10-Q · July 9, 2026
Nurix Therapeutics reported Q2 2026 earnings with total revenue of $9.0 million, a significant decrease from $44.1 million in the prior year, driven by a decline in collaboration revenues attributed to the end of…
Earnings analysis · 10-Q
NRIX earnings analysis
Filed October 13, 2026 · Our reading of the company's report
The latest report
Nurix reported exceptionally strong quarterly results, with $673.064 million of revenue and diluted EPS of $4.73, but the results appear driven primarily by collaboration and milestone economics rather than product…
Read full summary
Nurix reported exceptionally strong quarterly results, with $673.064 million of revenue and diluted EPS of $4.73, but the results appear driven primarily by collaboration and milestone economics rather than product sales. Liquidity of $1.1 billion provides funding visibility through at least the next 12 months, while bexobrutideg has advanced into a roughly 620-patient Phase 3 trial. The outlook remains neutral because the company expects substantially higher development and commercialization spending, requires 40% participation in Roche development costs, has no product-sales revenue, and provided no new quantitative guidance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $4.73
What stood out
-
Revenue and EPS materially beat estimates
Revenue was $673.064 million and diluted EPS was $4.73 in the quarter, substantially above the provided consensus estimates of $411.481 million and $3.98, respectively.
-
Nine-month results moved to net income
The company reported net income of $373.1 million for the nine months ended August 31, 2026, compared with a $264.5 million net loss for fiscal 2025.
-
Strong liquidity supports development plans
Liquidity was $1.1 billion in cash, cash equivalents and marketable securities as of August 31, 2026, which management expects to fund operations and capital expenditures through at least the next 12 months.
-
Lead program advanced into Phase 3
Bexobrutideg entered late-stage development, with the Phase 3 DAYBreak CLL-306 trial enrolling its first patient in August 2026 and expected to enroll approximately 620 patients.
-
Roche partnership provides development support
The Roche collaboration requires Nurix to fund 40% of development costs under the global development plan, subject to specified exceptions, while sharing U.S. commercialization profits and losses equally.
-
Disclosure controls remained effective
Management concluded that disclosure controls and procedures were effective as of August 31, 2026, and reported no material changes in internal control over financial reporting during the three months ended August 31, 2026.
What to watch
-
Results remain dependent on collaboration revenue
The quarter's revenue and net income may be highly nonrecurring: the company has never generated revenue from product sales, while the filing reports $673.064 million of quarterly revenue and an accumulated deficit of $630.1 million as of August 31, 2026.
-
Phase 3 execution and efficacy risk
The Phase 3 DAYBreak CLL-306 trial is designed to demonstrate superiority to pirtobrutinib on dual primary endpoints and is expected to enroll approximately 620 patients, creating material enrollment, execution and regulatory risk.
-
Roche obligations may increase spending
Nurix is responsible for 40% of development costs under the Roche global development plan and expects significant spending on commercial infrastructure, manufacturing scale-up and readiness before potential approval or product revenue.
-
Future capital needs remain substantial
The company expects operating expenses and capital expenditure requirements to increase substantially and states that it will need to raise substantial additional capital to complete development and commercialization of its drug candidates.
-
Manufacturing and tariff exposure
The filing identifies third-party manufacturing exposure in China and states that tariffs may increase product-supply costs in the future, although the company currently believes it has sufficient inventory for clinical use and anticipates no near-term impact.
-
Clinical safety risks remain unresolved
The filing highlights that the Phase 3 trial will generate additional safety data across a larger and more varied population, which could reveal adverse effects not observed earlier; NX-1607 safety data remain limited and could include excessive immune activation.
Management's outlook
No quantitative forward revenue or EPS guidance was provided in the 10-Q. Management stated that cash, cash equivalents and marketable securities of $1.1 billion as of August 31, 2026 are expected to fund operating expenses and capital expenditures through at least the next 12 months.
Earlier filings 4
10-Q · April 8, 2026
Nurix reported a sharp revenue decline and wider losses in Q1 2026: total revenue fell to $6,252 (in thousands) vs $18,453 in the prior-year quarter while net loss widened to $(87,174) (in thousands), generating EPS of…
10-K · January 28, 2026
Nurix positions itself as a leader in targeted protein degradation powered by a DEL-AI discovery engine and a three‑program clinical pipeline (bexobrutideg, zelebrudomide, NX‑1607). The 10‑K highlights material…
10-Q · October 9, 2025
Nurix reported Q3 revenue of $7.894M (collaboration revenue), down from $44.056M in Q2 2025 and $12.588M in Q3 2024. Operating loss widened to $(91.385)M (operating margin ~ -1,157.7%) and GAAP net loss was $(86.421)M,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.