Revenue remains highly unpredictable, with the 2026Q1 gross margin falling to -12.5% as research costs consistently outpace intermittent collaboration income.
| Sales/Revenue | 71.78M | 83.98M | 54.55M | 76.99M | 38.63M | 29.75M | 17.82M | 31.11M | 37.45M |
| Revenue Growth % | 27.23% | 53.95% | -29.15% | 99.31% | 29.84% | 66.95% | -42.73% | -16.91% | - |
| Cost of Goods Sold | 171.86M | 18.86M | 221.63M | 189.15M | 184.5M | 116.43M | 66.49M | 45.02M | 40.51M |
| COGS % of Revenue | - | 22.45% | 406.3% | 245.69% | 477.64% | 391.37% | 373.14% | 144.71% | 108.18% |
| Gross Profit | -100.08M | 65.12M | -167.08M | -112.16M | -145.87M | -86.68M | -48.67M | -13.91M | -3.06M |
| Gross Margin % | -139.43% | 77.55% | -306.3% | -145.69% | -377.64% | -291.37% | -273.14% | -44.71% | -8.18% |
| Gross Profit Growth % | - | 138.98% | -48.97% | 23.11% | -68.28% | -78.09% | -249.92% | -353.83% | - |
| Operating Expenses | 215.21M | 350.79M | 45.94M | 42.9M | 38M | 31.2M | 16.31M | 8.33M | 6.67M |
| OpEx % of Revenue | - | 417.71% | 84.23% | 55.73% | 98.37% | 104.88% | 91.52% | 26.76% | 17.82% |
| Selling, General & Admin | 55.7M | 52.74M | 45.94M | 42.9M | 38M | 31.2M | 16.31M | 8.33M | 6.67M |
| SG&A % of Revenue | - | 62.8% | 84.23% | 55.73% | 98.37% | 104.88% | 91.52% | 26.76% | 17.82% |
| Research & Development | 245.12M | 308.16M | 221.63M | 189.15M | 184.5M | 116.43M | 66.49M | 45.02M | 40.51M |
| R&D % of Revenue | - | 366.95% | 406.3% | 245.69% | 477.64% | 391.37% | 373.14% | 144.71% | 108.18% |
| Other Operating Expenses | -3M | -10.12M | -221.63M | -189.15M | -184.5M | -116.43M | -66.49M | -45.02M | -40.51M |
| Operating Income | -315.3M | -285.67M | -213.03M | -155.06M | -183.87M | -117.89M | -64.98M | -22.24M | -9.74M |
| Operating Margin % | -439.26% | -340.16% | -390.52% | -201.41% | -476.01% | -396.26% | -364.66% | -71.46% | -26.01% |
| Operating Income Growth % | - | -34.1% | -37.38% | 15.67% | -55.97% | -81.41% | -192.24% | -128.32% | - |
| EBITDA | -295.01M | -266.81M | -205.01M | -148.93M | -179.72M | -115.9M | -62.8M | -19.88M | -6.75M |
| EBITDA Margin % | -411% | -317.71% | -375.83% | -193.45% | -465.27% | -389.57% | -352.43% | -63.9% | -18.03% |
| EBITDA Growth % | -32.68% | -30.15% | -37.65% | 17.13% | -55.07% | -84.54% | -215.88% | -194.5% | - |
| D&A (Non-Cash Add-back) | 20.28M | 18.86M | 8.02M | 6.13M | 4.15M | 1.99M | 2.18M | 2.35M | 2.99M |
| EBIT | -294.52M | -263.7M | -193.3M | -143.95M | -180.36M | -117.06M | -64.98M | -22.24M | -9.74M |
| Net Interest Income | 20.78M | 21.97M | 19.73M | 11.12M | 3.51M | 823K | 1.21M | 776K | 818K |
| Interest Income | 20.78M | 21.97M | 19.73M | 11.12M | 3.51M | 823K | 1.21M | 776K | 818K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 20.78M | 21.97M | 19.73M | 11.12M | 3.51M | 823K | 1.21M | 776K | 818K |
| Pretax Income | -294.52M | -263.7M | -193.3M | -143.95M | -180.36M | -117.06M | -63.78M | -21.46M | -8.92M |
| Pretax Margin % | -410.31% | -314% | -354.36% | -186.98% | -466.93% | -393.49% | -357.9% | -68.97% | -23.82% |
| Income Tax | 760K | 760K | 270K | 0 | 0 | 131K | -20.54M | 239K | 507K |
| Effective Tax Rate % | -0.26% | -0.29% | -0.14% | 0% | 0% | -0.11% | 32.2% | -1.11% | -5.68% |
| Net Income | -295.28M | -264.46M | -193.57M | -143.95M | -180.36M | -117.19M | -43.24M | -21.7M | -9.43M |
| Net Margin % | -411.37% | -314.9% | -354.85% | -186.98% | -466.93% | -393.93% | -242.66% | -69.74% | -25.18% |
| Net Income Growth % | -41.69% | -36.62% | -34.47% | 20.19% | -53.9% | -171.02% | -99.28% | -130.15% | - |
| Net Income (Continuing) | -295.28M | -264.46M | -193.57M | -143.95M | -180.36M | -117.19M | -43.24M | -21.7M | -9.43M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.68 | -3.05 | -2.88 | -2.65 | -3.71 | -2.73 | -2.76 | -0.56 | -0.59 |
| EPS Growth % | -12.86% | -5.9% | -8.68% | 28.57% | -35.9% | 1.09% | -392.86% | 5.08% | - |
| EPS (Basic) | - | -3.05 | -2.88 | -2.65 | -3.71 | -2.73 | -2.76 | -0.56 | -0.59 |
| Diluted Shares Outstanding | 110.07M | 86.67M | 67.12M | 54.34M | 48.61M | 42.9M | 15.67M | 38.85M | 16.11M |
| Basic Shares Outstanding | 110.07M | 86.67M | 67.12M | 54.34M | 48.61M | 42.9M | 15.67M | 38.85M | 16.11M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Clinical Milestone Revenue Dependency
As reported in recent financial filings, Nurix's revenue trajectory remains highly volatile, characterized by a 66.1% year-over-year decline in 2026Q1, reflecting the inherent unpredictability of milestone-based income rather than a consistent commercial growth pattern that would typically signal long-term durability for a clinical-stage biotechnology firm.
The top-line performance is entirely dependent on the timing of collaboration milestones, which creates significant quarterly variance. Investors should monitor whether the company can secure new partnership agreements to offset the natural decay of existing deferred revenue recognition.
Based on the company's reported figures, the cost structure is dominated by research and development expenditures that consistently outpace revenue, resulting in a TTM operating loss exceeding $180 million and highlighting the firm's reliance on external capital to sustain its current clinical development pipeline.
The lack of a commercial product means that R&D spending is not currently supported by internal cash generation. This expense discipline is secondary to the clinical necessity of advancing candidates like NX-5948, which necessitates high burn rates regardless of short-term revenue fluctuations.
According to the provided income statement data, Nurix consistently records significant stock-based compensation, averaging approximately $9 million per quarter, which serves to artificially inflate the reported net loss while simultaneously diluting existing shareholders to preserve cash for ongoing clinical trial infrastructure and operational requirements.
The reliance on equity-based incentives suggests that management is attempting to conserve cash, yet this practice complicates the assessment of true operational efficiency. Analysts should focus on the net change in cash and equivalents to better understand the actual capital depletion rate.
As indicated by the financial statements, the company's reliance on non-recurring collaboration revenue creates a structural risk, as the 2026Q1 gross margin of -12.5% suggests that the costs associated with fulfilling these research obligations may occasionally exceed the revenue recognized from the underlying partnership agreements.
Short-sellers may focus on the potential for margin compression if clinical milestones are delayed or if the cost of service delivery increases. The current model appears vulnerable to any disruption in the partnership pipeline, which would necessitate immediate and potentially dilutive capital raises.
Quick answers to the most common questions about buying NRIX stock.
For fiscal year 2025, Nurix Therapeutics, Inc. (NRIX) reported total revenue of $84.0M. This represents a 124.3% increase compared to $37.4M in 2018.
Nurix Therapeutics, Inc. (NRIX) reported a net loss of $264.5M for the fiscal year ending 2025.
Nurix Therapeutics, Inc. (NRIX) reported an operating income of $-285.7M, resulting in an operating profit margin of -340.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Nurix Therapeutics, Inc. (NRIX) generated $65.1M in gross profit for the year, representing a gross profit margin of 77.5%. This demonstrates the company's core pricing power and production efficiency.