Shares of Nurix Therapeutics Inc. (NRIX) are down 37% from their all-time high of $52.38, set on Dec.14, and trade around $32.
Nurix is a biopharmaceutical company developing novel drug candidates that can modulate proteins within the cell to treat patients with hematologic malignancies, solid tumors, autoimmune diseases, and viral diseases based on its proprietary DELigase platform. The company made its debut on The Nasdaq Global Select Market on July 24, 2020, offering its shares at a price of $19 each.
The company’s lead drug candidate NX-2127 is currently under a phase 1a/1b trial for patients with B-cell malignancies who have failed prior treatments. Phase 1a is a dose escalation portion evaluating the safety and tolerability of NX-2127 while Phase 1b will investigate the efficacy of NX-2127 at the dose selected in Phase 1a.
The initial pharmacokinetic (PK) and pharmacodynamic (PD) data from the dose escalation portion of the trial is anticipated by year-end 2021.
The other product candidates in the pipeline are NX-1607, NX-5948, and DeTIL-0255.
— NX-1607, being developed for immuno-oncology indications, is expected to advance into a phase I trial in the second half of 2021.
— NX-5948 is being developed to treat certain B-cell malignancies and autoimmune diseases. A phase I trial for NX-5948 in patients with hematologic malignancies is expected to be initiated in the second half of 2021 and is planning for the potential expansion of indications into selected autoimmune diseases in 2022.
— DeTIL-0255, a drug-enhanced adoptive cellular therapy for multiple solid tumors, is expected to advance into a phase I trial in the second half of 2021.
Nurix has strategic drug discovery partnerships with Gilead Sciences and Sanofi, from which it generates collaboration revenue.
For the second quarter ended May 31, 2021, net loss was $26.4 million or $0.60 per share on collaboration revenue of $7.1 million. This compared with a net income of $7.6 million or $0.00 per share and collaboration revenue of $4.2 million for the three months ended May 31, 2020.
As of May 31, 2021, Nurix had cash, cash equivalents and investments of $496.5 million.
NRIX has traded in a range of $15.21 to $52.38 in the last 1 year. The stock closed Wednesday’s trading at $32.80, up 12.71%.
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