Nurix Therapeutics(NRIX) - 2025 Q2 - Quarterly Results

Report Highlights 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] - Secured a $15 million license fee from Sanofi for the extension of the STAT6 collaboration to target type 2 inflammatory diseases[1] - 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] - The company is well capitalized with cash and marketable securities of $485.8 million as of May 31, 2025[1][14] Recent Business Highlights 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] - 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] - 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] - 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] - 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][5][6] Upcoming Program Highlights 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] - Zelebrudomide (NX-2127): Currently enrolling a dose escalation study with a new drug product. Future clinical updates are expected in H2 2025[8] - NX-1607: Ongoing Phase 1 trial in adults with various oncology indications. Clinical updates are anticipated in H2 2025[9] - Strategic Collaborations: Expects to achieve substantial research collaboration milestones with partners Gilead, Sanofi, and Pfizer[10] Fiscal Second Quarter 2025 Financial Results 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] - 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] - 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] Financial Statements 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 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 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. 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] - 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] - Maintains strategic collaboration agreements with Gilead Sciences, Sanofi, and Pfizer for preclinical stage degraders of IRAK4, STAT6, and other programs[15] Forward-Looking Statements 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] - 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] - 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]