Nurix Therapeutics grants stock options to new hires

SAN FRANCISCO - Nurix Therapeutics, Inc. (NASDAQ:NRIX), a clinical-stage biopharmaceutical company, has awarded inducement grants to 13 new employees under its 2024 Equity Inducement Plan, the company announced Monday. These grants are part of an employment package aimed at attracting talent to Nurix, which specializes in developing targeted protein degradation medicines for cancer and inflammatory diseases. According to InvestingPro data, the company maintains a strong financial position with a current ratio of 6.46, indicating robust short-term liquidity, though analysts note the company is burning through cash rapidly.

The inducement awards, approved by the Compensation Committee of Nurix’s Board of Directors in compliance with Nasdaq Listing Rule 5635(c)(4), consist of stock options to purchase a total of 157,150 shares of Nurix common stock and restricted stock unit awards (RSUs) for an aggregate of 107,500 shares. The stock options have an exercise price of $13.90 per share, equivalent to the closing price on the Nasdaq Global Market on the date of the grant.

The vesting schedule for the stock options is set to begin on the one-year anniversary of the employees’ hiring date, with one-fourth of the shares vesting at that time. Subsequent vesting will occur monthly, culminating on the fourth anniversary of the hire date, contingent upon ongoing employment with the company. The RSUs will also vest over a four-year period, starting on April 30, 2025, with one-fourth of the shares vesting on the one-year anniversary of the vesting start date and then quarterly until full vesting is reached, subject to continued service.

Nurix’s pipeline includes clinical-stage projects targeting Bruton’s tyrosine kinase (BTK) and Casitas B-lineage lymphoma proto-oncogene B (CBL-B), as well as preclinical degrader antibody conjugates (DACs). The company also collaborates with industry leaders such as Gilead Sciences, Inc., Sanofi S.A., and Pfizer Inc., retaining certain co-development and profit-sharing options in the United States for multiple drug candidates.

This announcement is based on a press release statement from Nurix Therapeutics, Inc.

In other recent news, Nurix Therapeutics reported approximately $13 million in collaboration revenue for 2024, which included a $5 million milestone payment from Pfizer in the fourth quarter. The company’s research and development expenses for the same period increased by 22% to $67.2 million. Nurix concluded the year with around $610 million in cash reserves, expected to support operations into the first half of 2027. Stifel analysts raised their price target for Nurix to $36, maintaining a Buy rating, citing potential advancements in the company’s drug pipeline. Similarly, H.C. Wainwright increased their price target to $36, highlighting the company’s strong financial position despite a higher-than-expected net loss. In contrast, Needham lowered their price target to $28 but also maintained a Buy rating, acknowledging the company’s financial maneuvers and future prospects. Additionally, Nurix announced the appointment of John Northcott as Chief Commercial Officer, leveraging his extensive experience in commercial strategy. The company also expanded its board with oncology expert Roy D. Baynes, aiming to enhance its clinical pipeline and drug development efforts. These developments reflect Nurix’s ongoing strategic initiatives and financial activities.

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