Nurix Therapeutics, Inc. (NRIX): Business Model Canvas [Dec-2025 Updated]

Look, after two decades analyzing pharma balance sheets, I see a clear playbook in Nurix Therapeutics, Inc.'s model: they are betting big on Targeted Protein Degradation, pouring $86.1 million into R&D in Q3 2025 alone, but they are smartly de-risking that burn with major deals-pulling in TTM revenue near $83.68 million as of August 31, 2025, while sitting on $428.8 million in cash. The real action is their lead asset, bexobrutideg, heading into pivotal trials this half of 2025, which is a massive value proposition for patients with CLL and WM. Want to see exactly how these collaborations with giants like Gilead Sciences, Inc. and Sanofi S.A. translate into their key activities and revenue streams? Dive into the full Business Model Canvas below to map out their strategy.

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

You're looking at the external relationships that fuel Nurix Therapeutics, Inc.'s engine, especially how they translate their platform science into clinical assets through big pharma deals. These partnerships are critical for funding late-stage development and accessing global commercial reach.

The structure of these alliances typically involves Nurix retaining certain options for co-development, co-commercialization, and profit sharing in the United States for multiple drug candidates, while receiving upfront payments, research funding, and milestone payments for advancing programs.

The Gilead Sciences, Inc. collaboration, which began in June 2019, is focused on up to five targeted protein degradation therapies. The IRAK4 degrader, GS-6791, is the clinical stage asset, with Gilead responsible for development after exercising its exclusive license option in March 2023. Nurix Therapeutics received a $15 million payment in April 2024 for extending the research term.

The Sanofi S.A. alliance, initially formed in December 2019, has been expanded multiple times. The initial deal involved three targets for an upfront payment of $55 million, later expanded to five targets for an additional $22 million. The NX-3911 STAT6 degrader program is a key output, with Sanofi paying $15 million in June 2025 to exclusively license it.

The Pfizer Inc. agreement involves multiple drug candidates where Nurix Therapeutics retains co-development options in the United States. Revenue recognition from this collaboration increased in the first quarter of 2025 due to a higher percentage of completion of performance obligations.

For clinical execution and foundational science, Nurix Therapeutics relies on external expertise:

• Contract Research Organizations (CROs) use is implied for clinical trial execution, as R&D expenses included clinical and consulting costs accelerating enrollment for bexobrutideg.
• Academic research institutions are used for foundational science, leveraging Nurix's proprietary DEL-AI drug discovery platform.

Cash, cash equivalents and marketable securities for Nurix Therapeutics stood at $428.8 million as of August 31, 2025.

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

You're looking at the core operational drivers for Nurix Therapeutics, Inc. as of late 2025. These are the activities that consume capital and are expected to generate future value, primarily through clinical progression and partnership milestones.

Targeted Protein Degradation (TPD) drug discovery and optimization

Nurix Therapeutics, Inc. focuses its discovery efforts on Targeted Protein Degradation (TPD) medicines, aiming to establish this modality as a new standard of care in oncology and autoimmune diseases. The company's proprietary discovery engine is central to this activity.

• The DEL-AI discovery engine is a cornerstone, integrating DNA-encoded library (DEL) technology with artificial intelligence.
• The DEL Foundation Model was trained on hundreds of billions of DEL compound binding signatures derived from thousands of DEL affinity screens.
• A key 2025 objective was to nominate at least one development candidate from the wholly owned pipeline to advance to IND-enabling studies.

Advancing bexobrutideg (NX-5948) into pivotal trials in CLL (H2 2025)

The advancement of bexobrutideg (NX-5948), an oral BTK degrader, into registrational studies is a primary Key Activity. This program is designed to potentially overcome resistance mutations in both wild-type and mutant BTK.

• The DAYBreak pivotal single-arm Phase 2 study in relapsed/refractory Chronic Lymphocytic Leukemia (CLL) was initiated on October 22, 2025.
• The study evaluates a 600 mg once-daily (QD) oral dose, which global regulators cleared for pivotal monotherapy trials.
• Phase 1a dose-escalation data, cut on March 12, 2025, showed an Objective Response Rate (ORR) of 80.9% in 47 CLL patients treated with doses from 50mg - 600 mg QD.
• Encore data for Waldenström Macroglobulinemia (WM) showed an ORR of 84.2% in 19 response-evaluable patients.

Clinical development and regulatory filings (IND/PRIME/Fast Track)

Moving drug candidates through the clinical and regulatory gauntlet is a high-cost, high-stakes activity. The initiation of the DAYBreak study marks Nurix Therapeutics, Inc.'s transition to a pivotal-stage company.

• The DAYBreak Phase 2 study seeks data to support a potential Accelerated Approval submission.
• A randomized confirmatory Phase 3 trial is planned to start in the first half of 2026.
• The European Medicines Agency (EMA) granted Orphan Drug Designation (ODD) to bexobrutideg for lymphoplasmacytic lymphoma in July 2025.
• The company had previously secured Fast Track Designation from the U.S. FDA and PRIME designation from the EMA for CLL for NX-5948.

Operating and enhancing the DELigase AI-integrated discovery engine

Sustained investment in the proprietary discovery platform ensures a pipeline beyond the lead asset. This activity is reflected in the Research and Development expense structure.

Here's a look at the financial scale of R&D activity for the period ending August 31, 2025:

The increase in R&D expenses, from $55.5 million to $86.1 million year-over-year for the quarter, was primarily due to clinical, contract manufacturing, and consulting costs related to accelerating patient enrollment and pivotal trial preparation.

Managing and achieving milestones in strategic collaborations

Nurix Therapeutics, Inc. maintains world-class partnerships with Gilead, Sanofi, and Pfizer, which provide non-dilutive funding through milestone payments and support pipeline advancement in autoimmune diseases. The company expects to continue achieving substantial research collaboration milestones throughout the terms of these agreements.

Key collaboration achievements reported through Q3 2025:

• Sanofi extended its license for the STAT6 program (including candidate NX-3911) in June 2025, triggering a $15 million payment.
• Total received under the Sanofi collaboration is now $127 million.
• The IRAK4 degrader (GS-6791) with Gilead is currently in healthy volunteer studies.
• The STAT6 degrader with Sanofi is in IND enabling studies.
• Q1 2025 revenue included $30 million from Sanofi license extensions and a $5 million clinical milestone from Gilead.

As of August 31, 2025, the company held $428.8 million in cash, cash equivalents, and marketable securities, which supports these ongoing activities, though this was down from $609.6 million as of November 30, 2024. Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Nurix Therapeutics, Inc. (NRIX) relies on to execute its drug development strategy as of late 2025. These aren't just ideas; they are the tangible and intangible foundations supporting their work in targeted protein degradation.

The financial foundation is solid for near-term execution. Nurix Therapeutics, Inc. reported cash, cash equivalents and marketable securities of $428.8 million as of August 31, 2025. This capital supports the acceleration of their clinical programs, though it follows a sequential decrease from prior quarters.

At the heart of their discovery engine is the proprietary technology.

• Proprietary DELigase AI-integrated drug discovery platform, which leverages a first-in-class DEL Foundation Model trained on proprietary DNA-encoded library (DEL) data.
• The platform has enabled over 90 E3 ligases in the drug discovery process, addressing targets historically considered undruggable.
• Intellectual property (IP) is built around E3 ligase modulators and degraders, including published work in Science detailing the clinically important scaffolding function of BTK and the activity of the degrader NX-2127.

The clinical-stage pipeline assets represent the most significant near-term value drivers. Here's a look at the key programs as of the third quarter of 2025:

Finally, the specialized scientific and clinical development personnel are a critical resource, driving the high Research and Development expenses, which were $86.1 million for the three months ended August 31, 2025, up from $55.5 million year-over-year, reflecting trial acceleration. This team is focused on executing the pivotal studies and advancing the autoimmune pipeline.

• Leadership includes President and CEO, Arthur T. Sands, M.D., Ph.D..
• Scientific leadership includes the Chief Scientific Officer, Gwenn M. Hansen, Ph.D..

Finance: draft 13-week cash view by Friday.

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:

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).

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:

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:

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:

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:

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:

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:

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.