Nurix beats estimates as bexobrutideg advances in pivotal trials
83% response rate in CLL patients drives analyst optimism; $593M cash runway supports Phase 3 program
Nurix Therapeutics reported fiscal fourth-quarter results that exceeded earnings expectations, as the biotechnology company advanced its experimental blood cancer drug into pivotal clinical trials with compelling efficacy data. Shares of the San Francisco-based company are being watched closely after it detailed a robust cash position of $592.9 million to support its development programs.
The company, which specializes in targeted protein degradation therapies, posted a smaller-than-expected loss per share for the quarter ended November 30, 2025. However, revenue of $13.6 million missed analyst projections of $16.1 million, according to the company's financial report. For the full fiscal year, revenue increased to $84.0 million from $54.5 million in the prior year, driven by $30 million in license revenue from extensions of Sanofi collaborations.
The primary catalyst driving investor attention is bexobrutideg, a novel BTK degrader targeting relapsed or refractory chronic lymphocytic leukemia (CLL). In Phase 1a/1b clinical trials, the therapy demonstrated an 83% objective response rate, including two complete responses, with median progression-free survival of 22.1 months across all tested doses. The median duration of response reached 20.1 months, indicating deepening and sustained responses over time.
Nurix selected the 600 milligram once-daily dose as the recommended Phase 2 dose after randomized Phase 1b data showed an 83.3% response rate at that level, surpassing the 73.7% observed with a lower 200 mg dose. The therapy demonstrated a favorable safety profile with no dose-limiting toxicities, no systemic fungal infections, and no Grade 4 infections reported across all doses tested—a significant advantage in a treatment landscape where safety concerns have hampered earlier-generation therapies.
"The 83% ORR and 22.1-month PFS are highly compelling for this heavily pre-treated patient population," analysts noted, highlighting the data presented at the American Society of Hematology annual meeting in December 2025.
Nurix has initiated the DAYBreak CLL-201 pivotal Phase 2 single-arm study evaluating bexobrutideg at 600 mg once daily in patients with relapsed or refractory CLL who have progressed after treatment with covalent BTK inhibitors, BCL-2 inhibitors, and non-covalent BTK inhibitors. The study is designed to support a potential Accelerated Approval submission to regulatory authorities.
Looking ahead, the company plans to launch a global randomized confirmatory Phase 3 trial, designated DAYBreak CLL-306, in the first half of 2026. This study will compare bexobrutideg monotherapy to pirtobrutinib, Eli Lilly's approved therapy for CLL patients who have progressed on prior BTK inhibitor treatment, positioning Nurix directly against the current standard of care.
Analyst sentiment toward Nurix has turned increasingly positive following the clinical data disclosure. Morgan Stanley upgraded the stock to "Overweight" from "Equal Weight," raising its price target to $36 per share, citing a higher probability of success for bexobrutideg in CLL. Overall, Wall Street maintains a bullish outlook with an average one-year price target of approximately $29.59, representing significant upside from current levels.
The consensus rating stands at 16 buy recommendations against just one hold, with no sell ratings. Institutional investors control 83.5% of shares outstanding, indicating strong conviction from professional money managers. However, analysts do not expect the company to achieve profitability in fiscal 2026, forecasting continued losses as it invests in clinical development.
Nurix's substantial cash position of $592.9 million provides a runway extending into 2028, assuming current burn rates remain stable. This financial cushion should fund the DAYBreak registrational program and planned Phase 3 trial without requiring additional capital raising in the near term. The company also continues enrollment in the broader NX-5948-301 Phase 1a/1b trial for relapsed or refractory B cell malignancies, including cohorts for CLL patients with autoimmune hemolytic anemia and healthy volunteer studies to support a potential autoimmune IND in 2026.
The competitive landscape for CLL treatments has evolved rapidly in recent years, with covalent BTK inhibitors from AbbVie and Janssen dominating first-line therapy. However, resistance to these agents inevitably develops, creating a substantial market opportunity for next-generation treatments like bexobrutideg that can overcome resistance mechanisms. If approved, bexobrutideg would compete not only with pirtobrutinib but also with emerging bispecific antibodies and cellular therapies in the multiple-relapsed setting.