably what we're seeing now, which is that there's still a little bit of choppiness out there... But that choppiness is probably improving a little bit.”

asked by Unknown Analyst · answered by Sujal Patel

What is the expected split of revenue for the second half of FY26 between grant revenue (Michael J. Fox Foundation) and services from early access programs?

Anna Mowry indicated that grant revenue from the Michael J. Fox Foundation is expected to be a fairly steady contributor through 2026 and into 2027. She anticipates additional early access customers but does not expect them to be a major revenue driver this year.

“I would anticipate that we would see fairly steady revenue coming from that, those efforts through 2026 or into 2027. Although the amounts might vary a little bit depending on the type of work that's being done in any particular quarter.”

asked by Unknown Analyst · answered by Anna Mowry