Third Quarter 2026
Filed Oct 13, 2026Nurix reported $673.1 million of third-quarter revenue and $549.8 million of net income, principally reflecting license revenue from the Roche collaboration, while advancing bexobrutideg into Phase 3 and reporting $1.1 billion in cash, cash equivalents and marketable securities.
The quarter was transformed by $653.2 million of Roche license revenue, producing $549.8 million of net income and lifting cash, cash equivalents and marketable securities to $1.1 billion. Nurix also initiated the Phase 3 DAYBreak CLL-306 study, although the reported revenue and profitability were driven primarily by collaboration-related items rather than recurring product revenue.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended August 31, 2026GAAP | $673.1M | – | – |
| Collaboration revenue, three months ended August 31, 2026GAAP | $19.91M | – | – |
| License revenue, three months ended August 31, 2026GAAP | 653.2M | – | – |
| Research and development expenses, three months ended August 31, 2026GAAP | $79.26M | – | – |
| General and administrative expenses, three months ended August 31, 2026GAAP | $34.35M | – | – |
| Total operating expenses, three months ended August 31, 2026GAAP | 113.6M | – | – |
| Income (loss) from operations, three months ended August 31, 2026GAAP | 559.5M | – | – |
| Interest and other income, net, three months ended August 31, 2026GAAP | 3.96M | – | – |
| Income (loss) before income taxes, three months ended August 31, 2026GAAP | 563.4M | – | – |
| Provision for income taxes, three months ended August 31, 2026GAAP | 13.61M | – | – |
| Net income (loss), three months ended August 31, 2026GAAP | $549.8M | – | – |
| Net income (loss) per share, basic, three months ended August 31, 2026GAAP | $ 4.93 | – | – |
| Net income (loss) per share, diluted, three months ended August 31, 2026GAAP | $ 4.73 | – | – |
| Weighted-average number of shares outstanding, basic, three months ended August 31, 2026GAAP | 111,563,067 | – | – |
| Weighted-average number of shares outstanding, diluted, three months ended August 31, 2026GAAP | 116,152,771 | – | – |
| Total revenue, nine months ended August 31, 2026GAAP | 688.4M | – | – |
| Research and development expenses, nine months ended August 31, 2026GAAP | 251.0M | – | – |
| General and administrative expenses, nine months ended August 31, 2026GAAP | 64.56M | – | – |
| Net income (loss), nine months ended August 31, 2026GAAP | $373.1M | – | – |
| Net income (loss) per share, basic, nine months ended August 31, 2026GAAP | $ 3.36 | – | – |
| Net income (loss) per share, diluted, nine months ended August 31, 2026GAAP | $ 3.26 | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Runway outlook
- Noterunway into the second half of 2029
What drove it
- The revenue increase was primarily due to $653.2 million of license revenue from the collaboration with Roche and $10.0 million from the achievement of a development milestone from the collaboration with Sanofi.
- Research and development expense decreased primarily due to the cost sharing offset related to the collaboration with Roche.
- General and administrative expense increased primarily due to one-time expenses associated with the Roche transaction for consulting costs and business development activities.
- Nurix and Roche entered into the global collaboration to co-develop and co-commercialize bexobrutideg across malignant hematology, immunology and neurology.
- Nurix enrolled the first patient in the Phase 3 DAYBreak CLL-306 study and initiated recruiting for the Phase 1b/2 NX-5948-203 combination study.
- Sanofi initiated a Phase 1 first-in-human clinical trial of SAR448272/NX-3911, triggering a $10 million development milestone payment to Nurix.
Concerns
- The quarter’s revenue and net income included $653.2 million of license revenue from the Roche collaboration.
- General and administrative expenses included one-time expenses associated with the Roche transaction.
- Nurix discontinued further clinical development of NX-2127 (zelebrudomide) as part of a strategic prioritization of its wholly owned oncology portfolio.
- Bexobrutideg, NX-1607, SAR448272/NX-3911 and GS-6791 remain in clinical development, and the filing identifies uncertainties related to clinical trial timing, results, safety, regulatory approval and commercialization.
What to watch
- Enrollment and development progress in the Phase 3 DAYBreak CLL-306 study, which is designed to evaluate the potential superiority of bexobrutideg versus pirtobrutinib in approximately 620 patients with relapsed/refractory CLL/SLL.
- Continued enrollment in the pivotal single-arm Phase 2 DAYBreak CLL-201 study designed to support a potential Accelerated Approval submission.
- Recruitment and initial cohort progress in the Phase 1b/2 NX-5948-203 study evaluating bexobrutideg in combination with venetoclax.
- Progress in NX-1607 Phase 1b monotherapy expansion cohorts and the Phase 1a combination cohort with pembrolizumab.
- Execution of the Roche collaboration, under which development costs are shared 40% by Nurix and 60% by Roche, and U.S. profits and losses will be shared equally.
Balance sheet and cash flow
- Cash and cash equivalents were $ 720,242 (in thousands) as of August 31, 2026, compared with $ 246,960 (in thousands) as of November 30, 2025.
- Marketable securities, current were 328,013 (in thousands) as of August 31, 2026, compared with 345,981 (in thousands) as of November 30, 2025.
- Marketable securities, non-current were 14,832 (in thousands) as of August 31, 2026, compared with — as of November 30, 2025.
- Cash, cash equivalents and marketable securities were $1.1 billion as of August 31, 2026, compared with $592.9 million as of November 30, 2025.
- Total assets were $ 1,195,298 (in thousands) as of August 31, 2026, compared with $ 688,135 (in thousands) as of November 30, 2025.
- Total current liabilities were 130,742 (in thousands) as of August 31, 2026, compared with 86,471 (in thousands) as of November 30, 2025.
- Total liabilities were 226,987 (in thousands) as of August 31, 2026, compared with 149,388 (in thousands) as of November 30, 2025.
- Total stockholders’ equity was 968,311 (in thousands) as of August 31, 2026, compared with 538,747 (in thousands) as of November 30, 2025.
Analysis
Nurix’s third-quarter financial results were dominated by the Roche transaction. Total revenue was $673.1 million, compared with $7.9 million for the three months ended August 31, 2025, with the company attributing the increase primarily to $653.2 million of Roche license revenue and a $10.0 million Sanofi development milestone. This produced net income of $549.8 million, or $4.73 per diluted share, versus a net loss of $86.4 million, or ($1.03) per basic and diluted share, in the prior-year quarter.
Operating expenses reflected both Roche cost sharing and transaction costs. Research and development expenses were $79.3 million, compared with $86.1 million, with the decrease attributed primarily to the Roche cost-sharing offset. General and administrative expenses were $34.4 million, compared with $13.2 million, as the company incurred one-time consulting and business-development expenses associated with the Roche transaction. The filing reported no non-GAAP measures.
The balance sheet expanded substantially following the Roche collaboration close. Cash, cash equivalents and marketable securities were $1.1 billion as of August 31, 2026, compared with $592.9 million as of November 30, 2025. Management stated that the $700 million upfront payment associated with the Roche collaboration supports runway into the second half of 2029. The release did not report operating cash flow, free cash flow, debt, share repurchases or dividends.
Operationally, the principal development advance was enrollment of the first patient in DAYBreak CLL-306, a Phase 3 study comparing bexobrutideg with pirtobrutinib in relapsed/refractory CLL/SLL. Nurix also initiated recruiting for NX-5948-203, a Phase 1b/2 combination study, while moving NX-1607 into Phase 1b expansion cohorts and a Phase 1a pembrolizumab combination cohort. The company discontinued further clinical development of NX-2127 as it prioritized its wholly owned oncology portfolio.
The collaboration portfolio remains an important source of funding and clinical optionality. Sanofi’s initiation of the STAT6 degrader Phase 1 trial triggered a $10 million milestone, while Gilead and Nurix extended the research term for one oncology program by an additional two years, with Nurix to receive a one-time fee of $10.0 million. The major near-term focus is execution of the Roche collaboration and progress across the Phase 3, pivotal Phase 2 and combination development programs for bexobrutideg.
Management, verbatim
The third quarter marked an important transition for Nurix as we moved bexobrutideg into Phase 3 development in CLL and began executing a broader clinical strategy designed to realize its potential across lines of therapy in both oncology and auto-immune disease.
Arthur T. Sands, M.D., Ph.D., president and chief executive officer of Nurix
Not in the filing
stated, not guessed- Prior earnings outlook or previous release outlook was not provided.
- Gross margin was not reported.
- Non-GAAP revenue, earnings, EPS, margins and operating measures were not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Debt was not reported.
- Share repurchases and dividends were not reported.
- Revenue, gross margin, operating expense and tax-rate guidance were not provided.
- Prior-quarter comparisons for the reported income statement metrics were not provided.
- Percentage year-over-year and quarter-over-quarter changes for the reported financial statement line items were not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.