NRIX earnings analysis
What we found in NRIX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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 certain research terms. The company also reported a diluted EPS of -$0.81, below analyst expectations. Despite these challenges, Nurix secured a promising collaboration agreement with Roche, which could provide substantial future revenue.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Down Significantly
- Total revenue dropped to $9.0 million from $44.1 million in Q2 2025, missing analyst estimates of $15.1 million.
- Increased R&D Expenses
- Research and development expenses rose to $87.7 million from $78.1 million year-over-year, reflecting increased clinical trial costs.
- Net Loss Grows
- Net loss expanded to $89.5 million compared to a net loss of $43.5 million in the same quarter last year.
- Roche Collaboration Deal
- Secured a collaboration with Roche that includes a $700 million upfront payment and potential total payments of up to $2.3 billion.
- Cash Position Strengthened
- As of May 31, 2026, cash and cash equivalents were reported at $443.5 million, with anticipated receipt of $700 million from Roche.
- Earnings Conference Call Scheduled
- Management's earnings call is scheduled for July 21, allowing for further discussion of clinical trials and financial outlook.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Looming Regulatory Challenges
- Potential changes in regulatory frameworks may delay or restrict drug approvals, increasing costs and impacting revenues.
- Large Operating Losses
- Nurix incurred a net loss of $89.5 million this quarter, raising concerns about financial sustainability.
- Increased Competition Risk
- Intensifying competition in the drug development space, especially in protein degradation therapies, could hinder market positioning.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.81
What they said about what is next.
Expect to receive $700 million upfront payment from Roche collaboration in Q3 2026.
The filing reads worse than the one before it.
What came before.
- 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,…
- 10-Q · July 9, 2025
- Nurix reported a Q2 revenue spike to $44.056M driven by a $30.0M license payment, producing collaboration revenue of $14.056M. GAAP loss per share improved to $(0.52) from $(0.71) year-over-year, but R&D spending and…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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