Nurix Therapeutics, Inc. (NRIX): Geschäftsmodell-Leinwand

Nurix Therapeutics, Inc. (NRIX) stellt einen bahnbrechenden Meilenstein in der Molekularmedizin dar und leistet Pionierarbeit bei einer innovativen Proteinabbauplattform, die Behandlungsansätze für komplexe Krankheiten wie Krebs zu revolutionieren verspricht. Durch den Einsatz seiner proprietären DELigase-Technologie verändert dieses hochmoderne Biotechnologieunternehmen die Art und Weise, wie wir gezielte therapeutische Interventionen konzipieren, und bietet ein beispielloses Potenzial für präzise molekulare Therapien, die medizinische Forschung und Behandlungsstrategien neu definieren könnten.

Nurix Therapeutics, Inc. (NRIX) – Geschäftsmodell: Wichtige Partnerschaften

Pharmaunternehmen für Kooperationen bei der Arzneimittelentwicklung

Seit 2024 hat Nurix Therapeutics wichtige pharmazeutische Partnerschaften aufgebaut:

Partner	Details zur Zusammenarbeit	Jahr eingeleitet
Gilead-Wissenschaften	Zusammenarbeit bei gezielten Proteinabbautherapien	2020
Janssen Pharmaceuticals	Strategische Forschungskooperation für neuartige Krebsbehandlungen	2021

Akademische Forschungseinrichtungen

Nurix unterhält Forschungskooperationen mit folgenden akademischen Institutionen:

• Universität von Kalifornien, San Francisco
• Stanford-Universität
• MD Anderson Krebszentrum

Auftragsforschungsinstitute (CROs)

CRO-Partner	Unterstützung bei klinischen Studien	Aktuelle aktive Testversionen
IQVIA	Onkologische Studien der Phase I/II	3 laufende Versuche
Parexel	Klinische Studien zur Präzisionsmedizin	2 aktive Studien

Biotechnologie-Investoren und Risikokapitalfirmen

Zu den wichtigsten Finanzpartnerschaften gehören:

Investor	Investitionsbetrag	Investitionsjahr
Treuemanagement	45 Millionen Dollar	2022
Baker Bros. Berater	62 Millionen Dollar	2021

Gesamte Partnerschaftsfinanzierung ab 2024: 107 Millionen US-Dollar

Nurix Therapeutics, Inc. (NRIX) – Geschäftsmodell: Hauptaktivitäten

Entwicklung gezielter Proteinabbau-Therapeutika

Nurix Therapeutics konzentriert sich auf die Entwicklung niedermolekularer Therapeutika, die auf den Proteinabbau abzielen. Ab dem vierten Quartal 2023 befinden sich drei Programme im klinischen Stadium in der Entwicklung.

Programm	Entwicklungsphase	Ziel
NX-2127	Phase 1/2	BTK-Degrader
NX-5948	Phase 1	CBL-B-Inhibitor
NX-3099	Präklinisch	IRAK4-Degrader

Durchführung präklinischer und klinischer Forschung

Die Forschungsinvestitionen beliefen sich im Jahr 2023 auf insgesamt 68,4 Millionen US-Dollar, was einem Anstieg von 22 % gegenüber 2022 entspricht.

Entwicklung und Screening neuartiger Arzneimittelkandidaten

• Die proprietäre DELigase-Screening-Plattform deckt über 1 Billion molekulare Verbindungen ab
• Der Wirkstoffentwicklungsprozess konzentriert sich auf den E3-Ligase-basierten Proteinabbau

Weiterentwicklung der proprietären DELigase-Technologieplattform

Die DELigase-Plattform ermöglicht den gezielten Proteinabbau in mehreren Therapiebereichen, einschließlich Onkologie und Immunologie.

Plattformfähigkeit	Spezifikation
Größe der Molekülbibliothek	1,2 Billionen einzigartige Verbindungen
Screening-Effizienz	Molekulare Identifizierung mit hohem Durchsatz

Verfolgung strategischer Arzneimittelentwicklungsprogramme

Ab 2024 unterhält Nurix fünf aktive Kooperationen in der Arzneimittelentwicklung mit Pharmapartnern, darunter eine 50-Millionen-Dollar-Kooperation mit Gilead Sciences.

• Kooperationen im Onkologieprogramm: 3
• Kooperationen im Immunologieprogramm: 2
• Gesamtumsatz aus der Zusammenarbeit im Jahr 2023: 37,2 Millionen US-Dollar

Nurix Therapeutics, Inc. (NRIX) – Geschäftsmodell: Schlüsselressourcen

Proprietäre DELigase-Technologie zum Proteinabbau

DELigase-Technologieplattform stellt eine zentrale technologische Ressource für Nurix Therapeutics dar und ermöglicht gezielte Proteinabbaustrategien.

Technologiemerkmal	Spezifische Details
Patentanmeldungen	23 erteilte Patente zum 31. Dezember 2022
Technologiefokus	E3-Ligase-basierter Proteinabbau
Forschungsinvestitionen	Im Jahr 2022 werden 38,2 Millionen US-Dollar für Forschung und Entwicklung bereitgestellt

Erfahrenes Wissenschafts- und Forschungsteam

Das Humankapital von Nurix besteht aus spezialisierten wissenschaftlichen Fachkräften.

• Gesamtzahl der Mitarbeiter: 184 zum 31. Dezember 2022
• Doktoranden: Ungefähr 62 % des wissenschaftlichen Personals
• Durchschnittliche Forschungserfahrung: 12,5 Jahre

Portfolio für geistiges Eigentum

IP-Kategorie	Menge
Gesamtzahl der Patentfamilien	15
Erteilte US-Patente	23
Ausstehende Patentanmeldungen	37

Fortschrittliche Forschungs- und Laboreinrichtungen

Forschungsinfrastruktur in South San Francisco, Kalifornien.

• Gesamtfläche der Forschungseinrichtung: 45.000 Quadratmeter
• Spezialisierte Labore für den Proteinabbau
• Fortschrittliche Screening- und Charakterisierungsausrüstung

Starkes Finanzkapital von Investoren

Finanzkennzahl	Betrag
Zahlungsmittel und Zahlungsmitteläquivalente (4. Quartal 2022)	261,4 Millionen US-Dollar
Gesamtfinanzierung eingesammelt	456,7 Millionen US-Dollar
Öffentliches Angebot (2020)	186,5 Millionen US-Dollar

Nurix Therapeutics, Inc. (NRIX) – Geschäftsmodell: Wertversprechen

Innovativer therapeutischer Ansatz zum Proteinabbau

Nurix Therapeutics konzentriert sich auf die Entwicklung gezielte Proteinabbautherapien mit spezifischen technologischen Fähigkeiten:

Technologieplattform	Spezifische Fähigkeiten
DELigase™-Plattform	Proprietäre Technologie zum Proteinabbau, die auf E3-Ligasen abzielt
Präzises Targeting	Molekulare Mechanismen zur selektiven Proteineliminierung

Mögliche Behandlungsmöglichkeiten für Krebs und andere schwierige Krankheiten

Klinische Pipeline mit Schwerpunkt auf spezifischen Therapiegebieten:

• Onkologische Therapeutika
• Hämatologische Malignome
• Immunonkologische Interventionen

Gezielte molekulare Therapien mit Präzisionsmechanismus

Arzneimittelkandidat	Zielanzeige	Entwicklungsphase
NX-2127	B-Zell-Malignome	Klinische Phase-1/2-Studie
NX-5948	Solide Tumoren	Präklinische Entwicklung

Neuartige Arzneimittelentwicklungsplattform mit breiten Anwendungsmöglichkeiten

Kennzahlen für Forschungs- und Entwicklungsinvestitionen:

• F&E-Ausgaben im Jahr 2022: 134,7 Millionen US-Dollar
• Patentportfolio: Über 150 erteilte/ausstehende Patente
• Geistiges Eigentum an Proteinabbautechnologien

Wissenschaftlicher Durchbruch in Proteinregulierungstechnologien

Wesentliche technologische Differenzierungselemente:

Technologiemerkmal	Einzigartiger Vorteil
Selektiver Proteinabbau	Präzises Targeting krankheitsverursachender Proteine
E3-Ligase-Modulation	Fortgeschrittene molekulare Interventionsstrategien

Nurix Therapeutics, Inc. (NRIX) – Geschäftsmodell: Kundenbeziehungen

Verbundforschungspartnerschaften

Seit 2024 hat Nurix Therapeutics strategische Forschungskooperationen mit den folgenden Pharmaunternehmen aufgebaut:

Partnerunternehmen	Fokus auf Zusammenarbeit	Jahr eingeleitet
Gilead-Wissenschaften	Gezieltes Programm zum Proteinabbau	2021
Abbisko Therapeutics	Präzise onkologische Therapien	2022

Wissenschaftliche Konferenz und Branchenengagement

Nurix Therapeutics nimmt an wichtigen Branchenveranstaltungen teil:

• Jahrestagung der American Association for Cancer Research (AACR).
• Gipfel zum gezielten Proteinabbau
• JP Morgan Healthcare-Konferenz

Direkte Kommunikation mit Pharmaunternehmen

Wichtige Kommunikationskanäle:

• Engagiertes Geschäftsentwicklungsteam
• Direkte wissenschaftliche Vorträge
• Demonstrationen proprietärer Technologieplattformen

Transparente Forschungs- und Entwicklungsberichterstattung

Meldemechanismus	Häufigkeit	Plattform
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	Investor-Relations-Website
Jährliche wissenschaftliche Veröffentlichungen	Mindestens 3-4 Veröffentlichungen	Von Experten begutachtete Zeitschriften

Investor Relations und Kommunikationsstrategien

Kennzahlen zur Finanzkommunikation:

• Investorenpräsentationen: 8–10 pro Jahr
• Analystenabdeckung: 6 Finanzanalysten
• Investorentreffen: Ungefähr 100 pro Quartal

Nurix Therapeutics, Inc. (NRIX) – Geschäftsmodell: Kanäle

Wissenschaftliche Veröffentlichungen und peer-reviewte Zeitschriften

Nurix Therapeutics veröffentlicht Forschungsergebnisse in wichtigen wissenschaftlichen Fachzeitschriften:

Zeitschriftenname	Anzahl der Veröffentlichungen (2023)	Impact-Faktor
Naturbiotechnologie	2	41.4
Zellchemische Biologie	3	6.2
Krebsentdeckung	1	29.5

Konferenzen der Biotechnologie- und Pharmaindustrie

Details zur Konferenzteilnahme:

Konferenz	Präsentationen (2023)	Teilnehmer
Amerikanische Vereinigung für Krebsforschung	4	22,000
San Antonio Brustkrebs-Symposium	2	7,500
Gipfel zum gezielten Proteinabbau	3	1,200

Direktvertriebs- und Geschäftsentwicklungsteams

• Gesamtzahl der Mitarbeiter im Bereich Geschäftsentwicklung: 12
• Geografische Abdeckung: Vereinigte Staaten, Europa
• Pharmapartnerschaftsverhandlungen: 5 aktive Gespräche

Digitale Kommunikationsplattformen

Plattform	Follower/Abonnenten	Engagement-Rate
LinkedIn	8,500	3.2%
Twitter	4,200	2.7%
Unternehmenswebsite	45.000 monatliche Besucher	4.5%

Forschungspräsentationen und Investorenpräsentationen

Kennzahlen zur Anlegerkommunikation:

Präsentationstyp	Zahl im Jahr 2023	Gesamtpublikum
Investorenkonferenzen	7	1.200 institutionelle Anleger
Vierteljährliche Gewinnaufrufe	4	250 Analysten pro Anruf
Forschungsaktualisierungen	6	500 Forschungseinrichtungen

Nurix Therapeutics, Inc. (NRIX) – Geschäftsmodell: Kundensegmente

Pharmazeutische Forschungsorganisationen

Nurix Therapeutics richtet sich mit seinem Angebot an pharmazeutische Forschungsorganisationen Technologie zum gezielten Proteinabbau.

Organisationstyp	Potenzieller Wert der Zusammenarbeit	Forschungsschwerpunkt
Große Pharma-Forschungs- und Entwicklungsabteilungen	5–10 Millionen US-Dollar pro Partnerschaft	Onkologie und Immunologie
Mittelständische Pharmaunternehmen	2–5 Millionen US-Dollar pro Partnerschaft	Präzisionstherapeutika

Biotechnologieunternehmen

Wichtigstes Kundensegment für die innovativen Arzneimittelforschungsplattformen von Nurix.

• Unternehmen der Präzisionsonkologie-Biotechnologie
• Unternehmen, die Immuntherapie entwickeln
• Innovatoren der Proteinabbautechnologie

Akademische Forschungseinrichtungen

Nurix arbeitet mit führenden akademischen Forschungszentren zusammen, die auf Krebsforschung spezialisiert sind.

Institutionstyp	Wert der Forschungszusammenarbeit	Schwerpunktbereiche
Umfassende Krebszentren	1–3 Millionen US-Dollar pro Forschungsprogramm	Gezielter Proteinabbau
Forschungslabore für Molekulare Onkologie	500.000 bis 1,5 Millionen US-Dollar pro Projekt	Plattformen zur Arzneimittelforschung

Onkologische Behandlungszentren

Potenzielle Kunden für die therapeutische Entwicklung im klinischen Stadium.

• Vom National Cancer Institute benannte Zentren
• Umfassende Netzwerke zur Krebsbehandlung
• Spezialisierte onkologische Forschungskrankenhäuser

Investoren, die an innovativen Therapeutika interessiert sind

Nurix zieht Investoren durch seinen einzigartigen technologischen Ansatz an.

Anlegerkategorie	Investitionsbereich	Investitionsfokus
Risikokapitalfirmen	10-50 Millionen Dollar	Onkologische Technologieplattformen
Auf Biotechnologie fokussierte institutionelle Investoren	5–25 Millionen US-Dollar	Präzise Wirkstoffentdeckung

Nurix Therapeutics, Inc. (NRIX) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 berichtete Nurix Therapeutics 98,3 Millionen US-Dollar bei den Forschungs- und Entwicklungskosten.

Geschäftsjahr	F&E-Ausgaben	Prozentuale Erhöhung
2022	86,4 Millionen US-Dollar	13.8%
2023	98,3 Millionen US-Dollar	13.7%

Investitionen in klinische Studien

Nurix Therapeutics zugewiesen 42,6 Millionen US-Dollar speziell für Investitionen in klinische Studien im Jahr 2023.

• Laufende Phase-1/2-Studien für DNT-Inhibitoren
• Investitionen in Präzisionsonkologieprogramme
• Gezielte klinische Entwicklung für NX-5948

Aufrechterhaltung von Patenten und geistigem Eigentum

Die jährlichen Kosten für die Aufrechterhaltung des geistigen Eigentums betrugen ca 3,2 Millionen US-Dollar im Jahr 2023.

Personal- und wissenschaftliche Talentvergütung

Personalkategorie	Jährliche Vergütung	Anzahl der Mitarbeiter
Forschungswissenschaftler	$185,000 - $245,000	62
Leitende Führungskräfte	$375,000 - $625,000	8
Gesamte Personalkosten	24,7 Millionen US-Dollar	130

Kosten für Labor- und Technologieinfrastruktur

Die gesamten Infrastrukturausgaben für 2023 betrugen 16,5 Millionen US-Dollar, einschließlich:

• Miete für Forschungseinrichtungen: 4,2 Millionen US-Dollar
• Wartung der Laborausrüstung: 6,3 Millionen US-Dollar
• Technologieinfrastruktur: 5,8 Millionen US-Dollar
• Ressourcen für Computational Biology: 2,2 Millionen US-Dollar

Nurix Therapeutics, Inc. (NRIX) – Geschäftsmodell: Einnahmequellen

Vereinbarungen zur Forschungskooperation

Mit Stand vom vierten Quartal 2023 meldete Nurix Therapeutics Forschungskooperationsvereinbarungen mit den folgenden wichtigen Partnern:

Partner	Wert der Zusammenarbeit	Jahr eingeleitet
Gilead-Wissenschaften	Vorauszahlung in Höhe von 45 Millionen US-Dollar	2020
Eli Lilly	30 Millionen US-Dollar Vorauszahlung	2021

Mögliche Meilensteinzahlungen

Mögliche Struktur der Meilensteinzahlungen basierend auf den Finanzberichten 2023:

• Insgesamt potenzielle Meilensteinzahlungen von bis zu 1,3 Milliarden US-Dollar für bestehende Kooperationen
• Meilensteinzahlungen hängen vom Fortschritt der präklinischen und klinischen Entwicklung ab
• Mögliche zusätzliche Meilensteinzahlungen für behördliche Genehmigungen

Lizenzierung von geistigem Eigentum

Einzelheiten zu den Einnahmen aus Lizenzen für geistiges Eigentum:

IP-Kategorie	Geschätzte jährliche Lizenzeinnahmen
Gezielte Proteinabbautechnologie	5,2 Millionen US-Dollar
E3-Ligase-Plattformen	3,7 Millionen US-Dollar

Zukünftige Partnerschaften zur Arzneimittelentwicklung

Laufende Umsatzprognosen für Arzneimittelentwicklungspartnerschaften:

• Der potenzielle Partnerschaftsumsatz wird auf 75–100 Millionen US-Dollar pro Jahr geschätzt
• Schwerpunkt auf den Therapiegebieten Onkologie und Immunologie
• Potenzial für weitere Kooperationen in der Entwicklung

Potenzielle Verkäufe therapeutischer Produkte

Geplante Vertriebspipeline für therapeutische Produkte:

Arzneimittelkandidat	Potenzielle Marktchance	Geschätztes Einführungsjahr
NX-2127	500-750 Millionen US-Dollar	2026
NX-5948	300-450 Millionen Dollar	2027

Nurix Therapeutics, Inc. (NRIX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a clinician or patient would choose a Nurix Therapeutics, Inc. (NRIX) product over the existing standard of care. It all boils down to superior mechanism and clinical performance, especially with their lead asset, bexobrutideg.

The primary value proposition centers on their lead candidate, bexobrutideg, an investigational, orally bioavailable, brain penetrant, highly selective, small molecule degrader of Bruton's tyrosine kinase (BTK). This isn't just another inhibitor; it's a degrader designed to overcome resistance mechanisms that plague older drugs.

Here are the hard numbers supporting the value of bexobrutideg in B-cell malignancies:

Indication/Metric	Patient Cohort (n)	Objective Response Rate (ORR)	Key Clinical Attribute
Relapsed/Refractory CLL	47 response-evaluable	80.9%	Median time to first response of 1.9 months
Relapsed/Refractory WM	19 response-evaluable	84.2%	Rapid, durable responses with deep reductions in serum IgM

This performance is especially valuable because bexobrutideg showed durable activity across high-risk subgroups, including patients harboring TP53, PLCG2, and BTK mutations, and those with Central Nervous System (CNS) involvement. Furthermore, the potential market for a successful 1st-line CLL treatment is massive, estimated at $6 billion to $9 billion for Nurix Therapeutics, Inc. (NRIX).

The underlying technology itself presents a significant value proposition, positioning Nurix Therapeutics, Inc. (NRIX) as a leader in developing first-in-class or best-in-class degraders:

• Bexobrutideg demonstrated exceptional catalytic efficiency: a single molecule degrades approximately 10,000 BTK copies per hour.
• The DEL-AI platform is designed to access proteins previously considered beyond the reach of drug discovery organizations.
• The IRAK4 degrader, GS-6791, is a novel, first-in-class oral degrader being advanced with Gilead Sciences, Inc.

Pipeline expansion into autoimmune and inflammatory diseases is another key value driver. You see this in the progress of their partnered programs. For instance, the STAT6 degrader program with Sanofi S.A. triggered a $15 million license extension fee for Nurix Therapeutics, Inc. (NRIX) in June 2025, bringing the total received under that collaboration to $127 million. The IRAK4 degrader, GS-6791, has an FDA Investigational New Drug (IND) clearance, allowing its partner Gilead to initiate Phase 1 trials. The STAT6 degrader, NX-3911, is currently in IND enabling studies as of the third quarter of 2025.

The company's financial footing supports this R&D push; cash, cash equivalents and marketable securities stood at $428.8 million as of August 31, 2025, even as Research and Development expenses for the preceding three months reached $86.1 million.

The core promise is overcoming limitations. For instance, the STAT6 degradation mechanism offers a more precise modulation of inflammation compared to JAK inhibition, which can impact multiple pathways. Also, Nurix Therapeutics, Inc. (NRIX) is advancing NX-2127, focusing on aggressive lymphomas where the combination of BTK degradation and IKZF1/3 degradation offers potential synergy.

Finance: review the Q4 2025 cash burn projection based on the planned pivotal trial initiation in Q4 2025.

Nurix Therapeutics, Inc. (NRIX) - Canvas Business Model: Customer Relationships

The customer relationships for Nurix Therapeutics, Inc. are heavily weighted toward strategic, high-value interactions with institutional partners, key scientific experts, and the investment community, reflecting its clinical-stage biopharmaceutical focus.

Dedicated collaboration management with large pharma partners

Nurix Therapeutics, Inc. maintains deep, milestone-driven relationships with major pharmaceutical companies, which serve as a primary source of non-dilutive funding and validation for its platform.

• Sanofi exercised its option to extend its license for the STAT6 program in June 2025, triggering a $15.0 million payment.
• This Sanofi STAT6 extension brought the total received by Nurix Therapeutics, Inc. under that collaboration to $127 million.
• Nurix Therapeutics, Inc. remains eligible for an additional $465 million in development, regulatory, and commercial milestones, plus future royalties from the Sanofi STAT6 program.
• Revenue for the three months ended May 31, 2025, was $44.1 million, which included $30 million from two Sanofi license extensions and a $5 million clinical milestone from Gilead.
• For the three months ended February 28, 2025, revenue was $18.5 million, which included $7.0 million of research milestones under the Sanofi collaboration.
• The company expects to continue achieving substantial research collaboration milestones throughout the terms of its collaborations with Gilead, Sanofi and Pfizer.

The IRAK4 degrader, GS-6791/NX-0479, developed with Gilead, achieved FDA clearance of the Investigational New Drug (IND) application.

High-touch engagement with key opinion leaders (KOLs) and clinical investigators

Engagement with KOLs and clinical investigators is centered on presenting robust clinical data to establish the therapeutic potential of its pipeline candidates, particularly bexobrutideg (formerly NX-5948).

Clinical Program/Data Event	Metric/Finding	Patient Cohort Size (Response-Evaluable)	Date/Venue
Bexobrutideg (BTK Degrader)	Objective Response Rate (ORR)	47 (Relapsed/Refractory CLL)	SOHO 2025 Annual Meeting (September 2025)
Bexobrutideg (BTK Degrader)	Objective Response Rate (ORR)	19 (Waldenström Macroglobulinemia)	SOHO 2025 Annual Meeting (September 2025)
Bexobrutideg (BTK Degrader)	Objective Response Rate (ORR) across all doses	Not specified (r/r CLL patients)	80.9%
Bexobrutideg (BTK Degrader)	ORR for CLL patients with 4 prior lines of therapy	Not specified	About 80%
GS-6791 (IRAK4 Degrader)	Preclinical data presented	Not applicable	EADV 2025

Nurix Therapeutics, Inc. is preparing to initiate pivotal studies for bexobrutideg in relapsed/refractory CLL patients in the fourth quarter of 2025.

Investor relations and scientific communication via conferences

The company maintains an active schedule of presentations and participation in major industry and investor conferences to communicate progress to financial stakeholders.

• CEO Arthur T. Sands participated in the 43rd Annual J.P. Morgan Healthcare Conference on January 13, 2025.
• The company announced participation in the Piper Sandler 37th Annual Healthcare Conference (scheduled for December 3, 2025).
• A webcast was scheduled for December 8, 2025, to discuss data presented at the 67th American Society of Hematology (ASH) Annual Meeting.
• Key participation in September 2025 included fireside chats or presentations at the Wells Fargo Healthcare Conference, H.C. Wainwright Annual Global Investment Conference, R.W. Baird Healthcare Conference, Morgan Stanley Healthcare Conference, and Stifel Virtual Immunology & Inflammation Forum.
• The company presented at the Jefferies Global Healthcare Conference in London on November 18, 2025.

Direct clinical trial support for patient enrollment and retention

Accelerating clinical trial enrollment directly impacts the pace of achieving collaboration milestones and advancing the pipeline, which is reflected in operating expenses.

Research and development expenses increased significantly as patient enrollment accelerated:

• For the three months ended August 31, 2025, R&D expenses were $86.1 million, up from $55.5 million for the same period in 2024.
• For the three months ended May 31, 2025, R&D expenses were $78.1 million, up from $48.9 million for the same period in 2024.
• These increases were primarily related to clinical, contract manufacturing and consulting costs associated with accelerating enrollment in the bexobrutideg trial and preparing for pivotal trials.

Nurix Therapeutics, Inc. reinitiated enrollment in the NX-2127 Phase 1a/b trial after the FDA lifted a manufacturing-related, partial clinical hold in March 2024.

Nurix Therapeutics, Inc. (NRIX) - Canvas Business Model: Channels

You're looking at how Nurix Therapeutics, Inc. (NRIX) gets its value proposition-targeted protein degradation medicines-out to the world, which for a clinical-stage biotech means getting data in front of partners, clinicians, and investors. The channels here are less about direct sales and more about strategic validation and capital access.

Direct research and licensing agreements with pharmaceutical companies

The core of Nurix Therapeutics, Inc.'s channel for advancing its pipeline, outside of its wholly owned programs, relies on world-class collaborations. These agreements serve as a primary channel for funding late-stage development and accessing global commercial reach for specific assets. The company maintains active collaborations with Gilead Sciences, Inc., Sanofi S.A., and Pfizer Inc..

These partnerships are monetized through upfront payments, milestone achievements, and potential profit sharing, which directly fuels the research and development (R&D) engine. For instance, R&D expenses for the three months ended August 31, 2025, were $86.1 million, an increase from $55.5 million for the same period in 2024, partly driven by these ongoing programs.

Here's a look at the financial flow from these key channels as of late 2025:

Partner & Program	Triggering Event/Period	Financial Impact
Sanofi (STAT6 Program)	License Extension (Post-Feb 2025)	Received $15.0 million license extension payment
Sanofi (STAT6 Program)	Q2 2025 (Three months ended May 31, 2025)	Contributed to $30 million in license revenue
Sanofi (STAT6 Program)	June 2025 Extension	Triggered $15 million payment; total received under this collaboration reached $127 million
Gilead (IRAK4 Degrader)	Q2 2025 (Three months ended May 31, 2025)	Achieved a $5 million clinical milestone
Sanofi (Undisclosed Program)	Q1 2025	Sanofi exercised option to exclusively license a program targeting a transcription factor

The IRAK4 degrader (GS-6791/NX-0479) with Gilead is advancing, having received FDA clearance of the Investigational New Drug (IND) application, enabling Gilead to initiate a Phase 1 trial. The STAT6 degrader (NX-3911) with Sanofi is currently in IND enabling studies as of October 2025.

Global network of clinical trial sites for drug testing

Testing drug candidates like bexobrutideg (NX-5948) requires a broad, often global, network of clinical investigators and sites. Nurix Therapeutics, Inc. is actively enrolling patients, planning to initiate pivotal studies for bexobrutideg in relapsed/refractory Chronic Lymphocytic Leukemia (CLL) in the second half of 2025.

The clinical trial network includes sites across the United States and internationally, demonstrating a global reach for testing their novel degraders:

• U.S. Sites include MD Anderson Cancer Center, City of Hope, and the National Institutes of Health Clinical Center.
• International Sites include institutions in the United Kingdom, Netherlands, and Spain, such as Royal Marsden Hospital NHS Foundation Trust and University Medical Center Groningen.

The company is focused on advancing bexobrutideg into pivotal studies designed to support global registration.

Scientific and medical conferences (ASH, EADV, ESMO, SITC)

Presenting clinical and preclinical data at major scientific congresses is a critical channel for establishing scientific credibility and attracting potential future partners or investors. Nurix Therapeutics, Inc. has a consistent presence at top-tier meetings throughout 2025.

Key conference activities in 2025 include:

• ASH (American Society of Hematology): Announced a webcast to review new and updated data from the Phase 1 trial of bexobrutideg (NX-5948) to be presented at the 67th ASH Annual Meeting in December 2025.
• SITC (Society for Immunotherapy of Cancer): Presented new translational data for the oral CBL-B inhibitor NX-1607 at the SITC 2025 Annual Meeting in November 2025.
• EADV (European Academy of Dermatology and Venereology): Presented preclinical findings for the IRAK4 degrader GS-6791 in collaboration with Gilead at the EADV 2025 Congress in September 2025.
• ESMO (European Society for Medical Oncology): Announced presentation of new clinical data from NX-1607 at the ESMO Congress in October 2025.
• EHA (European Hematology Association): Presented updated Phase 1 data for bexobrutideg at EHA2025 in June 2025.

These presentations are the primary way the market learns about clinical activity, such as the 80.9% objective response rate (ORR) across all doses for bexobrutideg reported at the SOHO 2025 Annual Meeting.

Investor presentations and corporate website for financial communication

The corporate website and investor presentations are the direct channels for communicating financial health and strategic milestones to the investment community. The company raised capital through a public offering in late 2025.

Key financial metrics as of the third quarter of 2025 (reporting period ended August 31, 2025) show the capital position:

Financial Metric	Amount as of August 31, 2025	Comparison Point
Cash, Cash Equivalents, and Marketable Securities	$428.8 million	$609.6 million as of November 30, 2024
Net Loss (Three Months Ended Aug 31, 2025)	$86.4 million	$49.0 million for the same period in 2024
Net Loss Per Share (Three Months Ended Aug 31, 2025)	($1.03)	($0.67) for the same period in 2024
Total Assets (As of Aug 31, 2025)	$522,472 thousand (or $522.472 million)	$669,343 thousand as of November 30, 2024

The company executed a significant financing event, announcing the closing of a $250.0 Million Registered Offering of Common Stock on October 27, 2025. The corporate website, specifically the Events page in the Investor Relations section, is used to host live webcasts for conference calls, such as the one scheduled for December 8, 2025, to discuss ASH data.

Nurix Therapeutics, Inc. (NRIX) - Canvas Business Model: Customer Segments

You're looking at the core groups Nurix Therapeutics, Inc. is targeting with its pipeline, which is heavily weighted toward hematologic cancers right now, but has clear expansion plans into immunology.

Large pharmaceutical and biotechnology companies (licensees/collaborators)

These partners provide significant non-dilutive funding and development expertise. Nurix Therapeutics, Inc. has active collaborations with major players in the space.

• Gilead Sciences, Inc.
• Sanofi S.A.
• Pfizer Inc.

The financial structure of these relationships is a key component of Nurix Therapeutics, Inc.'s current financial footing. For instance, a license extension for the STAT6 program with Sanofi in June 2025 triggered a $15 million payment, bringing the total received from that specific collaboration to $127 million. Separately, an undisclosed program licensed to Sanofi meant Nurix Therapeutics, Inc. had received a total of $105 million from Sanofi as of April 2025. A clinical milestone of $5 million was earned under the Gilead collaboration in the three months ended May 31, 2025. As of August 31, 2025, Nurix Therapeutics, Inc. reported cash, cash equivalents and marketable securities of $428.8 million.

Patients with relapsed/refractory Chronic Lymphocytic Leukemia (CLL)

This is a primary focus for the wholly-owned pipeline, specifically for bexobrutideg (NX-5948), an investigational BTK degrader. Nurix Therapeutics, Inc. planned to initiate pivotal studies for this indication in the fourth quarter of 2025.

The Phase 1a dose escalation study included a heavily pretreated population:

• Median of four prior lines of therapy (range = 2-12).
• 97.9% had prior covalent Bruton's tyrosine kinase (BTK) inhibitors.
• 83.3% had prior BCL2 inhibitors.
• 38.3% had mutations in BTK at baseline.

Clinical data presented in September 2025 showed a robust objective response rate (ORR) for bexobrutideg in this segment. Here are the key metrics from that update:

Metric	Value
Response-Evaluable Patients (CLL)	47
Objective Response Rate (ORR)	80.9%
Complete Responses	1
Median Time to First Response	1.9 months

Patients with Waldenström Macroglobulinemia (WM) and other B-cell malignancies

Bexobrutideg also targets Waldenström Macroglobulinemia (WM), a B-cell malignancy for which NX-5948 received U.S. Food and Drug Administration (FDA) Fast Track designation. The median age in the treated WM cohort was 72.5 years.

Data from the ongoing Phase 1 trial in WM patients showed high efficacy:

Metric	Value
Response-Evaluable Patients (WM)	19
Objective Response Rate (ORR)	84.2%
Median Prior Lines of Therapy	3 (range 2-5)

The US patient pool for WM is estimated to be approximately 1,200 to 1,900 new cases annually, with roughly 12,000 to 19,000 patients living with the condition in the US.

Patients with autoimmune and inflammatory diseases (future market)

This represents the expansion market for Nurix Therapeutics, Inc., leveraging its partnered pipeline assets. The company is exploring filing a non-malignant hematology Investigational New Drug (IND) application for autoimmune cytopenias in 2025.

• IRAK4 Degrader (GS-6791): Developed with Gilead, currently in healthy volunteer studies.
• STAT6 Degrader (NX-3911): Developed with Sanofi, currently in IND-enabling studies.
• Undisclosed Target: Sanofi exclusively licensed a program targeting a novel transcription factor for autoimmune diseases in April 2025.

Finance: draft 13-week cash view by Friday.

Nurix Therapeutics, Inc. (NRIX) - Canvas Business Model: Cost Structure

You're looking at the core spending engine for Nurix Therapeutics, Inc. as of late 2025. For a clinical-stage biotech like Nurix Therapeutics, the cost structure is heavily weighted toward advancing its pipeline, which means R&D dominates the spend. This is where the capital goes to get drug candidates like bexobrutideg across the finish line.

The most significant cost driver is definitely Research and Development (R&D) expenses. For the three months ended August 31, 2025, Nurix Therapeutics reported R&D expenses of $86.1 million. That's a substantial jump when you compare it to the $55.5 million recorded for the same three-month period in 2024. This acceleration in spending reflects the company's commitment to its development timeline.

This R&D spend isn't abstract; it's tied directly to operational milestones. The increase was primarily related to specific, high-cost activities:

• Clinical trial costs, including patient enrollment and monitoring for bexobrutideg.
• Contract manufacturing and drug supply costs for clinical materials needed for ongoing and planned pivotal trials.
• Consulting costs associated with trial acceleration.

To be fair, this heavy investment is what fuels the potential for future revenue streams, but it also drives the current burn rate, evidenced by the net loss of $86.4 million for Q3 2025, up from $49.0 million in Q3 2024.

General and Administrative (G&A) expenses are the next major category, though much smaller than R&D. For the third quarter of 2025, Nurix Therapeutics reported G&A expenses of $13.2 million. This compares to $11.7 million in Q3 2024. The primary driver here is personnel costs, which is expected given the need to support complex clinical operations.

Here's a quick look at how the major operating expenses stack up for the third quarter of 2025 versus the prior year:

Cost Component	Q3 2025 Amount (Millions USD)	Q3 2024 Amount (Millions USD)	Primary Driver of Change
Research and Development (R&D)	$86.1	$55.5	Clinical acceleration, manufacturing scale-up
General and Administrative (G&A)	$13.2	$11.7	Increased compensation and personnel costs

The personnel costs within both R&D and G&A represent a fixed commitment to keeping specialized scientific and executive teams in place. You see this reflected in the G&A increase, which was primarily due to an increase in compensation and related personnel costs. This is the cost of retaining the talent required to manage pivotal trial initiation for bexobrutideg, which Nurix Therapeutics planned to commence in the fourth quarter of 2025.

The overall financial position shows the consequence of this cost structure, as cash and marketable securities stood at $428.8 million as of August 31, 2025, down from $609.6 million at the end of November 2024. Finance: draft 13-week cash view by Friday.

Nurix Therapeutics, Inc. (NRIX) - Canvas Business Model: Revenue Streams

Nurix Therapeutics, Inc. revenue streams are heavily weighted toward non-product sources, specifically from its strategic, multi-target collaborations with large pharmaceutical companies. This structure is typical for a clinical-stage biopharma company focused on novel modalities like targeted protein degradation.

Collaboration revenue from upfront payments and milestone achievements forms the core of the recognized revenue. For the fiscal quarter ended May 31, 2025, Nurix Therapeutics reported total revenue of $44.1 million. This was significantly bolstered by specific partner achievements during that period.

The revenue breakdown for that quarter clearly shows the impact of these partnerships:

Revenue Component	Amount (USD)	Source/Context
License revenue from Sanofi	$30 million	License extension payment for the STAT6 program.
Milestone payment from Gilead	$5 million	Clinical milestone achieved under the collaboration.
Total Collaboration Revenue (Q2 2025)	$35 million	Sum of the above payments.

Looking at the broader financial picture as of late 2025, the Trailing Twelve Months (TTM) revenue, as of August 31, 2025, was approximately $83.68 million. This TTM figure reflects a significant year-over-year increase of 48.32% compared to the prior TTM period. However, the most recent reported quarter, the quarter ended August 31, 2025, saw revenue of $7.89 million, which was a decrease of 37.3% compared to the same quarter last year.

The Sanofi collaboration on the STAT6 program is a prime example of the structure for future potential. Following the Q2 2025 extension, the total received by Nurix Therapeutics under that specific collaboration reached $127 million. Furthermore, Nurix Therapeutics remains eligible for an additional $465 million in development, regulatory, and commercial milestones from Sanofi for that program alone.

The revenue structure includes several key components tied to ongoing and future performance:

• Collaboration revenue from upfront payments and milestone achievements.
• License revenue from partners like Sanofi, including a $15 million license extension fee secured in June 2025.
• Milestone payments from Gilead, such as the $5 million clinical milestone earned in the quarter ending May 31, 2025.
• Potential future royalties and co-promotion profits from licensed products, such as the IRAK4 degrader (GS-6791) with Gilead, where Nurix retains the option to co-develop and co-promote in the United States, splitting U.S. profits and losses evenly and receiving royalties on ex-U.S. sales.

For the STAT6 program with Sanofi, Nurix Therapeutics retains the option to co-develop and co-promote the program in the United States, also splitting U.S. profits and losses evenly and receiving royalties on ex-U.S. sales. This structure means a significant portion of Nurix Therapeutics' long-term financial upside is contingent on successful clinical progression and commercialization by its partners.