Nurix Therapeutics (NRIX) Q1 2026 Financial Results Summary

On April 8, 2026, Nurix Therapeutics, Inc. (Nasdaq: NRIX) reported its financial results for the first fiscal quarter ended February 28, 2026, along with a corporate update on its clinical programs.

Key Financial Highlights

• Revenue:
  • Total revenue for Q1 2026 was $6.3 million, a 66.0% decrease from $18.5 million in Q1 2025.
  • The decline in revenue was attributed to the end of the initial research term for certain drug targets with Sanofi.
• Expenses:
  • Research and Development (R&D) Expenses:
    • R&D expenses increased to $84.1 million from $69.7 million, marking a 20.6% increase year-over-year.
    • The increase was primarily due to compensation, clinical costs, and ongoing contract manufacturing as the company ramped up patient enrollment in clinical trials.
  • General and Administrative (G&A) Expenses:
    • G&A expenses rose to $14.6 million, up 24.5% from $11.7 million in the same quarter of the previous year, primarily due to higher compensation costs.
• Net Loss:
  • The net loss for Q1 2026 totaled $87.2 million or -$0.79 per share, compared to a net loss of $56.4 million or -$0.67 per share in Q1 2025, reflecting a 54.7% increase in losses year-over-year.
• Cash Position:
  • As of February 28, 2026, cash, cash equivalents, and marketable securities stood at $540.7 million, a decline from $592.9 million as of November 30, 2025.

Clinical Development Updates

• Bexobrutideg:
  • Currently enrolling patients in the DAYBreak CLL-201 Phase 2 trial for relapsed/refractory chronic lymphocytic leukemia (r/r CLL), aimed at supporting Accelerated Approval.
  • A global randomized confirmatory DAYBreak CLL-306 Phase 3 trial is expected to begin by mid-2026, comparing bexobrutideg to pirtobrutinib in a similar patient population.
• NX-5948-301:
  • Enrollment continues in the Phase 1a/1b trial for bexobrutideg in patients with r/r B-cell malignancies. Updated results are anticipated throughout 2026.
• New Tablet Formulation:
  • A Phase 1 SAD/MAD study has been initiated to evaluate a new oral formulation of bexobrutideg, targeting IND submission for inflammatory and autoimmune indications in 2026.
• Zelebrudomide:
  • An ongoing Phase 1a/1b trial is focused on testing this degrader in patients with relapsed or refractory B-cell malignancies.
• NX-1607:
  • Evaluating NX-1607, an oral inhibitor for immuno-oncology, in a Phase 1 trial targeting solid tumors and lymphomas.

Strategic Collaborations

Collaborations with industry partners such as Gilead, Sanofi, and Pfizer continue to advance Nurix's broader pipeline. These include:

• Gilead's IRAK4 degrader, GS-6791, and Sanofi's STAT6 degrader, NX-3911, both progressing towards clinical proof of concept.
• Nurix retains certain opt-in rights for profit-sharing and co-development after achieving specific milestones.

Dividends and Share Repurchases

Nurix Therapeutics has not declared a quarterly dividend for Q1 2026, nor has it engaged in share repurchase activities.

Summary

The financial results for Q1 2026 demonstrate significant operational expenditures necessary for advancing Nurix Therapeutics' innovative pipeline, particularly focused on bexobrutideg in oncology and broader implications in autoimmune diseases. While the company faces challenges reflected in its revenue decline and net losses, it retains a solid cash position and ongoing collaborations that support its clinical development ambitions. Further updates and emerging data throughout 2026 are anticipated to provide insights into the company's progress in the biopharmaceutical landscape.

Note: All amounts in the following tables are in thousands.

Condensed Statements of Operations

Revenue:	2026	2025
Collaboration revenue	$ 6,252	$ 18,453
Total revenue	6,252	18,453
Operating expenses:
Research and development	84,137	69,663
General and administrative	14,610	11,654
Total operating expenses	98,747	81,317
Loss from operations	-92,495	-62,864
Interest and other income, net	5,321	6,513
Net loss	$ -87,174	$ -56,351
Net loss per share, basic and diluted	$ -0.79	$ -0.67
Weighted-average number of shares outstanding, basic and diluted	110,071,668	83,560,795

Condensed Balance Sheets

Assets	February 28, 2026	November 30, 2025
Current assets:
Cash and cash equivalents	$ 71,195	$ 246,960
Marketable securities	469,537	345,981
Prepaid expenses and other current assets	13,662	13,878
Total current assets	554,394	606,819
Operating lease right-of-use assets	51,657	50,517
Property and equipment, net	21,697	22,490
Restricted cash	968	968
Other assets	7,414	7,341
Total assets	$ 636,130	$ 688,135
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$ 10,293	$ 11,215
Accrued expenses and other current liabilities	59,950	54,852
Operating lease liabilities, current	3,202	2,824
Deferred revenue, current	18,754	17,580
Total current liabilities	92,199	86,471
Operating lease liabilities, net of current portion	55,453	52,906
Deferred revenue, net of current portion	7,585	10,011
Total liabilities	155,237	149,388
Stockholders’ equity:
Common stock	103	102
Additional paid-in-capital	1,571,134	1,541,766
Accumulated other comprehensive income	56	105
Accumulated deficit	-1,090,400	-1,003,226
Total stockholders’ equity	480,893	538,747
Total liabilities and stockholders’ equity	$ 636,130	$ 688,135

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