Form 4: Andreessen Horowitz Sells Shares in Nautilus Biotechnology

Entities affiliated with Andreessen Horowitz sold approximately 5 million shares of Nautilus Biotechnology, Inc. on June 2, 2026.

Summary

• AH Bio Fund II, L.P. sold 4,615,974 shares of Nautilus Biotechnology common stock at a price of $2.35 per share.
• Andreessen Horowitz LSV Fund II, L.P. sold 384,026 shares of Nautilus Biotechnology common stock at a price of $2.35 per share.
• The total number of shares sold by these affiliated entities was 5,000,000.
• Following these transactions, the reporting entities maintain a remaining beneficial ownership of 11,682,032 shares and 971,885 shares respectively.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as slightly negative due to the significant volume of insider selling, which may create short-term supply-demand imbalances in the stock.

Positives

• The transaction was executed at a clear market price of $2.35 per share.
• The reporting persons continue to hold a significant equity position in the company, indicating ongoing, albeit reduced, investment interest.

Negatives

• The sale represents a significant divestment of 5 million shares by major institutional shareholders.
• Large-scale selling by venture capital insiders can sometimes signal a lack of confidence in near-term growth or a shift in portfolio strategy.

Risks

• The sale of a large block of shares may exert downward pressure on the company's stock price.
• Market perception of insider selling by major venture capital firms can negatively impact investor sentiment.

Future Outlook

No specific forward-looking guidance regarding the company's operations or future performance was provided in this filing.

Management Comments

• The reporting persons disclaim the existence of a 'group' and disclaim beneficial ownership of the securities held by the funds, except to the extent of their pecuniary interest.

Industry Context

StockSavvy.ai notes that large-scale divestments by venture capital firms in biotech companies are common as funds reach the end of their lifecycle or rebalance portfolios, and do not necessarily reflect the fundamental health of the underlying technology.

Comparison to Industry Standards

• The divestment is consistent with standard venture capital exit strategies for mature portfolio companies.
• The transaction size is significant relative to typical daily trading volumes for small-cap biotech firms.

Related Party Transactions

• The transaction involves entities managed by Marc Andreessen and Ben Horowitz, who are associated with the reporting funds.

Stakeholder Impact

• Shareholders may experience increased volatility due to the large volume of shares sold.
• The reduction in stake by a major venture capital firm may alter the perceived long-term support for the company.

Next Steps

• Continued monitoring of further Form 4 filings to determine if additional selling occurs.

Key Dates

Recommendation

While insider selling is often viewed with caution, it is a standard liquidity event for venture capital funds. Investors should hold and monitor if this is a one-time rebalancing or the start of a full exit strategy.

Keywords

Nautilus Biotechnology, NAUT, Andreessen Horowitz, Insider Selling, Form 4, Venture Capital, Equity Divestment