Executive Summary

Q4 FY2024 revenue was $13.3M, up sequentially from $12.6M in Q3 but down year-over-year from $15.2M; net loss widened to $(58.5)M with EPS of $(0.75) versus $(0.67) in Q3 and $(0.77) in Q4 FY2023 .
Clinical execution was strong: NX-5948 achieved a 75.5% ORR in r/r CLL/SLL (49 efficacy-evaluable patients), increasing to 84.2% with longer treatment, and 77.8% ORR in WM, supporting plans for pivotal trials in 2025 .
Balance sheet strength: cash, cash equivalents and marketable securities rose to $609.6M as of Nov 30, 2024, enabling accelerated clinical development in 2025 .
Guidance emphasized pivotal trial initiation for NX-5948 in CLL and exploration of autoimmune indications; no explicit financial guidance was provided (revenue/margins/OpEx) .
Consensus estimates comparison is unavailable due to S&P Global data access limits; results should be evaluated vs sequential trends and clinical milestones until consensus can be retrieved.

What Went Well and What Went Wrong

What Went Well

NX-5948 showed robust efficacy in r/r CLL/SLL: 75.5% ORR at first assessment (Week 8), increasing to 84.2% for patients with ≥2 assessments (Week 16), with responses across high-risk molecular features and CNS involvement; “We are well capitalized to aggressively develop NX-5948…” — Arthur T. Sands, CEO .
Positive WM data: 77.8% ORR (7/9 evaluable patients), with durable responses and two patients on treatment >1 year, highlighting potential differentiation via brain penetration .
Strengthened capital and collaboration momentum: $609.6M cash/marketable securities; milestone receipts from Pfizer ($5.0M), Sanofi ($2.0M), and a $15M extension payment from Gilead; EMA PRIME and FDA Fast Track designations enhance regulatory trajectory .

What Went Wrong

Operating spend rose materially: R&D expense increased to $67.2M in Q4 (from $55.5M in Q3) on clinical and manufacturing costs to accelerate enrollment; total OpEx climbed to $77.9M, widening net loss sequentially .
Revenue mix remains collaboration-dependent; Q4 revenue declined YoY ($13.3M vs $15.2M), reflecting lower collaboration/license flows year-over-year (e.g., absence of the prior-year $20M license payment) .
EPS and net loss deteriorated sequentially (EPS $(0.75) vs $(0.67); net loss $(58.5)M vs $(49.0)M), underscoring near-term dilution from stepped-up development activities prior to commercialization .

Financial Results

Metric	Q2 FY2024 (May 31, 2024)	Q3 FY2024 (Aug 31, 2024)	Q4 FY2024 (Nov 30, 2024)
Collaboration Revenue ($USD Millions)	$12.092	$12.588	$13.284
License Revenue ($USD Millions)	$0.000	$0.000	$0.000
Total Revenue ($USD Millions)	$12.092	$12.588	$13.284
R&D Expense ($USD Millions)	$48.922	$55.481	$67.224
G&A Expense ($USD Millions)	$11.710	$11.718	$10.717
Total Operating Expenses ($USD Millions)	$60.632	$67.199	$77.941
Net Loss ($USD Millions)	$(44.546)	$(48.956)	$(58.549)
Diluted EPS ($USD)	$(0.71)	$(0.67)	$(0.75)

Balance Sheet KPI	Q2 FY2024	Q3 FY2024	Q4 FY2024
Cash & Equivalents ($USD Millions)	$116.790	$99.044	$109.997
Marketable Securities, Current ($USD Millions)	$326.349	$349.008	$499.586
Cash, Cash Equivalents & Marketable Securities ($USD Millions)	$452.5	$457.5	$609.6

Notes: Gross/EBITDA margins not applicable for a pre-commercial biotech; revenue is primarily collaboration-derived .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
NX-5948 Pivotal Trials (CLL)	CY2025	Plan to define Phase 1b doses and prepare for pivotal initiation (H2’24)	“Commence a suite of clinical trials designed to support global registration of NX-5948 for CLL in 2025”	Raised/Specified timeline
Autoimmune & Inflammatory Expansion (NX-5948)	CY2025	Preclinical enablement for IND (H2’24)	Exploring non-malignant hematology IND filing for autoimmune cytopenias; open new Phase 1b CLL cohort with associated AIHA in 2025	Raised/Specified program scope
NX-2127 Development	CY2025	Reinitiated enrollment post partial hold; focus on DLBCL/MCL	Enrollment re-initiated with chirally controlled product; focus on aggressive lymphomas; clinical updates in 2025	Maintained trajectory
NX-1607 Program	CY2025	Phase 1 monotherapy + combo cohorts; program update expected by YE’24	Ongoing Phase 1; future clinical updates anticipated in 2025	Maintained timeline
GS-6791 (IRAK4) with Gilead	CY2025	IND-enabling studies underway	Anticipated advancement to clinical development in 2025	Raised to clinical start
STAT6 with Sanofi	H1 CY2025	On track to nominate development candidate within first year of extension	On track for development candidate nomination in H1 2025	Maintained timeline
Financial Guidance (Revenue/Margins/OpEx)	FY2025	Not provided	Not provided	Maintained (no financial guidance)

Earnings Call Themes & Trends

Note: A Q4 FY2024 earnings call transcript was not available in the document set. Themes below reflect Q2–Q4 earnings materials and clinical press releases.

Topic	Previous Mentions (Q2)	Previous Mentions (Q3)	Current Period (Q4)	Trend
NX-5948 efficacy in CLL/SLL	ORR 69.2% in heavily pretreated CLL at EHA2024; rapid, deepening responses	Initiated Phase 1b expansion; Fast Track designation; multiple cohorts	ORR 75.5% at Week 8; 84.2% with ≥2 assessments; robust across high-risk mutations/CNS	Improving efficacy dataset
NX-5948 efficacy in WM	Not highlighted	Cohorts initiated; WM included	77.8% ORR in WM; durable responses; >1yr on treatment in two patients	Positive WM signal
Regulatory designations	Fast Track (CLL) referenced historically	PRIME designation referenced near-term	EMA PRIME (CLL) and FDA Fast Track (WM) confirmed	Strengthened regulatory profile
Capital position	$452.5M cash & marketable securities	$457.5M cash & marketable securities	$609.6M cash & marketable securities	Strengthened balance sheet
NX-2127 program status	Plan to reinitiate enrollment H2’24	Enrollment reinitiated; focus DLBCL/MCL	Enrollment reinitiated with controlled product; focus aggressive lymphomas	Execution progressing
Collaborations (Pfizer/Sanofi/Gilead)	Pfizer milestone $5.0M; DACs preclinical progress	Continued milestones expected	$5.0M Pfizer milestone; $2.0M Sanofi milestone; $15M Gilead extension	Ongoing milestone flow

Management Commentary

“Nurix has hit the ground running in 2025 with plans to commence a suite of clinical trials designed to support global registration of NX-5948 for the treatment of patients with CLL… We are well capitalized to aggressively develop NX-5948 in multiple indications and move our wholly owned and collaboration programs forward in the new year.” — Arthur T. Sands, M.D., Ph.D., President & CEO .
“We are highly encouraged to see a deepening of therapeutic responses over time while maintaining a favorable safety profile… particularly… in patients with a high incidence of baseline genetic mutations… and CNS involvement.” — Paula G. O’Connor, M.D., CMO .
“Fast Track designation for NX-5948 is an important recognition of the unmet patient need in Waldenstrom’s macroglobulinemia… We continue to enroll WM patients… and anticipate sharing additional clinical data in 2025.” — Arthur T. Sands, M.D., Ph.D., President & CEO .

Q&A Highlights

A Q4 FY2024 earnings call transcript was not available; no Q&A themes or management clarifications could be extracted from a transcript. Narrative insights are based on press release disclosures .

Estimates Context

Wall Street consensus for Q4 FY2024 EPS and revenue could not be retrieved due to S&P Global access limits at the time of analysis; as a result, explicit beat/miss vs consensus cannot be determined. We will supplement with estimate comparisons once S&P Global data access is restored.
Until then, investors should focus on sequential trends (revenue up Q/Q; expenses up Q/Q) and the clinical/regulatory momentum that typically drives sentiment in development-stage biotech .

KPIs

KPI	Value	Context
NX-5948 ORR in r/r CLL/SLL (efficacy-evaluable)	75.5% at Week 8; 84.2% with ≥2 assessments	Robust efficacy across high-risk features/CNS involvement
NX-5948 ORR in WM	77.8% (7/9 evaluable patients)	Durable responses; two patients >1 year on treatment
Cash, Cash Equivalents & Marketable Securities	$609.6M	As of Nov 30, 2024
Collaboration Milestones (FY2024/Q4 timing)	Pfizer $5.0M (paid Jan 2025); Sanofi $2.0M; Gilead $15.0M (extension)	Revenue mix and liquidity support

Key Takeaways for Investors

Clinical momentum is the primary stock driver: NX-5948’s improving ORR and durability in CLL/SLL and WM, plus brain penetration, underpin expectations for 2025 pivotal starts — a catalyst-rich setup .
Balance sheet capacity reduces financing overhang near term; $609.6M supports multi-indication development and partnered programs through critical 2025 milestones .
Near-term P&L will reflect elevated R&D and manufacturing costs as trials scale; expect continued operating losses until pivotal readouts and potential regulatory pathways mature .
Regulatory tailwinds (FDA Fast Track, EMA PRIME) may accelerate NX-5948 development and review, improving the probability of timely registrational progress .
Portfolio breadth matters: NX-2127 (aggressive lymphomas), NX-1607 (immuno-oncology), and partner programs (IRAK4 with Gilead; STAT6 with Sanofi) diversify optionality and milestone flow .
Without consensus estimates today, trade the narrative: sequential revenue growth, strong clinical data flow, and 2025 pivotal initiation news cadence are likely to move the stock; monitor upcoming trial initiations, design specifics, and any additional regulatory updates .
Watch for data updates in 2025 across CLL/NHL and autoimmune indications; additional efficacy/safety disclosures, especially durability and CNS outcomes, could further differentiate NX-5948 .

Nurix Therapeutics, Inc. (NRIX)·Q4 2024 Earnings Summary