NRIX

Nurix Therapeutics, Inc. (NRIX) - Q1 2026 Filing Summary

Business Context and Reporting Period

This Quarterly Report on Form 10-Q covers the three-month period ended February 28, 2026. Nurix Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted protein degradation medicines for cancer and inflammatory diseases. The company utilizes a proprietary DEL-AI platform to develop drug candidates, including bexobrutideg (NX-5948), zelebrudomide (NX-2127), and NX-1607. As of the filing date, the company has not generated any revenue from product sales and relies on collaboration agreements and equity financing.

Key Financial Metrics

Material Changes vs. Prior Period

• Revenue Decline: Total collaboration revenue decreased by $12.2 million (66%) to $6.3 million. This was primarily driven by the conclusion of the initial research term for certain drug targets under the Sanofi collaboration, which generated $12.8 million in the prior year but $0 in the current quarter. Revenue from the Pfizer collaboration increased by $0.8 million, and Gilead revenue remained relatively flat.
• Increased Operating Expenses: Total operating expenses rose by $17.4 million to $98.7 million. Research and development (R&D) expenses increased by $14.5 million, attributed to accelerated patient enrollment in clinical trials for bexobrutideg and zelebrudomide, increased contract research costs, and higher personnel costs due to headcount growth.
• Widened Net Loss: Net loss increased by $30.8 million to $87.2 million, reflecting the combination of lower revenue and higher operating expenses.
• Liquidity Position: Cash and marketable securities decreased by approximately $46.6 million quarter-over-quarter, primarily due to net cash used in operating activities ($71.9 million) and investing activities ($123.8 million), partially offset by financing proceeds ($20.0 million).

Guidance, Outlook, and Risks

• Liquidity Outlook: Management believes existing cash, cash equivalents, and marketable securities ($540.7 million) are sufficient to fund operations for at least the next 12 months. However, the company expects to incur substantial additional losses and will require significant additional funding to complete clinical trials and commercialization efforts.
• Clinical Progress:
  • Bexobrutideg (NX-5948): A Phase 2 study in relapsed/refractory CLL commenced in October 2025. The company holds Fast Track designations from the FDA for CLL/SLL and Waldenström's macroglobulinemia.
  • Zelebrudomide (NX-2127): Phase 1a/1b dose-escalation is ongoing following the resolution of a partial clinical hold in August 2024.
  • NX-1607: Phase 1a/1b dose-escalation is ongoing for immuno-oncology indications.
• Collaboration Milestones: The company retains options for co-development and profit sharing with Gilead, Sanofi, and Pfizer. As of February 28, 2026, the company is eligible to receive up to approximately $6.1 billion in potential future fees and milestone payments across these agreements.
• Risk Factors: Key risks include the high failure rate of clinical trials, dependence on third-party manufacturers and collaborators, the need for substantial additional capital, and the uncertainty of regulatory approvals. The company has never generated product revenue and may never achieve profitability.

Investor Verification Checklist

• Verify the timeline and enrollment rates for the pivotal Phase 2 trial of bexobrutideg (NX-5948) in CLL.
• Monitor the status of the Sanofi collaboration revenue recognition, specifically the impact of the concluded research term on future cash flows.
• Assess the burn rate relative to the $540.7 million cash position to determine the runway for future capital raises.
• Review the progress of zelebrudomide (NX-2127) dose escalation following the resolution of the previous clinical hold.
• Track the execution of the "at-the-market" (ATM) equity offering program, noting $186.3 million remaining available under the Second Amended Equity Distribution Agreement as of the period end.