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Nurix Therapeutics(NRIX) - 2025 Q1 - Quarterly Results
NRIXNurix Therapeutics(NRIX)2025-04-08 20:02

Revenue Performance - Revenue for Q1 2025 was 18.5million,upfrom18.5 million, up from 16.6 million in Q1 2024, primarily due to increased collaboration revenue with Sanofi[12] - Total revenue for the three months ended February 28, 2025, was 18,453,000,anincreaseof11.218,453,000, an increase of 11.2% compared to 16,585,000 for the same period in 2024[20] - Collaboration revenue for the period was 18,453,000,consistentwithtotalrevenue,indicatingnoadditionalrevenuestreamsreported[20]ResearchandDevelopment−Nurixachieved18,453,000, consistent with total revenue, indicating no additional revenue streams reported[20] Research and Development - Nurix achieved 7 million in research milestones from Sanofi during Q1 2025 and received a 15millionlicenseextensionpaymentpost−quarter[12]−ResearchanddevelopmentexpensesforQ12025were15 million license extension payment post-quarter[12] - Research and development expenses for Q1 2025 were 69.7 million, compared to 50millioninQ12024,drivenbyclinicalandmanufacturingcosts[13]−Researchanddevelopmentexpensesrosesignificantlyto50 million in Q1 2024, driven by clinical and manufacturing costs[13] - Research and development expenses rose significantly to 69,663,000, up from 50,005,000,reflectinga39.450,005,000, reflecting a 39.4% increase year-over-year[20] - The company is advancing multiple clinical trials for its drug candidates, including NX-2127 and NX-1607, with updates expected in 2025[6][8] - Nurix plans to initiate pivotal trials for bexobrutideg in chronic lymphocytic leukemia (CLL) in 2025[3] Financial Performance - Net loss for Q1 2025 was 56.4 million, or 0.67pershare,comparedtoanetlossof0.67 per share, compared to a net loss of 41.5 million, or 0.76pershare,inQ12024[14]−Netlossfortheperiodwas0.76 per share, in Q1 2024[14] - Net loss for the period was 56,351,000, compared to a net loss of 41,518,000intheprioryear,indicatingadeteriorationinfinancialperformance[20]−Netlosspershare,basicanddiluted,improvedslightlyto41,518,000 in the prior year, indicating a deterioration in financial performance[20] - Net loss per share, basic and diluted, improved slightly to (0.67) from (0.76)year−over−year[20]−Accumulateddeficitincreasedto(0.76) year-over-year[20] - Accumulated deficit increased to (795,120,000) from (738,769,000),indicatingaworseningfinancialposition[22]CashandAssets−Cash,cashequivalents,andmarketablesecuritiestotaled(738,769,000), indicating a worsening financial position[22] Cash and Assets - Cash, cash equivalents, and marketable securities totaled 549.7 million as of February 28, 2025, down from 609.6millionasofNovember30,2024[15]−Totalcurrentassetsdecreasedto609.6 million as of November 30, 2024[15] - Total current assets decreased to 563,703,000 from 619,387,000,adeclineof9.0619,387,000, a decline of 9.0%[22] - Cash and cash equivalents decreased to 75,916,000 from 109,997,000,representingadeclineof30.9109,997,000, representing a decline of 30.9%[22] - Total stockholders' equity decreased to 480,917,000 from $526,993,000, a decline of 8.7%[22] Collaborations and Leadership - Nurix continues to collaborate with Gilead, Sanofi, and Pfizer, expecting to achieve substantial research collaboration milestones[11] - Nurix appointed Roy D. Baynes to its board and John Northcott as chief commercial officer to enhance leadership[5] Regulatory Developments - Bexobrutideg received U.S. FDA Orphan Drug Designation for the treatment of Waldenström macroglobulinemia, providing benefits such as tax credits and market exclusivity[4]