Nurix Therapeutics, Inc.

What they do

Nurix discovers and develops targeted protein degraders and degrader antibody conjugates (DACs) using its DEL-AI discovery engine. Its wholly owned clinical pipeline includes bexobrutideg (NX-5948), a BTK degrader; zelebrudomide (NX-2127), a dual BTK/IKZF1/IKZF3 degrader; and NX-1607, a CBL-B inhibitor. It also has partnered programs with Gilead, Sanofi and Pfizer (Seagen), including the IRAK4 degrader NX-0479/GS-6791 and a preclinical STAT6 degrader. The company has no approved products and has not generated product revenue.

Revenue drivers

• Collaboration and license revenue — Revenue consists of collaboration and license payments from partners Gilead, Sanofi and Pfizer, not product sales; annual revenue was $84.0M in fiscal 2025 and $54.5M in fiscal 2024.
• Roche collaboration for bexobrutideg — A June 2026 global collaboration to co-develop and co-commercialize bexobrutideg carries a $700M upfront payment and potential total payments of up to $2.3B, with 40%/60% Nurix/Roche development cost sharing and equal U.S. profit/loss sharing.
• Partnered discovery pipeline — Nurix retains certain U.S. co-development, co-commercialization and profit-sharing options across multiple partnered candidates from its Gilead, Sanofi and Pfizer collaborations.

Recent performance

For the fiscal quarter ended May 31, 2026, Nurix reported revenue of $9.0M, versus $6.3M in the prior quarter (ended February 28, 2026). Full-year fiscal 2025 revenue was $84.0M with a net loss of $264.5M, compared with fiscal 2024 revenue of $54.5M and a net loss of $193.6M. Operating cash flow was negative $249.5M in fiscal 2025. As of May 31, 2026, total assets were $535.5M, total liabilities $132.9M and shareholder equity $402.6M, with cash and equivalents of $67.7M. The company reported cash, cash equivalents and marketable securities of $443.5M as of May 31, 2026, and pro-forma cash of approximately $1.14B including the expected $700M Roche upfront payment.

Strategy

Nurix is advancing bexobrutideg through a potentially pivotal Phase 2 trial (DAYBreak CLL-201) in relapsed or refractory CLL and preparing a global randomized Phase 3 confirmatory trial (DAYBreak CLL-306). It is expanding bexobrutideg into immunology and neurology, including planned Phase 2 studies in multiple sclerosis and chronic spontaneous urticaria under the Roche collaboration. It continues development of zelebrudomide in relapsed or refractory B-cell malignancies and NX-1607, plus preclinical degraders and DACs. The Roche collaboration is intended to provide global reach and financial strength while Nurix retains U.S. co-development and co-commercialization participation.

Risks

• No product revenue and significant losses — Nurix has not generated any product sales and reported net losses of $264.5M in fiscal 2025 and $193.6M in fiscal 2024, with an accumulated deficit of $1,003.2M as of November 30, 2025.
• Early-stage clinical programs — Its lead candidates bexobrutideg, zelebrudomide and NX-1607 are in early stages of clinical development, and marketing approvals may not be obtained.
• Reliance on collaborations — Revenue and pipeline progress depend on collaborations with Gilead, Sanofi, Pfizer and the pending Roche agreement, including achievement of milestones and royalties.
• Need for additional capital — The company expects to incur increasing operating losses and will require substantial additional financing to fund clinical development and operations.

Outlook

Management highlights the Roche collaboration, which it expects to become effective in the third fiscal quarter of 2026 with a $700M upfront payment, as validating bexobrutideg and enabling expansion into immunology and neurology. Enrollment continues in the pivotal Phase 2 DAYBreak CLL-201 trial and preparations continue for the Phase 3 DAYBreak CLL-306 confirmatory trial. Planned Phase 2 studies in multiple sclerosis and chronic spontaneous urticaria are part of the collaboration's development strategy.