Nurix Therapeutics Swings to $87.2M Net Loss as Revenue Falls 66% in Q1 FY2026
Nurix Therapeutics, a clinical-stage biopharmaceutical company, reported a net loss of $87.2 million for the three months ending February 28, 2026, widening 55% from the $56.4 million loss a year earlier. Revenue plunged 66% to $6.3 million.
Nurix Therapeutics, a clinical-stage biopharmaceutical company developing targeted protein degradation therapies, reported a net loss of $87.2 million for the three months ending February 28, 2026, compared to a net loss of $56.4 million in the same quarter a year earlier. The loss per share widened to $0.79 from $0.67. Read more earnings reports.
Revenue dropped 66% to $6.3 million from $18.5 million in the prior-year quarter. Operating expenses surged 21% to $98.7 million from $81.3 million, driven primarily by higher research and development costs.
Operating Burn Accelerates
The operating loss for the quarter reached $92.5 million, compared to an operating loss of $62.9 million a year earlier. Research and development expenses climbed 21% to $84.1 million from $69.7 million as the company advanced its pipeline programs.
Cash used in operations totaled $71.9 million for the quarter, up from $61.1 million in the year-ago period. The company deployed $123.8 million in investing activities, a sharp reversal from the $25.5 million generated from investing in the prior-year quarter.
Balance Sheet Pressures
Cash and cash equivalents fell to $71.2 million as of February 28, 2026, down from $247.0 million three months earlier. Total assets declined to $636.1 million from $688.1 million at the end of November 2025.
The company raised $20.0 million from financing activities during the quarter. Total liabilities rose to $155.2 million from $149.4 million, while stockholders' equity declined to $480.9 million from $538.7 million.
Shares outstanding increased to 103.4 million from 101.8 million during the three-month period. The weighted average share count for the quarter was 110.1 million, up from 83.6 million a year earlier.
Financial Summary
| Item | Q1 FY2026 | Q1 FY2025 | Change |
|---|---|---|---|
| Revenue | $6.3M | $18.5M | -66% |
| Operating Expenses | $98.7M | $81.3M | +21% |
| Operating Loss | ($92.5M) | ($62.9M) | +47% |
| Net Loss | ($87.2M) | ($56.4M) | +55% |
| Loss Per Share | ($0.79) | ($0.67) | +18% |
| R&D Expenses | $84.1M | $69.7M | +21% |
| Cash from Operations | ($71.9M) | ($61.1M) | +18% |
Total assets stood at $636.1 million as of February 28, 2026, with current assets of $554.4 million. Current liabilities totaled $92.2 million, while total liabilities reached $155.2 million.