Nurix Therapeutics, Inc. (NRIX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Nurix Therapeutics, Inc. (NRIX) representa uma fronteira inovadora na medicina molecular, pioneira em uma plataforma inovadora de degradação de proteínas que promete revolucionar abordagens de tratamento para doenças complexas como o câncer. Ao alavancar sua tecnologia proprietária de deligase, esta empresa de biotecnologia de ponta está transformando como conceituamos intervenções terapêuticas direcionadas, oferecendo potencial sem precedentes para terapias moleculares de precisão que poderiam redefinir estratégias de pesquisa e tratamento médico.

Nurix Therapeutics, Inc. (NRIX) - Modelo de negócios: Parcerias -chave

Empresas farmacêuticas para colaborações de desenvolvimento de medicamentos

A partir de 2024, a Nurix Therapeutics estabeleceu as principais parcerias farmacêuticas:

Parceiro	Detalhes da colaboração	Ano iniciado
Gilead Sciences	Colaboração em terapias de degradação de proteínas direcionadas	2020
Janssen Pharmaceuticals	Colaboração de pesquisa estratégica para novos tratamentos contra o câncer	2021

Instituições de pesquisa acadêmica

Nurix mantém colaborações de pesquisa com as seguintes instituições acadêmicas:

• Universidade da Califórnia, São Francisco
• Universidade de Stanford
• MD Anderson Cancer Center

Organizações de pesquisa contratada (CROs)

CRO Parceiro	Suporte ao ensaio clínico	Ensaios ativos atuais
Iqvia	Ensaios de oncologia da Fase I/II	3 ensaios em andamento
Parexel	Estudos clínicos de medicina de precisão	2 estudos ativos

Investidores de biotecnologia e empresas de capital de risco

As principais parcerias financeiras incluem:

Investidor	Valor do investimento	Ano de investimento
Gerenciamento de Fidelidade	US $ 45 milhões	2022
Baker Bros. Advisors	US $ 62 milhões	2021

Financiamento total da parceria a partir de 2024: US $ 107 milhões

Nurix Therapeutics, Inc. (NRIX) - Modelo de negócios: Atividades -chave

Desenvolvendo terapêutica de degradação de proteínas direcionadas

A Nurix Therapeutics se concentra no desenvolvimento de terapêuticas de pequenas moléculas direcionadas à degradação de proteínas. A partir do quarto trimestre 2023, a empresa possui três programas de estágio clínico em desenvolvimento.

Programa	Estágio de desenvolvimento	Alvo
NX-2127	Fase 1/2	Degradante do BTK
NX-5948	Fase 1	Inibidor de CBL-B
NX-3099	Pré -clínico	IRAK4 Degradador

Condução de pesquisa pré -clínica e clínica

O investimento em pesquisa em 2023 totalizou US $ 68,4 milhões, representando um aumento de 22% em relação a 2022.

Projetando e exibindo novos candidatos a drogas

• A plataforma de triagem de deligase proprietária cobre mais de 1 trilhão de compostos moleculares
• O processo de descoberta de medicamentos se concentra na degradação de proteínas à base de ligase E3 ligase

Avançar a plataforma de tecnologia de deligase proprietária

A plataforma deligase permite a degradação de proteínas direcionadas em várias áreas terapêuticas, incluindo oncologia e imunologia.

Capacidade da plataforma	Especificação
Tamanho da biblioteca molecular	1,2 trilhão de compostos únicos
Eficiência de triagem	Identificação molecular de alto rendimento

Buscar programas estratégicos de desenvolvimento de medicamentos

A partir de 2024, a Nurix possui 5 colaborações ativas de desenvolvimento de medicamentos com parceiros farmacêuticos, incluindo uma colaboração de US $ 50 milhões com a Gilead Sciences.

• Colaborações do Programa de Oncologia: 3
• Colaborações do Programa de Imunologia: 2
• Receita total de colaboração em 2023: US $ 37,2 milhões

Nurix Therapeutics, Inc. (NRIX) - Modelo de negócios: Recursos -chave

Tecnologia de degradação da proteína deligase proprietária

Plataforma de tecnologia Deligase Representa um recurso tecnológico central para a Nurix Therapeutics, permitindo estratégias direcionadas de degradação de proteínas.

Característica da tecnologia	Detalhes específicos
Aplicações de patentes	23 emitiram patentes em 31 de dezembro de 2022
Foco em tecnologia	Degradação de proteínas à base de ligase E3
Investimento em pesquisa	US $ 38,2 milhões alocados para P&D em 2022

Equipe científica e de pesquisa experiente

O capital humano de Nurix compreende profissionais científicos especializados.

• Total de funcionários: 184 em 31 de dezembro de 2022
• Pesquisadores em nível de doutorado: aproximadamente 62% da equipe científica
• Experiência média de pesquisa: 12,5 anos

Portfólio de propriedade intelectual

Categoria IP	Quantidade
Total de famílias de patentes	15
Emitiu patentes dos EUA	23
Aplicações de patentes pendentes	37

Pesquisa avançada e instalações de laboratório

Infraestrutura de pesquisa localizada no sul de São Francisco, Califórnia.

• Espaço total da instalação de pesquisa: 45.000 pés quadrados
• Laboratórios especializados de degradação de proteínas
• Equipamento avançado de triagem e caracterização

Capital financeiro forte de investidores

Métrica financeira	Quantia
Caixa e equivalentes em dinheiro (Q4 2022)	US $ 261,4 milhões
Financiamento total arrecadado	US $ 456,7 milhões
Oferta pública (2020)	US $ 186,5 milhões

Nurix Therapeutics, Inc. (NRIX) - Modelo de negócios: proposições de valor

Abordagem terapêutica de degradação de proteínas inovadoras

Nurix Therapeutics se concentra no desenvolvimento terapias de degradação de proteínas direcionadas Com recursos tecnológicos específicos:

Plataforma de tecnologia	Recursos específicos
Plataforma Deligase ™	Tecnologia de degradação de proteínas proprietária direcionada às ligases E3
Direcionamento de precisão	Mecanismos moleculares para eliminação seletiva de proteínas

Tratamentos em potencial para câncer e outras doenças desafiadoras

Oleoduto clínico com foco em áreas terapêuticas específicas:

• Terapêutica oncológica
• Neoplasias hematológicas
• Intervenções de imuno-oncologia

Terapias moleculares direcionadas com mecanismo de precisão

Candidato a drogas	Indicação alvo	Estágio de desenvolvimento
NX-2127	Malignidades de células B.	Ensaio Clínico de Fase 1/2
NX-5948	Tumores sólidos	Desenvolvimento pré -clínico

Nova plataforma de desenvolvimento de medicamentos com amplas aplicações

Métricas de investimento em pesquisa e desenvolvimento:

• Despesas de P&D em 2022: US $ 134,7 milhões
• Portfólio de patentes: mais de 150 patentes emitidas/pendentes
• Propriedade intelectual que cobre tecnologias de degradação de proteínas

Avanço científico em tecnologias de regulação de proteínas

Principais elementos de diferenciação tecnológica:

Recurso de tecnologia	Vantagem única
Degradação seletiva de proteínas	Direcionamento de precisão de proteínas causadoras de doenças
Modulação da ligase E3	Estratégias avançadas de intervenção molecular

Nurix Therapeutics, Inc. (NRIX) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias de pesquisa colaborativa

A partir de 2024, a Nurix Therapeutics estabeleceu colaborações de pesquisa estratégica com as seguintes empresas farmacêuticas:

Empresa parceira	Foco de colaboração	Ano iniciado
Gilead Sciences	Programa de degradação de proteínas direcionado	2021
ABBISKO THERAPEUTICS	Terapias de oncologia de precisão	2022

Conferência Científica e Engajamento da Indústria

Nurix Therapeutics participa de eventos importantes da indústria:

• Reunião Anual da Associação Americana de Pesquisa do Câncer (AACR)
• Cúpula de degradação de proteínas direcionada
• Conferência de Saúde JP Morgan

Comunicação direta com empresas farmacêuticas

Canais de comunicação importantes:

• Equipe dedicada de desenvolvimento de negócios
• Apresentações científicas diretas
• Demonstrações de plataforma de tecnologia proprietária

Relatórios transparentes de pesquisa e desenvolvimento

Mecanismo de relatório	Freqüência	Plataforma
Chamadas de ganhos trimestrais	4 vezes por ano	Site de Relações com Investidores
Publicações científicas anuais	Publicações mínimas 3-4	Revistas revisadas por pares

Estratégias de relações com investidores e comunicação

Métricas de comunicação financeira:

• Apresentações de investidores: 8-10 por ano
• Cobertura de analista: 6 analistas financeiros
• Reuniões dos investidores: aproximadamente 100 por trimestre

Nurix Therapeutics, Inc. (NRIX) - Modelo de Negócios: Canais

Publicações científicas e revistas revisadas por pares

Nurix Therapeutics publica pesquisas em principais periódicos científicos:

Nome do diário	Número de publicações (2023)	Fator de impacto
Biotecnologia da natureza	2	41.4
Biologia química de células	3	6.2
Descoberta do câncer	1	29.5

Conferências da indústria de biotecnologia e farmacêutica

Detalhes da participação na conferência:

Conferência	Apresentações (2023)	Participantes
Associação Americana de Pesquisa do Câncer	4	22,000
Simpósio de câncer de mama em San Antonio	2	7,500
Cúpula de degradação de proteínas direcionada	3	1,200

Equipes diretas de vendas e desenvolvimento de negócios

• Equipe total de desenvolvimento de negócios: 12
• Cobertura geográfica: Estados Unidos, Europa
• Negociações de parceria farmacêutica: 5 discussões ativas

Plataformas de comunicação digital

Plataforma	Seguidores/assinantes	Taxa de engajamento
LinkedIn	8,500	3.2%
Twitter	4,200	2.7%
Site corporativo	45.000 visitantes mensais	4.5%

Apresentações de pesquisa e apresentações de investidores

Métricas de comunicação de investidores:

Tipo de apresentação	Número em 2023	Público total
Conferências de investidores	7	1.200 investidores institucionais
Chamadas de ganhos trimestrais	4	250 analistas por chamada
Atualizações de pesquisa	6	500 instituições de pesquisa

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

Organizações de pesquisa farmacêutica

Nurix Therapeutics segira organizações de pesquisa farmacêutica com seu Tecnologia de degradação de proteínas direcionada.

Tipo de organização	Valor potencial de colaboração	Foco na pesquisa
Grandes departamentos de P&D farmacêuticos	US $ 5 a 10 milhões por parceria	Oncologia e imunologia
Empresas farmacêuticas de tamanho médio	US $ 2-5 milhões por parceria	Terapêutica de precisão

Empresas de biotecnologia

O principal segmento de clientes para as inovadoras plataformas de descoberta de medicamentos da Nurix.

• Empresas de biotecnologia de oncologia de precisão
• Empresas de desenvolvimento de imunoterapia
• Inovadores de tecnologia de degradação de proteínas

Instituições de pesquisa acadêmica

Nurix colabora com os principais centros de pesquisa acadêmica especializados em pesquisa de câncer.

Tipo de instituição	Valor de colaboração de pesquisa	Áreas de foco
Centros abrangentes de câncer	US $ 1-3 milhões por programa de pesquisa	Degradação de proteínas direcionadas
Laboratórios de pesquisa de oncologia molecular	US $ 500.000 a US $ 1,5 milhão por projeto	Plataformas de descoberta de medicamentos

Centros de tratamento oncológicos

Clientes em potencial para desenvolvimento terapêutico em estágio clínico.

• Centros Nacionais do Instituto de Câncer
• Redes abrangentes de tratamento de câncer
• Hospitais especializados de pesquisa de oncologia

Investidores interessados ​​em terapêutica inovadora

Nurix atrai investidores por meio de sua abordagem tecnológica única.

Categoria de investidores	Intervalo de investimento	Foco de investimento
Empresas de capital de risco	US $ 10-50 milhões	Plataformas de tecnologia oncológica
Investidores institucionais focados em biotecnologia	US $ 5-25 milhões	Descoberta de medicamentos de precisão

Nurix Therapeutics, Inc. (NRIX) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Nurix Therapeutics relatou US $ 98,3 milhões em despesas de pesquisa e desenvolvimento.

Ano fiscal	Despesas de P&D	Aumento percentual
2022	US $ 86,4 milhões	13.8%
2023	US $ 98,3 milhões	13.7%

Investimentos de ensaios clínicos

Nurix Therapeutics alocados US $ 42,6 milhões Especificamente para investimentos em ensaios clínicos em 2023.

• Ensaios de Fase 1/2 em andamento para inibidores de DNT
• Investimentos em programas de oncologia de precisão
• Desenvolvimento clínico direcionado para NX-5948

Manutenção de propriedades patentes e intelectuais

Os custos anuais de manutenção da propriedade intelectual foram aproximadamente US $ 3,2 milhões em 2023.

Pessoal e compensação de talentos científicos

Categoria de pessoal	Remuneração anual	Número de funcionários
Cientistas de pesquisa	$185,000 - $245,000	62
Executivos seniores	$375,000 - $625,000	8
Total de custos de pessoal	US $ 24,7 milhões	130

Custos de infraestrutura de laboratório e tecnologia

As despesas totais de infraestrutura para 2023 foram US $ 16,5 milhões, incluindo:

• Locação de instalações de pesquisa: US $ 4,2 milhões
• Manutenção de equipamentos de laboratório: US $ 6,3 milhões
• Infraestrutura de tecnologia: US $ 5,8 milhões
• Recursos de biologia computacional: US $ 2,2 milhões

Nurix Therapeutics, Inc. (NRIX) - Modelo de negócios: fluxos de receita

Acordos de colaboração de pesquisa

A partir do quarto trimestre 2023, a Nurix Therapeutics relatou acordos de colaboração de pesquisa com os seguintes parceiros -chave:

Parceiro	Valor de colaboração	Ano iniciado
Gilead Sciences	Pagamento antecipado de US $ 45 milhões	2020
Eli Lilly	Pagamento inicial de US $ 30 milhões	2021

Potenciais pagamentos marcantes

Estrutura potencial de pagamentos em marcos com base em 2023 relatórios financeiros:

• Pagamentos potenciais totais em até US $ 1,3 bilhão em colaborações existentes
• Pagamentos marcantes dependentes do progresso do desenvolvimento pré -clínico e clínico
• Potenciais pagamentos adicionais para aprovações regulatórias

Propriedade intelectual de licenciamento

Detalhes da receita de licenciamento de propriedade intelectual:

Categoria IP	Receita anual estimada de licenciamento
Tecnologia de degradação de proteínas direcionada	US $ 5,2 milhões
Plataformas E3 Ligase	US $ 3,7 milhões

Futuras parcerias de desenvolvimento de medicamentos

Projeções de receita de parceria de desenvolvimento de medicamentos em andamento:

• Receita potencial de parceria estimada em US $ 75-100 milhões anualmente
• Concentre -se em áreas terapêuticas de oncologia e imunologia
• Potencial para colaborações adicionais em desenvolvimento

Vendas potenciais de produtos terapêuticos

Pipeline de vendas de produtos terapêuticos projetados:

Candidato a drogas	Oportunidade potencial de mercado	Ano de lançamento estimado
NX-2127	US $ 500-750 milhões	2026
NX-5948	US $ 300-450 milhões	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.