Nurix Therapeutics Reports Increased Assets, Decline in Revenue, and Net Loss in Latest 10-Q Filing

Nurix Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the period ending August 31, 2024. The company, which specializes in small molecules and antibody therapies for cancer and inflammatory conditions, experienced a notable increase in total assets, which rose to $513.6 million from $355.6 million as of November 30, 2023. This growth was driven by a substantial increase in cash and cash equivalents, which reached $99.0 million, up from $54.6 million, and marketable securities, which increased to $349.0 million from $233.3 million.

Despite these asset increases, Nurix reported a decline in total revenue. For the three months ended August 31, 2024, total revenue was $12.6 million, down from $18.5 million in the same period of 2023. For the nine-month period, total revenue decreased to $41.3 million from $61.8 million year-over-year. The decline in collaboration revenue was particularly pronounced, with revenue from Gilead dropping significantly from $11.6 million to $2.4 million for the three months ended August 31, 2024.

Operating expenses also increased, totaling $67.2 million for the three months ended August 31, 2024, compared to $58.5 million in the prior year. This rise in expenses contributed to a net loss of $49.0 million for the quarter, compared to a loss of $37.0 million in the same period of 2023. For the nine months ended August 31, 2024, the net loss was $135.0 million, up from $102.0 million in the previous year.

The company’s financial strategy included several equity offerings, generating significant proceeds. In April 2024, Nurix completed a public offering that raised approximately $188.7 million, and subsequent sales of common stock in May and August 2024 added $48.5 million and $42.0 million, respectively. As of August 31, 2024, the company had raised a total of $929.7 million from equity offerings and $435.0 million from collaborations.

Looking ahead, Nurix anticipates needing substantial additional funding to support ongoing operations and clinical trials, as its existing cash and marketable securities are expected to sustain operations for at least the next 12 months. The company has not yet generated revenue from product sales and continues to rely on collaboration agreements for funding. The lead drug candidates, NX-5948, NX-2127, and NX-1607, are currently in early stages of clinical development, with ongoing Phase 1 trials critical for future funding needs.