Nautilus Biotechnology, Inc.
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow here stands for an open operating question, not a view on the stock price. A substance risk as our rating defines it is not documented as of June 30, 2026: no bank debt, positive equity, no going-concern warning, and the cash lasts through 2027 by the company’s estimate, six quarters counted from June 30, 2026. What is open is almost everything that defines the business: success hinges on a single instrument that is not yet for sale, whose launch date has changed six times since 2021 and whose biggest application currently has no date. Until then, the company loses about $60 million a year and, by its own account, will need new money; the program for it is in place. Whether $1.96 a share (October 2, 2026) is a reasonable price for that bet is not something this rating answers. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Nautilus Biotechnology has a distinct technical approach, cash with no bank debt, and has barely diluted its shareholders so far. Against that stand seven launch targets since 2021, none of them met so far, a big promise without a date, losses of about $60M a year and a program for new shares worth about half of the market value. Not investment advice.
Technology
Distinct approach: proteins counted individually and intact (three flow cells, about 10B landing sites in prototypes per the company); first paying service customer and research grant in Q2 2026.
Balance sheet
$129.2M in cash and investments, no bank debt (06/30/2026); share count up only 1.9% since the end of 2022.
Timeline
Seven launch targets since 2021, none met so far (end of 2023/beginning of 2024 → mid-2024 → 2024 → 2025 → late 2025 → late 2026 → early 2027, shipments from mid-2027); broadscale assay not in 2027 per the 10-Q of 07/28/2026, no new date.
Cash vs. calendar
Runway through 2027 per the company, shipments from mid-2027; per the 10-Q, substantial additional funding will be required.
Dilution
Program for up to $125M in new shares effective since 09/18/2026 — at $1.96 (10/02/2026), about 63.8M new shares (+50%), about half the market value.
Shareholders
Founders together about 32% (04/20/2026); Andreessen Horowitz cut from 13.9% to 4.9% (09/09/2026).
Worth Noting
Edition of October 3, 2026, based on the annual reports on Form 10-K for 2021 through 2025, all quarterly reports on Form 10-Q since August 2021 (for the launch targets), above all for the periods ended 03/31/2026 and 06/30/2026 (latest periodic report, filed 07/28/2026), the earnings releases of 02/26 and 07/28/2026, the Form 8-K and 424B5 prospectus on the share sale program (09/11 and 09/18/2026) and all SEC filings through 09/18/2026. The trigger was our Reddit hype scanner in early October 2026, not a fundamentals screen.
Not to be confused: Nautilus Biotechnology (NAUT) is not the fitness equipment maker Nautilus Inc.; the former name in the SEC database, ARYA Sciences Acquisition Corp III, belongs to the 2021 SPAC shell. Market value, enterprise value and multiples are our own calculations; the fundamental-data market value ($199.8M) was based on the October 1, 2026 close ($1.57) and was not used.
The price anchor is the closing price of $1.96 on 10/02/2026 (source: fundamental data); on 09/25/2026 it was $0.963, and per the prospectus $0.9721 on 09/16/2026. The launch targets are taken verbatim from the 21 annual and quarterly reports filed between August 2021 and July 2026; through the Q1 2024 quarterly report, the date statement referred to “broad commercialization” (from the Q2 2022 quarterly report on as “broad commercialization and launch”), and from the Q2 2024 quarterly report (07/30/2024) on only to the platform’s “launch” with broad commercialization “thereafter,” from the 2025 annual report on of a “commercial launch” with pre-orders and instrument installations at customer sites, and from the quarterly report of 07/28/2026 on with pre-orders and “instrument shipments.”
Stock Watch
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 0.852 $ to 4.00 $ · Last price: 2.30 $ (As of: November 13, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/13/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Nautilus Biotechnology, Inc. NAUT | 0.3 | – | -2.0 | 90.8 | -8,296.3 | – | 37.6 |
| Vertex Pharmaceuticals Inc VRTX | 136.2 | 32.1 | 27.5 | 54.8 | 38.1 | 9.6 | 24.0 |
| Regeneron Pharmaceuticals Inc REGN | 99.3 | 24.1 | 14.1 | 46.7 | 20.7 | 1.0 | 38.2 |
| Moderna Inc MRNA | 88.6 | – | 4.6 | -66.0 | -131.1 | -39.2 | 794.9 |
| argenx NV ARGX | 59.7 | 36.7 | 27.6 | 59.8 | 32.0 | 89.6 | 7.7 |
| BeiGene, Ltd. ONC | 47.1 | 74.4 | 29.5 | 89.4 | 19.1 | 40.2 | 10.2 |
| Royalty Pharma Plc RPRX | 38.2 | 37.5 | 24.0 | 99.8 | 100.3 | 5.1 | 78.4 |
| Revolution Medicines Inc RVMD | 35.8 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 167.6 |
| Genmab AS GMAB | 32.0 | 40.4 | 28.6 | 92.7 | 35.2 | -82.7 | 69.9 |
| Median of companies shown | 47.1 | 37.1 | 24.0 | 59.8 | 20.7 | 3.0 | 38.2 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2018 | – | -112 | 627 | 87.17 | -238 | 5 | 146 |
| 2019 | – | -10 | -10 | -1.59 | -10 | 18 | 19 |
| 2020 | 0 | -16 | -16 | -0.47 | -14 | -30 | 85 |
| 2021 | 0 | -51 | -50 | -0.60 | -39 | 364 | 398 |
| 2022 | 0 | -64 | -58 | -0.46 | -46 | 315 | 350 |
| 2023 | 0 | -76 | -64 | -0.51 | -52 | 265 | 306 |
| 2024 | 0 | -81 | -71 | -0.56 | -59 | 209 | 243 |
| 2025 | 0 | -67 | -59 | -0.47 | -51 | 157 | 191 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | -0.13 | 0.00 | 0 | – | – | -13 | -14 |
| 2024: Q4 | -0.14 | 0.00 | 0 | – | – | -14 | -15 |
| 2025: Q1 | -0.13 | 13.30 | 0 | – | – | -14 | -14 |
| 2025: Q2 | -0.12 | 14.30 | 0 | – | – | -13 | -14 |
| 2025: Q3 | -0.11 | 15.40 | 0 | – | – | -11 | -12 |
| 2025: Q4 | -0.11 | 21.40 | 0 | – | – | -12 | -13 |
| 2026: Q1 | -0.12 | 7.70 | 0 | – | – | -13 | -14 |
| 2026: Q2 | -0.11 | 8.30 | 0 | – | -7,615.30 | -14 | -14 |
| 2026: Q3 | -0.12 | -9.10 | 0 | – | -7,800.00 | -13 | -15 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Growth
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.49 | -0.50 – -0.44 | 1 | – | 4 |
| 12/31/2027 | -0.49 | -0.55 – -0.39 | 6 | – | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 03.10.2026 gegen die Geschäftsberichte (10-K) 2025 (eingereicht 26.02.2026) und 2024 (27.02.2025) sowie die Quartalsberichte (10-Q) zum 30.06.2026, 31.03.2026, 30.09.2025 und 30.06.2025: Nautilus baut maschinelles Lernen fest in seine Analyseplattform Voyager ein — eine eigene Software auf Basis maschinellen Lernens soll aus den Rohdaten des Geräts Proteine erkennen und zählen, geplant als Cloud-Dienst. Umsatz mit einem KI-Produkt gibt es aber nicht: Das Gerät ist noch nicht auf dem Markt, der erste Umsatz von 0,19 Mio. US-Dollar im zweiten Quartal 2026 stammt aus einem Forschungszuschuss und einem Analyse-Dienst im Vorab-Programm. Die KI-Passagen im Risikoteil sind allgemeine Klauseln ohne konkrete Bedrohung des Geschäftsmodells. Nach dem Kriterienkatalog daher „nutzt“.
View the full file — quotes, sources, reviewed filings
„Among the most unique aspects of the Nautilus Voyager platform we believe is the integration of a proprietary machine learning-based protein quantification analysis software engineered to work with the type of data our system generates."
Zu den einzigartigsten Merkmalen der Nautilus-Voyager-Plattform zählt unserer Ansicht nach die Einbindung einer eigenen, auf maschinellem Lernen beruhenden Software zur Proteinquantifizierung, die für die Art von Daten entwickelt wurde, die unser System erzeugt.
10-K · 2026-02-26 · View SEC filing
„Our software is expected to be a SaaS based service, utilizing Nautilus’ machine learning computational algorithms required to identify and quantify the proteins or proteoforms present in a sample run on the system."
Unsere Software soll ein Dienst aus der Cloud (Software as a Service) werden, der die Rechenverfahren des maschinellen Lernens von Nautilus nutzt, die nötig sind, um die Proteine oder Proteinvarianten in einer auf dem System gemessenen Probe zu erkennen und zu zählen.
10-K · 2026-02-26 · View SEC filing
„The Nautilus Voyager platform integrates nanofabricated protein arrays, affinity reagent probing, advanced optics and fluidics, and machine learning–based analysis into an end-to-end workflow inclusive of instrumentation, consumables, and software."
Die Nautilus-Voyager-Plattform verbindet nanogefertigte Protein-Trägerflächen, das Abtasten mit Bindungssonden, moderne Optik und Mikrofluidik sowie eine Auswertung auf Basis maschinellen Lernens zu einem durchgängigen Arbeitsablauf aus Gerät, Verbrauchsmaterial und Software.
10-Q · 2026-07-28 · View SEC filing
Filings Reviewed: 10-Q 2026-07-28 · 10-Q 2026-04-28 · 10-Q 2025-10-28 · 10-Q 2025-07-31 · 10-K 2026-02-26 · 10-K 2025-02-27
Rated on October 3, 2026 · How the Rating Is Built
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -37.6%
- ROCE > 15% -36.5%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Nautilus Biotechnology, Inc., a development stage life sciences company, engages in creating a platform technology for quantifying and unlocking the complexity of the proteome in the United States. The company develops Nautilus Voyager Platform, which includes an end-to-end solution comprising instruments, reagents, consumables, and software analysis. It also provides nautilus voyager instrument, a high-resolution optical imaging system with integrated fluidics and liquid handling sub-system to deposit protein libraries onto a flow cell and to process labeled multi-affinity reagent binding and imaging cycles rapidly to decode and quantify the proteins present in biological samples. In addition, the company offers single-molecule library preparation kits, flow cells, affinity reagents, and instrument run buffers to perform multi-cycle analysis runs. It has a research collaboration agreement Genentech, Buck Institute, Allen Institute, Cornell University and the Qatar Foundation, and Michael J. Fox Foundation. Nautilus Biotechnology, Inc. was founded in 2016 and is headquartered in Seattle, Washington.
- Employees
- 128
- Headquarters
- Seattle, WA
- Address
- 2701 Eastlake Avenue East, 98102 Seattle, United States
- Phone
- 206 333 2001
- Website
- nautilus.bio
- IPO Date
- 06/10/2021
- ISIN
- US63909J1088
Management
| Name | Title | Birth Year |
|---|---|---|
| Sujal M. Patel | Co-Founder, CEO, President, Secretary & Director | 1975 |
| Parag Mallick Ph.D. | Co-Founder, Chief Scientist & Director | 1978 |
| Anna Mowry | CFO & Treasurer | 1983 |
| Matthew B. Murphy ESQ. | General Counsel | 1965 |
| Amber Faust | Vice President of Global Sales | – |
| Jamie Rose Kuhar Ph.D. | Vice President of Marketing | – |
| Gwen E. Weld | Chief People Officer | 1958 |
| Subra Sankar Ph.D. | Senior Vice President of Product Development | 1960 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 10/26/2026 Nautilus Biotechnology, Inc. (NAUT): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 09/11/2026 Nautilus Biotechnology, Inc. (NAUT): Entry into a Material Definitive Agreement; Termination of a Material Definitive Agreement; Financial Statements and Exhibits SEC ↗
Data as of: November 13, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.