Short answer
Nurix Therapeutics, Inc. (NRIX) filed its fiscal 2025 10-K annual report with the SEC on Jan 28, 2026. It reported revenue of $84M (+54.0% year over year) and net income of −$264M.
- Top risk flagged: Regulatory risk: FDA partial clinical hold on zelebrudomide enrollment in 2023 due to manufacturing change, lifted in August 2024
FY2025 key financial metrics · XBRL
- Revenue
- $84M
- +54.0% YoY
- Net income
- −$264M
- −36.6% YoY
- Operating margin
- -340.2%
- +50.4 pp YoY
- EPS (diluted)
- −$3.05
- −5.9% YoY
- ROE
- -49.1%
- −12.4 pp YoY
- Operating cash flow
- −$249M
- −44.5% YoY
Source: XBRL data from the Nurix Therapeutics, Inc. (NRIX) FY2025 10-K on SEC EDGAR. USD.
Nurix Therapeutics, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Clinical stage biopharma focused on targeted protein degradation using AI-integrated DEL-AI platform for oncology, inflammation, and immunology treatments
- Advanced lead BTK degrader bexobrutideg in Phase 2 pivotal trial with FDA Fast Track and EMA PRIME designations for relapsed/refractory CLL and WM
- Resumed Phase 1 study of dual BTK/Ikaros/Aiolos degrader zelebrudomide after FDA partial clinical hold lifted in 2024
- $482M non-dilutive funding through collaborations with Gilead, Sanofi, Pfizer; potential $6.1B future milestones and royalties
- Introduced oral CBL-B inhibitor NX-1607 in Phase 1 trials for solid tumors and gained UK Innovation Passport in 2022 for accelerated market access
Management Discussion & Analysis
- Forward-looking statements mention risks and uncertainties without specific guidance or outlook
Risk Factors
- Regulatory risk: FDA partial clinical hold on zelebrudomide enrollment in 2023 due to manufacturing change, lifted in August 2024
- Macroeconomic risk: Uncertainty from inflation, interest rates, tariffs, debt ceiling risks, and global conflict impacts clinical trials, supply chain, personnel
- Operational risk: Dependency on third-party manufacturing for chirally controlled zelebrudomide form critical to ongoing Phase 1b dose escalation
- Market disruption risk: Competitive threat from established BTK inhibitors and non-covalent BTK inhibitors used in relapsed/refractory CLL patients
- Financial risk: Net losses of $264.5 million in FY 2025 with $592.9 million cash runway for only 12 months, needing substantial additional capital beyond that
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