Nautilus Biotechnology, Inc. Earnings Per Share Disclosure
| (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 | |||||||||
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.