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SAN FRANCISCO - Nurix Therapeutics, Inc. (NASDAQ:NRIX) shares plunged 9.5% after the clinical-stage biopharmaceutical company reported third-quarter financial results that fell short of analyst expectations, despite progress in its clinical development programs.
The protein degradation-focused company posted a third-quarter loss of -$1.03 per share, significantly wider than the -$0.83 analysts had expected. Revenue came in at $7.89 million, less than half the $16.05 million consensus estimate and down from $12.6 million in the same period last year. The revenue decline was primarily attributed to decreased collaboration revenue from Sanofi as the initial research term for certain drug targets ended.
The stock’s sharp decline reflects investor concerns about the company’s widening losses, with research and development expenses jumping to $86.1 million from $55.5 million YoY as Nurix accelerates patient enrollment for its lead candidate bexobrutideg and prepares for pivotal trials.
"Nurix is preparing to initiate pivotal studies for bexobrutideg in relapsed/refractory CLL patients in the fourth quarter of 2025," said Arthur T. Sands, M.D., Ph.D., president and chief executive officer. "With a strong wholly owned pipeline and world-class partnerships, Nurix is well positioned to establish degrader-based medicines as a new standard of care in both cancer and autoimmune diseases."
The company highlighted recent progress, including plans for a single-arm study of bexobrutideg for potential accelerated approval in relapsed/refractory CLL patients to commence in the second half of 2025. Nurix also presented promising preclinical data for GS-6791, a novel IRAK4 degrader developed in collaboration with Gilead.
Nurix maintained a solid financial position with $428.8 million in cash and marketable securities as of August 31, 2025, down from $609.6 million at the end of November 2024, reflecting the company’s ongoing investment in its clinical programs.
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