Nurix Therapeutics, Inc. (NRIX): Business Model Canvas [Jan-2025 Mis à jour]

Nurix Therapeutics, Inc. (NRIX) représente une frontière révolutionnaire en médecine moléculaire, pionnier d'une plate-forme de dégradation des protéines innovante qui promet de révolutionner les approches de traitement pour des maladies complexes comme le cancer. En tirant parti de leur technologie de Deligase propriétaire, cette entreprise de biotechnologie de pointe transforme la façon dont nous conceptualisons les interventions thérapeutiques ciblées, offrant un potentiel sans précédent de thérapies moléculaires de précision qui pourraient redéfinir la recherche médicale et les stratégies de traitement.

NURIX Therapeutics, Inc. (NRIX) - Modèle commercial: partenariats clés

Sociétés pharmaceutiques pour les collaborations de développement de médicaments

Depuis 2024, Nurix Therapeutics a établi des partenariats pharmaceutiques clés:

Partenaire	Détails de collaboration	Année initiée
Sciences de Gilead	Collaboration sur les thérapies de dégradation des protéines ciblées	2020
Janssen Pharmaceuticals	Collaboration de recherche stratégique pour de nouveaux traitements contre le cancer	2021

Établissements de recherche universitaire

Nurix maintient des collaborations de recherche avec les établissements universitaires suivants:

• Université de Californie, San Francisco
• Université de Stanford
• MD Anderson Cancer Center

Organisations de recherche contractuelle (CROS)

Partenaire CRO	Soutien en essai clinique	Essais actifs actuels
Iqvia	Essais d'oncologie de phase I / II	3 essais en cours
Parxel	Études cliniques de médecine de précision	2 études actives

Investisseurs en biotechnologie et sociétés de capital-risque

Les partenariats financiers clés comprennent:

Investisseur	Montant d'investissement	Année d'investissement
Gestion de la fidélité	45 millions de dollars	2022
Baker Bros.	62 millions de dollars	2021

Financement total de partenariat à partir de 2024: 107 millions de dollars

NURIX Therapeutics, Inc. (NRIX) - Modèle d'entreprise: Activités clés

Développement de thérapeutiques de dégradation des protéines ciblées

Nurix Therapeutics se concentre sur le développement de la thérapie de petites molécules ciblant la dégradation des protéines. Depuis le quatrième trimestre 2023, la société a 3 programmes de stade clinique en développement.

Programme	Étape de développement	Cible
NX-2127	Phase 1/2	Dégradeur BTK
NX-5948	Phase 1	Inhibiteur de CBL-B
NX-3099	Préclinique	Dégradeur IRAK4

Effectuer des recherches précliniques et cliniques

L'investissement en recherche en 2023 a totalisé 68,4 millions de dollars, ce qui représente une augmentation de 22% par rapport à 2022.

Concevoir et dépister les nouveaux candidats médicaments

• La plate-forme de dépistage de la Deligase propriétaire couvre plus de 1 billion de composés moléculaires
• Le processus de découverte de médicaments se concentre sur la dégradation des protéines à base de ligase E3

Plateforme de technologie de Deligase propriétaire avancée

La plate-forme Deligase permet une dégradation ciblée des protéines dans plusieurs domaines thérapeutiques, notamment l'oncologie et l'immunologie.

Capacité de plate-forme	Spécification
Taille de la bibliothèque moléculaire	1,2 billion de composés uniques
Efficacité de dépistage	Identification moléculaire à haut débit

Poursuivre des programmes de développement de médicaments stratégiques

En 2024, Nurix possède 5 collaborations de développement de médicaments actifs avec des partenaires pharmaceutiques, y compris une collaboration de 50 millions de dollars avec Gilead Sciences.

• Collaborations du programme en oncologie: 3
• Collaborations du programme d'immunologie: 2
• Revenus de collaboration totale en 2023: 37,2 millions de dollars

NURIX Therapeutics, Inc. (NRIX) - Modèle commercial: Ressources clés

Technologie de dégradation des protéines de Deligase propriétaire

Plate-forme technologique Deligase représente une ressource technologique de base pour la thérapeutique Nurix, permettant des stratégies de dégradation des protéines ciblées.

Caractéristique technologique	Détails spécifiques
Demandes de brevet	23 brevets délivrés au 31 décembre 2022
Focus technologique	Dégradation des protéines à base de ligase E3
Investissement en recherche	38,2 millions de dollars alloués à la R&D en 2022

Équipe scientifique et de recherche expérimentée

Le capital humain de Nurix comprend des professionnels scientifiques spécialisés.

• Total des employés: 184 au 31 décembre 2022
• Chercheurs au niveau du doctorat: environ 62% du personnel scientifique
• Expérience de recherche moyenne: 12,5 ans

Portefeuille de propriété intellectuelle

Catégorie IP	Quantité
Familles totales de brevets	15
Brevets américains délivrés	23
Demandes de brevet en instance	37

Recherche avancée et installations de laboratoire

Infrastructure de recherche située dans le sud de San Francisco, en Californie.

• Espace total des installations de recherche: 45 000 pieds carrés
• Laboratoires de dégradation des protéines spécialisées
• Équipement de dépistage et de caractérisation avancé

Capital financier solide des investisseurs

Métrique financière	Montant
Cash and Cash Equivalents (Q4 2022)	261,4 millions de dollars
Financement total collecté	456,7 millions de dollars
Offre publique (2020)	186,5 millions de dollars

NURIX Therapeutics, Inc. (NRIX) - Modèle d'entreprise: propositions de valeur

Approche thérapeutique de dégradation des protéines innovantes

Nurix Therapeutics se concentre sur le développement thérapies de dégradation des protéines ciblées avec des capacités technologiques spécifiques:

Plate-forme technologique	Capacités spécifiques
Plateforme Deligase ™	Technologie de dégradation des protéines propriétaires ciblant les ligases E3
Ciblage de précision	Mécanismes moléculaires pour l'élimination sélective des protéines

Traitements potentiels pour le cancer et autres maladies difficiles

Pipeline clinique axé sur des zones thérapeutiques spécifiques:

• Thérapeutique en oncologie
• Tumeurs malignes hématologiques
• Interventions d'immuno-oncologie

Thérapies moléculaires ciblées avec mécanisme de précision

Drogue	Indication cible	Étape de développement
NX-2127	Talonneries de cellules B	Essai clinique de phase 1/2
NX-5948	Tumeurs solides	Développement préclinique

Nouvelle plate-forme de développement de médicaments avec des applications larges

Métriques d'investissement de recherche et développement:

• Dépenses de R&D en 2022: 134,7 millions de dollars
• Portefeuille de brevets: 150+ brevets émis / en attente
• Propriété intellectuelle couvrant les technologies de dégradation des protéines

Percée scientifique dans les technologies de régulation des protéines

Éléments clés de différenciation technologique:

Fonctionnalité technologique	Avantage unique
Dégradation sélective des protéines	Ciblage de précision des protéines pathogènes
Modulation de la ligase E3	Stratégies d'intervention moléculaire avancées

NURIX Therapeutics, Inc. (NRIX) - Modèle d'entreprise: relations clients

Partenariats de recherche collaborative

En 2024, Nurix Therapeutics a établi des collaborations de recherche stratégique avec les sociétés pharmaceutiques suivantes:

Entreprise partenaire	Focus de la collaboration	Année initiée
Sciences de Gilead	Programme ciblé de dégradation des protéines	2021
Abbisko Therapeutics	Thérapies en oncologie de précision	2022

Conférence scientifique et engagement de l'industrie

Nurix Therapeutics participe à des événements clés de l'industrie:

• Réunion annuelle de l'American Association for Cancer Research (AACR)
• Sommet de dégradation des protéines ciblées
• Conférence JP Morgan Healthcare

Communication directe avec les sociétés pharmaceutiques

Canaux de communication clés:

• Équipe de développement commercial dédiée
• Présentations scientifiques directes
• Démonstrations de plate-forme technologique propriétaire

Rapports de recherche et développement transparents

Mécanisme de rapport	Fréquence	Plate-forme
Appels de résultats trimestriels	4 fois par an	Site Web de relations avec les investisseurs
Publications scientifiques annuelles	Minimum 3-4 publications	Journaux évalués par des pairs

Relations avec les investisseurs et stratégies de communication

Métriques de communication financière:

• Présentations des investisseurs: 8-10 par an
• Couverture des analystes: 6 analystes financiers
• Réunions des investisseurs: environ 100 par trimestre

NURIX Therapeutics, Inc. (NRIX) - Modèle d'entreprise: canaux

Publications scientifiques et revues à comité de lecture

Nurix Therapeutics publie des recherches dans des revues scientifiques clés:

Nom de journal	Nombre de publications (2023)	Facteur d'impact
Biotechnologie de la nature	2	41.4
Biologie chimique cellulaire	3	6.2
Découverte de cancer	1	29.5

Conférences de la biotechnologie et de l'industrie pharmaceutique

Détails de la participation de la conférence:

Conférence	Présentations (2023)	Participants
Association américaine pour la recherche sur le cancer	4	22,000
Symposium du cancer du sein de San Antonio	2	7,500
Sommet de dégradation des protéines ciblées	3	1,200

Équipes directes des ventes et du développement commercial

• Personnel total de développement commercial: 12
• Couverture géographique: États-Unis, Europe
• Négociations de partenariat pharmaceutique: 5 discussions actives

Plateformes de communication numérique

Plate-forme	Adeptes / abonnés	Taux d'engagement
Liendin	8,500	3.2%
Gazouillement	4,200	2.7%
Site Web de l'entreprise	45 000 visiteurs mensuels	4.5%

Présentations de recherche et présentations des investisseurs

Métriques de communication des investisseurs:

Type de présentation	Numéro en 2023	Public total
Conférences d'investisseurs	7	1 200 investisseurs institutionnels
Appels de résultats trimestriels	4	250 analystes par appel
Mises à jour de la recherche	6	500 institutions de recherche

NURIX Therapeutics, Inc. (NRIX) - Modèle d'entreprise: segments de clientèle

Organisations de recherche pharmaceutique

Nurix Therapeutics cible les organisations de recherche pharmaceutique avec son Technologie de dégradation des protéines ciblée.

Type d'organisation	Valeur de collaboration potentielle	Focus de recherche
Grands départements de R&D pharmaceutiques	5 à 10 millions de dollars par partenariat	Oncologie et immunologie
Sociétés pharmaceutiques de taille moyenne	2 à 5 millions de dollars par partenariat	Précision thérapeutique

Biotechnology Companies

Segment de clientèle clé pour les plateformes innovantes de découverte de médicaments de Nurix.

• Sociétés de biotechnologie en oncologie de précision
• Sociétés de développement d'immunothérapie
• Innovateurs de technologie de dégradation des protéines

Établissements de recherche universitaire

Nurix collabore avec les principaux centres de recherche universitaire spécialisés dans la recherche sur le cancer.

Type d'institution	Valeur de collaboration de recherche	Domaines de concentration
Centres de cancer complets	1 à 3 millions de dollars par programme de recherche	Dégradation ciblée des protéines
Laboratoires de recherche en oncologie moléculaire	500 000 $ - 1,5 million de dollars par projet	Plateformes de découverte de médicaments

Centres de traitement en oncologie

Clients potentiels pour le développement thérapeutique du stade clinique.

• Centres désignés par le National Cancer Institute
• Réseaux de traitement du cancer complet
• Hôpitaux de recherche en oncologie spécialisés

Les investisseurs intéressés par la thérapeutique innovante

Nurix attire les investisseurs grâce à son approche technologique unique.

Catégorie d'investisseurs	Gamme d'investissement	Focus d'investissement
Sociétés de capital-risque	10-50 millions de dollars	Plateformes technologiques en oncologie
Investisseurs institutionnels axés sur la biotechnologie	5-25 millions de dollars	Découverte de médicaments de précision

NURIX Therapeutics, Inc. (NRIX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Nurix Therapeutics a rapporté 98,3 millions de dollars dans les dépenses de recherche et de développement.

Exercice fiscal	Dépenses de R&D	Pourcentage d'augmentation
2022	86,4 millions de dollars	13.8%
2023	98,3 millions de dollars	13.7%

Investissements d'essais cliniques

Nurix Therapeutics alloué 42,6 millions de dollars Plus précisément pour les investissements en essais cliniques en 2023.

• Essais en cours de phase 1/2 pour les inhibiteurs du DNT
• Investissements dans des programmes d'oncologie de précision
• Développement clinique ciblé pour NX-5948

Entretien de la propriété brevet et intellectuelle

Les coûts annuels de maintenance de la propriété intellectuelle étaient approximativement 3,2 millions de dollars en 2023.

Personnel et compensation des talents scientifiques

Catégorie de personnel	Compensation annuelle	Nombre d'employés
Chercheur	$185,000 - $245,000	62
Cadres supérieurs	$375,000 - $625,000	8
Total des coûts du personnel	24,7 millions de dollars	130

Coût des infrastructures de laboratoire et technologique

Les dépenses totales d'infrastructure pour 2023 étaient 16,5 millions de dollars, y compris:

• Location de l'installation de recherche: 4,2 millions de dollars
• Entretien de l'équipement de laboratoire: 6,3 millions de dollars
• Infrastructure technologique: 5,8 millions de dollars
• Ressources de biologie informatique: 2,2 millions de dollars

NURIX Therapeutics, Inc. (NRIX) - Modèle commercial: Strots de revenus

Accords de collaboration de recherche

Au quatrième trimestre 2023, Nurix Therapeutics a rapporté des accords de collaboration de recherche avec les partenaires clés suivants:

Partenaire	Valeur de collaboration	Année initiée
Sciences de Gilead	Paiement initial de 45 millions de dollars	2020
Eli Lilly	30 millions de dollars de paiement initial	2021

Paiements de jalons potentiels

Structure potentielle des paiements de jalons basée sur 2023 rapports financiers:

• Total des paiements de jalons potentiels jusqu'à 1,3 milliard de dollars dans les collaborations existantes
• Payments d'étape subalterné sur les progrès du développement préclinique et clinique
• Payments de jalons supplémentaires potentiels pour les approbations réglementaires

Licence de propriété intellectuelle

Détails des revenus de licence de propriété intellectuelle:

Catégorie IP	Revenus de licence annuelle estimées
Technologie de dégradation des protéines ciblée	5,2 millions de dollars
Plateformes E3 Ligase	3,7 millions de dollars

Partenariats futurs de développement de médicaments

Projections de revenus en cours de développement de drogues:

• Revenus de partenariat potentiels estimés à 75 à 100 millions de dollars par an
• Concentrez-vous sur les zones thérapeutiques en oncologie et en immunologie
• Potentiel de collaborations supplémentaires dans le développement

Ventes de produits thérapeutiques potentiels

Pipeline de ventes de produits thérapeutiques projetés:

Drogue	Opportunité de marché potentielle	Année de lancement estimée
NX-2127	500 à 750 millions de dollars	2026
NX-5948	300 à 450 millions de dollars	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.