Nurix Therapeutics, Inc. Annual Report Review: A Deep Dive for Investors

Considering an investment in Nurix Therapeutics? This guide helps you understand the company's performance, challenges, and future prospects over the past year. We'll break down the key details into clear, accessible insights.

This report covers Nurix Therapeutics' fiscal year, which ended on November 30, 2025.

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1. Business Overview (what the company does)

Nurix Therapeutics, a cutting-edge biotech company, discovers and develops new medicines using targeted protein degradation. They employ their core technology to modulate E3 ligases—natural cellular machinery—to selectively remove disease-causing proteins.

This past year, Nurix advanced its pipeline, featuring key drug candidates:

• Bexobrutide: A Bruton's tyrosine kinase (BTK) degrader in Phase 2 clinical trials for autoimmune diseases.
• Zelebrudomide: A cereblon (CRBN) E3 ligase modulator progressing through Phase 1 clinical trials for various oncology indications.
• NX-1607: A CBL-B E3 ligase inhibitor, also in Phase 1 clinical trials for oncology.

Nurix leverages strategic collaborations with major pharmaceutical companies like Gilead Sciences (for oncology and immunology), Sanofi (to explore new protein degradation targets), and Pfizer (for undisclosed targets). These partnerships help accelerate drug discovery, development, and potential commercialization.

The company operates within a dynamic market and regulatory landscape. Targeted therapies, especially in oncology and immunology, are attracting significant and growing interest, with protein degradation technology emerging as a rapidly evolving field. As a biotech company, Nurix navigates evolving regulatory requirements from health authorities worldwide, which may include expedited review pathways for therapies addressing serious conditions with unmet needs.

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2. Financial Performance (revenue, profit, year-over-year changes)

For the fiscal year ending November 30, 2025, Nurix's financial performance reflects its development-stage status:

• Total Revenue: $35.5 million, an increase from $28.1 million in the prior fiscal year. Revenue primarily stemmed from:
  • Collaboration Revenue: $32.0 million, mainly from their partnership with Gilead.
  • License Revenue: $3.5 million.
• Research & Development (R&D) Expenses: Increased to $185.0 million (from $150.0 million in FY2024), reflecting significant investment in pipeline advancement.
• Net Loss: $(210.3) million, compared to a net loss of $(185.7) million in FY2024. This increased loss is typical for development-stage biotech companies, which invest heavily in R&D before products generate substantial sales.

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3. Risk Factors (key risks)

Investing in Nurix Therapeutics carries significant risks, typical for a clinical-stage biotech:

• Clinical Trial Outcomes: Their lead candidates (Bexobrutide, Zelebrudomide, NX-1607) may fail to demonstrate efficacy or safety in ongoing or future clinical trials, or may encounter unexpected side effects.
• Regulatory Approval: Obtaining regulatory approvals (e.g., from the FDA) is a lengthy, complex, and uncertain process. There is no guarantee of drug approval for commercial sale.
• Funding Needs: Nurix is not yet profitable and requires substantial additional funding to complete clinical development and commercialize any approved products. Future capital raises could dilute shareholder value.
• Competition: The fields of oncology and immunology, particularly in protein degradation, are highly competitive. Other companies may develop more effective or safer therapies, or bring them to market faster.
• Intellectual Property: Protecting their proprietary technology and drug candidates through patents is crucial. Loss of IP protection could severely impact their business.
• Collaboration Dependence: Their revenue and development efforts heavily rely on collaborations. Termination or unfavorable changes to these agreements could harm the company.
• Product Liability: As a pharmaceutical company, Nurix faces inherent product liability risks associated with the testing, manufacturing, and marketing of its product candidates.
• Reliance on Third Parties: Nurix relies on third parties for conducting clinical trials, manufacturing, and other critical functions; their failure to perform could adversely affect Nurix.

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4. Management Discussion & Analysis (MD&A) Highlights

Management's discussion for the fiscal year ended November 30, 2025, emphasizes Nurix's strategic focus on pipeline advancement and capital management.

Results of Operations: Collaboration revenue, reflecting successful milestone achievements under existing partnerships (particularly with Gilead), primarily drove the increase in total revenue to $35.5 million. This revenue partially offset substantial investment in research and development. R&D expenses significantly increased to $185.0 million, underscoring the company's commitment to progressing its lead clinical candidates (Bexobrutide, Zelebrudomide, NX-1607) through various trial stages. This aggressive pipeline investment, typical for a clinical-stage biotechnology company, led to an increased net loss of $(210.3) million. Management views these losses as necessary expenditures to drive long-term value creation through drug development.

Liquidity and Capital Resources: Nurix maintained a strong liquidity position, ending the fiscal year with $320.0 million in cash, cash equivalents, and marketable securities. Successful fundraising activities throughout the year significantly bolstered this robust cash balance. These activities included a public offering, "At-The-Market" (ATM) offerings, and a "Registered Direct Offering" with pre-funded warrants, collectively raising approximately $225.0 million in gross proceeds. These capital raises were crucial for funding increased R&D expenditures and extending the company's cash runway. Management projects existing cash and investments will fund operations into Q4 2027.

Key Developments and Achievements:

• Pipeline Progress: All three lead candidates (Bexobrutide, Zelebrudomide, NX-1607) advanced through clinical trial stages, with initial data readouts supporting continued development.
• Collaboration Milestones: Nurix triggered a $15.0 million clinical milestone payment under the Gilead collaboration.
• Successful Fundraising: The company effectively accessed capital markets, securing necessary funding, demonstrating investor confidence, and providing financial flexibility.

Challenges and Operational Considerations:

• Continued Net Losses: While anticipated, the increasing net loss highlights the substantial capital required for extensive R&D, necessitating ongoing financial discipline.
• Share Dilution: The continuous need for fundraising, while vital for operations, resulted in new share issuance and dilution for existing shareholders. The company reported 102,843,012 outstanding common shares as of January 23, 2026.
• Inherent Clinical Risks: Despite progress, the high-risk nature of drug development means clinical trials can still fail, impacting future prospects.

Leadership Changes: Christine Ring joined as the new Chief Financial Officer (CFO) on September 1, 2025. Her appointment is expected to bring fresh perspectives to financial strategy, capital allocation, and investor relations.

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5. Financial Health (debt, cash, liquidity)

Nurix ended the fiscal year on November 30, 2025, with a strong cash position, holding $320.0 million in cash, cash equivalents, and marketable securities. Recent fundraising activities, totaling approximately $225.0 million in gross proceeds, bolstered this robust liquidity, which is critical for funding R&D efforts. The company maintains minimal long-term debt, indicating a healthy balance sheet with minimal financial leverage.

Based on current projections and planned expenditures, Nurix anticipates existing cash and investments will fund its operating expenses and capital expenditure requirements into Q4 2027.

The SEC classifies Nurix as a "large accelerated filer" and a "well-known seasoned issuer." This designation means the company meets specific financial thresholds and reporting standards, allowing for more flexible and efficient access to capital markets for future fundraising, such as through "shelf registration" statements (which pre-approve the issuance of securities).

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6. Future Outlook (guidance, strategy)

Nurix's strategic priorities for the foreseeable future are clear:

• Advance Pipeline: They primarily focus on progressing Bexobrutide, Zelebrudomide, and NX-1607 through clinical development. Key upcoming milestones include further data readouts for Bexobrutide in autoimmune conditions and continued dose escalation and expansion for Zelebrudomide and NX-1607.
• Maximize Collaborations: Nurix will leverage existing partnerships with Gilead, Sanofi, and Pfizer to accelerate discovery and development, and explore new strategic alliances to broaden its pipeline and share development costs and risks.
• Efficient Capital Management: The company will manage cash resources prudently to extend its runway and ensure sufficient funding for critical R&D programs, while carefully considering the impact of future capital raises on shareholder dilution.
• Long-term Goal: Ultimately, Nurix aims to bring novel, first-in-class protein degrader therapies to patients with significant unmet medical needs, targeting regulatory approval and commercialization.

Given its development stage, the company does not provide specific financial guidance (e.g., revenue or profit forecasts). However, its operational strategy focuses on achieving clinical and regulatory milestones.

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7. Competitive Position

Nurix competes in highly competitive therapeutic areas, including oncology and immunology. While its targeted protein degradation platform offers a differentiated approach, the company faces competition from large pharmaceutical companies and other biotech firms developing:

• Traditional small molecule drugs.
• Biologics and gene therapies.
• Other protein degradation technologies.
• Alternative treatments for the same diseases, which may have established market positions or be further along in development.

Success depends on Nurix's drugs demonstrating superior efficacy, safety, or convenience compared to existing and emerging therapies. The rapid pace of scientific discovery and technological advancements demands continuous innovation from Nurix to maintain its competitive edge.