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Nurix Therapeutics, Inc. (NRIX)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 revenue of $18.453M and EPS of ($0.67) both beat Wall Street consensus; revenue exceeded by $5.13M and EPS beat by $0.09 as collaboration milestones from Sanofi drove the outperformance (estimates from S&P Global*).
  • Cash and marketable securities ended at $549.7M, excluding $7.0M Sanofi milestones earned in-quarter and a $15.0M Sanofi license extension received post quarter, supporting pivotal development plans for bexobrutideg (NX-5948) in CLL during 2025 .
  • Management highlighted regulatory momentum (US FDA Orphan Drug Designation in WM, USAN nonproprietary name “bexobrutideg”) and reiterated the 2025 pivotal timeline for CLL; no quantitative financial guidance was provided .
  • The quarter’s catalyst was collaboration economics (Sanofi milestones and license extension), coupled with advancing the degrader pipeline; focus near term is on initiating registrational trials and expanding into autoimmune indications .

What Went Well and What Went Wrong

What Went Well

  • Sanofi milestones ($7.0M) and license extension ($15.0M) boosted revenue and reinforced collaboration value: “Achieved $7M in milestones and a $15M license extension fee from ongoing collaboration with Sanofi” .
  • Regulatory progress: FDA granted Orphan Drug Designation for bexobrutideg in WM; NX-5948 assigned USAN “bexobrutideg,” signaling recognition of degrader class differentiation .
  • Strategic leadership additions to prepare for commercialization: “appointments of Roy D. Baynes… and John Northcott as chief commercial officer,” with Northcott’s ibrutinib launch experience .
  • Management tone: “Nurix had a strong first quarter… remains on track to initiate pivotal trials of bexobrutideg… in 2025” .

What Went Wrong

  • Operating loss remained elevated; loss from operations was ($62.864M), driven by higher clinical, CMC, and consulting spend as NX-5948 enrollment accelerates ahead of pivotal trials .
  • Net loss widened year over year to ($56.351M) vs ($41.518M), reflecting the step-up in R&D .
  • Cash declined sequentially to $549.7M from $609.6M (Q4 FY2024), though post-quarter receipts mitigate the near-term decline .

Financial Results

P&L and Cash Trends

MetricQ3 2024Q4 2024Q1 2025
Revenues ($USD Millions)$12.588 $13.284 $18.453
Loss from Operations ($USD Millions)($54.611) ($64.657) ($62.864)
Net Loss ($USD Millions)($48.956) ($58.549) ($56.351)
Diluted EPS ($USD)($0.67) ($0.75) ($0.67)
R&D Expense ($USD Millions)$55.481 $67.224 $69.663
G&A Expense ($USD Millions)$11.718 $10.717 $11.654
Cash + Marketable Securities ($USD Millions)$457.5 $609.6 $549.7

Revenue Breakdown

MetricQ3 2024Q4 2024Q1 2025
Collaboration Revenue ($USD Millions)$12.588 $13.284 $18.453
License Revenue ($USD Millions)$0.000 $0.000 $0.000

KPIs and Collaboration Economics

KPIQ3 2024Q4 2024Q1 2025
Sanofi Research Milestones Achieved ($USD Millions)—$2.0 (FY total disclosed) $7.0
Sanofi License Extension ($USD Millions)——$15.0 (post-quarter)
Pfizer Research Milestones ($USD Millions)—$5.0 (achieved in Q4; received Jan 2025) —
Cash + Marketable Securities ($USD Millions)$457.5 $609.6 $549.7 (excludes $22.0M post-quarter receipts)

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Bexobrutideg (NX-5948) pivotal trials in CLLCY2025“Initiation of pivotal studies in 2025” “Remains on track to initiate pivotal trials… in 2025” Maintained
NX-5948 autoimmune expansion (e.g., AIHA cohort; autoimmune cytopenias IND)CY2025“Enable IND for autoimmune indications” “Open Phase 1b cohort in CLL + AIHA; exploring non-malignant hematology IND in 2025” Clarified/Expanded
GS-6791 (IRAK4 degrader) IND-enabling to clinicalCY2025“Advance to clinical development in 2025 (by partner Gilead)” “Anticipates clinical development in 2025” Maintained
STAT6 degrader candidate nominationExtended term Year 1“Nominate development candidate in first year of extended term” “On track/continued extension with Sanofi” Maintained
Financial guidance (Revenue/EPS/margins)FY/Q1Not providedNot providedN/A

Earnings Call Themes & Trends

No Q1 2025 earnings call transcript was available in our document catalog; themes below reflect earnings press releases and corporate updates.

TopicPrevious Mentions (Q3 2024 and Q4 2024)Current Period (Q1 2025)Trend
Regulatory designations for NX-5948PRIME (EU) and Fast Track (US) granted in 2024 FDA Orphan Drug Designation for WM; USAN name “bexobrutideg” Strengthening regulatory momentum
Pivotal trial timeline (CLL)Plan to initiate pivotal studies in 2025 “On track to initiate pivotal trials… in 2025” Consistent/maintained
Collaboration execution (Pfizer, Sanofi, Gilead)Pfizer milestone in Q4; Gilead extended term (+$15M) Sanofi milestones ($7M) and $15M license extension Uptrend in milestone/licensing receipts
NX-2127 programEnrollment re-initiated post partial hold lift Ongoing Phase 1a/b; future updates in 2025 Progressing
NX-1607 programPhase 1a dose-escalation with promising biomarker exposure Ongoing Phase 1; future updates in 2025 Progressing
Leadership/commercial buildC-suite appointments, board changes Added CCO (Northcott) and Roy Baynes to board Strengthening go-to-market bench

Management Commentary

  • “Nurix had a strong first quarter marked by important collaboration and regulatory achievements… Nurix remains on track to initiate pivotal trials of bexobrutideg… in 2025.” — Arthur T. Sands, M.D., Ph.D., President & CEO .
  • “Sanofi exercised its option to exclusively license an undisclosed Nurix program targeting a previously undruggable transcription factor… distinct from the previously disclosed STAT6 degrader program.” .
  • On nomenclature and class differentiation: The “deg” suffix for bexobrutideg recognizes degraders’ catalytic, event-driven pharmacology distinct from inhibitors .

Q&A Highlights

No Q1 2025 earnings call transcript was found; management commentary is drawn from the earnings press release and related corporate updates .

Estimates Context

Actual vs Wall Street consensus (S&P Global):

MetricQ1 2025 Estimate*Q1 2025 ActualSurprise
Revenue ($USD)$13.032M*$18.453M +$5.421M (Beat)
EPS ($USD)($0.761)*($0.67) +$0.091 (Beat)

Values retrieved from S&P Global*.
Drivers: Revenue beat driven by $7.0M Sanofi research milestones and higher % completion on Pfizer collaboration obligations; EPS benefited from revenue beat and higher interest income partially offset by elevated R&D as NX-5948 enrollment and pivotal readiness accelerated .

Key Takeaways for Investors

  • Collaboration-driven revenue beats can persist as partners advance programs; monitor milestone cadence (Sanofi/Pfizer/Gilead) as near-term catalysts for prints .
  • Regulatory momentum (Orphan, PRIME, Fast Track, USAN) de-risks the pathway for bexobrutideg; pivotal CLL initiation in 2025 is the principal inflection point .
  • Operating losses will likely remain elevated as trials scale; however, liquidity of $549.7M (excluding $22.0M post-quarter receipts) provides runway into pivotal execution .
  • Watch for autoimmune expansion (AIHA cohort, potential IND in cytopenias) as a second growth vector beyond hematologic malignancies, expanding TAM and partnering optionality .
  • No quantitative financial guidance; set trading expectations around clinical updates, regulatory filings, and collaboration announcements which are the primary stock drivers .
  • Leadership hires (CCO, board) signal commercialization readiness; aligns with registrational timeline and potential partner dialogues .
  • Near-term trading: Positive estimate beat plus regulatory/collaboration news is supportive; medium-term thesis hinges on registrational trial initiation, breadth of efficacy (including BTK inhibitor-resistant subsets), and safety/tolerability profile consistency as larger datasets emerge .

Citations:
Earnings press release and 8-K details: .
Prior quarters’ releases/8-Ks: .
Orphan Drug Designation press release: .