Full Press Release Details
Nurix Therapeutics Reports Third Quarter Fiscal 2020 Financial Results and Provides a Corporate Update
Completed recent IPO raising approximately $238.5 million in gross proceeds
On track for multiple IND filings
San Francisco, CA, October 14, 2020 -- Nurix Therapeutics Inc. (Nasdaq: NRIX), a biotechnology company developing targeted protein modulation drugs, today reported financial results for the third quarter ended August 31, 2020 and provided a corporate update.
Recent Business Highlights
"Following our successful initial public offering and with our strategic collaborations, we believe we have the resources needed to steadily advance a broad and deep portfolio of protein modulation drug candidates," said Dr. Arthur Sands, president and chief executive officer of Nurix. "The recent additions of Dr. Robert Brown and Dr. Michael Lotze position us well to enter the clinic next year with multiple investigational drug candidates in oncology."
Upcoming Program Highlights
Fiscal Third Quarter 2020 Financial Highlights
Collaboration revenue for the three months ended August 31, 2020 was $4.1 million compared to $10.6 million for the three months ended August 31, 2019. The decrease in collaboration revenue was attributable to the termination of a collaboration agreement with Celgene Corporation in June 2019, which resulted in no revenue recognition in 2020, offset by revenue recognized related to the Company's collaboration agreements with Gilead Sciences, Inc. and Sanofi S.A.
Research and development expenses for the three months ended August 31, 2020 were $18.9 million compared to $11.0 million for the three months ended August 31, 2019. The increase was primarily related to increases in preclinical development activities and drug discovery research as well as increases in headcount and higher stock-based compensation expense.
General and administrative expenses for the three months ended August 31, 2020 were $4.3 million compared to $2.2 million for the three months ended August 31, 2019. The increase was primarily related to higher headcount and increased legal and accounting expenses associated with becoming a public company.
Net loss attributed to common stockholders for the three months ended August 31, 2020 was $18.5 million, or ($0.59) per share, compared to a net loss of $2.4 million, or ($0.66) per share, for the three months ended August 31, 2019.
Cash, Cash Equivalents and Investments: As of August 31, 2020, the Company had cash, cash equivalents and investments of $395.1 million compared to $38.2 million as of November 30, 2019.
About Nurix Therapeutics, Inc.
Nurix Therapeutics is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule therapies designed to modulate cellular protein levels as a novel treatment approach for cancer and immune disorders. Leveraging Nurix's extensive expertise in E3 ligases together with its proprietary DNA-encoded libraries, Nurix has built DELigase, an integrated discovery platform to identify and advance novel drug candidates targeting E3 ligases, a broad class of enzymes that can modulate proteins within the cell. Nurix's drug discovery approach is to either harness or inhibit the natural function of E3 ligases within the ubiquitin proteasome system to selectively decrease or increase cellular protein levels. Nurix's wholly owned pipeline comprises targeted protein degraders of Bruton's tyrosine kinase, a B-cell signaling protein, and inhibitors of Casitas B-lineage lymphoma proto-oncogene-B, an E3 ligase that regulates T cell activation. Nurix is headquartered in San Francisco, California. For more information, please visit http://www.nurix.com.
Forward Looking Statement
Any statements made in this press release relating to future financial or business performance, conditions, plans, prospects, trends, or strategies and other financial and business matters, including statements regarding our future financial or business performance, conditions, plans, prospects, trends or strategies and other financial and business matters; our current and prospective product candidates; the timing of our planned IND submissions for our product candidates; the planned timing and conduct of our clinical trial programs for our product candidates, preclinical activities, research and development costs, current and prospective collaborations; the potential advantages of our DELigase platform and product candidates; the extent to which our scientific approach and DELigase platform may potentially address a broad range of diseases; the estimated size of the market for our product candidates; and the timing and success of our development and commercialization of our anticipated product candidates are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words "may," "could," "should," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict" and similar expressions and their variants, as they relate to the Company may identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations, and assumptions regarding the future of the Company's business, future plans and strategies, its development plans, its preclinical results and other future conditions. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Readers are cautioned that actual results, levels of activity, performance or events and circumstances could differ materially from those expressed or implied in our forward-looking statements due to a variety of factors, including risks and uncertainties related to our ability to advance our product candidates, obtain regulatory approval of and ultimately commercialize our product candidates, the timing and results of preclinical and clinical trials, our ability to fund development activities and achieve development goals, the impact of the COVID-19 pandemic on our business, our ability to protect intellectual property and other risks and uncertainties described under the heading "Risk Factors" in our final prospectus pursuant to Rule 424(b)(4) filed with the Securities and Exchange Commission (SEC) on July 24, 2020 and other SEC filings. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein.
Nurix Therapeutics, Inc.
Cherilyn Cecchini, M.D.
LifeSci Communications
Nurix Therapeutics, Inc.
Condensed consolidated statements of operations
(in thousands, except share and per share amounts)
| Three Months Ended August 31, | ||||||||
| 2020 | 2019 | |||||||
| Collaboration revenue | $ | 4,085 | $ | 10,580 | ||||
| Operating expenses: | ||||||||
| Research and development | 18,939 | 11,008 | ||||||
| General and administrative | 4,338 | 2,184 | ||||||
| Total operating expenses | 23,277 | 13,192 | ||||||
| Loss from operations | (19,192 | ) | (2,612 | ) | ||||
| Interest and other income, net | 675 | 195 | ||||||
| Loss before provision (benefit) for income taxes | (18,517 | ) | (2,417 | ) | ||||
| Provision (benefit) for income taxes | - | 10 | ||||||
| Net loss | $ | (18,517 | ) | $ | (2,427 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.59 | ) | $ | (0.66 | ) | ||
| Weighted-average number of shares outstanding, basic and diluted | 31,383,936 | 3,667,335 |
Nurix Therapeutics, Inc.
Condensed consolidated balance sheets
| August 31, | November 30, | |||||||
| 2020 | 2019 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 265,527 | $ | 34,816 | ||||
| Short-term investments | 88,716 | 2,904 | ||||||
| Income tax receivable | 3,856 | - | ||||||
| Prepaid expenses and other current assets | 5,990 | 1,634 | ||||||
| Total current assets | 364,089 | 39,354 | ||||||
| Long-term investments | 40,898 | 506 | ||||||
| Property and equipment, net | 6,532 | 3,871 | ||||||
| Restricted cash | 170 | 170 | ||||||
| Other assets | 185 | 147 | ||||||
| Total assets | $ | 411,874 | $ | 44,048 | ||||
| Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,611 | $ | 1,598 | ||||
| Accrued and other current liabilities | 7,102 | 4,927 | ||||||
| Deferred revenue, current | 30,299 | 9,612 | ||||||
| Total current liabilities | 41,012 | 16,137 | ||||||
| Deferred revenue, net of current portion | 62,374 | 35,693 | ||||||
| Other long-term liabilities | 868 | 1,737 | ||||||
| Total liabilities | 104,254 | 53,567 | ||||||
| Redeemable convertible preferred stock | - | 48,195 | ||||||
| Common stock | 39 | 4 | ||||||
| Additional paid-in-capital | 391,227 | 2,740 | ||||||
| Accumulated other comprehensive income (loss) | 138 | (2 | ) | |||||
| Accumulated deficit | (83,784 | ) | (60,456 | ) | ||||
| Total stockholders' equity (deficit) | 307,620 | (57,714 | ) | |||||
| Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | $ | 411,874 | $ | 44,048 |