Nurix Therapeutics, Inc. (NASDAQ: NRIX)

Nurix Therapeutics, Inc. is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of targeted protein degradation medicines for the treatment of cancer and inflammatory diseases. The company leverages its fully artificial intelligence-integrated discovery engine, DEL-AI, combined with leading ligase expertise, to design and advance degrader-based therapeutics that aim to remove disease-causing proteins from cells. Nurix's pipeline includes wholly owned clinical stage drug candidates such as bexobrutideg, a selective degrader of Bruton's tyrosine kinase (BTK); zelebrudomide, a dual degrader of BTK and the transcription factors IKZF1 and IKZF3; and NX-1607, an inhibitor of the E3 ligase CBL-B. The company also advances preclinical programs and maintains collaboration agreements with Gilead Sciences, Sanofi, and Pfizer to expand its therapeutic reach into additional indications including rheumatoid arthritis, Type 2 inflammation, and solid tumors.

Nurix Therapeutics generates revenue through upfront payments, research milestone payments, license option exercise fees, research term extension payments, and potential future milestone and royalty payments from its collaboration agreements with Gilead, Sanofi, and Pfizer. As of November 30, 2025, the company has received a total of $482.0 million in non-dilutive financing from these collaborators. Under these agreements, Nurix retains responsibility for preclinical research activities while partners handle clinical development, commercialization, and manufacturing, with Nurix maintaining options for co-development, co-promotion, and profit sharing in the United States for certain drug candidates. The company does not currently generate revenue from product sales as all drug candidates remain in clinical or preclinical development.

The company operates through the following segments: Targeted Protein Degradation and Degrader Antibody Conjugates.

• The Targeted Protein Degradation segment encompasses the discovery and development of small molecule degrader drugs that harness the ubiquitin proteasome system to eliminate disease-associated proteins. This segment includes Nurix's wholly owned clinical programs targeting BTK (bexobrutideg and zelebrudomide) and CBL-B (NX-1607), as well as preclinical programs such as the pan-mutant BRAF degrader initiative and collaborations with Gilead and Sanofi targeting IRAK4 and STAT6 for inflammatory conditions and oncology indications.

• The Degrader Antibody Conjugate (DAC) segment focuses on combining targeted protein degrader payloads with monoclonal antibodies to create cell- and tissue-specific therapies. This segment leverages Nurix's DEL-AI platform and degrader expertise in partnership with Pfizer, which provides antibody conjugate design and development capabilities, to advance DACs for oncology and potential non-oncology indications. Activities include identifying suitable degrader-antibody pairs, optimizing linker chemistry, and advancing candidates through preclinical and clinical development under the Pfizer collaboration agreement.

Nurix Therapeutics holds a competitive advantage in the targeted protein degradation space due to its proprietary DEL-AI discovery engine, which integrates DNA-encoded library screening with machine learning to rapidly identify binders for historically undruggable targets. The company's deep expertise in E3 ligase biology enables it to design degraders with catalytic activity that can eliminate thousands of protein copies per molecule, offering potential advantages over traditional inhibitors in overcoming resistance mutations and addressing scaffolding functions of target proteins. While facing competition from other companies developing BTK degraders and CBL-B inhibitors, Nurix differentiates itself through its integrated AI-driven platform, broad ligandase knowledge, and diversified pipeline across monotherapy and DAC modalities.

Nurix Therapeutics serves patients with cancer, inflammatory diseases, and autoimmune disorders through its therapeutic development efforts. The company's clinical programs focus on relapsed or refractory B-cell malignancies such as chronic lymphocytic leukemia, diffuse large B-cell lymphoma, and mantle cell lymphoma, as well as solid tumor indications for its CBL-B inhibitor NX-1607. Through its collaborations, Nurix contributes to the development of treatments for rheumatoid arthritis, Type 2 inflammation, and additional oncology indications, with the ultimate goal of delivering approved medicines to hospitals, clinics, and patients via healthcare providers and pharmacies upon regulatory approval.