Nautilus Biotechnology is a pre-commercial life sciences tools company developing the Voyager platform, a novel system for measuring proteins and their functional variants (proteoforms) at single-molecule resolution. The Voyager platform works by capturing individual intact protein molecules on a nanofabricated chip, then repeatedly probing each molecule with affinity reagents across many cycles. Machine learning algorithms interpret the resulting binding patterns to identify and quantify each protein. This approach supports two core applications: broadscale proteomics, which identifies and quantifies the vast majority of proteins in a biological sample, and targeted proteoform analysis, which resolves specific functional variants of a protein arising from post-translational modifications. The company's first commercial assay targets Tau, a protein central to Alzheimer's disease research. Nautilus targets researchers at large pharma and biotech companies, academic institutions, and multi-omics research centers. The company is currently running a fee-for-service Early Access Program before transitioning to direct instrument sales beginning in early 2027. The intended business model mirrors how Illumina commercialized sequencing: instrument placements create a recurring consumables revenue stream from flow cells and reagent kits, supplemented by cloud-based software subscriptions and fee-for-service engagements. The Voyager instrument is expected to be priced around $1M. Nautilus has no meaningful revenue today and is burning roughly $50-70M in cash per year.