Nurix Therapeutics Q2 Revenue Declines
Ticker: NRIX · Form: 10-Q · Filed: Jul 11, 2024 · CIK: 1549595
Sentiment: neutral
Topics: 10-Q, revenue, biotech
TL;DR
Nurix Q2 revenue down YoY, collaboration revenue $10.1M vs $13.3M.
AI Summary
Nurix Therapeutics, Inc. filed its 10-Q for the period ending May 31, 2024. The company reported collaboration revenue of $10.1 million for the three months ended May 31, 2024, a decrease from $13.3 million in the same period of 2023. License revenue for the same periods was $0.2 million in 2024, down from $0.4 million in 2023. The filing covers financial activities and business updates for the specified fiscal quarter.
Why It Matters
This filing provides insight into Nurix Therapeutics' financial performance, particularly its revenue streams from collaborations and licenses, which are crucial for funding its drug development pipeline.
Risk Assessment
Risk Level: medium — Biotech companies like Nurix Therapeutics are inherently risky due to the long and uncertain drug development process, regulatory hurdles, and reliance on clinical trial success.
Key Numbers
- $10.1M — Collaboration Revenue (Q2 2024) (Represents income from partnerships and licensing agreements.)
- $13.3M — Collaboration Revenue (Q2 2023) (Comparison point for year-over-year revenue performance.)
- $0.2M — License Revenue (Q2 2024) (Income generated from licensing intellectual property.)
- $0.4M — License Revenue (Q2 2023) (Comparison point for year-over-year license revenue.)
Key Players & Entities
- Nurix Therapeutics, Inc. (company) — Filer of the 10-Q
- May 31, 2024 (date) — End of reporting period
- $10.1 million (dollar_amount) — Collaboration revenue for Q2 2024
- $13.3 million (dollar_amount) — Collaboration revenue for Q2 2023
- $0.2 million (dollar_amount) — License revenue for Q2 2024
- $0.4 million (dollar_amount) — License revenue for Q2 2023
FAQ
What is the primary reason for the decrease in collaboration revenue from Q2 2023 to Q2 2024?
The filing does not explicitly state the primary reason for the decrease in collaboration revenue, but it is a recurring theme in the revenue figures presented for the periods ending May 31, 2024, and May 31, 2023.
What is Nurix Therapeutics' fiscal year end?
Nurix Therapeutics' fiscal year ends on November 30th.
What was the total revenue for the three months ended May 31, 2024?
The total revenue for the three months ended May 31, 2024, was $10.3 million, comprising $10.1 million in collaboration revenue and $0.2 million in license revenue.
What is the company's principal business activity?
Nurix Therapeutics, Inc. is engaged in the pharmaceutical preparations industry.
When was Nurix Therapeutics, Inc. formerly known as Nurix, Inc.?
The company's name changed from Nurix, Inc. to Nurix Therapeutics, Inc. on May 9, 2012.
Filing Stats: 4,569 words · 18 min read · ~15 pages · Grade level 18 · Accepted 2024-07-11 16:07:20
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 per share NRIX Nasdaq Global Market I
Filing Documents
- nrix-20240531.htm (10-Q) — 1447KB
- nrix-20240531x10qxex311.htm (EX-31.1) — 11KB
- nrix-20240531x10qxex312.htm (EX-31.2) — 11KB
- nrix-20240531x10qxex321.htm (EX-32.1) — 8KB
- 0001549595-24-000098.txt ( ) — 6127KB
- nrix-20240531.xsd (EX-101.SCH) — 42KB
- nrix-20240531_cal.xml (EX-101.CAL) — 52KB
- nrix-20240531_def.xml (EX-101.DEF) — 199KB
- nrix-20240531_lab.xml (EX-101.LAB) — 563KB
- nrix-20240531_pre.xml (EX-101.PRE) — 379KB
- nrix-20240531_htm.xml (XML) — 634KB
Financial Statements (Unaudited)
Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Comprehensive Loss 3 Condensed Consolidated Statements of Stockholders' Equity 4 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 8 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.
Controls and Procedures
Controls and Procedures 36 PART II. OTHER INFORMATION 37 Item 1.
Legal Proceedings
Legal Proceedings 37 Item 1A.
Risk Factors
Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 95 Item 3. Defaults Upon Senior Securities 95 Item 4. Mine Safety Disclosures 95 Item 5. Other Information 95 Item 6. Exhibits 96
SIGNATURES
SIGNATURES 97 Table of Contents
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements NURIX THERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) (unaudited) May 31, 2024 November 30, 2023 Assets Current assets: Cash and cash equivalents $ 116,790 $ 54,627 Marketable securities, current 326,349 233,281 Prepaid expenses and other current assets 7,078 7,595 Total current assets 450,217 295,503 Marketable securities, noncurrent 9,380 7,421 Operating lease right-of-use assets 28,835 31,142 Property and equipment, net 18,557 16,808 Restricted cash 901 901 Other assets 3,141 3,823 Total assets $ 511,031 $ 355,598 Liabilities and stockholders equity Current liabilities: Accounts payable $ 2,813 $ 6,401 Accrued expenses and other current liabilities 23,263 24,970 Operating lease liabilities, current 7,934 7,489 Deferred revenue, current 46,769 48,098 Total current liabilities 80,779 86,958 Operating lease liabilities, net of current portion 20,885 23,125 Deferred revenue, net of current portion 38,674 45,022 Total liabilities 140,338 155,105 Commitments and contingencies (Note 6) Stockholders equity: Preferred stock, $ 0.001 par value— 10,000,000 shares authorized as of May 31, 2024 and November 30, 2023; no shares issued and outstanding as of May 31, 2024 and November 30, 2023 — — Common stock, $ 0.001 par value— 500,000,000 shares authorized as of May 31, 2024 and November 30, 2023; 64,356,535 and 48,718,552 shares issued and outstanding as of May 31, 2024 and November 30, 2023, respectively 64 49 Additional paid-in capital 1,002,028 746,299 Accumulated other comprehensive loss ( 135 ) ( 655 ) Accumulated deficit ( 631,264 ) ( 545,200 ) Total stockholders equity 370,693 200,493 Total liabilities and stockholders equity $ 511,031 $ 355,598 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 Table of Contents NURIX THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OP