ThZeal - The Zeal

SCHEDULE 13D

CUSIP No.

63909J108

Name of reporting person

Perceptive Advisors LLC

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox checked

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 12,815,113.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,815,113.00

Aggregate amount beneficially owned by each reporting person

12,815,113.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

10.1 %

Type of Reporting Person (See Instructions)

SCHEDULE 13D

CUSIP No.

63909J108

Name of reporting person

Joseph Edelman

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox checked

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 12,815,113.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,815,113.00

Aggregate amount beneficially owned by each reporting person

12,815,113.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

10.1 %

Type of Reporting Person (See Instructions)

SCHEDULE 13D

CUSIP No.

63909J108

Name of reporting person

Perceptive Life Sciences Master Fund, Ltd.

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox checked

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 12,649,253.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,649,253.00

Aggregate amount beneficially owned by each reporting person

12,649,253.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

10.0 %

Type of Reporting Person (See Instructions)

SCHEDULE 13D

Item 1.

Security and Issuer

(a)

Title of Class of Securities:

Common Stock, $0.0001 par value per share

(b)

Name of Issuer:

Nautilus Biotechnology, Inc.

(c)

Address of Issuer's Principal Executive Offices:

2701 Eastlake Avenue East, Seattle, WASHINGTON , 98102.

Item 4.

Purpose of Transaction

Item 4 of the Schedule 13D is hereby amended and supplemented as follows: On June 20, 2025, Michael Altman, a Managing Director of Perceptive Advisors who has served on the Issuer's board of directors (the "Board") since June 2021, ceased serving as a member of the Board following the expiration of his term. Mr. Altman did not stand for re-election at the Issuer's 2025 Annual Meeting of Stockholders.

Item 5.

Interest in Securities of the Issuer

(a)

Item 5(a) of the Schedule 13D is hereby amended and restated as follows: The information set forth in rows 11 and 13 of the cover pages to this Schedule 13D is incorporated by reference. The amounts reported to be beneficially owned by the Reporting Persons include an aggregate of 220,902 shares of Common Stock underlying stock options granted to Mr. Altman (the "Options"). The Master Fund has the right to receive the director compensation provided in respect of Mr. Altman's board service through a partial management fee offset. The percentages set forth in row 13 are based on 126,148,469 outstanding shares of Common Stock as of April 22, 2025, as reported by the Issuer in its Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on April 29, 2025, and assume the exercise of the Options for an aggregate of 220,902 shares of Common Stock.

(b)

The information set forth in rows 7 through 10 of the cover pages to this Schedule 13D is incorporated by reference.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Perceptive Advisors LLC

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman, Managing Member
Date:	06/24/2025

Joseph Edelman

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman
Date:	06/24/2025

Perceptive Life Sciences Master Fund, Ltd.

Signature:	/s/ Joseph Edelman
Name/Title:	By Perceptive Advisors LLC, by Joseph Edelman, Managing Member
Date:	06/24/2025