Liquidity is tightening rapidly, as evidenced by the cash balance plummeting from $247.0 million in 2025Q4 to $71.2 million in 2026Q1, while quarterly free cash flow deficits frequently exceed $60 million.
| Cash from Operations | -260.29M | -249.47M | -172.58M | -81.36M | -159.81M | -84.36M | -80K | 601K | -31.68M |
| Operating CF Margin % | - | -297.05% | -316.38% | -105.69% | -413.72% | -283.58% | -0.45% | 1.93% | -84.58% |
| Operating CF Growth % | -152% | -44.55% | -112.11% | 49.09% | -89.42% | -105356.25% | -113.31% | 101.9% | - |
| Net Income | -295.28M | -264.46M | -193.57M | -143.95M | -180.36M | -117.19M | -43.24M | -21.7M | -9.43M |
| Depreciation & Amortization | 18.5M | 18.86M | 16.43M | 13.65M | 10.81M | 6.08M | 2.18M | 2.35M | 2.99M |
| Stock-Based Compensation | 38.65M | 37.97M | 33.93M | 33.67M | 28.13M | 15.8M | 4.3M | 510K | 431K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -354K |
| Other Non-Cash Items | -8.49M | -10.23M | -10.97M | -4.87M | 636K | 1.83M | 273K | -109K | -6K |
| Working Capital Changes | -13.67M | -31.6M | -18.4M | 20.12M | -19.02M | 9.11M | 36.41M | 19.55M | -25.31M |
| Change in Receivables | 0 | 0 | 0 | 0 | 6M | -6M | -11.35M | 0 | 12.37M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 6.77M | 0 | 0 | 0 |
| Change in Payables | 2.12M | -630K | 5.21M | 1.61M | 85K | 1.59M | 1.23M | 302K | -519K |
| Cash from Investing | -1.51M | 147.85M | -257.71M | 68.3M | 27.2M | -108.25M | -254.4M | 8.5M | 39.99M |
| Capital Expenditures | -11.56M | -14M | -9.27M | -8.4M | -12.24M | -5.66M | -4.55M | -1.65M | -1.59M |
| CapEx % of Revenue | 16.11% | 16.67% | 17% | 10.91% | 31.7% | 19.03% | 25.55% | 5.31% | 4.26% |
| Acquisitions | 0 | 0 | 0 | 0 | -39.44M | 102.59M | 249.85M | -10.15M | 6K |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 39.44M | -102.59M | -249.85M | 10.15M | 0 |
| Cash from Financing | 257.14M | 238.64M | 485.67M | 3.22M | 117.19M | 153.88M | 339.02M | 126K | 529K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 257.14M | 238.64M | 478.5M | 3.22M | 19.4M | 150.16M | 338.06M | 126K | 529K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -7K | -16K | -2K |
| Other Financing | 0 | 0 | 7.17M | 0 | 97.79M | 3.73M | 963K | 0 | 0 |
| Net Change in Cash | -4.65M | 137.03M | 55.37M | -9.85M | -15.42M | -38.73M | 84.54M | 9.22M | 8.85M |
| Free Cash Flow | -271.85M | -263.47M | -181.86M | -89.77M | -172.05M | -90.03M | -4.63M | -1.05M | -33.27M |
| FCF Margin % | -378.74% | -313.73% | -333.38% | -116.6% | -445.42% | -302.61% | -26% | -3.37% | -88.84% |
| FCF Growth % | -34.85% | -44.88% | -102.59% | 47.83% | -91.11% | -1843.15% | -341.24% | 96.84% | - |
| FCF per Share | -2.47 | -3.04 | -2.71 | -1.65 | -3.54 | -2.10 | -0.30 | -0.03 | -2.07 |
| FCF Conversion (FCF/Net Income) | 0.92x | 0.94x | 0.89x | 0.57x | 0.89x | 0.72x | 0.00x | -0.03x | 3.36x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 481K | 1K | 1K | 1K |
Clinical Milestone Revenue Dependency
As reported in financial statements, Nurix exhibits a persistent disconnect between net losses and operating cash flow, with the OCF/NI ratio fluctuating significantly, often exceeding 1.0, which suggests that non-cash charges and working capital movements are the primary drivers of the company's reported cash burn profile.
The divergence between net income and operating cash flow highlights the company's reliance on non-cash stock-based compensation to manage its burn rate. Investors should monitor this relationship, as the inability to generate positive operating cash flow independently of milestone payments suggests a structural dependency on external financing.
Based on recent SEC filings, Nurix's free cash flow trajectory remains consistently negative, with quarterly outflows frequently exceeding $60 million, indicating that the company's current clinical development pipeline requires substantial capital deployment that far outstrips the intermittent cash inflows generated from its strategic pharmaceutical collaboration agreements.
The consistent negative FCF margin underscores the capital-intensive nature of the firm's R&D-heavy business model. This trend suggests that without a significant shift toward commercial-stage revenue, the company will likely continue to face substantial pressure on its liquidity position as it advances its clinical programs.
According to the provided cash flow data, working capital changes have been highly erratic, swinging from a $32.5 million outflow in 2025Q2 to a $16.5 million inflow in 2025Q3, which reflects the lumpy nature of milestone-based revenue recognition and the timing of research-related operational expenditures.
This volatility suggests that the company's cash position is highly sensitive to the timing of partner payments rather than operational efficiency. Analysts should interpret these swings as a byproduct of the collaboration-heavy revenue model, which complicates the predictability of short-term liquidity and cash management.
As indicated by the company's financial disclosures, stock-based compensation consistently adds back nearly $9 million per quarter to the cash flow statement, effectively masking the true economic cost of talent acquisition and retention required to sustain the firm's proprietary DNA-encoded library platform and clinical development efforts.
While SBC is a non-cash expense, its magnitude relative to the total cash burn warrants further investigation into the long-term dilutive impact on shareholders. This practice appears to be a critical mechanism for preserving cash, yet it obscures the underlying operational efficiency of the research organization.
Quick answers to the most common questions about buying NRIX stock.
Nurix Therapeutics, Inc. (NRIX) generated $-249.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Nurix Therapeutics, Inc. (NRIX) reported negative free cash flow of $263.5M in 2025, indicating capital requirements exceeded cash from operations.
Nurix Therapeutics, Inc. (NRIX) spent $14.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.