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| Statement |
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| The combination of advances in our consumable production scale, reliability and reproducibility, the increased stability of our multicycle assays and the expansion and available number of commercial form factor instruments enabled us to successfully perform substantially greater numbers of longer-cycle experiments in the past quarter than we did in the prior several years combined |
| At a high level, I'm encouraged by a growing awareness among researchers about the role that proteomic data can play is easily and cost effectively generated in augmenting other high-value biological data set |
| I'm grateful for the extraordinary work the entire team did in 2023 and for how they've kicked off 2024 stronger than ever |
| Importantly, we have achieved improved efficiencies with operational spend, beating our internal expectations |
| We entered 2024 with a lower burn rate and a strong cash balance, extending our cash runway into the second half of 2026 |
| And so that data to the scientific community on our potential customers is incredibly exciting |
| We are confident that we remain well positioned to execute on our strategy to launch a transformational platform in proteomics |
| Our burn rate and cash balance are a significant advantage for us and to strike the right balance between maximizing our cash runway into 2026 while making the investments that are necessary to drive our scientific progress forward |
| By choosing to focus intently on our development objectives, we believe we are positioning ourselves to create the best platform possible and make the maximum positive impact on the marketplace, biological science and long-term shareholder value |
| And as we came into the back half of last year, we saw tremendous progress particularly on the integration and noticing that allowed us to really do experiments at a larger scale than we had before |
| And then on the reagent side, the manufacturing and organization has done a great job really building the partner base that helps build those reagents, but as well as Parag described in his prepared remarks, they've done a really exceptional job with the yield and scale of our reagent production in-house, and we're really excited with that |
| We really like the customer traction that we're seeing and the excitement and we'll continue to consider those types of collaborations and work to expand the proteoform work that we have been doing with our existing collaborators as we work through this year and we start getting into next year |
| We're excited about and energized by what lies ahead for Nautilus and the difference we believe our platform can make in biological science |
| Overall, we made solid progress against our core goals in 2023 |
| The world of biology deserves our best and we have set an exceedingly high bar for ourselves |
| And what I would tell you on that front is we continue to really love the momentum that we have on the proteoform side |
| As Sujal mentioned earlier, we come into this year clear eye about what work remains to be done and confident that we have a solid foundational understanding of what is required to get our platform into the hands of users, where it can have a profound impact |
| And so when you talk about flexibility, I think the biggest thing to highlight is that we as a company have been very good about managing that OpEx as the timeline moves up and down, and we expect to continue to do that as well |
| Number two is that the work that we're doing on Tau and EGFR with Genentech and Amgen as well as our other collaborators is incredibly exciting for our collaborators and for the scientific community |
| I'm pleased with the progress I saw last year in this regard with the instrument becoming a true workhorse |
| But looking at the progress that's been made, particularly the progress made here in the, the beginning of this year, I think that I'm really enthusiastic and excited about what I'm seeing, and we'll be back to update you on that as we move through this year and closer to our anticipated 2025 launch |
| As we reported in Q2, the increasing experimental scale and assay robustness has enabled us to increase the set of model proteins that can be successfully decoded |
| We made excellent progress in 2023 and look forward to building on those successes as we move through 2024 on our way to a commercial launch in 2025 and beyond |
| We enter 2024 more energized than ever focused on the good that we anticipate our platform can do and confident in our ability to get there |
| And as Parag has shared that data in the past and as you will do through this year, we continue to see a lot of excitement from potential customers from KOLs and from others in the scientific community around our platform |
| Our mission to positively impact the health and lives of people around the world remains our guiding light and the high standard to which we hold ourselves |
| Needless to say, we are very grateful to have him on our team |
| This prestigious award recognizes Parag's career achievements and long-standing leadership role in the development of bioinformatic analyses and the computational methods widely used by the proteomics community |
| And that's really been the driver of our decision-making has been that ability to scale the platform to be able to measure a game-changing number of proteins at a sensitivity that we're targeting |
| So that's getting that data out into the world and showing what our platform is capable of is the second way that we are going to build excitement in the community about the platform |
| Statement |
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| As we've been working through development, the key challenges we've been facing really have been ones of scale, quality, reproducibility and stability, which are critical for our end-to-end assay to be as robust as possible |
| We recognize that we're tackling a big hard problem that has never been successfully addressed |
| As one of our board members is fond of saying, these delays are often based on encountering and knocking down one by one, what she refers to as FIW problems, challenges associated with being first in the world |
| During past calls, we've spoken about the well-understood reality that shipping the first version of any truly groundbreaking product can be slower and more challenging than initially anticipated |
| Overall net loss for the fourth quarter of 2023 was $17.0 million compared to $13.4 million in the prior year period |
| And so supply chain is not an issue for us |
| Just are any sort of the issues or challenges that you're having related to supplier issues or manufacturing capabilities? I know Parag talked about scale quality reproducibility as sort of some of the factors that you're looking at, but just want to make sure that it seems like some of the supply issues are long gone |
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