Nurix Therapeutics (NRIX) H.C. Wainwright 28th Annual Global Investment Conference summary

Strategic partnerships and pipeline overview

• Focus on targeted protein degradation, leveraging the ubiquitin proteasome system for disease target removal.

• Lead program bexobrutideg targets BTK, with a major collaboration signed with Roche for CLL, NHL, CSU, and MS.

• Additional partnered programs include STAT6 with Sanofi (phase I) and IRAK4 with Gilead (completing phase I), plus undisclosed projects.

• Company retains US rights for bexobrutideg, with substantial ex-US milestones and royalties from Roche.

• The Roche deal includes $700M upfront and up to $2.3B in milestones, with a 50/50 US profit split.

Clinical development and market opportunity

• Bexobrutideg shows high efficacy in CLL, with 85–90% response rates in early trials for both treatment-naive and second-line patients.

• Two pivotal DAYBreak trials are ongoing: CLL-201 (third-line+) and CLL-306 (head-to-head vs. pirtobrutinib in second-line).

• The BTK degradation mechanism is positioned as superior to inhibition, with demonstrated brain activity and potential in MS.

• Market opportunity for bexobrutideg is estimated at $2–10B annually, driven by broad indication expansion.

• Safety profile allows higher dosing compared to competitors, potentially differentiating bexobrutideg.

Partnered and emerging programs

• STAT6 degrader with Sanofi targets the IL-4/IL-13 pathway, aiming for a DUPIXENT-like market with a small molecule.

• IRAK4 program with Gilead is completing phase I, with both programs expected to yield data in the next 6–18 months.

• STAT6 franchise seen as a large opportunity, with room for multiple players and drugs.

• Degrader-antibody conjugates (DACs) represent a new modality, offering hyperpotent targeted therapy with collaboration from Pfizer.

• DACs are expected to enable a new generation of ADCs, leveraging the high potency of degraders over traditional inhibitors.