Monitor the pace of share sales under the ATM program via quarterly disclosures. The large potential dilution (~88% of outstanding shares) at a sub-$1 stock price signals significant near-term selling pressure. Watch for any operational catalysts (e.g., Voyager platform milestones) that could offset dilution concerns.
Price Chart
Executive Summary
Nautilus Biotechnology filed a 424B5 prospectus supplement for an at-the-market (ATM) offering of up to $125 million of common stock through TD Cowen. The company is a pre-revenue development-stage life sciences firm with a stock price of $0.9721 as of September 16, 2026. Proceeds will be used for general corporate purposes, including product development and commercialization of its proteomics platform. The offering represents potential dilution of up to ~88% of current shares outstanding at the recent price.
Key Facts
- ATM offering of up to $125,000,000 in common stock through TD Cowen.
- Stock price at filing: $0.9721 per share (September 16, 2026).
- Potential dilution: up to 111,607,142 new shares (based on $1.12 assumed price), representing ~88% of the 127,224,640 shares outstanding as of June 30, 2026.
- Net tangible book value per share: $1.03 as of June 30, 2026; after full offering, estimated at $1.05 per share.
- TD Cowen receives up to 3.0% commission on gross proceeds.
- Company is a development-stage life sciences firm with no revenue from its proteomics platform.
- Proceeds for general corporate purposes, product development, R&D, and commercialization.
Financial Impact
Up to $125 million gross proceeds; potential dilution of ~88% of current shares outstanding at recent price of ~$0.97.
Risk Factors
- Massive dilution: up to 88% increase in share count at current prices.
- Pre-revenue company with negative cash flows and going-concern emphasis in auditor's report.
- ATM sales at depressed stock price (~$0.97) lock in low valuation for capital raises.
- No dividend policy; returns depend solely on stock appreciation.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001808805-26-000047 |
| Document: 0001808805-26-000047-index-headers.html | 0001808805-26-000047 |
| Document: 0001808805-26-000047-index.html | 0001808805-26-000047 |
| Document: 0001808805-26-000047.txt | 0001808805-26-000047 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 21, 2026 5w ago | EFFECT | $0.9547 $2.63 | ▲ +175.48% | ▲ +176.39% | $2.41 (+152.47%) |
Sep 18, 2026 5w ago | 424B5 | $0.9547 $2.63 | ▼ −175.48% | ▼ −176.39% | $2.41 (−152.47%) |
Apr 28, 2026 25w ago | Press Release | $2.59 $2.43 | ▼ −6.18% | ▼ −11.65% | $2.41 (−6.94%) |
Apr 27, 2026 25w ago | 8-K | $2.59 $2.56 | ▼ −1.16% | ▼ −6.61% | $2.41 (−6.94%) |
Mar 18, 2026 31w ago | Press Release | $2.74 $3.13 | ▲ +14.05% | ▲ +8.00% | $2.41 (−12.03%) |
Feb 26, 2026 34w ago | 8-K | $2.42 $3.78 | ▲ +56.20% | ▲ +62.60% | $2.41 (−0.40%) |
US Market Status
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