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• Illumina for proteins
• The 10x Genomics of proteomics

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• Nautilus Proteome Analysis Platform: A high-throughput, single-molecule protein analysis platform designed to enable comprehensive and precise quantification of the human proteome by directly detecting and counting individual protein molecules.

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Nautilus Biotechnology (symbol: NAUT) sells its single-molecule proteome analysis platform primarily to other companies and research institutions, rather than directly to individuals.

As of its most recent public filings (e.g., its 2023 Annual Report on Form 10-K), Nautilus Biotechnology has not disclosed specific named "major customers" that account for a significant portion of its revenue. This is typical for companies in the early commercialization phase of highly specialized scientific instruments and platforms, where sales may be distributed across various early adopters and research groups.

However, the company targets and serves a range of organizations within the life sciences sector. Its primary customer categories include:

• Academic Institutions: Universities, medical schools, and non-profit research centers engaged in fundamental scientific and clinical research.
• Pharmaceutical Companies: Companies focused on drug discovery, development, and manufacturing, utilizing advanced proteomic analysis for target identification, validation, and understanding drug mechanisms.
• Biotechnology Companies: Firms involved in the development of novel biological products, diagnostics, and therapies, requiring sophisticated tools for protein analysis.
• Contract Research Organizations (CROs): Organizations that provide research services to the pharmaceutical, biotechnology, and medical device industries, which may include advanced proteomic studies for their clients.

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Sujal Patel – Founder & Chief Executive Officer

Sujal Patel is a successful technology entrepreneur and executive who co-founded Nautilus Biotechnology. Prior to Nautilus, he founded and served as CEO of Isilon Systems, an enterprise data storage company, which completed a successful initial public offering in 2006. Isilon was later acquired by EMC in 2010 for $2.6 billion, marking the largest acquisition in EMC's history. Following the acquisition, Patel served as the President of EMC's Isilon Storage Division until 2012. He graduated from the University of Maryland College Park with a degree in Computer Science.

Anna Mowry – Chief Financial Officer

Anna Mowry serves as the Chief Financial Officer of Nautilus Biotechnology. She joined Nautilus from Igneous, where she held the role of VP of Finance and Operations, overseeing finance, accounting, people, legal, and operations. Mowry has accumulated experience in various finance and business roles throughout her career. She holds an MBA from the University of Washington.

Parag Mallick, PhD – Founder & Chief Scientist

Dr. Parag Mallick is a co-founder and the Chief Scientist at Nautilus Biotechnology. He is also an Associate Professor at Stanford University, focusing his research on personalized medicine and the integration of machine learning with experimental biology. Dr. Mallick is recognized as a distinguished scientist and entrepreneur with a strong background in biochemistry and engineering. He trained in clinical proteomics and systems biology at the Institute for Systems Biology with pioneering researcher Ruedi Aebersold. Dr. Mallick holds a BS in Computer Science from Washington University in St. Louis and a PhD in Chemistry & Biochemistry from UCLA. He has over 100 publications and holds patents in fields such as artificial intelligence, proteomics technology, biomarker development, and nanotechnology.

Subra Sankar, PhD – Chief Operating Officer

Dr. Subra Sankar is the Chief Operating Officer at Nautilus Biotechnology, a position he held as of late 2024. Previously, he served as SVP of Product Development for the company. Before joining Nautilus, Dr. Sankar was the SVP of Product Development at GenapSys, where he led the company's R&D efforts. He has extensive experience in the life sciences sector, including senior roles at Solexa/Illumina from 2006 to 2012, where he led instrument and consumable development for next-generation sequencers. Dr. Sankar earned a Ph.D. in Aerospace Engineering from Georgia Tech and an MBA from UC Berkeley.

Gwen Weld – Chief People Officer

Gwen Weld serves as the Chief People Officer at Nautilus Biotechnology.

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The primary clear emerging threat to Nautilus Biotechnology (NAUT) is the direct competition from Quantum-Si (QSI). Both companies are developing next-generation, single-molecule protein analysis platforms designed to revolutionize proteomics beyond the capabilities of traditional mass spectrometry. Quantum-Si's platform, while distinct in its underlying technology, directly competes with Nautilus's offering for market adoption and aims to solve the same fundamental challenges in protein quantification and analysis. Should Quantum-Si achieve significant technological breakthroughs, commercialization success, or establish a dominant position in the emerging single-molecule proteomics market, it would pose a direct and substantial threat to Nautilus's strategic objectives and market potential.

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Nautilus Biotechnology (NAUT) operates within the proteomics market, with its core offering being a single-molecule protein analysis platform. The addressable markets for Nautilus Biotechnology's main products and services can be understood in terms of the broader proteomics market and the more specific single-molecule protein analysis market.

Global Proteomics Market

• The global proteomics market was valued at approximately $37.60 billion in 2024 and is projected to reach $96.81 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 12.7% during the forecast period.
• North America holds a significant share of this market, accounting for 43.69% of the global proteomics market in 2024.

Global Single-Molecule Protein Analysis Market

• The global single-molecule protein sequencing market size was estimated at $286 million in 2024.
• This market is projected to grow at a robust CAGR of 18.9% from 2025 to 2033, reaching an estimated value of $1,527 million by 2033.
• A broader "single-molecule analysis market," which includes protein dynamics, DNA/RNA analysis, and drug discovery, was valued at $1.8 billion in 2024 and is expected to reach $4.3 billion by 2033, growing at a CAGR of 12.80%.

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1. Commercial Launch of Proteome Analysis Platform: Nautilus Biotechnology is a development-stage company that currently reports no revenue. The primary driver of future revenue growth is the anticipated commercial launch of its single-molecule proteome analysis platform, targeted for late 2026. This platform includes instruments, reagent kits, and software, which will form the basis of the company's revenue streams.
2. Expansion of Early Access Program and Broad-Scale Proteomics: An early access program for its Tau proteoform assay is set to commence in the first half of 2026. This program will initially focus on Tau proteoforms and gradually expand to broader capabilities throughout the year. While expected to generate limited initial revenue, this program is crucial for demonstrating the technology's value and building market momentum. Over time, the company aims to expand its early access offerings to include support for broad-scale proteomic studies, encompassing the analysis of the entire proteome.
3. Strategic Partnerships and Collaborations: Nautilus is actively pursuing and engaging in collaborations with academic centers, non-profit institutes, and biopharma companies. These partnerships are designed to generate high-quality data, validate the platform, and build credibility and operational readiness ahead of the commercial launch, ultimately enhancing its market presence and potential for future sales.
4. Penetration of the Growing Proteomics Market: Nautilus projects the proteomics market to reach $55 billion by 2027, with significant spending in discovery proteomics. The company's innovative platform aims to democratize access to the proteome and enable advancements across human health and medicine, positioning it to capture a share of this expanding market.
5. Sales of Instruments, Reagents, and Software: Upon commercialization, Nautilus plans to generate revenue through the sale of its Proteome Analysis System instruments, which are expected to be priced around $1 million per package, along with recurring revenue from consumable reagent kits and software subscriptions or analysis services. The company targets a long-term gross margin of approximately 70% across these integrated offerings.

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Share Issuance

• Nautilus Biotechnology completed a business combination with Arya Sciences Acquisition Corp III on June 9, 2021, resulting in gross proceeds of approximately $345.5 million.
• This transaction included a Private Investment in Public Equity (PIPE) of approximately $200 million from a group of healthcare investors.
• The company also issues shares under employee stock purchase and equity incentive plans, with 8,997,569 shares issuable upon the exercise of stock options under its 2021 Equity Incentive Plan as of late 2024.

Inbound Investments

• The company received approximately $345.5 million in gross proceeds from its business combination and PIPE financing in June 2021.
• A $200 million PIPE was committed by premier healthcare investors, including Perceptive Advisors, RA Capital Management, Ally Bridge Group, Bain Capital Life Sciences, and others, at $10 per share.

Capital Expenditures

• Capital expenditures for purchases of property and equipment amounted to $1.0 million in 2020, $3.0 million in 2021, and $1.8 million in 2022.
• For the six months ended June 30, 2025, the company reported $0.7 million in capital expenditures for property and equipment, following $0.8 million for the same period in 2024.
• These investments support the development of Nautilus's single-molecule proteome analysis platform, including the successful installation and testing of its first field evaluation unit at the Buck Institute for Research on Aging in November 2025.