Revenue surged 84.3% year-over-year to $673.1M in 2026Q3 on a 99.7% gross margin and 83.1% operating margin, yet excluding this anomaly, prior quarters averaged roughly -$70M operating losses, suggesting episodic rather than organic profitability.
Nurix Therapeutics, Inc. (NRIX) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Nov'25 | Nov'24 | Nov'23 | Nov'22 | Nov'21 | Nov'20 | Nov'19 | Nov'18 |
|---|
| Sales/Revenue | 701.94M | 83.98M | 54.55M | 76.99M | 38.63M | 29.75M | 17.82M | 31.11M | 37.45M |
| Revenue Growth % | 738.76% | 53.95% | -29.15% | 99.31% | 29.84% | 66.95% | -42.73% | -16.91% | - |
| Cost of Goods Sold | 94.76M | 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 | 607.18M | 65.12M | -167.08M | -112.16M | -145.87M | -86.68M | -48.67M | -13.91M | -3.06M |
| Gross Margin % | 86.5% | 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 | 317.52M | 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 | 78.2M | 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 | 331.95M | 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 | -4M | -10.12M | -221.63M | -189.15M | -184.5M | -116.43M | -66.49M | -45.02M | -40.51M |
| Operating Income | 289.66M | -285.67M | -213.03M | -155.06M | -183.87M | -117.89M | -64.98M | -22.24M | -9.74M |
| Operating Margin % | 41.27% | -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 | 304.05M | -266.81M | -196.6M | -141.41M | -173.06M | -111.8M | -62.8M | -19.88M | -6.75M |
| EBITDA Margin % | 43.32% | -317.71% | -360.41% | -183.68% | -448.03% | -375.81% | -352.43% | -63.9% | -18.03% |
| EBITDA Growth % | 222.26% | -35.71% | -39.03% | 18.29% | -54.79% | -78.02% | -215.88% | -194.5% | - |
| D&A (Non-Cash Add-back) | 14.4M | 18.86M | 16.43M | 13.65M | 10.81M | 6.08M | 2.18M | 2.35M | 2.99M |
| EBIT | 308.21M | -263.7M | -193.3M | -143.95M | -180.36M | -117.06M | -64.98M | -22.24M | -9.74M |
| Net Interest Income | 18.55M | 21.97M | 19.73M | 11.12M | 3.51M | 823K | 1.21M | 776K | 818K |
| Interest Income | 18.55M | 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 | 18.55M | 21.97M | 19.73M | 11.12M | 3.51M | 823K | 1.21M | 776K | 818K |
| Pretax Income | 308.21M | -263.7M | -193.3M | -143.95M | -180.36M | -117.06M | -63.78M | -21.46M | -8.92M |
| Pretax Margin % | 43.91% | -314% | -354.36% | -186.98% | -466.93% | -393.49% | -357.9% | -68.97% | -23.82% |
| Income Tax | 13.34M | 760K | 270K | 0 | 0 | 131K | -20.54M | 239K | 507K |
| Effective Tax Rate % | 4.33% | -0.29% | -0.14% | 0% | 0% | -0.11% | 32.2% | -1.11% | -5.68% |
| Net Income | 294.88M | -264.46M | -193.57M | -143.95M | -180.36M | -117.19M | -43.24M | -21.7M | -9.43M |
| Net Margin % | 42.01% | -314.9% | -354.85% | -186.98% | -466.93% | -393.93% | -242.66% | -69.74% | -25.18% |
| Net Income Growth % | 220.46% | -36.62% | -34.47% | 20.19% | -53.9% | -171.02% | -99.28% | -130.15% | - |
| Net Income (Continuing) | 294.88M | -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) | 2.54 | -3.05 | -2.88 | -2.65 | -3.71 | -2.73 | -2.76 | -0.56 | -0.59 |
| EPS Growth % | 177.78% | -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 | 116.15M | 86.67M | 67.12M | 54.34M | 48.61M | 42.9M | 15.67M | 38.85M | 16.11M |
| Basic Shares Outstanding | 111.56M | 86.67M | 67.12M | 54.34M | 48.61M | 42.9M | 15.67M | 38.85M | 16.11M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Post-milestone revenue sustainability uncertainty
Metrics are mathematically derived from official filings.
Milestone Event Transforms Profitability Profile
2026Q3 represents a decisive operational inflection, with revenue surging from $9.0M to $673.1M sequentially and net income swinging from -$89.5M to $549.8M, producing an 81.7% net margin—suggesting a transformative partnership milestone or licensing event fundamentally altered the company's financial trajectory.
The magnitude of the Q3 2026 revenue event—a 74-fold sequential increase—points overwhelmingly to a non-recurring upstream or licensing payment rather than organic commercial traction. This single quarter contributed more revenue than the cumulative total of all nine preceding quarters combined (~$147M). The lasting impact should be a substantially strengthened cash position and enhanced pipeline funding capacity, but whether this translates into a structurally different revenue base remains the central analytical question.
Episodic Revenue Obscures Underlying Run Rate
Excluding the 2026Q3 anomaly, Nurix's quarterly revenue has fluctuated between $6.3M and $18.5M over the prior nine quarters with no clear upward trend, suggesting the underlying business is pre-commercial and the reported 84.3% year-over-year growth rate materially overstates organic momentum.
The pre-spike quarterly revenue pattern—$12.1M, $12.6M, $13.3M, $18.5M, $44.1M, $7.9M, $13.6M, $6.3M, $9.0M—shows episodic variability consistent with collaboration and milestone-driven accounting rather than predictable commercial demand. The $44.1M in 2025Q2 and the $673.1M in 2026Q3 appear to represent discrete partnership events. Investors should distinguish between the reported growth rate and the underlying trajectory, which suggests a development-stage company still dependent on partnership economics.
Margin Evolution Reflects Revenue Mix Shift
Gross margins swung from -77.3% in 2025Q2—when COGS of $78.1M dwarfed revenue of $44.1M—to 99.7% in 2026Q3, reflecting a fundamental shift from manufacturing cost absorption on unrecovered pre-commercial inventory to high-margin milestone revenue with negligible associated direct costs.
The persistently negative gross margins through early 2025 (ranging from -2.8% to -77.3%) indicate Nurix was absorbing substantial manufacturing and process development costs without proportional revenue recognition, which compressed earnings materially. The reversal to near-100% margins in 2026Q3 is mechanically driven by revenue composition rather than operational efficiency gains. This margin profile is unlikely to be sustainable on a recurring basis unless future revenue streams mirror the low-COGS structure of the Q3 2026 event.
R&D Intensity Reflects Pipeline Stage
R&D expenditure has escalated from $48.9M in 2024Q2 to $87.7M in 2026Q2 before moderating to $79.3M in 2026Q3, while SG&A grew from $11.7M to $34.4M over the same period—based on reported figures, cumulative operating cost growth of roughly 75% underscores a widening investment footprint ahead of commercialization.
The step-up in both R&D and SG&A suggests Nurix was investing aggressively to advance its pipeline even before the Q3 2026 revenue event, which may indicate confidence in upcoming clinical or regulatory milestones. The SBC load of ~$9-11M per quarter has remained relatively stable, adding a consistent non-cash charge to operating expenses. Notably, the slight sequential decline in R&D from 2026Q2 ($87.7M) to 2026Q3 ($79.3M) may reflect timing variability rather than a deliberate cost discipline pivot, and warrants monitoring in subsequent periods.
One-Time Revenue Masks Persistent Operating Losses
Excluding 2026Q3's $673.1M windfall, Nurix posted operating losses averaging approximately -$70M per quarter across the preceding nine periods, suggesting the company's commercial foundation remains unproven and the reported full-year profitability may overstate the sustainability of its earnings power.
The core bear case centers on the non-recurring nature of the Q3 2026 revenue event: if this represents a partnership milestone, future periods may revert to the historical loss-making pattern of -$48M to -$94M in quarterly operating losses. The company's SG&A burn rate of ~$15M per quarter (pre-Q3 2026 spike) continues to escalate, and R&D costs show no signs of plateauing. Additionally, Q1 2026's anomalous -$77.9M gross profit on just $6.3M of revenue suggests cost absorption pressures that may recur, and the reported EPS of $4.73 in Q3 2026 should be discounted heavily when assessing forward earnings expectations.