Nurix Therapeutics Reports 11.3% Revenue Growth, $56.4 Million Net Loss for Quarter Ended February 28, 2025

Nurix Therapeutics, Inc. reported its financial results for the three months ended February 28, 2025, revealing a total revenue of $18.5 million, a 11.3% increase from $16.6 million in the same period last year. The growth in revenue was primarily driven by a significant rise in collaboration revenue from its partnership with Sanofi, which increased to $12.8 million from $8.3 million year-over-year. However, revenue from the collaboration with Gilead decreased to $1.7 million from $4.6 million, reflecting the conclusion of the initial research term for certain drug targets. The company incurred a net loss of $56.4 million, compared to a net loss of $41.5 million in the prior year, attributed to increased research and development expenses.

Operating expenses for the quarter totaled $81.3 million, up from $61.8 million in the previous year, with research and development costs rising to $69.7 million from $50.0 million. This increase was largely due to heightened clinical, contract manufacturing, and consulting costs as the company accelerated patient enrollment in ongoing clinical trials for its lead drug candidates, bexobrutideg (NX-5948), NX-2127, and NX-1607. General and administrative expenses slightly decreased to $11.7 million from $11.8 million.

As of February 28, 2025, Nurix had cash, cash equivalents, and marketable securities amounting to $549.7 million, which the company believes is sufficient to fund its operations for at least the next 12 months. The company has not generated any revenue from product sales and has relied heavily on collaboration agreements and equity offerings to finance its operations. Nurix anticipates needing substantial additional funding to support ongoing clinical trials and the development of its drug candidates.

In terms of strategic developments, Nurix has entered into significant collaborations with major pharmaceutical companies, including Gilead, Sanofi, and Pfizer, which have provided a total of $440 million in non-dilutive financing to date. The company is eligible to receive up to $7.1 billion in potential future fees and milestone payments from these collaborations. Additionally, Nurix has recently signed a sublease agreement for a new research and development facility in Brisbane, California, which is expected to commence in the first half of 2025.

Looking ahead, Nurix plans to continue advancing its clinical trials and expanding its drug candidate pipeline. The company is focused on obtaining marketing approvals for its lead candidates and is preparing for the initiation of pivotal trials for bexobrutideg in 2025. However, the company acknowledges the inherent risks and uncertainties associated with drug development, including the potential for delays in clinical trials and regulatory approvals, which could impact its ability to generate revenue in the future.