Nurix Therapeutics, Inc. (NRIX) Cash Flow Statement

The OCF/NI ratio has been highly volatile, ranging from 0.66 in 2025Q3 to 1.45 in 2025Q2, indicating that cash generation is not a reliable function of reported losses. In 2026Q2, operating cash outflow of $96.6M was deeper than the net loss of $89.5M, suggesting that non-cash charges like SBC and D&A are not fully offsetting working capital outflows. This implies that reported losses may understate the true cash burn, and investors should monitor the sustainability of cash conversion as partnership milestones become less predictable.

The FCF deficit has widened consistently over the past ten quarters, with the most recent quarter showing a burn of $98.5M against revenue of only $9.0M. This trend aligns with the prior income statement analysis showing declining revenue and sustained R&D spending above $80M per quarter. The FCF margin has deteriorated from -2.7% in 2024Q1 to -10.9% in 2026Q2, suggesting that the company's cash runway is shortening unless additional financing or partnership inflows materialize.

CapEx has remained modest, ranging from $1.0M to $5.1M per quarter, which is typical for a biotech focused on R&D rather than manufacturing. The CapEx/Revenue ratio spiked to 37.8% in 2025Q4 due to a revenue trough, but this is not indicative of a capital-intensive shift. The low capital intensity suggests that the primary cash drain is operating expenses, particularly R&D and SBC, rather than asset replacement or expansion.

The working capital line has been erratic, with positive contributions in some quarters (e.g., +$16.5M in 2025Q3) and large outflows in others (e.g., -$32.5M in 2025Q2). This pattern suggests that cash flows are heavily influenced by the timing of milestone receipts and R&D-related payables, rather than operational efficiency. Investors should expect continued quarter-to-quarter noise in operating cash flow as the company manages its working capital around episodic partnership events.

Capital deployment has been entirely focused on funding internal R&D, with zero distributions to shareholders. The $38.4M acquisition outflow in 2024Q3 suggests a strategic investment, but no subsequent deals have occurred. This is consistent with a pre-commercial biotech that must conserve cash to advance its pipeline, though the lack of returns may pressure the stock if cash burn continues without corresponding value creation.

The cumulative gap between net income and operating cash flow is relatively small, with operating cash outflow being $18M less than net losses. This indicates that non-cash expenses (SBC and D&A) are being offset by unfavorable working capital changes, which have consumed cash. The near-parity between the two metrics suggests that reported losses are a reasonable proxy for cash consumption, and the company is not generating cash from operations beyond what is reflected in earnings.