Nurix Therapeutics (NRIX) Q3 2025 Financial Results Summary
On October 9, 2025, Nurix Therapeutics, Inc. (Nasdaq: NRIX), a clinical-stage biopharmaceutical company, released its financial results for the fiscal third quarter ended August 31, 2025. The report provides an overview of their financial metrics, clinical progress, and other relevant updates.
Financial Summary
- Revenue:
- Total revenue for Q3 2025 was $7.9 million, a decrease of 37% from $12.6 million for Q3 2024.
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Revenue decline attributed to the end of the initial research term for certain drug targets with Sanofi, though partially mitigated by increased performance obligations related to the collaboration with Pfizer.
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Expenses:
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Research and Development (R&D) Expenses:
- R&D expenses reached $86.1 million, reflecting an increase of 55% compared to $55.5 million in Q3 2024.
- The increase is mainly due to heightened clinical, contract manufacturing, and consulting costs as the company accelerated patient enrollment for ongoing trials and prepared for pivotal trial initiation.
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General and Administrative Expenses:
- G&A expenses climbed to $13.2 million, up 13% from $11.7 million in the prior year, driven primarily by increases in employee compensation and related costs.
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Net Loss:
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Net loss for the quarter was $86.4 million, or $1.03 per share, compared to a net loss of $49.0 million, or $0.67 per share, for Q3 2024, reflecting an increase in loss of 76%.
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Cash Position:
- As of August 31, 2025, the company had $428.8 million in cash and marketable securities, down from $609.6 million as of November 30, 2024.
Business Highlights
- Clinical Development:
- Accelerated timeline for bexobrutideg, with pivotal trials for patients with relapsed/refractory Chronic Lymphocytic Leukemia (CLL) expected to commence in H2 2025.
- Preclinical data for GS-6791, a novel IRAK4 degrader, showcased significant efficacy in a dermatitis model and was presented at the EADV 2025 Congress.
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Presentations of encore data at the Society of Hematologic Oncology (SOHO) 2025 Annual Meeting reported an ORR of 80.9% for bexobrutideg in CLL, with rapid, durable responses observed, and an ORR of 84.2% in Waldenström macroglobulinemia (WM).
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Collaboration and Partnerships:
- Continued advancement of strategic collaborations with Gilead (for the IRAK4 degrader), Sanofi, and Pfizer. Nurix is also progressing the STAT6 degrader with Sanofi in IND-enabling studies.
Dividends and Share Repurchase
There is no mention of a declared quarterly dividend or any share repurchase activities in the report.
Conclusion
Nurix Therapeutics stood at a crucial juncture with their ongoing clinical efforts and significant financial metrics during Q3 2025. The increased net loss and expenditure reflect the company’s investment in advancing its transformative drug development pipeline, while their sturdy cash position suggests ongoing efforts to secure future clinical development.
| Three Months Ended | August 31, 2025 | August 31, 2024 | Nine Months Ended | August 31, 2025 | August 31, 2024 |
|---|---|---|---|---|---|
| Revenue: | |||||
| Collaboration revenue | $7,894 | $12,588 | $40,403 | $41,265 | |
| License revenue | — | — | $30,000 | — | |
| Total revenue | $7,894 | $12,588 | $70,403 | $41,265 | |
| Operating expenses: | |||||
| Research and development | $86,120 | $55,481 | $233,879 | $154,408 | |
| General and administrative | $13,159 | $11,718 | $39,095 | $35,227 | |
| Total operating expenses | $99,279 | $67,199 | $272,974 | $189,635 | |
| Loss from operations | -$91,385 | -$54,611 | -$202,571 | -$148,370 | |
| Interest and other income, net | $4,964 | $5,737 | $17,095 | $13,612 | |
| Loss before income taxes | -$86,421 | -$48,874 | -$185,476 | -$134,758 | |
| Provision for income taxes | — | $82 | $760 | $262 | |
| Net loss | -$86,421 | -$48,956 | -$186,236 | -$135,020 | |
| Net loss per share, basic and diluted | -$1.03 | -$0.67 | -$2.22 | -$2.13 | |
| Weighted-average number of shares | 84,159,336 | 72,779,381 | 83,869,469 | 63,384,174 | |
| outstanding, basic and diluted |
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| August 31, 2025 | November 30, 2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $78,438 | $109,997 |
| Marketable securities | $350,391 | $499,586 |
| Prepaid expenses and other current assets | $11,774 | $9,804 |
| Total current assets | $440,603 | $619,387 |
| Operating lease right-of-use assets | $53,028 | $28,139 |
| Property and equipment, net | $20,498 | $17,757 |
| Restricted cash | $968 | $901 |
| Other assets | $7,375 | $3,159 |
| Total assets | $522,472 | $669,343 |
| Liabilities and stockholders’ equity | ||
| Current liabilities: | ||
| Accounts payable | $8,609 | $11,482 |
| Accrued expenses and other current liabilities | $43,957 | $37,994 |
| Operating lease liabilities, current | $3,791 | $8,014 |
| Deferred revenue, current | $25,993 | $38,364 |
| Total current liabilities | $82,350 | $95,854 |
| Operating lease liabilities, net of current portion | $52,695 | $20,289 |
| Deferred revenue, net of current portion | $15,175 | $26,207 |
| Total liabilities | $150,220 | $142,350 |
| Stockholders’ equity: | ||
| Common stock | $77 | $76 |
| Additional paid-in-capital | $1,297,061 | $1,265,536 |
| Accumulated other comprehensive income | $119 | $150 |
| Accumulated deficit | -$925,005 | -$738,769 |
| Total stockholders’ equity | $372,252 | $526,993 |
| Total liabilities and stockholders’ equity | $522,472 | $669,343 |
