Nurix Therapeutics, Inc. (NASDAQ: NRIX), a clinical-stage biopharmaceutical company, has reported its financial results for the first quarter ended February 29, 2024, along with several significant updates. The company's revenue for the first quarter of 2024 was $16.6 million, compared to $12.7 million for the same period in 2023, primarily driven by increased collaboration revenue.
During the quarter, Nurix extended its strategic collaboration with Gilead Sciences, resulting in a $15 million extension fee to Nurix. The company also extended its collaboration with Sanofi to develop a novel orally available targeted protein degrader of STAT6, a key drug target in type 2 inflammation. Additionally, Nurix presented new clinical data for NX-5948 at the American Association for Cancer Research (AACR) 2024 annual meeting, demonstrating clinically meaningful responses in patients with CNS lymphoma and CLL with CNS involvement.
Nurix's research and development expenses for the quarter were $50.0 million, up from $45.8 million for the same period in 2023, primarily due to clinical and contract manufacturing costs as the company progresses its clinical trial programs and ongoing patient enrollment. General and administrative expenses for the quarter were $11.8 million, compared to $9.8 million for the first quarter of 2023, primarily related to an increase in non-cash stock-based compensation expense and professional service costs.
The company reported a net loss of $41.5 million, or ($0.76) per share, for the first quarter of 2024, compared to a net loss of $40.7 million, or ($0.75) per share, for the same period in 2023. Nurix had cash, cash equivalents, and marketable securities of $254.3 million as of February 29, 2024, compared to $295.3 million as of November 30, 2023.
Nurix's ongoing clinical pipeline is led by NX-5948, an investigational, orally bioavailable degrader of Bruton’s tyrosine kinase (BTK), currently being evaluated in a phase 1a/b clinical trial in adults with relapsed or refractory B-cell malignancies. The company also provided updates on other programs, including NX-2127, NX-1607, and GS-6791 (previously NX-0479).
As a result of these announcements, the company's shares have moved -9.5% on the market, and are now trading at a price of $15.82. For the full picture, make sure to review Nurix Therapeutics's 8-K report.
