Nurix Therapeutics, Inc. (NRIX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Nurix Therapeutics, Inc. (NRIX) representa una frontera innovadora en la medicina molecular, lo que es pionero en una innovadora plataforma de degradación de proteínas que promete revolucionar los enfoques de tratamiento para enfermedades complejas como el cáncer. Al aprovechar su tecnología patentada de Deligase, esta compañía de biotecnología de vanguardia está transformando cómo conceptualizamos las intervenciones terapéuticas dirigidas, ofreciendo un potencial sin precedentes para terapias moleculares de precisión que podrían redefinir la investigación médica y las estrategias de tratamiento.

Nurix Therapeutics, Inc. (NRIX) - Modelo de negocios: asociaciones clave

Empresas farmacéuticas para colaboraciones de desarrollo de fármacos

A partir de 2024, Nurix Therapeutics ha establecido asociaciones farmacéuticas clave:

Pareja	Detalles de colaboración	Año iniciado
Gilead Sciences	Colaboración en terapias de degradación de proteínas dirigidas	2020
Janssen Pharmaceuticals	Colaboración de investigación estratégica para nuevos tratamientos contra el cáncer	2021

Instituciones de investigación académica

Nurix mantiene colaboraciones de investigación con las siguientes instituciones académicas:

• Universidad de California, San Francisco
• Universidad de Stanford
• Centro de cáncer de MD Anderson

Organizaciones de investigación por contrato (CRO)

Socio de CRO	Apoyo de ensayos clínicos	Ensayos activos actuales
IQVIA	Ensayos de oncología de fase I/II	3 pruebas en curso
Parexel	Estudios clínicos de medicina de precisión	2 Estudios activos

Inversores de biotecnología y empresas de capital de riesgo

Las asociaciones financieras clave incluyen:

Inversor	Monto de la inversión	Año de inversión
Gestión de fidelidad	$ 45 millones	2022
Advisores de Baker Bros.	$ 62 millones	2021

Financiación total de la asociación a partir de 2024: $ 107 millones

Nurix Therapeutics, Inc. (NRIX) - Modelo de negocio: actividades clave

Desarrollo de la terapéutica de degradación de proteínas dirigidas

Nurix Therapeutics se centra en desarrollar terapias de molécula pequeña dirigida a la degradación de proteínas. A partir del cuarto trimestre de 2023, la compañía tiene 3 programas de etapa clínica en desarrollo.

Programa	Etapa de desarrollo	Objetivo
NX-2127	Fase 1/2	Degradador de BTK
NX-5948	Fase 1	Inhibidor de CBL-B
NX-3099	Preclínico	Degradador de Irak4

Realización de investigaciones preclínicas y clínicas

La inversión de investigación en 2023 totalizó $ 68.4 millones, lo que representa un aumento del 22% de 2022.

Diseño y selección de nuevos candidatos a drogas

• La plataforma de detección de deligasa patentada cubre más de 1 billón de compuestos moleculares
• El proceso de descubrimiento de fármacos se centra en la degradación de proteínas basadas en ligasa E3

Avance de la plataforma de tecnología de Deligase Propietario

La plataforma Deligase permite la degradación de proteínas dirigida en múltiples áreas terapéuticas, incluida la oncología e inmunología.

Capacidad de plataforma	Especificación
Tamaño de la biblioteca molecular	1.2 billones de compuestos únicos
Eficiencia de detección	Identificación molecular de alto rendimiento

Persiguiendo programas estratégicos de desarrollo de medicamentos

A partir de 2024, Nurix tiene 5 colaboraciones activas de desarrollo de fármacos con socios farmacéuticos, incluida una colaboración de $ 50 millones con Gilead Sciences.

• Colaboraciones del programa de oncología: 3
• Colaboraciones del programa de inmunología: 2
• Ingresos de colaboración total en 2023: $ 37.2 millones

Nurix Therapeutics, Inc. (NRIX) - Modelo de negocio: recursos clave

Tecnología de degradación de proteínas deligasa patentada

Plataforma de tecnología de Deligase representa un recurso tecnológico central para la terapéutica de Nurix, que permite estrategias de degradación de proteínas dirigidas.

Tecnología característica	Detalles específicos
Solicitudes de patentes	23 patentes emitidas al 31 de diciembre de 2022
Enfoque tecnológico	Degradación de proteínas basadas en ligasa E3
Inversión de investigación	$ 38.2 millones asignados a I + D en 2022

Equipo científico e de investigación experimentado

El capital humano de Nurix comprende profesionales científicos especializados.

• Total de empleados: 184 al 31 de diciembre de 2022
• Investigadores a nivel de doctorado: aproximadamente el 62% del personal científico
• Experiencia de investigación promedio: 12.5 años

Cartera de propiedades intelectuales

Categoría de IP	Cantidad
Familias de patentes totales	15
Patentes de EE. UU. Emitido	23
Aplicaciones de patentes pendientes	37

Investigación avanzada e instalaciones de laboratorio

Infraestructura de investigación ubicada en el sur de San Francisco, California.

• Espacio total de la instalación de investigación: 45,000 pies cuadrados
• Laboratorios de degradación de proteínas especializadas
• Equipo avanzado de detección y caracterización

Capital financiero fuerte de los inversores

Métrica financiera	Cantidad
Equivalentes de efectivo y efectivo (cuarto trimestre de 2022)	$ 261.4 millones
Financiación total recaudada	$ 456.7 millones
Oferta pública (2020)	$ 186.5 millones

Nurix Therapeutics, Inc. (NRIX) - Modelo de negocio: propuestas de valor

Enfoque terapéutico innovador de degradación de proteínas

Nurix Therapeutics se enfoca en desarrollar Terapias de degradación de proteínas dirigidas con capacidades tecnológicas específicas:

Plataforma tecnológica	Capacidades específicas
Plataforma Deligase ™	Tecnología patentada de degradación de proteínas dirigidas a ligasas E3
Orientación de precisión	Mecanismos moleculares para la eliminación selectiva de proteínas

Tratamientos potenciales para el cáncer y otras enfermedades desafiantes

Tubería clínica centrada en áreas terapéuticas específicas:

• Terapéutica oncológica
• Neoplasias hematológicas
• Intervenciones inmuno-oncológicas

Terapias moleculares dirigidas con mecanismo de precisión

Candidato a la droga	Indicación objetivo	Etapa de desarrollo
NX-2127	Neoplasias malignas de células B	Ensayo clínico de fase 1/2
NX-5948	Tumores sólidos	Desarrollo preclínico

NUEVA plataforma de desarrollo de medicamentos con aplicaciones amplias

Investigación y desarrollo de métricas de inversión:

• Gastos de I + D en 2022: $ 134.7 millones
• Portafolio de patentes: más de 150 patentes emitidas/pendientes
• Propiedad intelectual que cubre las tecnologías de degradación de proteínas

Avance científico en tecnologías de regulación de proteínas

Elementos de diferenciación tecnológica clave:

Característica tecnológica	Ventaja única
Degradación selectiva de proteínas	Dirección de precisión de proteínas que causan enfermedades
Modulación de ligasa E3	Estrategias avanzadas de intervención molecular

Nurix Therapeutics, Inc. (NRIX) - Modelo de negocios: relaciones con los clientes

Asociaciones de investigación colaborativa

A partir de 2024, Nurix Therapeutics ha establecido colaboraciones de investigación estratégica con las siguientes compañías farmacéuticas:

Empresa asociada	Enfoque de colaboración	Año iniciado
Gilead Sciences	Programa de degradación de proteínas dirigidas	2021
Abbisko Therapeutics	Terapias oncológicas de precisión	2022

Conferencia científica y compromiso de la industria

Nurix Therapeutics participa en eventos clave de la industria:

• Reunión anual de la Asociación Americana de Investigación del Cáncer (AACR)
• Cumbre de degradación de proteínas dirigidas
• Conferencia de atención médica de JP Morgan

Comunicación directa con compañías farmacéuticas

Canales de comunicación clave:

• Equipo de desarrollo de negocios dedicado
• Presentaciones científicas directas
• Demostraciones de plataforma tecnológica patentada

Informes de investigación y desarrollo transparentes

Mecanismo de informes	Frecuencia	Plataforma
Llamadas de ganancias trimestrales	4 veces al año	Sitio web de relaciones con los inversores
Publicaciones científicas anuales	Mínimo 3-4 publicaciones	Revistas revisadas por pares

Relaciones con inversores y estrategias de comunicación

Métricas de comunicación financiera:

• Presentaciones de inversores: 8-10 por año
• Cobertura de analistas: 6 analistas financieros
• Reuniones de los inversores: aproximadamente 100 por trimestre

Nurix Therapeutics, Inc. (NRIX) - Modelo de negocio: canales

Publicaciones científicas y revistas revisadas por pares

Nurix Therapeutics publica investigación en revistas científicas clave:

Nombre del diario	Número de publicaciones (2023)	Factor de impacto
Biotecnología de la naturaleza	2	41.4
Biología química celular	3	6.2
Descubrimiento de cáncer	1	29.5

Conferencias de la industria biotecnología y farmacéutica

Detalles de participación de la conferencia:

Conferencia	Presentaciones (2023)	Asistentes
Asociación Americana para la Investigación del Cáncer	4	22,000
Simposio de cáncer de mama de San Antonio	2	7,500
Cumbre de degradación de proteínas dirigidas	3	1,200

Equipos directos de ventas y desarrollo de negocios

• Personal de desarrollo comercial total: 12
• Cobertura geográfica: Estados Unidos, Europa
• Negociaciones de asociación farmacéutica: 5 discusiones activas

Plataformas de comunicación digital

Plataforma	Seguidores/suscriptores	Tasa de compromiso
LinkedIn	8,500	3.2%
Gorjeo	4,200	2.7%
Sitio web corporativo	45,000 visitantes mensuales	4.5%

Presentaciones de investigación y presentaciones de inversores

Métricas de comunicación de inversores:

Tipo de presentación	Número en 2023	Audiencia total
Conferencias de inversores	7	1.200 inversores institucionales
Llamadas de ganancias trimestrales	4	250 analistas por llamada
Actualizaciones de investigaciones	6	500 instituciones de investigación

Nurix Therapeutics, Inc. (NRIX) - Modelo de negocio: segmentos de clientes

Organizaciones de investigación farmacéutica

Terapéutica de Nurix se dirige a organizaciones de investigación farmacéutica con su Tecnología de degradación de proteínas objetivo.

Tipo de organización	Valor de colaboración potencial	Enfoque de investigación
Grandes departamentos de I + D	$ 5-10 millones por asociación	Oncología e inmunología
Compañías farmacéuticas de tamaño mediano	$ 2-5 millones por asociación	Terapéutica de precisión

Compañías de biotecnología

Segmento clave de clientes para las innovadoras plataformas de descubrimiento de medicamentos de Nurix.

• Precision Oncology Biotechnology firmas
• Empresas de desarrollo de inmunoterapia
• Innovadores de tecnología de degradación de proteínas

Instituciones de investigación académica

Nurix colabora con los principales centros de investigación académica especializados en investigación del cáncer.

Tipo de institución	Valor de colaboración de investigación	Áreas de enfoque
Centros de cáncer integrales	$ 1-3 millones por programa de investigación	Degradación de proteínas dirigidas
Laboratorios de investigación de oncología molecular	$ 500,000- $ 1.5 millones por proyecto	Plataformas de descubrimiento de drogas

Centros de tratamiento oncológico

Clientes potenciales para el desarrollo terapéutico en etapa clínica.

• Centros designados por el Instituto Nacional del Cáncer
• Redes integrales de tratamiento del cáncer
• Hospitales de investigación de oncología especializada

Inversores interesados ​​en terapias innovadoras

Nurix atrae a los inversores a través de su enfoque tecnológico único.

Categoría de inversionista	Rango de inversión	Enfoque de inversión
Empresas de capital de riesgo	$ 10-50 millones	Plataformas de tecnología oncológica
Inversores institucionales centrados en biotecnología	$ 5-25 millones	Descubrimiento de drogas de precisión

Nurix Therapeutics, Inc. (NRIX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Nurix Therapeutics informó $ 98.3 millones en gastos de investigación y desarrollo.

Año fiscal	Gastos de I + D	Aumento porcentual
2022	$ 86.4 millones	13.8%
2023	$ 98.3 millones	13.7%

Inversiones de ensayos clínicos

Terapéutica de Nurix asignada $ 42.6 millones Específicamente para inversiones en ensayos clínicos en 2023.

• Ensayos de fase 1/2 en curso para inhibidores de DNT
• Inversiones en programas de oncología de precisión
• Desarrollo clínico dirigido para NX-5948

Mantenimiento de patentes e propiedad intelectual

Los costos anuales de mantenimiento de la propiedad intelectual fueron aproximadamente $ 3.2 millones en 2023.

Personal y compensación de talento científico

Categoría de personal	Compensación anual	Número de empleados
Investigar científicos	$185,000 - $245,000	62
Altos ejecutivos	$375,000 - $625,000	8
Costos totales de personal	$ 24.7 millones	130

Costos de infraestructura de laboratorio y tecnología

Los gastos totales de infraestructura para 2023 fueron $ 16.5 millones, incluido:

• Arrendamiento del centro de investigación: $ 4.2 millones
• Mantenimiento de equipos de laboratorio: $ 6.3 millones
• Infraestructura tecnológica: $ 5.8 millones
• Recursos de biología computacional: $ 2.2 millones

Nurix Therapeutics, Inc. (NRIX) - Modelo de negocios: flujos de ingresos

Acuerdos de colaboración de investigación

A partir del cuarto trimestre de 2023, Nurix Therapeutics informó acuerdos de colaboración de investigación con los siguientes socios clave:

Pareja	Valor de colaboración	Año iniciado
Gilead Sciences	$ 45 millones de pago por adelantado	2020
Eli Lilly	Pago por adelantado de $ 30 millones	2021

Pagos potenciales de hitos

Estructura de pagos de hitos potenciales basada en 2023 informes financieros:

• Pagos de hito potencial total de hasta $ 1.3 mil millones en las colaboraciones existentes
• Pagos de hitos dependientes del progreso preclínico y clínico
• Posibles pagos de hitos adicionales para aprobaciones regulatorias

Licencia de propiedad intelectual

Detalles de ingresos de licencia de propiedad intelectual:

Categoría de IP	Ingresos anuales estimados de licencia
Tecnología de degradación de proteínas objetivo	$ 5.2 millones
Plataformas de ligasa E3	$ 3.7 millones

Future Drug Development Sociathips

Proyecciones de ingresos de asociación de desarrollo de medicamentos en curso:

• Los ingresos potenciales de la asociación estimados en $ 75-100 millones anuales
• Centrarse en las áreas terapéuticas de oncología e inmunología
• Potencial para colaboraciones adicionales en el desarrollo

Venta de productos terapéuticos potenciales

Canal de ventas de productos terapéuticos proyectados:

Candidato a la droga	Oportunidad de mercado potencial	Año de lanzamiento estimado
NX-2127	$ 500-750 millones	2026
NX-5948	$ 300-450 millones	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.