Nurix Therapeutics, Inc. (NASDAQ: NRIX)

Nurix Therapeutics, Inc., a clinical-stage biopharmaceutical company (Nurix or the Company), is dedicated to the discovery, development, and commercialization of innovative small molecules and antibody therapies based on the modulation of cellular protein levels as a novel treatment approach for cancer, inflammatory conditions, and other challenging diseases. The company's proprietary DELigase platform empowers the identification and advancement of novel drug candidates targeting E3 ligases, a broad class of enzymes that modulate proteins within the cell.

Nurix's primary business activities revolve around the development of therapies that address various diseases by harnessing the natural function of E3 ligases within the ubiquitin-proteasome system. This approach offers significant advantages over existing modalities, as it can either decrease or increase protein levels, providing a new therapeutic frontier. The Company's operations span across multiple countries and regions, with its headquarters in the United States.

The company generates revenue through revenue-generating collaborations with large biopharmaceutical companies, including Gilead, Sanofi, and Seagen (now a part of Pfizer). These collaborations leverage Nurix's DELigase platform for drug discovery, generating $413 million in non-dilutive financing to date. As of November 30, 2023, the company is eligible to receive up to $8.1 billion in potential future fees and milestone payments, as well as royalties on future product sales.

Nurix's competitive advantage lies in its DELigase platform, which combines proprietary DELs and E3 ligase expertise to facilitate efficient drug discovery. This platform taps into enormous chemical space, enabling the discovery of drug candidates that overcome "druggability" limits. Additionally, the company has expanded the universe of E3 ligases available for therapeutic manipulation, screening over 60 additional E3 ligases to date.

Nurix's clinical development pipeline includes three clinical-stage programs in its Targeted Protein Degradation (TPD) and Targeted Protein Elevation (TPE) portfolios. The TPD portfolio consists of NX-5948, an orally bioavailable BTK degrader for the treatment of relapsed or refractory B-cell malignancies, and NX-2127, an orally bioavailable BTK degrader that also degrades cereblon neosubstrates IKZF1 and IKZF3 for the treatment of relapsed or refractory B-cell malignancies. The TPE portfolio includes NX-1607, an orally bioavailable inhibitor of CBL-B, an E3 ligase that regulates the activation of multiple immune cell types, including T cells and NK cells.

Under the collaborations with Gilead, Sanofi, and Seagen, Nurix has the option to co-develop and co-promote certain drug candidates in the United States and is eligible to receive royalties on future product sales and milestone payments. The company has also entered into a strategic collaboration with Seagen to develop a suite of targeted protein degraders against multiple targets nominated by Pfizer.

Nurix's competitors include other biotechnology and pharmaceutical companies focused on developing small molecules that degrade target proteins, such as Arvinas, BioTheryX, C4 Therapeutics, Cullgen, Foghorn Therapeutics, Kymera Therapeutics, and Monte Rosa Therapeutics. The company's intellectual property position is strong, with a portfolio of patents and patent applications that cover its DELigase platform, drug candidates, and methods of use. Nurix relies on trade secret protection for its know-how, confidential and proprietary information, and continuing innovation to develop, strengthen, and maintain its position in its DELigase platform and drug candidates.