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Nautilus Biotechnology (NAUT)

Market Price (3/15/2026): $2.34 | Market Cap: $295.7 Mil
Sector: Health Care | Industry: Biotechnology

Nautilus Biotechnology (NAUT)

Market Price (3/15/2026): $2.34
Market Cap: $295.7 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -25%		 Weak multi-year price returns
2Y Excs Rtn is -54%, 3Y Excs Rtn is -64%		 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
1 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, Biopharmaceutical R&D, Show more.		  Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -67 Mil
2   Stock price has recently run up significantly
6M Rtn6 month market price return is 223%, 12M Rtn12 month market price return is 120%
3   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -24%
4   High stock price volatility
Vol 12M is 107%
0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -25%
1 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, Biopharmaceutical R&D, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -54%, 3Y Excs Rtn is -64%
3 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -67 Mil
5 Stock price has recently run up significantly
6M Rtn6 month market price return is 223%, 12M Rtn12 month market price return is 120%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -24%
7 High stock price volatility
Vol 12M is 107%

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Nautilus Biotechnology (NAUT) stock has gained about 5% since 11/30/2025 because of the following key factors:

1. Steady Financial Management and Cash Runway: Nautilus Biotechnology reported a net loss of $13.8 million for Q4 2025, an improvement from $17.6 million in the prior-year period. This was supported by a 23% decrease in operating expenses in Q4 2025, reaching $15.4 million, and an 18% reduction for the full year 2025 to $66.8 million. The company held $156.1 million in cash, cash equivalents, and investments as of December 31, 2025, which it believes is sufficient to fund operations through 2027. This disciplined financial management and strong cash position likely provided a floor for the stock, preventing significant declines.

2. Incremental Progress Toward Commercialization, Without Immediate Revenue: The company made consistent advancements with its Nautilus Voyager™ platform, including the launch of its Iterative Mapping Early Access Program in January 2026 and unveiling the platform at the US HUPO conference. It also initiated a collaboration with The Michael J. Fox Foundation for Parkinson's research. While these are positive developments for future growth, Nautilus explicitly stated it does not anticipate material revenue from its Early Access Program in 2026, with the main instrument-driven revenue ramp projected for 2027. This balance of ongoing development without near-term revenue generation likely contributed to the stock's relative stability, as investors await future commercialization milestones.

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Stock Movement Drivers

Fundamental Drivers

The 3.6% change in NAUT stock from 11/30/2025 to 3/13/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)113020253132026Change
Stock Price ($)2.252.333.6%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)126126-0.1%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/13/2026
ReturnCorrelation
NAUT3.6% 
Market (SPY)-3.1%16.5%
Sector (XLV)-5.0%12.8%

Fundamental Drivers

The 242.6% change in NAUT stock from 8/31/2025 to 3/13/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120253132026Change
Stock Price ($)0.682.33242.6%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)126126-0.1%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/13/2026
ReturnCorrelation
NAUT242.6% 
Market (SPY)3.0%17.3%
Sector (XLV)9.5%10.9%

Fundamental Drivers

The 79.2% change in NAUT stock from 2/28/2025 to 3/13/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820253132026Change
Stock Price ($)1.302.3379.2%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)126126-0.5%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/13/2026
ReturnCorrelation
NAUT79.2% 
Market (SPY)12.4%30.0%
Sector (XLV)1.9%15.0%

Fundamental Drivers

The 9.9% change in NAUT stock from 2/28/2023 to 3/13/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820233132026Change
Stock Price ($)2.122.339.9%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)125126-1.2%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/13/2026
ReturnCorrelation
NAUT9.9% 
Market (SPY)73.4%32.1%
Sector (XLV)23.3%19.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
NAUT Return-53%-65%66%-44%16%24%-78%
Peers Return-16%-61%25%-6%-27%-14%-76%
S&P 500 Return27%-19%24%23%16%-1%80%

Monthly Win Rates [3]
NAUT Win Rate29%42%58%33%50%33% 
Peers Win Rate53%35%55%40%40%33% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
NAUT Max Drawdown-60%-70%-7%-44%-62%-6% 
Peers Max Drawdown-34%-68%-32%-39%-45%-17% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-2% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: QSI, SEER, QTRX, LAB, TMO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)

How Low Can It Go

Unique KeyEventNAUTS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-85.9%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven609.7%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days

Compare to QSI, SEER, QTRX, LAB, TMO

In The Past

Nautilus Biotechnology's stock fell -85.9% during the 2022 Inflation Shock from a high on 6/10/2021. A -85.9% loss requires a 609.7% gain to breakeven.

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Asset Allocation

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About Nautilus Biotechnology (NAUT)

Nautilus Biotechnology, Inc., a development stage life sciences company, engages in creating a platform technology for quantifying and unlocking the complexity of the proteome. It develops Nautilus Platform, a proteomics platform that includes end-to-end solution comprised of instruments, consumables, and software analysis. The company was founded in 2016 and is headquartered in Seattle, Washington.

AI Analysis | Feedback

Nautilus Biotechnology (NAUT) is like:

  • Illumina for proteins.

AI Analysis | Feedback

  • Nautilus Platform: A proteomics platform designed to quantify and unlock the complexity of the proteome.
  • Instruments: Devices that are part of the Nautilus Platform, used for proteomics analysis.
  • Consumables: Disposable materials and reagents required for the operation of the Nautilus Platform.
  • Software Analysis: Tools and applications within the Nautilus Platform for processing and interpreting proteomics data.

AI Analysis | Feedback

Nautilus Biotechnology, Inc. (NAUT) is a development-stage life sciences company focused on creating and commercializing its Nautilus Platform for proteomics. As a company still in the development and pre-commercialization phase, it has not publicly disclosed specific "major customers" in the traditional sense of large commercial purchasers generating significant revenue.

However, Nautilus Biotechnology's platform is designed to be utilized by other companies and institutions within the broader life sciences, pharmaceutical, and academic research sectors. Therefore, their sales model is primarily business-to-business (B2B), not direct-to-consumer.

Based on the nature of their advanced proteomics technology, the primary categories of customers Nautilus Biotechnology aims to serve upon commercial launch include:

  1. Pharmaceutical Companies: For applications in drug discovery, target validation, biomarker identification, and understanding disease mechanisms.
  2. Biotechnology Companies: Engaged in various research and development activities across diagnostics, therapeutics, and basic biological understanding.
  3. Academic and Government Research Institutions: Universities, medical centers, and national laboratories conducting fundamental and translational research in biology and medicine.

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The successful development and commercialization efforts of Quantum-Si (NASDAQ: QSI), particularly with the launch of its Platinum single-molecule protein sequencing platform in Q3 2023, represents a clear emerging threat to Nautilus Biotechnology. Both companies are developing next-generation, disruptive technologies aimed at comprehensive, high-throughput, single-molecule proteome analysis, seeking to overcome the limitations of current proteomics methods. Quantum-Si's earlier market entry with a functionally analogous platform could capture significant market share and establish an installed base among researchers and drug developers before Nautilus has fully launched its own technology, directly challenging Nautilus's future commercial prospects and competitive positioning in this nascent, high-growth field.

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Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Nautilus Biotechnology Earnings Notes12/16/2025
Title
0ARTICLES

Trade Ideas

Select ideas related to NAUT.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
QDEL_2282026_Insider_Buying_45D_2Buy_200K02282026QDELQuidelOrthoInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		0.0%0.0%0.0%
CHE_2272026_Dip_Buyer_FCFYield02272026CHEChemedDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		0.0%0.0%0.0%
LLY_2272026_Monopoly_xInd_xCD_Getting_Cheaper02272026LLYEli LillyMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.0%0.0%0.0%
HAE_2202026_Dip_Buyer_FCFYield02202026HAEHaemoneticsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		3.5%3.5%0.0%
IQV_2132026_Dip_Buyer_ValueBuy02132026IQVIQVIADip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		7.1%7.1%-3.0%

Recent Active Movers

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Research & Analysis

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Wealth Management

Peer Comparisons

Peers to compare with:

Financials

NAUTQSISEERQTRXLABTMOMedian
NameNautilus.Quantum-.Seer QuanterixStandard.Thermo F. 
Mkt Price2.330.951.814.720.93464.372.07
Mkt Cap0.30.20.10.20.4173.70.3
Rev LTM021613919044,55577
Op Inc LTM-67-97-78-110-1488,109-88
FCF LTM-52-97-46-80-986,293-66
FCF 3Y Avg-56-96-54-47-1006,829-55
CFO LTM-51-95-44-77-877,818-64
CFO 3Y Avg-54-92-50-44-938,297-52

Growth & Margins

NAUTQSISEERQTRXLABTMOMedian
NameNautilus.Quantum-.Seer QuanterixStandard.Thermo F. 
Rev Chg LTM--20.3%15.6%2.4%60.9%3.9%3.9%
Rev Chg 3Y Avg--3.6%9.9%23.2%-0.2%6.7%
Rev Chg Q--62.2%3.1%28.4%-11.5%7.2%3.1%
QoQ Delta Rev Chg LTM--23.3%0.8%7.5%-1.3%1.9%0.8%
Op Mgn LTM--3,996.7%-483.9%-79.2%-77.9%18.2%-79.2%
Op Mgn 3Y Avg--5,940.6%-627.7%-51.6%-73.1%17.8%-73.1%
QoQ Delta Op Mgn LTM--630.6%41.9%-1.1%-3.2%-0.2%-1.1%
CFO/Rev LTM--3,888.2%-275.7%-55.7%-45.8%17.5%-55.7%
CFO/Rev 3Y Avg--5,150.1%-331.8%-32.4%-71.0%19.1%-71.0%
FCF/Rev LTM--3,992.2%-286.9%-57.7%-51.7%14.1%-57.7%
FCF/Rev 3Y Avg--5,409.1%-361.4%-34.9%-75.5%15.7%-75.5%

Valuation

NAUTQSISEERQTRXLABTMOMedian
NameNautilus.Quantum-.Seer QuanterixStandard.Thermo F. 
Mkt Cap0.30.20.10.20.4173.70.3
P/S-84.26.31.61.93.93.9
P/EBIT-4.4-2.1-1.3-2.0-2.319.9-2.1
P/E-5.0-2.0-1.4-2.1-2.825.9-2.0
P/CFO-5.8-2.2-2.3-2.9-4.122.2-2.6
Total Yield-20.0%-49.4%-72.6%-48.5%-36.0%3.9%-42.3%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-21.5%-33.8%-45.1%-12.8%-24.2%3.3%-22.9%
D/E0.10.00.20.20.10.20.1
Net D/E-0.2-0.8-1.6-0.4-0.50.2-0.4

Returns

NAUTQSISEERQTRXLABTMOMedian
NameNautilus.Quantum-.Seer QuanterixStandard.Thermo F. 
1M Rtn7.9%-8.7%-5.2%-21.1%-21.6%-11.9%-10.3%
3M Rtn25.9%-26.4%2.8%-37.6%-35.7%-18.9%-22.6%
6M Rtn223.3%-19.5%-11.7%-1.9%-27.7%-3.0%-7.3%
12M Rtn119.8%-16.7%-8.1%-33.6%-15.2%-8.4%-11.8%
3Y Rtn5.9%-46.7%-59.9%-61.0%-55.8%-15.8%-51.2%
1M Excs Rtn10.3%-6.3%-2.8%-18.7%-19.2%-9.5%-7.9%
3M Excs Rtn15.8%-32.4%0.5%-36.4%-34.9%-17.5%-25.0%
6M Excs Rtn227.1%-23.7%-15.0%-4.3%-32.7%-8.2%-11.6%
12M Excs Rtn83.4%-41.9%-30.5%-56.8%-39.9%-30.1%-35.2%
3Y Excs Rtn-63.8%-116.7%-130.9%-132.5%-128.1%-85.3%-122.4%

Comparison Analyses

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Financials

Segment Financials

Assets by Segment
$ Mil20252024202320222021
Single Segment24330635039885
Total24330635039885


Price Behavior

Price Behavior
Market Price$2.33 
Market Cap ($ Bil)0.3 
First Trading Date06/10/2021 
Distance from 52W High-19.4% 
   50 Days200 Days
DMA Price$2.24$1.40
DMA Trendupup
Distance from DMA3.8%66.9%
 3M1YR
Volatility95.2%107.3%
Downside Capture84.33149.41
Upside Capture250.41201.94
Correlation (SPY)17.0%29.1%
NAUT Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta2.210.901.331.711.691.80
Up Beta-5.830.000.820.611.091.58
Down Beta1.340.550.562.012.341.88
Up Capture738%249%227%628%388%732%
Bmk +ve Days9203170142431
Stock +ve Days11182559114354
Down Capture270%32%158%28%129%112%
Bmk -ve Days12213054109320
Stock -ve Days9213055125365

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with NAUT
NAUT101.6%107.6%1.12-
Sector ETF (XLV)5.0%17.5%0.1214.9%
Equity (SPY)19.6%18.9%0.8129.0%
Gold (GLD)71.9%26.3%2.05-6.1%
Commodities (DBC)19.3%17.3%0.8913.3%
Real Estate (VNQ)6.2%16.3%0.1913.4%
Bitcoin (BTCUSD)-15.3%44.2%-0.257.5%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with NAUT
NAUT-26.9%78.4%-0.08-
Sector ETF (XLV)7.5%14.5%0.3323.0%
Equity (SPY)13.1%17.0%0.6134.9%
Gold (GLD)24.1%17.3%1.144.9%
Commodities (DBC)11.2%19.0%0.479.0%
Real Estate (VNQ)4.8%18.8%0.1627.1%
Bitcoin (BTCUSD)6.3%56.7%0.3316.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with NAUT
NAUT-14.5%78.4%-0.08-
Sector ETF (XLV)10.1%16.5%0.5023.0%
Equity (SPY)14.5%17.9%0.7034.9%
Gold (GLD)14.4%15.6%0.774.9%
Commodities (DBC)8.6%17.6%0.409.0%
Real Estate (VNQ)5.6%20.7%0.2327.1%
Bitcoin (BTCUSD)67.4%66.8%1.0716.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity0.4 Mil
Short Interest: % Change Since 215202614.0%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest1.4 days
Basic Shares Quantity126.4 Mil
Short % of Basic Shares0.3%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/26/20260.0%0.8% 
10/28/2025-1.4%11.2%58.7%
7/31/20250.6%-2.0%-10.5%
2/27/202511.1%-2.6%-24.1%
10/29/2024-4.3%-4.7%-17.0%
7/30/20241.5%-14.2%-1.9%
2/28/2024-4.8%-11.2%-5.8%
10/31/20230.0%1.0%7.4%
...
SUMMARY STATS   
# Positive875
# Negative789
Median Positive0.5%1.0%7.8%
Median Negative-3.8%-7.0%-14.2%
Max Positive11.1%16.7%58.7%
Max Negative-8.0%-14.2%-24.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/26/202610-K
09/30/202510/28/202510-Q
06/30/202507/31/202510-Q
03/31/202504/29/202510-Q
12/31/202402/27/202510-K
09/30/202410/29/202410-Q
06/30/202407/30/202410-Q
03/31/202404/30/202410-Q
12/31/202302/28/202410-K
09/30/202310/31/202310-Q
06/30/202308/02/202310-Q
03/31/202305/02/202310-Q
12/31/202202/23/202310-K
09/30/202211/01/202210-Q
06/30/202208/02/202210-Q
03/31/202205/03/202210-Q

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Suzuki, KentaroChief Marketing OfficerDirectBuy111020251.494,0005,9605,960Form
2Patel, Sujal MCEO, President, and SecretaryDirectBuy90920250.67116,50078,5446,916,093Form
3Patel, Sujal MCEO, President, and SecretaryDirectBuy90920250.6883,50057,0317,063,395Form
4Murphy, Matthew BGeneral CounselSee FootnoteBuy90520250.6420,00012,85847,665Form
5Mowry, AnnaCFO and TreasurerDirectBuy60220250.7715,00011,48863,570Form

Industry Resources

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