Nurix Q3 2020 Earnings Report
Key Takeaways
Nurix Therapeutics reported a collaboration revenue of $4.1 million for the third quarter of 2020, compared to $10.6 million for the same period in 2019. The company's net loss was $18.5 million, or ($0.59) per share, compared to a net loss of $2.4 million, or ($0.66) per share, for the same period in 2019. As of August 31, 2020, the company had cash, cash equivalents and investments of $395.1 million compared to $38.2 million as of November 30, 2019.
Completed recent IPO raising approximately $238.5 million in gross proceeds.
On track for multiple IND filings.
Strengthened leadership team with key appointments.
Executing upon its business objectives for 2020 and beyond despite the COVID-19 pandemic.
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Nurix Revenue by Segment
Forward Guidance
Nurix is on track to complete and file several investigational new drug applications (INDs).
Positive Outlook
- The Company expects to file an IND for NX-2127 with the U.S. Food and Drug Administration (FDA) in late fourth quarter of 2020 or the first quarter of 2021.
- The Company expects to file an IND for NX-1607 with the FDA in the third quarter of 2021.
- The Company anticipates filing an IND with the FDA for NX-5948 in the second half of 2021.
- The Company anticipates filing an IND with the FDA for DeTIL-0255 in the second half of 2021.
- With strategic collaborations, Nurix believes it has the resources needed to steadily advance a broad and deep portfolio of protein modulation drug candidates.
Challenges Ahead
- The decrease in collaboration revenue was attributable to the termination of a collaboration agreement with Celgene Corporation in June 2019, which resulted in no revenue recognition in 2020.
- The increase in research and development expenses was primarily related to increases in preclinical development activities and drug discovery research as well as increases in headcount and higher stock-based compensation expense.
- The increase in general and administrative expenses was primarily related to higher headcount and increased legal and accounting expenses associated with becoming a public company.
- Net loss attributed to common stockholders for the three months ended August 31, 2020 was $18.5 million, compared to a net loss of $2.4 million for the three months ended August 31, 2019.
- Nurix continues to monitor the impact of the COVID-19 pandemic on its operations and the operations of its suppliers, vendors and business partners.