The Roche collaboration transforms the risk/reward profile — investors should watch for the HSR/antitrust clearance timeline (expected Q3) triggering the $700M payment. Key catalysts ahead: DAYBreak CLL-201 pivotal data, Phase 1b combo data at upcoming medical meetings, and initiation of Phase 2 in CSU/MS. The $0.81 EPS miss vs -$0.72 consensus is backward-looking noise given the platform validation; focus on enrollment updates for the registrational CLL trial.
Price Chart
Executive Summary
Nurix reported Q1 FY2026 revenue of $9.0M (consensus $15.3M, -41% miss) and EPS of -$0.81 vs consensus -$0.72 (-12.5% miss) following a year-ago quarter that included $30M in license fees. The revenue miss is largely explained by the absence of the prior-year Sanofi license payments, but the operational spend ramp (R&D up 12% YoY) drove net loss to -$89.5M vs -$43.5M. The dominant positive event is the global Roche collaboration for bexobrutideg, which brings a $700M near-term cash infusion (expected closing in Q3) and total potential milestones of $2.3B, dramatically extending the cash runway to ~$1.14B pro-forma and validating the BTK degrader platform across oncology, immunology, and neurology.
Key Financial Metrics
Key Facts
- Revenue $9.0M miss vs consensus $15.3M (-41%); prior year $44.1M included $30M in Sanofi license fees
- EPS -$0.81 miss vs consensus -$0.72 (-12.5%); prior year -$0.52
- Net loss -$89.5M vs -$43.5M; R&D spend $87.7M (+12% YoY)
- Cash/investments $443.5M as of May 31, 2026; pro-forma ~$1.14B after Roche upfront
- Roche collaboration: $700M upfront (expected Q3 FY26), up to $2.3B total milestones; 40/60 cost split; 50/50 US profit share
- Bexobrutideg pivotal CLL trial (DAYBreak CLL-201) ongoing; Phase 3 vs pirtobrutinib expected mid-2026
- Phase 1b ORR 92.9% (Cohort 5) and 84.2% (Cohort 15) in CLL; median PFS 22.1 mo
- Expansion planned into CSU Phase 2 and MS Phase 2
- Sanofi milestone earned $2M; Gilead IRAK-4 degrader in Phase 1; Pfizer DAC programs ongoing
Financial Impact
$700M near-term cash injection via Roche upfront; total deal value up to $2.3B inclusive of milestones; 40/60 cost sharing reduces future R&D cash burden
Risk Factors
- Roche collaboration subject to HSR and antitrust clearances — delay or failure to close
- Pivotal CLL trial DAYBreak CLL-201 may not support Accelerated Approval
- Bexobrutideg faces competitive pressure from pirtobrutinib and other BTK inhibitors/degraders
- Net loss expanding: -$176.7M year-to-date vs -$99.8M prior year; operational burn ~$100M/quarter
- Cash/equivalents $67.7M low vs near-term $700M Roche payment — any delay strains liquidity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3325185 |
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