SCHEDULE: Andreessen Horowitz Funds Reduce Nautilus Biotech Stake

Several investment funds affiliated with Andreessen Horowitz have reported a reduction in their beneficial ownership of Nautilus Biotechnology, Inc. common stock, now holding less than 5%.

Summary

• This filing is an amendment to a Schedule 13D, reporting changes in beneficial ownership of Nautilus Biotechnology, Inc. common stock.
• The reporting persons, including AH Bio Fund II, L.P., AH Equity Partners Bio II, L.L.C., Andreessen Horowitz LSV Fund II, L.P., AH Equity Partners LSV II, L.L.C., Marc Andreessen, and Benjamin Horowitz, have collectively reduced their stake.
• As of September 9, 2026, the reporting persons ceased to be the beneficial owners of more than five percent of the Issuer's common stock.
• The total beneficial ownership reported by Marc Andreessen and Benjamin Horowitz is 6,263,235 shares, representing 4.9% of the class.
• AH Bio Fund II, L.P. directly holds 5,782,188 shares (4.5%), and Andreessen Horowitz LSV Fund II, L.P. holds 481,047 shares (0.4%).

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a neutral to slightly negative sentiment due to the significant sale of shares by reporting persons, indicating a reduction in their stake.

Negatives

• Significant open market sales of Nautilus Biotechnology, Inc. common stock were conducted by AH Bio II and AH LSV II between August 31, 2026, and September 9, 2026.
• These sales resulted in the reporting persons no longer holding more than five percent of the Issuer's common stock as of September 9, 2026.

Risks

• The filing does not explicitly detail future risks, but the reduction in stake by major investors could be interpreted as a signal of reduced confidence or a strategic shift.

Future Outlook

The filing does not contain specific forward-looking statements or guidance from the company itself. The information pertains to past transactions and current ownership stakes.

Management Comments

• Each of AH Bio II and AH LSV II undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth above.

Industry Context

StockSavvy.ai notes that significant share sales by venture capital firms, especially those as prominent as Andreessen Horowitz, can sometimes signal a shift in their investment thesis or a realization of gains, which may be observed across the broader venture capital landscape as funds mature or market conditions change.

Stakeholder Impact

• Shareholders may interpret the significant sales by major investors as a potential negative signal, possibly impacting share price or investor sentiment.
• The Issuer's management and board may need to address investor concerns arising from the reduced stake of significant shareholders.

Next Steps

• Reporting persons will provide full information regarding shares sold at specific prices upon request from the Issuer, security holders, or the SEC staff.

Key Dates

Recommendation

The filing indicates a reduction in stake by major investors affiliated with Andreessen Horowitz, which is a notable event. However, the reporting persons still hold a significant, albeit reduced, percentage of the company's stock. Without further information on the company's performance or future prospects, a 'hold' recommendation is prudent, acknowledging the potential negative signal from the sales while recognizing the continued investment.

Keywords

Nautilus Biotechnology, Schedule 13D, Beneficial Ownership, Andreessen Horowitz, Stock Sale, Investment Funds, Venture Capital