Nurix Therapeutics, Inc. (NASDAQ: NRIX) has reported its financial results for the second quarter ended May 31, 2024, and provided a corporate update. The company ended the quarter with cash and marketable securities of $452.5 million, compared to $254.3 million as of February 29, 2024, showcasing a significant increase in its financial position.
In terms of revenue, collaboration revenue for the three months ended May 31, 2024, was $12.1 million, up from $10.7 million for the same period in 2023. This increase was primarily attributable to the recognition of revenue from the collaboration with Pfizer, which was entered into in the fourth quarter of fiscal year 2023.
Research and development expenses for the three months ended May 31, 2024, were $48.9 million, compared with $45.8 million for the same period in 2023, mainly due to clinical costs and contract manufacturing costs as the company continues to progress its clinical trial programs and ongoing patient enrollment.
General and administrative expenses for the three months ended May 31, 2024, were consistent with the same period in 2023, at $11.7 million.
The net loss for the three months ended May 31, 2024, was $44.5 million, or ($0.71) per share, compared with $24.3 million, or ($0.45) per share, for the same period in 2023, reflecting an increased loss.
One of the significant highlights from the quarter was the presentation of positive clinical data from the ongoing phase 1a/b trial of NX-5948, Nurix's orally bioavailable degrader of Bruton's tyrosine kinase (BTK), at the European Hematology Association Congress. The data demonstrated an objective response rate (ORR) of 69.2% in heavily pretreated chronic lymphocytic leukemia (CLL) patients, including those with BTK inhibitor resistance mutations and patients with central nervous system (CNS) involvement.
Additionally, Nurix strengthened its leadership with the appointment of Paula G. O'Connor, M.D., as Chief Medical Officer and Pasit Phiasivongsa, Ph.D., as Chief Technical Officer. These appointments aim to bolster the company's leadership in clinical operations and CMC ahead of planned pivotal studies for NX-5948 in 2025.
Nurix's wholly owned, clinical-stage pipeline includes targeted protein degraders of Bruton's tyrosine kinase and inhibitors of casitas B-lineage lymphoma proto-oncogene B, with plans to continue advancing its clinical assets and preclinical programs.
Today the company's shares have moved 8.8% to a price of $22.03. For more information, read the company's full 8-K submission here.
