NRIX

Nurix is a clinical-stage protein-degradation biotech with no approved products — the $84.0M FY2025 'revenue' (+54% YoY) is collaboration income from Gilead, Sanofi and Pfizer, not product sales, which makes the 29.2x P/S headline meaningless rather than expensive. What you are actually buying is a pipeline: lead asset bexobrutideg (NX-5948), an oral BTK degrader now in a Phase 2 study the MD&A explicitly frames as 'potentially pivotal trial for Accelerated Approval' in heavily pretreated relapsed/refractory CLL, commenced October 2025 with FDA agreement on the 600mg dose, plus FDA Fast Track and EMA PRIME designations. That is a genuine, de-risked-on-paper regulatory path and the entire investment case rides on it.

The fundamentals are those of a pre-commercial burner. FY2025 net loss widened to -$264M (from -$194M) and operating cash flow was -$249M as R&D climbed 43% to $317M. The balance sheet is not levered — liabilities/equity is just 0.28x and equity is $539M — but the binding constraint is liquidity: cash and equivalents of $247M against ~$249M of annual operating burn implies roughly twelve months of runway. The 124.5% jump in cash came alongside shares outstanding rising 35.5% YoY, i.e. it was bought with equity. With the accumulated deficit now at -$1.0B, expect another capital raise within a year, almost certainly dilutive — a structural headwind to per-share value regardless of clinical success.