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Nurix Therapeutics, Inc. (NRIX)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 revenue and EPS materially missed Wall Street: revenue $7.89M vs $16.06M consensus and EPS -$1.03 vs -$0.85; after-hours shares fell ~7% on the print .
  • Management reiterated pivotal program plans: bexobrutideg (BTK degrader) single‑arm accelerated approval study and randomized Phase 3 in r/r CLL to begin in H2 2025; strong ORR data in CLL (80.9%) and WM (84.2%) support progression .
  • Cash and marketable securities of $428.8M at quarter‑end and a subsequent $250.0M equity offering (net proceeds est. ~$234.3M) extend runway for pivotal/autoimmune expansion .
  • OpEx ramped with trial acceleration (R&D +55% YoY); revenue declined YoY as Sanofi research terms ended, partly offset by Pfizer performance obligation completion .
  • Stock reaction catalysts: execution on Q4 pivotal trial start and continued clinical updates; financing reduces near‑term capital risk but intensifies focus on development timelines .

What Went Well and What Went Wrong

What Went Well

  • Bexobrutideg clinical momentum and clarity on registrational path: “preparing to initiate pivotal studies... with potential accelerated approval” (CEO) .
  • Strong efficacy signals: CLL ORR 80.9%, rapid responses (median 1.9 months), durable activity across high‑risk subgroups; WM ORR 84.2% with deep IgM reductions and favorable safety .
  • Autoimmune pipeline progress: IRAK4 degrader GS‑6791 in healthy volunteer studies; STAT6 degrader NX‑3911 in IND‑enabling studies with Sanofi .

What Went Wrong

  • Material revenue/EPS miss vs consensus (Revenue: -$8.17M; EPS: -$0.19), driven by lower collaboration revenue and higher R&D as trials scale [*S&P Global].
  • YoY revenue down ($7.9M vs $12.6M) as Sanofi initial research term for certain targets ended, partly offset by Pfizer performance obligations .
  • Net loss widened to $86.4M (vs $49.0M YoY) and basic/diluted EPS to -$1.03 (vs -$0.67 YoY), reflecting accelerated clinical and manufacturing spend .

Financial Results

MetricQ1 2025Q2 2025Q3 2025
Revenue ($USD Millions)$18.453 $44.056 $7.894
EPS (Basic & Diluted, $USD)-$0.67 -$0.52 -$1.03
Net Loss ($USD Millions)$56.351 $43.464 $86.421
R&D Expense ($USD Millions)$69.663 $78.096 $86.120
G&A Expense ($USD Millions)$11.654 $14.282 $13.159
Total Operating Expenses ($USD Millions)$81.317 $92.378 $99.279
Interest & Other Income ($USD Millions)$6.513 $5.618 $4.964
Weighted‑Average Shares (Basic & Diluted)83,560,795 83,882,477 84,159,336
Cash & Marketable Securities ($USD Millions, period end)$549.7 $485.8 $428.8
Revenue/EPS vs EstimatesQ1 2025Q2 2025Q3 2025
Revenue Consensus Mean ($USD Millions)$13.03*$17.51*$16.06*
Actual Revenue ($USD Millions)$18.45 $44.06 $7.89
Revenue Surprise ($USD Millions)+$5.42+$26.54-$8.17
Primary EPS Consensus Mean ($USD)-$0.76*-$0.74*-$0.85*
Actual EPS ($USD)-$0.67 -$0.52 -$1.03
EPS Surprise ($USD)+$0.09+$0.22-$0.18

Values with asterisk (*) retrieved from S&P Global.

Revenue BreakdownQ1 2025Q2 2025Q3 2025
Collaboration Revenue ($USD Millions)$18.453 $14.056 $7.894
License Revenue ($USD Millions)— $30.000 —
Total Revenue ($USD Millions)$18.453 $44.056 $7.894
Balance Sheet/KPIsQ1 2025Q2 2025Q3 2025
Deferred Revenue – Current ($USD Millions)$30.591 $27.420 $25.993
Total Stockholders’ Equity ($USD Millions)$480.917 $447.603 $372.252
Total Assets ($USD Millions)$615.043 $591.555 $522.472

YoY references (Q3 2024): Revenue $12.588M, Net Loss $48.956M, EPS -$0.67 .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Bexobrutideg pivotal program (CLL) startH2 2025On track to initiate pivotal studies in H2 2025 On track to initiate pivotal trials in H2 2025, including single‑arm accelerated approval study and randomized Phase 3 Maintained; added study design details
Autoimmune expansion (bexobrutideg)2025–2026Exploring non‑malignant hematology IND in 2025 Phase 1 HV studies to support potential autoimmune IND in 2026 Timeline refined (shift to 2026 IND)
IRAK4 degrader GS‑6791 (Gilead)2025IND cleared; initiate Phase 1 In healthy volunteer studies Advanced to HV stage
STAT6 degrader NX‑3911 (Sanofi)2025Extended research term; candidate nomination goal In IND‑enabling studies Advanced to IND‑enabling
Financial guidance (Revenue/EPS/OpEx)FY 2025Not provided Not provided Maintained (no formal guidance)

Earnings Call Themes & Trends

Note: A Q3 2025 earnings call transcript was not available in our repository; themes below reflect press releases and prior quarter disclosures.

TopicPrevious Mentions (Q-2 and Q-1)Current Period (Q3 2025)Trend
Registrational path (bexobrutideg)On track to initiate pivotal studies; strong Phase 1 efficacy and safety in CLL/WM Detailed plan for single-arm accelerated approval + randomized Phase 3 in r/r CLL starting H2 2025 Advancing/clarified
Autoimmune strategyExploring non‑malignant hematology IND (2025); IRAK4 IND cleared IRAK4 HV studies; autoimmune IND for bexobrutideg targeted for 2026 Progressing; timeline refined
Partnerships (Sanofi/Gilead/Pfizer)Sanofi license extension ($15M); Gilead $5M milestone; eligibility for milestones/royalties Continued milestone expectations; STAT6 in IND‑enabling; GS‑6791 preclinical/clinical updates Stable/ongoing
R&D execution and OpExR&D ramp to support pivotal trial prep R&D $86.1M (+55% YoY) with trial acceleration/manufacturing/consulting Scaling up
Cash runway/capital strategy$549.7M (Q1); $485.8M (Q2) $428.8M (Q3); subsequent $250.0M offering priced Strengthened via equity
Technology (DEL‑AI platform)Highlighted DEL‑AI at AACR (binder discovery acceleration) No new DEL‑AI disclosures in Q3 PRStable

Management Commentary

  • “Nurix is preparing to initiate pivotal studies for bexobrutideg in relapsed/refractory CLL patients in the fourth quarter of 2025 and we have outlined our plans for potential accelerated approval with a single arm study as well as a confirmatory randomized control Phase 3 study for full approval.” – Arthur T. Sands, M.D., Ph.D., President & CEO .
  • “We also continue to advance our autoimmune disease drug pipeline, including the IRAK4 degrader with Gilead, GS‑6791, which is currently in healthy volunteer studies, and with the STAT6 degrader with Sanofi, which is currently in IND enabling studies.” – Arthur T. Sands, M.D., Ph.D. .
  • Prior quarter emphasis: “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. (Q2) .

Q&A Highlights

  • Q3 2025 earnings call transcript was not available in our document repository; no Q&A highlights could be extracted. External summaries corroborate the miss versus consensus but do not provide call Q&A detail .

Estimates Context

  • Q3 2025: Revenue $7.89M vs consensus $16.06M (miss -$8.17M); EPS -$1.03 vs -$0.85 (miss -$0.18). Prior quarters showed beats on both revenue and EPS (Q2 revenue $44.06M vs $17.51M; EPS -$0.52 vs -$0.74; Q1 revenue $18.45M vs $13.03M; EPS -$0.67 vs -$0.76) . Consensus values from S&P Global.*
  • The Q3 miss was driven by lower collaboration revenue as Sanofi’s initial research term for certain targets ended and higher R&D spend from trial acceleration; Pfizer obligation completion partially offset revenue decline .

Values with asterisk (*) retrieved from S&P Global.

Key Takeaways for Investors

  • Execution is the near‑term stock driver: initiating bexobrutideg pivotal trials in r/r CLL in H2 2025 is the key milestone to watch; detailed design disclosed increases visibility .
  • Clinical dataset remains compelling (CLL ORR 80.9%; WM ORR 84.2%) with favorable safety profile; supports accelerated pathways and potential differentiation vs BTK inhibitors .
  • Revenue is inherently lumpy given collaboration/license dynamics; Q3 decline linked to Sanofi research term ending, while Pfizer obligation completion provided partial offset .
  • OpEx will remain elevated as pivotal activity and manufacturing scale; monitor R&D trajectory vs cash runway; $428.8M quarter‑end cash plus $250.0M offering strengthens funding of pivotal and autoimmune expansion .
  • Near‑term estimate revisions likely downward for Q4 revenue/EPS if collaboration timing remains uneven; prior beats in Q1/Q2 came from license/milestone recognition that may not recur each quarter [*S&P Global].
  • Pipeline breadth (IRAK4, STAT6, NX‑1607) and partnerships (Gilead, Sanofi, Pfizer) diversify optionality; IND‑enabling and HV progress de‑risk non‑oncology expansion .
  • Trading lens: miss‑driven pullbacks can reverse with concrete pivotal trial start updates and additional clinical data; financing overhang reduced, refocusing attention on clinical execution timelines .