Nurix Therapeutics(NRIX) - 2024 Q1 - Quarterly Results

Financial Performance - Revenue for Q1 2024 was $16.6 million, up 30.5% from $12.7 million in Q1 2023, primarily due to collaboration with Pfizer and Sanofi[6] - Net loss for Q1 2024 was $41.5 million, or ($0.76) per share, compared to a net loss of $40.7 million, or ($0.75) per share, in Q1 2023[8] Expenses - Research and development expenses increased to $50.0 million in Q1 2024 from $45.8 million in Q1 2023, driven by clinical and manufacturing costs[7] - General and administrative expenses rose to $11.8 million in Q1 2024 compared to $9.8 million in Q1 2023, mainly due to higher stock-based compensation and professional service costs[8] Cash and Assets - Cash, cash equivalents, and marketable securities totaled $254.3 million as of February 29, 2024, down from $295.3 million as of November 30, 2023[9] - Total current assets decreased from $295,503 million in November 2023 to $250,969 million in February 2024, a decline of approximately 15%[18] - Cash and cash equivalents decreased from $54,627 million to $49,813 million, a reduction of about 9%[18] - Total assets decreased from $355,598 million to $312,674 million, a reduction of approximately 12%[18] Liabilities and Equity - Total liabilities decreased from $155,105 million in November 2023 to $143,926 million in February 2024, a decrease of approximately 7%[18] - Total stockholders' equity decreased from $200,493 million to $168,748 million, reflecting a decline of about 16%[18] - Accumulated deficit increased from $545,200 million to $586,718 million, indicating a worsening financial position[18] - Deferred revenue, net of current portion decreased from $45,022 million to $34,457 million, a decline of approximately 23%[18] - Additional paid-in-capital increased from $746,299 million to $755,767 million, showing a growth of about 1.9%[18] - Operating lease liabilities, net of current portion decreased from $23,125 million to $21,846 million, a reduction of approximately 5.5%[18] - Marketable securities, current decreased from $233,281 million to $194,180 million, a decline of about 17%[18] Collaborations and Research - Nurix extended its collaboration with Gilead Sciences, resulting in a $15 million extension fee and potential future milestones of up to $1.7 billion[3] - The collaboration with Sanofi for the STAT6 program was also extended, with a clinical candidate expected to be nominated within the next twelve months[3] - Nurix presented new clinical data for NX-5948, showing meaningful responses in patients with CNS lymphoma and CLL at the AACR 2024 Annual Meeting[3] - The company is part of a research team awarded in the Cancer Grand Challenges competition, focusing on developing targeted protein degraders for pediatric cancers[3] - Nurix plans to present additional clinical data for NX-5948 in mid-2024 and define doses for Phase 1b cohort expansion in CLL and NHL[10]