Nurix Therapeutics Q3 2026: Roche Deal Swings Company to $549.8M Net Income

The Roche collaboration for bexobrutideg triggered recognition of $653.2 million in one-time license revenue during the quarter, lifting total revenue well above the consensus estimate and far above the year-earlier period.

The revenue surge flipped eight consecutive quarters of net losses into net income of $549.8 million for the quarter, erasing what had been a persistent financing overhang for the company. GAAP earnings per diluted share came in at $4.73, missing expectations, partly because the quarter also absorbed one-time consulting and business development costs tied to the Roche transaction.

Recurring revenue remains a small slice of the total. Collaboration revenue outside the license recognition was $19.9 million, meaning investors are still waiting for the clinical pipeline to generate durable commercial-stage cash flow. The key near-term catalyst is the registrational Phase 3 DAYBreak CLL-306 trial, which is comparing bexobrutideg against pirtobrutinib in approximately 620 patients with relapsed or refractory CLL and SLL.

Under the Roche arrangement, development costs for bexobrutideg are shared between Nurix and Roche, with equal U.S. profit and loss sharing and tiered royalties on ex-U.S. sales. With roughly $1.1 billion in cash, cash equivalents and marketable securities now on hand, the company has guided its runway into the second half of 2029, giving the Phase 3 program time to mature without an imminent need to return to capital markets.

Beyond bexobrutideg, Nurix also disclosed that Sanofi initiated a Phase 1 first-in-human trial of an oral STAT6 degrader, triggering a $10 million milestone payment, with further milestone and research term extension fees from Pfizer and Gilead also contributing to the quarter. The company discontinued further development of NX-2127, known as zelebrudomide, as part of a strategic portfolio prioritization, a reminder that pipeline attrition remains a real risk alongside the Roche numbers.