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what it is
Nautilus is building a machine that measures proteins one molecule at a time.
how it gets paid
Last year Nautilus made essentially no reported product revenue (n/a here). The revenue bridge is illustrative mix only until filings show real sales lines.
what just happened
Nautilus posted about -$0.36 EPS last quarter, while FY2024 is around -$0.56 EPS.
At a glance
C++ balance sheet — some cracks in the foundation
-$0.56 fy2024 eps est
1.45 beta
~$295M market cap
small cap
xvary composite: 41/100 — below average
What they do
Nautilus is building a machine that measures proteins one molecule at a time.
Proteome → all the proteins in a cell → so what: your sample is a soup, and reading it one molecule at a time is hard to copy. Nautilus says it has 1 prototype and 155 employees, so the moat is a lab machine, not a spreadsheet. If it works, leaving becomes painful for whoever needs that readout.
How they make money
n/a
annual revenue
Core proteome platform
n/a
Voyager instrument
n/a
Targeted proteoform analysis
n/a
Software and data pipeline
n/a
The products that matter
single-molecule proteomics platform
Nautilus Voyager Platform
core platform · pre-revenue
This is the main product story. The company is asking you to underwrite a platform aimed at a proteomics market projected to reach $57B by 2030, before meaningful sales exist.
core thesis
early access assay launch
Tau Proteoforms Assay
early access began jan 2026
This is the first commercial proof point on the page. The early access program launched in January 2026, which makes customer uptake more important than deck language from here.
first proof
commercialization milestone
late-2026 launch
planned timing
This is not a product name so much as the deadline the stock is trading around. If the launch arrives on time, the story graduates from promise to evidence. If it slips, the market will notice.
date that matters
Key numbers
1
prototype
You are funding one working prototype, not a product line.
$23M
debt
That is the debt load sitting on a company with no reported sales.
155
team size
This is a 155-person shop, not a scaled manufacturer.
1.45
stock swing
The stock moves about 45% more than the market.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 10 / 100
- long-term debt $23M (7% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for NAUT right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Nautilus posted -$0.36 EPS last quarter, while FY2024 is about -$0.56 EPS.
Trailing loss per share is -$0.44. The pattern is steady red ink, not a one-off miss.
-$0.36
latest loss per share
-$0.44
trailing loss per share
-$0.56
FY2024 loss per share est
latest loss per share
The latest quarter lost $0.36 per share. That is the clearest sign the company is still pre-commercial.
source: company earnings report, 2026
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What could go wrong
The top risk here is launch slippage on a pre-revenue platform with only roughly a 2027 runway. That sentence is the whole stock.
med
commercial launch slips or lands softly
Management expects no material revenue in 2026 and is still planning a late-2026 commercial launch. If timing moves right or early customers do not convert into meaningful demand, the entire valuation has to lean on faith for longer.
With a $295M market cap and a $59.0M trailing net loss, more waiting usually means more financing risk and a lower multiple.
med
cash runway shortens before traction arrives
The company points to runway through roughly 2027, while Q4 2025 operating expenses were $15.4M and long-term debt stands at $23M. That is enough runway for a launch attempt, not endless iteration.
If investors start pricing in a capital raise before commercialization shows up, dilution becomes part of the story whether management wants it there or not.
med
the technology is interesting, but the market stays unconvinced
The company is targeting a proteomics opportunity it says could reach $57B by 2030. Large market slides are not the same thing as product-market fit. Scientists can like the science without procurement teams opening budgets.
If adoption stays niche, NAUT remains a research story with public-market volatility attached.
A delayed launch, a shorter-than-expected runway, or weak early customer uptake would pressure the same stock from three directions at once: narrative, financing, and valuation.
source: institutional data · regulatory filings · risk analysis
Pay attention to
timeline
late-2026 commercial launch
This is the date around which the whole thesis is organized. If the timing slips, you learn something important about execution and runway at the same time.
traction
Tau Proteoforms Assay early-access uptake
The January 2026 launch matters because it should produce the first real read on whether customer interest extends beyond conference-room curiosity.
risk
cash runway through roughly 2027
Runway is the guardrail. If that window shortens before revenue appears, the financing question moves from background noise to headline risk.
metric
quarterly operating expense discipline
Q4 2025 operating expenses were $15.4M. If that line starts climbing without matching commercial progress, the bull case gets more expensive to hold.
Analyst rankings
short-term outlook
mixed
analyst target data is thin here. in human-speak, there is no clean consensus to hide behind.
risk profile
volatile
beta is 1.45 and price stability is 10 / 100. translation: this stock can move a lot on very little.
chart momentum
catalyst-driven
without revenue, the chart mostly reacts to milestones, funding questions, and whether the launch calendar still looks believable.
earnings predictability
40 / 100
predictability is low because there is no mature operating base yet. estimates move when the timeline moves.
source: institutional data
Institutional activity
institutional ownership data for NAUT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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