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1 © 2018 NANOSTRING TECHNOLOGIES, INC. ALL RIGHTS RESERVED. © 2018 NANOSTRING TECHNOLOGIES, INC. ALL RIGHTS RESERVED. May 20, 2020 2020 UBS Health Care Conference
1 © 2018 NANOSTRING TECHNOLOGIES, INC. ALL RIGHTS RESERVED.© 2018 NANOSTRING TECHNOLOGIES, INC. ALL RIGHTS RESERVED.
May 20, 2020
2020 UBS Health Care Conference
2 © 2018 NANOSTRING TECHNOLOGIES, INC. ALL RIGHTS RESERVED.
• This presentation and the accompanying oral commentary contain forward -looking statements that involve
risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove
incorrect, our results may differ materially from those expressed or implied by such forward -looking
statements. All statements other than statements of historical fact could be deemed forward -looking,
including, but not limited to, any projections of financial information; any statements about historical results
that may suggest trends for our business; any statements of the plans, strategies, and objectives of
management for future operations; any statements of expectation or belief regarding future events, future
regulatory clearances or approvals, potential markets or market size, technology developments, or
enforceability of our intellectual property rights; any statements regarding our ability to successfully launch
and commercialize our GeoMx Digital Spatial Profiling and Hyb & Seq platforms and the timing thereof; and
any statements of assumptions underlying any of the items mentioned.
• These statements are based on estimates and information available to us at the time of this presentation and
are not guarantees of future performance. Actual results could differ materially from our current expectations
as a result of many factors, including but not limited to: quarterly fluctuations in our business; market
acceptance of our products; the effects of competition and technological advances on our ability to
successfully commercialize our products; delays or denials of reimbursement for diagnostic products; the
regulatory regime for our products; and any adverse changes in our strategic relationships, including with
licensors of our technologies and manufacturers and distributors of our products. These and other risks and
uncertainties associated with our business are described in our filings with the U.S. Securities and Exchange
Commission. Except as required by law, we assume no obligation and do not intend to update these forward -
looking statements or to conform these statements to actual results or to changes in our expectations.
Forward-looking Statements
3 © 2018 NANOSTRING TECHNOLOGIES, INC. ALL RIGHTS RESERVED.
DNA/RNA: SequencingTissue: Spatial Profiling Cells: Gene Expression
Overview
NanoString Enables Biological Insights From Tissue to Molecules
GeoMx DSP nCounter Hyb & Seq
4 © 2018 NANOSTRING TECHNOLOGIES, INC. ALL RIGHTS RESERVED.
Overview
Powerful Validated Platforms with Commercial Momentum
*as of December 31, 2019
GeoMx DSP nCounter Hyb & Seq
Launch 2019 2008 Targeting 2022
Installed Base* 55(105+ cumulative orders)
~880 N/A
Publications 18 >3,300 1
5
Overview
Accelerated Growth Driven by GeoMx DSP Launch
Annual Product & Service Revenue
$ millions
Q1’20 Highlights*
2017 2018 2019
GeoMx DSP
Total
Core
nCounter
$103.7*
$72.0
$83.5
• Product and service revenue
grew by 15%, pro forma growth
of 23% adjusting for Prosigna
• GeoMx DSP revenue of $7M+ and
15+ new orders
• Cumulative GeoMx DSP orders of
105+ systems as of 3/31/20
• COVID-19 headwinds most
significant for nCounter business
+16%
+24%
92.9
10.8
6
Overview
Diversified Global Business
60%
40%
Customer Base
60%30%
10%
Geography
59%30%
11%
Revenue Breakdown
Consumables
Instruments
Service
North America
Europe
APAC
Academic
Biopharma
7
Strength in GeoMx DSP Offset COVID19-Related nCounter Weakness
Product & Service Revenue
$ millions
Q1’20 Highlights
17.4
7.1
Q1'19 Q1'20
GeoMx DSP
Total
nCounter
$24.5
$21.4
• Managing safely through pandemic
• 15+ new GeoMx DSP orders
• High interest in GeoMx + NGS
• nCounter on track until mid-March
• COVID-19 disrupted customers’
orders and ability to receive
shipments
(19%)
Overview
+15%
8
Overview
Sale of Prosigna + Notes Offering: Strong Financial Profile
+47.0
128.9
Cash and Investments
$ millions
Profit & Loss
$ millions
+13.7
(77.4) (63.7)
(20.0)
176.1 156.1
FY18 TransactionImpact
FY18 ProForma
(6.3)
106.7 100.4
Revenue
Expense
Profit
(Loss)
Source: Pro Forma figures as presented in the Company’s 8K filing from 4 Dec 2019
+ 47.0
(19.0)
156.9
+ 222.6
(89.0)
290.6
(22.1)
268.5
9
Overview
Strategic Objectives for 2020
Accelerate GeoMx Adoption in Translational Research
Expand GeoMx into Discovery Research using NGS Readout
Maintain Momentum in Core nCounter Business
Select Hyb & Seq Applications and Partners
10
Expanding into Spatial Genomics with GeoMx DSP
Your GPS for Biology
GeoMx Digital Spatial Profiler
11
GeoMx Digital Spatial Profiler
Genomics Research is Evolving from Bulk to Single Cell to Spatial
Bulk Genomics Single Cell Genomics
2006 to present 2012 to present
Single Cell Spatial Biology
2019 to future
nCounter GX Chromium
(10X Genomics)
GeoMx DSP
2006 2012 2019
Adapted from concept and images by Dr. Aviv Regev of The Broad Institute
12
GeoMx Digital Spatial Profiler
GeoMx DSP Profiles Selected Cells and Regions Within a Tissue Sample
Tumor
Biopsy
ImmuneCells
Infiltrated
ImmuneCells
Excluded
Infiltrated Tumor regions
Non-Infiltrated
Tumor regions
Respo
nder
Non
-Respo
nder
Patients Treated
with IO Therapies
Biomarker Expression
Patients
Biomarkers of Immuno-oncology
Therapy Response
13
GeoMx DSP Processes Tissue Slides for Readout on nCounter or NGS
Protein RNA
GeoMx DSP nCounter
OR
Next Generation
Sequencer (NGS)
Tissue Slide Processing Molecular Barcode Analysis
GeoMx Digital Spatial Profiler
2019 2020
14
GeoMx Digital Spatial Profiler
GeoMx DSP Addresses Two Distinct Research Markets
Sample Types FFPE
Analytes Protein & RNA
Read-out Preference nCounter NGS
Research Settings Biopharma & Academic
Translational Discovery
Total Addressable
Market (TAM)~$1B >$1B
Fresh Frozen & FFPE
RNA & Protein
Academic
Objective Cure Disease Understand Biology
15
Analytes
Ease of Use Automation
Leadership in Core Translational Market
GeoMx DSP is Ideally Tuned to Needs of Translational Researchers
Sample Types
RNAFFPE Fresh Frozen
Catalog Reagents
Protein
>10 Slides per DayAuto-staining
16
Multiple11%
Neuroscience5%
Autoimmune3%
Leadership in Core Translational Market
Of First 105+ GeoMx DSP Orders, ~95% Sold into Translational Research
Discovery5%
Oncology 81% Academic 64%
DSP only 74% 95% Translational
DSP + nCounter,
26%
Biopharma31%
CRO5%
17
Leadership in Core Translational Market
GeoMx Validated in Nineteen Peer-Reviewed Publications to Date
NeurologyImmuno-oncologyGeoMx Cover Images
18
0
50
100
150
200
250
300
Technology Access Program Momentum Continues in Q1 with 50+ Projects
>240 projects completed for 140 unique accounts
33% GeoMx instrument orders preceded by TAP project
TAP Projects Completed
BioPharma
Academic
New TAP Projects Ordered
49
43
34
27
Leadership in Core Translational Market
54
Q1 Q2 Q3 Q4 Q1
2019 2020
nCounter NGS
19
0
50
100
150
200
250
300
Technology Access Program Momentum Continues in Q1 with 50+ Projects
>240 projects completed for 140 unique accounts
33% GeoMx instrument orders preceded by TAP project
TAP Projects Completed
BioPharma
Academic
New TAP Projects Ordered
49
43
34
27
GeoMx Digital Spatial Profiler
54
Q1 Q2 Q3 Q4 Q1
2019 2020
nCounter NGS
20
Expansion into Discover Research via NGS-readout
Expanding from Translational into NGS-Based Discovery Market in Mid-2020
20X
21
SpatialSingle Cell
Expansion into Discover Research via NGS-readout
NGS Enabled GeoMx DSP Appeals to Single Cell Discovery Researchers
Chromium (10x Genomics) + NGS GeoMx DSP + NGS
• ~20,000 NGS Systems
• >1,500 Chromium Systems
• Leveraging established work flows
• Large, open-ended opportunity
Source: 10X Genomics
22
Expansion into Discover Research via NGS-readout
GeoMx DSP Roadmap Has Flexibility From Targeted to Whole Transcriptome
2019
Immune Pathways RNA Panel
• nCounter read-out
• 84 genes
2020
Cancer Transcriptome Atlas
• NGS read-out
• 1,800+ genes
2021
Whole Transcriptome Atlas
• NGS read-out
• 18,000+ genes
Re
acto
me
Co
ve
rag
e
23
Expansion into Discover Research via NGS-readout
GeoMx DSP Whole Transcriptome Coverage Coming 2021
Re
acto
me
Co
ve
rag
e
GeoMx Whole Transcriptome Atlas
• 18,000+ genes
• NGS readout
• 2021 Launch
24
Strategy
Cancer Discovery Applications
• Expansive content: 1,800+ genes across 55 pathways
• Comprehensive biology: Tumor biology, immune
response, microenvironment, low expresssors
(Cytokines, chemokines, transcription factors etc)
• Curated annotations: Includes popular nCounter gene
expression panels and signatures (PAM50, TIS)
• Customization: Ability to add genes of interest
• Price per sample: $1,250 per assay
• Minimal sequencing: 30M reads/sample
Curated & validated content for cancer research
Cancer Transcriptome Atlas: Basic Discovery to Translational Studies
Expansion into Discover Research via NGS-readout
Technology Access (TAP) Open Now
Launch mid-year 2020
25
New Biology Discovery Applications
• Comprehensive content: >18,000 Gene specific
probes designed to every protein coding sequence
• Curated Annotations: Utilized Human Gene
Nomenclature Committee to intelligently design out
uninformative genes
• Customization: Ability to add spike in genes of
interest
• Minimal sequencing: 100M reads/sample
Whole transcriptome assay for discovery research
Whole Transcriptome Atlas: Ideal for Basic Discovery Research
Expansion into Discover Research via NGS-readout
Technology Access (TAP) by End of 2020
Launch in 2021
26
Typical Sequencing Use-Cases for GeoMx Panels
Expansion into Discover Research via NGS-readout
GeoMx DSP Compatible with Multiple Widely Available NGS Platforms
iSeq
4M reads
MiSeq
25M reads
NextSeq550
400M reads
NextSeq2000
1B reads
NovaSeq
Up to 20B reads
Whole Transcriptome18,000+ genes
Cancer Transcriptome Atlas 1,800+ genes
Protein ~ 100 targets
27
Expansion into Discover Research via NGS-readout
GeoMx DSP Provides Discovery Researchers Flexibility and Automation
Customer Needs GeoMx DSP
Tissue
Type Flexible – Fresh and FFPE
Format Flexible – Slide-mounted or freshly cut
Size Flexible – Up to 40 x 17 mm
Analyses
Analyte Flexible – RNA and Protein
Capture Flexible – Probes designed to any sequence
Regions Flexible – User defines shape and size
Targets Flexible – 10’s to 1000’s to Whole Tx
WorkflowImaging Automated – High resolution, four-color fluorescence
Processing Automated – Up to 10 slides per day
28
CAR-T Biology
Core nCounter Business
nCounter: Flexible Gene Expression Platform with Compelling Menu of PanelsIn
str
um
en
ts
SPRINT
Co
ns
um
ab
les
nCounter Analysis Systems
MAX
PanCancer PanelsTranslational Research
510k-Cleared FLEX
Fibrosis
Mouse AD
Metabolic Pathways
Immune Profiling
Neuro Inflammation
IO 360
29
Clinical Research
Hyb & Seq Platform
Hyb & Seq Has Numerous Potential Applications
Oncology
Pathogen
IDAntibiotic Susceptibility
Test
Infectious Disease
Gene Expression Profiling
Spatial Biology
Hyb & Seq
Targeting 2022 Launch
30
Conclusion
2020: A Transformational Year for NanoString
• GeoMx DSP Leader in rapidly emerging spatial market
• nCounter Consistent growth in core business
• Hyb & Seq Pipeline with future optionality
• Financials Growth inflection + strong balance sheet
31 FOR RESEARCH USE ONLY. Not for use in diagnostic procedures.
