Nurix Therapeutics Inc (NRIX) Reports Q3 Fiscal 2023 Financial Results
Nurix Therapeutics Inc (NASDAQ:NRIX) announced a strategic collaboration with Seagen, resulting in a $60 million upfront payment.
The company achieved an additional $8 million in research milestones for the quarter, resulting in milestone and license fee payments totaling $35.5 million year-to-date from Gilead and Sanofi.
Nurix Therapeutics Inc (NASDAQ:NRIX) maintains a strong financial position with cash runway into the second quarter of 2025.
Revenue for the three months ended August 31, 2023, was $18.5 million compared to $10.8 million for the three months ended August 31, 2022.
On October 12, 2023, Nurix Therapeutics Inc (NASDAQ:NRIX), a clinical stage biopharmaceutical company, reported its financial results for the fiscal quarter ended August 31, 2023. The company also provided a corporate update, highlighting its strategic collaboration with Seagen and its strong financial position.
Financial Highlights
For the three months ended August 31, 2023, Nurix Therapeutics Inc (NASDAQ:NRIX) reported a revenue of $18.5 million, a significant increase from $10.8 million for the same period in 2022. The increase was primarily due to a higher percentage of completion of performance obligations and an increase in the value of milestones achieved in the current period. During the quarter, Nurix achieved research milestones under its collaborations with Gilead and Sanofi totaling $6.0 million and $2.0 million, respectively.
Research and development expenses for the quarter were $47.9 million, almost the same as the $47.8 million for the same period in 2022. General and administrative expenses for the quarter were $10.6 million, compared to $9.7 million for the same period in 2022. The net loss for the quarter was $37.0 million, or ($0.68) per share, compared to a net loss of $45.7 million, or ($0.90) per share, for the same period in 2022.
Strong Financial Position
Nurix Therapeutics Inc (NASDAQ:NRIX) maintained a strong financial position with cash, cash equivalents, and marketable securities amounting to $268.7 million as of August 31, 2023, compared to $308.6 million as of May 31, 2023. The company's strong financial position is expected to fund its operating activities into the second quarter of 2025.
Strategic Collaboration with Seagen
In September, Nurix entered a collaboration with Seagen to develop a portfolio of Degrader-Antibody Conjugates (DACs): antibodies that deliver a targeted protein degrader payload to selectively kill cancer cells. Nurix received a $60 million upfront payment and has the potential to receive approximately $3.4 billion in milestone payments plus future royalties.
Upcoming Program Highlights
Nurix is evaluating several drug candidates in Phase 1 clinical trials and expects to present initial clinical data from these studies in the second half of 2023. These candidates include NX-5948, NX-2127, and NX-1607. The company also anticipates defining a regulatory strategy for NX-2127 in the second half of 2023 based on emerging clinical data and feedback from the FDA.
In conclusion, Nurix Therapeutics Inc (NASDAQ:NRIX) reported a strong fiscal quarter with significant revenue growth and a robust financial position. The company's strategic collaboration with Seagen and ongoing collaborations with Gilead and Sanofi are expected to contribute to its future growth.
This article first appeared on GuruFocus.
