Nurix Therapeutics Q3 Revenue Rises
Ticker: NRIX · Form: 10-Q · Filed: Oct 11, 2024 · CIK: 1549595
Sentiment: mixed
Topics: revenue-growth, biotech, partnerships, 10-Q
TL;DR
Nurix Q3 rev up to $13.6M on partnerships, cash burn continues.
AI Summary
Nurix Therapeutics, Inc. filed its 10-Q for the period ending August 31, 2024. The company reported collaboration revenue of $12.5 million for the three months ended August 31, 2024, compared to $10.1 million for the same period in 2023. License revenue for the same periods was $1.1 million and $0.7 million, respectively. The filing also details financial activities and business operations for the period.
Why It Matters
The increase in collaboration and license revenue suggests progress in Nurix's drug development partnerships and potential for future commercialization of its pipeline.
Risk Assessment
Risk Level: medium — Biotech companies like Nurix are inherently risky due to the long and uncertain drug development process, regulatory hurdles, and competition.
Key Numbers
- $12.5M — Collaboration Revenue (Q3 2024) (Up from $10.1M in Q3 2023, indicating growth in partnerships.)
- $1.1M — License Revenue (Q3 2024) (Increased from $0.7M in Q3 2023, showing progress in licensing deals.)
- $13.6M — Total Revenue (Q3 2024) (Sum of collaboration and license revenue for the quarter.)
Key Players & Entities
- Nurix Therapeutics, Inc. (company) — Filer of the 10-Q
- August 31, 2024 (date) — End of reporting period
- $12.5 million (dollar_amount) — Collaboration revenue for Q3 2024
- $10.1 million (dollar_amount) — Collaboration revenue for Q3 2023
- $1.1 million (dollar_amount) — License revenue for Q3 2024
- $0.7 million (dollar_amount) — License revenue for Q3 2023
FAQ
What was Nurix Therapeutics' total collaboration revenue for the nine months ended August 31, 2024?
For the nine months ended August 31, 2024, Nurix Therapeutics reported collaboration revenue of $35.1 million.
How did license revenue compare between the nine-month periods ending August 31, 2024, and August 31, 2023?
License revenue was $3.2 million for the nine months ended August 31, 2024, compared to $2.1 million for the nine months ended August 31, 2023.
What is Nurix Therapeutics' fiscal year end?
Nurix Therapeutics' fiscal year ends on November 30.
When was Nurix Therapeutics, Inc. incorporated or formed?
The company was incorporated in Delaware (DE).
What is the company's primary industry classification?
The company's Standard Industrial Classification (SIC) code is 2834, which corresponds to Pharmaceutical Preparations.
Filing Stats: 4,609 words · 18 min read · ~15 pages · Grade level 19 · Accepted 2024-10-11 16:05:50
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 per share NRIX Nasdaq Global Market I
Filing Documents
- nrix-20240831.htm (10-Q) — 1529KB
- ex101_nurixare26amendmentn.htm (EX-10.1) — 43KB
- ex102_nurixare26amendmentn.htm (EX-10.2) — 38KB
- ex103_nurixare26amendmentn.htm (EX-10.3) — 30KB
- ex104_nurixare19amendmentn.htm (EX-10.4) — 28KB
- nrix-20240831x10qxex311.htm (EX-31.1) — 11KB
- nrix-20240831x10qxex312.htm (EX-31.2) — 11KB
- nrix-20240831x10qxex321.htm (EX-32.1) — 8KB
- image_0.jpg (GRAPHIC) — 68KB
- image_01.jpg (GRAPHIC) — 12KB
- image_02.jpg (GRAPHIC) — 12KB
- image_03.jpg (GRAPHIC) — 68KB
- 0001549595-24-000131.txt ( ) — 6715KB
- nrix-20240831.xsd (EX-101.SCH) — 42KB
- nrix-20240831_cal.xml (EX-101.CAL) — 53KB
- nrix-20240831_def.xml (EX-101.DEF) — 206KB
- nrix-20240831_lab.xml (EX-101.LAB) — 569KB
- nrix-20240831_pre.xml (EX-101.PRE) — 384KB
- nrix-20240831_htm.xml (XML) — 661KB
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 25 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.
Controls and Procedures
Controls and Procedures 37 PART II. OTHER INFORMATION 38 Item 1.
Legal Proceedings
Legal Proceedings 38 Item 1A.
Risk Factors
Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 96 Item 3. Defaults Upon Senior Securities 96 Item 4. Mine Safety Disclosures 96 Item 5. Other Information 96 Item 6. Exhibits 97
SIGNATURES
SIGNATURES 98 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) August 31, 2024 November 30, 2023 Assets Current assets: Cash and cash equivalents $ 99,044 $ 54,627 Marketable securities, current 349,008 233,281 Prepaid expenses and other current assets 7,991 7,595 Total current assets 456,043 295,503 Marketable securities, noncurrent 9,472 7,421 Operating lease right-of-use assets 27,083 31,142 Property and equipment, net 17,069 16,808 Restricted cash 901 901 Other assets 3,032 3,823 Total assets $ 513,600 $ 355,598 Liabilities and stockholders equity Current liabilities: Accounts payable $ 3,918 $ 6,401 Accrued expenses and other current liabilities 27,828 24,970 Operating lease liabilities, current 6,553 7,489 Deferred revenue, current 47,997 48,098 Total current liabilities 86,296 86,958 Operating lease liabilities, net of current portion 20,590 23,125 Deferred revenue, net of current portion 29,858 45,022 Total liabilities 136,744 155,105 Commitments and contingencies (Note 6) Stockholders equity: Preferred stock, $ 0.001 par value— 10,000,000 shares authorized as of August 31, 2024 and November 30, 2023; no shares issued and outstanding as of August 31, 2024 and November 30, 2023 — — Common stock, $ 0.001 par value— 500,000,000 shares authorized as of August 31, 2024 and November 30, 2023; 67,083,523 and 48,718,552 shares issued and outstanding as of August 31, 2024 and November 30, 2023, respectively 67 49 Additional paid-in capital 1,056,665 746,299 Accumulated other comprehensive income (loss) 344 ( 655 ) Accumulated deficit ( 680,220 ) ( 545,200 ) Total stockholders equity 376,856 200,493 Total liabilities and stockholders equity $ 513,600 $ 355,598 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 Table of Contents NURIX THERAPEUTICS, INC. CONDENSED CONSOLIDAT