[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)

[PART I - FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Consolidated Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) Net income rose 40% to $7.0 million on higher royalty income, despite an 8% revenue drop, while assets and operating cash flow grew Consolidated Balance Sheet Highlights (in thousands) | Account | May 31, 2025 | August 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and cash equivalents | $14,392 | $21,946 | ($7,554) | | Land under development | $8,068 | $3,647 | $4,421 | | Reimbursable public improvements (Net) | $40,600 | $40,964 | ($364) | | Investments in water and water systems, net | $64,954 | $60,486 | $4,468 | | Total assets | $151,739 | $147,354 | $4,385 | | **Liabilities & Equity** | | | | | Total liabilities | $15,064 | $17,652 | ($2,588) | | Total shareholders' equity | $136,675 | $129,702 | $6,973 | Consolidated Income Statement Highlights (in thousands) | Account | Nine Months Ended May 31, 2025 | Nine Months Ended May 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total revenues | $14,887 | $16,187 | -8% | | Cost of revenues | $6,437 | $6,202 | +4% | | Operating income | $1,726 | $4,456 | -61% | | Oil and gas royalty income, net | $5,857 | $479 | +1123% | | Net income | $7,002 | $5,008 | +40% | | Diluted EPS | $0.29 | $0.21 | +38% | Consolidated Cash Flow Highlights (in thousands) | Activity | Nine Months Ended May 31, 2025 | Nine Months Ended May 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $3,799 | ($793) | $4,592 | | Net cash used in investing activities | ($8,350) | ($3,991) | ($4,359) | | Net cash used in financing activities | ($350) | ($462) | $112 | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail segment performance, revenue drivers, related-party transactions, and debt obligations [Revenue Analysis](index=14&type=section&id=NOTE%203%20%E2%80%93%20REVENUES%2C%20FEES%20AND%20OTHER%20INCOME%20ITEMS) A surge in tap fee revenue to $5.3 million was offset by declines in lot sales and commercial water usage revenue - For the nine months ended May 31, 2025, the company sold 130 water taps and 127 wastewater taps, generating **$5.3 million in revenue**, a significant increase from 35 water and 33 wastewater taps sold for $1.2 million in the prior year period[33](index=33&type=chunk) - Metered water sales revenue for the nine months ended May 31, 2025, **decreased to $2.1 million** from $5.8 million in the prior year, primarily due to a drop in water sold to industrial users like oil and gas companies[34](index=34&type=chunk) - Lot sales revenue, recognized using the percent-of-completion method for the Sky Ranch development, was **$6.0 million** for the nine months ended May 31, 2025, compared to $7.9 million in the same period of 2024[35](index=35&type=chunk) - The company is expanding its single-family rental portfolio, with **14 homes currently rented** and has reserved an additional **84 lots** in Sky Ranch for future rentals, aiming for a total of 98 units[38](index=38&type=chunk)[39](index=39&type=chunk) [Segment Information](index=30&type=section&id=NOTE%2011%20%E2%80%93%20SEGMENT%20INFORMATION) The Water segment's profit grew while Land Development profit declined, with assets concentrated in the Water segment Segment Profit (Loss) (in thousands) | Segment | Nine Months Ended May 31, 2025 | Nine Months Ended May 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Water and wastewater resource development | $4,142 | $3,883 | +7% | | Land development | $4,068 | $5,906 | -31% | | Single-family rental | $240 | $196 | +22% | Total Assets by Segment (in thousands) | Segment | May 31, 2025 | August 31, 2024 | | :--- | :--- | :--- | | Water and wastewater resource development | $68,588 | $64,616 | | Land development | $11,497 | $8,521 | | Single-family rental | $5,272 | $5,371 | | Corporate | $66,382 | $68,846 | | **Total assets** | **$151,739** | **$147,354** | [Debt and Other Long-Term Obligations](index=19&type=section&id=NOTE%206%20%E2%80%93%20DEBT%20AND%20OTHER%20LONG-TERM%20OBLIGATIONS) Total debt stood at $6.9 million, with an undrawn $5.0 million credit line and $6 million in letters of credit Outstanding Debt Principal (in thousands) | Loan | May 31, 2025 | | :--- | :--- | | Single-Family Rental Home Note Payable | $3,908 | | Lost Creek Note Payable | $3,000 | | **Total outstanding principal** | **$6,908** | - On January 31, 2024, the company entered into a **$5.0 million working capital line of credit**, which was undrawn as of May 31, 2025[60](index=60&type=chunk) - The company has **$6 million in outstanding Irrevocable Letters of Credit** to guarantee performance on construction projects at Sky Ranch, secured by restricted cash[61](index=61&type=chunk) [Related Party Transactions](index=26&type=section&id=NOTE%208%20%E2%80%93%20RELATED%20PARTY%20TRANSACTIONS) The company holds a $40.6 million net receivable from the Sky Ranch CAB for public infrastructure advancements - The note receivable from the Sky Ranch CAB, for reimbursable public improvements and other fees, had a balance of **$40.6 million** as of May 31, 2025[30](index=30&type=chunk)[79](index=79&type=chunk) - During the nine months ended May 31, 2025, the company advanced **$9.4 million** for public improvements and received payments of **$11.4 million** from the Sky Ranch CAB[28](index=28&type=chunk) - Significant customers for the nine months ended May 31, 2025, included homebuilders **Lennar (21% of total revenue)** and **KB Home (20%)**, and two oil & gas operators (6%)[83](index=83&type=chunk)[84](index=84&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=33&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net income grew 40% to $7.0 million driven by royalty income, with sufficient liquidity to navigate housing market headwinds [Business Overview and Strategy](index=35&type=section&id=Our%20Business%20Strategy) The company's strategy integrates water services, land development, and rentals at its Sky Ranch community - The company operates a cohesive business model combining water/wastewater services, land development at the Sky Ranch master-planned community, and a single-family rental business[97](index=97&type=chunk)[104](index=104&type=chunk) - The Sky Ranch development is being built in phases; as of May 31, 2025, **Phase 2A is 100% complete**, **Phase 2B is 96% complete**, **Phase 2C is 68% complete**, and **Phase 2D is 29% complete**[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk) - The company is expanding its single-family rental business, with **14 homes completed and rented**, and plans to build on an additional **84 reserved lots** in Phase 2 of Sky Ranch[120](index=120&type=chunk) - For Phase 2 of Sky Ranch, the company estimates total water and wastewater tap fees will **exceed $20.0 million**[119](index=119&type=chunk) [Results of Operations](index=41&type=section&id=Results%20of%20Operations) Net income rose 40% to $7.0 million, driven by a 220% surge in other income that offset an 8% revenue decline Consolidated Results of Operations (in thousands) | Account | Nine Months Ended May 31, 2025 | Nine Months Ended May 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total revenue | $14,887 | $16,187 | -8% | | Operating income | $1,726 | $4,456 | -61% | | Other income, net | $7,551 | $2,357 | +220% | | Net income | $7,002 | $5,008 | +40% | - Water and wastewater tap fee revenue **increased 355% to $5.3 million** for the nine months ended May 31, 2025, due to the timing of lot deliveries at Sky Ranch[131](index=131&type=chunk)[133](index=133&type=chunk) - Commercial water usage revenue **decreased 74% to $1.3 million** for the nine months ended May 31, 2025, due to a decline in water sales to oil and gas operators[131](index=131&type=chunk) - Lot sales revenue **decreased 24% to $6.0 million** for the nine months ended May 31, 2025, due to the timing of construction activities recognized under the percentage of completion method[134](index=134&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%2C%20Capital%20Resources%20and%20Financial%20Position) The company holds $18.1 million in working capital and generated $3.8 million in operating cash flow - As of May 31, 2025, the company had working capital of **$18.1 million**, including **$14.4 million in cash and cash equivalents**, which is considered sufficient to fund operations for the next 12 months[137](index=137&type=chunk) - For the next 12 months, the company anticipates **spending up to $18.4 million** on Sky Ranch infrastructure and **receiving approximately $28.0 million** in milestone and finished lot payments from builders[138](index=138&type=chunk) Summary of Cash Flows (in thousands) | Activity | Nine Months Ended May 31, 2025 | Nine Months Ended May 31, 2024 | | :--- | :--- | :--- | | Operating activities | $3,799 | ($793) | | Investing activities | ($8,350) | ($3,991) | | Financing activities | ($350) | ($462) | [PART II - OTHER INFORMATION](index=49&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) A court denied the company's application for new water rights, though existing rights were unaffected - On February 7, 2025, a Colorado Water Court **denied the company's application for 1,635 acre-feet of new water rights** from the Box Elder Creek Alluvial aquifer and the consolidation and enlargement of certain reservoirs[52](index=52&type=chunk)[147](index=147&type=chunk) - The court's ruling **did not impact the company's existing water rights** or reservoir storage sites, and the company is working towards a settlement on three outstanding claims[147](index=147&type=chunk) [Share Repurchases](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 2,000 shares in the quarter, with 112,074 shares remaining under the buyback program Common Stock Repurchases (Quarter Ended May 31, 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Shares Remaining in Program | | :--- | :--- | :--- | :--- | | April 2025 | 2,000 | $10.19 | 112,074 | | **Total** | **2,000** | **$10.19** | **112,074** | [Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls - Management concluded that as of May 31, 2025, the company's **disclosure controls and procedures were effective**[144](index=144&type=chunk) - **No material changes** were made to internal control over financial reporting during the quarter[145](index=145&type=chunk)

For further information Contact: Krysta Larson (651) 355-4587 Krysta.Larson@chsinc.com CHS Reports $232.2 Million in Fiscal 2025 Third-Quarter Net Income Strong spring agronomy season lifts ag results ST. PAUL, MINN. (July 9, 2025) - CHS Inc., the nation's leading agribusiness cooperative, today released results for its third quarter of fiscal year 2025. The company reported net income of $232.2 million and revenues of $9.8 billion for the quarter that ended May 31, 2025, compared to net income of $297.3 mi ...

For further information Contact: Krysta Larson (651) 355-4587 Krysta.Larson@chsinc.com CHS Reports $232.2 Million in Fiscal 2025 Third-Quarter Net Income Strong spring agronomy season lifts ag results ST. PAUL, MINN. (July 9, 2025) - CHS Inc., the nation's leading agribusiness cooperative, today released results for its third quarter of fiscal year 2025. The company reported net income of $232.2 million and revenues of $9.8 billion for the quarter that ended May 31, 2025, compared to net income of $297.3 mi ...

For further information Contact: Krysta Larson (651) 355-4587 Krysta.Larson@chsinc.com Strong spring agronomy season lifts ag results ST. PAUL, MINN. (July 9, 2025) - CHS Inc., the nation's leading agribusiness cooperative, today released results for its third quarter of fiscal year 2025. The company reported net income of $232.2 million and revenues of $9.8 billion for the quarter that ended May 31, 2025, compared to net income of $297.3 million and revenues of $9.6 billion in the third quarter of fiscal y ...

Strong spring agronomy season lifts ag results ST. PAUL, MINN. (July 9, 2025) - CHS Inc., the nation's leading agribusiness cooperative, today released results for its third quarter of fiscal year 2025. The company reported net income of $232.2 million and revenues of $9.8 billion for the quarter that ended May 31, 2025, compared to net income of $297.3 million and revenues of $9.6 billion in the third quarter of fiscal year 2024. For the first nine months of fiscal year 2025, the company reported net incom ...

For further information Contact: Krysta Larson (651) 355-4587 Krysta.Larson@chsinc.com CHS Reports $232.2 Million in Fiscal 2025 Third-Quarter Net Income Strong spring agronomy season lifts ag results ST. PAUL, MINN. (July 9, 2025) - CHS Inc., the nation's leading agribusiness cooperative, today released results for its third quarter of fiscal year 2025. The company reported net income of $232.2 million and revenues of $9.8 billion for the quarter that ended May 31, 2025, compared to net income of $297.3 mi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Table of Contents ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission file number: 001-36079 CHS Inc. (Exact name of Registrant as specified in its charter) ☑ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended May 31, 2025 or Minnesota 41-0251095 (I.R.S. Employer Identification ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (State or other jurisdiction of incorporation or organization) Minnesota 41-0251095 Form 10-Q ☑ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended May 31, 2025 or ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission file number: 001-36079 CHS Inc. (Exact name of Registra ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended May 31, 2025 or ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission file number: 001-36079 CHS Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or org ...