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Nurix Therapeutics Reports First Quarter Fiscal 2024 Financial Results and Provides a Corporate Update | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
By: GlobeNewswire - 10 Apr 2024 | Back to overview list |
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Extended the Strategic Collaboration with Gilead Sciences Extended the Strategic Collaboration with Sanofi to Develop Novel Orally Available Targeted Protein Degrader of STAT6 Presented new case studies on NX-5948 demonstrating clinical responses in patients with CNS lymphoma and CLL with CNS involvement Announced that it is part of a team of experts selected as awardees in this year’s Cancer Grand Challenges SAN FRANCISCO, April 10, 2024 (GLOBE NEWSWIRE) -- Nurix Therapeutics, Inc. (Nasdaq: NRIX), a clinical-stage biopharmaceutical company developing targeted protein modulation drugs designed to treat patients with cancer and inflammatory diseases, today reported financial results for the first quarter ended February 29, 2024, and provided a corporate update. “Nurix had a strong start to 2024 with the recent announcements of the extensions of our collaborations with both Gilead and Sanofi further validating the power of our platform and the expansion of our work in inflammatory diseases with Sanofi, including the STAT6 program, one of the most exciting targets in inflammation,” said Arthur T. Sands, M.D., Ph.D., president and chief executive officer of Nurix. “We look forward to the continued advancement of our exciting clinical pipeline led by NX-5948 in addition to our other wholly owned and partnered programs.” Recent Business Highlights
Upcoming Program Highlights*
* Expected timing of events throughout this press release is based on calendar year quarters. Fiscal First Quarter 2024 Financial Results Revenue for the three months ended February 29, 2024, was $16.6 million compared with $12.7 million for the three months ended February 28, 2023. The increase was primarily due to the recognition of revenue from the collaboration with Pfizer that was entered into in the fourth quarter of fiscal year 2023, and a higher percentage of completion of performance obligations in the current period related to the collaboration with Sanofi. During the three months ended February 29, 2024, Nurix achieved a research milestone under its collaboration with Sanofi totaling $2.0 million. Research and development expenses for the three months ended February 29, 2024, was $50.0 million compared with $45.8 million for the three months ended February 28, 2023. The increase was primarily due to clinical costs and contract manufacturing costs as Nurix continues to progress its clinical trial programs and ongoing patient enrollment. General and administrative expenses for the three months ended February 29, 2024, was $11.8 million compared with $9.8 million for the three months ended February 28, 2023. The increase was primarily related to an increase in non-cash stock-based compensation expense and an increase in professional service costs. Net loss for the three months ended February 29, 2024 was $41.5 million or ($0.76) per share compared with $40.7 million or ($0.75) per share for the three months ended February 28, 2023. Cash, cash equivalents and marketable securities was $254.3 million as of February 29, 2024, compared to $295.3 million as of November 30, 2023. About Nurix Therapeutics, Inc. Nurix Therapeutics is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of innovative small molecules and antibody therapies based on the modulation of cellular protein levels as a novel treatment approach for cancer, inflammatory conditions, and other challenging diseases. Leveraging extensive expertise in E3 ligases together with proprietary DNA-encoded libraries, Nurix has built DELigase, an integrated discovery platform, to identify and advance novel drug candidates targeting E3 ligases, a broad class of enzymes that can modulate proteins within the cell. Nurix’s drug discovery approach is to either harness or inhibit the natural function of E3 ligases within the ubiquitin-proteasome system to selectively decrease or increase cellular protein levels. Nurix’s wholly owned, clinical stage pipeline includes targeted protein degraders of Bruton’s tyrosine kinase, a B-cell signaling protein, and inhibitors of Casitas B-lineage lymphoma proto-oncogene B, an E3 ligase that regulates activation of multiple immune cell types including T cell and NK cells. Nurix is headquartered in San Francisco, California. For additional information visit http://www.nurixtx.com. Forward-Looking Statements This press release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When or if used in this press release, the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “predict,” “should,” “will,” and similar expressions and their variants, as they relate to Nurix, may identify forward-looking statements. All statements that reflect Nurix’s expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding: Nurix’s future financial or business performance; Nurix’s future plans, prospects and strategies; Nurix’s plans and expectations with respect to its current and prospective drug candidates; the tolerability, safety profile, therapeutic potential and other advantages of Nurix’s drug candidates; the planned timing and conduct of Nurix’s clinical trials; the planned timing for the provision of updates and findings from Nurix’s preclinical studies and clinical trials; the potential benefits of and Nurix’s expectations with respect to its strategic collaborations, including the achievement of research milestones; and the potential advantages of Nurix’s scientific approach and DELigase™ platform. Forward-looking statements reflect Nurix’s current beliefs, expectations, and assumptions regarding the future of Nurix’s business, its future plans and strategies, its development plans, its preclinical and clinical results, future conditions and other factors Nurix believes are appropriate in the circumstances. Although Nurix believes the expectations and assumptions reflected in such forward-looking statements are reasonable, Nurix can give no assurance that they will prove to be correct. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and changes in circumstances that are difficult to predict, which could cause Nurix’s actual activities and results to differ materially from those expressed in any forward-looking statement. Such risks and uncertainties include, but are not limited to: (i) whether Nurix will be able to advance its drug candidates, obtain regulatory approval of and ultimately commercialize its drug candidates; (ii) uncertainties related to the timing and results of preclinical studies and clinical trials; (iii) whether Nurix will be able to fund development activities and achieve development goals; (iv) uncertainties related to the timing and receipt of payments from Nurix’s collaboration partners, including milestone payments and royalties on future product sales; (v) the impact of global business, political and macroeconomic conditions, cybersecurity events, instability in the banking system, and global events, including regional conflicts around the world, on Nurix’s business, clinical trials, financial condition, liquidity and results of operations; (vi) whether Nurix will be able to protect intellectual property and (vii) other risks and uncertainties described under the heading “Risk Factors” in Nurix’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 29, 2024, and other SEC filings. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. The statements in this press release speak only as of the date of this press release, even if subsequently made available by Nurix on its website or otherwise. Nurix disclaims any intention or obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise, except as required by applicable law. Contacts: Investors Elizabeth Wolffe, Ph.D. Media
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Copyright 2024 GlobeNewswire | Back to overview list |