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what it is
Nurix builds drugs that tell cells to destroy harmful proteins, mainly for cancer and immune diseases.
how it gets paid
Last year Nurix Therapeutics made $84M in revenue. BTK degrader collaborations was the main engine at $32M, or 38% of sales.
why it's growing
Revenue grew 54.0% last year. The number that mattered was $70M in quarterly revenue because it shows the revenue line can move fast.
what just happened
The quarter was all about $70M in revenue, up 792% vs. prior year, while losses stayed heavy at -$2.22 per share.
At a glance
B balance sheet — gets the job done, barely
60/100 earnings predictability — reasonably predictable
-$3.05 fy2025 eps est
$2B fy2026 rev est
n/a operating margin
xvary composite: 63/100 — average
What they do
Nurix builds drugs that tell cells to destroy harmful proteins, mainly for cancer and immune diseases.
Nurix wins on its protein-degradation platform and partner-funded science. Platform → a repeatable drug-discovery engine → so what: you are not betting on one molecule alone. It has 286 employees and enough outside validation to generate $84M in trailing revenue while still in the clinical stage.
How they make money
$84M
annual revenue · their business grew +54.0% last year
BTK degrader collaborations
$32M
CBL-B immunology programs
$21M
DELigase platform licensing
$19M
Research support and milestones
$12M
The products that matter
partner-funded research revenue
Collaboration Revenue
$84M · 100% of revenue
it is the entire reported revenue base today, and it grew 54.1% from last year. useful cash, but not proof of commercial demand.
current engine
lead clinical program
Bexobrutideg
~$2B equity story
at a ~$2B market cap and just $84M in annual revenue, this lead program is carrying a large share of the valuation narrative. if it works, the story rerates. if it slips, the math gets much less forgiving.
lead catalyst
early platform optionality
Clinical Pipeline
$53M debt · no p/e
the broader pipeline is why investors tolerate current losses, but there is still no trailing p/e because there are no earnings to value. until more assets matter, this remains a one-story stock with side plots.
second act
Key numbers
-$3.05
fy2025 eps est
$2B
fy2026 rev est
n/a
trailing p/e
n/a
dividend yield
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 1 — safer than 95% of stocks
- price stability 5 / 100
- long-term debt $53M (3% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for NRIX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The quarter was all about $70M in revenue, up 792% vs. prior year, while losses stayed heavy at -$2.22 per share.
Revenue exploded versus a tiny prior-year base, but the bottom line stayed deep in the red. That is the whole NRIX setup right now: fast top-line movement versus very ugly current economics.
$21M
revenue
$2.22
eps
792%
revenue vs. last year
the number that mattered
The number that mattered was $70M in quarterly revenue because it shows the revenue line can move fast, even while earnings stay deeply negative.
source: company earnings report, 2026
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What could go wrong
the top threat is clinical disappointment or delay around Bexobrutideg. With a ~$2B valuation and only $84M in annual revenue, this story has very little room for a broken lead asset.
med
Bexobrutideg fails to earn the valuation
This page keeps coming back to one asset because the market does too. If the lead program disappoints, the stock stops trading on possibility and starts trading on what is already proven.
At $84M in annual revenue against a ~$2B market cap, most of the value sits outside the current income statement.
med
cash burn forces new financing before the story matures
Losses are expected at -$3.05 per share for FY2025, and a B balance sheet is fine but not bulletproof. If timelines stretch, existing holders may end up funding the wait.
You do not own a self-funding business yet. You own a business that still needs time, and time usually costs money.
med
collaboration revenue proves less durable than it looks
100% of revenue comes from collaboration agreements. That can support the runway, but it is not the same thing as repeatable commercial demand with a protected product franchise.
If collaboration revenue cools after growing 54.1% from last year, one of the few hard numbers supporting the story gets weaker.
A weaker lead program, slower collaboration revenue, and any fresh financing need would hit the same part of the thesis at once: the market's willingness to pay ~$2B for a business with no earnings.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
the next clinical timetable update
In this kind of stock, a delayed timeline can matter more than a respectable quarter. Watch whether management sounds more precise or more evasive next.
lead risk
Bexobrutideg remains the whole mood
The company may have a broader platform, but the current equity story still runs through the lead program first. That is the part of the thesis with the biggest leverage.
metric
balance sheet grade and loss trend
B is workable. If that slips while FY2025 EPS stays deep in the red at -$3.05 or worse, financing risk moves from background noise to main plot.
trend
whether collaboration revenue stays supportive
$84M in annual revenue and 54.1% growth from last year give management some breathing room. If that line fades, you are left even more exposed to pure clinical hope.
Analyst rankings
short-term outlook
thin coverage
target data is limited. in human-speak, the street does not have a clean shared number to rally around.
risk profile
elevated
a 1.55 beta and 5 / 100 price stability tell you this stock tends to move like a clinical event, not a consumer staple.
chart momentum
catalyst-led
the 52-week range of $8–$22 is the point. this chart follows data expectations more than tidy technical patterns.
earnings predictability
60/100
that is decent for a company this early, but still not the sort of operating history you build a comfort multiple around.
source: institutional data
Institutional activity
institutional ownership data for NRIX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$17
current price
n/a
target midpoint · n/a from current
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