Nurix Therapeutics Reports Net Loss of $40.7 Million in Q1 2023

By USInMinutes - Jul 10, 2023, 07:29 AM ET

Last Updated - Jul 18, 2023, 03:04 PM EDT

Collaboration Revenue for Nurix Therapeutics Reaches $12.7 Million in Q1 2023

Nurix Therapeutics, Inc.,(NRIX) a leading biopharmaceutical company specializing in the discovery and development of targeted protein modulation drugs, has released its financial statements for the first quarter of 2023. The company reported a net loss of $40.7 million during this period, accompanied by collaboration revenue of $12.7 million. Let's delve into the details of Nurix Therapeutics' financial performance and analyze key highlights from the condensed consolidated financial statements.

Financial Statements

Condensed Consolidated Balance Sheets

Nurix Therapeutics' total assets amounted to $370.2 million as of February 28, 2023, compared to $416.8 million as of November 30, 2022. The company's current assets, including cash and cash equivalents, marketable securities, and prepaid expenses, reached $288.3 million. Additionally, the non-current marketable securities, operating lease right-of-use assets, and property and equipment contributed $58.4 million to the company's total assets.

Condensed Consolidated Statements of Operations

During the three months ended February 28, 2023, Nurix Therapeutics generated collaboration revenue of $12.7 million, reflecting an increase from $9.6 million in the same period of the previous year. The company's operating expenses, primarily driven by research and development efforts, amounted to $55.6 million. Consequently, Nurix Therapeutics reported a loss from operations of $42.9 million, compared to a loss of $42.7 million in the corresponding period last year. Interest and other income, net, contributed $2.2 million to the company's financial results, resulting in a net loss of $40.7 million for the first quarter of 2023.

Condensed Consolidated Statements of Comprehensive Loss

Nurix Therapeutics' comprehensive loss for the three months ended February 28, 2023, was $39.7 million, compared to a comprehensive loss of $44.0 million in the same period of the previous year. The company's net loss of $40.7 million and an unrealized gain on available-for-sale marketable securities of $1.1 million influenced the comprehensive loss figure.

Condensed Consolidated Statements of Stockholders' Equity

As of February 28, 2023, Nurix Therapeutics' total stockholders' equity stood at $274.1 million. This represents a decrease from $303.7 million as of November 30, 2022. The company's accumulated deficit increased to $442.0 million, reflecting the net losses incurred during the period. However, the additional paid-in capital rose to $719.2 million, showcasing ongoing support from investors.

Condensed Consolidated Statements of Cash Flows

Nurix Therapeutics experienced a net cash used in operating activities of $48.5 million during the first quarter of 2023. The company's investing activities resulted in a net cash provided of $16.1 million, primarily influenced by maturities of marketable securities. Additionally, the financing activities contributed a net cash of $1.5 million. Overall, Nurix Therapeutics' cash, cash equivalents, and restricted cash decreased from $79.7 million as of February 28, 2022, to $34.5 million as of February 28, 2023.

Nurix Therapeutics remains focused on its mission to develop novel therapies for patients by leveraging its innovative drug discovery platform. The company continues to invest in research and development to advance its pipeline of targeted protein modulation therapies.