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Investing.com -- Nurix Therapeutics Inc (NASDAQ:NRIX) reported better-than-expected financial results for its fiscal second quarter ended May 31, 2025, driven by significant milestone payments from its strategic collaborations.
The clinical-stage biopharmaceutical company posted a quarterly net loss of $43.5 million, or -$0.52 per share, beating analyst expectations of -$0.74 per share. Revenue surged to $44.1 million, substantially exceeding the $17.5 million analysts had projected and up from $12.1 million in the same quarter last year. The stock showed no significant movement following the earnings announcement.
The revenue increase was primarily attributed to $30 million in license revenue from two Sanofi (NASDAQ:SNY) license extensions and a $5 million clinical milestone achieved under the company’s collaboration with Gilead (NASDAQ:GILD) during the quarter. These collaborations represent a key part of Nurix’s strategy as it advances its protein degradation platform.
"During our second quarter, Nurix delivered important collaboration milestones, resulting in Sanofi’s extension of its license for our STAT6 program and FDA clearance of the IND for IRAK4 degrader GS-6791/NX-0479 in collaboration with Gilead," said Arthur T. Sands, M.D., Ph.D., president and chief executive officer of Nurix.
Research and development expenses increased to $78.1 million from $48.9 million in the prior-year quarter, reflecting accelerated patient enrollment in the ongoing trial of bexobrutideg, the company’s investigational oral BTK degrader, and preparations for pivotal trials. Recent clinical data presented at medical conferences showed an 80.9% objective response rate across all doses in patients with relapsed or refractory CLL.
General and administrative expenses rose to $14.3 million from $11.7 million a year earlier, primarily due to higher personnel and consulting costs.
Nurix ended the quarter with $485.8 million in cash, cash equivalents, and marketable securities, compared to $609.6 million as of November 30, 2024. The company noted this figure doesn’t include a $4 million milestone payment earned in the first fiscal quarter and a $15 million license extension payment, both received after the quarter ended.
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