# **Nurix Therapeutics Reports Q2 2025 Financial Results**
*Published on July 9, 2025*
Nurix Therapeutics, Inc. (Nasdaq: NRIX), a clinical-stage biopharmaceutical company, released its financial results for the quarter ended May 31, 2025. The company provided updates on its clinical programs and collaborations. With a focus on targeted protein degradation medicines, Nurix highlighted significant progress across various therapeutic areas.
### Summary of Q2 2025 Financial Results and Business Highlights
– **Revenue**
– Total revenue for Q2 2025 was $44.1 million, a significant increase from $12.1 million in Q2 2024.
– This increase was primarily driven by a $30 million license revenue from Sanofi and a $5 million clinical milestone achieved with Gilead during the quarter.
– **Research and Development Expenses**
– Research and development expenses were $78.1 million for Q2 2025, compared to $48.9 million in Q2 2024.
– The increase was mainly attributed to clinical, contract manufacturing, and consulting costs related to accelerating patient enrollments and preparing for pivotal trials.
– **General and Administrative Expenses**
– General and administrative expenses amounted to $14.3 million for Q2 2025, up from $11.7 million in Q2 2024.
– The rise was primarily due to increased compensation, related personnel costs, and consulting expenses.
– **Net Loss**
– The net loss for Q2 2025 was $43.5 million, equivalent to ($0.52) per share, compared to $44.5 million, or ($0.71) per share, in Q2 2024.
– **Balance Sheet**
– Nurix had $485.8 million in cash, cash equivalents, and marketable securities as of May 31, 2025, compared to $609.6 million as of November 30, 2024.
### Business Updates and Achievements
– **Bexobrutideg (NX-5948)**
– Presented updated Phase 1 clinical data at EHA2025 and ICML-18, showing an 80.9% objective response rate (ORR) in patients with CLL.
– Demonstrated deepening responses over time with a favorable safety profile, supporting advancement to pivotal studies.
– **Collaboration Milestones**
– Sanofi extended its license for Nurix’s STAT6 program, triggering a $15 million payment and bringing total collaboration receipts to $127 million.
– FDA cleared the IND application for GS-6791/NX-0479, a novel IRAK4 degrader developed in collaboration with Gilead.
– **Other Highlights**
– Positive preclinical data presented at AACR 2025, showcasing the potential of Nurix’s degraders targeting oncogenic signaling pathways.
– EMA granted Orphan Drug Designation to bexobrutideg for treating lymphoplasmacytic lymphoma.
### Dividend and Share Repurchase Information
– **Dividend:** The provided text does not mention a quarterly dividend declaration by Nurix Therapeutics.
– **Share Repurchase:** The text does not indicate any share repurchase programs initiated by the company.
### Financial Metrics in Percentages
– **Revenue Increase:** Total revenue surged, growing significantly from $12.1 million in Q2 2024.
– **Research and Development Expenses Growth:** Expenses in this category increased by a substantial percentage compared to the previous year.
– **Net Loss Reduction:** Despite ongoing investments, the company managed to reduce its net loss in the quarter.
– **Cash and Marketable Securities Decrease:** The balance of cash, cash equivalents, and marketable securities decreased from the previous period.
In conclusion, Nurix Therapeutics showcased strong financial performance in Q2 2025, driven by collaboration milestones, positive clinical data presentations, and strategic advancements. The company’s focused approach on targeted protein degradation medicines reflects a promising future in addressing unmet medical needs across various therapeutic areas.
### Income Statement
| Three Months Ended May 31, 2025 | Three Months Ended May 31, 2024 | Six Months Ended May 31, 2025 | Six Months Ended May 31, 2024 | |
|---|---|---|---|---|
| Revenue: | ||||
| Collaboration revenue | $14,056 | $12,092 | $32,509 | $28,677 |
| License revenue | $30,000 | $0 | $30,000 | $0 |
| Total revenue | $44,056 | $12,092 | $62,509 | $28,677 |
| Operating expenses: | ||||
| Research and development | $78,096 | $48,922 | $147,759 | $98,927 |
| General and administrative | $14,282 | $11,710 | $25,936 | $23,509 |
| Total operating expenses | $92,378 | $60,632 | $173,695 | $122,436 |
| Loss from operations | -$48,322 | -$48,540 | -$111,186 | -$93,759 |
| Interest and other income, net | $5,618 | $4,084 | $12,131 | $7,875 |
| Loss before income taxes | -$42,704 | -$44,456 | -$99,055 | -$85,884 |
| Provision for income taxes | $760 | $90 | $760 | $180 |
| Net loss | -$43,464 | -$44,546 | -$99,815 | -$86,064 |
| Net loss per share, basic and diluted | -$0.52 | -$0.71 | -$1.19 | -$1.47 |
| Weighted-average number of shares outstanding, basic and diluted | 83,882,477 | 62,377,551 | 83,723,403 | 58,660,900 |
### Balance Sheet
| May 31, 2025 | November 30, 2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $84,260 | $109,997 |
| Marketable securities, current | $401,521 | $499,586 |
| Accounts receivable | $19,000 | $0 |
| Prepaid expenses and other current assets | $10,549 | $9,804 |
| Total current assets | $515,330 | $619,387 |
| Operating lease right-of-use assets | $50,214 | $28,139 |
| Property and equipment, net | $18,773 | $17,757 |
| Restricted cash | $901 | $901 |
| Other assets | $6,337 | $3,159 |
| Total assets | $591,555 | $669,343 |
| Liabilities and stockholders’ equity | ||
| Current liabilities: | ||
| Accounts payable | $5,954 | $11,482 |
| Accrued expenses and other current liabilities | $37,005 | $37,994 |
| Operating lease liabilities, current | $5,235 | $8,014 |
| Deferred revenue, current | $27,420 | $38,364 |
| Total current liabilities | $75,614 | $95,854 |
| Operating lease liabilities, net of current portion | $46,696 | $20,289 |
| Deferred revenue, net of current portion | $21,642 | $26,207 |
| Total liabilities | $143,952 | $142,350 |
| Stockholders’ equity: | ||
| Common stock | $76 | $76 |
| Additional paid-in-capital | $1,286,131 | $1,265,536 |
| Accumulated other comprehensive income (loss) | -$20 | $150 |
| Accumulated deficit | -$838,584 | -$738,769 |
| Total stockholders’ equity | $447,603 | $526,993 |
| Total liabilities and stockholders’ equity | $591,555 | $669,343 |
