Nautilus Biotechnology ($NAUT) Stock Hub: Can Tau Proteoforms Carry Voyager to a 2027 Launch?

18 Bull case, bear case and scenarios

Bull case

Nautilus has moved beyond a purely conceptual technology story, and the steps are dated. Its first externally deployed instrument ran for more than six months at the Buck Institute for Research on Aging before the installation was announced on November 3, 2025. The Iterative Mapping Early Access Program opened on January 8, 2026; Baylor College of Medicine became the first named customer on March 18; and on September 4 the Tau method was published in Nature Methods after peer review. None of them yet establishes broad adoption.

The constructive scenario is that the narrower Iterative Mapping launch becomes a useful entry point: research services lead to instrument orders, installations lead to consumable use, and each additional assay increases the value of an installed Voyager. Management says two oncology targets beyond AKT1 have already cleared its development criteria and is aiming for roughly 20 proteoform assays by mid-2028. The July roadmap puts preorders in early 2027 and shipments from mid-2027. Those remain management plans, not secured revenue.

The balance sheet buys time. At June 30, cash and investments were $129.2 million, and the 10-Q states that cash, cash equivalents and short-term investments are sufficient for at least twelve months from the filing. At the $1.57 close of October 1, 2026, the market value of roughly $200 million compared with $129.2 million of cash and investments (Merlintrader calculation): in a constructive reading, the market is still assigning a modest value to the platform itself.

Sources: Joly et al., Nature Methods · 4 September 2026 · Buck Institute field unit · 3 November 2025 · Baylor early access customer · 18 March 2026 · Nautilus via GlobeNewswire · 4 September 2026 · Q2 2026 results · 28 July 2026 · SEC Form 10-Q · 28 July 2026.

Bear case

The evidence is still much stronger for a promising research method than for a scaled business. Q2 revenue was $190,000, made of $180,000 of Michael J. Fox Foundation grant revenue and $10,000 of service revenue, against $15,000 of cost of service revenue. The 10-Q itself states that the company does not anticipate that its early access activities will result in any material revenue.

Timelines have already moved once this year. In February 2026 Nautilus described a Voyager commercial launch in late 2026, and in March its new head of sales was tasked with securing preorders for that launch. In July the plan became preorders in early 2027 and instrument shipments from mid-2027. The broadscale proteomics program did not progress enough to support the previously targeted 2027 general release at the intended specifications, and no replacement timetable was given.

Financing can absorb part of any operating success. The ATM permits up to $125 million of common-stock sales, a sum equal to more than 60% of the market value at the October 1 close. For most of August and September the shares traded below $1.00, the Nasdaq minimum-bid threshold that the company already breached in 2025 before regaining compliance. A larger share count, further commercial delays or weak repeat activity would undermine per-share value even if the science keeps improving.

Sources: SEC Form 10-Q · 28 July 2026 · Q2 2026 results · 28 July 2026 · Q4 and FY2025 results · 26 February 2026 · Amber Faust appointment · 2 March 2026 · SEC Form 424B5 · 18 September 2026 · SEC Form 10-K · 26 February 2026.

Operating scenarios

These are operating scenarios, not probability estimates or price targets.

What Would Falsify This Reading

The reading above is that Nautilus has a validated research method and a funded but unproven path to an instrument business, with financing as the main per-share variable. These dated observations would show that reading to be wrong, in either direction.

• AKT1 does not enter early access by the end of 2026. A miss on the first oncology assay would suggest that assay development is not yet the repeatable process management describes, and would put the mid-2027 kit launch in doubt.
• Voyager preorders are not opened in early 2027, or shipments slip beyond mid-2027. A second postponement of the commercial launch within twelve months would weaken the case that the July realignment put the company on a faster path to revenue.
• The Q3 or Q4 2026 filing shows large ATM sales near $1.00. Heavy issuance at low prices would mean that the cost of reaching 2027 is being paid mainly by existing holders, whatever the scientific progress.
• Independent laboratories publish results that do not reproduce the Tau findings. The peer-reviewed paper is company-led; contradictory outside data would undercut the platform’s central claim of reproducible single-molecule measurement.

None of these is a prediction. They are the observations that would make the rest of this analysis wrong, listed so that a reader can check them rather than take the reading on trust.

03 Catalyst map: evidence, windows and consequences

The dates below are company windows. Filings and company releases were checked on October 2, 2026.

The sequence matters more than any single date: if AKT1 slips, the 2027 instrument and kit plan is unlikely to hold.

Sources: Q2 2026 results · 28 July 2026 · Nautilus via GlobeNewswire · 4 September 2026 · Michael J. Fox Foundation grant · 28 January 2026 · SEC EDGAR filing index · checked 2 October 2026 · SEC Form 10-Q · 28 July 2026 · SEC Form 424B5 · 18 September 2026.

04 What Nautilus is building

Nautilus is a life-science tools company developing single-molecule protein analysis. Its intended customers are researchers and institutions studying biology and developing therapies. It is not a drug developer with a single PDUFA decision, and a successful experiment does not establish an approved clinical diagnostic.

A protein can exist in multiple forms because of genetic differences, alternative splicing and post-translational modifications such as phosphorylation. Measuring total protein abundance can hide those differences. The commercial question is whether Nautilus can make detailed information about these proteoforms useful, reproducible and economical enough to become part of regular laboratory work.

How Iterative Mapping works

The Voyager platform deposits intact protein molecules on a nano-fabricated flow cell designed to hold up to 10 billion molecules. Each molecule is then probed over tens to hundreds of cycles with affinity reagents, and the platform records the pattern of binding events for every individual molecule. Machine-learning algorithms convert those patterns into protein and proteoform identifications, and the single-molecule counts are made available for download and analysis.

The design choice is the core of the investment case. Mass spectrometry typically breaks proteins into fragments before measuring them, and affinity panels typically measure proteins in bulk; both can lose information about which combination of modifications sits on the same molecule. Measuring intact single molecules is meant to preserve that combination.

The near-term strategy is Iterative Mapping of selected targets, beginning with Tau; the broadscale assay, measuring large parts of the proteome in one run, is a separate and less advanced program.

The company behind the platform

Nautilus was incorporated in 2016 and became public on June 9, 2021 through a business combination with ARYA Sciences Acquisition Corp III, a special purpose acquisition company; the deal and an accompanying private placement raised about $345.5 million gross. Corporate headquarters are in Seattle, Washington, and research, development and manufacturing are in San Carlos, California. At December 31, 2025 the company had 130 employees, all in the United States: 91 in research and development and 39 in general and administrative roles. The stock moved from the Nasdaq Global Select Market to the Nasdaq Capital Market on October 29, 2025.

Intellectual property is a material part of the asset base. At December 31, 2025 Nautilus owned or exclusively licensed 36 issued U.S. patents, about 89 pending U.S. non-provisional applications and about 43 granted foreign patents, according to the 10-K. Patent counts measure coverage, not commercial value.

Sources: SEC Form 10-K · 26 February 2026 · SEC Form 10-Q · 28 July 2026 · Q2 2026 results · 28 July 2026 · Nautilus via GlobeNewswire · 4 September 2026 · Voyager unveiled at US HUPO · 24 February 2026 · Joly et al., Nature Methods · 4 September 2026.

05 How the business could make money

The initial service model lets a customer obtain data without purchasing an instrument. Under the Early Access Program, samples are analyzed and profiled in Nautilus’s own facility and the data and analysis are shared through a cloud platform, with company scientists supporting interpretation. The program also offers development partnerships for custom assays. Its limits are also clear: central processing capacity, turnaround time and hands-on support may constrain how quickly service activity scales.

The planned instrument model has several layers: the Voyager system, assay kits and supporting software. The 10-Q describes a land-and-expand approach: customers start with an initial application, add further targeted proteoform analyses over time and, eventually, broadscale proteomics. Consumables can create repeat demand, but repeat demand depends on researchers running enough worthwhile experiments, with reliable results and an acceptable total cost.

The Q2 release reported a commercial team of three people: adequate for a service-led phase, but the sales, installation and support capacity needed for 2027 shipments has yet to be built.

The useful operating dashboard therefore starts with paying customers, repeat projects, instrument orders, completed installations and assay usage.

Sources: SEC Form 10-Q · 28 July 2026 · Q2 2026 results · 28 July 2026 · Early Access Program launch · 8 January 2026 · Amber Faust appointment · 2 March 2026 · Baylor early access customer · 18 March 2026.

06 What the Tau paper establishes, and its limits

The September 4 Nature Methods paper, “Large-scale single-molecule analysis of tau proteoforms” by Joly and colleagues, reports single-molecule analysis of full-length Tau, the protein associated with Alzheimer’s disease and related dementias. The Tau Proteoforms Assay uses 12 site-specific antibodies and can resolve up to 768 proteoform groups. Across the samples in the study it quantified 130 groups, some carrying as many as six phosphorylation modifications on a single molecule.

Three performance figures stand out in the company’s summary of the paper. The assay measured proteoforms present at 0.1% of a sample. Its median coefficient of variation was below 5.5% across a range of testing conditions, a measure of how repeatable the readings are. And specific combinations of modifications co-occurred far more often than chance would predict, which the authors interpret as evidence that Tau is modified in an ordered sequence rather than randomly.

The samples spanned cell-derived and organoid models, mouse brain and a small cohort of human brain tissue: five patients with Alzheimer’s disease and related dementias and two cognitively normal individuals. The patient with the most severe pathology carried the most heavily phosphorylated Tau, including a 1N3R form phosphorylated at four sites (pT181, pT217, pT231 and pS396).

What the paper does not establish

The study supports the analytical approach within the investigated samples and experimental design. Seven human brains are far too few to support a biomarker claim, and the paper does not validate every future assay, establish whole-proteome coverage, demonstrate a clinical diagnostic or prove that researchers will pay enough to support a profitable instrument business.

The work is company-led, with Nautilus employees among the authors and co-founder Parag Mallick as corresponding author. The paper is the primary scientific source; the company announcement provides management’s interpretation and roadmap.

Why Tau first, and what comes next

The September 4 announcement said Nautilus is applying Iterative Mapping to alpha-synuclein in Parkinson’s disease and to AKT1, a kinase active in many cancers, and that two further oncology targets have cleared its internal development criteria. The roadmap therefore depends on whether the Tau experience can be repeated on proteins with different chemistry and different antibody availability.

Sources: Joly et al., Nature Methods · 4 September 2026 · Nautilus via GlobeNewswire · 4 September 2026 · SEC Form 10-Q · 28 July 2026.

07 Customers, adoption and the 2025–2026 timeline

On March 18, 2026, Nautilus announced Baylor College of Medicine as the first customer of its Iterative Mapping Early Access Program. The work sits inside a study funded by the National Institutes of Health under a U01 grant and led by Baylor professors Bing Zhang and Yongchao Dou. It aims to build a toolkit that detects protein isoforms in conventional proteomics data, using Voyager measurements as a reference.

Two other relationships pre-date the first sale. The Buck Institute for Research on Aging hosted the first external field evaluation unit, used for more than six months before the November 2025 announcement to map Tau proteoforms in neurodegeneration samples. And on January 28, 2026 Nautilus, Weill Cornell Medicine-Qatar and The Michael J. Fox Foundation announced a collaboration, supported by a $1.6 million research grant, to develop a single-molecule assay for alpha-synuclein proteoforms in Parkinson’s disease. The $180,000 of grant revenue recognized in Q2 comes from that grant.

What remains missing for a mature commercial assessment is a disclosed pattern of repeat business across a wider customer base. A grant project, a paid service, a preorder and a delivered instrument are different things.

The record shows real scientific and operational progress alongside one clear slip: the late-2026 commercial launch described in February became early-2027 preorders in July, which management framed as a reallocation toward proteoforms funded without incremental spending.

Sources: Baylor early access customer · 18 March 2026 · Buck Institute field unit · 3 November 2025 · Michael J. Fox Foundation grant · 28 January 2026 · Early Access Program launch · 8 January 2026 · Voyager unveiled at US HUPO · 24 February 2026 · Q4 and FY2025 results · 26 February 2026 · Amber Faust appointment · 2 March 2026 · Q2 2026 results · 28 July 2026 · SEC Form 10-Q · 28 July 2026.

08 Financial baseline: tiny revenue, substantial operating spend

Service cost of revenue was $15,000 in the quarter against $10,000 of service revenue. That sample is far too small to support a gross-margin forecast.

The longer series shows a company that has been cutting before it starts selling. Operating expenses fell from $81.5 million in 2024 to $66.8 million in 2025, and net loss from $70.8 million to $59.0 million; operating cash used fell from $59.1 million to $50.7 million. In 2026 the quarterly run-rate has stayed near $16 million of operating expenses: $16.1 million in Q1 and $15.9 million in Q2.

The 2026 spending outlook against the first half

In February 2026 management guided to operating expenses about 15% to 20% higher in 2026 than in 2025. Applied to the $66.8 million of 2025, that range points to roughly $76.9 million to $80.2 million for the year (Merlintrader calculation). With $32.1 million spent in the first half, reaching even the low end would require about $44.8 million in the second half. The July release did not restate the range; it said the shift toward proteoform applications is funded through reallocation rather than incremental spending and does not change the company’s broader financial assumptions.

Either second-half spending rises sharply as launch preparation begins, or the full-year total lands well below the February range; higher spending would bring forward the point at which the ATM is needed.

Sources: SEC Form 10-Q · 28 July 2026 · Q2 2026 results · 28 July 2026 · Q1 2026 results · 28 April 2026 · Q4 and FY2025 results · 26 February 2026 · SEC Form 10-K · 26 February 2026.

09 Liquidity: composition, runway language and obligations

The $129.186 million total comprises cash and cash equivalents of $13.166 million, short-term investments of $70.865 million and long-term investments of $45.155 million. Cash plus short-term investments is therefore $84.031 million, calculated by Merlintrader from the 10-Q components.

The comparable combined balance was $156.145 million at December 31, 2025 and $143.374 million at March 31, 2026: a fall of about $12.8 million in the first quarter and $14.2 million in the second. The decline in that balance is not identical to operating cash burn: investment purchases, maturities, capital spending, option exercises and other movements must be read through the cash-flow statement.

Two runway statements, two different bases

The 10-Q says cash, cash equivalents and short-term investments were sufficient for at least twelve months from issuance of the statements. That is the filed sufficiency statement, and it rests on the $84.0 million of cash and short-term investments rather than on the full $129.2 million. It is not a promise that the company is funded through every 2027 launch milestone.

In February 2026, on the year-end balance of $156.1 million, management said it believed it had sufficient resources to fund operations through 2027. The July release did not repeat that sentence; it said the roadmap shift does not change the broader financial assumptions. The 10-Q says further equity or debt financing will be needed.

Liabilities and commitments

At June 30, total liabilities were $32.464 million and stockholders’ equity was $131.112 million, with an accumulated deficit of $361.2 million. Operating lease liabilities accounted for $27.816 million. Future minimum lease payments totalled $34.783 million: $2.814 million for the rest of 2026, $6.889 million in 2027 and $6.540 million in 2028, with the remainder through 2031 and beyond. There were also $3.2 million of contractual commitments for goods and services. Lease liabilities and undiscounted payments describe the same obligation and should not be added together. The company has no financial debt on its balance sheet.

Sources: SEC Form 10-Q · 28 July 2026 · Q2 2026 results · 28 July 2026 · Q1 2026 results · 28 April 2026 · Q4 and FY2025 results · 26 February 2026 · SEC Form 10-K · 26 February 2026.

10 ATM, shelf and the per-share financing question

The September 11 agreement with TD Securities (USA), operating as TD Cowen, allows up to $125 million of at-the-market common-stock sales. The agent may receive a commission of up to 3.0% of gross proceeds. The S-3 shelf was declared effective on September 18 and the prospectus supplement was filed the same day. Nautilus is not required to use the facility, and there is no minimum or maximum sales price. The stated use of proceeds is general corporate purposes and working capital, including product development and commercialization of the platform.

The $125 million ATM sits within a $300 million shelf registration. They are not two separate cash balances and should not be added into a $425 million financing event. Neither the agreement nor the prospectus establishes that any amount has been sold. Actual proceeds, fees and issued shares must be checked in subsequent disclosures, the first of which will be the Q3 2026 quarterly report.

What the prospectus says about dilution

The prospectus supplement gives its own illustration. Net tangible book value at June 30, 2026 was about $131.1 million, or $1.03 per share. Selling the full $125 million at an assumed $1.12, the September 9 close, would mean 111,607,142 new shares and up to 238,831,782 shares outstanding, against 127,224,640 at June 30. As-adjusted net tangible book value would be about $251.8 million, or $1.05 per share. The prospectus also reported a last sale price of $0.9721 on September 16.

Equity issuance funds development but spreads future value over more shares, and the lower the price, the more shares are needed: at the $1.57 close of October 1, $125 million would need about 79.6 million shares before commissions, roughly 63% of the July 24 share count (Merlintrader calculation).

The July 24 figure is not a live share count. Options are potential future shares, with a weighted-average exercise price of $3.12, roughly double the October 1 close; plan reserves are not granted awards.

The $1.00 line

Nasdaq notified Nautilus on May 1, 2025 that its closing bid had been below $1.00 for 30 consecutive business days; compliance was regained on November 3, 2025. The 10-Q warns that a new 30-day run below $1.00 would again breach the rule, opening a 180-day compliance period. In August and September 2026 the shares closed below $1.00 on most sessions, but closes above the threshold on September 9 and September 11 interrupted the sequence, and by October 1 the close was $1.57 (Marketstack). No deficiency notice had been disclosed through October 2.

Sources: SEC Form 8-K · 11 September 2026 · SEC Form S-3 · 11 September 2026 · SEC notice of effectiveness · 18 September 2026 · SEC Form 424B5 · 18 September 2026 · SEC Form 10-Q · 28 July 2026 · SEC Form 10-K · 26 February 2026 · SEC EDGAR filing index · checked 2 October 2026.

11 Ownership and disclosed selling

Across the two amendments, the a16z funds sold 2,799,819 shares between July 31 and September 9 (Merlintrader sum of the reported transactions), reducing the position from about 7.1% before the July 31 sale (Merlintrader calculation on 127,255,223 shares) to 4.9%. The sales were made on the open market, near or below $1.00, while the shares traded close to their lows. It does not reveal a view on the science, and the remaining holding is still large.

Market-wide aggregates add context but come from a data provider, not from the company. On October 2, 2026 Finviz showed insider ownership of 41.98%, institutional ownership of 32.12%, a float of 73.83 million shares and short interest of 4.08 million shares, 5.53% of the float.

These are historical beneficial-ownership disclosures, not a real-time register. The a16z sales are not evidence that Nautilus itself used its ATM: secondary sales transfer existing shares, while an issuer’s equity offering creates new ones. Keeping the mechanisms separate prevents a misleading dilution narrative.

Sources: Perceptive, Schedule 13D/A · 14 August 2026 · Andreessen Horowitz (a16z), Schedule 13D/A · 28 August 2026 · Andreessen Horowitz (a16z), Schedule 13D/A · 11 September 2026 · SEC Form 10-Q · 28 July 2026 · SEC Form 8-K · 11 September 2026.

12 Leadership and execution accountability

Sujal Patel is co-founder and CEO; Parag Mallick is co-founder and Chief Scientist and the corresponding author of the Nature Methods paper. Anna Mowry is CFO. Amber Faust joined on March 2, 2026 as Vice President of Sales, the company’s first sales hire; she brings nearly two decades of proteomics commercial experience at Olink Proteomics, SomaLogic and Waters Corporation, three businesses that sell into the same laboratories Nautilus is targeting.

Governance signals from the June 17, 2026 annual meeting were orderly. Of 127,078,855 shares outstanding at the April 20 record date, 85,002,191 were represented. Parag Mallick and Farzad Nazem were re-elected as directors until 2029 and executive pay was approved on an advisory basis with 69,994,022 votes for and 268,341 against: routine outcomes, not evidence of commercial execution.

On that test the 2026 record is mixed. The Early Access Program, the first customer, the first revenue and the publication all arrived as described. The commercial launch did not: the late-2026 launch described in February, and assigned to the new head of sales in March, became early-2027 preorders in July, and the broadscale 2027 target was withdrawn. The next deliverables are AKT1 in late 2026 and preorders and shipments in 2027.

Sources: Amber Faust appointment · 2 March 2026 · SEC Form 8-K, annual meeting · 18 June 2026 · Joly et al., Nature Methods · 4 September 2026 · Q4 and FY2025 results · 26 February 2026 · Q2 2026 results · 28 July 2026.

13 Competition and the adoption hurdle

Nautilus competes for research budgets already served by established analytical tools. Its 2025 annual report names Thermo Fisher Scientific (including Olink), Bruker, Agilent Technologies, Danaher (SCIEX), Becton, Dickinson and Company, Quanterix and Illumina (which acquired the former SomaLogic business from Standard BioTools) as major competitors, plus emerging developers. Most are far larger and already sit inside the core facilities Nautilus needs to win.

Mass spectrometry, affinity panels and other single-molecule approaches each have strengths in depth, throughput, cost or sensitivity; a deeper view of selected proteoforms can be valuable without replacing them.

The buying decision therefore extends beyond a sensitivity claim. Laboratories care about sample preparation, throughput, reproducibility, data interpretation, service support and cost per useful answer.

The most plausible early role is a complementary method for questions that existing workflows answer poorly, such as which combinations of modifications sit on the same Tau or AKT1 molecule. The Baylor project, which uses Voyager measurements as a reference for conventional shotgun proteomics data, is an example of that complementary role. That is an analytical interpretation, not management revenue guidance.

Sources: SEC Form 10-K · 26 February 2026 · SEC Form 10-Q · 28 July 2026 · Joly et al., Nature Methods · 4 September 2026 · Baylor early access customer · 18 March 2026 · Amber Faust appointment · 2 March 2026.

14 Risk map and what would change the assessment

Nautilus is assessed here as an early-commercial tools platform listed in the biotechnology sector: cash is meaningful, demand is unproven at scale, and the development-to-launch transition is the central operating risk. The Merlintrader Health Score below summarizes the same factors on a five-pillar scale; it measures robustness over the next twelve to eighteen months, not the value of the shares.

Sources: SEC Form 10-Q · 28 July 2026 · Q2 2026 results · 28 July 2026 · SEC Form 424B5 · 18 September 2026 · SEC Form 10-K · 26 February 2026.

15 Retail sentiment and analyst coverage

The October 2, 2026 Stocktwits snapshot labelled sentiment “Extremely Bullish” with a provider score of 89, up from 76 on September 29, and showed 2,521 watchers, up from 2,372. A score of 89 does not mean that 89% of investors are bullish; the platform’s separate tally of messages tagged bullish or bearish covers only the users who choose to tag their posts.

This section covers comments from traders and non-professional users, not institutional research. The most-engaged posts on October 1 and 2 celebrate the rally, quote targets as high as $10 per share, compare $NAUT with Quantum-Si and Seer, and in several cases ask what the catalyst was. No SEC filing or company release accompanied the move; it did coincide with a new analyst initiation, described below. Social price targets are opinions, not evidence.

Analyst coverage

Two brokers started coverage in September 2026, according to financial-press reports rather than primary documents; the notes themselves are not public. On September 9, Leerink Partners (analyst Puneet Souda) initiated at Outperform with a $4.00 price target. On September 29, Roth Capital (Roth/MKM, analyst Max Masucci) initiated at Buy with a $3.50 target, the day of the late-September rise. These are opinions of third parties, not company guidance and not a Merlintrader view. As an aggregate, Finviz showed on October 2, 2026 an average target of $3.83; with thin coverage a single estimate can drive the figure.

Sources: MarketBeat, analyst ratings (press report) · checked 2 October 2026 · MarketBeat (press report) · 9 September 2026 · Stocktwits $NAUT · snapshot 2 October 2026 · SEC EDGAR filing index · checked 2 October 2026.

16 The questions for the next update

Can AKT1 early access begin within the late-2026 window, and will the company name users? Can Nautilus report customer activity with enough detail to distinguish evaluation projects from repeat business? What evidence supports the early-2027 preorder and mid-2027 shipment plan?

On the financial side, the Q3 2026 filing should show revenue composition, operating cash use, whether second-half spending is rising toward the February guidance, and how many shares, if any, were sold under the ATM and at what average price. It should also make clear whether management still regards its resources as sufficient through 2027.

On the science, the first independent publication using Voyager data would be a stronger signal than another company-authored paper.

17 Sources and method

Primary sources checked on October 2, 2026. The reference close of October 1, 2026 comes from Marketstack end-of-day data; float, short interest, ownership aggregates and the aggregate target come from Finviz on October 2, 2026. Stocktwits is used only for sentiment. Market capitalization, percentages and ratios marked as Merlintrader calculations are derived from these sources.

1. SEC Form 10-Q · 28 July 2026
2. Q2 2026 results · 28 July 2026
3. Joly et al., Nature Methods · 4 September 2026
4. Nautilus via GlobeNewswire · 4 September 2026
5. Baylor early access customer · 18 March 2026
6. SEC Form 8-K · 11 September 2026
7. SEC Form S-3 · 11 September 2026
8. SEC notice of effectiveness · 18 September 2026
9. SEC Form 424B5 · 18 September 2026
10. Andreessen Horowitz (a16z), Schedule 13D/A · 11 September 2026
11. Andreessen Horowitz (a16z), Schedule 13D/A · 28 August 2026
12. Perceptive, Schedule 13D/A · 14 August 2026
13. SEC Form 10-K · 26 February 2026
14. SEC Form 8-K, annual meeting · 18 June 2026
15. Q1 2026 results · 28 April 2026
16. Q4 and FY2025 results · 26 February 2026
17. Amber Faust appointment · 2 March 2026
18. Voyager unveiled at US HUPO · 24 February 2026
19. Michael J. Fox Foundation grant · 28 January 2026
20. Early Access Program launch · 8 January 2026
21. Buck Institute field unit · 3 November 2025
22. SEC EDGAR filing index · checked 2 October 2026
23. Stocktwits $NAUT · snapshot 2 October 2026
24. MarketBeat, analyst ratings (press report) · checked 2 October 2026
25. MarketBeat (press report) · 9 September 2026
26. Nautilus leadership · checked 2 October 2026

More Merlintrader research: Stock Hub · July 28, 2026 Biotech Radar · Free FDA and PDUFA Calendar.