Nautilus Biotechnology, Inc. Fair Value Disclosure
| (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 | ||||||||||||||||||||||||||||||
| (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 | ||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Mar 30, 2021 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.