Nurix Therapeutics, Inc. (NASDAQ:NRIX) reported fiscal first-quarter 2026 results on Wednesday that came in below analyst expectations.
Despite the miss, the clinical-stage biotech company’s shares rose about 3.06% in pre-market trading as investors focused on the progress of its drug development pipeline and its strong cash reserves.
Nurix posted an adjusted loss of $0.79 per share, slightly worse than the consensus forecast of a $0.76 loss. Revenue reached $6.25 million, well below the $14.25 million estimate and down 66% year over year from $18.5 million in the same period last year. The decline was mainly attributed to the expiration of the initial research phase for certain drug targets under the company’s collaboration with Sanofi.
The company reported $540.7 million in cash, cash equivalents and marketable securities as of February 28, 2026, compared with $592.9 million at the end of November 2025.
“Nurix entered 2026 focused on implementing a comprehensive registrational program designed to establish bexobrutideg as a potential best-in-class medicine for patients with chronic lymphocytic leukemia,” said Arthur T. Sands, M.D., Ph.D., president and chief executive officer of Nurix.
Research and development spending increased to $84.1 million from $69.7 million a year earlier, reflecting higher compensation expenses and increased costs related to clinical trials as the company ramps up enrollment in its Phase 2 study of bexobrutideg. General and administrative expenses also rose to $14.6 million from $11.7 million in the same quarter last year.
Nurix is currently enrolling patients in its DAYBreak CLL-201 pivotal Phase 2 trial, which is intended to support a potential Accelerated Approval pathway for bexobrutideg in patients with relapsed or refractory chronic lymphocytic leukemia. The company also plans to begin a global Phase 3 confirmatory study by mid-2026 and is targeting a 2026 IND submission for the drug in inflammatory and autoimmune disease indications.