Nurix Therapeutics — Third Quarter 2026 Earnings Summary

Financial Performance

• Revenue for the three months ended August 31, 2026, was $673.1 million, compared to $7.9 million for the same period in 2025.
• Revenue increase was driven by $653.2 million in license revenue from the Roche collaboration and a $10.0 million development milestone from Sanofi.
• Research and development expenses were $79.3 million for the quarter, down from $86.1 million in the prior year period, primarily due to cost sharing with Roche.
• General and administrative expenses were $34.4 million, up from $13.2 million in the prior year period, attributed to one-time expenses for consulting and business development related to the Roche transaction.
• Net income for the quarter was $549.8 million ($4.73 per diluted share), compared to a net loss of $86.4 million ($1.03 per basic and diluted share) in the prior year.
• Cash, cash equivalents, and marketable securities totaled $1.1 billion as of August 31, 2026, up from $592.9 million as of November 30, 2025.
• Deferred revenue decreased to $19.4 million total ($8.6 million current, $10.8 million non-current) from $27.6 million ($17.6 million current, $10.0 million non-current) as of November 30, 2025.
• Deferred collaboration funding of $45.6 million total ($22.2 million current, $23.4 million non-current) was recorded as of August 31, 2026, compared to zero in the prior period.

Guidance and Future Outlook

• The company has a cash runway extending into the second half of 2029.
• Management indicated a transition to executing a broader clinical strategy to realize the potential of bexobrutideg across multiple lines of therapy in oncology and auto-immune disease.

Business Segments and Product Lines

• Bexobrutideg (Roche Collaboration): Entered a global collaboration with Roche to co-develop and co-commercialize the asset across malignant hematology, immunology, and neurology. Development costs are shared 40% by Nurix and 60% by Roche; U.S. profits and losses are shared equally; Nurix receives tiered royalties on ex-U.S. sales.
• Bexobrutideg Clinical Trials: Enrolled the first patient in the Phase 3 registrational DAYBreak CLL-306 trial (approx. 620 patients) comparing bexobrutideg to pirtobrutinib in relapsed/refractory CLL/SLL. Continued enrollment in the pivotal Phase 2 DAYBreak CLL-201 trial. Initiated recruiting for the Phase 1b/2 NX-5948-203 combination study with venetoclax.
• Bexobrutideg Data: Presented Phase 1a/1b data showing a median progression-free survival of 22.1 months and an objective response rate (ORR) of 83.0% in heavily pretreated patients. Phase 1b data in earlier lines showed an ORR of 92.9% in BTK inhibitor-treated, BCL2 inhibitor-naïve patients.
• NX-1607 (Wholly Owned): Advanced into Phase 1b expansion cohorts for MSS CRC, NSCLC, CRPC, and melanoma, with the first patient dosed in September 2026. Also initiated a Phase 1a combination cohort with pembrolizumab.
• Sanofi Collaboration: Sanofi initiated a Phase 1 first-in-human trial for the STAT6 degrader (SAR448272/NX-3911), triggering a $10 million milestone payment. Total earned under this collaboration is now approximately $139 million, with up to $455 million in future milestones and potential royalties.
• Gilead Collaboration: Extended the research term for one oncology program by two years, receiving a $10 million one-time fee. Gilead continues advancing the IRAK4 degrader (GS-6791) in a Phase 1 study; Nurix retains an option to opt into a 50/50 U.S. profit share after Phase 1.
• Pfizer Collaboration: Achieved a $7 million milestone under the strategic collaboration.
• NX-2127: Discontinued clinical development as part of portfolio prioritization; patients may continue treatment under standard of care with essential safety monitoring.

Market and Competitive Landscape

• The Phase 3 DAYBreak CLL-306 trial is designed to evaluate the potential superiority of bexobrutideg versus pirtobrutinib.
• Bexobrutideg is being developed for expansion into immune-mediated diseases including chronic spontaneous urticaria (CSU) and multiple sclerosis (MS).
• The company positions its targeted protein degradation platform as a new frontier in drug discovery with an AI-integrated discovery engine.

Risks and Challenges

• Forward-looking statements highlight risks including the ability to advance drug candidates, obtain regulatory approval, and commercialize products.
• Risks include uncertainties regarding clinical trial timing and results, emergence of adverse events, funding capabilities, and receipt of milestone payments from partners.
• Specific risks include the success of co-commercialization with Roche in the U.S., protection of intellectual property, and the ability to fund development obligations under the Roche collaboration.

Management Commentary and Tone

• Arthur T. Sands, M.D., Ph.D., President and CEO, described the quarter as an "important transition" moving bexobrutideg into Phase 3 and executing a broader clinical strategy.
• Management highlighted the advancement of the STAT6 degrader into the clinic and the expansion of NX-1607 into four solid tumor indications.

Other Key Points

• The company received a $700 million upfront payment as part of the Roche collaboration close, contributing to the $1.1 billion cash position.
• The Hart-Scott-Rodino requirement for the Roche collaboration was cleared during the quarter.
• Bexobrutideg is described as an orally bioavailable, brain-penetrant, highly selective BTK degrader.
• The company is headquartered in Brisbane, California.