[Report Highlights](index=1&type=section&id=Report%20Highlights) Nurix reported positive clinical data for its lead candidate bexobrutideg, secured a $15 million license fee from Sanofi for extending their STAT6 collaboration, and announced FDA clearance for a Gilead-partnered IND. The company remains well-capitalized, ending the second quarter of 2025 with $485.8 million in cash and marketable securities - Presented updated data for **bexobrutideg (NX-5948)** at EHA2025 and ICML-18, showing a favorable safety profile and deepening responses in patients with r/r chronic lymphocytic leukemia (CLL) and Waldenström macroglobulinemia (WM)[1](index=1&type=chunk) - Secured a **$15 million license fee** from Sanofi for the extension of the STAT6 collaboration to target type 2 inflammatory diseases[1](index=1&type=chunk) - Announced FDA clearance of the Investigational New Drug (IND) application for the novel IRAK4 degrader GS-6791/NX-0479, enabling partner Gilead to start a Phase 1 trial[1](index=1&type=chunk) - The company is well capitalized with cash and marketable securities of **$485.8 million** as of May 31, 2025[1](index=1&type=chunk)[14](index=14&type=chunk) [Recent Business Highlights](index=1&type=section&id=Recent%20Business%20Highlights) During the quarter, Nurix presented strong clinical data for bexobrutideg at major hematology conferences, leading to an Orphan Drug Designation from the EMA. The company advanced its strategic collaborations, receiving a $15 million payment from Sanofi for a license extension and achieving FDA IND clearance for a Gilead-partnered program. Additionally, Nurix showcased promising preclinical data for its broader pipeline and its AI-driven discovery platform at the AACR Annual Meeting - At EHA2025 and ICML-18, updated Phase 1 data for **bexobrutideg (NX-5948)** showed a robust objective response rate (ORR) of **80.9%** in r/r CLL patients, with a favorable safety profile and no dose-limiting toxicities[4](index=4&type=chunk) - Sanofi extended its license for Nurix's STAT6 program, triggering a **$15 million payment**. Nurix has received a total of **$127 million** under this collaboration and is eligible for an additional **$465 million** in milestones plus royalties[4](index=4&type=chunk) - In April 2025, the FDA cleared the IND for GS-6791/NX-0479, a first-in-class oral IRAK4 degrader developed in collaboration with Gilead for inflammatory diseases[4](index=4&type=chunk) - The European Medicines Agency (EMA) granted Orphan Drug Designation (ODD) to bexobrutideg for treating lymphoplasmacytic lymphoma, providing **10 years of market exclusivity** in the EU upon approval[6](index=6&type=chunk) - Presented preclinical data at AACR for its portfolio of brain-penetrant degraders and highlighted its DEL-AI platform, which uses a proprietary model to accelerate drug discovery[4](index=4&type=chunk)[5](index=5&type=chunk)[6](index=6&type=chunk) [Upcoming Program Highlights](index=2&type=section&id=Upcoming%20Program%20Highlights) Nurix is on track to initiate pivotal trials for bexobrutideg in CLL in the second half of 2025 and is expanding its development into autoimmune diseases. Clinical updates for its other pipeline candidates, zelebrudomide (NX-2127) and NX-1607, are also anticipated in the second half of 2025. The company expects to continue achieving milestones across its collaborations with Gilead, Sanofi, and Pfizer - **Bexobrutideg (NX-5948):** On track to initiate pivotal trials in CLL in H2 2025. Also exploring development in autoimmune diseases, with plans for a non-malignant hematology IND in 2025[7](index=7&type=chunk) - **Zelebrudomide (NX-2127):** Currently enrolling a dose escalation study with a new drug product. Future clinical updates are expected in H2 2025[8](index=8&type=chunk) - **NX-1607:** Ongoing Phase 1 trial in adults with various oncology indications. Clinical updates are anticipated in H2 2025[9](index=9&type=chunk) - **Strategic Collaborations:** Expects to achieve substantial research collaboration milestones with partners Gilead, Sanofi, and Pfizer[10](index=10&type=chunk) [Fiscal Second Quarter 2025 Financial Results](index=2&type=section&id=Fiscal%20Second%20Quarter%202025%20Financial%20Results) For the second quarter ended May 31, 2025, revenue surged to $44.1 million, a significant increase from $12.1 million in the prior-year period, primarily due to license and milestone payments from Sanofi and Gilead. R&D expenses increased to $78.1 million as the company accelerated clinical trial enrollment. Despite higher expenses, the net loss narrowed to $43.5 million, or ($0.52) per share, from $44.5 million, or ($0.71) per share, year-over-year. The company maintained a strong cash position of $485.8 million Financial Performance Summary | Financial Metric | Q2 2025 (ended May 31) | Q2 2024 (ended May 31) | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $44.1 million | $12.1 million | +264% | | **R&D Expenses** | $78.1 million | $48.9 million | +60% | | **G&A Expenses** | $14.3 million | $11.7 million | +22% | | **Net Loss** | $43.5 million | $44.5 million | -2% | | **Net Loss Per Share** | ($0.52) | ($0.71) | Improved | - The increase in revenue was primarily driven by **$30 million** in license revenue from Sanofi and a **$5 million** clinical milestone from Gilead[11](index=11&type=chunk) - The rise in R&D expenses was mainly due to increased clinical, manufacturing, and consulting costs associated with accelerating the bexobrutideg trial and preparing for pivotal studies[12](index=12&type=chunk) - As of May 31, 2025, cash, cash equivalents, and marketable securities totaled **$485.8 million**. This figure does not include a **$4.0 million** milestone and a **$15.0 million** license payment received after the quarter's end[14](index=14&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section provides the unaudited condensed statements of operations for the three and six months ended May 31, 2025, and the condensed balance sheets as of May 31, 2025, compared to November 30, 2024 [Condensed Statements of Operations](index=5&type=section&id=Condensed%20Statements%20of%20Operations) For the three months ended May 31, 2025, Nurix reported total revenues of $44.1 million and a net loss of $43.5 million, or ($0.52) per share. This compares to revenues of $12.1 million and a net loss of $44.5 million, or ($0.71) per share, for the same period in 2024. For the six-month period, the net loss was $99.8 million in 2025 versus $86.1 million in 2024 | (in thousands, except per share data) | Three Months Ended May 31, 2025 | Three Months Ended May 31, 2024 | | :--- | :--- | :--- | | **Total revenue** | $44,056 | $12,092 | | **Total operating expenses** | $92,378 | $60,632 | | *Research and development* | *$78,096* | *$48,922* | | *General and administrative* | *$14,282* | *$11,710* | | **Loss from operations** | ($48,322) | ($48,540) | | **Net loss** | ($43,464) | ($44,546) | | **Net loss per share, basic and diluted** | ($0.52) | ($0.71) | [Condensed Balance Sheets](index=6&type=section&id=Condensed%20Balance%20Sheets) As of May 31, 2025, Nurix had total assets of $591.6 million, including $485.8 million in cash, cash equivalents, and marketable securities. Total liabilities were $144.0 million, and total stockholders' equity stood at $447.6 million. This reflects a decrease in total assets and equity from November 30, 2024, primarily due to cash used in operations | (in thousands) | May 31, 2025 | November 30, 2024 | | :--- | :--- | :--- | | **Cash, cash equivalents & marketable securities** | $485,781 | $609,583 | | **Total current assets** | $515,330 | $619,387 | | **Total assets** | $591,555 | $669,343 | | **Total current liabilities** | $75,614 | $95,854 | | **Total liabilities** | $143,952 | $142,350 | | **Total stockholders' equity** | $447,603 | $526,993 | [About Nurix Therapeutics, Inc.](index=3&type=section&id=About%20Nurix%20Therapeutics%2C%20Inc.) Nurix Therapeutics is a clinical-stage biopharmaceutical company focused on developing targeted protein degradation medicines for cancer and inflammatory diseases. The company's pipeline includes wholly-owned clinical-stage assets (BTK degraders, CBL-B inhibitors) and preclinical programs, alongside partnered drug discovery collaborations with Gilead, Sanofi, and Pfizer. Nurix utilizes a fully AI-integrated discovery engine to advance its science - Focuses on the discovery, development, and commercialization of targeted protein degradation medicines for cancer and inflammatory diseases[15](index=15&type=chunk) - Wholly owned clinical pipeline includes degraders of Bruton's tyrosine kinase (BTK) and inhibitors of Casitas B-lineage lymphoma proto-oncogene B (CBL-B)[15](index=15&type=chunk) - Maintains strategic collaboration agreements with Gilead Sciences, Sanofi, and Pfizer for preclinical stage degraders of IRAK4, STAT6, and other programs[15](index=15&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section serves as a legal disclaimer, cautioning that the press release contains forward-looking statements regarding Nurix's future performance, plans, and the potential of its drug candidates. It highlights that these statements are subject to significant risks and uncertainties, and actual results could differ materially. Readers are advised to consult the 'Risk Factors' section in the company's SEC filings for a comprehensive understanding of these risks - The press release contains forward-looking statements concerning future plans, prospects, strategies, and the potential of its drug candidates[16](index=16&type=chunk) - These statements are not guarantees of future performance and are subject to risks and uncertainties, including the ability to advance drug candidates, timing of clinical trials, and funding[16](index=16&type=chunk) - Readers are cautioned not to place undue reliance on these statements and are referred to the "Risk Factors" section of Nurix's Quarterly Report on Form 10-Q for more details[16](index=16&type=chunk)

Core Insights - Nurix Therapeutics reported significant advancements in its clinical programs, including the presentation of updated data for bexobrutideg and the extension of collaborations with Sanofi and Gilead [1][2][3] Clinical Developments - Updated Phase 1 clinical data for bexobrutideg (NX-5948) showed an objective response rate (ORR) of 80.9% in patients with relapsed or refractory chronic lymphocytic leukemia (CLL), with durable responses and a favorable safety profile [3][4] - The FDA cleared the IND application for GS-6791/NX-0479, a novel IRAK4 degrader, allowing Gilead to initiate Phase 1 trials [1][3] - The European Medicines Agency granted Orphan Drug Designation to bexobrutideg for lymphoplasmacytic lymphoma, providing incentives for its development [5] Financial Performance - Revenue for the fiscal quarter ended May 31, 2025, was $44.1 million, a significant increase from $12.1 million in the same quarter of 2024, primarily due to a $30 million license revenue from bexobrutideg [6][9] - Research and development expenses rose to $78.1 million from $48.9 million year-over-year, reflecting increased clinical and manufacturing costs [8][9] - The net loss for the quarter was $43.5 million, or $0.52 per share, compared to a net loss of $44.5 million, or $0.71 per share, in the prior year [9][10] Strategic Collaborations - Sanofi extended its license for Nurix's STAT6 program, resulting in a $15 million payment, with potential for an additional $465 million in future milestones [3][6] - Nurix continues to advance its collaborations with Gilead and Pfizer, expecting to achieve further research milestones [6][7] Cash Position - As of May 31, 2025, Nurix had cash and marketable securities totaling $485.8 million, down from $609.6 million as of November 30, 2024 [10][15]

Bexobrutideg Clinical Trial Updates - Bexobrutideg demonstrates rapid and durable clinical responses in relapsed/refractory CLL, with updated findings from an ongoing Phase 1a study presented at EHA 2025[5,9] - Bexobrutideg shows high clinical activity and tolerable safety in an ongoing Phase 1a/b study in patients with Waldenström macroglobulinemia (WM)[5,9] - In CLL patients, the objective response rate (ORR) was 80.9% (95% CI: 66.7–90.9), with 1 (2.1%) complete response (CR) and 37 (78.7%) partial responses (PR)[24] - In WM patients, the objective response rate (ORR) was 84.2%, with 2 (10.5%) very good partial responses (VGPR) and 11 (57.9%) partial responses (PR)[47] Bexobrutideg Safety and Tolerability - Bexobrutideg is well-tolerated in patients with relapsed/refractory CLL, with purpura/contusion (45.8%), diarrhea (31.3%), and fatigue (31.3%) being the most common treatment-emergent adverse events (TEAEs)[22] - In WM patients, the most common TEAEs were petechiae (27.3%), diarrhea (22.7%), and purpura/contusion (18.2%), with a favorable safety profile and no new safety signals[45] Bexobrutideg Mechanism and Market Potential - Bexobrutideg is a novel small molecule BTK degrader that can overcome treatment-emergent BTKi resistance mutations and disrupt BTK scaffolding[15,54] - The total BTKi sales were $10.6 billion in 2024 and projected worldwide sales for BTK-targeting agents in CLL are expected to exceed $15 billion by 2028[75] - Nurix is advancing bexobrutideg in CLL with a first pivotal study to be initiated in 2025, positioned to lead a new class of therapeutics in CLL[66] Regulatory Designations - Bexobrutideg has received U S Fast Track Designation from the FDA for CLL (January 2024) and WM (December 2024)[62,61] - Bexobrutideg has received EU PRIME designation from EMA in November 2024[62]

Core Insights - Nurix Therapeutics, Inc. has received Orphan Drug Designation from the European Medicines Agency for bexobrutideg (NX-5948) aimed at treating lymphoplasmacytic lymphoma, highlighting the drug's potential in addressing significant unmet medical needs in this rare blood cancer [1][3][4] Company Overview - Nurix Therapeutics is a clinical-stage biopharmaceutical company focused on developing targeted protein degradation medicines, which represent a new frontier in drug design for cancer and inflammatory diseases [6][7] - The company's pipeline includes degraders of Bruton's tyrosine kinase (BTK) and inhibitors of CBL-B, with ongoing collaborations with major pharmaceutical companies like Gilead Sciences, Sanofi, and Pfizer [6] Drug Development Progress - Bexobrutideg is currently undergoing a Phase 1a/b clinical trial for adults with relapsed or refractory B-cell malignancies, including Waldenström macroglobulinemia, with early safety and efficacy data showing promise for durable outcomes [5][6] - The drug has previously received Fast Track designation from the U.S. FDA for multiple indications, including treatment for Waldenström macroglobulinemia and chronic lymphocytic leukemia/small lymphocytic lymphoma [4][5] Regulatory Designation Benefits - The Orphan Drug Designation provides several incentives, including 10 years of market exclusivity in the EU upon approval, access to protocol assistance, eligibility for centralized marketing authorization, and significant reductions in regulatory fees [2]

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for Nurix Therapeutics, Inc. (NRIX) due to higher revenues, with a focus on how actual results will compare to estimates [1][3]. Earnings Expectations - The consensus estimate predicts a quarterly loss of $0.70 per share, reflecting a year-over-year change of +1.4% [3][19]. - Expected revenues are $19.81 million, which represents a significant increase of 63.9% from the same quarter last year [3][19]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [4][19]. - The Most Accurate Estimate is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +4.74%, suggesting a bullish outlook from analysts [12][19]. Earnings Surprise Potential - A positive Earnings ESP reading indicates a higher likelihood of an earnings beat, especially when combined with a Zacks Rank of 2 (Buy) [10][12]. - Nurix Therapeutics has a Zacks Rank of 2, enhancing the probability of surpassing the consensus EPS estimate [12][20]. Historical Performance - In the last reported quarter, Nurix Therapeutics was expected to post a loss of $0.72 per share but actually reported a loss of -$0.67, resulting in a surprise of +6.94% [13]. - Over the past four quarters, the company has only beaten consensus EPS estimates once [14].

Core Viewpoint - Nurix Therapeutics, Inc. (NRIX) has seen a 2.3% increase in share price over the past four weeks, closing at $12.44, with analysts suggesting a potential upside of 143.4% based on a mean price target of $30.28 [1] Price Targets - The average of 18 short-term price targets ranges from a low of $16.00 to a high of $41.00, with a standard deviation of $6.49, indicating variability among estimates [2] - The lowest estimate suggests a 28.6% increase from the current price, while the highest estimate indicates a 229.6% upside [2] Analyst Consensus and Earnings Estimates - Analysts are optimistic about NRIX's earnings prospects, as indicated by a positive trend in earnings estimate revisions, which historically correlates with stock price movements [4][11] - Over the last 30 days, the Zacks Consensus Estimate for the current year has increased by 0.7%, with two estimates moving higher and no negative revisions [12] Zacks Rank - NRIX currently holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] Price Movement Guidance - While the consensus price target may not be a reliable indicator of the extent of potential gains, it does provide a directional guide for price movement [14]

Summary of Nurix Therapeutics (NRIX) Investor Call - June 12, 2025 Company Overview - **Company**: Nurix Therapeutics - **Product**: Bexabrutinib (NRX-5948) - **Focus**: Treatment of Chronic Lymphocytic Leukemia (CLL) and Waldenstrom's Macroglobulinemia Key Points Clinical Updates - **Clinical Trials**: Updates were provided on the phase one trials of Bexabrutinib, particularly focusing on patients with relapsed refractory CLL and Waldenstrom's Macroglobulinemia [2][3][4] - **Efficacy**: The overall response rate (ORR) for Bexabrutinib in relapsed refractory CLL is reported at **80.9%**, with a complete response (CR) in one patient and a partial response (PR) in **78.7%** of patients [13][20] - **Patient Demographics**: The median age of patients in the CLL study is **68.5 years**, with a heavily pretreated population having a median of **four prior lines of therapy** [9][19] - **Safety Profile**: Bexabrutinib has shown a favorable safety profile with no new safety signals reported. The most common adverse events were minor infections, which are common in CLL patients [12][27] Market Potential - **Market Size**: The BTK inhibitor market is projected to grow from **$9 billion** in 2024 to over **$15 billion** by 2028, indicating a substantial opportunity for Bexabrutinib [38] - **Patient Population**: Over **55,000 patients** start therapy for CLL each year, with significant numbers initiating therapy in various lines of treatment [39][40] Regulatory Progress - **Fast Track Designation**: Bexabrutinib received fast track designation from the FDA, supporting an accelerated pathway for registration [31] - **Future Trials**: Plans for pivotal trials in 2025 were discussed, including a single-arm phase two study for relapsed refractory CLL patients and combination trials with BCL-2 inhibitors [33][34] Competitive Landscape - **Positioning**: Bexabrutinib is positioned as a best-in-class BTK degrader, with the potential to address unmet medical needs in CLL and Waldenstrom's [30][37] - **CNS Activity**: The drug has shown promising CNS activity, which may differentiate it from competitors that exclude patients with CNS lesions [91][98] Additional Insights - **Patient Response**: The median time to response for patients is reported at **1.9 months**, with ongoing monitoring for deepening responses over time [16][20] - **Combination Therapy**: There is a focus on combination therapies as the emerging standard of care, with plans to explore this in future studies [104] Conclusion - **Future Outlook**: Nurix Therapeutics is optimistic about the potential of Bexabrutinib to shape the future standard of care in CLL and Waldenstrom's Macroglobulinemia, with ongoing clinical trials and regulatory discussions paving the way for its market entry [34][43]

Core Viewpoint - Nurix Therapeutics is set to present new data from the ongoing Phase 1 clinical trial of bexobrutideg (NX-5948) at the European Hematology Association Congress, highlighting the company's focus on targeted protein degradation medicines for cancer treatment [1][5]. Company Overview - Nurix Therapeutics is a clinical-stage biopharmaceutical company specializing in the discovery, development, and commercialization of targeted protein degradation medicines aimed at improving treatment options for cancer and inflammatory diseases [5]. - The company's pipeline includes degraders of Bruton's tyrosine kinase (BTK) and inhibitors of Casitas B-lineage lymphoma proto-oncogene B (CBL-B), with a focus on innovative drug design [5]. - Nurix is advancing multiple potentially first-in-class or best-in-class degraders and degrader antibody conjugates (DACs) in its preclinical pipeline, supported by a fully AI-integrated discovery engine [5]. Clinical Trial Information - Bexobrutideg (NX-5948) is an investigational, orally bioavailable small molecule degrader of BTK, currently evaluated in a Phase 1 clinical trial for patients with relapsed or refractory B cell malignancies [4]. - The ongoing clinical trial can be accessed for additional information at clinicaltrials.gov (NCT05131022) [4]. Upcoming Presentations - The company will host a webcast conference call on June 12, 2025, to discuss the new data from the Phase 1 clinical trial, which will be presented at the EHA2025 [1][2]. - Presentations at EHA2025 include findings on the clinical activity and safety of bexobrutideg in patients with chronic lymphocytic leukemia (CLL) and Waldenström macroglobulinemia, scheduled for June 13 and June 14, respectively [6].

Summary of Nurix Therapeutics (NRIX) Conference Call Company Overview - **Company**: Nurix Therapeutics (NRIX) - **Focus**: Development of degrader therapies, particularly in oncology and autoimmune diseases Key Points Product Development and Clinical Trials - **Bexdeg (NRX-5948)**: A degrader therapy currently in phase 1a trials, with updates expected by the end of the year for phase 1b data [6][10] - **Regulatory Updates**: A formal update on pivotal studies is anticipated mid-year, including feedback from the FDA regarding study design and dosing [9][10] - **Phase 2 and Phase 3 Studies**: Plans for a single-arm phase 2 study in CLL and a confirmatory randomized phase 3 study are in development, with details to be disclosed later this year [10][11] - **Waldenstrom's Group**: Approximately 80% response rate observed, similar to CLL, indicating strong activity across various indications [23][24] Strategic Focus - **Prioritization**: CLL is the primary focus, with resources allocated to maximize impact in this area [24][25] - **BTK Degrader Mechanism**: The rationale for using a BTK degrader includes addressing severe life-threatening conditions with high unmet medical needs, aiming for rapid data readouts and targeting large markets [27][30] Safety and Efficacy - **Safety Profile**: The degrader mechanism may offer a better safety profile compared to traditional inhibitors, with lower required drug levels and reduced off-target effects [34][35] - **Efficacy**: Degradation of the target protein may provide a more comprehensive therapeutic effect by eliminating both enzymatic and scaffolding functions of the protein [36] Partnerships and Collaborations - **Sanofi Partnership**: Nurix has partnered with Sanofi for the development of NX3911, a novel STAT6 degrader, with Sanofi funding IND enabling studies and phase 1 trials [46][47] - **Gilead Collaboration**: An agreement with Gilead for the Abreq4 degrader, with updates expected as they move into healthy volunteer studies [64] Pipeline Updates - **Other Pipeline Candidates**: Updates on additional candidates, including a sibyl inhibitor (1607) and another candidate (2127), are expected, with the sibyl inhibitor showing promise in a phase 1a trial across 11 solid tumors [68][69] Market Position and Future Outlook - **Market Opportunity**: The company is positioned to capitalize on a large autoimmune landscape, with potential for multiple successful products in the market [62][63] - **Competitive Edge**: Nurix aims to be best in class with its programs, leveraging its partnerships and innovative approaches to drug development [61][62] Additional Insights - **Enrollment and Data Disclosure**: Enrollment rates for ongoing studies will dictate the timing of data disclosures, particularly for the CLL cohort with warm autoimmune hemolytic anemia [38][39] - **Regulatory Strategy**: The company is focused on designing studies that are relevant to both U.S. and global populations, ensuring broad applicability of their findings [21][22]

Company Overview - Nurix Therapeutics, Inc. (NRIX) shares increased by 14.2% to close at $12.14, following a period of 5.7% loss over the past four weeks, indicating a significant rebound in stock performance [1][2] Licensing Agreement - Sanofi has exercised its option to exclusively license Nurix's STAT6 program, which includes the development candidate NX-3911, an oral and highly selective STAT6 degrader. Nurix is set to receive a license extension fee of $15 million and is eligible for up to $465 million in potential milestone payments, along with royalties on future sales [2] Financial Expectations - The company is expected to report a quarterly loss of $0.73 per share, reflecting a year-over-year change of -2.8%. Revenue is anticipated to be $17.31 million, representing a 43.2% increase from the same quarter last year [3] Earnings Estimate Revisions - The consensus EPS estimate for Nurix has been revised 1.1% higher over the last 30 days, suggesting a positive trend that may lead to price appreciation in the future [4] Industry Context - Nurix Therapeutics operates within the Zacks Medical - Biomedical and Genetics industry, where another company, Argenx SE (ARGX), saw a 2% increase in its stock price, closing at $584.61, despite a -11.8% return over the past month [4]