0001808805-26-000011 | 10-K | XBRL Viewer | Nautilus Biotechnology INC

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Income Taxes - Schedule of Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 3,146	$ 2,365
Increase based on current year tax positions	484	838
Decrease for prior year tax positions	(421)	(57)
Ending balance	$ 3,209	$ 3,146

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities
Net loss	$ (59,001)	$ (70,780)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation	6,844	12,701
Amortization of operating lease right-of-use assets	4,712	4,378
Depreciation	1,753	2,059
In-process research and development	0	760
Amortization (accretion) of premiums (discounts) on securities, net	(1,420)	(2,804)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	544	666
Accounts payable	(69)	(578)
Accrued expenses and other liabilities	629	(1,397)
Operating lease liabilities	(4,688)	(4,150)
Net cash used in operating activities	(50,696)	(59,145)
Cash flows from investing activities
Proceeds from maturities of securities	108,991	155,410
Purchases of securities	(72,490)	(86,278)
Purchases of property and equipment	(1,277)	(2,122)
Cash paid in connection with asset acquisition	0	(760)
Net cash provided by investing activities	35,224	66,250
Cash flows from financing activities
Proceeds from exercise of stock options	58	620
Proceeds from issuance of common stock under employee stock purchase plan	156	524
Net cash provided by financing activities	214	1,144
Net increase (decrease) in cash, cash equivalents and restricted cash	(15,258)	8,249
Cash, cash equivalents and restricted cash at beginning of period	28,648	20,399
Cash, cash equivalents and restricted cash at end of period	13,390	28,648
Supplementary cash flow information on non-cash activities:
Acquisitions of property and equipment included in accounts payable	99	74
Remeasurement of lease liabilities and right-of-use assets	$ 4,228	$ 0

Common Stock

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Common Stock

There were 126,469,610 shares issued and outstanding as of December 31, 2025.

Common Stock Reserved for Future Issuance

Shares of common stock reserved for future issuance on an as-if converted basis, were as follows:


	December 31, 2025	December 31, 2024
Shares available for grant under 2021 Equity Incentive Plan	29,341,567	23,784,439
Stock options issued and outstanding	17,270,870	16,634,775
Shares available for grant under 2021 Employee Stock Purchase Plan	5,518,072	4,508,360
Total shares of common stock reserved	52,130,509	44,927,574

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements and accompanying notes were 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 accompanying financial statements are consolidated for the years ended December 31, 2025 and 2024 and include the accounts of Nautilus Biotechnology, Inc. and its wholly-owned subsidiary, Nautilus Subsidiary, Inc. All intercompany transactions and balances have been eliminated upon consolidation. The Company’s reporting currency is the U.S. dollar.

Consolidation

Use of Estimates

The preparation of the 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 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, research and development accruals, loss contingency 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 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 marketable debt 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 VoyagerTM 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 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 negative global and national events 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 maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer is its CODM. The Company’s CODM reviews 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 12 months 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 marketable debt securities 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 consolidated statement of operations.

If the estimated fair value of a marketable debt security is below its amortized cost basis, the Company evaluates whether it is more likely than not that the Company will be required to sell the security before its anticipated recovery in market value and whether credit losses exist for the related securities. Credit-related losses are recognized as an allowance for credit losses on the balance sheet with a corresponding adjustment to earnings. Unrealized gains and losses that are unrelated to credit deterioration are reported in accumulated other comprehensive income (loss).

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.

Inventory, net

Inventory is stated at the lower of cost or net realizable value. As of December 31, 2025, inventory balances were immaterial and primarily related to early manufacturing activities in advance of our Early Access Program.

Property and Equipment, net

Property and equipment, net, consisting primarily of laboratory equipment, computers, furniture and fixtures, and office equipment are recorded at cost. The Company utilizes the straight-line method of depreciation over the estimated useful lives of the assets:


Laboratory equipment			3 years to 7 years
Prototype equipment			3 years
Computer hardware			3 years to 5 years
Furniture and fixtures			3 years
Office equipment			3 years to 5 years
Leasehold improvements			Shorter of estimated useful life or remaining lease term

When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized as income or loss for the period.

Maintenance and repairs are charged to operating expense in the period incurred.

Impairment of Long-Lived Assets

The Company periodically reviews its long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

With respect to property and equipment, the Company compares the carrying value of the long-lived assets with the estimated future net undiscounted cash flows expected to result from the use and eventual disposition of the asset (or asset group). Should the sum of the estimated future net undiscounted cash flows be less than the carrying value, the Company would recognize an impairment loss as of that date. An impairment loss would be measured by comparing the amount by which the carrying value exceeds the fair value of the long-lived assets.

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 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 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.

Income Taxes

The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and recent results of operations, primarily over the most recent three-year period.

The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained upon an audit. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being recognized. Changes in recognition or measurement are reflected in the period in which the change in judgement occurs.

Research and Development

Costs for research and development activities are expensed in the period in which they are incurred. Research and development expenses consist of costs incurred in performing research and development activities, including salaries, related benefits and stock-based compensation expense for product development personnel, laboratory supplies and equipment, depreciation and amortization, external costs of vendors engaged to conduct research and development activities, acquired in-process research and development, and allocated expenses for technology and facilities.

As part of the process of preparing its financial statements, the Company estimates its accrued expenses. This process involves reviewing quotations and contracts, identifying services that have been performed on the Company’s behalf and estimating the level of services performed and the associated cost incurred for services for which the Company has not yet been invoiced or otherwise notified of the actual cost. The majority of the Company’s service providers invoice monthly in arrears for services performed or when contractual milestones are met. The Company makes estimates of its accrued expenses at the end of each reporting period based on the facts and circumstances known to the Company at that time. The significant estimates in the Company’s accrued research and development expenses relate to expenses incurred with respect to academic research centers and other vendors in connection with research and development activities for which the Company has not yet been invoiced.

Stock-based Compensation

The Company accounts for stock-based compensation expense by calculating the estimated fair value of each employee and non-employee award at the grant date or modification date by applying the Black-Scholes option pricing model (the “model”). The model utilizes the NASDAQ closing price of the Company’s common stock at the measurement date, the expected or contractual term of the option, the expected stock price volatility, risk-free interest rates, and expected dividend yield of the common stock. Stock-based compensation expense is recognized

on a straight-line basis over the requisite service period, which is generally the vesting period. Forfeitures are recognized in the period in which the forfeiture occurs. The Company classifies stock-based compensation expense in its statement of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award’s recipient’s service payments are classified. The Company’s stock-based compensation programs include stock options grants, as well as shares issued under its 2021 Employee Stock Purchase Plan.

The Company calculates the expected term as the mid-point between the requisite service period and the contractual term of the award.

The Company bases its estimate of expected volatility on the historical volatility of comparable public companies from a representative peer group selected based on industry, financial, and market capitalization data.

The Company has never declared or paid any dividends and does not currently expect to do so in the future. The risk-free interest rate used in the model is based on the implied yield currently available in the U.S. Treasury securities at maturity with an equivalent term.

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 years ended December 31, 2025 and 2024, unrealized gains and losses on marketable debt securities were included as a component of comprehensive loss.

Net Loss per Share Attributable to Common Stockholders

Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For the purposes of the diluted net loss per share calculation, stock options and shares to be purchased from the Employee Stock Purchase Plan are considered to be potentially dilutive securities. The net loss is attributed entirely to the Company’s common stockholders. Since the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods.

Accounting Pronouncements

Recently Adopted Accounting Standards

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” to enhance the transparency and decision usefulness of income tax disclosures. The ASU is effective for the Company for the fiscal year ending December 31, 2025. The Company adopted the ASU prospectively during the fiscal year ended December 31, 2025 and the related disclosure requirements are noted in Note 6, “Income Taxes.”

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The ASU is effective for the Company for the fiscal year ending December 31, 2027 and for interim periods beginning after December 31, 2027. The Company does not anticipate adoption to have a material impact on its consolidated financial statements and related disclosures.

Composition of Certain Consolidated Financial Statement Line Items - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Employee compensation	$ 2,514	$ 1,343
Accrued professional and consulting fees	259	219
Accrued research and development	221	468
Other	183	518
Total	$ 3,177	$ 2,548

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
$
At US Federal Statutory Tax Rate	$ (12,390,000)	$ (14,864,000)
State Income Taxes, net of Federal Effect	0	(4,816,000)
Change in Valuation Allowance	11,826,000	20,167,000
Equity Compensation	652,000	1,566,000
Other Nondeductible Items	23,000
R&D Credits	(139,000)
Changes in Unrecognized Tax Benefits	28,000
Total	$ 0	$ 0
%
At US Federal Statutory Tax Rate	21.00%
State Income Taxes, net of Federal Effect	0.00%
Change in Valuation Allowance	(20.00%)
Equity Compensation	(1.10%)
Other Nondeductible Items	0.00%
R&D Credits	0.20%
Changes in Unrecognized Tax Benefits	(0.10%)
Effective income tax rate	0.00%

Commitments and Contingencies - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2025 USD ($) institution	Dec. 31, 2025 USD ($) institution	Dec. 31, 2024 USD ($)	Nov. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 31, 2021 USD ($)	Jul. 31, 2021	Dec. 31, 2020 USD ($)
Lessee, Lease, Description [Line Items]
Open purchase commitment		$ 1,500
Open purchase commitment to be received through next 12 months	$ 1,400	1,400
Term of contract (in years)							7 years
Total minimum lease payments	38,233	38,233				$ 4,500
Operating lease liabilities	4,200	(4,688)	$ (4,150)
Amortization of operating lease right-of-use assets	$ 4,200	4,712	4,378
Cash paid for lease liabilities included in operating activities		$ 7,200	$ 7,000
Weighted average remaining lease term	5 years 7 months 6 days	5 years 7 months 6 days
Weighted average discount rate (in percent)	9.00%	9.00%
Cash-collateralized letters of credit	$ 1,000	$ 1,000
Number of financial institution \| institution	1	1
San Carlos
Lessee, Lease, Description [Line Items]
Interest rate on financing for tenant improvements (in percent)					7.00%
San Carlos \| Maximum
Lessee, Lease, Description [Line Items]
Tenant improvement financing					$ 2,000
San Diego
Lessee, Lease, Description [Line Items]
Term of contract (in years)				39 months
Total minimum lease payments				$ 2,100
October 2021 to October 2031
Lessee, Lease, Description [Line Items]
Term of contract (in years)								10 years
Total minimum lease payments								$ 40,700
March 2023 To March 2032
Lessee, Lease, Description [Line Items]
Term of contract (in years)					9 years
Total minimum lease payments					$ 7,200
Lease term with option to terminate (in years)					5 years

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

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 December 31, 2025 and 2024:


(in thousands)			Gross Unrealized						Reported as:
December 31, 2025	Amortized Cost		Gains		Losses		Fair Value		Cash equivalents		Short-term investments		Long-term investments
Level 1
Mutual funds	$	1,528	$	—	$	—	$	1,528	$	1,528	$	—	$	—
U.S. treasury securities	90,066		208		—		90,274		—		49,489		40,785
Total Level 1	91,594		208		—		91,802		1,528		49,489		40,785
Level 2
Commercial paper	15,321		1		(1)		15,321		10,379		4,942		—
Corporate debt securities	1,668		1		—		1,669		—		1,669		—
Agency securities	46,838		46		(12)		46,872		—		34,918		11,954
Total Level 2	63,827		48		(13)		63,862		10,379		41,529		11,954
Total Level 1 and Level 2	$	155,421	$	256	$	(13)	$	155,664	$	11,907	$	91,018	$	52,739


(in thousands)			Gross Unrealized						Reported as:
December 31, 2024	Amortized Cost		Gains		Losses		Fair Value		Cash equivalents		Short-term investments		Long-term investments
Level 1
Mutual funds	$	521	$	—	$	—	$	521	$	521	$	—	$	—
U.S. treasury securities	68,529		138		(111)		68,556		—		25,836		42,720
Total Level 1	69,050		138		(111)		69,077		521		25,836		42,720
Level 2
Commercial paper	30,881		3		(6)		30,878		26,924		3,954		—

Agency securities	106,109		210		(177)		106,142		—		72,457		33,685
Total Level 2	136,990		213		(183)		137,020		26,924		76,411		33,685
Total Level 1 and Level 2	$	206,040	$	351	$	(294)	$	206,097	$	27,445	$	102,247	$	76,405

Short-term investments have a contractual maturity date that is one year or less from the respective balance sheet date. Long-term investments have a contractual maturity date that is more than one year, but less than two years from the respective balance sheet date.

The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of December 31, 2025 are as follows:


(in thousands)	Securities in Unrealized Loss Position Less than 12 months				Securities in Unrealized Loss Position Greater than 12 months				Total
December 31, 2025	Gross Unrealized Losses		Fair Market Value		Gross Unrealized Losses		Fair Market Value		Gross Unrealized Losses		Fair Market Value
U.S. treasury securities	$	—	$	998	$	—	$	2,999	$	—	$	3,997
Commercial paper	(1)		8,389		—		—		(1)		8,389

Agency securities	(7)		10,457		(5)		9,186		(12)		19,643
Total	$	(8)	$	19,844	$	(5)	$	12,185	$	(13)	$	32,029

The Company reviewed its investment portfolio based on the underlying risk profile of the securities and have no loss expectation for these investments. The Company reviewed the securities in an unrealized loss position and evaluated the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions. The Company recognized no credit losses during the years ended December 31, 2025 and 2024, and had no allowance for credit losses as of December 31, 2025 and 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair Value Measurements - Schedule of Assets Carried at Fair Value and Measured on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 155,421	$ 206,040
Gross Unrealized Gains	256	351
Gross Unrealized Losses	(13)	(294)
Fair Value	155,664	206,097
Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	11,907	27,445
Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	91,018	102,247
Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	52,739	76,405
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	91,594	69,050
Gross Unrealized Gains	208	138
Gross Unrealized Losses	0	(111)
Fair Value	91,802	69,077
Level 1 \| Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,528	521
Level 1 \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	49,489	25,836
Level 1 \| Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	40,785	42,720
Level 1 \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	1,528	521
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	1,528	521
Level 1 \| Mutual funds \| Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,528	521
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	90,066	68,529
Gross Unrealized Gains	208	138
Gross Unrealized Losses	0	(111)
Fair Value	90,274	68,556
Level 1 \| U.S. treasury securities \| 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	49,489	25,836
Level 1 \| U.S. treasury securities \| Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	40,785	42,720
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	63,827	136,990
Gross Unrealized Gains	48	213
Gross Unrealized Losses	(13)	(183)
Fair Value	63,862	137,020
Level 2 \| Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	10,379	26,924
Level 2 \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	41,529	76,411
Level 2 \| Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	11,954	33,685
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	15,321	30,881
Gross Unrealized Gains	1	3
Gross Unrealized Losses	(1)	(6)
Fair Value	15,321	30,878
Level 2 \| Commercial paper \| Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	10,379	26,924
Level 2 \| Commercial paper \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	4,942	3,954
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	1,668
Gross Unrealized Gains	1
Gross Unrealized Losses	0
Fair Value	1,669
Level 2 \| Corporate debt securities \| Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Level 2 \| Corporate debt securities \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,669
Level 2 \| Corporate debt securities \| Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Level 2 \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	46,838	106,109
Gross Unrealized Gains	46	210
Gross Unrealized Losses	(12)	(177)
Fair Value	46,872	106,142
Level 2 \| Agency securities \| Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 2 \| Agency securities \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	34,918	72,457
Level 2 \| Agency securities \| Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 11,954	$ 33,685

Common Stock - Narrative (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
Equity [Abstract]
Common stock, shares outstanding (in shares)	126,469,610	126,106,176
Common stock, shares issued (in shares)	126,469,610	126,106,176

Significant Accounting Policies - Schedule of Useful Lives Assigned to Property and Equipment (Details)	Dec. 31, 2025
Prototype equipment
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Minimum \| Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Minimum \| Computer hardware
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Minimum \| Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Maximum \| Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	7 years
Maximum \| Computer hardware
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Maximum \| Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years

Basic and Diluted Net Loss per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Earnings Per Share [Abstract]
Net loss attributable to common stockholders, basic	$ (59,001)	$ (70,780)
Net loss attributable to common stockholders, diluted	$ (59,001)	$ (70,780)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	126,256,583	125,426,509
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	126,256,583	125,426,509
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.47)	$ (0.56)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.47)	$ (0.56)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023		125,068,601
Beginning balance at Dec. 31, 2023	$ 265,353	$ 13	$ 467,834	$ (255)	$ (202,239)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of vested stock options (in shares)		790,111
Issuance of common stock upon exercise of vested stock options	620		620
Issuance of common stock under employee stock purchase plan (in shares)		247,464
Issuance of common stock under employee stock purchase plan	524		524
Stock-based compensation expense	12,701		12,701
Other comprehensive income	312			312
Net loss	$ (70,780)				(70,780)
Ending balance (in shares) at Dec. 31, 2024	126,106,176	126,106,176
Ending balance at Dec. 31, 2024	$ 208,730	$ 13	481,679	57	(273,019)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of vested stock options (in shares)	112,085	112,085
Issuance of common stock upon exercise of vested stock options	$ 58		58
Issuance of common stock under employee stock purchase plan (in shares)		251,349
Issuance of common stock under employee stock purchase plan	156		156
Stock-based compensation expense	6,844		6,844
Other comprehensive income	186			186
Net loss	$ (59,001)				(59,001)
Ending balance (in shares) at Dec. 31, 2025	126,469,610	126,469,610
Ending balance at Dec. 31, 2025	$ 156,973	$ 13	$ 488,737	$ 243	$ (332,020)

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Significant Segment Expenses

The Company identified the following significant segment expenses for its single reportable segment:


(in thousands)	Year Ended December 31, 2025		Year Ended December 31, 2024
Significant segment expenses:
Payroll-related expenses	$	30,981	$	33,502
Professional services and laboratory expenses	11,910		17,716
Stock-based compensation expense	6,844		12,701
Facilities expenses	11,534		10,902
Other segment items (1)	5,568		6,655
Total operating expenses	66,837		81,476

Reconciliation to net loss:
Interest income	(7,868)		(10,780)
Other expense	32		84
Net loss	$	59,001	$	70,780


Footnotes:
(1)			Other segment items for the Company’s single reportable segment include travel and entertainment, insurance, tax, expensed computer hardware and software, depreciation, and other miscellaneous expenses.

Fair Value Measurements - Schedule of Unrealized Losses and Fair Values of Available-for-Sale Securities in an Unrealized Loss Position (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Gross Unrealized Losses
Securities in Unrealized Loss Position Less than 12 months	$ (8)
Securities in Unrealized Loss Position Greater than 12 months	(5)
Total	(13)
Fair Market Value
Securities in Unrealized Loss Position Less than 12 months	19,844
Securities in Unrealized Loss Position Greater than 12 months	12,185
Total	32,029
U.S. treasury securities
Gross Unrealized Losses
Securities in Unrealized Loss Position Less than 12 months	0
Securities in Unrealized Loss Position Greater than 12 months	0
Total	0
Fair Market Value
Securities in Unrealized Loss Position Less than 12 months	998
Securities in Unrealized Loss Position Greater than 12 months	2,999
Total	3,997
Commercial paper
Gross Unrealized Losses
Securities in Unrealized Loss Position Less than 12 months	(1)
Securities in Unrealized Loss Position Greater than 12 months	0
Total	(1)
Fair Market Value
Securities in Unrealized Loss Position Less than 12 months	8,389
Securities in Unrealized Loss Position Greater than 12 months	0
Total	8,389
Agency securities
Gross Unrealized Losses
Securities in Unrealized Loss Position Less than 12 months	(7)
Securities in Unrealized Loss Position Greater than 12 months	(5)
Total	(12)
Fair Market Value
Securities in Unrealized Loss Position Less than 12 months	10,457
Securities in Unrealized Loss Position Greater than 12 months	9,186
Total	$ 19,643

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating expenses:
Research and development	$ 41,110	$ 50,477
General and administrative	25,727	30,999
Total operating expenses	66,837	81,476
Other income (expense):
Interest income	7,868	10,780
Other expense	(32)	(84)
Total other income	7,836	10,696
Net loss	$ (59,001)	$ (70,780)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.47)	$ (0.56)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.47)	$ (0.56)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	126,256,583	125,426,509
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	126,256,583	125,426,509

Basic and Diluted Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings 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 years ended December 31, 2025 and 2024:


(in thousands, except share and per share data)	Year Ended December 31, 2025		Year Ended December 31, 2024
Numerator:
Net loss attributable to common stockholders	$	(59,001)	$	(70,780)
Denominator:


Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted	126,256,583		125,426,509
Net loss per share attributable to common stockholders, basic and diluted:	$	(0.47)	$	(0.56)

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:


	Year Ended December 31, 2025	Year Ended December 31, 2024
Options to purchase common stock	17,270,870	16,634,775
Employee stock purchase plan	92,350	144,928
Total potentially dilutive common share equivalents	17,363,220	16,779,703

Basic and Diluted Net Loss per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

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 years ended December 31, 2025 and 2024:


(in thousands, except share and per share data)	Year Ended December 31, 2025		Year Ended December 31, 2024
Numerator:
Net loss attributable to common stockholders	$	(59,001)	$	(70,780)
Denominator:


Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted	126,256,583		125,426,509
Net loss per share attributable to common stockholders, basic and diluted:	$	(0.47)	$	(0.56)


	Year Ended December 31, 2025	Year Ended December 31, 2024
Options to purchase common stock	17,270,870	16,634,775
Employee stock purchase plan	92,350	144,928
Total potentially dilutive common share equivalents	17,363,220	16,779,703

Income Taxes - Schedule of Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Deferred Asset [Roll Forward]
Beginning balance	$ (78,381)	$ (58,215)
Valuation allowance, deferred tax asset, increase (decrease), amount	(15,000)	(20,200)
Ending balance	(93,398)	(78,381)
Change charged to income tax expense
Deferred Asset [Roll Forward]
Valuation allowance, deferred tax asset, increase (decrease), amount	(15,082)	(20,166)
Change charge to OCI
Deferred Asset [Roll Forward]
Valuation allowance, deferred tax asset, increase (decrease), amount	$ 65	$ 0

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets
Depreciation and amortization	$ 5,927	$ 4,287
Capitalized research and development	11,878	23,844
Loss carryforwards	56,649	32,740
Lease liabilities	8,021	8,158
Tax credit carryforwards	11,748	11,526
Equity-based compensation	6,305	5,330
Other accruals and reserves	356	59
Total deferred tax assets	100,884	85,944
Valuation allowance for deferred tax assets	(93,398)	(78,381)	$ (58,215)
Total deferred tax assets, net of valuation allowance	7,486	7,563
Deferred tax liability
Right-of-use assets	(7,421)	(7,563)
Unrealized loss on investment	(65)	0
Net deferred tax assets (liability)	$ 0	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 12,388	$ 27,646
Short-term investments	91,018	102,247
Prepaid expenses and other current assets	2,557	2,933
Total current assets	105,963	132,826
Property and equipment, net	3,457	4,076
Operating lease right-of-use assets	27,773	28,256
Long-term investments	52,739	76,405
Other long-term assets	1,180	1,180
Total assets	191,112	242,743
Current liabilities:
Accounts payable	943	987
Accrued expenses and other liabilities	3,177	2,548
Current portion of operating lease liability	3,832	4,097
Total current liabilities	7,952	7,632
Operating lease liability, net of current portion	26,187	26,381
Total liabilities	34,139	34,013
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 200,000,000 authorized as of December 31, 2025 and 2024, respectively; 0 shares issued and outstanding as of December 31, 2025 and 2024, respectively	0	0
Common stock, $0.0001 par value, 1,000,000,000 shares authorized as of December 31, 2025 and 2024, respectively; 126,469,610 and 126,106,176 shares issued and outstanding as of December 31, 2025 and 2024, respectively	13	13
Additional paid-in capital	488,737	481,679
Accumulated other comprehensive income	243	57
Accumulated deficit	(332,020)	(273,019)
Total stockholders’ equity	156,973	208,730
Total liabilities and stockholders’ equity	$ 191,112	$ 242,743

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

The Company’s Chief Executive Officer is its CODM. The Company’s CODM uses consolidated net loss in assessing operating decisions, allocating resources and evaluating financial performance. Consolidated net loss is used to monitor budget versus actual results. The Company identified the following significant segment expenses for its single reportable segment:


(in thousands)	Year Ended December 31, 2025		Year Ended December 31, 2024
Significant segment expenses:
Payroll-related expenses	$	30,981	$	33,502
Professional services and laboratory expenses	11,910		17,716
Stock-based compensation expense	6,844		12,701
Facilities expenses	11,534		10,902
Other segment items (1)	5,568		6,655
Total operating expenses	66,837		81,476

Reconciliation to net loss:
Interest income	(7,868)		(10,780)
Other expense	32		84
Net loss	$	59,001	$	70,780


Footnotes:
(1)			Other segment items for the Company’s single reportable segment include travel and entertainment, insurance, tax, expensed computer hardware and software, depreciation, and other miscellaneous expenses.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following table presents the required disclosures prior to our adoption of ASU 2023-09 and reconciles the U.S. federal statutory income tax amount to the effective income tax amount for the year ended December 31, 2024:


(in thousands)	Year Ended December 31, 2024
Federal income tax at statutory rate	$	(14,864)
State income tax, net of federal benefit	(4,816)
Equity-based Compensation	1,566

Tax credits generated in current year	(2,091)
Valuation allowance change	20,167
Other	38
Total	$	—

The following table presents required disclosure pursuant to ASU 2023-09 and reconciles the U.S. federal statutory tax amount and rate to our effective amount and rate for the year ended December 31, 2025:


	Year Ended December 31, 2025
(in thousands)	$		%
At US Federal Statutory Tax Rate	$	(12,390)	21.0	%
State Income Taxes, net of Federal Effect	—		—	%
Change in Valuation Allowance	11,826		(20.0)	%
Nontaxable or Nondeductible Items
Equity Compensation	652		(1.1)	%
Other Nondeductible Items	23		—	%
Tax Credits

R&D Credits	(139)		0.2	%
Changes in Unrecognized Tax Benefits	28		(0.1)	%
	$	—	—	%

Schedule of Deferred Tax Assets and Liabilities

Components of the Company’s deferred tax assets are as follows:


(in thousands)	December 31, 2025		December 31, 2024
Deferred tax assets
Depreciation and amortization	$	5,927	$	4,287
Capitalized research and development	11,878		23,844
Loss carryforwards	56,649		32,740
Lease liabilities	8,021		8,158
Tax credit carryforwards	11,748		11,526
Equity-based compensation	6,305		5,330
Other accruals and reserves	356		59
Total deferred tax assets	100,884		85,944
Valuation allowance for deferred tax assets	(93,398)		(78,381)
Total deferred tax assets, net of valuation allowance	$	7,486	$	7,563

Deferred tax liability
Right-of-use assets	(7,421)		(7,563)
Unrealized loss on investment	(65)		—
Net deferred tax assets (liability)	$	—	$	—

Schedule of Valuation Allowance

The following table presents a reconciliation of the total change in the valuation allowance (in thousands):


	Year Ended December 31,
(in thousands)	2025		2024
Beginning balance	$	(78,381)	$	(58,215)
Change charged to income tax expense	(15,082)		(20,166)

Change charge to OCI	65		—
Ending balance	$	(93,398)	$	(78,381)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of the liability for uncertain tax positions, excluding potential interest and penalties, is as follows:


(in thousands)	December 31, 2025		December 31, 2024
Beginning balance	$	3,146	$	2,365
Increase based on current year tax positions	484		838
Decrease for prior year tax positions	(421)		(57)

Ending balance	$	3,209	$	3,146

Composition of Certain Consolidated Financial Statement Line Items

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Composition of Certain Financial Statement Line Items

Composition of Certain Consolidated Financial Statement Line Items

Property and Equipment, Net

Property and equipment consisted of the following:


(in thousands)	December 31, 2025		December 31, 2024
Laboratory equipment	$	6,531	$	6,469
Leasehold improvements	118		118
Computer hardware	542		484
Furniture, fixtures and office equipment	322		324
Prototype equipment	2,258		2,029
Construction in progress	1,807		1,186
	11,578		10,610
Less: Accumulated depreciation	(8,121)		(6,534)
Total	$	3,457	$	4,076

The Company recorded $1.7 million and $2.0 million of depreciation expense for the years ended December 31, 2025 and 2024, respectively, which was primarily allocated to research and development expense.

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following:


(in thousands)	December 31, 2025		December 31, 2024
Employee compensation	$	2,514	$	1,343
Accrued professional and consulting fees	259		219
Accrued research and development	221		468
Other	183		518
Total	$	3,177	$	2,548

Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash consisted of the following:


(in thousands)	December 31, 2025		December 31, 2024
Cash and cash equivalents	$	12,388	$	27,646
Restricted cash included in other long-term assets (Note 8)	1,002		1,002
Total	$	13,390	$	28,648

Other long-term assets consisted of $1.0 million of restricted cash and $0.2 million of deposits as of December 31, 2025 and 2024.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have established policies and processes for assessing, identifying, and managing risks from cybersecurity threats, and have integrated these processes into our overall risk management systems and processes. We routinely assess risks from cybersecurity threats, including any potential unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein. We conduct periodic risk assessments to identify cybersecurity threats, as well as assessments in the event of a material change in our business practices that may affect information systems that are vulnerable to such cybersecurity threats. These risk assessments include identification of reasonably foreseeable internal and external risks, the likelihood and potential damage that could result from such risks, and the sufficiency of existing policies, procedures, systems, and safeguards in place to manage such risks. Following these risk assessments, we evaluate whether and how to re-design, implement, and maintain reasonable safeguards to minimize identified risks; reasonably address any identified gaps in existing safeguards; and regularly monitor the effectiveness of our safeguards. We devote significant resources and designate high-level personnel, including our Head of IT, to manage the risk assessment and mitigation process. As part of our overall risk management system, we monitor our safeguards and train our employees on these safeguards, in collaboration with human resources, IT, and management. Personnel at all levels and departments are made aware of our cybersecurity policies through trainings integrated into new employee onboarding processes and annual employee re-training. We engage consultants, experts, or other third parties in connection with our risk assessment processes. These third parties assist us in designing and implementing our cybersecurity policies and procedures, as well as in monitoring and testing our safeguards. We require each third-party service provider who may have access to our systems and/or our sensitive data to attest that it has the ability to implement and maintain appropriate security measures, consistent with all applicable laws, to implement and maintain reasonable security measures in connection with their work with us, and to promptly report any suspected breach of its security measures that may affect our company. We have not experienced any cybersecurity incidents that have been determined to be material in the past, however, like other life sciences technology companies, we have experienced cybersecurity incidents and may continue to experience them in the future. For additional information regarding whether any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, materially affected or are reasonably likely to materially affect our company, including our business strategy, results of operations, or financial condition, please refer to Item 1A, “Risk Factors,” in this annual report on Form 10-K, including, for example, the risk factor entitled “If we experience a significant disruption in our information technology systems or breaches of data security, our business could be adversely affected.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have established policies and processes for assessing, identifying, and managing risks from cybersecurity threats, and have integrated these processes into our overall risk management systems and processes. We routinely assess risks from cybersecurity threats, including any potential unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	One of the key functions of our board of directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our board of directors is responsible for monitoring and assessing strategic risk exposure, and our executive officers are responsible for the day-to-day management of the material risks we face. Our board of directors administers its cybersecurity risk oversight function directly as a whole, as well as through the audit committee. Our Head of IT and our management committee on cybersecurity, which includes representatives of the Company’s legal department, finance department and IT department, who collectively possess significant experience in evaluating, managing and mitigating security and other risks, including cybersecurity risks, are primarily responsible to assess and manage our material risks from cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	One of the key functions of our board of directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our board of directors is responsible for monitoring and assessing strategic risk exposure, and our executive officers are responsible for the day-to-day management of the material risks we face. Our board of directors administers its cybersecurity risk oversight function directly as a whole, as well as through the audit committee. Our Head of IT and our management committee on cybersecurity, which includes representatives of the Company’s legal department, finance department and IT department, who collectively possess significant experience in evaluating, managing and mitigating security and other risks, including cybersecurity risks, are primarily responsible to assess and manage our material risks from cybersecurity threats. Our Head of IT and our management committee on cybersecurity oversee our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Head of IT and our management committee on cybersecurity oversee our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above. The processes by which our Head of IT and representatives from our management committee on cybersecurity are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents includes the following: •monitoring of Company computer and information systems for potential malware, ransomware and other malicious activity, and remediation of identified issues, including mitigation of identified risks and containment and elimination of any malicious software; •mandatory cybersecurity training as part of new employee onboarding along with required annual employee cybersecurity re-training; •automated monitoring of systems and network infrastructure through event log analysis by security information and event management application; •prompt incident reporting directly to the Company’s CFO and General Counsel; and ◦escalation to the Company’s audit committee and board of directors as warranted based upon the nature of the identified issue.
Cybersecurity Risk Role of Management [Text Block]	Our Head of IT and our management committee on cybersecurity oversee our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above. The processes by which our Head of IT and representatives from our management committee on cybersecurity are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents includes the following: •monitoring of Company computer and information systems for potential malware, ransomware and other malicious activity, and remediation of identified issues, including mitigation of identified risks and containment and elimination of any malicious software; •mandatory cybersecurity training as part of new employee onboarding along with required annual employee cybersecurity re-training; •automated monitoring of systems and network infrastructure through event log analysis by security information and event management application; •prompt incident reporting directly to the Company’s CFO and General Counsel; and ◦escalation to the Company’s audit committee and board of directors as warranted based upon the nature of the identified issue. Our Head of IT and/or representatives from our management committee on cybersecurity provide periodic briefings to the audit committee regarding our company’s cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, cybersecurity systems testing, activities of third parties, and the like. Our audit committee provides regular updates to the board of directors on such reports.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Head of IT and our management committee on cybersecurity, which includes representatives of the Company’s legal department, finance department and IT department, who collectively possess significant experience in evaluating, managing and mitigating security and other risks, including cybersecurity risks, are primarily responsible to assess and manage our material risks from cybersecurity threats. Our Head of IT and our management committee on cybersecurity oversee our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Head of IT and our management committee on cybersecurity, which includes representatives of the Company’s legal department, finance department and IT department, who collectively possess significant experience in evaluating, managing and mitigating security and other risks, including cybersecurity risks, are primarily responsible to assess and manage our material risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Head of IT and our management committee on cybersecurity oversee our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above. The processes by which our Head of IT and representatives from our management committee on cybersecurity are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents includes the following: •monitoring of Company computer and information systems for potential malware, ransomware and other malicious activity, and remediation of identified issues, including mitigation of identified risks and containment and elimination of any malicious software; •mandatory cybersecurity training as part of new employee onboarding along with required annual employee cybersecurity re-training; •automated monitoring of systems and network infrastructure through event log analysis by security information and event management application; •prompt incident reporting directly to the Company’s CFO and General Counsel; and ◦escalation to the Company’s audit committee and board of directors as warranted based upon the nature of the identified issue. Our Head of IT and/or representatives from our management committee on cybersecurity provide periodic briefings to the audit committee regarding our company’s cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, cybersecurity systems testing, activities of third parties, and the like. Our audit committee provides regular updates to the board of directors on such reports.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Commitments and Contingencies - Schedule of Future Contractual Obligations for Operating Lease Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Aug. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2026	$ 6,264
2027	6,889
2028	6,540
2029	6,310
2030 and thereafter	12,230
Total future minimum lease payments	38,233	$ 4,500
Less: Imputed interest	(8,214)
Total operating lease liabilities	$ 30,019

Equity Incentive Plans and Stock-based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans 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 December 31, 2025, 29,341,567 and 5,518,072 shares were available for grant under the 2021 Plan and 2021 ESPP, respectively.

2021 Employee Stock Purchase Plan

Under the 2021 ESPP, participants are permitted to purchase shares of Common Stock, up to the IRS allowable limit, through contributions (in the form of payroll deductions or otherwise to the extent permitted by the administrator of the 2021 ESPP) of up to 15% of their eligible compensation. 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. The Company offers a six-month 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, in an amount equal to the least of (i) 3,734,500 shares of common stock, (ii) a number of shares 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.

2021 Equity Incentive Plan

Under the 2021 Plan, the Company can grant incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units and performance awards to employees, non-employee 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, 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.

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”). Stock-based awards forfeited or cancelled from the 2017 Plan are returned to the pool of shares of Common Stock available for issuance under the 2021 Plan.

Grant Date Fair Value of Stock Options

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:


	Year Ended December 31, 2025	Year Ended December 31, 2024
Expected term (in years)	5.3 - 6.0	5.3 - 6.1
Expected volatility	97.5% - 103.9%	99.7% - 101.6%
Expected dividend rate	0.0%	0.0%
Risk free interest rate	3.6% - 4.0%	3.4% - 4.6%

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.

The following table summarizes option award activity during the year ended December 31, 2025:


	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, 2024	16,634,775	$	3.57


Granted	3,659,200	$	1.01
Exercised	(112,085)	$	0.52
Forfeited	(2,911,020)	$	2.59
Outstanding as of December 31, 2025	17,270,870	$	3.22	6.9	$	5,696
Options vested and expected to vest as of December 31, 2025	17,270,870	$	3.22
Vested and exercisable at December 31, 2025	11,281,386	$	4.00	5.9	$	2,581

As of December 31, 2025, there was $7.7 million of total unrecognized compensation expense expected to be recognized over a weighted average-period of 2.2 years. The total intrinsic value of options exercised during the

years ended December 31, 2025 and 2024 was $0.1 million and $1.3 million, respectively. 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.

The weighted-average grant-date fair value of options granted during the years ended December 31, 2025 and 2024 was $0.82 and $2.16 per share, respectively.

Stock-based Compensation Expense

The following sets forth the total stock-based compensation expense for the Company’s stock options and ESPP included in the Company’s consolidated statements of operations:


(in thousands)	Year Ended December 31, 2025		Year Ended December 31, 2024
Research and development	$	2,690	$	4,626
General and administrative	4,154		8,075
Total stock-based compensation expense	$	6,844	$	12,701

Equity Incentive Plans and Stock-based Compensation - Schedule of Stock-Based Compensation Expense (Details) - Stock Options and Employee Stock Purchase Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 6,844	$ 12,701
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2,690	4,626
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 4,154	$ 8,075

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

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 consolidated balance sheet as of December 31, 2025 as the Company had not yet received the related goods or services. As of December 31, 2025, the Company had open purchase commitments for goods and services of $1.5 million, of which $1.4 million 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. The Company may record accruals for loss contingencies associated with legal matters when it is probable that a liability will be incurred, and the amount of the loss can be reasonably estimated. Amounts accrued for legal contingencies often result from a complex series of judgments about future events and uncertainties that rely heavily on estimates and assumptions. The ability to make such estimates and judgments can be affected by various factors including, among other things, whether damages sought in the proceedings are unsubstantiated or indeterminate; scientific and legal discovery has not commenced or is not complete; proceedings are in early stages; matters present legal uncertainties; there are significant facts in dispute; procedural or jurisdictional issues. Loss contingency accruals would be included in accrued and other liabilities and general and administrative expenses.

U.S. District Court Proceedings

On December 14, 2023, we filed suit in the United States District Court for the Northern District of California (the “Court”) against Somalogic, Inc. (Somalogic) which recently merged with and is now part of “Standard Biotools, Inc.,” and the California Institute of Technology. This suit sought declaratory judgment that Nautilus does not infringe any claims of US Patent No. 7,842,793 related to DNA origami structures (the ‘793 Patent), which Somalogic had allegedly licensed from the California Institute of Technology through its purchase of Palamedrix, Inc. On November 19, 2024, the Company, Standard Biotools, Inc., and the California Institute of Technology agreed to dismiss the suit and settle any and all disputes and/or claims related to the suit.

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, San Carlos, California, and San Diego, California.

Seattle Lease

In July 2021, the Company entered into a 7-year non-cancellable operating lease, which commenced in August 2021, for office space in Seattle, Washington. Total non-cancellable payments under this lease aggregate $4.5 million through June 2028.

San Carlos Leases

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 2021, the Company entered into another lease in San Carlos, California for nine years commencing in March 2023. The lease provided the Company the option to terminate the agreement without significant penalty after five years from the commencement date. At lease commencement, the Company concluded it was reasonably certain to exercise the early termination option and determined that the lease term was five years with total minimum lease payments of $7.2 million. The Company utilized $2.0 million from the landlord with an interest rate of 7% to finance its tenant improvements. The principal and interest payments are included in the payments used to measure the lease liability.

In December 2025, the Company revised expectations regarding future space requirements and concluded it was no longer reasonably certain the Company will exercise the early termination option. Based on this determination, the Company remeasured the lease to reflect an updated remaining lease term through October 2031, resulting in an increase to the lease liability and corresponding operating lease right-of-use (“ROU”) asset of approximately $4.2 million as of the remeasurement date. The revised measurement reflects the present value of the remaining fixed lease payments discounted using the Company’s updated incremental borrowing rate. No other significant assumptions were modified as part of the remeasurement.

San Diego Lease

In November 2022, the Company entered into a lease in San Diego, California for 39 months commencing in December 2022. Total non-cancellable payments under this lease aggregate $2.1 million through March 2026.

The components of lease costs which were included in operating expenses in the consolidated statements of operations were as follows:


(in thousands)	Year Ended December 31, 2025		Year Ended December 31, 2024
Fixed operating lease costs	$	7,224	$	7,233
Variable operating lease costs	3,411		2,904
Total lease costs	$	10,635	$	10,137

For the years ended December 31, 2025 and 2024, cash paid for amounts included in the measurement of operating lease liabilities included in cash flows used in operating activities was $7.2 million and $7.0 million, respectively.

As of December 31, 2025, the weighted-average remaining lease term and weighted-average discount rate for operating leases was 5.6 years and 9.0%, respectively.

The following table summarizes the Company's future principal contractual obligations for operating lease commitments as of December 31, 2025:


(in thousands)
Year Ended December 31,	Lease Obligations
2026	$	6,264
2027	6,889
2028	6,540
2029	6,310
2030 and thereafter	12,230
Total future minimum lease payments	38,233
Less: Imputed interest	(8,214)
Total operating lease liabilities	$	30,019

The Company has $1.0 million in cash-collateralized letters of credit with one financial institution in lieu of security deposits in connection with the San Carlos and San Diego lease agreement.

Indemnification Agreements

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.

Common Stock - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Stock options issued and outstanding (in shares)	17,270,870	16,634,775
Total shares of common stock reserved (in shares)	52,130,509	44,927,574
2021 Equity Incentive Plan
Class of Stock [Line Items]
Shares available for grant (in shares)	29,341,567	23,784,439
2021 Employee Stock Purchase Plan
Class of Stock [Line Items]
Shares available for grant (in shares)	5,518,072	4,508,360

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

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 December 31, 2025 and 2024:


(in thousands)			Gross Unrealized						Reported as:
December 31, 2025	Amortized Cost		Gains		Losses		Fair Value		Cash equivalents		Short-term investments		Long-term investments
Level 1
Mutual funds	$	1,528	$	—	$	—	$	1,528	$	1,528	$	—	$	—
U.S. treasury securities	90,066		208		—		90,274		—		49,489		40,785
Total Level 1	91,594		208		—		91,802		1,528		49,489		40,785
Level 2
Commercial paper	15,321		1		(1)		15,321		10,379		4,942		—
Corporate debt securities	1,668		1		—		1,669		—		1,669		—
Agency securities	46,838		46		(12)		46,872		—		34,918		11,954
Total Level 2	63,827		48		(13)		63,862		10,379		41,529		11,954
Total Level 1 and Level 2	$	155,421	$	256	$	(13)	$	155,664	$	11,907	$	91,018	$	52,739


(in thousands)			Gross Unrealized						Reported as:
December 31, 2024	Amortized Cost		Gains		Losses		Fair Value		Cash equivalents		Short-term investments		Long-term investments
Level 1
Mutual funds	$	521	$	—	$	—	$	521	$	521	$	—	$	—
U.S. treasury securities	68,529		138		(111)		68,556		—		25,836		42,720
Total Level 1	69,050		138		(111)		69,077		521		25,836		42,720
Level 2
Commercial paper	30,881		3		(6)		30,878		26,924		3,954		—

Agency securities	106,109		210		(177)		106,142		—		72,457		33,685
Total Level 2	136,990		213		(183)		137,020		26,924		76,411		33,685
Total Level 1 and Level 2	$	206,040	$	351	$	(294)	$	206,097	$	27,445	$	102,247	$	76,405

Schedule of Unrealized Losses and Fair Values of Available-for-Sale Securities in an Unrealized Loss Position


(in thousands)	Securities in Unrealized Loss Position Less than 12 months				Securities in Unrealized Loss Position Greater than 12 months				Total
December 31, 2025	Gross Unrealized Losses		Fair Market Value		Gross Unrealized Losses		Fair Market Value		Gross Unrealized Losses		Fair Market Value
U.S. treasury securities	$	—	$	998	$	—	$	2,999	$	—	$	3,997
Commercial paper	(1)		8,389		—		—		(1)		8,389

Agency securities	(7)		10,457		(5)		9,186		(12)		19,643
Total	$	(8)	$	19,844	$	(5)	$	12,185	$	(13)	$	32,029

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Common Stock (Tables)

12 Months Ended

Dec. 31, 2025

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:


	December 31, 2025	December 31, 2024
Shares available for grant under 2021 Equity Incentive Plan	29,341,567	23,784,439
Stock options issued and outstanding	17,270,870	16,634,775
Shares available for grant under 2021 Employee Stock Purchase Plan	5,518,072	4,508,360
Total shares of common stock reserved	52,130,509	44,927,574

Equity Incentive Plans and Stock-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 7.7
Unrecognized compensation expense, period for recognition (in years)	2 years 2 months 12 days
Intrinsic value of options exercised	$ 0.1	$ 1.3
Weighted average grant date fair value (in dollars per share)	$ 0.82	$ 2.16
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend rate (as percent)	0.00%	0.00%
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options available for grant (in shares)	29,341,567	23,784,439
Additional shares authorized (in shares)	18,672,200
Percentage of outstanding stock maximum	5.00%
Award expiration period (in years)	10 years
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options available for grant (in shares)	5,518,072	4,508,360
Offering purchase period (in months)	6 months
Additional shares authorized (in shares)	3,734,500
Percentage of outstanding stock maximum	1.00%
2021 Employee Stock Purchase Plan \| Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, maximum employee subscription rate (as percent)	15.00%
Purchase price of common stock (as percent)	85.00%

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Composition of Certain Consolidated Financial Statement Line Items - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 1.7	$ 2.0
Restricted cash	1.0	1.0
Deposits	$ 0.2	$ 0.2

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor firm ID	238
Auditor name	PricewaterhouseCoopers LLP
Auditor location	San Jose, California

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Components of Lease Cost

The components of lease costs which were included in operating expenses in the consolidated statements of operations were as follows:


(in thousands)	Year Ended December 31, 2025		Year Ended December 31, 2024
Fixed operating lease costs	$	7,224	$	7,233
Variable operating lease costs	3,411		2,904
Total lease costs	$	10,635	$	10,137

Schedule of Future Contractual Obligations for Operating Lease Commitments

The following table summarizes the Company's future principal contractual obligations for operating lease commitments as of December 31, 2025:


(in thousands)
Year Ended December 31,	Lease Obligations
2026	$	6,264
2027	6,889
2028	6,540
2029	6,310
2030 and thereafter	12,230
Total future minimum lease payments	38,233
Less: Imputed interest	(8,214)
Total operating lease liabilities	$	30,019

Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Significant Accounting Policies

Use of Estimates

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 to perform as contracted.

Segment Reporting

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

Fair Value of Financial Instruments

Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

Inventory, net

Property and Equipment, net


Laboratory equipment			3 years to 7 years
Prototype equipment			3 years
Computer hardware			3 years to 5 years
Furniture and fixtures			3 years
Office equipment			3 years to 5 years
Leasehold improvements			Shorter of estimated useful life or remaining lease term

Maintenance and repairs are charged to operating expense in the period incurred.

Impairment of Long-Lived Assets

Leases

Income Taxes

Research and Development

Stock-based Compensation

The Company calculates the expected term as the mid-point between the requisite service period and the contractual term of the award.

Comprehensive Loss

Net Loss per Share Attributable to Common Stockholders

Accounting Pronouncements

Recently Adopted Accounting Standards

Recently Issued Accounting Pronouncements

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Composition of Certain Consolidated Financial Statement Line Items - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 11,578	$ 10,610
Less: Accumulated depreciation	(8,121)	(6,534)
Total	3,457	4,076
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6,531	6,469
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	118	118
Computer hardware
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	542	484
Furniture, fixtures and office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	322	324
Prototype equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,258	2,029
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,807	$ 1,186

Equity Incentive Plans and Stock-based Compensation - Schedule of Option Award Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
Number of Stock Option Awards
Outstanding, beginning balance (in shares) \| shares	16,634,775
Granted (in shares) \| shares	3,659,200
Exercised (in shares) \| shares	(112,085)
Forfeited (in shares) \| shares	(2,911,020)
Outstanding, ending balance (in shares) \| shares	17,270,870
Options vested and expected to vest (in shares) \| shares	17,270,870
Vested and exercisable (in shares) \| shares	11,281,386
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 3.57
Granted (in dollars per share) \| $ / shares	1.01
Exercised (in dollars per share) \| $ / shares	0.52
Forfeited (in dollars per share) \| $ / shares	2.59
Outstanding, ending balance (in dollars per share) \| $ / shares	3.22
Options vested and expected to vest (in dollars per share) \| $ / shares	3.22
Vested and exercisable (in dollars per share) \| $ / shares	$ 4.00
Options outstanding, weighted average remaining contractual life	6 years 10 months 24 days
Vested and exercisable, weighted average remaining contractual life	5 years 10 months 24 days
Options outstanding, aggregate intrinsic value \| $	$ 5,696
Vested and exercisable, aggregate intrinsic value \| $	$ 2,581

Significant Accounting Policies - Narrative (Details)	12 Months Ended
Significant Accounting Policies - Narrative (Details)	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)
Accounting Policies [Abstract]
Number of operating segments	1
Number of reportable segments	1
Impairment of long-lived assets \| $	$ 0	$ 0

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The Company is liable for income taxes in the United States. For the years ended December 31, 2025 and 2024, the Company did not have any income for income tax purposes and therefore, no tax liability or expense has been recorded in these financial statements. The difference between the tax at the statutory federal tax rate and no tax provision recorded by the Company is primarily due to the Company’s full valuation allowance against its deferred tax assets.


(in thousands)	Year Ended December 31, 2024
Federal income tax at statutory rate	$	(14,864)
State income tax, net of federal benefit	(4,816)
Equity-based Compensation	1,566

Tax credits generated in current year	(2,091)
Valuation allowance change	20,167
Other	38
Total	$	—

The Company adopted ASU 2023-09 "Income Taxes (Topic 740): Improvements To Income Tax Disclosures" on a prospective basis beginning with the year ended December 31, 2025. The following table presents required disclosure pursuant to ASU 2023-09 and reconciles the U.S. federal statutory tax amount and rate to our effective amount and rate for the year ended December 31, 2025:


	Year Ended December 31, 2025
(in thousands)	$		%
At US Federal Statutory Tax Rate	$	(12,390)	21.0	%
State Income Taxes, net of Federal Effect	—		—	%
Change in Valuation Allowance	11,826		(20.0)	%
Nontaxable or Nondeductible Items
Equity Compensation	652		(1.1)	%
Other Nondeductible Items	23		—	%
Tax Credits

R&D Credits	(139)		0.2	%
Changes in Unrecognized Tax Benefits	28		(0.1)	%
	$	—	—	%

The "One Big Beautiful Bill Act" (OBBBA) enacted on July 4, 2025, introduced notable changes to the U.S. Internal Revenue Code, including immediate expensing of domestic Section 174 costs. Section 174 costs are expenditures which represent research and development costs that are incident to the development or improvement of a product, process, formula, invention, computer software, or technique. As previously required under the Tax Cuts and Jobs Act, the Company capitalized research and development expenditures in the years ended December 31, 2022 through December 31, 2024. With the enactment of OBBBA, the Company began deducting domestic Section 174 costs in 2025.

As of December 31, 2025, the Company had federal net operating loss carryforwards of $0.5 million that begin to expire in 2037 and federal net operating loss carryforwards of $203.2 million that arose after the 2017 tax year that will carryforward indefinitely and will be subject to the 80% of taxable income limitation. The Company has state net operating loss carryforwards of $197.9 million that will begin to expire in 2037.

As of December 31, 2025, the Company had research and development tax credit carryover of $9.6 million and $6.5 million for federal and state tax purposes, respectively. If not utilized, the federal carryforward will expire in various amounts beginning in 2039. The California credits can be carried forward indefinitely.

The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and its lack of revenue since inception and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Accordingly, the Company has provided a full valuation allowance against the net deferred tax assets. The valuation allowance increased by $15.0 million during the year ended December 31, 2025. Management reevaluates the positive and negative evidence at each reporting period.

Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Components of the Company’s deferred tax assets are as follows:


(in thousands)	December 31, 2025		December 31, 2024
Deferred tax assets
Depreciation and amortization	$	5,927	$	4,287
Capitalized research and development	11,878		23,844
Loss carryforwards	56,649		32,740
Lease liabilities	8,021		8,158
Tax credit carryforwards	11,748		11,526
Equity-based compensation	6,305		5,330
Other accruals and reserves	356		59
Total deferred tax assets	100,884		85,944
Valuation allowance for deferred tax assets	(93,398)		(78,381)
Total deferred tax assets, net of valuation allowance	$	7,486	$	7,563

Deferred tax liability
Right-of-use assets	(7,421)		(7,563)
Unrealized loss on investment	(65)		—
Net deferred tax assets (liability)	$	—	$	—

The Company began to file income tax returns in the United States in 2017. All tax years are open to examination.

A valuation allowance of $93.4 million and $78.4 million at December 31, 2025 and 2024, respectively, has been recognized to offset net deferred tax assets where realization of such net deferred tax assets is determined to be more likely than not to not be realized. The valuation allowance increased by $15.0 million in 2025 and increased by $20.2 million in 2024, which was primarily due to changes in our deferred tax asset balances. The increases in the valuation allowance in 2025 and 2024 was primarily due to the net operating loss and tax credit generation, capitalized research and development expense and stock-based compensation expense.

As required under ASU 2023-09, the Company has included only the portion of the valuation allowance related to federal deferred tax assets in the "change in valuation allowance" line of the rate reconciliation. The following table presents a reconciliation of the total change in the valuation allowance (in thousands):


	Year Ended December 31,
(in thousands)	2025		2024
Beginning balance	$	(78,381)	$	(58,215)
Change charged to income tax expense	(15,082)		(20,166)

Change charge to OCI	65		—
Ending balance	$	(93,398)	$	(78,381)

The Company had an unrecognized tax benefit balance of $3.2 million and $3.1 million related to research and development credits and California net operating loss carryforward as of December 31, 2025 and 2024, respectively. No amount of unrecognized tax benefits as of December 31, 2025, if recognized, would reduce the Company’s effective tax rate because the benefits would be in the form of tax credit carryforwards, which would be reduced to $0 by a full valuation allowance. Because the statute of limitations does not expire until after the net operating loss

and credit carryforwards are actually used, the statutes are still open on calendars years ending 2017 forward for federal and state purposes.

A reconciliation of the beginning and ending amount of the liability for uncertain tax positions, excluding potential interest and penalties, is as follows:


(in thousands)	December 31, 2025		December 31, 2024
Beginning balance	$	3,146	$	2,365
Increase based on current year tax positions	484		838
Decrease for prior year tax positions	(421)		(57)

Ending balance	$	3,209	$	3,146

Net operating loss and tax credit carry-forwards are subject to review and possible adjustment by the Internal Revenue Service (the “IRS”) and may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant stockholders over a three-year period in excess of 50% as defined under Sections 382 and 383 in the Code, which could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the Company’s value immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has not, as yet, conducted a study to determine if any such changes have occurred that could limit its ability to use the net operating loss and tax credit carryforwards.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information - Schedule of Significant Segment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Total operating expenses	$ 66,837	$ 81,476
Interest income	7,868	10,780
Other expense	32	84
Net loss	(59,001)	(70,780)
Reportable Segment
Segment Reporting Information [Line Items]
Payroll-related expenses	30,981	33,502
Professional services and laboratory expenses	11,910	17,716
Stock-based compensation expense	6,844	12,701
Facilities expenses	11,534	10,902
Other segment items	5,568	6,655
Total operating expenses	66,837	81,476
Interest income	(7,868)	(10,780)
Other expense	32	84
Net loss	$ 59,001	$ 70,780

Income Taxes - Schedule of Income Tax Provision (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Federal income tax at statutory rate	$ (12,390,000)	$ (14,864,000)
State income tax, net of federal benefit	0	(4,816,000)
Equity-based Compensation	652,000	1,566,000
Tax credits generated in current year		(2,091,000)
Valuation allowance change	11,826,000	20,167,000
Other		38,000
Total	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
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	1,000,000,000
Common stock, shares issued (in shares)	126,469,610	126,106,176
Common stock, shares outstanding (in shares)	126,469,610	126,106,176

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 0	$ 0
Tax liability	0	0
Increase in valuation allowance	15,000,000.0	20,200,000
Valuation allowance	93,398,000	78,381,000	$ 58,215,000
Unrecognized tax benefits	3,209,000	$ 3,146,000	$ 2,365,000
Unrecognized tax benefits that would impact effective tax rate	0
Tax credit carryforward, offset by valuation allowance	0
Domestic Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, subject to expiration	500,000
Operating loss carryforwards, not subject to expiration	203,200,000
Domestic Tax Jurisdiction \| Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward, amount	9,600,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, subject to expiration	197,900,000
State and Local Jurisdiction \| Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward, amount	$ 6,500,000

Composition of Certain Consolidated Financial Statement Line Items - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 12,388	$ 27,646
Restricted cash included in other long-term assets	1,002	1,002
Total	$ 13,390	$ 28,648	$ 20,399

Equity Incentive Plans and Stock-based Compensation - Schedule of Significant Assumptions (Details) - Options	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	97.50%	99.70%
Expected volatility, maximum	103.90%	101.60%
Expected dividend rate	0.00%	0.00%
Risk free interest rate, minimum	3.60%	3.40%
Risk free interest rate, maximum	4.00%	4.60%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 3 months 18 days	5 years 3 months 18 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years	6 years 1 month 6 days

Fair Value Measurements - Narrative (Details) - USD ($)	12 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Credit losses on investments	$ 0	$ 0
Allowance for credit losses	$ 0	$ 0

Equity Incentive Plans and Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Significant Assumptions

The significant assumptions used in these calculations are summarized as follows:


	Year Ended December 31, 2025	Year Ended December 31, 2024
Expected term (in years)	5.3 - 6.0	5.3 - 6.1
Expected volatility	97.5% - 103.9%	99.7% - 101.6%
Expected dividend rate	0.0%	0.0%
Risk free interest rate	3.6% - 4.0%	3.4% - 4.6%

Schedule of Option Award Activity

The following table summarizes option award activity during the year ended December 31, 2025:


	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, 2024	16,634,775	$	3.57


Granted	3,659,200	$	1.01
Exercised	(112,085)	$	0.52
Forfeited	(2,911,020)	$	2.59
Outstanding as of December 31, 2025	17,270,870	$	3.22	6.9	$	5,696
Options vested and expected to vest as of December 31, 2025	17,270,870	$	3.22
Vested and exercisable at December 31, 2025	11,281,386	$	4.00	5.9	$	2,581

Schedule of Stock Based Compensation Expense

The following sets forth the total stock-based compensation expense for the Company’s stock options and ESPP included in the Company’s consolidated statements of operations:


(in thousands)	Year Ended December 31, 2025		Year Ended December 31, 2024
Research and development	$	2,690	$	4,626
General and administrative	4,154		8,075
Total stock-based compensation expense	$	6,844	$	12,701

Composition of Certain Consolidated Financial Statement Line Items (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property and Equipment, Net


Laboratory equipment			3 years to 7 years
Prototype equipment			3 years
Computer hardware			3 years to 5 years
Furniture and fixtures			3 years
Office equipment			3 years to 5 years
Leasehold improvements			Shorter of estimated useful life or remaining lease term

Property and equipment consisted of the following:


(in thousands)	December 31, 2025		December 31, 2024
Laboratory equipment	$	6,531	$	6,469
Leasehold improvements	118		118
Computer hardware	542		484
Furniture, fixtures and office equipment	322		324
Prototype equipment	2,258		2,029
Construction in progress	1,807		1,186
	11,578		10,610
Less: Accumulated depreciation	(8,121)		(6,534)
Total	$	3,457	$	4,076

Schedule of Accrued Liabilities

Accrued expenses and other liabilities consisted of the following:


(in thousands)	December 31, 2025		December 31, 2024
Employee compensation	$	2,514	$	1,343
Accrued professional and consulting fees	259		219
Accrued research and development	221		468
Other	183		518
Total	$	3,177	$	2,548

Schedule of Other Liabilities

Accrued expenses and other liabilities consisted of the following:


(in thousands)	December 31, 2025		December 31, 2024
Employee compensation	$	2,514	$	1,343
Accrued professional and consulting fees	259		219
Accrued research and development	221		468
Other	183		518
Total	$	3,177	$	2,548

Schedule of Cash and Cash Equivalents

Cash, cash equivalents and restricted cash consisted of the following:


(in thousands)	December 31, 2025		December 31, 2024
Cash and cash equivalents	$	12,388	$	27,646
Restricted cash included in other long-term assets (Note 8)	1,002		1,002
Total	$	13,390	$	28,648

Schedule of Restricted Cash

Cash, cash equivalents and restricted cash consisted of the following:


(in thousands)	December 31, 2025		December 31, 2024
Cash and cash equivalents	$	12,388	$	27,646
Restricted cash included in other long-term assets (Note 8)	1,002		1,002
Total	$	13,390	$	28,648

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Statement of Comprehensive Income [Abstract]
Net loss	$ (59,001)	$ (70,780)
Other comprehensive income:
Unrealized gain on securities available-for-sale	186	312
Total other comprehensive income	186	312
Comprehensive loss	$ (58,815)	$ (70,468)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Commitments and Contingencies - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Fixed operating lease costs	$ 7,224	$ 7,233
Variable operating lease costs	3,411	2,904
Total lease costs	$ 10,635	$ 10,137

Description of Business and Basis of Presentation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended
	Jun. 09, 2021	Jun. 30, 2021	Dec. 31, 2025	Dec. 31, 2024
Subsidiary, Sale of Stock [Line Items]
Accumulated deficit			$ 332,020	$ 273,019
Proceeds from sale of stock and reverse recapitalization transaction		$ 345,500
Payments of transaction costs		$ 18,200
Cash, cash equivalents, and short-term investments			$ 103,400
Private Placement
Subsidiary, Sale of Stock [Line Items]
Shares issued in transaction (in shares)	20,000,000
Price per share (in dollars per share)	$ 10.00
Consideration received on transaction	$ 200,000

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Basic and Diluted Net Loss per Share - Schedule of Potential Shares of Common Stock Excluded from the Computation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common share equivalents (in shares)	17,363,220	16,779,703
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common share equivalents (in shares)	17,270,870	16,634,775
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common share equivalents (in shares)	92,350	144,928

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Feb. 19, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 35.8
Entity Common Stock, Shares Outstanding		126,564,473
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement to be filed with the Securities and Exchange Commission in connection with the registrant’s 2026 Annual Meeting of Stockholders, which will be filed subsequent to the date hereof, are incorporated by reference into Part III of this Form 10-K. Such Proxy Statement will be filed with the Securities and Exchange Commission not later than 120 days following the end of the registrant’s fiscal year ended December 31, 2025. Except with respect to information specifically incorporated by reference, the Proxy Statement is not deemed to be filed as part of this Annual Report on Form 10-K.
Entity Central Index Key	0001808805
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY

Description of Business and Basis of Presentation	12 Months Ended
Description of Business and Basis of Presentation	Dec. 31, 2025
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 with corporate headquarters in Seattle, Washington and research and development headquarters 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, 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 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 Merger 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”). Basis of Presentation The consolidated financial statements and accompanying notes were 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 accompanying financial statements are consolidated for the years ended December 31, 2025 and 2024 and include the accounts of Nautilus Biotechnology, Inc. and its wholly-owned subsidiary, Nautilus Subsidiary, Inc. All intercompany transactions and balances have been eliminated upon consolidation. The Company’s reporting currency is the U.S. dollar. Certain prior year amounts have been reclassified to conform to the current year presentation on the statements of cash flows and had no material impact. Liquidity and Capital Resources The Company’s 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 December 31, 2025, the Company had an accumulated deficit of $332.0 million. The Company has funded its operations primarily with proceeds from the issuance of redeemable convertible preferred stock and common stock. 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. The Company had cash, cash equivalents, and short-term investments of $103.4 million as of December 31, 2025. As of the date on which these consolidated financial statements were issued, the Company believes that its cash, cash equivalents, and short-term investments will be sufficient to fund its operations for at least the next twelve months following the issuance of the consolidated financial statements. The Company’s actual results 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 will be required to seek additional equity or debt financing to fund future operations. 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.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Useful Lives Assigned to Property and Equipment


Laboratory equipment			3 years to 7 years
Prototype equipment			3 years
Computer hardware			3 years to 5 years
Furniture and fixtures			3 years
Office equipment			3 years to 5 years
Leasehold improvements			Shorter of estimated useful life or remaining lease term

Property and equipment consisted of the following:


(in thousands)	December 31, 2025		December 31, 2024
Laboratory equipment	$	6,531	$	6,469
Leasehold improvements	118		118
Computer hardware	542		484
Furniture, fixtures and office equipment	322		324
Prototype equipment	2,258		2,029
Construction in progress	1,807		1,186
	11,578		10,610
Less: Accumulated depreciation	(8,121)		(6,534)
Total	$	3,457	$	4,076