First Investigational New Drug (IND) application cleared for NX-2127 in patients with relapsed and refractory B-cell malignancies
Three additional wholly owned programs expected to enter clinical trials in 2021
Expanded Sanofi collaboration resulting in option exercise payment of $22 million
Year-end cash and investments totaling $372 million
SAN FRANCISCO, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Nurix Therapeutics, Inc. NRIX, a biopharmaceutical company developing targeted protein modulation drugs, today reported financial results for the fourth quarter and fiscal year ended November 30, 2020 and provided a corporate update. "We begin 2021 with a positive notification from the FDA that our first Phase 1 clinical trial of NX-2127 may proceed in patients with B cell malignancies, including chronic lymphocytic leukemia," said Arthur Sands, M.D., Ph.D., president and chief executive officer of Nurix. "We look forward to a very exciting year as we generate clinical data that can support further development of NX-2127, a first-in-class targeted protein degrader of BTK, a highly validated target for hematologic malignancies." Recent Business Highlights Upcoming Program Highlights Fiscal Fourth Quarter and Full Year 2020 Financial Results Collaboration revenue for the three months and twelve months ended November 30, 2020 was $6.7 million and $17.8 million, respectively, compared with $1.9 million and $31.1 million for the three and twelve months ended November 30, 2019. The decrease in collaboration revenue for the full year was attributable to the termination of a collaboration agreement with Celgene Corporation in June 2019, which resulted in no revenue recognition in 2020, offset by revenue recognized related to the Company's collaboration agreements with Gilead Sciences, Inc. and Sanofi S.A. that were established in July and December 2019, respectively. Research and development expenses for the three months and twelve months ended November 30, 2020 were $20.4 million and $66.5 million, respectively, compared with $12.8 million and $45.0 million for the three and twelve months ended November 30, 2019. The increase was primarily related to increases in preclinical development activities and drug discovery research as well as increased expenses related to higher headcount. General and administrative expenses for the three months and twelve months ended November 30, 2020 were $6.3 million and $16.3 million, respectively, compared with $2.6 million and $8.3 million for the three and twelve months ended November 30, 2019. The increase was primarily related to higher headcount and increased legal and accounting expenses associated with becoming a public company. Net loss attributed to common stockholders for the three months and twelve months ended November 30, 2020 was $19.9 million or ($0.51) per share and $43.2 million or ($2.76) per share, respectively, compared with $13.5 million or ($3.55) per share and $21.7 million or ($6.59) per share, respectively, for the three and twelve months ended November 30, 2019. Cash, Cash Equivalents and Investments: As of November 30, 2020, the Company had cash, cash equivalents and investments of $372.0 million, compared with $38.2 million as of November 30, 2019. About Nurix Therapeutics, Inc.
Nurix Therapeutics is a biopharmaceutical company focused on the discovery, development, and commercialization of therapies designed to modulate cellular protein levels as a novel treatment approach for cancer and other challenging diseases. Leveraging Nurix's extensive expertise in E3 ligases together with its 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 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 T cell activation. Nurix is headquartered in San Francisco, California. For more information, please visit
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our future financial or business performance, conditions, plans, prospects, trends or strategies and other financial and business matters; our current and prospective product candidates; the timing of our planned IND submissions for our product candidates; the planned timing and conduct of our clinical trial programs for our product candidates, preclinical activities, research and development costs, current and prospective collaborations; the potential advantages of our DELigase™ platform and product candidates; the extent to which our scientific approach and DELigase™ platform may potentially address a broad range of diseases; the estimated size of the market for our product candidates; and the timing and success of our development and commercialization of our anticipated product candidates. In addition, when or if used in this press release, the words "may," "could," "should," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict" and similar expressions and their variants, as they relate to the Company, may identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations, and assumptions regarding the future of the Company's business, future plans and strategies, its development plans, its preclinical results and other future conditions. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Readers are cautioned that actual results, levels of activity, performance or events and circumstances could differ materially from those expressed or implied in our forward-looking statements due to a variety of factors, including risks and uncertainties related to our ability to advance our product candidates, obtain regulatory approval of and ultimately commercialize our product candidates, the timing and results of preclinical and clinical trials, our ability to fund development activities and achieve development goals, the impact of the COVID-19 pandemic on our business, our ability to protect intellectual property and other risks and uncertainties described under the heading "Risk Factors" in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 16, 2021 and other SEC filings. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein.
Contacts: | ||
Investors: | Media: | |
Jason Kantor, Ph.D. | Elizabeth Wolffe, Ph.D. | |
Nurix Therapeutics, Inc. | Wheelhouse Life Science Advisors | |
jkantor@nurixtx.com | lwolffe@wheelhouselsa.com | |
Nurix Therapeutics, Inc. | |||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended November 30, | Year Ended November 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Collaboration revenue | $ | 6,689 | $ | 1,862 | $ | 17,820 | $ | 31,115 | |||||||
Operating expenses: | |||||||||||||||
Research and development | 20,445 | 12,824 | 66,494 | 45,025 | |||||||||||
General and administrative | 6,252 | 2,602 | 16,309 | 8,326 | |||||||||||
Total operating expenses | 26,697 | 15,426 | 82,803 | 53,351 | |||||||||||
Loss from operations | (20,008 | ) | (13,564 | ) | (64,983 | ) | (22,236 | ) | |||||||
Interest and other income, net | 135 | 255 | 1,206 | 776 | |||||||||||
Loss before income taxes | (19,873 | ) | (13,309 | ) | (63,777 | ) | (21,460 | ) | |||||||
(Benefit) provision for income taxes | 41 | 210 | (20,535 | ) | 239 | ||||||||||
Net loss | $ | (19,914 | ) | $ | (13,519 | ) | $ | (43,242 | ) | $ | (21,699 | ) | |||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.51 | ) | $ | (3.55 | ) | $ | (2.76 | ) | $ | (6.59 | ) | |||
Weighted-average number of shares outstanding, basic and diluted | 38,702,486 | 3,812,210 | 15,673,424 | 3,292,514 | |||||||||||
Nurix Therapeutics, Inc. | |||||||
Condensed Consolidated Balance Sheets | |||||||
(in thousands) | |||||||
(unaudited) | |||||||
November 30, | |||||||
2020 | 2019 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 119,356 | $ | 34,816 | |||
Short-term investments | 161,792 | 2,904 | |||||
Contract assets | 7,500 | — | |||||
Income tax receivable | 3,846 | — | |||||
Prepaid expenses and other current assets | 5,940 | 1,634 | |||||
Total current assets | 298,434 | 39,354 | |||||
Long-term investments | 90,890 | 506 | |||||
Property and equipment, net | 6,672 | 3,871 | |||||
Restricted cash | 170 | 170 | |||||
Other assets | 177 | 147 | |||||
Total assets | $ | 396,343 | $ | 44,048 | |||
Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 3,412 | $ | 1,598 | |||
Accrued and other current liabilities | 8,328 | 4,927 | |||||
Deferred revenue, current | 32,799 | 9,612 | |||||
Total current liabilities | 44,539 | 16,137 | |||||
Deferred revenue, net of current portion | 60,685 | 35,693 | |||||
Other long-term liabilities | 850 | 1,737 | |||||
Total liabilities | 106,074 | 53,567 | |||||
Redeemable convertible preferred stock | — | 48,195 | |||||
Stockholders' equity (deficit): | |||||||
Common stock | 39 | 4 | |||||
Additional paid-in-capital | 393,841 | 2,740 | |||||
Accumulated other comprehensive income (loss) | 87 | (2 | ) | ||||
Accumulated deficit | (103,698 | ) | (60,456 | ) | |||
Total stockholders' equity (deficit) | 290,269 | (57,714 | ) | ||||
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | $ | 396,343 | $ | 44,048 | |||
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