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Nov 30, 2023
Nurix Q4 2023 Earnings Report
Reported financial results for the fiscal quarter and fiscal year ended November 30, 2023, and provided a corporate update.
Key Takeaways
Nurix Therapeutics reported an increase in revenue for both the three months and twelve months ended November 30, 2023, compared to the previous year. The company's net loss decreased for both the three-month and twelve-month periods. They maintained a strong financial position with cash and investments of $295.3 million.
NX-5948 received fast track designation from the FDA and showed positive results in Phase 1 clinical trial.
Licensed to Gilead a new development candidate, NX-0479/GS-6791, a targeted protein degrader of IRAK-4 for rheumatoid arthritis.
Formed strategic collaboration with Seagen (now Pfizer) to advance a portfolio of degrader-antibody conjugates based on our industry-leading DELigase platform.
Achieved $100 million in non-dilutive capital from partners in 2023, including $60 million upfront from Seagen and $40 million in success-based milestones and licensing fees from Gilead and Sanofi.
Forward Guidance
Nurix expects to define doses for Phase 1b cohort expansion in CLL and NHL and accelerate Phase 1 clinical trial enrollment to enable pivotal trials. Nurix plans to present additional clinical data with higher dose levels and longer treatment duration in mid-2024. In addition, Nurix expects to complete ongoing preclinical studies that can enable an investigational new drug (IND) application for NX-5948 in autoimmune indications.
Positive Outlook
- Define doses for Phase 1b cohort expansion in CLL and NHL
- Accelerate Phase 1 clinical trial enrollment to enable pivotal trials
- Present additional clinical data with higher dose levels and longer treatment duration in mid-2024
- Complete ongoing preclinical studies that can enable an investigational new drug (IND) application for NX-5948 in autoimmune indications.
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