NRIX on Nasdaq

Nurix (United States)

Logo: nurixtx.com3

American pharmaceutical preparations company, incorporated in Delaware1

In its 2026 annual report the company says: “We are a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of targeted protein degradation medicines, the next frontier in innovative drug design aimed at improving treatment options for patients with cancer and inflammatory diseases.”5 It is headquartered in Brisbane, California.1 Its shares trade on Nasdaq under the symbol NRIX.1

Price unavailable

Last updated Oct 21, 2026.

Overview

2012Founded1

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  • TickerNRIX on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersBrisbane, California1
  • Websitewww.nurixtx.com
  • Incorporated inDE4
  • Business address1600 Sierra Point Pkwy, Brisbane, Ca 940054
  • Filer categoryLarge accelerated filer4
Nurix (United States) image from its website
Image: nurixtx.com3

When used in this report, unless otherwise indicated, “Nurix,” “Company,” “we,” “us” and “our” refers to Nurix Therapeutics, Inc. and its wholly owned subsidiaries.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-340.2%Operating margin6
-314.9%Net margin6
54.0%Revenue growth, 20256
-49.1%Return on equity6
-$263.5MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Collaboration Revenue brought in 64% of the revenue Nurix (United States) broke down this way in fiscal 2025.

  1. Collaboration Revenue$54.0M664%down 1% from 2024
  2. License revenue$30.0M636%
Products and services by year
Products and services202320242025
Collaboration Revenue$57.0M$54.5M$54.0M
License revenue$20.0M$0$30.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development100¢$316.9M
  • Income tax0¢$760.0K

Out of $84.0M in revenue.6 The company lost money this year.

Financial statements

Revenue7896$84.0M in 2025+170% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $31.1M$31.1M20192020: $17.8M$17.8M2020−43%2021: $29.8M$29.8M2021+67%2022: $38.6M$38.6M2022+30%2023: $77.0M$77.0M2023+99%2024: $54.5M$54.5M2024−29%2025: $84.0M$84.0M2025+54%
Operating income7896-$285.7M in 2025+1185% since 2019
-$300.0M-$200.0M-$100.0M02019: -$22.2M-$22.2M20192020: -$65.0M-$65.0M2020+192%2021: -$117.9M-$117.9M2021+81%2022: -$183.9M-$183.9M2022+56%2023: -$155.1M-$155.1M2023−16%2024: -$213.0M-$213.0M2024+37%2025: -$285.7M-$285.7M2025+34%
Net income7896-$264.5M in 2025+1119% since 2019
-$300.0M-$200.0M-$100.0M02019: -$21.7M-$21.7M20192020: -$43.2M-$43.2M2020+99%2021: -$117.2M-$117.2M2021+171%2022: -$180.4M-$180.4M2022+54%2023: -$143.9M-$143.9M2023−20%2024: -$193.6M-$193.6M2024+34%2025: -$264.5M-$264.5M2025+37%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-11-302024-11-302023-11-30
Total revenue$84.0M$54.5M$77.0M
Research and development$316.9M$221.6M$189.1M
General and administrative$52.7M$45.9M$42.9M
Total operating expenses$369.6M$267.6M$232.1M
Loss from operations-$285.7M-$213.0M-$155.1M
Interest and other income, net$22.0M$19.7M$11.1M
Loss before income taxes-$263.7M-$193.3M-$143.9M
Provision for income taxes$760.0K$270.0K$0
Net loss-$264.5M-$193.6M-$143.9M
Net loss per share, basic (in USD per share)-$3.05-$2.88-$2.65
Net loss per share, diluted (in USD per share)-$3.05-$2.88-$2.65
Weighted-average number of shares outstanding, basic (in shares)86.7M shares67.1M shares54.3M shares
Weighted-average number of shares outstanding, diluted (in shares)86.7M shares67.1M shares54.3M shares

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Corporate structure

Nurix (United States) sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Nurix (United States)

  • Nurix (United States) Brisbane, California

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Nurix (United States) reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$60.3M6 Nov 30, 2025$52.3M6 Nov 30, 2024+15.3%
Accumulated depreciation$37.8M6 Nov 30, 2025$34.5M6 Nov 30, 2024+9.5%
Property and equipment, net$22.5M6 Nov 30, 2025$17.8M6 Nov 30, 2024+26.7%
Operating-lease assets (leased space)$50.5M6 Nov 30, 2025$28.1M6 Nov 30, 2024+79.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$247.0M6 Nov 30, 2025$110.0M6 Nov 30, 2024+124.5%

Properties, in its own words

Our principal executive office is located in Brisbane, California, where we lease a total of 195,888 square feet of office and laboratory spaces that we use for our administrative, research and development and other activities. The lease expires in September 2031. Additionally, we lease a total of 50,094 square feet of office and laboratory space in The Woodlands, Texas that expires in February 2035. We believe that our existing facilities are suitable and adequate for our current requirements and operations.

Item 2 of the 10-K filed Jan 28, 2026.5

Leadership

Who has led Nurix (United States), and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. Houte Hans Van2020–now

Chief operating officer

  1. Stefani Wolff2021–2023
201520202025
Board members and other officers (19)

Former names

  • Nurix, Inc.May 15, 2012 to Sep 18, 20154

Timeline

  1. Oct 13, 20268-K Results of operations34
  2. Jul 9, 20268-K Results of operations35
  3. Jun 11, 20268-K Regulation FD disclosure; Other events36
  4. Jun 8, 20268-K Entered a material agreement; Regulation FD disclosure37
  5. May 15, 20268-K Shareholder vote38
  6. Apr 8, 20268-K Results of operations39
  7. Mar 6, 20268-K Other events40
  8. Jan 28, 20268-K Results of operations41
  9. Jan 12, 20268-K Regulation FD disclosure42
  10. Dec 9, 20258-K Regulation FD disclosure; Other events43
  11. Nov 10, 20258-K Executive or director change44
  12. Oct 22, 20258-K Regulation FD disclosure; Other events45
  13. Jul 23, 2020New chief executive Arthur T. Sands becomes CEO14
  14. 2012Founded Founded1

Calendar

Coming up

  1. Around Jan 17, 2027Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Oct 13, 2026Reported quarterly or annual results34
  2. Jul 9, 2026Reported quarterly or annual results35
  3. Apr 8, 2026Reported quarterly or annual results39
  4. Jan 28, 2026Reported quarterly or annual results41
  5. Oct 9, 2025Reported quarterly or annual results46
  6. Jul 9, 2025Reported quarterly or annual results47
  7. Apr 8, 2025Reported quarterly or annual results48
  8. Jan 28, 2025Reported quarterly or annual results49

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

421 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 66 major events, 196 insider forms, 61 large holders, 77 other. The latest 20:

  1. Oct 15, 20264 EDGAR
  2. Oct 14, 2026144 EDGAR
  3. Oct 14, 20264 EDGAR
  4. Oct 13, 202610-Q EDGAR
  5. Oct 13, 20268-K EDGAR
  6. Oct 2, 2026144 EDGAR
  7. Oct 2, 20264 EDGAR
  8. Sep 23, 2026SCHEDULE 13G EDGAR
  9. Sep 2, 2026144 EDGAR
  10. Sep 2, 20264 EDGAR
  11. Sep 1, 20264 EDGAR
  12. Aug 14, 2026SCHEDULE 13G/A EDGAR
  13. Aug 14, 2026SCHEDULE 13G/A EDGAR
  14. Aug 14, 2026SCHEDULE 13G EDGAR
  15. Aug 14, 2026SCHEDULE 13G/A EDGAR
  16. Aug 14, 2026SCHEDULE 13G EDGAR
  17. Aug 5, 2026144 EDGAR
  18. Aug 5, 20264 EDGAR
  19. Aug 5, 20264 EDGAR
  20. Aug 4, 2026144 EDGAR

The 421 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

115 open-market trades by officers, directors and large owners since October 2021: 0 buys and 115 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 2, 2026Ring ChristineChief Legal OfficerSale5,787$25.76$149.0KForm 4
Sep 1, 2026Hansen GwennChief Scientific OfficerSale1,452$25.47$37.0KForm 4
Aug 5, 2026Hansen GwennChief Scientific OfficerSale4,356$25.00$108.9KForm 4
Aug 4, 2026van Houte HansChief Financial OfficerSale4,761$24.36$116.0KForm 4
Aug 4, 2026Hansen GwennChief Scientific OfficerSale4,111$24.36$100.1KForm 4
Aug 3, 2026Ring ChristineChief Legal OfficerSale16,589$23.05$382.4KForm 4
Jul 30, 2026van Houte HansChief Financial OfficerSale2,845$23.38$66.5KForm 4
Jul 30, 2026Ring ChristineChief Legal OfficerSale3,847$23.38$89.9KForm 4
Jul 30, 2026Hansen GwennChief Scientific OfficerSale3,847$23.38$89.9KForm 4
Jul 2, 2026Ring ChristineChief Legal OfficerSale11,008$23.56$259.3KForm 4
Jun 25, 2026Ring ChristineChief Legal OfficerSale28,935$20.06$580.4KForm 4
Jun 25, 2026Hansen GwennChief Scientific OfficerSale5,394$20.00$107.9KForm 4
Jun 2, 2026Ring ChristineChief Legal OfficerSale8,148$16.60$135.3KForm 4
May 5, 2026van Houte HansChief Financial OfficerSale14,055$16.60$233.4KForm 4
May 4, 2026Ring ChristineChief Legal OfficerSale8,148$16.96$138.2KForm 4
May 1, 2026Ring ChristineChief Legal OfficerSale5,394$16.76$90.4KForm 4
Apr 30, 2026van Houte HansChief Financial OfficerSale2,388$16.65$39.8KForm 4
Apr 30, 2026Ring ChristineChief Legal OfficerSale3,214$16.65$53.5KForm 4
Apr 30, 2026Hansen GwennChief Scientific OfficerSale3,214$16.65$53.5KForm 4
Apr 2, 2026Ring ChristineChief Legal OfficerSale8,148$15.24$124.2KForm 4

All 115 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Arthur T. SandsPresident, Chief Executive Officer and Director$674.6K$6.4M71
2025Gwenn M. HansenChief Scientific Officer$556.0K$2.5M71
2025Hans van HouteChief Financial Officer60$545.8K$2.3M71
2025Christine RingChief Legal Officer and Chief Compliance Officer$527.5K$2.3M71
2024Arthur T. SandsPresident, Chief Executive Officer and Director$613.1K$5.8M71
2024Gwenn M. HansenChief Scientific Officer$510.5K$2.0M71
2024Christine RingChief Legal Officer and Chief Compliance Officer$498.7K$2.0M71
2024Hans van HouteChief Financial Officer60$498.7K$2.0M71
2023Arthur T. SandsPresident, Chief Executive Officer and Director$590.8K$4.4M71
2023Gwenn M. HansenChief Scientific Officer$493.2K$1.6M71
2023Hans van HouteChief Financial Officer60$482.9K$1.6M71

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.8,770,349$212.8M0.0%−155,293
Vestal Point Capital, LP8,050,000$195.3M4.6%+1,550,000
Deep Track Capital, LP7,736,455$187.7M2.8%+1,391,211
Rubric Capital Management LP7,227,778$175.3M1.6%+4,753,893
Fmr LLC5,485,215$133.1M0.0%−56,056
Morgan Stanley4,762,484$115.5M0.0%−169,515
State Street Corp4,677,244$113.5M0.0%−463,951
Baker Bros. Advisors LP4,658,556$113.0M0.6%No change
Vanguard Capital Management LLC4,495,529$109.1M0.0%+68,417
Perceptive Advisors LLC4,320,422$104.8M1.6%+609,545
Redmile Group, LLC4,073,787$98.8M6.6%−3,659,021
General Atlantic, L.P.3,032,185$73.6M2.5%−1,069,680
Geode Capital Management, LLC2,537,291$61.6M0.0%+17,062
Pictet Asset Management Holding SA2,351,232$57.0M0.1%−374,906
ARK Investment Management LLC1,793,196$43.5M0.3%+72,061
Capital World Investors1,787,916$43.4M0.0%+894,589
Trails Edge Capital Partners, LP1,573,220$38.2M6.1%−170,000
Vanguard Portfolio Management LLC1,482,861$36.0M0.0%+380,595
Citadel Advisors LLC1,477,019$35.8M0.0%+133,319
Soleus Capital Management, L.P.1,465,163$35.5M1.2%+527,000
Dimensional Fund Advisors LP1,431,317$34.7M0.0%+650,621
Eventide Asset Management, LLC1,297,893$31.5M0.4%No change
Braidwell LP1,286,769$31.2M1.2%−463,997
Kynam Capital Management, LP1,194,757$29.0M1.6%No change
Woodline Partners LP1,064,006$25.8M0.1%+138,562

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Nurix (United States) is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNurix Therapeutics, Inc.2
  • CIK0001549595
  • Employer ID (EIN)27-08380485
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsNovember 302
  • Industry code (SIC)2834 Pharmaceutical Preparations2
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance2
  • Business address1600 Sierra Point Pkwy, Brisbane, CA 940052
  • Phone(415) 660-53202
  • Shares outstanding109,249,814 as of Sep 30, 202611
  • Public float$807.5M as of May 30, 20255
  • AuditorPricewaterhouseCoopers LLP, San Jose, California PCAOB ID 238; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceMay 15, 20122
  • Filings552 in all: 4 (245), 8-K (79), 144 (41), SC 13G/A (27), 3 (24), 10-Q (19), SC 13G (17), SCHEDULE 13G/A (16)2
    All 33 form types

    SCHEDULE 13G (9), 424B5 (8), S-8 (8), 10-K (6), CORRESP (6), DEF 14A (6), DEFA14A (6), D (5), ARS (4), UPLOAD (4), EFFECT (3), 424B4 (2), DRS (2), S-1 (2), S-1/A (2), S-3ASR (2), 8-A12B (1), CERT (1), D/A (1), DRS/A (1), DRSLTR (1), FWP (1), POS AM (1), POS EX (1), POSASR (1)

  • Latest filingsAnnual report (10-K) Jan 28, 2026
    Quarterly report (10-Q) Oct 13, 2026
    Proxy statement (DEF 14A) Mar 27, 2026
    Latest 8-K (8-K) Oct 13, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001 per shareNRIXNasdaq Global Market

From the cover page of the 10-K filed Jan 28, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Nurix (United States) names in Item 1A of its 10-K filed Jan 28, 2026: 72 risks under these headings, as written.5

  • Risks Related to Our Financial Position and Need for Additional Capital
  • We have incurred significant losses since our inception. We expect to incur losses over at least the next several years and may never achieve or maintain profitability.
  • We have never generated revenue from product sales and may never be profitable.
  • We will need substantial additional funding. If we are unable to raise capital when needed, we may be required to delay, limit, reduce or terminate our research or product development programs or future commercialization efforts.
  • Raising additional capital may cause dilution to our stockholders, restrict our operations or require us to relinquish rights to our technologies or drug candidates.
  • Our limited operating history may make it difficult to evaluate the success of our business to date and to assess our future viability.
  • Risks Related to the Discovery and Development of Our Drug Candidates
  • We are early in our development efforts. Our lead drug candidates, bexobrutideg (NX-5948), zelebrudomide (NX-2127) and NX-1607, are in the early stages of clinical development. If we are unable to advance our drug candidates through clinical development or are unable to obtain regulatory approval for and commercialize our drug candidates or experience significant delays in doing so, our business may be materially harmed.
  • One of our approaches to the discovery and development of drug candidates based on our targeted protein degradation platform is unproven, which makes it difficult to predict the time, cost of development and likelihood of successfully developing any products.
  • Drug development is a lengthy and expensive process, with an uncertain outcome. We may incur unexpected costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of our drug candidates.
  • If serious adverse events, undesirable side effects or unexpected characteristics are identified during the development of any drug candidates we may develop, we may need to abandon or limit our further clinical development of those drug candidates.
  • The results of preclinical studies and early-stage clinical trials may not be predictive of future results. Initial success in clinical trials may not be indicative of results obtained in later-stage trials or when these trials are completed.
The other 62 risks
  • Interim top-line and preliminary data from our planned clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data.
  • If we experience delays or difficulties in enrolling patients in clinical trials, our receipt of necessary marketing approvals could be delayed or prevented.
  • We may expend our limited resources to pursue a particular drug candidate or indication and fail to capitalize on drug candidates or indications that may be more profitable or for which there is a greater likelihood of success.
  • The manufacture of drugs is complex, and we and our third-party manufacturers are early in our manufacturing efforts.
  • We may not be successful in our efforts to identify or discover additional potential drug candidates, or in further efforts to expand the breadth of our DEL-AI platform.
  • We face substantial competition in an environment of rapid technological change, which may result in others discovering, developing or commercializing products before or more successfully than we do.
  • If we do not achieve our projected development goals in the time frames we expect and announce, the commercialization of our products may be delayed and, as a result, our stock price may decline.
  • Our estimated market opportunities for our drug candidates are subject to numerous uncertainties and may prove to be inaccurate. If we have overestimated the size of our market opportunities, our future growth may be limited.
  • The biopharmaceutical industry is subject to extensive regulatory obligations and policies that are subject to change, including due to judicial challenges.
  • Risks Related to Dependence on Third Parties
  • We expect to depend on collaborations with third parties for the research, development and commercialization of certain of the drug candidates we may develop. If any such collaborations are not successful, we may not be able to capitalize on the market potential of those drug candidates.
  • We may seek to establish additional collaborations. If we are not able to establish collaborations on commercially reasonable terms, we may have to alter our development and commercialization plans.
  • We rely on third parties to conduct our clinical trials, and those third parties may not perform satisfactorily, including failing to meet deadlines for completing such trials.
  • We rely on third-party contract manufacturing organizations (CMOs) for the manufacture of both drug substance and finished drug product for our drug candidates for preclinical and clinical testing and expect to continue to do so for any future clinical trials and commercialization. This reliance on third parties may increase the risk that we will not have sufficient quantities of our drug candidates or products or such quantities at an acceptable cost or quality, which could delay, prevent or impair our development or commercialization efforts.
  • Some of our suppliers may experience disruption to their respective supply chain due to the effects of macroeconomic conditions, which could delay, prevent or impair our development or commercialization efforts.
  • Our CMOs may be unable to successfully scale-up manufacturing of our drug candidates in sufficient quality and quantity, which would delay or prevent us from developing our drug candidates and commercializing approved products, if any.
  • Risks Related to the Commercialization of Our Drug Candidates
  • Even if any of our drug candidates receive marketing approval, a drug candidate may fail to achieve the degree of market acceptance by physicians, patients, third-party payors and others in the medical community necessary for commercial success.
  • If we are unable to establish sales and marketing capabilities, we may not be successful in commercializing our drug candidates if and when they are approved.
  • Even if we are able to commercialize any drug candidates, the products may become subject to unfavorable pricing regulations, third-party reimbursement practices or healthcare reform initiatives, or fail to secure a positive health technology assessment, which would harm our business.
  • Product liability lawsuits against us could cause us to incur substantial liabilities and to limit commercialization of any products that we may develop.
  • Risks Related to Our Intellectual Property
  • If we are unable to obtain and maintain patent protection for our technology, our current drug candidates and any future drug candidates that we may develop, or if the scope of the patent protection obtained is not sufficiently broad, our competitors and other third parties could develop and commercialize technology and drug candidates similar or identical to ours, and our ability to successfully commercialize our technology and drug candidates may be impaired, and we may not be able to compete effectively in our market.
  • Changes in patent law in the United States and in non-U.S. jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our drug candidates.
  • Even if we are able to obtain patent protection for our drug candidates, the life of such protection is limited, and third parties could develop and commercialize products and technologies similar or identical to ours and compete directly against us after the expiration of our patent rights and our ability to successfully commercialize any product or technology would be materially adversely affected.
  • We may need to license intellectual property from third parties that may not be available to us or may not be available on commercially reasonable terms, and we may not be successful in obtaining or maintaining necessary rights to our drug candidates through acquisitions and in-licenses.
  • We may not identify relevant third-party patents or may incorrectly interpret the relevance, scope or expiration of a third-party patent, and third parties may initiate legal proceedings alleging that we are infringing, misappropriating or otherwise violating their intellectual property rights, the outcome of which would be uncertain and could have a material adverse effect on our business.
  • We may be subject to claims by third parties asserting that we or our employees, consultants, contractors or advisors have misappropriated, wrongfully used or disclosed alleged trade secrets or other intellectual property, or claiming ownership of what we regard as our own intellectual property.
  • We may become involved in lawsuits to protect or enforce our patents, the patents of our licensors, or other intellectual property, which could be expensive, time-consuming and unsuccessful.
  • We may not be able to pursue or guarantee protection of our intellectual property rights in jurisdictions outside the United States.
  • Obtaining and maintaining patent protection depends on compliance with various procedural, documentary, fee payment and other requirements imposed by governmental patent offices, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • We may become subject to claims challenging the inventorship or ownership of our patents and other intellectual property.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.
  • Intellectual property rights do not necessarily address all potential threats.
  • Risks Related to Regulatory Approval and Marketing of Our Drug Candidates
  • The regulatory approval process of the FDA and other national or European regulators is lengthy, time-consuming and inherently unpredictable, and if we are ultimately unable to obtain marketing approval for our drug candidates, our business will be substantially harmed.
  • We have received Fast Track designation for bexobrutideg (NX-5948) and may seek Fast Track designation for other drug candidates in the future. Fast Track designation may not lead to faster development or regulatory review or approval process, and it does not increase the likelihood that our drug candidates will receive marketing approval.
  • We, as a company, have limited experience in filing for and obtaining regulatory approval to initiate a clinical trial, and we do not have experience completing any pivotal clinical trials or in manufacturing or in quality assurance in order to market a new drug in the United States or in any other jurisdiction.
  • Failure to obtain marketing approval in foreign jurisdictions would prevent our drug candidates from being marketed abroad and may limit our ability to generate revenue from product sales.
  • Even if we, or any collaborators, obtain marketing approvals for our drug candidates, the terms of approvals and ongoing regulation of our products may limit how we, or they, manufacture and market our products, which could materially impair our ability to generate revenue.
  • Any drug candidate for which we, or any collaborators, obtain marketing approval could be subject to post-marketing restrictions or withdrawal from the market and we, or any collaborators, may be subject to substantial penalties if we, or they, fail to comply with regulatory requirements or if we, or they, experience unanticipated problems with our products when and if any of them are approved.
  • We have received Orphan Drug Designation for bexobrutideg (NX-5948) and may seek Orphan Drug Designation for other drug candidates in the future. If we decide to seek Orphan Drug Designation or other designations from regulators for any of our other or future drug candidates, we may be unsuccessful or may be unable to maintain the benefits associated with these designations, including the potential for supplemental market exclusivity associated with an Orphan Drug Designation.
  • If the FDA or comparable foreign regulatory authorities approve generic versions of any of our drug candidates that receive marketing approval, or such authorities do not grant our drug candidates appropriate periods of data or market exclusivity before approving generic versions of our drug candidates, the sales of our drug candidates could be adversely affected.
  • If any of our drug candidates are not considered to be a new active substance or are deemed to fall within the “global marketing authorization” of an existing medicinal product or if pediatric studies are not adequately completed, such drug candidates may fail to obtain regulatory data protection or an extension to existing regulatory data protection.
  • Our operations and relationships with actual and potential customers, providers and third-party payors will be subject to applicable anti-kickback, fraud and abuse and other healthcare laws and regulations, which could expose us to penalties including criminal sanctions, civil penalties, exclusions from government programs, contractual damages and reputational harm, and could diminish our future profits and earnings.
  • Disruptions at the FDA may slow the time necessary for new products to be reviewed and/or approved, which would adversely affect our business. In addition, there is substantial uncertainty regarding new initiatives and how these might impact the FDA, its implementation of laws, regulations, policies and guidance and its personnel. Similar initiatives may also be directed toward other government agencies. These initiatives could prevent, limit or delay development and regulatory approval of our product candidates, which would adversely affect our business.
  • Current and future legislation may increase the difficulty and cost for us, and any collaborators, to obtain marketing approval of and commercialize our drug candidates and affect the prices we, or they, may obtain.
  • Governments outside of the United States tend to impose strict price controls, which may adversely affect our revenues from the sales of drugs, if any.
  • Risks Related to Employees, Managing our Growth and Other Legal Matters
  • If we fail to attract and retain management and other key personnel, we may be unable to continue to successfully develop our current and any future drug candidates, commercialize our drug candidates or otherwise implement our business plan.
  • We will need to grow our organization, and we may experience difficulties in managing this growth, which could disrupt our operations.
  • Our employees, independent contractors, vendors, principal investigators, CROs and consultants may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading laws.
  • We depend on our information technology systems, and any failure of these systems, or those of our CROs, third-party vendors, collaborators or other contractors or consultants we may utilize, could harm our business. Security breaches, cyber-attacks, loss of data and other disruptions could compromise sensitive information related to our business or other personal information, prevent us from accessing critical information and expose us to liability, which could adversely affect our business, reputation, results of operations, financial condition and prospects.
  • We obtain and process a large amount of proprietary and sensitive data. Any real or perceived improper use of, disclosure of, or access to such data could harm our reputation, as well as have an adverse effect on our business.
  • We are subject to a variety of stringent and changing privacy and data security laws, regulations, policies and contractual obligations related to data privacy and security, and changes in such laws, regulations, policies and contractual obligations and our failure, or any failure by our third-party vendors, collaborators, contractors or consultants, to comply with them could harm our business and result in enforcement action by regulators and claims from affected individuals.
  • We use artificial intelligence in our business, and challenges with properly managing its use could result in reputational harm, competitive harm, and legal liability, and adversely affect our results of operations.
  • U.S. federal income tax reform and changes in other tax laws could adversely affect us.
  • Our ability to utilize our net operating loss carryforwards may be subject to limitations.
  • Future acquisitions, joint ventures, spin outs or strategic alliances or transactions could disrupt our business and harm our financial condition and results of operations.
  • We are subject to anti-corruption laws, as well as export control laws, customs laws, sanctions laws and other laws governing our operations. If we fail to comply with these laws, we could be subject to civil or criminal penalties, or other remedial measures and legal expenses, any of which could adversely affect our business, results of operations and financial condition.
  • If we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could significantly harm our business.
  • Unfavorable global economic conditions could adversely affect our business, financial condition, stock price and results of operations.
  • We may be exposed to foreign exchange risk.
  • Our current operations are in the San Francisco Bay Area, and we or the third parties upon whom we depend may be adversely affected by earthquakes or other natural disasters as to which our business continuity and disaster recovery plans may not be adequate to protect us.
  • Risks Related to Our Common Stock
  • Our quarterly results of operations may fluctuate significantly or may fall below the expectations of investors or securities analysts, each of which may cause our stock price to fluctuate or decline.
  • Our stock price may be volatile and you could lose all or part of your investment.
  • A sale of a substantial number of shares of our common stock may cause the price of our common stock to decline.

Legal proceedings

From time to time, we may be involved in legal proceedings arising in the ordinary course of our business. We are not presently a party to any legal proceedings that, in the opinion of management, would have a material adverse effect on our business or financial statements. Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity and reputational harm and other factors.

The opening of Item 3, Legal Proceedings.5

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