Sign in

You're signed outSign in or to get full access.

NT

Nurix Therapeutics, Inc. (NRIX)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 revenue was $44.1M, up 264% year over year, driven by $30.0M in Sanofi license revenue and a $5.0M milestone from Gilead; net loss narrowed to $(43.5)M and EPS improved to $(0.52) .
  • Results materially beat Wall Street: revenue of $44.1M vs $17.5M consensus and EPS $(0.52) vs $(0.74) consensus; the beat was primarily due to collaboration/license payments recognized in the quarter; R&D increased as the company prepared pivotal trials for bexobrutideg in CLL *.
  • Strategic updates strengthened the pipeline: EMA granted ODD to bexobrutideg for lymphoplasmacytic lymphoma, Sanofi extended the STAT6 license ($15M payment), and FDA cleared IND for IRAK4 degrader (GS-6791/NX-0479) with Gilead .
  • Near-term catalysts: initiate bexobrutideg pivotal trials in CLL in H2 2025 and further clinical updates across BTK degraders and CBL-B inhibitor NX‑1607; DEL‑AI platform highlighted as discovery accelerator .

What Went Well and What Went Wrong

What Went Well

  • Strong revenue beat driven by partnerships: $30.0M license revenue (Sanofi extensions) and $5.0M milestone (Gilead), lifting total revenue to $44.1M vs. $12.1M YoY; cash and marketable securities of $485.8M as of May 31, 2025 .
  • Clinical momentum: updated bexobrutideg Phase 1 data showed 80.9% ORR in r/r CLL and 84.2% ORR in WM with favorable safety, supporting advancement into pivotal trials; “We are now entering a transformative period as we advance bexobrutideg into pivotal studies in CLL” — CEO Arthur Sands .
  • Regulatory and collaboration milestones: EMA ODD for bexobrutideg in lymphoplasmacytic lymphoma; Sanofi STAT6 license extension ($15M); FDA IND cleared for IRAK4 degrader GS‑6791/NX‑0479 (Gilead) .

What Went Wrong

  • Operating spend rose sharply: R&D expenses increased to $78.1M (+60% YoY) as trials accelerate; total operating expenses were $92.4M, up from $60.6M YoY .
  • Cash balance trended lower sequentially: cash and marketable securities decreased to $485.8M from $549.7M in Q1 and $609.6M in Q4, though post-quarter receipts of $4.0M and $15.0M are not included in the reported balance .
  • No formal financial guidance provided; visibility into forward revenue cadence depends on milestone/license timing and clinical progress rather than product sales .

Financial Results

MetricQ4 2024Q1 2025Q2 2025
Revenue ($USD Millions)$13.284 $18.453 $44.056
Primary EPS ($USD)$(0.75) $(0.67) $(0.52)
Total Operating Expenses ($USD Millions)$77.941 $81.317 $92.378
Net Loss ($USD Millions)$(58.549) $(56.351) $(43.464)
Weighted Avg Shares (Basic/Diluted)78,410,655 83,560,795 83,882,477
Cash & Marketable Securities ($USD Millions)$609.6 $549.7 $485.8

Revenue breakdown:

Revenue Detail ($USD Millions)Q4 2024Q1 2025Q2 2025
Collaboration Revenue$13.284 $18.453 $14.056
License Revenue$0.000 $0.000 $30.000
Total Revenue$13.284 $18.453 $44.056

Consensus vs. actual:

MetricQ4 2024Q1 2025Q2 2025
Revenue Consensus Mean ($USD)$12.877M*$13.033M*$17.513M*
Revenue Actual ($USD)$13.284M $18.453M $44.056M
Primary EPS Consensus Mean ($USD)$(0.669)*$(0.761)*$(0.745)*
Primary EPS Actual ($USD)$(0.75) $(0.67) $(0.52)

Values retrieved from S&P Global for consensus metrics.*

KPIs and operating detail:

KPIQ4 2024Q1 2025Q2 2025
R&D Expense ($USD Millions)$67.224 $69.663 $78.096
G&A Expense ($USD Millions)$10.717 $11.654 $14.282
Interest & Other Income ($USD Millions)$6.116 $6.513 $5.618
Accounts Receivable ($USD Millions)——$19.000

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Financial Guidance (Revenue, EPS, OpEx)FY/Q2 2025None issued None issued Maintained (no guidance)
Bexobrutideg Pivotal Trials (CLL)H2 2025“Commence suite of clinical trials designed to support global registration in 2025” “On track to initiate pivotal trials in CLL in the second half of 2025” Maintained timing
Autoimmune Hemolytic Anemia Cohort2025“Expect to open a Phase 1b cohort; exploring non-malignant hematology IND” “Expanded Phase 1b cohort; exploring filing non-malignant hematology IND in 2025” Progressing
IRAK4 Degrader GS-6791/NX‑04792025“Anticipates clinical development in 2025” (Gilead-led) FDA IND cleared; enables initiation of Phase 1 Raised (de-risked to IND-cleared)

Earnings Call Themes & Trends

Note: We searched for a Q2 2025 earnings call transcript but did not find one in the document set; updates below reflect press releases and recent public presentations .

TopicPrevious Mentions (Q4 2024 and Q1 2025)Current Period (Q2 2025)Trend
R&D Execution (BTK degrader efficacy/safety)ASH/IWWM updates with 75.5% ORR in CLL; planned pivotal program in 2025 EHA/ICML updates: 80.9% ORR in CLL; 84.2% ORR in WM; favorable safety; CR observed; pivotal trials on track H2 2025 Improving efficacy; advancing to pivotal
Regulatory/LegalPRIME and Fast Track designations for NX‑5948; USAN name assigned (bexobrutideg) EMA Orphan Drug Designation for lymphoplasmacytic lymphoma Strengthening regulatory profile
CollaborationsPfizer/Sanofi milestones; Gilead extension payment in FY24; $7M Sanofi milestone in Q1 Sanofi STAT6 license extension ($15M); Gilead IND clearance for IRAK4 degrader Growing milestone/license flow
AI/Technology Initiatives (DEL‑AI)DEL‑AI referenced as discovery engine DEL‑AI foundation model highlighted; accelerates binder identification to undruggable targets Platform visibility rising
Product Performance (WM/CLL)WM early ORR 77.8% (IWWM‑12); CLL ORR 75.5% at ASH WM ORR 84.2% and deep IgM reductions; CLL ORR 80.9% and deepening responses Positive response depth/durability
Pipeline Expansion (NX‑1607, NX‑2127)NX‑1607 dose/schedule optimization; NX‑2127 re-initiated enrollment NX‑1607 ongoing with updates anticipated H2 2025; NX‑2127 dose escalation with chirally controlled drug product Continued progress

Management Commentary

  • “We are now entering a transformative period as we advance bexobrutideg into pivotal studies in CLL and progress our efforts to bring degrader-based therapies to patients with autoimmune diseases and inflammation.” — Arthur T. Sands, M.D., Ph.D., President & CEO .
  • “With longer time on treatment, we are encouraged by the continued favorable safety profile and high ORR with deepening responses in CLL and WM… we remain on track to initiate pivotal studies in 2025.” — Paula G. O’Connor, M.D., CMO .
  • “Sanofi… exercised its option to exclusively license Nurix’s STAT6 program… NX‑3911 is a potent, selective, orally administered degrader of STAT6 that shows robust efficacy in multiple preclinical models of atopic dermatitis and asthma.” — Gwenn M. Hansen, Ph.D., CSO .
  • “At the AACR Annual Meeting… our DEL‑AI platform… enables rapid in silico identification of novel binders… including targets previously considered undruggable.” — Company statement .

Q&A Highlights

  • A formal Q2 2025 earnings call transcript was not found in the document set; as such, Q&A highlights and any guidance clarifications from a call are unavailable for this period .

Estimates Context

  • Q2 2025 revenue beat: $44.056M actual vs $17.513M consensus; EPS beat: $(0.52) actual vs $(0.745) consensus; 16 and 15 estimates for revenue and EPS, respectively. The beat was driven by $30M Sanofi license revenue and a $5M Gilead milestone recognized in the quarter, partially offset by higher R&D *.
  • Trend: Q1 2025 actual revenue $18.453M vs $13.033M consensus; EPS $(0.67) vs $(0.761) consensus; Q4 2024 actual revenue $13.284M vs $12.877M consensus; EPS $(0.75) vs $(0.669) consensus * .
    Values retrieved from S&P Global.

Key Takeaways for Investors

  • Revenue upside was primarily partnership-driven; recurring recognition of license/milestone payments can create volatility but also near-term upside surprises when milestones/option exercises occur .
  • Clinical risk decreased: robust bexobrutideg efficacy and safety updates with durable, deepening responses support pivotal initiation in H2 2025, a clear binary catalyst path for CLL .
  • Balance sheet supports execution: $485.8M cash/marketable securities provides runway for pivotal programs and continued platform investment, with additional milestone/license inflows post-quarter .
  • Platform differentiation: DEL‑AI and ligase expertise offer discovery leverage across oncology and inflammation; collaborations validate external demand for Nurix’s approach (Sanofi, Gilead, Pfizer) .
  • Watch OpEx trajectory: R&D growth to $78.1M reflects accelerated development; manage expectations for continued high spend into pivotal trials .
  • Near-term trading catalysts: pivotal trial start, further BTK degrader data readouts, regulatory interactions, and collaboration milestones; absence of formal financial guidance suggests results will hinge on milestone timing .
  • Estimate revisions likely higher on revenue in the near term due to recognized license/milestone flows; EPS may improve modestly given leverage from non-dilutive revenues, though R&D spend remains elevated *.