Nurix Therapeutics(NRIX) - 2025 Q1 - Quarterly Results

Revenue Performance - Revenue for Q1 2025 was $18.5 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, 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, 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 $15 million license extension payment post-quarter[12] - Research and development expenses for Q1 2025 were $69.7 million, compared to $50 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, 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 $0.67 per share, compared to a net loss of $41.5 million, or $0.76 per share, in Q1 2024[14] - Net loss for the period was $56,351,000, compared to a net loss of $41,518,000 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] - Accumulated deficit increased to $(795,120,000) from $(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 $609.6 million as of November 30, 2024[15] - Total current assets decreased to $563,703,000 from $619,387,000, a decline of 9.0%[22] - Cash and cash equivalents decreased to $75,916,000 from $109,997,000, 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]