Strong Balance Sheet and Runway
Cash, cash equivalents and marketable securities of $215.8M as of 12/31/2025, providing a runway into Q2 2028 and supporting planned Proteus development and operations.
Progress on Proteus Development and Commercial Plan
Prototype Proteus exceeded first-generation performance across key metrics (demonstrated at Nov 2025 Investor Day); list price announced at $425,000 to aid customer budgeting and channel planning for an end-of-2026 launch.
Operational Cost Discipline
Adjusted operating expenses decreased year-over-year: Q4 adjusted OpEx $18.3M vs $26.7M prior Q4 (down ~31.5%); full-year adjusted OpEx $86.3M vs $99.0M in 2024 (down ~12.8%), reflecting targeted resource allocation toward Proteus.
Consumable Utilization Momentum and Placement Program
Placement program secured 17 new customers; management expects >25% increase in number of consumable kits run in 2026, driving recurring consumable revenue even with modest capital sales.
Scientific Validation and Publication Pipeline
Five manuscripts submitted in 2025 and three new manuscripts released (publication or preprint) in the first two months of 2026, including notable use-cases (clinical proteomics for hemoglobinopathies and rapid pathogen/toxin detection).
Product and Reagent Innovations
Launched version 4 sequencing kit and 24 barcodes (Q3 2025) and version 3 library prep kit (Q4 2025); version 3 kit enables sequencing with as little as 1–2 ng protein (over 100-fold reduction in input vs prior kit).