Nautilus Biotechnology (NAUT) 10-Q 3 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-39434
Entity Registrant Name	NAUTILUS BIOTECHNOLOGY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1541723
Entity Address, Address Line One	2701 Eastlake Avenue East
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98102
City Area Code	206
Local Phone Number	333-2001
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	NAUT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		124,461,653
Entity Central Index Key	0001808805
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 188,622	$ 185,619
Short-term investments	135,495	160,110
Prepaid expenses and other current assets	2,948	3,493
Total current assets	327,065	349,222
Property and equipment, net	2,841	2,483
Operating lease right-of-use assets	28,852	29,377
Long-term investments	24,918	16,371
Other long term assets	997	997
Total assets	384,673	398,450
Current liabilities:
Accounts payable	1,487	1,723
Accrued expenses and other liabilities	3,427	3,119
Current portion of operating lease liability	1,492	970
Total current liabilities	6,406	5,812
Operating lease liability, net of current portion	28,558	29,062
Total liabilities	34,964	34,874
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value, 200,000,000 authorized as of March 31, 2022 and December 31, 2021; 0 shares issued and outstanding as of March 31, 2022 and December 31, 2021	0	0
Common stock, $0.0001 par value, 1,000,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 124,456,653 and 124,303,083 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	12	12
Additional paid-in capital	446,654	444,388
Accumulated other comprehensive loss	(554)	(184)
Accumulated deficit	(96,403)	(80,640)
Total stockholders’ equity	349,709	363,576
Total liabilities and stockholders’ equity	$ 384,673	$ 398,450

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses
Research and development	$ 9,658	$ 4,835
General and administrative	6,364	3,582
Total operating expenses	16,022	8,417
Other income (expense), net	259	8
Net loss	$ (15,763)	$ (8,409)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.13)	$ (0.25)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.13)	$ (0.25)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	124,418,580	32,999,880
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	124,418,580	32,999,880

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (15,763)	$ (8,409)
Other comprehensive loss:
Unrealized loss on securities available-for-sale	(370)	(1)
Total other comprehensive loss	(370)	(1)
Comprehensive loss	$ (16,133)	$ (8,410)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Thousands		Total	Series Seed	Series A	Series B	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020	[1]		13,174,805	16,836,436	22,164,724
Beginning balance at Dec. 31, 2020			$ 5,494	$ 27,067	$ 75,857
Ending balance (in shares) at Mar. 31, 2021	[1]		13,174,805	16,836,436	22,164,724
Ending balance at Mar. 31, 2021			$ 5,494	$ 27,067	$ 75,857
Beginning balance (in shares) at Dec. 31, 2020	[1]					33,069,513
Beginning balance at Dec. 31, 2020		$ (29,721)				$ 1	$ 600	$ 3	$ (30,325)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		1,336					1,336
Other comprehensive income (loss)		(1)						(1)
Net loss		(8,409)							(8,409)
Ending balance (in shares) at Mar. 31, 2021	[1]					33,069,513
Ending balance at Mar. 31, 2021		$ (36,795)				$ 1	1,936	2	(38,734)
Beginning balance (in shares) at Dec. 31, 2021			0	0	0
Beginning balance at Dec. 31, 2021			$ 0	$ 0	$ 0
Ending balance (in shares) at Mar. 31, 2022		0	0	0	0
Ending balance at Mar. 31, 2022			$ 0	$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2021						124,303,083
Beginning balance at Dec. 31, 2021		$ 363,576				$ 12	444,388	(184)	(80,640)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of vested stock options (in shares)		153,570				153,570
Issuance of common stock upon exercise of vested stock options		$ 156					156
Stock-based compensation expense		2,110					2,110
Other comprehensive income (loss)		(370)						(370)
Net loss		(15,763)							(15,763)
Ending balance (in shares) at Mar. 31, 2022						124,456,653
Ending balance at Mar. 31, 2022		$ 349,709				$ 12	$ 446,654	$ (554)	$ (96,403)
[1]	(1)    The shares of the Company’s common and redeemable convertible preferred stock, prior to the Business Combination (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 3.6281 established in the Business Combination as described in Note 3.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (15,763)	$ (8,409)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	281	214
Stock-based compensation	2,110	1,336
Amortization of premiums on securities, net	26	115
Amortization of operating lease right-of-use assets	525	413
Changes in operating assets and liabilities:
Prepaid expenses and other assets	554	(391)
Accounts payable	(394)	724
Accrued expenses and other liabilities	308	(9)
Operating lease liability	18	(246)
Net cash used in operating activities	(12,335)	(6,253)
Cash flows from investing activities
Proceeds from maturities of securities	38,575	24,000
Purchases of securities	(22,912)	0
Purchases of property and equipment	(481)	(482)
Net cash provided by investing activities	15,182	23,518
Cash flows from financing activities
Proceeds from exercise of stock options	156	0
Payments of offering costs	0	(2,069)
Net cash provided by (used in) financing activities	156	(2,069)
Net increase in cash, cash equivalents and restricted cash	3,003	15,196
Cash, cash equivalents and restricted cash at beginning of period	186,461	37,219
Cash, cash equivalents and restricted cash at end of period	189,464	52,415
Supplementary cash flow information on non-cash activities
Acquisitions of property and equipment included in accounts payable	222	142
Deferred offering costs in accounts payable and accrued expenses and other liabilities	0	1,133
Modification to reduce right-of-use assets and lease liability	$ 0	$ 3,254

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000
Common stock, shares issued (in shares)	124,456,653	124,303,083
Common stock, shares outstanding (in shares)	124,456,653	124,303,083

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Parenthetical)	Mar. 31, 2022	Jun. 09, 2021
Statement of Stockholders' Equity [Abstract]
Recapitalization exchange ratio	3.6281	3.6281

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Nautilus Biotechnology, Inc. (the “Company”) is a biotechnology company incorporated in 2016 and based in Seattle, Washington with laboratory operations in San Carlos, California. Since the Company’s incorporation in 2016, the Company has devoted substantially all of its resources to research and development activities, including with respect to its proteomics platform, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital and providing general and administrative support for these operations. On June 9, 2021 (the “Closing Date”), Nautilus Biotechnology, Inc. a Delaware corporation (f/k/a ARYA Sciences Acquisition Corp. III, a Cayman Islands exempted company and the Company’s predecessor company (“ARYA”)), consummated the previously announced business combination (the “Business Combination”) pursuant to the terms of that certain Business Combination Agreement, dated as of February 7, 2021 (the “BCA”), by and among ARYA, Mako Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of ARYA (“Mako Merger Sub”), and Nautilus Subsidiary, Inc., a Delaware corporation (f/k/a Nautilus Biotechnology, Inc.) (“Legacy Nautilus”). As a result of the Business Combination, ARYA changed its name to “Nautilus Biotechnology, Inc.” and Mako Me rger Sub merged with and into Legacy Nautilus with Legacy Nautilus surviving as the surviving company and becoming a wholly-owned subsidiary of ARYA (the “Merger” and, collectively with the other transactions described in the BCA, the “Reverse Recapitalization”). In addition, in conjunction with the completion of the Business Combination, certain investors (“PIPE Investors”) subscribed for the purchase of an aggregate of 20,000,000 shares of common stock of the Company (“New Nautilus Common Stock”) at a price of $10.00 per share for aggregate gross proceeds of $200.0 million (“PIPE Financing”). Please refer to Note 3 “Reverse Recapitalization” for further details of the Business Combination. Basis of Presentation The condensed consolidated financial statements and accompanying notes are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial reporting. The accompanying financial statements are consolidated as of March 31, 2022 and December 31, 2021 and for the three months ended March 31, 2022 and include the accounts of Nautilus Biotechnology, Inc. (i.e. former ARYA) and its wholly-owned subsidiary, Legacy Nautilus, following the Reverse Recapitalization as further discussed in Note 3 “Reverse Recapitalization.” All other accompanying financial statements for the three months ended March 31, 2021 include only the accounts of Legacy Nautilus. All intercompany transactions and balances have been eliminated upon consolidation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated financial statements were prepared on the same basis as the audited financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for a fair statement of the Company’s financial position as of March 31, 2022 and the results of operations and cash flows for the three months ended March 31, 2022 and 2021. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. These financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 on file with the SEC. The Company’s reporting currency is the U.S. dollar. Going Concern The Company’s condensed consolidated financial statements have been prepared on the basis of continuity of operations, the realization of assets, and the satisfaction of liabilities in the ordinary course of business. Since inception, the Company has been engaged in developing its technology, raising capital, and recruiting personnel. The Company’s operating plan may change as a result of many factors currently unknown and there can be no assurance that the current operating plan will be achieved in the time frame anticipated by the Company, and it may need to seek additional funds sooner than planned. If adequate funds are not available to the Company on a timely basis, it may be required to delay, limit, reduce, or terminate certain commercial efforts, or pursue merger or acquisition strategies, all of which could adversely affect the holdings or the rights of the Company’s stockholders. The Company has incurred net operating losses and negative cash flows from operations in every year since inception and expects this to continue for the foreseeable future. As of March 31, 2022, the Company had an accumulated deficit of $96.4 million. The Company has funded its operations primarily with proceeds from the issuance of redeemable convertible preferred stock and common stock. The Company had cash, cash equivalents, and short-term investments of $324.1 million as of March 31, 2022. In June 2021, the Company received gross proceeds of approximately $345.5 million from PIPE Investors and the Business Combination offset by approximately $18.2 million of transaction costs and underwriters’ fees relating to the closing of the Business Combination. As of the date on which these condensed consolidated financial statements were available to be issued, the Company believes that its cash, cash equivalents, and short-term investments will be sufficient to fund its operations for the next twelve months following the issuance of the condensed consolidated financial statements. The Company’s assessment of the period of time through which its financial resources will be adequate to support its operations is a forward-looking statement and involves risks and uncertainties. The Company’s actual results could vary as a result of, and its near and long-term future capital requirements will depend on many factors, including its growth rate and the timing and extent of spending to support its research and development efforts. The Company has based its estimates on assumptions that may prove to be wrong, and it could use its available capital resources sooner than it currently expects. The Company may be required to seek additional equity or debt financing. Future liquidity and cash requirements will depend on numerous factors. In the event that additional financing is required, the Company may not be able to raise it on acceptable terms or at all. If the Company is unable to raise additional capital when desired, or if it cannot expand its operations or otherwise capitalize on its business opportunities because it lacks sufficient capital, its business, operating results, and financial condition would be adversely affected. Impact of the COVID-19 Coronavirus In December 2019, COVID-19 was first reported to the World Health Organization (“WHO”), and in January 2020, the WHO declared the outbreak to be a public health emergency. In March 2020, the WHO characterized COVID-19 as a pandemic. Since then, the COVID-19 pandemic and efforts to control its spread have significantly curtailed the movement of people, goods, and services worldwide. As a result, the Company has taken certain measures in response to COVID-19. While the duration and extent of the COVID-19 pandemic depends on future developments that cannot be accurately predicted at this time, such as the extent and effectiveness of containment and mitigation actions, it has already had an adverse effect on the global economy, and the ultimate societal and economic impact of the COVID-19 pandemic remains unknown. Additionally, concerns over the economic impact of COVID-19 have caused extreme volatility in financial and other capital markets, which may adversely affect the Company’s ability to access capital markets in the future. Furthermore, the impact of the COVID-19 pandemic could adversely impact the Company’s cash flows and operations and delay the Company’s research and development activities.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include determining the estimated lives of property and equipment, stock-based compensation including the estimated fair value per share of common stock prior to the date the Company became public, research and development accruals, and the valuation allowance for deferred tax assets. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. As future events and their effects cannot be determined with precision, actual results could materially differ from those estimates and assumptions. Concentrations of Credit Risk and Other Risks and Uncertainties Credit risk represents the accounting loss that would be recognized as of the reporting date if counterparties failed completely to perform as contracted. Financial instruments, which potentially subject the Company to concentration of credit risk, consist of cash balances maintained in excess of federal depository insurance limits and investments in U.S. Treasury securities that are not federally insured. The Company has not experienced any losses in such accounts and believes it is not exposed to significant credit risk on cash or investments. The Company relies, and expects to continue to rely, on a number of vendors to provide services, supplies and materials related to its research and development programs. The Company relies on single source suppliers for certain components and materials used in the Nautilus platform. The loss of any of these single source suppliers would require the Company to expend significant time and effort to locate and qualify an alternative source of supply for these components. The Company also relies, and expects to continue to rely, on third-party manufacturers and, in many cases, single third-party manufacturers for the production of certain reagents and antibodies. These programs could be adversely affected by a significant interruption in these services or the availability of materials. The Company is subject to risks similar to those of other pre-clinical stage companies in the biopharmaceutical industry, including dependence on key individuals, the need to develop commercially viable products, competition from other companies, many of whom are larger and better capitalized, the impact of the COVID-19 pandemic and the need to obtain adequate additional financing to fund the development of its products. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be maintained, that any products developed will obtain required regulatory approval or that any approved products will be commercially viable. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from the sale of its products. Segment Reporting Operating segments are defined as components of an entity where discrete financial information is evaluated regularly by the chief operating decision m arket (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer is its CODM. The Company’s CODM re views financial information presented on a consolidated basis for the purposes of making operating decisions, allocating resources and evaluating financial performance. As such, the Company has determined that it operates in one operating and one reportable segment. The Company’s long-lived assets are entirely based in the United States. Cash and Cash Equivalents The Company considers all highly-liquid investments with an original maturity of three months or less as of the date of acquisition to be cash equivalents. Investments The Company considers investments with an original maturity greater than three months and remaining maturities less than one year to be short-term investments. The Company classifies those investments that are not required for use in current operations and that mature in more than 12 months as long-term investments. The Company classifies its investments as available for sale and reports them at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income (loss). For investments sold prior to maturity, the cost of investments sold is based on the specific identification method. Realized gains and losses on the sale of investments are recorded in other income (expense), net in the condensed consolidated statement of operations. Other-than-temporary Impairment The Company evaluates its investments with unrealized losses for other-than-temporary impairment. When assessing investments for other-than-temporary declines in value, the Company considers factors such as, among other things, the extent and length of time the investment’s fair value has been lower than its cost basis, the financial condition and near-term prospects of the investment, the Company’s ability and intent to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value, and the expected cash flows from the security. If any adjustments to fair value reflects a decline in the value of the investment that the Company considers to be “other than temporary,” the Company reduces the investment to fair value through a charge to the condensed consolidated statement of operations and condensed consolidated statement of comprehensive loss. No such adjustments were necessary during the periods presented. Fair Value of Financial Instruments Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. The carrying amounts of cash and cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses and other liabilities approximate their respective fair values due to their short-term nature. Leases The Company determines if an arrangement includes a lease at inception by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset for a period of time in exchange for consideration. Operating leases with a term of more than one year are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on the Company's condensed consolidated balance sheets. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments. Operating lease ROU assets and liabilities are recognized on the lease commencement date based on the present value of the future minimum lease payments over the lease term. The Company uses the incremental borrowing rate commensurate with the lease term based on the information available at the lease commencement date in determining the present value of the lease payments as the Company's leases generally do not provide an implicit rate. ROU assets initially equal the lease liability, adjusted for any prepaid lease payments and initial direct costs incurred, less any lease incentives received. Certain of the Company's leases include renewal options which allow the Company to, at its election, renew or extend the lease for a fixed or indefinite period of time. These renewal periods are included in the lease terms when the Company is reasonably certain the options will be exercised. Lease expense is recognized on a straight-line basis over the lease term when leases are operating leases. If it is considered a finance lease, expense is recognized over the lease term within interest expense and amortization in the Company’s condensed consolidated statements of operations. The Company also has lease arrangements with lease and non-lease components. The Company elected the practical expedient not to separate non-lease components from lease components for the Company's facility leases and to account for the lease and non-lease components as a single lease component. The Company also elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for leases with terms of 12 months or less. Comprehensive Loss Comprehensive loss consists of net loss and other gains or losses affecting stockholders’ equity that, under U.S. GAAP are excluded from net loss. For the three months ended March 31, 2022 and 2021, unrealized losses on debt securities were included as components of comprehensive loss. Accounting Pronouncements The Company is provided the option to adopt new or revised accounting guidance as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) either (1) within the same periods as those otherwise applicable to public business entities, or (2) within the same time periods as non-public business entities, including early adoption when permissible. With the exception of standards the Company elected to early adopt, when permissible, the Company has elected to adopt new or revised accounting guidance within the same time period as non-public business entities, as indicated below. Recently Adopted Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848).” The amendments in ASU 2020-04 provide optional expedients and exceptions for ap plying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. The Company adopted this guidance effective January 1, 2022 using the prospective method, which did not have a material impact on the Company’s condensed consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ”, which amends existing guidance on the impairment of financial assets and adds an impairment model that is based on expected losses rather than incurred losses and requires an entity to recognize as an allowance its estimate of expected credit losses for its financial assets. An entity will apply this guidance through a cumulative-effect adjustment to retained earnings upon adoption (a modified-retrospective approach) while a prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. This ASU is effective for the Company for its fiscal year ending December 31, 2023. Early adoption is permitted. The Company is in the process of evaluating the impact of the adoption of this ASU on its condensed consolidated financial statements and related disclosures. The Company does not anticipate adoption to have a material impact on its condensed consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” , which enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as the elimination of exceptions related to the approach for intraperiod tax

Reverse Recapitalization

Reverse Recapitalization	3 Months Ended
	Mar. 31, 2022
Reverse Recapitalization [Abstract]
Reverse Recapitalization	Reverse Recapitalization On June 9, 2021, Mako Merger Sub merged with Legacy Nautilus, with Legacy Nautilus surviving as the surviving company and as a wholly-owned subsidiary of ARYA. As a result of the Business Combination, Legacy Nautilus equity holders received an aggregate number of shares of New Nautilus Common Stock equal to (i) $900.0 million plus $24.3 million, which reflects the aggregate exercise price of all stock options (whether vested or unvested) of Legacy Nautilus at the consummation of the Business Combination, divided by (ii) $10.00 giving effect to the exchange ratio of approximately 3.6281 (“Exchange Ratio”) based on the terms of the Business Combination Agreement. For purposes of calculating the aggregate number of New Nautilus Common Stock issuable to each holder of Legacy Nautilus Common Stock pursuant to the Business Combination Agreement, all Legacy Nautilus Common Stock held by such holder was aggregated, and the Exchange Ratio was applied to that aggregate number of shares held by such holder, and not on a share-by-share basis, and the number of New Nautilus Common Stock issued was rounded down to the nearest whole share. At the Closing Date, (i) an aggregate of 18,721,137 shares of Class A and Class B ordinary shares of ARYA were exchanged for an equivalent number of Common Stock, (ii) an aggregate of 85,324,118 shares of Common Stock were issued in exchange for the shares of Nautilus outstanding as of immediately prior to the Business Combination and (iii) an aggregate of 20,000,000 shares of Common stock were issued to the PIPE Investors in the PIPE Financing with total gross proceeds of $200.0 million. Moreover, at the Closing, all options to purchase shares of Nautilus were exchanged for comparable options to purchase shares of Common Stock based on an implied Legacy Nautilus equity value of $900.0 million. Immediately after giving effect to the transactions, there were 124,045,255 shares of Common Stock outstanding and 7,106,767 shares of Common Stock subject to outstanding options under the 2017 Plan. The Business Combination is accounted for as a reverse recapitalization under U.S. GAAP. This determination is primarily based on Legacy Nautilus stockholders comprising a relative majority of the voting power of Nautilus and having the ability to nominate the members of the Board, Legacy Nautilus’s operations prior to the acquisition comprising the only ongoing operations of Nautilus, and Legacy Nautilus’s senior management comprising a majority of the senior management of Nautilus. Under this method of accounting, ARYA is treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the financial statements of Nautilus represent a continuation of the financial statements of Legacy Nautilus with the Business Combination being treated as the equivalent of Nautilus issuing stock for the net assets of ARYA, accompanied by a recapitalization. The net assets of ARYA are stated at historical costs, with no goodwill or other intangible assets recorded. Operations prior to the Business Combination are presented as those of Nautilus. All periods prior to the Business Combination have been retrospectively adjusted using the Exchange Ratio for the equivalent number of shares outstanding immediately after the Business Combination to effect the reverse recapitalization. In connection with the Business Combination, the Company raised $335.4 million of net proceeds. This amount was comprised of $135.4 million of cash held in ARYA’s trust account from its initial public offering, net of ARYA’s transaction costs and underwriters’ fees of $10.1 million, and $200.0 million of cash in connection with the PIPE Financing. The Company incurred $8.1 million of transaction costs, consisting of banking, legal, and other professional fees which were recorded as a reduction to additional paid-in capital. The number of shares of Common Stock issued immediately following the consummation of the Business Combination was: Number of Shares Common Stock of ARYA outstanding prior to the Business Combination 19,186,500 Less redemption of ARYA shares (465,363) Common Stock of ARYA 18,721,137 Shares issued in PIPE Financing 20,000,000 Business Combination and PIPE Financing shares 38,721,137 Legacy Nautilus shares 85,324,118 Total shares of Common Stock immediately after the Business Combination 124,045,255

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table details the assets carried at fair value and measured on a recurring basis within the three levels of fair value as of March 31, 2022 and December 31, 2021: (in thousands) Gross Unrealized Reported as: March 31, 2022 Amortized Cost Gains Losses Fair Value Cash and cash equivalents Short-term investments Long-term investments Level 1 Mutual funds $ 9,037 $ — $ — $ 9,037 $ 9,037 $ — $ — U.S. treasury securities 28,803 11 (75) 28,739 — 15,030 13,709 Total Level 1 37,840 11 (75) 37,776 9,037 15,030 13,709 Level 2 Commercial paper 292,994 2 (235) 292,761 179,585 113,176 — Corporate debt securities 7,406 — (117) 7,289 — 7,289 — Agency bonds 11,349 1 (141) 11,209 — — 11,209 Total Level 2 311,749 3 (493) 311,259 179,585 120,465 11,209 Total Level 1 and Level 2 $ 349,589 $ 14 $ (568) $ 349,035 $ 188,622 $ 135,495 $ 24,918 (in thousands) Gross Unrealized Reported as: December 31, 2021 Amortized Cost Gains Losses Fair Value Cash and cash equivalents Short-term investments Long-term investments Level 1 Mutual funds $ 21,925 $ — $ — $ 21,925 $ 21,925 $ — $ — U.S. treasury securities 15,156 — (20) 15,136 — 15,136 — Total Level 1 37,081 — (20) 37,061 21,925 15,136 — Level 2 Commercial paper 301,906 2 (90) 301,818 163,694 138,124 — Corporate debt securities 14,299 — (36) 14,263 — 6,850 7,413 Agency bonds 8,998 — (40) 8,958 — — 8,958 Total Level 2 325,203 2 (166) 325,039 163,694 144,974 16,371 Total Level 1 and Level 2 $ 362,284 $ 2 $ (186) $ 362,100 $ 185,619 $ 160,110 $ 16,371 Contractual maturities of short-term investments as of March 31, 2022 and December 31, 2021 are due in one year or less. Contractual maturities of long-term investments as of March 31, 2022 and December 31, 2021 are due after 1 year through 2 years.

Composition of Certain Condense

Composition of Certain Condensed Consolidated Financial Statement Line Items	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Composition of Certain Condensed Consolidated Financial Statement Line Items	Composition of Certain Condensed Consolidated Financial Statement Line Items Property and Equipment, Net Property and equipment consisted of the following: (in thousands) March 31, December 31, Laboratory equipment $ 4,297 $ 4,032 Computer hardware 157 157 Furniture, fixtures and office equipment 26 1 Leasehold improvements 8 8 Construction in progress 628 279 5,116 4,477 Less: Accumulated depreciation (2,275) (1,994) Total $ 2,841 $ 2,483 The Company recorded depreciation expense of $0.3 million and $0.2 million for the three months ended March 31, 2022 and 2021, respectively, which was primarily allocated to research and development expense. Other Long Term Assets Other long term assets consisted of the following: (in thousands) March 31, December 31, Restricted cash $ 842 $ 842 Deposits 155 155 Total $ 997 $ 997 Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following: (in thousands) March 31, December 31, Employee compensation $ 1,515 $ 1,465 Accrued research and development 1,296 518 Accrued professional and consulting fees 472 411 Accrued facilities — 337 Other 144 388 Total $ 3,427 $ 3,119 Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consisted of the following: (in thousands) March 31, December 31, Cash and cash equivalents $ 188,622 $ 185,619 Restricted cash included in other long term assets 842 842 Total $ 189,464 $ 186,461

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock	3 Months Ended
	Mar. 31, 2022
Temporary Equity [Abstract]
Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock On June 9, 2021, upon the closing of the Business Combination (as defined in Note 1 and further described in Note 3), all of the outstanding redeemable convertible preferred stock was converted to New Nautilus Common Stock pursuant to the Exchange Ratio effective immediately prior to the Business Combination and the remaining amount was reclassified to additional paid-in capital. As of March 31, 2022 the Company had no issued and outstanding Preferred Stock shares.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Common Stock	Common Stock On June 9, 2021, the Business Combination (as defined in Note 1 and further described in Note 3) was consummated and the Company issued 38,721,137 shares for an aggregate purchase price of $327.3 million, net of issuance costs of $8.1 million. Immediately following the Business Combination, there were 124,045,255 shares of Common Stock outstanding. The holder of each share of Common Stock is entitled to one vote. The Company has retroactively adjusted the shares issued and outstanding prior to June 9, 2021 to give effect to the exchange ratio established in the Business Combination Agreement to determine the number of shares of Common Stock into which they were converted. In June 2021, pursuant to the Business Combination, the Company amended its certificate of incorporation to increase the number of authorized common stock shares to 1,000,000,000 shares. There were 124,456,653 shares issued and outstanding as of March 31, 2022. Common Stock Reserved for Future Issuance Shares of common stock reserved for future issuance on an as-if converted basis, were as follows: March 31, December 31, Stock options issued and outstanding 9,971,247 8,550,076 Shares available for grant under 2021 Equity Incentive Plan 19,121,876 14,481,463 Shares available for grant under 2021 Employee Stock Purchase Plan 2,487,930 1,244,900 Total shares of common stock reserved 31,581,053 24,276,439

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company accounts for income taxes under the liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. For the three months ended March 31, 2022 and 2021, no income tax expense or benefit was recognized, primarily due to a full valuation allowance recorded against its deferred tax asset.

Stock Option Plan and Stock-bas

Stock Option Plan and Stock-based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock Option Plan and Stock-based Compensation	Stock Option Plan and Stock-based Compensation On June 8, 2021, the stockholders of the Company approved the 2021 Equity Incentive Plan (“2021 Plan”) and the 2021 Employee Stock Purchase Plan ( “2021 ESPP”). As of March 31, 2022, 19,121,876 and 2,487,930 shares were available for grant under the 2021 Plan and 2021 ESPP, respectively. 2021 Employee Stock Purchase Plan Under the 2021 ESPP, the Company can grant stock options to employees to purchase shares of Common Stock at a purchase price which equal to 85% of the fair market value of common stock on the enrollment date or on the exercise date, whichever is lower. Participants are permitted to purchase shares of the Company’s Common Stock at 85% of the lower of the fair market value of the Company’s Common Stock on the first trading day of an offering period or on the last trading date in each purchase period. Participants may end their participation at any time during an offering and will be paid their accrued contributions that have not yet been used to purchase shares. Participation ends automatically upon termination of employment with the Company. The number of shares of common stock available for issuance under the 2021 ESPP will be increased on the first day of each fiscal year beginning on January 1, 2022, in an amount equal to the least of (i) 3,734,500 shares of common stock, (ii) a number of s hares of common stock equal to one percent (1%) of the total number of shares of all classes of common stock of the Company on the last day of the immediately preceding fiscal year, or (iii) such number of shares determined by the Administrator no later than the last day of the immediately preceding fiscal year. On January 1, 2022, the number of shares available under the ESPP increased by 1,243,030 shares pursuant to this feature. The first offering period is from October 1, 2021 through May 31, 2022. For subsequent offering periods, the Company will be offering a six month purchase period. As of March 31, 2022, no shares of common stock were purchased under the 2021 ESPP. 2021 Equity Incentive Plan Under the 2021 Plan, the Company can grant incentive stock options, nonstatutory stock options, stock appreciation rig hts, restricted stock, restricted stock units and performance awards to employees, directors and consultants. Options generally expire ten years after the date of grant. The number of shares available for issuance under the 2021 Plan will be increased on the first day of each fiscal year, beginning on January 1, 2022, in an amount equal to the least of (i) 18,672,200 shares, (ii) a number of shares equal to five percent (5%) of the total number of shares of all classes of common stock of the Company outstanding on the last day of the immediately preceding fiscal year, or (iii) such number of shares determined by the Administrator no later than the last day of the immediately preceding fiscal year . On January 1, 2022, the number of shares available under the 2021 Plan increased by 6,215,154 shares pursuant to this feature. 2017 Equity Incentive Plan At the time of adoption of the 2021 Plan and the 2021 ESPP, no further awards will be granted under the 2017 Equity Incentive Plan (“2017 Plan”) and 7,106,767 shares of common stock were initially reserved for outstanding awards issued under the 2017 Plan. In determining the compensation cost of the option awards, the fair value for each option award has been estimated using the Black Scholes model . The significant assumptions used in these calculations are summarized as follows: Three Months Ended March 31, 2022 2021 Expected term (in years) 5.8 - 6.1 5.5 - 6.6 Expected volatility 109.0% - 110.0% 92.0% - 94.2% Expected dividend rate 0.0 % 0.0 % Risk free interest rate 1.73% - 2.42% 0.53% - 0.73% Stock price $3.78 - $4.24 $7.56 - $10.00 Expected term: The expected term of stock options represents the weighted-average period the stock options are expected to remain outstanding. The Company does not have sufficient historical exercise and post-vesting termination activity to provide accurate data for estimating the expected term of options and has opted to use the “simplified method,” whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the option. Expected volatility: Historically, the Company has been a private company and lacked company‑specific historical and implied volatility information for its common stock. Therefore, the expected volatility of the Company’s common stock was determined by using an average of historical volatilities of selected industry peers deemed to be comparable to the Company’s business corresponding to the expected term of the awards and the Company expects to continue to do so until such time as the Company has adequate historical data regarding the volatility of its traded common stock price. Expected dividend yield: The expected dividend rate is zero as the Company has no history or expectation of declaring dividends on its common stock. Risk-free interest rate: The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities corresponding to the expected term of the awards. Fair value of common stock: Prior to the Business Combination, the fair value of the shares of common stock underlying the stock options has historically been determined by the Company’s Board of Directors. Because there has been no public market for the common stock, the Board of Directors has determined the fair value of the common stock at the time of grant of the option by contemporaneous valuations performed by an unrelated third-party valuation firm as well as a number of objective and subjective factors including valuation of comparable companies, sales of convertible preferred stock to unrelated third parties, operating and financial performance, the implied equity value of the Company as contemplated by the Business Combination, the lack of liquidity of capital stock and general and industry specific economic outlook, among other factors. The fair value of common stock was determined in accordance with applicable elements of the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. Subsequent to the completion of the Business Combination (as defined in Note 1 and further described in Note 3) the fair value of the Company’s common stock is determined based on its closing market price. The awards granted in late January 2021 had an exercise price equal to the grant date fair value of the Company’s common stock. The Company’s board of directors made a determination of the fair market value of the Company’s common stock which contemplated the implied equity value of the Company per the Business Combination Agreement that was executed on February 7, 2021. The following table summarizes option award activity during the three months ended March 31, 2022: Number of Stock Option Awards Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2021 8,550,076 $ 4.66 Granted 1,948,998 $ 3.83 Exercised (153,570) $ 1.02 Forfeited (374,257) $ 8.34 Outstanding as of March 31, 2022 9,971,247 $ 4.41 8.8 $ 16,544 Options vested and expected to vest as of March 31, 2022 9,971,247 $ 4.41 Vested and exercisable at March 31, 2022 2,759,100 $ 3.01 7.8 $ 7,569 As of March 31, 2022, there was $29.1 million of total unrecognized compensation expense expected to be recognized over a weighted average-period of 3.10 years. Aggregate intrinsic value represents the difference between the fair market value of the common stock and the exercise price of outstanding, in-the-money options. Stock-based Compensation Expense The following sets forth the total stock-based compensation expense for the Company’s stock options included in the Company’s condensed consolidated statement of operations: Three Months Ended March 31, (in thousands) 2022 2021 Research and development $ 867 $ 497 General and administrative 1,243 839 Total stock-based compensation expense $ 2,110 $ 1,336

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments Open purchase commitments are for the purchase of goods and services related to, but not limited to, research and development, facilities, and professional services under non-cancellable contracts. They were not recorded as liabilities on the condensed consolidated balance sheet as of March 31, 2022 as the Company had not yet received the related goods or services. As of March 31, 2022, the Company had open purchase commitments for goods and services of $2.6 million, which are expected to be received through the next 12 months. Legal Proceedings From time to time, the Company may become involved in litigation relating to claims arising from the ordinary course of business. Management believes that there are currently no claims or actions pending against the Company where the ultimate disposition could have a material adverse effect on the Company’s results of operations, financial condition or cash flows. Leases The Company is obligated under certain non-cancellable operating leases for office space and laboratory space. This space includes operating leases in Seattle, Washington, and San Carlos, California. Seattle Leases The operating lease in Seattle, Washington expired in April 2021 and continued to be renewed month to month until August 2021. In July 2021, the Company entered into a 7-year non-cancellable operating lease, which commenced in August 2021, for an additional office space in Seattle, Washington. Total non-cancellable payments under this lease aggregate $4.5 million through June 2028. San Carlos Leases In February 2021, the Company amended its existing facility lease contract in San Carlos, California which was executed to shorten the remaining term of the lease to expire in December 2021 and reduce monthly lease payments and was accounted for as a modification. The impact of this modification reduced the operating lease right-of-use asset and lease liability balance as a $3.3 million non-cash adjustment. In September 2021, the Company further amended the facility lease contract in San Carlos, California to shorten the remaining term of the lease to expire in October 2021 and was also accounted for as a modification. In December 2020, the Company entered into a new lease in San Carlos, California for ten years which commenced in October 2021 and expiring in October 2031 with total minimum lease payments of $40.7 million . In December 2020, the Company also entered into a temporary office space lease agreement in San Carlos, California which commenced in February 2021 and expired in October 2021 with total minimum lease payments of $1.2 million. The temporary office space lease agreement was recognized as a short-term lease due to the election of the short-term lease measurement and recognition exemption. In December 2021, the Company entered into another lease in San Carlos, California for nine years expected to commence in October 2022 and expiring in October 2031. The Company can terminate this lease after five years from October 1, 2022 without bearing any significant termination penalties and therefore the Company concluded that the lease term is five years with total minimum lease payments of $7.2 million. The components of lease costs, which were included in operating expenses in condensed consolidated statements of operations, were as follows: Three Months Ended March 31, (in thousands) 2022 2021 Fixed operating lease costs $ 1,183 $ 501 Variable operating lease costs 438 10 Short-term lease costs 5 179 Total lease costs $ 1,626 $ 690 For the three months ended March 31, 2022 and 2021, cash paid for amounts included in the measurement of operating lease liabilities included in cash flows used in operating activities was $0.6 million and $0.3 million, respectively. As of March 31, 2022, the weighted-average remaining lease term and weighted-average discount rate for operating leases is 9.2 years and 8.9% respectively. The following table summarizes the Company's future principal contractual obligations for operating lease commitments as of March 31, 2022: Lease Obligations (in thousands) Nine months ending December 31, 2022 $ 2,885 2023 4,440 2024 4,570 2025 4,701 2026 4,837 2027 and thereafter 22,942 Total future minimum lease payments 44,375 Less: Imputed interest (14,325) Total operating lease liabilities $ 30,050 Guarantees and Indemnifications In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnifications will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also agreed to indemnify its directors and executive officers for costs associated with any fees, expenses, judgments, fines and settlement amounts incurred by them in any action or proceeding to which any of them are, or are threatened to be, made a party by reason of their service as a director or officer. The Company maintains director and officer insurance coverage that would generally enable it to recover a portion of any future amounts paid. The Company may be subject to indemnification obligation by law with respect to the actions of its employees under certain circumstances and in certain jurisdictions. Letter of Credit In conjunction with the San Carlos lease agreement entered in December 2020, the Company issued a cash-collateralized letter of credit in lieu of security deposit of $0.6 million. In conjunction with the San Carlos lease agreement entered in December 2021, the Company amended the existing cash-collateralized letter of credit and increased the amount to $0.8 million. The cash amount is recorded as restricted cash under Other long-term assets on the Company’s condensed consolidated balance sheets.
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments Open purchase commitments are for the purchase of goods and services related to, but not limited to, research and development, facilities, and professional services under non-cancellable contracts. They were not recorded as liabilities on the condensed consolidated balance sheet as of March 31, 2022 as the Company had not yet received the related goods or services. As of March 31, 2022, the Company had open purchase commitments for goods and services of $2.6 million, which are expected to be received through the next 12 months. Legal Proceedings From time to time, the Company may become involved in litigation relating to claims arising from the ordinary course of business. Management believes that there are currently no claims or actions pending against the Company where the ultimate disposition could have a material adverse effect on the Company’s results of operations, financial condition or cash flows. Leases The Company is obligated under certain non-cancellable operating leases for office space and laboratory space. This space includes operating leases in Seattle, Washington, and San Carlos, California. Seattle Leases The operating lease in Seattle, Washington expired in April 2021 and continued to be renewed month to month until August 2021. In July 2021, the Company entered into a 7-year non-cancellable operating lease, which commenced in August 2021, for an additional office space in Seattle, Washington. Total non-cancellable payments under this lease aggregate $4.5 million through June 2028. San Carlos Leases In February 2021, the Company amended its existing facility lease contract in San Carlos, California which was executed to shorten the remaining term of the lease to expire in December 2021 and reduce monthly lease payments and was accounted for as a modification. The impact of this modification reduced the operating lease right-of-use asset and lease liability balance as a $3.3 million non-cash adjustment. In September 2021, the Company further amended the facility lease contract in San Carlos, California to shorten the remaining term of the lease to expire in October 2021 and was also accounted for as a modification. In December 2020, the Company entered into a new lease in San Carlos, California for ten years which commenced in October 2021 and expiring in October 2031 with total minimum lease payments of $40.7 million . In December 2020, the Company also entered into a temporary office space lease agreement in San Carlos, California which commenced in February 2021 and expired in October 2021 with total minimum lease payments of $1.2 million. The temporary office space lease agreement was recognized as a short-term lease due to the election of the short-term lease measurement and recognition exemption. In December 2021, the Company entered into another lease in San Carlos, California for nine years expected to commence in October 2022 and expiring in October 2031. The Company can terminate this lease after five years from October 1, 2022 without bearing any significant termination penalties and therefore the Company concluded that the lease term is five years with total minimum lease payments of $7.2 million. The components of lease costs, which were included in operating expenses in condensed consolidated statements of operations, were as follows: Three Months Ended March 31, (in thousands) 2022 2021 Fixed operating lease costs $ 1,183 $ 501 Variable operating lease costs 438 10 Short-term lease costs 5 179 Total lease costs $ 1,626 $ 690 For the three months ended March 31, 2022 and 2021, cash paid for amounts included in the measurement of operating lease liabilities included in cash flows used in operating activities was $0.6 million and $0.3 million, respectively. As of March 31, 2022, the weighted-average remaining lease term and weighted-average discount rate for operating leases is 9.2 years and 8.9% respectively. The following table summarizes the Company's future principal contractual obligations for operating lease commitments as of March 31, 2022: Lease Obligations (in thousands) Nine months ending December 31, 2022 $ 2,885 2023 4,440 2024 4,570 2025 4,701 2026 4,837 2027 and thereafter 22,942 Total future minimum lease payments 44,375 Less: Imputed interest (14,325) Total operating lease liabilities $ 30,050 Guarantees and Indemnifications In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnifications will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also agreed to indemnify its directors and executive officers for costs associated with any fees, expenses, judgments, fines and settlement amounts incurred by them in any action or proceeding to which any of them are, or are threatened to be, made a party by reason of their service as a director or officer. The Company maintains director and officer insurance coverage that would generally enable it to recover a portion of any future amounts paid. The Company may be subject to indemnification obligation by law with respect to the actions of its employees under certain circumstances and in certain jurisdictions. Letter of Credit In conjunction with the San Carlos lease agreement entered in December 2020, the Company issued a cash-collateralized letter of credit in lieu of security deposit of $0.6 million. In conjunction with the San Carlos lease agreement entered in December 2021, the Company amended the existing cash-collateralized letter of credit and increased the amount to $0.8 million. The cash amount is recorded as restricted cash under Other long-term assets on the Company’s condensed consolidated balance sheets.

Basic and Diluted Net Loss per

Basic and Diluted Net Loss per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Basic and Diluted Net Loss per Share	Basic and Diluted Net Loss per Share The following tables set forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, (in thousands, except share and per share amounts) 2022 2021 Numerator: Net loss attributable to common stockholders $ (15,763) $ (8,409) Denominator: Weighted average common shares outstanding 124,418,580 33,069,513 Less: Weighted-average unvested restricted shares and shares subject to repurchase — (69,633) Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted 124,418,580 32,999,880 Net loss per share attributable to common stockholders, basic and diluted: $ (0.13) $ (0.25) As a result of the Business Combination, the Company has retroactively adjusted the weighted-average number of shares of Common Stock outstanding prior to the Closing Date by multiplying them by the Exchange Ratio of 3.6281 used to determine the number of shares of New Nautilus Common Stock into which they converted (as described in Note 3). The Common Stock issued as a result of the redeemable convertible preferred stock conversion on the Closing Date was included in the basic net loss per share calculation on a prospective basis. The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have had an antidilutive effect were as follows: Three Months Ended 2022 2021 Options to purchase common stock 9,971,247 7,193,881 Employee stock purchase plan 56,470 — Convertible preferred stock (on an as-converted basis) — 52,175,965 Common stock warrants — 63,491 Total potentially dilutive common share equivalents 10,027,717 59,433,337

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	The condensed consolidated financial statements and accompanying notes are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial reporting. The accompanying financial statements are consolidated as of March 31, 2022 and December 31, 2021 and for the three months ended March 31, 2022 and include the accounts of Nautilus Biotechnology, Inc. (i.e. former ARYA) and its wholly-owned subsidiary, Legacy Nautilus, following the Reverse Recapitalization as further discussed in Note 3 “Reverse Recapitalization.” All other accompanying financial statements for the three months ended March 31, 2021 include only the accounts of Legacy Nautilus. All intercompany transactions and balances have been eliminated upon consolidation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated financial statements were prepared on the same basis as the audited financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for a fair statement of the Company’s financial position as of March 31, 2022 and the results of operations and cash flows for the three months ended March 31, 2022 and 2021. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. These financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 on file with the SEC. The Company’s reporting currency is the U.S. dollar.
Use of Estimates	The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include determining the estimated lives of property and equipment, stock-based compensation including the estimated fair value per share of common stock prior to the date the Company became public, research and development accruals, and the valuation allowance for deferred tax assets. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. As future events and their effects cannot be determined with precision, actual results could materially differ from those estimates and assumptions.
Concentrations of Credit Risk and Other Risks and Uncertainties	Credit risk represents the accounting loss that would be recognized as of the reporting date if counterparties failed completely to perform as contracted. Financial instruments, which potentially subject the Company to concentration of credit risk, consist of cash balances maintained in excess of federal depository insurance limits and investments in U.S. Treasury securities that are not federally insured. The Company has not experienced any losses in such accounts and believes it is not exposed to significant credit risk on cash or investments. The Company relies, and expects to continue to rely, on a number of vendors to provide services, supplies and materials related to its research and development programs. The Company relies on single source suppliers for certain components and materials used in the Nautilus platform. The loss of any of these single source suppliers would require the Company to expend significant time and effort to locate and qualify an alternative source of supply for these components. The Company also relies, and expects to continue to rely, on third-party manufacturers and, in many cases, single third-party manufacturers for the production of certain reagents and antibodies. These programs could be adversely affected by a significant interruption in these services or the availability of materials. The Company is subject to risks similar to those of other pre-clinical stage companies in the biopharmaceutical industry, including dependence on key individuals, the need to develop commercially viable products, competition from other companies, many of whom are larger and better capitalized, the impact of the COVID-19 pandemic and the need to obtain adequate additional financing to fund the development of its products. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be maintained, that any products developed will obtain required regulatory approval or that any approved products will be commercially viable. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from the sale of its products.
Segment Reporting	Operating segments are defined as components of an entity where discrete financial information is evaluated regularly by the chief operating decision m arket (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer is its CODM. The Company’s CODM re
Cash and Cash Equivalents	The Company considers all highly-liquid investments with an original maturity of three months or less as of the date of acquisition to be cash equivalents.
Investments	The Company considers investments with an original maturity greater than three months and remaining maturities less than one year to be short-term investments. The Company classifies those investments that are not required for use in current operations and that mature in more than 12 months as long-term investments. The Company classifies its investments as available for sale and reports them at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income (loss). For investments sold prior to maturity, the cost of investments sold is based on the specific identification method. Realized gains and losses on the sale of investments are recorded in other income (expense), net in the condensed consolidated statement of operations. Other-than-temporary Impairment
Fair Value of Financial Instruments	Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. The carrying amounts of cash and cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses and other liabilities approximate their respective fair values due to their short-term nature.
Leases	The Company determines if an arrangement includes a lease at inception by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset for a period of time in exchange for consideration. Operating leases with a term of more than one year are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on the Company's condensed consolidated balance sheets. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments. Operating lease ROU assets and liabilities are recognized on the lease commencement date based on the present value of the future minimum lease payments over the lease term. The Company uses the incremental borrowing rate commensurate with the lease term based on the information available at the lease commencement date in determining the present value of the lease payments as the Company's leases generally do not provide an implicit rate. ROU assets initially equal the lease liability, adjusted for any prepaid lease payments and initial direct costs incurred, less any lease incentives received. Certain of the Company's leases
Comprehensive Loss	Comprehensive loss consists of net loss and other gains or losses affecting stockholders’ equity that, under U.S. GAAP are excluded from net loss. For the three months ended March 31, 2022 and 2021, unrealized losses on debt securities were included as components of comprehensive loss.
Accounting Pronouncements	The Company is provided the option to adopt new or revised accounting guidance as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) either (1) within the same periods as those otherwise applicable to public business entities, or (2) within the same time periods as non-public business entities, including early adoption when permissible. With the exception of standards the Company elected to early adopt, when permissible, the Company has elected to adopt new or revised accounting guidance within the same time period as non-public business entities, as indicated below. Recently Adopted Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848).” The amendments in ASU 2020-04 provide optional expedients and exceptions for ap plying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. The Company adopted this guidance effective January 1, 2022 using the prospective method, which did not have a material impact on the Company’s condensed consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ”, which amends existing guidance on the impairment of financial assets and adds an impairment model that is based on expected losses rather than incurred losses and requires an entity to recognize as an allowance its estimate of expected credit losses for its financial assets. An entity will apply this guidance through a cumulative-effect adjustment to retained earnings upon adoption (a modified-retrospective approach) while a prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. This ASU is effective for the Company for its fiscal year ending December 31, 2023. Early adoption is permitted. The Company is in the process of evaluating the impact of the adoption of this ASU on its condensed consolidated financial statements and related disclosures. The Company does not anticipate adoption to have a material impact on its condensed consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” , which enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as the elimination of exceptions related to the approach for intraperiod tax

Reverse Recapitalization (Table

Reverse Recapitalization (Tables)	3 Months Ended
	Mar. 31, 2022
Reverse Recapitalization [Abstract]
Schedule of Reverse Recapitalization	The number of shares of Common Stock issued immediately following the consummation of the Business Combination was: Number of Shares Common Stock of ARYA outstanding prior to the Business Combination 19,186,500 Less redemption of ARYA shares (465,363) Common Stock of ARYA 18,721,137 Shares issued in PIPE Financing 20,000,000 Business Combination and PIPE Financing shares 38,721,137 Legacy Nautilus shares 85,324,118 Total shares of Common Stock immediately after the Business Combination 124,045,255

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets Carried at Fair Value and Measured on a Recurring Basis	The following table details the assets carried at fair value and measured on a recurring basis within the three levels of fair value as of March 31, 2022 and December 31, 2021: (in thousands) Gross Unrealized Reported as: March 31, 2022 Amortized Cost Gains Losses Fair Value Cash and cash equivalents Short-term investments Long-term investments Level 1 Mutual funds $ 9,037 $ — $ — $ 9,037 $ 9,037 $ — $ — U.S. treasury securities 28,803 11 (75) 28,739 — 15,030 13,709 Total Level 1 37,840 11 (75) 37,776 9,037 15,030 13,709 Level 2 Commercial paper 292,994 2 (235) 292,761 179,585 113,176 — Corporate debt securities 7,406 — (117) 7,289 — 7,289 — Agency bonds 11,349 1 (141) 11,209 — — 11,209 Total Level 2 311,749 3 (493) 311,259 179,585 120,465 11,209 Total Level 1 and Level 2 $ 349,589 $ 14 $ (568) $ 349,035 $ 188,622 $ 135,495 $ 24,918 (in thousands) Gross Unrealized Reported as: December 31, 2021 Amortized Cost Gains Losses Fair Value Cash and cash equivalents Short-term investments Long-term investments Level 1 Mutual funds $ 21,925 $ — $ — $ 21,925 $ 21,925 $ — $ — U.S. treasury securities 15,156 — (20) 15,136 — 15,136 — Total Level 1 37,081 — (20) 37,061 21,925 15,136 — Level 2 Commercial paper 301,906 2 (90) 301,818 163,694 138,124 — Corporate debt securities 14,299 — (36) 14,263 — 6,850 7,413 Agency bonds 8,998 — (40) 8,958 — — 8,958 Total Level 2 325,203 2 (166) 325,039 163,694 144,974 16,371 Total Level 1 and Level 2 $ 362,284 $ 2 $ (186) $ 362,100 $ 185,619 $ 160,110 $ 16,371

Composition of Certain Conden_2

Composition of Certain Condensed Consolidated Financial Statement Line Items (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property, Plant and Equipment	Property and equipment consisted of the following: (in thousands) March 31, December 31, Laboratory equipment $ 4,297 $ 4,032 Computer hardware 157 157 Furniture, fixtures and office equipment 26 1 Leasehold improvements 8 8 Construction in progress 628 279 5,116 4,477 Less: Accumulated depreciation (2,275) (1,994) Total $ 2,841 $ 2,483
Schedule of Other Long Term Assets	Other long term assets consisted of the following: (in thousands) March 31, December 31, Restricted cash $ 842 $ 842 Deposits 155 155 Total $ 997 $ 997
Schedule of Accrued Expenses	Accrued expenses and other liabilities consisted of the following: (in thousands) March 31, December 31, Employee compensation $ 1,515 $ 1,465 Accrued research and development 1,296 518 Accrued professional and consulting fees 472 411 Accrued facilities — 337 Other 144 388 Total $ 3,427 $ 3,119
Schedule of Other Liabilities	Accrued expenses and other liabilities consisted of the following: (in thousands) March 31, December 31, Employee compensation $ 1,515 $ 1,465 Accrued research and development 1,296 518 Accrued professional and consulting fees 472 411 Accrued facilities — 337 Other 144 388 Total $ 3,427 $ 3,119
Schedule of Cash and Cash Equivalents	Cash, cash equivalents and restricted cash consisted of the following: (in thousands) March 31, December 31, Cash and cash equivalents $ 188,622 $ 185,619 Restricted cash included in other long term assets 842 842 Total $ 189,464 $ 186,461
Schedule of Restricted Cash	Cash, cash equivalents and restricted cash consisted of the following: (in thousands) March 31, December 31, Cash and cash equivalents $ 188,622 $ 185,619 Restricted cash included in other long term assets 842 842 Total $ 189,464 $ 186,461

Common Stock (Tables)

Common Stock (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Common Stock Reserved for Future Issuance	Shares of common stock reserved for future issuance on an as-if converted basis, were as follows: March 31, December 31, Stock options issued and outstanding 9,971,247 8,550,076 Shares available for grant under 2021 Equity Incentive Plan 19,121,876 14,481,463 Shares available for grant under 2021 Employee Stock Purchase Plan 2,487,930 1,244,900 Total shares of common stock reserved 31,581,053 24,276,439

Stock Option Plan and Stock-b_2

Stock Option Plan and Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Significant Assumptions	The significant assumptions used in these calculations are summarized as follows: Three Months Ended March 31, 2022 2021 Expected term (in years) 5.8 - 6.1 5.5 - 6.6 Expected volatility 109.0% - 110.0% 92.0% - 94.2% Expected dividend rate 0.0 % 0.0 % Risk free interest rate 1.73% - 2.42% 0.53% - 0.73% Stock price $3.78 - $4.24 $7.56 - $10.00
Schedule of Stock Option Activity	The following table summarizes option award activity during the three months ended March 31, 2022: Number of Stock Option Awards Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2021 8,550,076 $ 4.66 Granted 1,948,998 $ 3.83 Exercised (153,570) $ 1.02 Forfeited (374,257) $ 8.34 Outstanding as of March 31, 2022 9,971,247 $ 4.41 8.8 $ 16,544 Options vested and expected to vest as of March 31, 2022 9,971,247 $ 4.41 Vested and exercisable at March 31, 2022 2,759,100 $ 3.01 7.8 $ 7,569
Schedule of Stock Based Compensation Expense	The following sets forth the total stock-based compensation expense for the Company’s stock options included in the Company’s condensed consolidated statement of operations: Three Months Ended March 31, (in thousands) 2022 2021 Research and development $ 867 $ 497 General and administrative 1,243 839 Total stock-based compensation expense $ 2,110 $ 1,336

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Components of Lease Cost	The components of lease costs, which were included in operating expenses in condensed consolidated statements of operations, were as follows: Three Months Ended March 31, (in thousands) 2022 2021 Fixed operating lease costs $ 1,183 $ 501 Variable operating lease costs 438 10 Short-term lease costs 5 179 Total lease costs $ 1,626 $ 690
Summary of Future Principal Contractual Obligations for Operating Lease Commitments	The following table summarizes the Company's future principal contractual obligations for operating lease commitments as of March 31, 2022: Lease Obligations (in thousands) Nine months ending December 31, 2022 $ 2,885 2023 4,440 2024 4,570 2025 4,701 2026 4,837 2027 and thereafter 22,942 Total future minimum lease payments 44,375 Less: Imputed interest (14,325) Total operating lease liabilities $ 30,050

Basic and Diluted Net Loss pe_2

Basic and Diluted Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following tables set forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, (in thousands, except share and per share amounts) 2022 2021 Numerator: Net loss attributable to common stockholders $ (15,763) $ (8,409) Denominator: Weighted average common shares outstanding 124,418,580 33,069,513 Less: Weighted-average unvested restricted shares and shares subject to repurchase — (69,633) Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted 124,418,580 32,999,880 Net loss per share attributable to common stockholders, basic and diluted: $ (0.13) $ (0.25)
Schedule of Potential Shares of Common Stock Excluded from the Computation of Diluted Net Loss Per Share	The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have had an antidilutive effect were as follows: Three Months Ended 2022 2021 Options to purchase common stock 9,971,247 7,193,881 Employee stock purchase plan 56,470 — Convertible preferred stock (on an as-converted basis) — 52,175,965 Common stock warrants — 63,491 Total potentially dilutive common share equivalents 10,027,717 59,433,337

Description of Business and B_2

Description of Business and Basis of Presentation (Details) - USD ($)	Jun. 09, 2021	Jun. 30, 2021	Mar. 31, 2022	Dec. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Accumulated deficit			$ 96,403,000	$ 80,640,000
Cash, cash equivalents, and short-term investments			$ 324,100,000
Proceeds from sale of stock and reverse recapitalization transaction		$ 345,500,000
Payments of transaction costs	$ 8,100,000	$ 18,200,000
Private Placement
Subsidiary, Sale of Stock [Line Items]
Shares issued in transaction (in shares)	20,000,000
Price per share (in dollars per share)	$ 10
Consideration received on transaction	$ 200,000,000

Significant Accounting Polici_3

Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2022segment
Accounting Policies [Abstract]
Number of operating segments	1
Number of reportable segments	1

Reverse Recapitalization - Narr

Reverse Recapitalization - Narrative (Details)	Jun. 09, 2021USD ($)$ / sharesshares	Jun. 30, 2021USD ($)	Mar. 31, 2022shares	Dec. 31, 2021shares	Jun. 08, 2021shares
Schedule Of Reverse Recapitalization [Line Items]
Stock converted, value, reverse recapitalization	$ 900,000,000
Recapitalization exchange ratio, per share (in dollars per share) | $ / shares	$ 10
Recapitalization exchange ratio	3.6281		3.6281
Common stock, shares outstanding (in shares) | shares	124,045,255		124,456,653	124,303,083
Stock converted, reverse recapitalization (in shares) | shares	85,324,118
Equity value	$ 900,000,000
Stock options issued and outstanding (in shares) | shares	7,106,767		9,971,247	8,550,076
Net proceeds from reverse recapitalization and PIPE financing	$ 335,400,000
Cash acquired through reverse recapitalization	135,400,000
Reverse recapitalization, cash paid to shareholders	10,100,000
Gross proceeds from private placement	200,000,000
Payments of transaction costs	$ 8,100,000	$ 18,200,000
Private Placement
Schedule Of Reverse Recapitalization [Line Items]
Shares issued in transaction (in shares) | shares	20,000,000
Consideration received on transaction	$ 200,000,000
Arya Sciences Acquisition Corp III
Schedule Of Reverse Recapitalization [Line Items]
Common stock, shares outstanding (in shares) | shares	18,721,137				19,186,500
Options
Schedule Of Reverse Recapitalization [Line Items]
Stock converted, value, reverse recapitalization	$ 24,300,000

Reverse Recapitalization - Shar

Reverse Recapitalization - Shares Reconciliation (Details) - shares	Jun. 09, 2021	Mar. 31, 2022	Dec. 31, 2021	Jun. 08, 2021
Schedule Of Reverse Recapitalization [Line Items]
Common stock, shares outstanding (in shares)	124,045,255	124,456,653	124,303,083
Common Stock of Arya (in shares)	18,721,137
Shares issued in PIPE Financing (in shares)	20,000,000
Business Combination and PIPE Financing shares (in shares)	38,721,137
Legacy Nautilus shares (in shares)	85,324,118
Arya Sciences Acquisition Corp III
Schedule Of Reverse Recapitalization [Line Items]
Common stock, shares outstanding (in shares)	18,721,137			19,186,500
Less redemption of Arya shares (in shares)	(465,363)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 349,589	$ 362,284
Gains	14	2
Losses	(568)	(186)
Fair Value	349,035	362,100
Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	188,622	185,619
Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	135,495	160,110
Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	24,918	16,371
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	37,840	37,081
Gains	11	0
Losses	(75)	(20)
Fair Value	37,776	37,061
Level 1 | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	9,037	21,925
Level 1 | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	15,030	15,136
Level 1 | Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	13,709	0
Level 1 | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	9,037	21,925
Gains	0	0
Losses	0	0
Fair Value	9,037	21,925
Level 1 | Mutual funds | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	9,037	21,925
Level 1 | Mutual funds | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 1 | Mutual funds | Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 1 | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	28,803	15,156
Gains	11	0
Losses	(75)	(20)
Fair Value	28,739	15,136
Level 1 | U.S. treasury securities | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 1 | U.S. treasury securities | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	15,030	15,136
Level 1 | U.S. treasury securities | Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	13,709	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	311,749	325,203
Gains	3	2
Losses	(493)	(166)
Fair Value	311,259	325,039
Level 2 | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	179,585	163,694
Level 2 | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	120,465	144,974
Level 2 | Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	11,209	16,371
Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	292,994	301,906
Gains	2	2
Losses	(235)	(90)
Fair Value	292,761	301,818
Level 2 | Commercial paper | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	179,585	163,694
Level 2 | Commercial paper | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	113,176	138,124
Level 2 | Commercial paper | Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 2 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	7,406	14,299
Gains	0	0
Losses	(117)	(36)
Fair Value	7,289	14,263
Level 2 | Corporate debt securities | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 2 | Corporate debt securities | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	7,289	6,850
Level 2 | Corporate debt securities | Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	7,413
Level 2 | Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	11,349	8,998
Gains	1	0
Losses	(141)	(40)
Fair Value	11,209	8,958
Level 2 | Agency bonds | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 2 | Agency bonds | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 2 | Agency bonds | Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 11,209	$ 8,958

Composition of Certain Conden_3

Composition of Certain Condensed Consolidated Financial Statement Line Items - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 5,116		$ 4,477
Less: Accumulated depreciation	(2,275)		(1,994)
Total	2,841		2,483
Depreciation	281	$ 214
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,297		4,032
Computer hardware
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	157		157
Furniture, fixtures and office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	26		1
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	8		8
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 628		$ 279

Composition of Certain Conden_4

Composition of Certain Condensed Consolidated Financial Statement Line Items - Other Long-term Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted cash	$ 842	$ 842
Deposits	155	155
Total	$ 997	$ 997

Composition of Certain Conden_5

Composition of Certain Condensed Consolidated Financial Statement Line Items - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Employee compensation	$ 1,515	$ 1,465
Accrued research and development	1,296	518
Accrued professional and consulting fees	472	411
Accrued facilities	0	337
Other	144	388
Total	$ 3,427	$ 3,119

Composition of Certain Conden_6

Composition of Certain Condensed Consolidated Financial Statement Line Items - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 188,622	$ 185,619
Restricted cash included in other long term assets	842	842
Total	$ 189,464	$ 186,461	$ 52,415	$ 37,219

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock - Narrative (Details)	Mar. 31, 2022shares
Temporary Equity [Abstract]
Redeemable convertible preferred stock, shares issued (in shares)	0
Redeemable convertible preferred stock, shares outstanding (in shares)	0

Common Stock - Narrative (Detai

Common Stock - Narrative (Details) $ in Millions	Jun. 09, 2021USD ($)shares	Jun. 30, 2021USD ($)shares	Mar. 31, 2022shares	Dec. 31, 2021shares
Equity [Abstract]
Issuance of common stock upon the reverse recapitalization, net of issuance costs (in shares)	38,721,137
Issuance of common stock upon the reverse recapitalization, net of issuance costs | $	$ 327.3
Payments of transaction costs | $	$ 8.1	$ 18.2
Common stock, shares outstanding (in shares)	124,045,255		124,456,653	124,303,083
Common stock, shares authorized (in shares)		1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)			124,456,653	124,303,083
Recapitalization exchange ratio	3.6281		3.6281

Common Stock - Common Stock Res

Common Stock - Common Stock Reserved for Future Issuance (Details) - shares	Mar. 31, 2022	Dec. 31, 2021	Jun. 09, 2021
Class of Stock [Line Items]
Stock options issued and outstanding (in shares)	9,971,247	8,550,076	7,106,767
Total shares of common stock reserved (in shares)	31,581,053	24,276,439
2021 Equity Incentive Plan
Class of Stock [Line Items]
Shares available for grant under equity plan (in shares)	19,121,876	14,481,463
2021 Employee Stock Purchase Plan
Class of Stock [Line Items]
Shares available for grant under equity plan (in shares)	2,487,930	1,244,900

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 0

Stock Option Plan and Stock-b_3

Stock Option Plan and Stock-based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved (in shares)	31,581,053		24,276,439
Unrecognized compensation expense	$ 29.1
Unrecognized compensation expense, period for recognition	3 years 1 month 6 days
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under equity plan (in shares)	19,121,876		14,481,463
Number of additional shares authorized (in shares)	18,672,200
Percentage of outstanding stock maximum	5.00%
Increase in shares available for grant under equity plan (in shares)		6,215,154
Award expiration period	10 years
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under equity plan (in shares)	2,487,930		1,244,900
Number of additional shares authorized (in shares)	3,734,500
Percentage of outstanding stock maximum	1.00%
Increase in shares available for grant under equity plan (in shares)		1,243,030
Shares of common stock issued in period (in shares)	0
2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved (in shares)	7,106,767
Employee Stock | 2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price of common stock, percent	85.00%

Stock Option Plan and Stock-b_4

Stock Option Plan and Stock-based Compensation - Significant Assumptions (Details) - Options - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	109.00%	92.00%
Expected volatility, maximum	110.00%	94.20%
Expected dividend rate	0.00%	0.00%
Risk free interest rate, minimum	1.73%	0.53%
Risk free interest rate, maximum	2.42%	0.73%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 9 months 18 days	5 years 6 months
Stock price (in dollars per share)	$ 3.78	$ 7.56
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 7 months 6 days
Stock price (in dollars per share)	$ 4.24	$ 10

Stock Option Plan and Stock-b_5

Stock Option Plan and Stock-based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Number of Stock Option Awards
Outstanding beginning balance (in shares) | shares	8,550,076
Granted (in shares) | shares	1,948,998
Exercised (in shares) | shares	(153,570)
Forfeited (in shares) | shares	(374,257)
Outstanding ending balance (in shares) | shares	9,971,247
Options vested and expected to vest (in shares) | shares	9,971,247
Vested and exercisable (in shares) | shares	2,759,100
Weighted Average Exercise Price
Outstanding beginning balance (in dollars per share) | $ / shares	$ 4.66
Granted (in dollars per share) | $ / shares	3.83
Exercised (in dollars per share) | $ / shares	1.02
Forfeited (in dollars per share) | $ / shares	8.34
Outstanding ending balance (in dollars per share) | $ / shares	4.41
Options vested and expected to vest (in dollars per share) | $ / shares	4.41
Vested and exercisable (in dollars per share) | $ / shares	$ 3.01
Options outstanding, weighted average remaining contractual life	8 years 9 months 18 days
Vested and exercisable, weighted average remaining contractual life	7 years 9 months 18 days
Options outstanding, aggregate intrinsic value | $	$ 16,544
Vested and exercisable, aggregate intrinsic value | $	$ 7,569

Stock Option Plan and Stock-b_6

Stock Option Plan and Stock-based Compensation - Stock Based Compensation Expense (Details) - Options - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,110	$ 1,336
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	867	497
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,243	$ 839

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Aug. 31, 2021	Aug. 10, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Open purchase commitment		$ 2,600
Term of contract						7 years
Total minimum lease payments		44,375			$ 4,500
Operating lease, noncash adjustment	$ 3,300
Cash paid for lease liabilities included in operating activities		$ 600	$ 300
Weighted average remaining lease term		9 years 2 months 12 days
Weighted average discount rate		8.90%
Letters of credit				$ 800			$ 600
September 2021 to September 2031
Lessee, Lease, Description [Line Items]
Term of contract							10 years
Total minimum lease payments							$ 40,700
February 2021 to October 2021
Lessee, Lease, Description [Line Items]
Total minimum lease payments							$ 1,200
October 2022 to October 2031
Lessee, Lease, Description [Line Items]
Term of contract				9 years
Total minimum lease payments				$ 7,200
Lease term with option to terminate				5 years

Commitment and Contingencies _2

Commitment and Contingencies - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Fixed operating lease costs	$ 1,183	$ 501
Variable operating lease costs	438	10
Short-term lease costs	5	179
Total lease costs	$ 1,626	$ 690

Commitment and Contingencies _3

Commitment and Contingencies - Lease Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Aug. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Nine months ending December 31, 2022	$ 2,885
2023	4,440
2024	4,570
2025	4,701
2026	4,837
2027 and thereafter	22,942
Total future minimum lease payments	44,375	$ 4,500
Less: Imputed interest	(14,325)
Total operating lease liabilities	$ 30,050

Basic and Diluted Net Loss pe_3

Basic and Diluted Net Loss per Share - Basic and Diluted Not Loss per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares	Mar. 31, 2021USD ($)$ / sharesshares	Jun. 09, 2021
Earnings Per Share [Abstract]
Net loss attributable to common stockholders, basic | $	$ (15,763)	$ (8,409)
Net loss attributable to common stockholders, diluted | $	$ (15,763)	$ (8,409)
Weighted average common shares outstanding (in shares)	124,418,580	33,069,513
Less: Weighted-average unvested restricted shares and shares subject to repurchase (in shares)	0	(69,633)
Weighted average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	124,418,580	32,999,880
Weighted average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	124,418,580	32,999,880
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ / shares	$ (0.13)	$ (0.25)
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ / shares	$ (0.13)	$ (0.25)
Recapitalization exchange ratio	3.6281		3.6281

Basic and Diluted Net Loss pe_4

Basic and Diluted Net Loss per Share - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common share equivalents	10,027,717	59,433,337
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common share equivalents	9,971,247	7,193,881
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common share equivalents	56,470	0
Convertible preferred stock (on an as-converted basis)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common share equivalents	0	52,175,965
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common share equivalents	0	63,491