Nurix Therapeutics Inc (NRIX) News & EventsNRIXNurix Therapeutics Inc

Nasdaq Falls 0.4%, WTI Crude Rises to $93

Escalating geopolitical tensions and a more wobbly AI trade was the story of the day on Monday, with Tech-heavy Nasdaq Composite following 0.4% and S&P 500 finishing the day down by a decimal.WTI crude oil was up for the third consecutive day, rising above $93 per barrel as attack on a Saudi airport by Iran-backed Houthi militia - followed by a strong rebuke of the strike from the White House - threatened to draw the US into the Saudi-Yemen conflict and further destabilize the Middle East.  Energy was the best-performing sector in the S&P 500, followed closely by Consumer Staples stocks.Technology was the worst performing area of the market, as the basket of stocks most closely associated with the AI buildout drove the retreat.   Communication Equipment and Semiconductor Equipment and Materials saw outsized selling, with stocks like Ciena, Lumentum, Corning, and Sandiskregistering some of the biggest daily declines in the S&P 500 on Monday.In the opening hour of the evening session, index futures are slightly lower, with S&P e-minis down by a decimal and the Nasdaq 100 contract off by 0.2%.  Q3 earnings season kicks off on Tuesday with high-profile earnings from large financials, including JPMorgan Chaseand Goldman Sachs.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Nurix Therapeuticsup 4.1%ALSO HIGHER -Navitas Semiconductorup 4.3% after announcing a partnership with Nvidia on power delivery boardFormFactorup 3.6% after announcing a $300M investment from TeraDyneImmuCellup 2.2% after Q3 revenue pre-announcementLOWER -Syndax Pharmaceuticalsdown 19.4% after idiopathic pulmonary fibrosis study did not meet endpointSix Flags Entertainmentdown 11.9% after report of rollercoaster fatality in Georgia

Nurix Reports Q3 Revenue of $673.06M, Beating Expectations

Reports Q3 revenue $673.06M, consensus $479.52M. The revenue increase was primarily due to $653.2M of license revenue from the collaboration with Roche and $10M from the achievement of a development milestone from the collaboration with Sanofi. "The third quarter marked an important transition for Nurix as we moved bexobrutideg into Phase 3 development in CLL and began executing a broader clinical strategy designed to realize its potential across lines of therapy in both oncology and auto-immune disease," said Arthur Sands, president and chief executive officer of Nurix. "At the same time, Sanofi advanced our oral STAT6 degrader into the clinic, and we advanced our CBL-B inhibitor NX-1607 into Phase 1b expansion cohorts across four solid tumor indications."

Nurix and Gilead Extend Research Term by Two Years

Nurix Therapeutics (NRIX) announced that Nurix and Gilead (GILD) have agreed to extend the research term for an undisclosed oncology program within the companies' ongoing strategic collaboration by an additional two years. This is the second two-year extension of the research term for this program. Under the collaboration agreement, originally established in 2019, Nurix is deploying its proprietary drug discovery platform to identify novel agents that use E3 ligases to induce degradation of specified drug targets. Gilead has an option to license drug candidates resulting from the collaboration, and Nurix retains options for 50/50 profit and loss sharing for development, commercialization, and co-detailing on up to two programs in the United States, subject to certain restrictions. For programs in which Nurix exercises its option, the parties will share U.S. development costs as well as profits and losses 50/50, and Nurix will be eligible to receive royalties on ex-U.S. sales and reduced milestone payments. In connection with this announcement, Nurix will receive a $10M research term extension fee under the amended collaboration agreement. As of May 31, Nurix is eligible to receive up to approximately $1.3B in total payments based on certain additional fees, payments and the successful completion of certain preclinical, clinical, development and sales milestones. Nurix is also eligible to receive mid-single-digit to low-teens percentage tiered royalties on annual net sales from any commercial products. The first program licensed by Gilead under this agreement, GS-6791, is a potent, selective, oral IRAK4 degrader which is now in Phase 1 clinical development.