Nurix Therapeutics Inc · Q2 2024 earnings

Briefing

Reported financial results for the second quarter ended May 31, 2024 and provided a corporate update.

Nurix Therapeutics reported collaboration revenue of $12.1 million for the second quarter of fiscal year 2024, compared to $10.7 million for the same period in 2023. The net loss for the quarter was $44.5 million, or ($0.71) per share, compared to a net loss of $24.3 million, or ($0.45) per share, for the same quarter in the previous year. The company ended the quarter with $452.5 million in cash, cash equivalents and marketable securities.

• Presented positive clinical data at the European Hematology Association Congress supporting a potential best-in-class profile for NX-5948 for the treatment of CLL.
• Strengthened leadership with appointment of Paula G. O’Connor, M.D., as chief medical officer and Pasit Phiasivongsa, Ph.D., as chief technical officer.
• Strengthened financial position ending the quarter with cash and marketable securities of $452.5 million.
• Achieved a research milestone under its collaboration with Pfizer totaling $5.0 million.

Headline financials

Revenue & EPS history

Nurix plans to present additional clinical data from the NX-5948 study for patients with CLL and NHL in the second half of 2024. Nurix plans to reinitiate enrollment with the new chirally controlled drug product in a standard dose escalation study within the current Phase 1a/1b trial in the second half of 2024. In the second half of 2024, Nurix expects to present data from the Phase 1a dose-escalation portion of the trial of NX-1607 and to define dose(s) to enable Phase 1b cohort expansion. Nurix expects to continue to achieve substantial research collaboration milestones throughout the terms of its collaborations with Gilead, Sanofi and Pfizer.