Nurix Therapeutics Reports 66% Revenue Decline and Increased Net Loss in Latest Quarter

Nurix Therapeutics, Inc. reported a significant decline in financial performance for the three months ended February 28, 2026, compared to the same period in the previous year. The company generated total revenue of $6.3 million, a decrease of 66% from $18.5 million in the prior year. This decline was primarily attributed to a drop in collaboration revenue from Sanofi, which fell to zero from $12.8 million, as the initial research term for certain drug targets concluded. In contrast, revenue from Pfizer increased to $4.7 million from $4.0 million, reflecting a higher percentage of completion of performance obligations.

Operating expenses also rose during this period, totaling $98.7 million, up from $81.3 million in the previous year, marking a 21% increase. Research and development expenses accounted for the majority of this increase, rising to $84.1 million from $69.7 million, driven by higher clinical, contract manufacturing, and consulting costs as the company accelerated patient enrollment in ongoing clinical trials. General and administrative expenses increased to $14.6 million from $11.7 million, largely due to higher personnel costs associated with an expanded workforce.

As a result of these factors, Nurix reported a net loss of $87.2 million for the quarter, compared to a net loss of $56.4 million in the same quarter of 2025. The loss per share also increased to $0.79 from $0.67, with the weighted average number of shares outstanding rising to approximately 110.1 million from 83.6 million. The company's accumulated deficit as of February 28, 2026, reached $1.1 billion.

In terms of liquidity, Nurix had cash, cash equivalents, and marketable securities totaling $540.7 million as of the end of the reporting period. The company believes this amount is sufficient to fund operations for at least the next 12 months. However, it anticipates needing substantial additional funding to support ongoing clinical trials and other operational activities. The company has indicated that it may seek to raise capital through various means, including public or private equity offerings and collaborations.

Looking ahead, Nurix remains focused on advancing its clinical pipeline, which includes targeted protein degraders for cancer treatment. The company is currently conducting clinical trials for its lead candidates, bexobrutideg and zelebrudomide, and is exploring additional collaborations to enhance its drug development efforts. Despite the current financial challenges, Nurix's management is optimistic about the potential of its drug candidates and the future of its collaborations with major pharmaceutical partners.