Nurix Therapeutics (NRIX) Financials

Nurix Therapeutics (NASDAQ: NRIX) has shown continued operational losses but with notable developments in revenue and cash flow over the last four years through Q2 2025.

Revenue and Profitability Trends:

• Operating revenue has increased significantly from $6.78 million in Q4 2022 to $44.06 million in Q2 2025, indicating growing commercial or partnership activities.
• The company continues to incur substantial net losses each quarter, with net losses widening from approximately -$46.7 million in Q4 2022 to -$43.5 million in Q2 2025, signaling ongoing high expenses and limited profitability.
• Gross profit broadly matches total revenue, reflecting zero cost of revenue reported, which is typical for a biotech in development but underscores reliance on biotech R&D income rather than product sales.
• Research and development (R&D) expenses remain very high, rising from around $46 million in Q4 2022 to $78 million in Q2 2025, reflecting heavy ongoing investment in clinical trials or discovery programs that weigh on earnings.
• Selling, General, and Administrative (SG&A) expenses are also increasing modestly, from approximately $9.4 million to $14.3 million over the period, adding to the company's expense base.
• Interest and investment income offset some losses, growing from about $1.97 million in Q4 2022 to $5.62 million in Q2 2025, buffer losses but not sufficient to achieve profitability.

Cash Flow and Liquidity:

• Nurix has maintained positive net cash from financing activities each quarter, driven primarily by equity issuances, raising over $1 billion cumulatively, helping fund operations.
• Net cash used in operating activities remains substantial and negative throughout, reflecting large cash burn for R&D and operations, with about -$63 million in Q2 2025.
• Despite large investing outflows for investments and property, plant and equipment, the sale and maturity of investments often provide significant cash inflows, with net cash from investing activities positive $71.5 million in Q2 2025.
• Cash and equivalents plus short-term investments increased from ~$335 million at Q1 2023 to about $486 million at Q2 2025, indicating a solid liquidity position supporting ongoing operations into the near future.

Balance Sheet Highlights:

• Total assets grew from approximately $312.7 million in Q1 2023 to $591.6 million in Q2 2025, reflecting accumulation of cash, investments, and some property and equipment.
• Total liabilities also increased but remain moderate at about $144 million in Q2 2025, keeping the debt/equity ratio reasonable.
• Shareholders' equity increased from $168.7 million in Q1 2023 to $447.6 million in Q2 2025, largely from capital raised through equity offerings.

Summary:

Nurix Therapeutics is in a typical biotech development stage with strong top-line revenue growth from collaborations or licenses but ongoing losses driven by aggressive investment in R&D and SG&A. The company preserves a strong cash and investment position, supported by equity financing that fuels its pipeline activities. While profitability remains elusive, the increasing revenues and strong cash runway provide a foundation for continued development and potential future value creation. Investors should watch for signs of profitability improvement, successful product development milestones, and sustainable revenue growth to justify the current cash burn and investments.