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Nurix Therapeutics

NRIX on Nasdaq. Nurix develops protein-degrading medicines for patients with cancer and inflammatory diseases. Market value $2.4bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to May 2026. Quality checks use five annual reports, the latest for the year to November 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to May 2026
-13.0%low

For every $100 of what the whole company costs, it produced $-12.98 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to May 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to November 2025
-60.7%five-year median

Each dollar kept in the business earns -61 cents a year. Above 10 is good.

Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$22.60 a share, 151% above its 1-year low

Over the past year the price has ranged from $9.00 to $28.23.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
-0.2
-0.1
-0.2
-0.3
-0.3
2021202220232024202512 monthsto May '26
Revenue
$30m$39m$77m$55m$84m
Operating margin
-396.3%-476.0%-201.4%-390.5%-340.2%
Debt to equity
0.000.000.000.000.00
Shares outstanding
0.05bn0.05bn0.07bn0.08bn0.10bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting checksSkipped: company is not yet profitable
  • Debt0.00× equity
  • Revenue growth, five yearsStrong, 36.4% a year
  • Buying back its own sharesNo, 120% more shares since 2021

The quarter to May 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $9 million last quarter, down 79% on a year ago.
  • A loss of $90 million, compared with a loss of $43 million a year ago.
  • It loses 982 cents on each $1 of sales, compared with 261 cents a year earlier.
  • Over the past 12 months it spent $305 million more cash than it brought in, compared with $226 million a year earlier.
  • 32% more shares than a year ago. Each share owns a bit less of the company.
  • It has $68 million more cash than debt, down from $84 million a year ago.
  • Sales grew on a year ago in 1 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
August 2024$13m
November 2024$13m
February 2025$18m
May 2025$44m
August 2025$8m
November 2025$14m
February 2026$6m
May 2026$9m
Profit by quarter
Profit by quarter
Quarter toAmount
August 2024-$49m
November 2024-$59m
February 2025-$56m
May 2025-$43m
August 2025-$86m
November 2025-$78m
February 2026-$87m
May 2026-$90m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
28 January 2026
Next quarterly (estimated, 10-Q)
8 October 2026

Who owns it

None of the long-term investors we follow own it. 211 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

12 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 3 sold $5m, $4m of it under preset trading plans.

  • Ring Christine
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    2 October 2026
    Shares
    5,786
    Price
    $23.19
    Value
    $134,149
  • Ring Christine
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    2 September 2026
    Shares
    5,787
    Price
    $25.76
    Value
    $149,072
  • Hansen Gwenn
    Chief Scientific Officer
    Sold
    under a preset trading plan
    Date
    1 September 2026
    Shares
    1,452
    Price
    $25.47
    Value
    $36,982
  • Hansen Gwenn
    Chief Scientific Officer
    Sold
    under a preset trading plan
    Date
    5 August 2026
    Shares
    4,356
    Price
    $25.00
    Value
    $108,900
  • Hansen Gwenn
    Chief Scientific Officer
    Sold
    under a preset trading plan
    Date
    4 August 2026
    Shares
    4,111
    Price
    $24.36
    Value
    $100,142
  • van Houte Hans
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    4 August 2026
    Shares
    4,761
    Price
    $24.36
    Value
    $115,989
  • Ring Christine
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    3 August 2026
    Shares
    16,589
    Price
    $23.05
    Value
    $382,358
  • van Houte Hans
    Chief Financial Officer
    Sold
    Date
    30 July 2026
    Shares
    2,845
    Price
    $23.38
    Value
    $66,524
  • Ring Christine
    Chief Legal Officer
    Sold
    Date
    30 July 2026
    Shares
    3,847
    Price
    $23.38
    Value
    $89,954
  • Hansen Gwenn
    Chief Scientific Officer
    Sold
    Date
    30 July 2026
    Shares
    3,847
    Price
    $23.38
    Value
    $89,954

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 28 Jan 2026, plus the 10-Q filed 9 Jul 2026 and 6 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.