SOUTH SAN FRANCISCO (dpa-AFX) - Nurix Therapeutics, Inc. (NRIX), clinical-stage biopharmaceutical company, reported a swing to profit in the third quarter from a loss in the year-ago period, primarily reflecting a major licensing revenue from its collaboration with Swiss drug major Roche Holding AG (RHHBY, RO.SW, ROG.SW).
For the third quarter, the company reported net income of $549.81 million or $4.73 per share, compared with a net loss of $86.42 million or $1.03 loss per share in the prior-year quarter.
Operating income was $559.45 million, compared to a loss of $91.39 million in the prior year period.
Revenue surged to $673.06 million from $7.89 million a year earlier. The increase was primarily driven by $653.2 million in license revenue from the Roche collaboration and a $10 million development milestone payment from Sanofi.
Nurix reported approximately $27 million in collaboration-related earnings from Sanofi, Pfizer and Gilead Sciences.
The company has earned approximately $139 million under its Sanofi collaboration and remains eligible for up to approximately $455 million in potential future development, regulatory and commercial milestone payments, in addition to royalties.
Nurix Therapeutics further highlighted progress in its clinical pipeline, advancing its lead drug bexobrutideg into Phase 3 development.
Looking forward, the company expects its existing $1.1 billion in cash, cash equivalents and marketable securities to support its operations through the second half of 2029, enabling continued investment in advancing its clinical pipeline.
In overnight activity, the shares were trading 34 cents or 1.53 percent higher at $22.50 on the Nasdaq, after closing Monday's regular trading 0.85 percent lower.
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